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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Sidney L. Jones, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Acting Director
Edward K. Smith, 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 are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
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 consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
Lincoln F. Anderson, Council of Economic Advisers
John H. Auten, U.S. Department of the Treasury
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
Helmut F. Wendel, Board of Governors of the Federal Reserve System

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence

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.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

iii

METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To; Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

1
1
1
1
4
5
5
6

BCII
MAY 1 9 8 5
Data Through April
Volume 25, Number 5

PART I.
CYCLICAL INDICATORS

A4

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

Bl
B2
B3
B4
B5
B6
B7

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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

Cl
C2
C3

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

36
—
39

74
77
—

Al
A2

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




Chart
10
12
14
15

Table
60
—
—
—

for printing this periodical has been approved
by the Director of the Office of Management
and Budget through April 1, 1986.

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES

Al
A2
A3
A4
A5
A6
A7
A8

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

Bl
B2

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

48
49

84
87

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

51

89

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

52
53

90
90

U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements

56
57

92
93

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

58
59
59

94
95
96

PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators}
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)

B. Current Adjustment Factors
97
C. Historical Data for Selected Series
98
D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (January 1985 issue)
F. Specific Peak and Trough Dates for Selected Indicators (February 1985 issue)
G. Experimental Data and Analyses
105
Alphabetical Index—Series Finding Guide
110
Titles and Sources of Series
114

Readers 9re 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, DC 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
Changes in this issue are as follows:

1. The series on new private housing units authorized
by local building permits (series 29) has been revised for
the period 1983 to date to reflect the source agency's annual
updating of basic data and seasonal adjustment factors. In
addition, for the period 1984 to date, this series now is
based on reports from 17,000 permit-issuing places. Data for
1946-83, which are based on reports from fewer places, have
been adjusted to the level of the data from 17,000 places.
Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Construction Statistics Division (updating of data
and seasonal adjustment factors); and Bureau of Economic
Analysis, Statistical Indicators Division (level adjustment).
2. Appendix C contains historical data for series 61,
72, 101, 107, 112, 332-335, 341, 960, and 970.
3. Appendix G contains cyclical comparisons for series
19, 32, 73, 7.4, 86, and 89.
The June issue of BUSINESS CONDITIONS DIGEST is scheduled for
release on July 3.



series in relation to
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 con-

taining 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.
Features include a review of current economic developments; articles pertaining to BEA's work
on the national, regional, and international economic accounts and related topics; quarterly
national income and product accounts tables; and over 1,900 major economic series obtained
from other public and private sources.

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,
DC 20230.




BUSINESS STATISTICS A reference volume containing statistical
series reported currently in the Survey of Current Business.
This report provides historical data on statistical time series. The series are accompanied by
concise descriptions of their composition, methods of compilation, comparability, revisions, and
availability. Also listed are the names and addresses of organizations that provide .the data for
the series.

METHOD OF PRESENTATION
This report is organized into two major parts.
Part 1, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1959, but those for the composite
indexes and their components (part I, section A)
begiri with 1948, and a few charts use a two-panel
format which covers only the period since 1973.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984

Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
cbnsidered as cyclical indicators are numbered in
the range 1 to 199.

Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.

MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic,
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.

Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.

Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity-that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.

Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
N. Economic
\Process
Cyclical X.
Timing
N.

LEADING (L.)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES,COSTS,
AND PROFITS
(17 series)

VII.
MONEY
AND CREDIT
(26 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)

Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)

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

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)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)

Comprehensive
employment
(1 series)

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
empioyment

Trade

Business
Investment
commitments
(X series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 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)

Consumption
and trade
(3 series)

Business
Investment
commitments
(1 series)

Unfilled orders
(1 series)

Business
Investment
commitments
(2 series)
Business
investment
expenditures
(6 series)

(1 series)

(3 series)

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

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

1 nterest rates
(4 series)
Outstanding
debt
(3 series)

Commodity
prices
(1 series)
Profit share
(1 series)

Interest rates

(1 series)

B. Timing at Business Cycle Troughs
x. Economic
\Process
Cyclical^
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Marginal
employment
adjustments
(3 series)

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

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

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

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventory
Investment
(4 series)

Inventories on
hand and on
order
(5 series)

VII.
PRICES, COSTS, MONEY
AND CREDIT
AND PROFITS
(17 series)
(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
{2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

(5 series)

TIMING
UNCLASSIFIED
<U)
(1 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
lead$ (-) and lags ( + ) as well as exact
cointidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
4-3, 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-fnonth percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984

Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are 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 uLg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 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 f48, July '53,

August '57, April '60, and December f69); crossclassification B, on their behavior at five business
cycle troughs (October f49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984

Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only, from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,

January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.



Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
in the physical volume of inventories held by
private business. The former include all private labor force and its major components: Total
purchases of dwellings, whether purchased for numbers of employed and unemployed persons.
tenant or owner occupancy. Net purchases of used The number of unemployed is subdivided into
selected categories defined by sex, age, and class
goods are also included.
Government purchases of goods and services of worker. Also included are data on participation
(A4) is the compensation of government employees rates for a few principal segments of the labor
and purchases from business and from abroad. It force.
excludes transfer payments, interest paid by
Section D. Government Activities
government, and subsidies. It includes gross
investment by government enterprises but excludes
Receipts, expenditures, and their balance (surtheir current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels:
used goods and excludes sales and purchases of (1) Federal Government and (2) State and local
land and financial assets.
government. Also shown is a selection of series
Net exports of goods and services (A5) is exports from the discontinued Defense
Indicators,
less imports of goods and services. Exports are part These series measure defense activities which
of the national production; imports are not, but are influence short-term changes in the national
included in the components of GNP and are economy. Included are series relating to
therefore deducted. More detail on U.S. obligations, contracts, orders, production,
international transactions is provided in section E. shipments, inventories, outlays, and employment.
National income (A6) is the incomes that These series are grouped according to the time at
originate in the production of goods and services which the activities they measure occur in the
attributable to labor and property supplied by defense order-production-delivery process. Series
residents of the United States. Thus, it measures measuring activities which usually precede prothe factor costs of the goods and services pro- duction, such as contract awards and new orders,
duced. It consists of the compensation of are classified as "advance measures of defense
employees, proprietors' income, rental income of activity." Series measuring activities which tend to
persons, corporate profits, and net interest.
coincide with production, such as employment, and
Saving (A7) is the difference between income activities which usually follow production, such as
and expenditures during an accounting period. shipments, are classified as "intermediate and final
Total gross saving includes personal saving, measures of defense activity."
business saving (mainly undistributed corporate
profits and capital consumption allowances), and Section E. U.S. International Transactions
government surplus or deficit.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
major expenditure components of GNP (excluding military aid) and general imports, plus a
(consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
percentages of GNP, and the major income shown are the balances between receipts and
components of national income (compensation of expenditures for goods and services, merchandise,
employees, corporate profits, etc.) are expressed as and investment income.
percentages of national 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
The important data on price movements include relationships. The U.S. business cycle shading has
the monthly consumer and producer price indexes been omitted from these charts. Data on industrial
and their major components. Based largely on production, consumer prices, and stock prices for
these series are the quarterly price indexes from Canada, the United Kingdom, France, West Gerthe national income and product accounts, notably many, Japan, and Italy are compared with the corthe GNP implicit price deflator (with weights responding U.S. series. Also included is an inreflecting the changing proportions of different dustrial production index for the European
expenditure categories in GNP) and the fixed- countries in the Organization for Economic
weighted price index for the gross business prod- Cooperation and Development (OECD). The inuct. Data on both levels and percent changes are dustrial production series provide cyclically senpresented for the period since 1973.
sitive output measures for large parts of the
The group of series on wages and productivity economies covered. Changes in consumer price inconsists of data on average hourly earnings and dexes (plotted for the period since 1973) provide
average hourly compensation (including earnings important measures of the rates of inflation in the
and other benefits) in current and constant dollars, major industrialized countries. Stock prices (also
output per hour of work in the business sector, and shown beginning in 1973) tend to be significant as
leading indicators.
rates of change for most of these measures.
Section B. Prices, Wages, and Productivity

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

Basic Data

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.

Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.

Broken line with plotting
points indicates quarterly
data over 1-quarter spans.

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.

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1*month spans.

Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.

Solid line with plotting points
indicates percent changes over
3-or4-quarter spans.

Roman number indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key Words and phrases of the
series titles, o r -




2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data9
Unit
of
measure

Series title and timing classification1

Percent change

Annual average
1983

1984

3dQ
1984

4th Q
1984

IstQ
1985

Feb.

1985

Mar.
1985

Apr.
1985

Feb.
to
Mar.
1985

Mar.
to
Apr.
1985

3dQ
to
4th Q
1984

4th Q
to
IstQ
1985

1

1. CYCLICAL INDICATORS
Al. Convosite Indexes
910.
920.
930
940.

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index..,

Leading Indicator Subgroups:
914 Capita) investment commitments
915. Inventory investment and purchasing.. .
916 Profitability
917. Money and financial Haws

L.L.L.. 1967=-100
do
C,C,C...
do
Lg,Lg Lg...
do
L,L,L...

.

156.0
139.9
111.7

125.4

165.8
154.4
117.4
131.5

164.8
155.8
120.0
129.9

164.6
157.2
122.3
128.5

167.2
158.0
125.5
125.8

167.6
157.8
125.5
125.7

167.7
158.4
126.5
125.2

167.4
158.6
126.0
125*9

0.1
0.4
0.8
-0.4

-0.2
0.1
-0.4
0.6

-0.1
0.9
1.9
-1 .1

1.6
0.5
2.6
-2,1

910
920
93 0
940

do

108.8

do
do
do

102.8
104.7
130.7

110.3
105.3
110,8
136.5

110.1
104.0
111 .4
137.4

109.5
103.2
112,5
136,1

110.3
102.6
NA
138.7

111 .5
102.7
113.8
138. 7

110.2
102.6
NA
138.3

109.4
103.1
NA
NA

- 1 .2
-0.1
NA
-0.3

-0.7
0.5
NA
NA

-0.5
-0.8
1 .0
-0.9

0.7
-0.6
NA
1 .9

914
915
916
91 7

40.1
3.0
426

40.7
3.4
366

40.5
3.3
364

40.5
3.4
396

40.3
3.3
3 90

40.0
3.3
402

40.4
3.3
389

40.3
3.4
387

1 .0
0.
3.2

-0.2
0.1
0.5

0.
0.1
-8.8

-0.5
-0,1
1 .5

1
21
5

L,Lg,U... Ratio
L.Lg.U... 1967=100

0.271
96

0.459
131

0.464
132

0.504
139

0.491
139

0.496
140

0.489
138

0.463 - 0 . 0 0 7 - 0 . 0 2 6
131
- 1 .4
-5.1

0.040
5.3

-0.013
0.

60
46

U,C,C... A.r,, bil. hrs
U,C,C... Millions
do
C,C,C...
L,C,U... Thousands

168.15
97.45
90.14
23,394

1 7 6 . 8 7 17 7.81 1 7 8 . 4 7
101 .68 102.00 102.66
94.16
94.56
95.44
2 4 , 9 0 5 25,056 2 5 , 1 5 4

180.10
103.39
96.24
25,300

179.51
103.34
96.16
25,235

180.90
103.76
96.51
25,326

180.43
103.52
96.73
25,361

0.8
0.4
0.4
0,4

-0.3
-0.2
0.2
0.1

0.4
0.6
0.9
0.4

0.9
0.7
0.8
0.6

48
42
41
40

LLL.
. L,L,L...
L L,L...
L.L.L..

B. CycRcal Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
• 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
•5. Average weekly initial claims (inverted4)

L,L,L... Hours
L,C,L...
do
L,C,L... Thousands

lob Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46, Help-wanted advertising in newspapers
Comprehensive Employment:
48. Employee hours in nonagricutUiral establishments.
42. Persons engaged in nonagricultural activities....
* 4 1 . Employees on nonagricultural payrolls
40, Employees in goods producing industries
90. Ratio, civilian employment to population
of working age3
Comprehensive Unemployment:
37. Number of persons unemployed (inverted')
43. Unemployment rate (inverted) 1
45. Avg. weekly insured unemployment rate (inv.<)>
* 9 1 . Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3

U,Lg,U... Percent

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

Thousands
Percent
do
Weeks.
Percent

57.15

58.79

58.89

59.07

59.38

59.35

59.55

59.41

0.20

-0.14

0.18

0.31

90

10,717
9.6
3.8
20.0
3.8

8,539
7.5
2.8
18.2
2.4

8,447
7.5
2.7
17.6
2.3

8,233
7.2
2.8
17.1
2 .1

8,426
7.3
2.9
15.7
2.1

8,399
7.3
3.0
15.9
2.1

8,396
7.3
2.9
15.9
2.1

8,426
7.3
2,8
16.1
2.1

0.
0.
0.1
0.
0.

-0.4

2,5
0.3
-0.1
2.8
0.2

-2.3
-0.1
-0.1
8.2
0.

37
43
45
91
44

1534.7
1284.6

1639.3
1366,5

1645.2
1375.5

1662.4
1389.5

1665.4
1398,5

1401 .0

1403 .3

0.2

0.2

1 .0
1 .0

0.2
0,6

50

1398.5

1095.0

1177.4

1186.6

1200.2

1202.9

1202.3

1205.8

1208.4

0.3

0 .2

1 .1

0.2

0.
0.1
-1.3
0.

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1972 dollars
52, Personal income in 1972 dollars ,
*51. Personal income less transfer payments
in 1972 dollars
. .
53. Wages and salaries in 1972 dolltrs, mining, mfg,
and construction

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

52
CC C

51
do

C.C.C...

213.5

224.8

225.4

226.3

228.4

227.8

228.4

228.0

0.3

-0.2

0.4

0.9
53

Industrial Production:
•4?. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1972 dollars

C,C,C... 1967 = 100
do. . . .
CC,C...
do
C,L,L....
C,C,C... A.r., bil. dol

Capacity Utilization:
82. Capacity utilization rate, mfg3
84. Capacity utilization rate, materials'

147.6
134.5
168.1
688.6

163.3
154.6
179.4
764.5

165.6
157.4
181 .3
766.8

164.7
157.4
179.5
778.8

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

75.2
75.2

81 .6
82.0

82.5
82.9

81 .6
80.8

L.L.L.... Bil. dol
L,L,L...
do

87.74
36.96

100.56
41 .44

165.4
158.2
179.1
773.2

165.3
158.0
178.9

165.8
159.0
178.9

165.4
1 58.4
178.8

0.3
0 .6
0.

-0.2
- 0 .4
-0.1

-0,5
0 .
- 1 .0

0.4
0 .5
-0,2

47
73
74
49

80.9
80.8

81 .0
80.8

80.5
80.2

O.I
0.

-0.5
-0.6

-0 .9
-2.1

-0.6
-0.1

82
84

1 0 2 . 5 5 102.47
41 . 9 0
41 .87

99.73
40 .66

100 .70
41 .05

-2.7
-2.9

3 7.83
0.75
349.67
48

36.99
-2.44
347.23
46

38.02
- 1 .47
345.76
44

-2.2
-3.19
-0.7
-2

2.8
0.97
-0.4
-2

0.7
-3.55
-1.4
-8

1.9
2.23
0,5
-2

0
25
96
32

4 1 8 . 73 4 1 8 . 6 7
1 7 9 . 0 4 179.09
162.2
162.0
111 . 4 4 112.10
52.99
53.30
103 . 2
94.5
93.7

420.17
179.40
162.5
111 .27
52.83

NA
NA
161 .9
112.22
53.11

0.4
0.2
0.3
-0.7
-0.9

NA
NA
-0.4
0.9
0.5

0.2
0.3
0.1
1.4
1 .0

56
57
75
54
59

0,

1.0

1 .3
1.0
-0.3
2.0
1 .5
fi 0
u . y
-3.9

-2.7
NA

-0.1
NA

- 1 .2
2.3

81 . 0
80.7

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders In 1972 dollars, oVable goods
*8. Mfrs.' new orders in 1972 dollars, consumer goods
and materials
25. Change in mfrs/ unfilled orders, durable goods'
96. Mfrs.1 unfilled orders, durable goods*
•32. Vendor performance, slower deliveries3 ( u )

34.07
LLL
do
do
2.69
L,L,L...
L,Lg,a... Bii'.'doK, E0P7. 3 2 0 . 1 2
54
L,L,L... Percent

Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales in 1972 dollars
75. Industrial production, consumer goods
54. Sates of retail stores
59. Sales of retail stores in 1972 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment ( ? )

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

100.68 100.75
41 .38
41 .32

37.33
37.04
38.00
37.29
2.11
1 .92
- 1 .63
0.60
345.44 350.34 345.44 3 4 7 . 2 3
61
57
49
47

3 6 8 . 7 7 411 .30 4 1 2 . 6 0
Bil, dol
161 .70 1 7 6 . 0 8 1 7 6 . 6 0
do
151 .7
161 .6
1967=100
162.6
97.86 108.08 107,78
Bil. dol
47.75
do
51.76
51 .70
88.3
A.r., bil.dol
102.3
100.9
87.5
Q 1966=100.
97.5
98.9

417.83
178.44
162.1
109.92
52.48
101 .8
95.0

93.7

94.6

1 .0
1 .0

0.1
-0.1

1 .8
1 .4

1 A
1 . H

-0.5

6
7
Q

55
58

B4. Fixed Capital Investment
Formation of Business Enterprises:
•12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
•20. Contracts and orders for plant and equipment
in 1972 dollars
24. Mfrs.' new orders, nondefense capital goods..
27. Mfrs.' new orders in 1972 dollars, nondefense
capital goods




L,L,L... 1967 = 100
L,L,L... Number

L,L,L... Bil. dol
L.L.L...
L,L,L...
LLL

114.8
50,162

117.1
52,960

118.2
52,017

116.8
53,193

117.1
NA

118.4
NA

115.2
NA

115.1
NA

0.3
NA

12
13

26.68

31 . 2 8

31 .91

31 .01

30.95

33.73

31 .77

29.85

-5.8

-6.0

-2.8

do
do

13.40
22.73

15.41
26.95

15.49
27.42

15.01
26 .33

15.75
26.78

18.56
29.49

15.89
27.21

14.47
25.32

-14.4
-7.7

-8.9
-6.9

-3.1
-4.0

4.9
1 .7

20
24

do

11 .72

13.63

13.65

13.10

14.07

16.85

14.06

12.65

-16.6

-10.0

-4.0

7.4

27

-0.2

10

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

Basic data'
Series title and timing classification1

Annual average

of
measure

1983

3d Q
1984

1984

4th Q
1984

1st Q
1985

Feb.
1985

Mar.
1985

Feb.
to
Mar.
1985

Apr.
1985

3dQ
to
4th Q
1984

Mar.
to
Apr.
1985

4th Q
to
1st Q
1985

E

.i

1. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U,... Mil.sq.ft
11. Newly approved capital appropriations, mfg
U,Lg,U.... Bil. dol
97. Backlog of capital appropriations, mfg.s
C,Lg,Lg.... Bil. doL, EOP ...
Business Investment Expenditures:
61. Expenditures for new plant and equipment
C,Lg,Lg.... A.r.,bil.dol
69. Mfrs.' machinery and equipment sales and business
...do
construction expenditures
C,Lg,Lg....
76. Industrial production, business equipment
C,Lg,U.... 1967=100
86. Nonresidential fixed investment in 1972 dollars
C,Lg,C... A f bil dol
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1972 dollars

63.56
2 2 OO
73.50

304.78

78.07
'in

1 A

97.24

353.54

3 2 0 * 6 2 376.90
153.3
181 .0
204.9
1 71 . 0

L,L,L... Ax, thousands..
L,L,L.... 1967 = 100
L,L,L... A x , bil. dol

1 ,703
131 . 1
53.7

1 ,747
134.6
60.2

83.17
9 ft Q ft
9 7.24

83.68
NA
NA

361 . 1 2 3 6 7 . 2 1

380 .05

382.66
186.5
209.5

398.88
188.4
213 . 8

391.85
188.6
215.2

1 ,598
124.7
59.2

1,793
132.9
59.4

79.35
0 1 SO
95.90

1 ,663
123.6
60.1

82.48

87.41

91 . 9 5

6.0

5.2

4.8
C

1 .4

390.82
188.4

408.21
188.1

1 ,647
129.5

1 ,883
138.8

NA
187.5

4.4
-0.2

NA
-0.3

1 ,913
135.9

14.3
7.2

1.6
-2.1

0.6

9

1 i

ft

NA

97

1 .7

3.5

61

4*2
1 .0
2 .1

-1 .8
0.1
0.7

69
76
86

12 . 2
6.6
0.3

28
29
89

-3.9
0.9
-1.5

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1972 dollars3
L,L,L...
*36. Change in mfg. and trade inventories on hand and on
3
do
order in 1972 dollars (smoothed')
L.L.L...
do
31. Change in mfg. and trade inventories, book value1
L,L,I
38. Change in mfrs.' inventories, materials and supplies
1
Bil. dol
on hand and on order book value
»
... L,L,I
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5.....
70 Mfg and trade inventories in 1972 dollars5
65 Mfrs' inventories finished goods book value*
*77. Ratio, mfg. and trade inventories to sales in
1972 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order, book value1

Lg,Lg,Lg.... Bil. dol., EOP ...
do
Lg Lg,Lg...
do
Lg Lg,Lg....
Lg,Lg,Lg.... Ratio
L,Lg,Lg.... Bil. dol., EOP ...

-3.6

24.8

1.98
11.1

21 . 2 9
53.2

16.86
52.2

1 .45

0.71

0.79

520.28
259.02
80.96

573.43
278.97
89.69

565.48
276.10
88.55

30.6

16.8

19.6

-13.8

2.8

30

11 . 4 0
31 . 8

8.21
18.9

8.90
37.7

12.52
-9.4

NA
NA

3.62
-47.1

NA
NA

-5.46
-20.4

-3.19
-12.9

36
31

-0.97

-0.48

-3.07

NA

-2.59

NA

-2.47

0.71

38

578.16
282.76
90.12

578.94
282.32
89.86

578.16
282.76
90.12

NA
NA
NA

-0.1
0.2
0.3

NA
NA
NA

1 .4
1 .0
1 .3

0.8
1 .4
0.5

71
70
65

-1.68

5 73.43
278.97
89.69

1 .59

1.54

1.55

NA

0.

NA

0.01

0.02

77

208.73

217.30

222.35

217.30

214.40

217.47

214.40

NA

-1 .4

NA

-2.3

- 1 .3

78

1 .24
258.5
1.03

-0.3 7
278.9
-0.19

-0.73
276.6
-0.88

-0.12
265.5
-0.48

- 1 .00
253.8
-0.77

- 1 .69
253.1
-0.81

-0.58
252.4
-0.97

-0.28
257.1
-0.64

1.11
-0.3
-0.16

0.30
1 .9
0.33

0.61
-4.0
0.40

-0.88
-4.4
-0.29

98
23
99

160.41

160.46

160.54

165.19

177.30

180.88

179.42

180.62

-0.8

0.7

2.9

7.3

19

1 .58

1 .56

1 .58

1 .58

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
•99. Change in sensitive materials prices (smoothed*)3

L,L,I Percent
U,L,L... 1967=100
L,L,L... Percent

Stock Prices:
*19. Stock prices, 500 common s t o c k s ©

L,L,l

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1972 dollars
79. Corporate profits after tax with tVA and CCAdj
80
do
in 1972 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L,L,L... A.r., bil. dol
do
L r L f L...
do
L,C,L...
do
L,C,L...
L,L,L... Cents
L,L,L... 1977 = 100

127.4
60.5
149.4
71.2
4.0
98.0

145.9
68.0
195.9
92.0
4.6
99.6

141 . 7
65.7
199.8
93.6
4.5
99.7

141 .0
65.0
203.9
95.0
4.3
100.1

140.0
63.8
209.8
96.8
NA
99.6

-0.5
- 1 .1
2.1
1.5
-0.2
0.4

-0.7
- 1 .8
2.9
1 .9
NA
-0.5

16
18
79
80
15
26

Cash Flows:
34. Corporate net cash flow
nS Tnrnnrfttp nft rash flow in 197? dollars

LJ.,L... A.r.,bil.dol
LL L
do

318.9
149.3

367.3
16 9 . 2

366.7
16 8 4

375.3
171.3

382.6
173 . 2

2.3
1 .7

1 .9
1 .1

34
35

156.0

157.7

158.0

158.4

161 . 4

0.3

1 .9

63

0.3

1 .7

68

1.8
0.5

1 .2
-0.2

62
62

0 .5

64

1941-43=10...

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,Lg,Lg.... 1977 = 100
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.... Dollars
62. Labor cost per unit of output, mfg.
a) Actual data
Lg,Lg,Lg.... 1967 = 100
•b) Actual data as percent of trend3
Lg,Lg,Lg.... Percent
64. Compensation of employees as percent of
do

1 .409

1.425

1 .434

1.438

1 .463

219.6
95.4

218.5
90.1

216.8
88.7

220.8
89.2

223.5
89.0

75.0

73 . 4

73 . 4

73 . 4

73 . 9

0.78
0.95
0.88
214.0
886.2

0.47
0.67
0.92
219.5
91 7 . 2

0 ,26
0.57
0.91
220 . 1
91 9.6

0 .42
0.91
0.81
220.0
932.3

6 . 4 82
1 .300

6.720
1.323

6.728
1.328

6.791
1 .320

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

37.55
3.28
47.73
5.7
390 . 9 9

99.73
53.67
76.36
15.2
447.31

Percent, EOP ..

1 .94

2.0 9

223.3
88.9

223.5
88.6

223.6
88.2

0.1
-0.3

0.
-0.4

0 .

B7. Money and Credit
Honey:
85 Chanee in monev SUDDIV M l 3
102. Change in money supply M23
104 Chanee in total liauid assets3
105 Money supply M l in 1972 dollars
*106. Money supply M2 in 1972 dollars
Velocity of Money:
1(17 Ratin RNP to mnnev SUDDIV M l '
108. Ratio, personal income to money supply M23
Credit
33.
112
113.
*111.
110

Flows:
Net change in mortgage debt5
Net change in business loans3
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers

Credit Difficulties:
39. Delinquency rate, installment loans (inverted4)3 s




.;... do
L LL
do
L,C,U...
do
L LL
... L,L,L... Bil dol
do
L,L,L...

.

C C C Ratio
do
C,Lg,C...

L,L,L...

121.04
60.35
32.31
39.52
69.94
74.12
14.2
9.9
3 5 8 . 8 9 521 .42

2 110

2.09

-

0.80
0.79
0.63
224.0
952.5

1 .19
0.92
0.67
224.6
954.8

0.47
0.32
0.54
224.6
953.3

0.51
-0.07
NA
224.9
949.1

-0.72
-0.60
-0.13
0.
-0.2

0.04
-0.39
NA
0.1
-0.4

0.16
0.34
-0.10
0.
1 .4

0.38
-0.12
-0.18
1.8
2.2

85
102
104
105
106

6.719
1,300

1 .297

1 .300

1 .308

0.003

0.008

0.063
-0.008

-0.072
-0.020

107
10«

NA
45.16
31 . 0 7
24.16
9 8 . 4 2 108.49
12.1
9.4
NA

NA
30.11
100.10
13.1

NA
2.44
NA
NA

2.19

2.40

NA

2.40

NA - 6 0 . 6 9
NA
5.95 - 2 7 . 6 7
7.21
4.18
NA
-8.39
-4.3
NA
3.7
45 .3

-0.21

NA

0.01

NA
-8.45
24.30
2.2
NA

-0.31

33
112
113
111
11C

3S

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

Basic data''
Unit
of
measure

Series title and timing classification1

Annual average
1983

1984

3dQ
1984

4th Q
1984

1st Q
1985

Feb.
1985

Mar.
1985

Apr.
1985

Mar.
1985

Mar.
to
Apr.
198S

3dQ
to
4tti Q

4th Q

1984

to
1st Q
1985

I. CYCLICAL INDICATORS—Con.
B7. Monty and Credit-Con.
Bank Reserves:

Interest Rates:
119. Federal funds r a t e 3 ®
114. Discount rate on new Treasury b i l l s ' ®
116. Yield on new high-grade corporate bonds3 ©
115. Yield on long-term Treasury bonds3 ®
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages 8 ®
S7. Bank rates on short-term business loans 3 ©
•109. Average prime rate charged by banks3 (u)
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
•101, Commercial and industrial loans outstanding in
1972 dollars
•95. Ratio, consumer installment credit to
personal income3

-621
1 ,426

-386
1 ,289

-827
1 ,593

-584
1 ,323

441
304

-243
-270

-2,533
•2,454

-3,264
-3,181

8.48
8.18
12.57
11 .43
9.64
13.24
10.10
10.54

8.50
8.22
12.39
11 .35
9.65
13.27

8.58
8.57
12.85
11 .78
9.77
13.43

8.27
8.00
12.45
11 .42
9.42
12.97

0.08
0.35
0.46
0.43
0 .12
0.16

-0.31
-0.5 7
-0.40
-0.36
-0.3 5
-0.46

10.50

10.50

10.50

0.

-2.12
-1.37
-1 .09
-0.97
-0.05
-1.15
-2.00
-1 .19

-0.79
-0.79
-0.06
0.06
-0.
0.13
-1,19
-1.26

NA
0.1

4.3
3.4

5.4
2.3

3.7

2.5

0.34

0.51

0 .7
0.7
-0.1
0
-0.3
0
-0.4
0.1
0
0.1

1
0
0
0
-0.2
-0.2
-3.3
-0.5
1 .0
0.

Mil. dol
do

-545 - 3 , 0 4 6 - 6 , 4 1 8 -3,885
4,607
7,061
1 ,034 3,730

l,Lg,lg..
C,Lg,Lg..
Uig-U•
C,Lg,Lg..
U,Lg,Lg..
Lg,Lg,Lg..
Lg,Lg,Lg..
Lg,Lg,U-

Percent

9.09
8.62
12.25
10.84
9.51
13.11
10.64
10.79

Lg,Lg,lg..
Lg,Lg,Lg..

NA
Bil. dol., EOP.. 376.01 452.37 433.84 452.37 4 7 6 . 9 8 468.64 476.98
Bil. dol
264.66 299.73 308.95 319.59 3 2 7 . 0 7 326.91 329.42 3 2 9 . 6 2

1.8
0.8

Lg.U,Lg-

104.02 115.04 118.45 122.86 125.98 125.93 127.09 1 2 6 . 9 2

0.9

93. Free reserves (inverted 4 ) 5 ®
94. Borrowings from the Federal Reserve9 ®

L U u
- .Ug,U..

....do
....do
do
do

do
....do
....do

Lg,tg,lg.. Percent

10.22
9.57
13.37
11 .99
10.10
13.82
12.02
12.04

11 .39
10.34
13.72
12.34
10.17
14.26
13.29
12.99

9.27
8.97
12.63
11.37
10.12
13.11
11 .29
11 .80

-0.1

12.73

13.85

14.06

14.40

14.91

14.93

15.11

NA

0.18

1972=100...
1967 = 100...
Percent
1967=100...
do
do
....do
do
....do
....do

215.3
298.4
0.3
291 .7
303.1
315.7
323.6
312.3
287.2
284.6

223
311
0.3
302.9
310.3
322.6
331 .0
320.0
294.1
2 90.4

224.6
313.1
0.4
303.7
310.6
323.1
328.8
320.4
295.3
2 90.3

226.1
315.4
0.3
306.2
309.8
323.4
327.4
320.7
295.3
2 90.7

229.2
317.4
0.3
308.7
309.2
322.8
316 .6
319.2
298
290.7

317.4
0.3
309.3
309.2
322.5
316.1
318.9
298.4
290.3

318.8
0.5
309
308
322
311
318.4
299
290.7

320
0
308
309
323.8
307.7
319.1
299.7
291 .9

0.4
0.2
0.
-0
- 0 .2
0
-1 .5
-0.2
0.4
0.1

1977-100...

155.3

162.8

161 .0

162.1

163.6

163.8

164.2

164.4

0.2

0.1

0.7

0.9

94
161
98
103
103.4

94.7
168.9
98.6
107.4
106.6

94.5
168.9
98.1
107.2
106.3

94.4
170.5
98.1
108.0
106.9

94.5
172.9
98.7
107.5
106.5

94.6

94.4

94.2

-0.2

-0.2

-0.1
0.9
0
0.7
0.6

0
1
0
-0.5
-0.4

0.4
0.4
0.
-1 .1
1 .7
-0.9
-1 .9

-0.1
-0.2
0.4
2.0
0.6
-4.2
0.5

0.4
0.6
-2.5
-2
-2.5
-1.9
-1 .7

0.9
0
2.3
0.8
3.4
4.1
1.1

0.
0.3
0.3

0.
-0.1
-0.7

0.
0 .1
-0.1

-0.1
0. 7
1 .8

-17.2
2.2
3.7
8.0
2.9
1.5

36.7
6.6
1 .2
-1.9
1 .1
1 .7

NA

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wsjcs, 2nd Productivity
Bl. Price Movements
310.
320.
320c.
322.
330.
335.
331332.
333.
334.

Implicit price deflator for gross national product
Consumer price index for ail urban consumers (CPI-U) ® . .
Change in CPKJ (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities®
PPI, industrial commodities®
PPI, crude materials for furtiier processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods

0.4
-0.1
-0.2
0
0.4
-1.2
0.2
0
0.4

B2. Wajes and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls....
345. Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector...
370. Output per hour, business sector
358. Output per hour, nonfarm business sector

do
do
do

'.

do
do

C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.

Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16 19 years of age
Number unemployed, full-time workers

Civilian Labor Force Participation Rates:
.451. Males 20 years and over3
452, Females 20 years and over3,
453. Both sexes 16-19 years of age".

Millions
....do
Thousands..,
....do
do
do
do
Percent
....do
....do

111.55 113.54 113.75 114.18 115.16 115.08 115.51 115.37
100.83 105.00 105.31 105.95 106.73 1 0 6 . 6 8 107.12 106.94
8,539
8,3 96
10,717
8,233
8,399
8,447
8,426
8,426
3,932
3,731
5,257
3,846
3,738
3,774
3,768
3,80 7
3,107
3,179
3,632
3,129
3,051
3,126
3,155
3,197
1,499
1,485
1,472
1 ,444 1,503
1,499
1,829
1 ,422
7,057
6,821
6,958
9,075
6,837
6,954
6,913
6,852
78.5
53.1
53.5

78.3
53.7
53.9

78.3
53.8
53.9

-178.6 - 1 7 5 . 8
641 .1
704
819.7
880.5
44.1
52.9
478.2
523.6
434.1
470.7

-180.6
706.2
886.8
47.6
524.6
477.0

78.3
53.9
53.8

78.2
54.6
55.6

78.2
54.5
55.7

78.2
54.8
56.0

78.2
54.7
55.3

D. Government Activities
D l . Receipts and Expenditures
500.
501.
502.
510.
511.
512.

Federal Government surplus or deficit.
Federal Government receipts.,
Federal Government expenditures . .
State and local government surplus or deficit3.
State and local government receipts
State and local government expenditures. .

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

do

- 1 9 7 . 8 -161 .1
721 .9
769.3
919.7
930.5
55.6
53.7
539.7
545.8
484.0
492.1

02. Defense Indicators
517.
525.
548.
557.

Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products
Industrial production, defense and space equipment...

570. Employment, defense products industries

564. Federal Government purchases for national defense.,

Mil. dol..
...do..
..do..
1967-100...
Thousands
A.r., bi!. do!,.,

20,635 22,437 22,092 25,466 21 ,072 20,377 20,3 46
10,787 12,942 11 ,396 15,157 12,099 12,805 1 0 , 0 8 8
6,773
7,569
7,452
7,664
7,336
6,240
4,708
119.9
142.7
135.6
137.4
146 .5 145.9
147.8
1 ,355 1 ,436 1,453
1 ,481 1,515
1,524
1,515
200.5
231.6
221 .5 220.3
233.6

Mil. dol.
. do
. do
.
do....
do..
do

16,722 18,137 18,496 18,649 18,567 1 7 , 8 5 3 18,446
3,011
3,146
3,137
2,741
3,118
2,842
2,436
3,536
3,875 3 , 7 6 9
4,126
4,013
3,970
4,160
21,513 27,132 2 8 , 8 7 0 26,6 82 28,137 27,985 28,129
4,314
3,750
4,340
4,689
4,319
3,833
3,411
3,716
4,425
4,999
4,243
2,937
3,787
4,007

NA
NA
6,612
148.8
NA

-0.2
-21 .2
32.5
1 .3
0.6

NA
NA
6.0
0.7
NA

15.3
33.0
-1
3.9
1 .9
5.1

-17.3
-20.2
-3.1
2.7
2.3
0.9

0
-0.6
6.5
-7.6
-0.1
-7.3

-0.4
-12.1
2.8
5.5
-13.1
19.1

E. U.S. International Transactions
El. Merchandise Trade
602.
604.
606.
612.
614.
616.

Exports, excluding military aid shipments . ..
Exports of domestic agricultural products.
Exports of nonelectrical machinery.
General imports
Imports of petroleum and petroleum products...
Imports of automobiles and p a r t s . . . .




3.3
-14.3
4.8
0.5
-11 .0
-15.1

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

Series title

Percent change

Annual average
1982

4th Q
1983

1983

1st Q
1984

2dQ
1984

3d Q

4th Q

1984

1984

1st Q
1985

2dQ
to

3dQ

4th Q

3dQ
1984

4th Q
1984

1st Q
1985

-8.19
2.5
9.3
-7.01
1 .6
9.9
4.0
8.2

11 .10
0.8
-8.5
8.02
1 .4
-8.2
0.9
-5.2

NA
NA
NA
-3.94
-0.5
4.5
NA
NA

1.4
0.4
0.1
-0.2
2.0
1 .0
0.7

1 .7
1.0
0
1.9
1 .5
0.9
0.6

1 .6
0.2
0
0
0.3
-0.4
-0

1 ,2
0.2
-1 .1
-0.9
0.4
-0.3
2.5
0.9

1 .5
0.9
2.9
3.3
0.6
-0.1
1 .8
0.8

2.1
1 .3
2.5
2.1
1 .2
0.9
2.6
1.3

II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
667.
668.
669.
622.
618.
620.
651.
652.

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade1
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States
•

.. .

.do.
.do.
.do.
..do.
. do
..do.

-0.28
87.36
87.65
-9.12
52.80
61 .92
20.96
14.01

-8.23 -22.61
83.05
90.5 9
91 .28 113.20
-15.26 - 2 6 . 8 6
50.06
55.08
65.33
81 .94
19.25
21 .90
13.37
17.38

•14.13 - 1 7 . 5 2 - 2 2 . 5 5 - 3 0 . 7 4 - 1 9 . 6 4
NA
84.91
90 . 6 5
88.86
NA
91 .78
91 .05
99.04 1 0 8 . 1 8 111 .41 121 .79 111 .43
NA
-19.41 - 2 5 . 2 3 - 2 5 . 4 0 - 3 2 . 4 1 - 2 4 . 3 9 - 2 8 . 3 3
56 .07
54.68
51 .83
53.75
55.56
56.35
84.40
80.08
71.24
78.99
87.97
80 . 7 5
NA
20.82
19.61
21.66
23 .30
21 .85
NA
17.36
14.49
18.78
17.81
15.55

3304.8
1534.7
6,543
1538.3
2340.1
1095.4
4,670

3431.7
1572.7
6,681
1565.4
2428.6
1124.3
4,776

A. National Income and Product
Al. GNP and Personal Income

200.
50.
217.
213.
224.
225.
227.

Gro^s national product
Gross national product in 1972 dollars
Per capita gross national product in 1972 dollars
Final sales in 1972 dollars
Disposable personal income
...
Disposable personal income in 1972 dollars
Per capita disposable personal income in 1972 dollars..,

230.
231.
232.
233.
236.
238.
237.

Total
Total in 1972 dollars
Durable goods
Durable goods in 1972 dollars
Nondurable goods
Nondurable goods in 1972 dollars...
Services

3662.8
1639.3
6,926
1614.5
2576.8
1169.0
4,939

3758.7
1662.4
6,998
1645.6
2644.5
1186 .7
4,996

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

3069.3
1480.0
6,370
1490.4
2180.5
1058.3
4,555

A.r,, bil.dol.

1 9 8 4 . 9 2 1 5 5 . 9 2 3 4 1 . 8 2230 .2 2 2 7 6 . 5 2 3 3 2 . 7 2361 .4 2396 ,5 2 4 4 6 . 1
9 6 3 . 3 1009.2 1062.4 1032.4 1 0 4 4 . 1 1 0 6 4 . 2 1065.9 1075.4 1089.2
245.1
326 .3 334.5
279.8
318.8
299.8
317.2
310.9
320.7
140.5
177.0
157.5
178.0
173.7
178.6
182.9
186.8
167.2
757.5
801 .7
841
.3
8
5
8
.
3
861
.4
856.9
866.5
877.0
823.0
363.1
376.3
396.6
395.5
395.0
398.4
393.5
3 83 .2 3 8 7 . 1
982.2 1074.4 1166.1 1107.5 1124.4 1 1 5 3 . 7 1182.8 1 2 0 3 . 8 1234.6
459.8
483 . 4 4 8 8 . 9
493.5
497.5
504.0
475.4
490.8
482.0

3553.3
1610 .9
6,829
1579.3
2502.2
1147.6
4,86 5

3644.7
1638.8
6,933
1618.5
2554.3
1165.3
4,930

3694.6
1645.2
6,943
1614.6
2606.4
1176.5
4,965

3817.1
1665.4
6,995
1645.9
2653.4
1181.5
4,963

A2. Personal Consumption Expenditures

239. Services in 1972 dollars

..do..
,. r do..
.do..
..do..,
.do.,,

A3. Gross Private Domestic Investment
240,
241,
242,
243,
245.
30.

Total
Total in 1972 dollars
Fixed investment
Fixed investment in 1972 dollars
Change in business inventories3
Change in business inventories in 1972 dollars1

414.9
194.3
441 .0
204.7
-26.1
-10.4

471 .6
221 .0
485.1
224.6
-13.5
-3.6

637.8
289.9
579.6
265.1
58.2
24.8

540.0
249.5
527.3
242.2
12.7
7.2

623.8
285.5
550.0
253.9
73.8
31.6

627.0
283 .9
576.4
263.7
50.6
20.3

662.8
300.2
591.0
26 9 . 6
71.8
30.6

637.8
289.9
601 .1
273.1
36.6
16.8

651 .2
294.1
610.6
274.6
40.6
19.6

5.7
5.7
2.5
2.2
21 .2
10.3

-3.
-3.4
1 .7
1 .3
-35.2
-13.8

2.1
1 .4
1 .6
0.5
4.0
2.8

.do..
..do..
..do.
..do...
..do...
.do..

6 50.5
292.7
258.9
117.0
391.5
175.7

685.5
291.9
26 9.7
116.2
415.8
175.7

747.4
302.1
295.4
122.5
452.0
179.6

691 .4
288.8
266.3
113.0
425.1
175.8

704.4
289.5
267.6
112.2
436.8
177,3

743.7
302.1
296 .4
123.2
447.4
178.9

761 .0
306.1
302.0
125.0
458.9
181 .1

780.5
310.5
315.7
129.6
464.8
180.9

789.0
309.1
316.8
128.2
472.2
181 .0

2.3
1.3
1.9
1 .5
2.6
1 .2

2.6
1.4
4.5
3.7
1 .3
-0.1

1 .1
-0.5
0.3
-1 .1
1 .6

...do..
...do..

19.0
29.7
348.4
147.6
329.4
118.0

-8.3
12.6
336.2
139.5
344.4
126,9

-64.2
-15.0
364.3
146.0
428.5
161 .1

-29.8
2.0
346 .1
141 .0
375.9
139.1

-51 .5
-8.3
358.9
144.9
410.4
153.2

-58.7
-11 .4
362.4
144.7
421 .1
156.2

-90 .6
-27.0
368.6
147.4
459
174.4

-56.0
-13.4
367.2
147.1
423.2
160.5

-69.1
-27.0
363.5
144.8
432.6
171 .8

-31 .9
-15.6
1.7
1.9
9.1
11 .7

34.6
13.6
-0.4
-0.2
-7.9
-8.0

-13.1
-13.6
-1
-1
2.2
7.0

2 4 4 6 . 8 2646
2959.9 2766.5 2 8 7 3 . 5 2944.8 2 9 8 4 . 9 3 0 3 6 . 3 3075.4
1864.2 1984
2173.2 2055.4 2113.4 2159.2 2191 .9 2 2 2 8 . 1 2272 .9
149.8
153
154.1
159.1
111 .1
121
154.4
131 .9 154.9
62.0
6 4.1
64.8
58.3
61 .0
63.0
62.5
60.4
51 .5
2 94.0
277.4
291 .1 2 8 2 . 8 291 .6
285.7
260.0
225
159.1
293.4
282.8
293 .5
289.5
256.6
266.8
2 84.1 258.9
260.9

1 .4
1 .5
2 .6
1 .6
-2.9
3.8

1 .7
1.7
3.5
1 .7
3.1
0.

1.3
2.0
-3.1
1 .1
0.8
-1 .3

1 .0
1 .9
13.3
-23.8
0.6

-0.1
1 .9
-0.
-9.2
-0.1

0
2.4
-27.4
34.8
-1 .

.do.,
.do.
.do..

A4. Government Purchases
of Goods and Services
260.

Total

2$1.
262.
263.
266.
267.

Total in 1972 dollars
Federal Government
Federal Government in 1972 dollars
State and local government
State and local government in 1972 dollars.,

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

Net exports of goods and services3
Net exports of goods and services in 1972 dollars3..
Exports of goods and services
Exports of goods and services in 1972 dollars
Imports of goods and services
Imports of goods and services in 1972 dollars

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

National income
Compensation of employees
Proprietors1 income with IVA and CCAdj . .
Rental income of persons with CCAdj
Corporate profits before tax with IVA and CCAdj
Net interest
:

A5. Foreign Trade

..do..
..do..
..do..

A6. National Income and its Components
.do.,
..do.,
..do...
.do..

A7. Saving
290.
295.
292.
298.
293.

Gross saving
Business saying
Personal saving
Government surplus or deficit3
Personal saving rate1

....do..
....doPercent

40 8.8 43 7.2
551.8
453.6
388,0
518.6
156.1
136.0
118.1
-115.3 - 1 3 4 . 5 - 1 2 2 . 9
6.2
5.0
6.1

NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal
movement. Series indicated by an asterisk { * ) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A,
seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns: Lr leading; C, roughly coincident; Lgr lagging; U, unclassified.




485.7
543.9
486 .4 4 9 8 . 8
128.7
152.5
-129.3 - 1 0 7 . 4
6.1
5.3

551 .0
515 .3
144.8
-109.2
5.7

556.4
525.3
164.1
-133 .0
6.3

556.0
558.8
535.2
547.8
163.0
118.3
-142.2 -107.4
6.2
4.5

2
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
1
Differences rather than percent changes are shown for this series.
'Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
HOM.

P

Oct.
T

July May
P T

Aug. Apr.
P T

Dec. Nov.
P T

Apr. Fab.
P T

Nov. Mar.
P T

Jan.July July Nm.
F T P
T

I Index: 1967=1001
170160-

f

150-

-8

of twelve leading indicators

,5,8,12,19,20,29,32. 36,99,106, 111)

MOMO12011010090-

170160Oii

/

150-

E

140130*

z_

920. Index of four roughly coincident indicators
!| (series 4Ij 47,51, 57)
— —

120110100-

•\ o

ii-4

/

140130120-

Index of six lagging" indicators
(series 62,77,91,95,101, lUST/ 1

-l

110100-

90-

+2
+4

50-

P i In
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 81 82 83 841985
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.

10



MAY 1985

BCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
Jan. July July Nov.
P T P T

Capital investment commitments (series 12/20,29)

Inventory investment and purchasing
ing (series 8, 3£ 3 $ 39)

Money and financial flows (series 104,

940. Ratio, coincident index to lagging index

~ir

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 81 82 83 841989
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.

BCD

MAY 1985




11

CYCLICAL INDICATORS
IA

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
Nov. Oct.
P T

July May
P T

Aug. Apr,
P T

Dec. Key.
P T

Apr. Feb.
PI

fa

Mar,

ian.July July
F T P

Wev.
T

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

5 . Averse weeklyinitiaJ claims for uneniploymeiit insurance,
State programs (thousands—inverted scale)

8. Manufacturers' new orders in 1972 dollars, consumer goods
and materials industries (Ml. dol.)

32. Vendor performance, percent of companies receiving slower
(percent) ^ [ j T [

12, Net business formation (index: 1 9 6 7 - 1 0 0 )
LLL

20. Contracts and orders for plant and equipment in
1972 dollars (bj. d d )

1948 49 50 51 52 S3 S4 S5 §S S7
Current data for these series are shown on pages 6 1 , 64, 65, and 66.

12



MAY 1985

CYCLICAL INDICATORS
jA

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
Nov. Oct.
P T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.

FT

Nov.

P

Mar.

T

Jan. July July Wov.
P T P T

29. New private housing units authorized by local
ermtts finder 1 Q f i 7 ^

36. Change in manufacturing and trade inventories on hand and on order in 1972 dollars, smoothed1 (ann. rate, bit; dol.)

99. Change in sensitive materials prices, smoothed1 (percent)

19. Stock prices, 500 common stocks (index: 1941-43=10)

Money supply M2 in 1972 dollars (bil. do!.)

run
Change in business and consumer credit outstanding
(ann. rate, percent)
\ [,L t L |

1948 49 50 91 52 53 54 55 56 57 58 59

+30+20'

61 62 63 64 85 66 67 68 69 70 71 72 73 74 75 76 77 78 79 30 81 82 83 841985

'this is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67 r 68, 69, 7 1 , and 72.

ItCII

MAY 1985




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

Apr. Feb.
P T

Dec. Hm.
P T

j@ii.jyly July Nov.
1
T
P
T

Employees on nonagricuttural payrolls {nitons)

5L Personal income less transfer payments in
1972 dollars (ann. rate, bi. dot.)

47. Industrial production (index: 1967-100)
CXX

57, Manufacturing and trade safes in
1972 dollars ( b l doi.)

yv r
1948 49 50 51 92 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

81 82 83 841989

Current data for these series aro shown on pages 62, 63, and 6$.

14



MAY 1985

BCD

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4, Lagging Index Components
Nov. Oct.
P
T

Aug. Apr.
P T

July May
PI

Jan. July July Nov.
P T
P
T

Nov. Mar.
P
T

Dec. Nov.
P T

Apr, Feb.
P T

91. Average duration of unemployment (weeks—Inverted scale)]

77. Ratio, manufacturing arid trade inventories to sales in
11972 dollars (ratk>>

62. Labor cost per unit of output, manufacturing—actual data
asjiercent of trend percent) I^« |« LgI f

109. Average prime rate charged by bank^ (percent)

101. Commercial and industrial bans outstanding
f
in 1972 # a r s (oil, dot)

consumer installment credrt outstanding to personal income

llt'l
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

"JJ'O/.
81

82

83

841985

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

KCII MAY 1985



15

CYCLICAL INDICATORS
B

|

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Apr,

Feb.

Dec.

Nov.

Urn.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

P

Nov
T

1 Marginal Employment Adjustments [
.
^/^N

1. Average weekly hours of production or iwnsupervtsory workers,
manufacturing (hours)

38 J

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

3-

5. Average weekly iratial claims for unemployment insurance,
State programs (thousands—inverted sole) f p y f l
200 n

J*v

300-

7T-?

400-

500600-

[Job Vacancies]

700ftatin hpln.wanfpri ariuflrtking in

of persons unempfeyed (ratio)

tn nnmKpf

1.4*1

rrrrjjn

1.0-

0,6-

0.2180-|

160*

46, Heto-wanted advertising in newspapers (index: 1967=100)

140120100-

1
1999

60-

V
60

61

1

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currant data for these series are shown on page 6 1 .

16



MAY 1985

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Jan. July
P

I

July
P

Nov.
T

[Coniprehensive Employment 1

Persons engaged in nonagricultural activities

41. Employees on nonagricultural payrolls (mions)

Employees on nonagricultural payrolls

civilian employment to population of working

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on pages 6 1 and 6 2 .

\\i\\

MAY 1985



17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Apr, Feb.
P T

Dec.
P

Nov.
P

Nov.
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

[Comprehensive Unemployment |
37, Number of persons unemployed (millions—inverted scale)

45, Average weekly insured unemployment rate, State programs (percent—inverted scale)
L,Lg,U

\

r

E2
91. Average duration of unemployment (weeks—inverted scale)
_-+L-J

H-g.Lg.leI
J_

\

f
44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)

[LfelgJlJ

\

1959 60

61

62

63

64

63

66

67

68

69

70

71

72

73

74

79

76

77

78

79

80

81

82

/

83

84

85 1986

Current data for these series are shown on page 62.

18




MAY 1985

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Apr. Hi
P T

Dec. Nov.
P T

| Comprehensive Output and Income |

50. Gross national product in 1972 dollars, Q (ann.
CM

52. Personal income in 1972 dollars

51. Personal iiicome less transfer payments in
(ann.

Wages and salaries in 1972 dollars, mining, manufacti
and construction (arm. rate, bil. dot.)

UU lAl'iK

1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80
Current data for these series are shown on page 63.

I M i l l MAY 1985




81

;

$2 83

84

85 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Apr. Feb.
P
T

lov.

Dec. Nov.
P
T

Mar.

Jan. July
P T

July
P

llndustrial Production [
47. Industrial production (index: 1967—100)

74. Industrial productbn, nondurable mamrtactures
(index:; 1967=100) \

73. industrial production, durable manufactures
(index; 1 9 6 7 H 0 0 )

49. value of goods output in 1972
(ann. rate, bit. doJ.)
CAC

[Capacity Utilization|
82. Capacity utilization rate, manufacturing (percent)

90-

ijul
80-

80-

m^-

84. Capacity utilization rate, materials (percent)

1959

60

01

$2

63

64

vrz

z

V

65

§6

67

71

72

73

74

7S

76 77

S4

S3 1986

Current data for these series ere shown on pages 63 and 64.

20




MAY 1985

ItCII

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
Apr.

Feb.

P

T

Dec. Nov.
P
T

Jan. July
P

T

July

Nov.

P

T

I Q.fdejrs and Deliveries 1
6. Manufacturers' new ordjers Njcurrent dollars,
durable goods industries (bil. dol.)

|

7. Maniifadiifprs'

jn ,1977 Hollar^ durable foods

Manufacturers' new orders in 1972 dollars, consumer
goods and materials industrie
LLL

25. Change in manufacturers' unfilled orders, durahiig&&
industries (biL doU_MCD imoving avg.—4-term)
L.LL

96. Manufacturers'
(bil. dol.)

durable goods industries

Vendor performance, percent of companies
receiving slower deliveries (percent)

^^^^m/

100-

J\

1959; 60

§1

62

63

§4

®5

70

71

72

j \

r_
73

74

75

7©

r^\
77

7& 79

75-

V

A

5025-*

84

S i 1986

Current data for these series are shown on page 64.

MAY 1985



21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Apr. Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T
500450-

|Consumption and Trade]

4003503002S0-

56. Manufacturing andj
(bl. dol.)
150-

57. Maiwfactufing and trade sales
in 1Q79 flnlhrc /'hil Ani\
190170-

75. Mistrial productiojL
(index: 1967-100)

150130-

\ r

110120 T
110100-

54.; {Sales of retail stores in current dollars (bl. dol.)

fault;

70-

ii\

6050-

P;Q Salps nf rptaH ctnrp<: in 197? dollars (hi

40120-I
11010090-

~ZL

80706950-

40-

30-

55. Personal consumption expenditures,
automobles, Q (arm. rate, b3. dol.)

l !

20 J

58. IIKIIH of consumer sentiment (1st Q1966-100)
100-

m
7060-

li§9

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

89 1986

Current data for these isrlet are shown on page 69.

22




MAY 1995

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4, Fixed Capital Investment
Apr. Feb.
P
T

Jan. July
P T

July
P

Nov.
T
160-

I Formation of Business Enterprises!

140-

12, Net business formation f h t o c l i

M

120100-

5040-

13. New business incorporations (
30403530-

10. Contracts and orders for plant
in current dollars (bi!. dol.)

20-

j Busjess Investment Commitments 1
15-

10-

20. Contracts and orders for
in 1972 dollars (bH. doL)

35-

IXX

3025-

20-

24. Manufacturers' new ofders in current dollars, rwrnJefense
capital goods industries (bit. dol.)

15-

I
10-

new orders in 1972 dollars, nondefense
apital goods industries
5J
110-1
1009080708050-

b Construction contracts ^wardeiti for commercial and intjustrialFv
hi.ilHinac /mil en

1959 60

61 62

63 64 65 66

ft

67 68

ftf

69

fl»nr

70

MPh

71

^

72

73

V

74 75 76

40-

77

78 79

80

81

82

83 84

85 1986

'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.

BCII

MAY 1985



23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued

120-1

no-

[Business Investment Commitments—Con,

100-

7060-

97. Backlog of capital appropriations. 1.000 manufacturing
corporations, Q (Ml. dol.)

SO-

40-

30-

20-

11. Newly approved capita! appropriations, 1,000
manufacturing corporations, Q (bil. dol.)
10-

320*

61. Expenditure^ for new plant and equipment by U.S.
nonfarm business, Q (ann. rate, DM. CKH.;

200- 1

480 T
440400-

Investment Expenditures

280240200*

160-

. Machinery and equipment sales and business
rnnctnirtinn pvn^ndttures ('ann rate. hi. doO

J^
Y

120220-i
200-

76. Industrial production, business equipment
(index: 1967=100)
C,Lg,U

180160140120 m

100-

X999 60

61

62

63

64

©S

§6

S7

68

69

70

71

72

73

74

75

76

77

78

79

84

85 1986

Current data for these series are shown on pages 66 and 67.

24




MAY 1985

ItCII

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Apr. F$b.

P

Dec.

Nov.

Nov.

Mar.

Jan. July

July

Nov.

P

T

P

T

P I

P

T

t

240-

(Business Investment Expenditures—Con.[

|;

;

220"
200-

Gross private nonresidential fixed investment in 1$72 dollars (ana rate,

180160-

140«
120100-

88. Producers' durable equipment, Q

I

60-

40-*

1 ResidjentfalConstruction Commitments and Investment[jl
I

-v

J

n

28.: New; j M v a t ^ h ^

1.21.0-

0.8 J

29. New private housing units authorized by local building permits

(index: 1967 HOO)

195Q 60

61

62

63

©4

SS

66

67

68

69

70

*~~"~'

71

72

73

74

75

76

77

78

79

SO

81

82

83

84

85 1986

Current data for these series are shown on page 67.

A9

MAY 1985




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Apr, Feb.
P

T

[inventory Investment]

Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

P

felev
I

30. Change in business inventories in 1972 dollars, Q (arm, rate, bl. doi.)

full

+20 •

-10'

36. Change i n manufacturing and trade inventories on hand and on orjter
in 1972 dollars (arm. rate, Ml, do!.; movin
^ 1 )

Change in manufacturing and trade inventories, book value

HV*WW

38. Change in manufacturers' inventories, materials and supplies on hand t
and on order, book value (bil. doi.; MCD moving avg.-4-term)
'*
L

1959 60

01

62

63 64 ©9

66

67

68

69 70

71

72 73

74 75 76

77

78 79

80 81

82

83 84

89 1986

'This Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.

26



MAY 1985

CYCLICAL INDICATORS
B l

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr. Felj.
P
T

Jan. July
P T

July
P

Nov.
T

80

81

82

1 Inventories on Hand and on Order]
71. Manufacturing and trade inventories,

book value ( j : i

Manufacturing and trade inventories in 1972 dollars ( b i dol.)

65. Manufacturers' inventories, finished goods
!
book vahie (biL i j k )
!

77. Ratio, manufacturing |nd trade inventoried to sales in Wl dollars

78. Manufacturers' inventories, materials and supplies on
and on order, book value

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 68.

BCII MAY 1985



27

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Apr,

Feb.

Dec,

Nov.

Nov.

Mar.

Jan. July

July

Nov.

P

T

P

T

P

T

P l'

P

T

| Sensitive Commodity Prices]

98. Change in producer prices for 28 sensitive crude and
intermediate materials (percent; MCD moving avg.—6-term)

99. Change in sensitive materials prices (percent; moving
avg.—4-term1)

'"2

23. Spot market prices, raw industrial materials2 (index: 1967^100)

19. Stock prices, 500 common stocks (index: 1941-43=10)

[Profits and Profit Margins]

160120-

18. Corporate profits after tax in 1972 dollars, Q
(arm, rate, bil. dol.) [ T T T

80-

40-

16. Corporate profits after tax in current dollars, Q
(arm. rate, bil. dol.) r r - p n
1959 60

61

62

69

70

71

72

73

74

77

78

84

SS liii

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
-Beginning with data for June 1 9 8 1 , this Is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series ere shown on paga 69.

28



MAY 1985 K C I I

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P

Nov.
P

Dec. Nov.
P
T

T

Mar.
T

Jan. July
P T

July
P

f^ov.
T

240-

I Profits and Profit Margins—ConT]

200160120-

79. Corporate profits after tax with IVA and CCAdj in
current dollars, 0 (ann. rate, bil. dot) ^

80-

40-1

80. Corporate profits after tax with IVA and CCAdj in
1972 dollars, Q (arm. rate, bil. dol.) r q r n

22. Ratio, corporate domestic profits after tax to corporate
Q (percent)

10-

81. Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, Q (percent)
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents)

7-1

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector. O (index: 1977 = 100^

104102100-

V

98-

/

9694450400350300 <
250200-

[Cash Rows |

34. Corporate net cash
(ann. rate, bil. dol.)

150-

100-

35. Corporate net cash flow in 1972 dollars, Q
(ann. rate, bil. dol.) ||_,L,L|
50 J

1959

60

61

62

63

§4

6S

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current; data for these series are shown on pages 69 and 70.

ItCII MAY

1985




29

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr, Feb.
P T

Nov.
P

Dec. Nov.
P
T

Jan. k\\j
P T

Jyh/ Nov.
P
T

170-

K Costs and Labor Share 1

160150140130120110-

63. Unit labor cost, business sector Q
(index: 1977-100) r T T i T T S

10090801,61.51.41.31.2-

y

68. tabor cost in current dollars per unit of gross domestic product in
1972 dollars, nonfinancial corporations, Q (iWlari)

1.11.00.9-

260240220-

7

200180-

62. Labor cost per unit of output, manufacturing (tadex: 1967—100)
iLgLeLgl

160-

140-

120-

100-

80-

64. Compensation of employees as a percent of national income,
Q (percent)
j
|if.Lf.Ul
^

7876747270-

1959 SO

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

89 1986

Current data for thtw taries ar« shown on page 70.

30



MAY 1985

ircii

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Apr. Feb.

P

T

Dec.

Nov.

P

T

85. Change in money supply M l
(percent; MCQ moving avg.~-6-term) | L t L t i

102, Change in money supply M2
(percent; MCjf) moving avg.^64erm);

104. Change in total liquid assets (percent; MCD moving avg.—6-term)

+0.4.
0.0-1

105. Money supply M l j m l S f dollars ( b l « )

250-1

ill,U

230

2101901000
950

106. Money supply M2 in 1972 doflars (bi. do).)

900

850800750700
650
7.5

7.06.5

107. Ratio, gross national product to money supply M l ,

6.0

5.55.01.45-

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

1.40-

TUPI

1.351.301.251.20-

1959 60

61 62 63 64

65

66

67

68

69

70

71

72

73

74 75 76

77

78 79

80 81

82

83

84

85 1986

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

ItCII MAY 1985



31

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec.

Nov.

Nov.

Mar,

P

T

P

T

Jan. July
P

T

July

P

New
T

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

112. Net change in business loam (ann. rate, biLdoL:
MCD moving avg.-~6-term) \ixx\
1

113. Net change in consumer installment credit
(ann. rate, bil. dol.; MCO moving avg.—6-term)

111. Change in business and consumer credit outstanding
(ann. rate, percent) [ T g l

110. Funds raised by private nonfinancial borrowers in credit
markets, Q (arm. rate, ML dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71 72

74

75 76

77

78

79

80 81

82

83

84

85 1986

Current data for these sarles are shown on pages 7 1 and 72.

32



MAY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

July
P

Nov.
T

80

81

82

1 Credit Difficulties
14. Current liabilities of business failures (mil. d o l . inverted scale; MCfi moviig avg>—6-*erm)

39. Percent of consumer i
(percent—inverted scale)
:

,:

:.. • -

:

-

loans delinquent 30 days and

^A*

(bil.dol.—inverted scale)

from the Federal Reserve

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Current data for these series are shown on page 72.

ItCII MAY 1985



33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Feb.
P
T

Dec. Nov.
P
T

Jan. July July
F T P

Mar.
T

MM.

P

Nov.
T

119. Federal funds rate (percent)

114. Discount rate on new issues of 91-day
treasury bills (percent) |c Lg Lg

Yield nn new issues nf hiOTi*0rade rnmnrate hands

(percent) [ LgtLg,Lg

115. Yield on long-term Treasury bonds (percent)
C,Lg,L

118. Secondary matfcet yields on FHA mortgages (percent)

117. Yield on municipal bonds, 20-bond average (percent)

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

83

84

89

1986

Currant data for these series are ihown on pages 72 and 73.

34



MAY 1985

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Feb.
P
T

Jan, July
P T

July
P

Nov.
T

81

82

ntetest Rates--Con.

67. Bank rates on

I Outstanding Debt |
fifi fruKiimpr inctalfmprtt rrpnit

and industrial loans outstanding in current

ns outstanding in 1972 dollars

.Commercial and
.do!.)

installment credit outstanding to personal i

1959 60

61

62

63 64 65 66

67

68

69

70

71

72

73

74 75 76

77

78 79

80

83 84

85 1986

Current data for these series are shown on page 73.

MAY 1985



35

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Apr.

Fib.

Dec.

Nov.

Now.

P

T

P

T

P

Jan. July
F

950. Twelve leading indicator components (6-mp. span

T

inly

Nov.

P

T

| Percent rising]

, 1-mo. span-—)

50-

0*

951. Four roughly coincident indicator components (6HTX>. span

mmn
n mi

III

, 1-mo. s p a n — )
100-

Nwni*
\\i in

JL

so-

952. Six lagging indicator components (6-mo. span—f, 1-mo. span-—)
lOO-i

50-

0-

961. Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries.(9-mo. span—, 1-mo. span.~-)

100-

50-

0-

962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo. span—, 1-mo. span---)

100-

50-

963. Employees on private rwnagricuJtural payrolls, 172-186 industries
(6-mo. s p a n — . 1-roo. soan---)

100-1

50-

1959

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 74.

36



MAY 1985

licit

CYCLICAL
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Apr. Feb.
P T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

I Percent rising]

964. Manufacturers' new orders, 34-35 durable goods industries
(9-mo. span-—> 1-mo. span---)
;

100-

50-

0-

965. Newly approved capital appropriations in 1972 dollars, 17
manufacturing industries (4-Q moving avg^^> T 1-Q span»-«~«)

h

k
\ •

/

A -

V !

70-

pfiC

SwM;
;

•

. /

v^

V
4

90-

t

50-

-4-

^

30-

966. Industrial production, 24 industries (6-mo. s p a n - ^ , 1-ma s p a n - - 0
100-

50-

0-

967, Spot market prices, 13 raw industrial materials
(9-mo. span*—, 1-mo. span---)

100-

50-

0-

968. Stock prices, 500 common stocks, 46-82 industries
(9-mo. s p a n — , 1-mo. span---)

100-

50-

0-

960. Net profits, manufacturing, about 600 companies1 (4-Q span)
90-

v
1959 60

61

68

69

70-

y
70

71

72

73

74

75

76

77

78

79

80

81

82

50

83

84

85 1986

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.

ItCII MAY 1985



37

CYCLICAL I N D I C A T O R S
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
P

Nov.
T

Actual
Anticipated • • .

Jan. July
P T

Mar.
T

July
P

Nov.
T

Actual
ipated ; \f> •»•••[
Anticipated

[ Percent r p g j

970. Expenditures for new plant and equipment,
21 industries (1-Q span)
974. ijjumbef of employees, manufacturing and trade (<HQ span)1
70-|
60§0-

975J

Level of inventories, manufacturing arid trade (4-Q span)1

976! SeMng prices, manufacturing (4-Q span)1

Jfljl. New orders, manufacturing (4-Q span)

100-

908070-

W
972. Net profits, manufacturing and trade (4-Q span)

1

60 J

977. Seing prices, wholesale trade
10090807060-

973. Net sales, manufacturing and trade (4-Q

978. Seing prices, retail trade (4-Q span)

mV
span)

1
1009080-

M *

7060-

1973

74 75

70

77 78

80

81

82

83

84 1985

1973

74

75

76

77

78

79 80

SI

82 83

84 1985

'This tt a copyrighted series used by permission) It may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion Indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.

38



MAY 1985

KCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Apr. Feb.
P T

Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

l^month spans - 41-*
3-month spsns ^ •-j1".

Percent change at annual rate I
910c. Composite index of twelve leading indicators*

:; \

920c. Composite index of four roughly coincident indicators
••••!}•;>•-•

930c. Composite index of six lagging indicators

^

L

47c. Index of industrial production

50c. Gross national product in 1972 dollars (1-Q

48c. Employee hours in nonagicufoiral establishments

51c. Personal income IfS$ transfer
payments in 1972 dollars

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84 - 85 1986

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.

BCII

MAY 1985



39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income
Apr.

Feb.

Dec.

Now.

P

T

P

P

Jin. July
¥

T

July

Hm.

P

T

4500-1
4000
35003000
2500200.

Gross national product in current dollars, Q (armJ rate, bil. dot.)

2000'

1500'
223.

Personal income in current dollars
(arm. rate, bil. dol.) \
\

1000*

224.

Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)

1300
1600-

50. Gross national product in 1972 dollars, Q
(arm. rate, bil. dot.)

1400'
12001000*

213.

1800'
1600
1400
1200-

Final sal0s in 1972 dollars, Q (ann. rate, bH. dol.)

1000800600'

217.

Per capita gross national product in Wz
(arm. rate, thous. dol.r

dollars, (J

5-

1959 60

61

62

63

64

65

66

67

68

69

70

71

227.

Per capita disposable Dersonal income in
i y / z doiars, y (ann. rate, tnous. dol.)

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on pages 63 and 80.

40



MAY 1985

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
Apr. Feb.
P
T

Jan. July
P T

July
P

Nov.
T

, billion dollars (current)!

Personal consumption expenditures^

. Nondurable goods, Q

r

232/Durable goodsliQ

Annual rate, billkxidotiars (1972)1

238. Nondurable goods, Q

233. Durable goods. 0

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on pages 80 and 8 1 .

l t d ) MAY 1985



41

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

Feb.

P

T

Dee.

P

Nov.

Nov.

Mar.

T

p

T

Jin. July
P

T

July

Nov.

P

I

Annual rate, bikm doiars (current)!

Gross private domestic investment—

245. Change in business inventories, Q

Annual rate, bion doiars (1972)[

30. Change in business inventories, Q

+40+30-

+ 20-

V

V

1959

60

/

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

+ 10-

\

81

82

83

84

85 1986

Current data for these series are thown on page 8 1 .

42



MAY 1985

KCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Jan. July
P T

Apr. Feb.
P T

July
P

Nov.
T

Annual rate, bilHon doHars (current) |
Government purchases of goods and services—

Annual rate, bKfttdilars (1972)1

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 8 1 .

RCII MAY 1985



43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Apr.

fib.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July

P I P

JuCy

Nov.

T

Annual rate, b i o n doiars (current)) -

253. Imports of goods and services, Q

252. Exports of goods am) services, Q

250. Net exports of goods and services, Q

Annual rate, b i o n doiars (1972)1

256. Exports of goods and services, Q — * -

. Imports of goods and services, Q

255. Net exports of goods and services, Q

1959

60

61

B2

63

64

6S

§6

67

68

69

70

71

72

73

74

75

76

77

7S

79

S3

84

SS 1986

Current data for these series are shown on page 82.

44



MAY 1985

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Apr. Feb.
P
T

Dec.
P

Nov.
P

Nov.
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

[Annual rate, biflion dollars (current)]

111

34003000260022001800-

1400-

220. National income, Q

1000-

^ — |80* Compensation of employees, Q
600-

400360320280240-

286. Corporate profits before tax with inventory] Valuatjon and cdpilnl
f*
consumption adjustments, Q
|,.'M.|f v \ ^ /"Q "

200180-

S

QT
M

16014012010090-

^H

/

80-

S

70-

LU

A

- ^ — ) 2 ? 8 : ^interest, Q
•

/

•

60-

50-

Proprietors' income with inventory valuation a(td

40-

284. Rental income of persons with capital
H consumption adjustment, Q
y

30-

20-

1959 60

61

62

63

64

65

66

67

68

70

71

72

73

74

79

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 82.

MAY 1985



45

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Apr. Feb.
P
T

Mar.
T

Nov.

Dec. Nov.
P
T

Jan. July
P T

July
P

Nov.
T

Annual rate, bilon dolars (current) |
600
550
r"

V
350'

300

290. Gross saving, Q

250

200-

295. Business saving, Q

.
l§0'

298. Government surplus or deficit, Q

293. Personal saving rate, Q

QJ
19S9 60

61 62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 81

83

84

85 198C

Current dati for these series are shown on pages 82 and 83.

46




MAY 1985

OTHER IWPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr. Feb.
P T

Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P T

July
P

Nov.
T

I Percent of GNP]

235. Personal consumption expenditures, Q
65-

6020-

268. State and local government purchases
of goods and services, Q
265. Federal Government purchases of goods and services, Q

248. (Presidential fixed investment, Q
5-

249. Residential fixed investment, Q
0-

^ 2 4 7 . Change in business inventories, Q

251. Net exports of goods and services, Q

[Percent of National Income|
80 T

64. Compensation of employees, Q

/v/\

75-

70-

6515-

287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q

10-

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
5-

285, Rental income of persons with capital consumption adjustment, Q

1959 60

61

62

63

©4

65

@7

68

69

70

71

72

73

74 75

76

77

78

79

80 81

83

84

85 1986

Current data for these series are shown on page 83.

itcir MAY

1985




47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart B l . Price Movements
Par.

Nov.

Jan,

July

PI

T

July

NOT.

Nov.

Mar.

p

T

P

I

1 Index: 1972 «* 1001

260240

Jan.
F

July
T

July

Nov.

P

T

310c. Implicit price deflator for gross 1 Percent change at annual rate]
ij national product (1-Q span)

220
2Q0<

310, Implicit price deflator for gross
national product, \i

ISO'
160-

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

311. fixed-weighted price index, gross
domestic business product, Q

UJ

Producer price indexes—

16-month spans |

"*• 334. Finished consumer goods

1973

74

75

76

77

78

79

80

81

82

83

84 1985

1973 74

7§

76

77

78

79

80

81

82

83

84 1985

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




MAY 1985

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

Chart B l . Price Movements—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

Nov.
P
'" ;!

Mar.
T

Jan. July
P T

July
P

Nov.
T

Unidex: 1967^1001

"• I t

340300-

Consumer price indexes—
260220-

180-

322. All urban consumers, food 140-

100-

+ 20-i

320c. All urban consumers (6-month span)

+ 10-1

o-l
322c. All urban consumers, food

Chart B2. Wages and Productivity

[Index: 1977^100!
341. Real average hourly earnings of production or
workers on private nonagricultural payrolls

340, Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls (current dollars)

346. Real average hourly compensation,
nonfarm business sector

Average hourly compensation,
nonfarm business sector, Q (current dollars)

1959 60

61

62

64

65

66

67

68

69

70

71

72

73

74 75 76

77

78 79

80 81

82

83 84

85 1986

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

BCD

MAY 1985



49

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
Apr. Feb.
P
T

Dec. Nov.
P
T

|Wages-4con.l

;

Nov.

Mar.

P

T

Jan, July
P T

July
P

Nov.
T

[Patent change 1

6-month snans fanri. rate")

+ 1S

Change in average hourly'earnings of production or nonsupervispry
workers on private twnagrioittural payrolls1—

+10

i>li

340c. Current-dollar earnings i f f i f t f r T *

.III U MM* JL.

^4i^^

341c.

6-month spans (arm. rate)

l

ij
|j <j

Change in average hourly compensation, al employees,
nonfamt business sector, Q—
+ 15-1

l-4iarter spans (ann. rate)

345c. Current-doKar compensation

+ §•

4-quarter

•

346c. Real compensation

H

'!

+ 10-I

1-quarteri spans (ann. rate)

^

f

' 4-quarter spans

V V ^ - I •'
-5-

Negotiated wage and benefit decisions—
348, Average first-year changes, Q (arm. rate)
349. Average changes over life of _
; contract, Q (ann. rate)

I Bdex: 1977=1001

| Productivity]

120'
110'

358. Output per hour, all persons,
nonfarm business sector, Q

x

370. Output per hour, all persons,
business sector, Q

'/(H

370c. Change in output per hour, all persons, business sector, Q

1959 60

SI

62

63

64

66

67

68

69

70

71

72

73

[Percent change |

74

7S

76

77 78

i3

84

SS 1986

'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 tham comparable
with the annuaiized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

50



^^••kl

MAY 1985 I M J )

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Apr.

Fetj.

P

T

Jan. July
P

T

July

Nov.

P

T

442. Civilian employment (millions)

Civilian tabor force participation rates (percent)—
451. Males 20 years and over

453. Both sexes 16-19 years of ag6|

452. Fertiafe$ 20 years and over
Number unemployed (millions)—

445. Females 20 years

446. Both sexes 16^19 y t o s of age

447, likimik unemployed, fuHijtime
porkers (millions)
W

448. Number of persons employed part time for
economic reasons (millions)
1959 60

61

62

63

04

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79 80

Current data for these series are shown on page 8 9 .

BCD

MAY 1985




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
Apr.

Fgb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July
P

[Annual rate, biofl doiars (current)

noo-

m

900700500-

502. Federal Government expehdftures, Q
300*

501. Federal Government receipts, Q

100-

500. Federal Government surplus or deficit, Q

+ 200-20 «
-40-

\
-120140160-180200220-

700600*
500400-

511. State and local government receipts, Q

V

300-

200-

512. State and local government expenditures, Q
100-

m

510. State and local government surplus or deficit, Q •

19S9

60

61

62

63

64

65

66

67

68

69

71

72

73

74

79

76

77

78

S3

84

8B 1986

Current data for these series are shown on page 90.

52



MAY 1985

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

[Advance Measures of Defense Activity]

Nov
T

:, LAA
517. Defense Department gross obligations mcurred
{bit. do! • MCD moving ave.—6-term)

525. Defense Department prime contract awards;
(bil. do).; MCD moving avg.~6-term)
;

543. Defense Department gross unpaid obligations outstanding (bil. dol.)

548. Manufacturers1 new orders, defense products
(bi. dof.; MCD moving avg.—fi^tfifflO

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 90.

MAY 1985



53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

P

T

P

T

p

Jan. July
p

T

July
P

I Intermediate and Final Measures of Defense Activity] ;;

(index: 1967=100)

559. Manufacturers' inventories, defense products, book value
(bit. dot.)

561. Manufacturers' unfitted orders, defense products (bil, do).)

580. Defense Department net outlays, military functions and military
assistance (bit. dot.)
|j
ii

588. Manufacturers' shipments,
(bil.

ISSi

§0

69

70

71

72

73

74 75 76

77

78 79

80 SI

84

85 1986

Current dat* for these series ere Shown on page 9 1

54



MAY 1985

BCII

OTHER IMPORTANT ECONOMIC MEASURES
I£) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Apr. Fefc.
P T

Mar.
T

Nov.
P

Dec. Nov.
P
T

Jan. July
P T

July
P

Nov.
T

| .Intermediate and Final Measures; of Defense I Activity—fjon,| \
570. Emptoyment defense products ndustries (millions)

Defense Department personnel (millions)

3.5-

577. Military personnel on active duty

3.02.5-

— a

2.0-

578. Civilian personnel, direct hire employment
1.5-

1.0-

300-

[National Defense Purchases [

260220-

180-

I services, national

564.
defense, Q (ann. rate, bit. d o l j

140-

100-

60 J

565.

National defense purchases as la percent of GNP, Q (percent)
109-

8754•...-.

.. )JU\A

1959 60

•

• : j,-\.'.J

61

62

•-

r- • : :' - - - J L V J i - J u . r '* '• V. pj

63

64

65

66

67

./; U .• ..:\ " -- \\JU).JI-:

68

69

70

J\... L

71

!• ;:. .• :••:••:. .!>. . M L i U l i l J U

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 9 1 .

BCII

MAY 1985



55

OTHER IMPORTANT ECONOMIC MEASURES
U.S INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr,

Feb.

P

T

Jan. July
F

T

July
P

T

2420-

. ..^*>**

m
12-

602. Exports, excluding military aid
(bil. dol.)

543-

604. Exports of domestic agricultural products
(ULdoL)

606. Exports of nonelectrical machinery
(bl. dol.)

343026-

9.08.0-

612. General imports (bil. dol)

7.0-

105.04.03.0'

614. Imports of petroleum ami petroleum products
(bldol)

2.0-

1.0-

616. Imports of automobies and Darts (bl. doL)

0.8-

0.4-

1959 60

61

62

63

64

65

67

68

09

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 92,

56



MAY 1985

KCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2* Goods and Services Movements
Apr. Feb.
P ' T

Dec.
P

Nov.
T

Nov.
P

Jan. July
P T

Mar.
T

July
P

Wov.
T

| Annual rate, billion dollars 1

t ^ $ i Excess of r^pefcts
650-

ill, M Excess of payments

550450350250-

Goods and services—
150-

667. Balance on goods and services, Q

668. Exports, Qs

669. Imports, Q

Merchandise, adjusted—

622. Balance on merchandise trade, Q

651. U.S. investment abroad, Q

I. Foreign investment in the United States, Q

1959 60

61 62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 93.

BCII

MAY 1985



57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Apr.

Feb.

Oec.

P

T

P

Urn.
P

NOT.

T

Jan. July
p

T

Ju!y

Nov.

P

T

[Index: 1967^1001
Industrial production—

"ZL

240
220-

728.-*apair

7

721. OECD European countries

V

ISO140-

120-

100 -

728. Japan
80-

725. West Germany

1959

60

6H

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 198©

Current data for these series are shown on page 94.

58



MAY 1985

OTHER JMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices
Nov. Mar.
P
T

Chart F3. Stock Prices
Jan. July
P T

July
P

[Percent change at annual rate j

Nov.
T

Nov.
P

6-ifflojhMm

Mar.
T

$tock prices4-

Jan. July
P T

July Nov.
P
T

1 Index; 1967^1001

Consumer prices-—

1973 74

75

76

77

78

79

80

81

82

83

84 1985

1973 74 75 76 77 78 79 80 81 82 83 84 198S

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

MAY 1985




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

COMPOSITE INDEXES

Year
and
month

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

(1967-100)

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

(1967^100)

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

(1967 — 100)

940. Ratio,
coincident index
to lagging index

Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29)

(1967-100)

(1967-100)

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)

(1967-100)

916. Profitability (series
19, 26, 80)

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

(1967-100)

(1967-100)

1983
January .
February
March . .

145.2
147.4
150.2

134.3
133.5
134.6

115.7
115.8
114.4

116.
115.
117.

106.3
107.0
107.2

97.7
99.2
101.3

97.6
98.6
100,5

127.2
129.1
129.8

April . . .
May . . .
June . . .

152.5
154.4
157.3

135.6
137.9
139.8

113.5
111.0
109.8

119.
124.
127.

107.
109,
110.3

101.
102.
102.

102.5
104.6
105.7

129.7
129.0
131.5

July
August
September . . .

158.
158,
160.0

140.7
140.8
143.3

109.7
110.3
109.7

128.
127.
130.6

109.4
108.9
109.3

103.
104.
104.

106.5
107.0
107.9

132.4
132.0
130.2

October
November . . .
December . . .

162.4
162.5
163.4

145.0
145.9
147.5

109.6
110.0
110.9

132.3
132.6
133.0

110.4
110.1
109.2

105.
105.
106.1

108.4
108.6
108. B

131.1
132.0
133.9

164.5
166.5
167.2

149.5
150.6
151.1

109.8
111.3
112.8

D136.2
135.3
134.0

110.3
111.5
110.8

106.1
106.8
107.5

109.2
108.4
109.3

133.4
134.8
136.3

168.1
E>rl68.2
rl66.9

152.6
153.9
155.5

114.6
116.4
117.5

133
132
132

110.7
rll0.7
111.1

©107.9
107.7
106.0

110.1
110.8
110.5

136.6
138.1
138.0

July
August • . , . , ,
September . . ,

163.9
164.5
rl65.9

155.7
155.8
156.0

118.8
119.9
121.2

131
129.9
128.7

109.5
rll0.3
rll0.5

104.6
103.6
103.8

110.3
111.7
112.2

137.3
137.2
137.6

October
November . . .
December . . .

rl64.2
165.3
rl64.3

156.1
157.2
158.3

122.3
122.1
1-22.5

127.6
128.7
129.2

rlO9.4
109.9
rlO9.3

103.8
103.4
102,3

112.4
112.8
H12.4

135.6
136.2
136.4

January
February
March

rl66.4
rl67.6
167.7

rl57.7
rl57.8
158.4

rl24.6
rl25.5
5.5

rl26.6
rl25.7
rl25.2

rlO9.3
©rill.5
rllO.2

102.6
rlO2.7
rlO2.6

rll3.0
[H)113.8
(NA)

(H>139.0
rl38.7
P138.3

April
May
June

»167.4

»M58.6

3

P125.9

P109.4

P103.1

1984
January
February
March
April
May
June

1985

126.0

(NA)

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 [H); for series that move counter to movements
in general business activity, current low values are indicated b y © . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
Mixeludes series 36 and 111, for which data are not available.
Excludes series 57, for which'data are not available.
Excludes series 77 and 95, for which data are not available.

60



MAY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

j Q

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year

EMPLOYMENT AND UNEMPLOYMENT

L.C.L

L, C. L

L.L.L

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

Comprehensive
Employment

Job Vacancies
L, Lg, U

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

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

(Hours)

(Thous.)

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

L, Lg, U

U.C.C

46. Index of help-wanted
advertising in newspapers

48. Employee hours in
nonagricultural establishments

month
(Hours)

(Ratio)

(1967 = 100)

(Ann. rate,
bit. hours)

1983
January
February
March

39.5
39.1
39.7

2.4
2.4
2.6

507
478
479

0.215
0.214
0.216

83
83
83

165.75
164.04
165.06

April
May
June . . ,

40.1
39.9
40.1

2.9
2.7
2.9

470
453
406

0.213
0.230
0.243

81
87
92

166.67
167.07
167.47

July
August . ,
September

40.2
40.3
40.7

3.0
3.0
3.2

380
408
387

0.283
0.273
0.284

100
97
98

168.29
168.25
170.68

October
November
December

40.6
40.6
40.6

3.3
3.3
3.4

386
381
378

0.335
0.359
0,391

111
114
121

171.12
170.69
172.73

40.9
40.9
40.7

3.5
3.5
3.5

364
@)345
348

0.406
0.435
0.420

123
129
124

174.01
175.02
174.40

April . .
May
June

E>41.1
40.6
40.6

0)3.7
3.3
3.3

360
348
350

0.419
0.435
0.485

124
125
134

176.89
176.31
176.99

July
August
September

40.5
40.5
40.6

3.3
3.3
3.3

365
358
368

0.484
0.449
0.459

138
128
129

177.06
177,49
178.87

October .
November
December

40.4
40.5
40.7

3.3
3.4
3.4

405
397
386

0.484
0.501
[H)0.527

136
137

B)145

178.40
177.37
179.63

January
February
March . .

40.6
r40.0
40.4

3.3
3.3
3.3

378
402
389

0.483
0.496
0.489

139
140
138

rl79.51
E>rl80.90

April
May
June . .

p40.3

p3.4

387

pO.463

p!31

P180.43

1984
January
February
March

1985
179.89

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

Data exclude Puerto Rico, which is included in figures published by the source agency.

MAY 1985



61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment—Continued

u. c, c

Timing Class

Year
and
month

EMPLOYMENT ANO UNEMPLOYMENT-Continued

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C.C.C

41. Employees
on nonagricultural payrolls

(Thous.)

L.C.U

40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)

U. Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

(Thous.)

(Percent)

L. Lg, U

45. Average
weekly insured
unemployment
rate, State
programs'

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

91. Average
duration of
unemployment

44. Unemploy*
ment rate,
persons unemployed 15
weeks and over

(Weeks)

(Percent)

1983
January .
February
March . .

95,792
95,756
95,897

88,827
88,728
88,945

22,959
22,827
22,832

56.53
56.43
56.47

11,513
11,556
11,430

10,
10,
10.

4.5
4.5
4.4

19.0
19.2
19.3

4.2

April . . .
May . . ,
June . . .

96,209
96,282
96,987

89,259
89,578
89,927

22,949
23,087
23,241

56.59
56.56
56.97

11,316
11,258
11,273

10.
10.
10.

4.4
4.2
3.9

19.3
20.3
20.8

3.9
4.0
4.0

July
August
September . ,

97,691
98,101
989675

90,274
89,918
91,018

23,414
23,532
23,669

57.32
57.51
57.68

10,534
10,595
10,281

9.4
9.4
9.2

3.7
3.5
3.3

21.3
20.2
20.4

3.9
3.6
3.fa

October

98,758
99,453
99,700

91,345
91,688
92,026

23,895
24,058
24,198

57.65
57.97
58.10

9,872
9,448
9,208

8.4
8.2

3.2
3.1
3.0

20.3
20.1
19.6

3.3
3.1
3.0

January
February
March . . . . . .

100,000
100,524
100,818

92,391
92,846
93,058

24,383
24,577
24,595

58.12
58.40
58.49

9,026
8,836
8,783

8.0
7.8
7.8

3.0
2.9
2.9

19.9
19.0
18.9

2.6

April
May
June

101,023
101,795
102,023

93,449
93,786
94,135

24,760
24,851
24,974

58.59
58.97
59.04

8,800
8,560
8,228

2.8
2.7
2.7

18.7
18.5
18.1

2,5
2.5
2.3

July
August
September . . .

102,044
101,884
102,075

94,350
94,523
94,807

25,059
25,098
25,010

58.98
58.80
58.88

8,491
8,481
8,370

7.5
7.5
7.4

2.7
2.7
2.7

18.0
17.6
17.3

2,3
2.3
2,3

October
November . . ,
December . , .

102,480
102,598
102,888

95,157
95,497
95,681

25,080
25,123
25,258

58.96
59.06
59.20

8,367
D8,142
8,191

7.3
B>7.1
7.2

K>2.7
2.8
2.8

16.7
17.4
17.3

2.2
2.1
2.1

103,071
103,345
S>1Q3,757

96,045
r96,161
r96,514

25,338
r25,235
r25,326

59.24
59.35
[H>59.55

8,484
8,399
8,396

7.4
7.3
7.3

2.9
3.0
2.9

©15.3
15.9
15.9

>.0
2.1
2,1

103,517

E>P96,731

E)p25,361

59.41

8,426

7.3

2.8

16.1

2.1

November , , ,
December . . ,

4.2

1984
2,8
2.7

1985
January
February
March
April
May
June
July
August
September , . .
October
November . . .
December . , .
See note on page 60.
Graphs of these series are shown on pates 14, 15, 17, and 18.
1
Datu exclude Puerto Rico, which is included in figures published by the source agency.

62



MAY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

a

MAJOR ECONOMIC
PROCESS . . . . . . . .
Minor Economic
Process

PRODUCTION AND INCOME

Comprehensive Output and Income

ccc

Timing Class

50. Gross national product
in 1972 dollars

Year
and
month

223. Current
dollars •
(Ann. rate,
bil. dol.)

c cc

c, c c

Personal income
52. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Industrial Production

51. Personal
income less
transfer payments in 1972
dollars

•

(Ann. rate,
bil. dol.)

c, c c

c c c.

53. Wages and
salaries in 1972
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)

47. Index of
industrial
production

(1967 = 100)

CCC

73. Index of '
industrial
production,
durable manufactures

(1967 = 100)

CUL

74. Index of
industrial
production,
nondurable
manufactures

(1967-100)

ccc

49. Value of
goods output
in 1972 dollars

(Ann. rate,
, bil. dol.)

1983

l,49l!b

2,659.7
2,656.8
2,671.8

1,264.1
1,260.9
1,265,7

1,075.5
1,071.1
1,074.8

210.5
209.4
210.1

137.4
138.1
140.0

122.5
123.9
126.3

157.4
159.0
160.7

658*. 9

1,524.8

2,693.2
2,715.8
2,734.4

1,268.0
1,275.6
1,282.6

1,077.6
1,083.0
1,091.3

210.5
210.9
212.2

142.6
144/4
146.4

129.1
131.0
133.2

163.3
165.4
167.8

681'.6

1,55CL2

2,744.9
2,759.9
2,785.0

1,283.3
1,284.9
1,291.1

1,094.2
1,096.8
1,104.1

213.1
213,5
215.9 •

149.7
151.8
153.8

136.8
138.8
141.6

170.6
172.9
174.6

698* i

1,572!7

2,814.9
2,834.2
2,860.4

1,306.2
1,312.1
1,321.2

1,119.1
1,121.9
1,130.8 •

217.2
218.4
219.8

155.0
155,3
156.2

142,8
143.6
145.0

175.6
174.8
173.9

715!5

January
February
March

1,610*9

2,897.4
2,923.5
2,940.6

1,332.8
1,341.7
1,344.0

1,144.1
1,153.1
1,155.3

221.9
223.1
222 : 7

158.5
160.0
160.8

148.6
150.5
151.4

175.2
177.2
177.6

744! 9

April
May
June

1,638.8

2,968.5
2,978.8
3,006.5

1,354.2
1,358.9
1,371.6

1,165,0
1,169.7
1,181.8

224.6
224.7
225.6

162.4
162.8
164.4

152.6
153.3
154.9

179.1
179.9
181.3

767',4

July
• August . ,
September

1,645.2

3,027.7
3,045.8
3,068.3

1,373.1
1,373.2
1,380.3

1,183.9
1,183.9
1,191.9

225.5
225.7
225.1

165.9
0)166.0
165.0

157.2
157.8
157.1

October . .
November
December

1,662.4

3,079.3
3,097.5
3,111.8

1,381.5
1,389.0
1,397.9

1,191.8
1,198.4
H>l,210.3

224.5
226.3
228.0

164.4
164.8
164.8

157.1
157.6
157.6

r3,127.2
r3,139.6
r3,156.4

rl,396.1

(H>rl,665.4

rl,398.5 .
rl,401.0

rl,200.7
rl,202.3
rl,205.8

(H)229.0
r227.8
228.4

rl65.1
rl65.3
rl65.8

• pi,208.4

p228.0

P165.4

January
February
March
April
May
June'

;. .

July
August
September

. •

October . .
November
December

•

1984

E>181.8
181.7
180.3

766'. 8

179:4
179.6
179.6

E)778.8

rl57.6
rl58.0
(H>rl59.0

r!79.6
rl78.9
rl78.9

r773^2

P158.4

P178.8

1985
January
February ,
March .

[H>p3,174.2

April
May . . ,
June . . ,

E)pl,403.3

•

July . . .,'
August
September
October ,
November
December
See note' on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.

MAY 1985



63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• H
mSM

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Q

Capacity Utilization

Timing Class

Year
and
month

PRODUCTION AND
INCOME- Continued

Orders and Deliveries

L, C, U

L.C.U

82. Capacity
utilization rate,
manufacturing

84. Capacity
utilization rate,
materials

L.L.L

(Percent)

L, L, L

Manufacturers' new orders,
durable goods industries
7. Constant
(1972) dollars

6. Current
dollars

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

(Bil. dol.)

(Bil. dol.)

L, L, L

L.L.L

8. Manufacturers' new
orders in 1972
dollars, consumer goods
and materials

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

(Bil. dol.)

(Bil. dol.)

L.L.L

L. Lg, U

32. Vendor
performance,
companies receiving slower
deliveries ®

96. Manufacturers' unfilled
orders, durable
goods industries

(Percent
reporting)

(Bil. dol.)

1983
January
February
March

70.0
70
71

68.7
70.1
71.5

82.16
77.17
78.99

35.17
32.78
33.57

31.29
31.53
31.61

April
May
June

72.9
73.8
74.9

72.
73.
74.4

82.40
82.87
88.87

34.96
35.04
37.42

32.03
33.06
33.84

July
August
September . . .

76.4
77.3
78.4

76.5
77.4
78.6

87.96
88.80
91.58

36.94
37.26
38.38

34.38
35.02
35.17

October
November . . .
December . . .

78.9
78.8
78.9

79.5
79.6
79.6

95.40
98.04
98.63

39.93
40.97
41,11

January
February
March

80.1
80.9
81.0

80.
81,
82,

99.55
101.79
104.45

April
May
June

81.5
81.7
82.2

82,
82,
82,

July
August
September , . .

82.8

October
November . , ,
December . , .

291.86
291.04
290.62

41
M
50

292.73
294.01
298.17

52
52
52

3.33
2.53
3.22

301.50
304.04
307.25

52
61
60

36.32
37.07
37.55

5.85
5.13
1,89

313.10
318.24
320.12

64
59
67

41.51
42.24
E>43.18

38.33
38.30
37.21

4.38
5.44

D8.14

324.50
329.94
338.09

63
68

97.31
100.95
98.34

40.13
41.65
40.47

37.16
37.42
36.56

1.85
4.06
0.61

339.93
343.99
344.60

71
70

82.0

83.1
.2
82.4

101.98
101.86
98.21

41.98
41.85
40.32

37.51
37.39
36.21

0.00

348.73
350.34
(H)35Q.34

60
54
58

81.7
81.6
81.4

81.0
80.9
80.4

96.51
104.43
101.31

39.65
42.78
41.52

36.98
37.68
r37.20

-4.30
2.04
-2.63

346.04
348.08
345,44

52
50
45

January
February . . . .
March

r81.2
80.9
81.0

80.5
r80.8
r80.8

@>105.45
rlO2.47
r99.73

43.16
r41.87
r40.66

(fi>39.19
37.83
r36.99

3.48
rO.75
r-2.44

348.92
r349.67
r347.23

47
48
46

April
May
June

P80.5

P80.2

plOO.70

P41.05

P38.O2

p-1.47

P345.76

44

-0.42

1984

1985

July
August
September . . .
October
November . . .
December . . ,
See note on page 60.
Graphs of these series are shown on paje$ 12, 20, and 21.

64




MAY 1985

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

W m FIXED CAPITAL
I S I INVESTMENT

CONSUMPTION, TRADE, ORDERS, AND DELrVERIES—Continued

Minor Economic
Process

Formation of Business Enterprises

Consumption and Trade

Timing Class

C.C.C

c,c,c

Manufacturing and trade sales
Year
and
month

57. Constant
(1972) dollars

56. Current
dollars

(Mil. do!)

(Mil. dol.)

C r L, U

C, L, C •

75. Index of
industrial
production,

consumer
goods

U.L.U

Sales of retail stores
54. Current
dollars

(1967 = 100.)

(Mil. dol.)

59. Constant
(1972) dollars

(Mil. dol.)

L.C.C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
oil. dol.)

LrLtL

58. index of
consumer
sentiment @

(1st Q
1966=100)

L,U

12. Index of
net business
formation

(1967-100)

L.L.L

13. Number of
new business
incorporations1

(Number)

1983

347,323
345,215
350,370

154,166
153,092
155,596

143.6
143.4
144.3

92,041
92,159
94,231

45,542
45,646
46,534

78^4

70.4
74.6
80.8

111.4
113.3
112.7

49,999
48,296
48,032

155,840
159,750
163,430

147.7
150.4
152.4

95,073
96,827
98,291

46,742
47,464
48,158

88. i

June . . . .

353,371
360,313
368,553

89.1
93.3
92.2

112.0
114.8
116.4

48,903
50,211
50,992

July
August . .
September

370,864
374,813
380,348

162,746
163,623
165,068

154.8
156.3
157.3

98,651
98,590
99,534

48,169
47,999
48,364

9(L2

93.9
90.9
89.9 '

115.2
114.4
115.8

48,601
52,828
50,445

October
November
December

385,163
389*775
399,089

166,438
168,593
172,020

156.9
156.1
157.7

100,980
102,202
102,867

48,996
49,613
49,815

96.3

89.3
91.1
94.2

118.0
117.8
116.3

50,441
51,642
51,557

January
February .
March

402,489
402,395
404,612

173,254
172,231
172,733

159.5
159.4
160.2

106,136
105,726
104,525

51,076
50,928
50,228

101.9

100.1
97.4
DlOl.O

115.9
117.2
116.9

53,044
53,591
53,424

April
May
June

408,342
412,524

1,61.4
161.7
163 0

107,443
107,941
109,085

51,630
52,020
52,698

[H>104!6

QIC

174,104
177,265
178,302

96.1
98.1
95 5

117.5
115.7
117 0

53,933
51,166
54 729

July
August
September

412,233
413,300
412,276

176,575
. 177,143
176,087

E>163.8
162.5
161.6

107,563
107,396
108,373

51,713
51,509
51,878

ioo!9

96.6
99.1
100.9

115.8
119.1
E>119.7

52,092
51,723
52,237

October
November
December

414,243
417,635
E>421,613

176,602
178,276
H>180,437

161.6
162.6
162.2

108,974
110,255
110,519

51,991
52,628
52,829

ioi!s

96.3
95.7
92.9

117.7
116.0
116.6

52,587
53,490
p53,503

417,350
r418,667
p420,167

rl78,633
rl79,086
pl79,396

110,972
rll2,096
rill,266

52,844
(H>r53,303
r52,833

96.0
93.7
93.7

rll7.8
rll8.4
rll5.2

(NA)

rlO3/2

(NA)

(NA)

E>pll2,225

P53.112

94.6

P115.1

January . . ,
February
March

•.

April
May

1984

,

All

1985
January
February
March
April
May . . .
June

rl62.1
rl62.0
rl62.5 .
p.161.9

.

:

July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
S e r i e s 13 reached i t s high value (57,5073 in December 1982.

MAY 1985




65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

0 |

PROCESS

FIXED CAPITAL INVESTMENT—Continued

Minor Economic
Business Investment Commitments

Process

Timing Class

L, L.L

L, L, L

Contracts and orders for
plant and equipment
Year

10. Current

and

dollars

month

(Bil. dol.)

20. Constant
(1972) dollars

(Bil. dol.)

L,L,L

L.L.L

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

L.C.U

9. Construction contracts awarded for
commercial and industrial buildings '

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

C Lg, Lg

U, Lg, U

Square meters of
floor space *

(Millions)

U. Newly
approved capital
appropriations,
1,000 manufacturing corporations

97. Backlog of
capital appropria
tions, 1,000
manufacturing
corporations

(Bil. dol.)

(Bil. dol.)

1983
January
February
March
April
May
June
July
August
September
October
November
December

23.72
24.07
23.82

11.77
12.59

20.94
19.18
20.13

10.44
9.67
11.01

61.13
58.88
55.37

5.68
5.47
5.14

26.07
26.57
27.49

13.14
13.25
14.24

22.26
21.50
, 23.69

11.52
11.09
12.61

57.11
57.60
'63.13

5.31
5.35
5.86

20.87

25.73
27.36
28.91

•12.89
13.48
15.20

22.15
22.96
24.99

11.36
11.61
13.54

63.03
63.93
70.18

5.86
5.94
6.52

12 JB

29,28
28.57
28.59

14.66
14.08
13.87

25.38
24.33
25.23

13.01
12.28
12.45

71.15
73.07
68.14

6.61
6.79
6.33

24!g6

29.37
30.98
30.97

14.52
15.55
15.80

25.72
27.02
26.76

13.00
13.89
14.06

72.72
64.41
74.95

6,76
5.98
6.96

26*82

r30.22
33.22
31.77

rl4.70
16.73
16.09

26.33
28.56
27.72

13.11
14.82
14.41

79.78
82.49
74.90

7.41
7.66
6.96

E>37!is

33.06
31.10
31.59

15.36
15.32
15.80

28.14
26.74
27.39

13.33
13.53
14.08

79.55
82.65
75.84

7.39
7.68
7.05

27'59

30.29
31.60
31.15

14.95
16.01
14,06

25.26
26.84
26.89

12.89
14.07
12.34

79.04
83.75
86.73

7.34
7.78
8.06

p28l98

27.34
©33.73
r31.77

©18.56
rl5.89

©29.49
r27.21

©16.85
rl4 06

11.31

81.14
82.48
87.41

7.54
7.66
8.12

(NA)

p29 85

p l 4 47

p25 32

p l 2 65

11.62

...

20*07
...

69.60

70.'58

72.'67

73! 50

1984
January
February
March
April
May
June
July
August
September
October
November
December

78*65

n'.kz

95*90

S)p97.'24

1985
January
February ,
March . . .

,

April
May
June

12.80

23.63

E)91 95

[R)8 54

. ,.

July .
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
l
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.
a
Convcrted to metric units by the Bureau of Economic Analysis.

66



MAY 1985

(nk)

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

£9[

Minor Economic
Process

FIXED CAPITAL INVESTMENT—Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

Year
and
month

C Lg, Lg

C Lg, Lg

61. Expenditures for new
plant and equipment by U.S.
nonfarm business

69. Machinery
and equipment
sales and business construction
expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

C Lg, U

76. Index of
industrial production, business equipment

(1967-=100)

Lg, Lg, Lg

C. Lg, C

C, Lg, C

Gross private nonresidential
fixed investment in 1972 dollars
87. Structures

86. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L.L.L

28. New private housing
units started

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

(Ann. rate,
thous.)

ILL

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

89. Gross private residential
fixed investment
in 1972 dollars

(Ann, rate,
bil. dol.)

Revised1
1983
January
February
March

289*. 68

310.48
301.06
311.28

146.6
142.7
143.7

16l!6

49.6

112*5

1,605
1,675
1,635

115.2
118.8
119.2

46*2

April
May
June

294,76

312.74
303.52
324.30

146.9
147.7
150.2

165*3

4s!i

117*2

1,512
1,780
1,716

126.5
134.8
142.9

53*4

July
August
September

309*25

318.66
321.75
327.53

153.3
156.6
158.7

172*6

48*3

12413

1,775
1,907
1,677

145.0
138.4
128.0

57*2

October . . .
November
December

325*45

326.61
337.76
351.80

161.3
164.1
167.3

184^5

5K4

133.'1

1,696
1,748
1,704

138.6
134.7
131.4

57*8

345.89
349.15
362.85

170.7
171.9
172.1

193.3

54*.l

139*2

1,933
|H>2>208
1,700

D157.6
138.7

362.47
375.82
382.03

173.5
176.5
181.1

202.9

56*.8

146*0

1,949
1,787
1,837

142.6
140.7
143.9

0)60*8

57! i

152*4

1,730
1,590
1,669

126.9
123.0
121.0

60*1

E>154*4

1,564
1,600
1,630

117.8
128.9
127.5

59*2

rl53.4

1,849
r 1,647
rl,883

130.4
129.5
138.8

r59.*4

pi,913

135.9

1984
January
February .
March

337*48

April .
May
June

348!34

July
August ,
September

36l!l2

.

.
-

October .
November
December

[8)367*21.

373.33
380.43
394.23

.

185.5
187.6
186.4

209*5

389.76
395.01

187.3
188.4
E>189.6

213! 8

rl89.2
T188.4
rl88.1

|H>r215.2

©411.87

1

5^4

146.7
60.6

1985
January
February
March

a380*.05

April
May . .
June

a388*86

.

r376.51
390.82
P408.21
-(NA)

P187.5

H>r61*i

'.

July . . .
August
September
October .
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
1

See ''New Features and Changes for This Issue," page i i i .

MAY 1985



67

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventories on Hand and on Order

Inventory Investment

30. Change in
business inventories in 1972
dollars

(Ann. rate,
bit. dol.)

Lr L, L

L, L,L

L.L.L

36. Change in mfg. and trade
inventories on hand and on
order in 1972 dollars
Actual

Smoothed'

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories, book
value
(Ann. rate,
bil. dol.)

L, L,L

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

Lg. Lg, Lg

Lg. Lg, Lg

Manufacturing and trade
inventories
71. Book
value
(Bil. dol.)

70. Constant
(1972) dollars
(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods, book
value

77. Ratio,
mfg. and
trade inventories to
sales in
1972 dollars

(Bil dol.)

L, Lg, Lg

78. Mfrs.1
inventories,
materials and
supplies on
hand and on
order

(Ratio)

(Bil. dol.)

1983

-16.5

-14.18
2.20
-15.07

-24.16
-17.24
-9.98

-30,0
-7.4
-38.6

-0.04
1.00
0.54

506.71
506.10
502.88

257.82
257.60
256.06

84.37
83.74
82,68

-6.1

2.99
9.18
0.82

-6.16
-2.13
1.68

2.3
7.5
8.9

-0.02
0.64
2.09

503.07
503.70
504.44

255.89
256.22
255.65

82.32
82.06
81.86

July
August
September , .,

16.79
18.22
12.22

6.63
10.44
13.84

10.6
30.2
39.1

1.77

0.9

505.33
507.85
511.10

255.86
256.31
256.78

82.14
81.70
81.45

October
November . . .
December . . ,

7.2

20.28
19.19
13.51

16.32
17.07
17.45

24.8
36.6
48.7

E>3.02
1.96
1.91

513.17
516.22
520.28

257.29
258.06
259.02

H>31.6

27.55
0)47.38
25.36

18.87
24.78
31.46

53.4
B88.9
80.1

2.81
2.82
2.35

524.73
532.14
538.82

April
May
June

20.3

39.68
28.45
-6.72

H>35.45
34.32
25.82

85.
54.
23.0

1.81
1.66
-0.22

July
August
September , , ,

30.6

27.41
19.49
16.56

18.42
14.89
17.27

57.0
54.6
45.1

October
November . . .
December .. .

16.8

8.39
0.07
r-5.72

17.98
11.58
r4.63

r22.21
r20.38
p-4.33

(NA)

January
February
March
April
May
June

1.67
1.68
1.65

191.29
192.29
192.83
192.81
193.45
195.54

1.57
1.57
1.56

197.31
200.27
201.84

81.20
81.55
80.96

1.51

204.86
206.82
208.73

260.17
263.23
265.12

81.16
81.90
83.14

1.50
1.S3
1.53

211.54
214.36
216.71

545.93
550.50
552.42

267.98
270.03
270.03

84.14
85.11
86.38

1.54
1.53
1.51

218.52
220.18
219.97

2.61
-0.18
-0.05

557.17
561.72
565.48

272.11
274.34
276.10

86.95
87.80
88.55

1.54
1.55
1.57

1)222.S8
222.40
222.35

39.3
29.9
26.3

-1.06

568.75
571.24
573.43

277.64
278.27
278.97

88.89
89.27
89.69

1.57
1.56
1.55

219.92
218.36
217.30

r3.-22
r8.90
P12.52

r28.4
r37.7
p-9.4

0.65
-0.48
p-3.07

r575.80
0>r578.94
P578.16

r280.37
r282.32
H)P282.76

89.69
89.86
1)90.12

rl.57
rl.58
BP1.58

217.96
217.47
P214.40

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1984
January
February
March

1985
January
February
March
April
May
June

rl9.6

July . . . . . . .
August
September . . .
October
November . . ,
December . . .
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
1
T h i s s e r i e s i s a weighted 4-term moving average (with weights 1 , 2 , 2 , 1 ) p l a c e d on t h e t e r m i n a l month of t h e span.




MAY 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials

Year
and
month

Stock
Prices

Sensitive Commodity Prices

L.L.L

(Percent)

U, L, L

23. Index of
spot market
prices, raw
industrial,
materials'©

(1967 = 100)

L.L.L

I, L, L

99. Change in sensitive materials
prices
Smoothed2

Actual

PRICES, COSTS, AND PROFITS

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks ©

(1941-43 = 10)

Profits and Profit Margins

L, L, L

L, L, L

Corporate profits after tax
16. Current
dollars
(Ann. rate,
bil. dol.)

18. Constant
(1972) dollars

L,C,L

L.C.L

Corporate profits after tax
with IVA and CCAdj3
79. Current
dollars

80. Constant
(1972) dollars

L.L.L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income

(Ann. rate,
bil. dol.)

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

(Percent)

48! 9

120*6

57*3

5!3

1983
January
February
March

E>2.53
1.72

232.1
241.3
248.8

1.40
E>2.49
1.80

-0.04
0.78
1.61

144.27
146.80
151.88

April
May . .
June

0.04
1.62
2.28

253.2
251.5
250.5

0.53
0.66
1.09

E>1.75
1.30
0.88

157.71
164.10
166.39

123*4

58! 9

141*9

67*9

6*3

0.81
1.24
-0.43

256.0
265.2
267.9

1.04
1.71
0.08

0.85
1.10
1.11

166.96
162.42
167.16

142! 6

67.9

160*2

76*5

7*i

1.60
1.08
0.84

273.4
279.8
282.4

1.43
1.24
0.70

1.01
1.00
1.02

167.65
165.23
164.36

141I1

66\4

175*5

83*6

6*9

January
February
March

-1.09
0.97
0.29

283.6
283.6
289.2

-0.45
0.53
0.73

0.81
0.38
0.26

166.39
157.25
157.44

E)i5C)!6

E)7i!o

184i7

87*5

7*1

April
May
June . . .

-0.29
-0.71
-1.04

288.6
E>289.5
286.2

-0.20
-0.28
-0.89

0.31
0.22
-0 19

157.60
156.55
153 12

15CL2

70*3

195^2

92* 1

E>7'i

July . . .
August
. . .
September

-1.54
-1.20
0.54

280.1
275.6
274.0

-1.43
-1.12
0.13

-0.66
-1.01
-0.98

151.08
164.42
166.11

14U7

65*7

199.8

93*6

6*5

-0.13
0.17
r-0.40

266.4
268.3
261.9

-0.88
0.30
r-0.93

-0.72
-0.39
r-0.33

164.82
166.27
164.48

i4i!6

65'6

203*9

95.0

6*5

r-0.74
-1.69
-0.58

255.8
253.1
252.4

r-1.06
-1.20
-0.39

r-0.53
-0.81
r-0.97

171.61
E>180.88
179.42

pl4C)!o

p63.*8

]H>p209.*8

B>p96.*8

p6.*2

-0.28

257.1
"252.9

0.39

-0.64

1.56

July
August
September
October'
November
December ,
1984

October
November
December
1985
January
February .
March '. . .
April
May
June

5

180.62
183.02

July . . . ,
August
September
October ,
November
December

. .

See note on page 60.
;
Graphs of these series are shown on pages 13, 28, and 29.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
3
See footnote 1 on page 68.
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. ^Average for May 1 through 23.
5
Average for May 1, 8, IS, and 22.
2

ItCII

MAY 1985



69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

I j g j PRICES, COSTS, AND PROFITS—Continued

Minor Economic
Process
Timing Class

Year
and
month

U, I, L

L.L.L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income'

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

(Percent)

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins—Continued
L. L,L

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

L, L,L

L,L, L

Corporate net cash flow
34. Current
dollars

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

35. Constant
(1972) dollars

(Ann. rate,
bil. dot.)

(Ann. rate,
bil. dol.)

(1977 = 100)

Lg, Lg, Lg

Lg, Lg, Lg

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

U, U, Lg

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

(1967-100)

Actual data
as a percent
of trend

64. Compen°
sation of employees as ;i
percent of na°
tional income

(Percent)

(Percent)

1983

January
February . . ,
March

6.5

3,3

96.4

280.0

130.9

156.8

1.421

227.4
225.6
223.9

100.9
99.8
98.7

76.0

April
May
June

7.5

4.0

97.9

310.5

146.2

155.4

1.408

221.9
220.4
219.0

97.4
96.4
95.4

75.2

July
August
September ..

8.1

4.2

98.7

339.6

159.2

155.1

1.400

216.4
214.7
214.4

93.9
92.8
92.3

74.5

October
November . . .
December . . .

8.9

4.5

98.8

345.6

160.9

156.8

1.408

215.0
217.1
219.2

92.1
92.6
93.1

74.3

January ,
February
March . ,

9.1

4.9

98.7

360.4

167.5

157.7

1.415

218.4
218.5
218.7

92.3
91.9
91.6

73.5

April
May
June

9.6

E>4.9

99.8

366.7

169.3

156.5

1.414

218.9
218.1
217.0

91.2
90.5
89.6

73,3

July
August
September . . .

9.7

4.5

99.7

366.7

168.4

158.0

1.434

215.8
216.6
217.9

88.7
88.6
88.8

73.4

October
November . . .
December , . .

9.9

4.3

375.3

171.3

158,4

1.438

219.1
220.6
222.7

88.9
89.1
89.5

73.4

.9

CNA)

E>p382.6

E>P173.2

DP161.4

0>pl.463

r223.6
223.3
T223.5

89.4
88.9
88.6

[H)p73.9

1984

1985

January . ,
February .
March . . ,

p99.6

April . .
May . .
June . .

P88.2

July . . . .
August . .
September
October . .
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
l
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

70




MAY 1985

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

B

MAJOR ECONOMIC
PROCESS .

1

Minor Economic
Process . . t
Timing Class

Year
and
month

MONEY AND CREDIT

Money

L, U

85. Change
in money
supply M l

(Percent)

Velocity of Money

L.C.U

1 L, L

L, L, L

L.l.L

102. Change
in money
supply M 2

104. Change
in total liquid

105. Money
supply Ml in
1972 dollars

106. Money
supply M2 in
1972 dollars

(Percent)

(Bil. dol.)

(Percent)

(Bil. dol.)

C, C, C

107. Ratio,
gross national
product to
money supply
Ml

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

L.L.L

L.L.l

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

112. Net change
in business loans

(Ann. rate,
bil. dol.)

1983
January .
February
March . .

0.75
1.18
1.16

H>2.78
1.83
0.82

Dl.35
0.91
0.67

206.7
209.2
211.4

857.2
873.5
879.7

6.476

1.324
1.299
1.295

45.77
40.99
-40.55

46.25
-1.91
10.98

April . . . .
May . . . .
June

0.69
E>1.32
0.81

0.70
0.78
0.68

0.96
0.67
0.84

211.5
213.4
214.6

880.0
883,
887,

6.469

,296
,297
.297

1.30
-38.76
32.99

-46.07
-45.98
3.02

July . . . .
August . .
September

0.96
0.70
0.41

0.61
0.52
0.63

0.99
0.82
0.72

215.8
216.6
216.7

889,0
890.6
893.0

6.462

,294
.295
,298

63.30
70.21
5.22

-3.26
14.05
-0.50

October . .
November
December

0.67
0.42
0.34

0.90
0.64
0.49

0.57
0.96
1.16

217.4
217.6
217.7

898.0
900.7
902.4

6.523

1.301
1.301
1.307

81.37
78.73
110.02

18.46
53.30

January
February
March . . . . . .

0.64
0.53
0.58

0.61
0.67
0.55

0.68
0.93
1.24

217.7
218.0
218.7

902.4
904.8
907.1

6.650

1.316
1.319
1.319

78.56
89.56
110.09

0.16
55.91
(H>110.20

April
May
June . . . . . . .

0.35
0.61
0.88

0.54
0.63
0.63

0.78
.05
.16

218.5
219.5
221.0

908.2
912.4
916.3

6.712

1.325
1.321
1.325

129.68
131.71
113.03

87.13
81.90
93.26

July . . . . ; . .
August
September . . .

-0.07
0.37
0-47

0.48
0.55
r0.68

1,07
0.80
0.86

220.1
220.0
220.3

917.8
919.0
922.0

6.728

1.328
1.328
{H>1.329

113.89
109.14
[H>rl40.08

38.29
15.88
42.76

October
November . . .
December . . .

-0.58
1.00
0.85

r0.47
1.16
rl.O9

0.61
0.82
1.00

218.4
220.1
221.5

r923,
r932,
r940.5

5.791

1.328
r1.320
1.312

r87.59
70.76
22.69

January
February
March . . . : . . .

0.75
rl.19
0.47

rl,14
0.92
r0.32

0.68
0.67
0.54

222,7
r224.6
r224.6

949.4
E>954.8
r953.3

r6.719

1.304
1.297
rl.300

r89.66
P45.16
(NA)

April . . . . . . .
May . . . . . . .
June

P0.51
'0.57

p-0.07

(NA)

1984

52.49
57.98
r8.10

1985

P949.1

pi.308

r38.95
r24.16
r30.ll
p2.44

July . . . . . . .
August
September . . .
October
November . . .
December , . .
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1
Average for weeks ended May 6 and 13.

MAY 1985



71

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

i l l

Minor Economic
Process . . . . . . . .

Year
and
month

L,U

113. Net change
in consumer
installment
credit

(Ann. rate,
bil. dol.)

L.L.L

L,L,L

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows-Continued

Timing Class . . . . . .

MONEY AND CREDIT—Continued

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

L.L.L

14. Current
liabilities of
business
failures

©

(Mil. dol.)

L.L.L

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

L, U. U

93. Free
reserves

©

(Mil. dol.)

Interest Rates

L, Lg, U

94. Member
bank borrowings from the
Federal
Reserve ©

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate ©

(Percent)

C Lg, Lg

114. Discount
rate on new
issues of 91 day
Treasury bills @

(Percent)

1983
January .
February
March . .

23.30
21.24
40.02

8.4
2.9
0.1

263,148

April , . .
May . . .
June . . .

33.78
35.38
47.28

-0.6
-3.8
5.5

389,164

July
August . . . .
September , .

53.48
54.48
44.68

8.9
9.9
2.6

384,480

October....
November . .
December . ,

73.66
69.02
76.45

8.6
11.7
14.3

E)527,176

63.20
74.26
71.15

10.3
15.1
20.3

406,408

81.50
1)109.12
84.98

20.0
E>24.0
20.6

July
August
September . . .

77.77
72.26
59.78

October
November . . ,
December . ..

2,158.1
1,086.4
1,154.7

2.24
2.23
2.22

7.81
8.13

46
-122
-415

500
557
852

1,125.6
920.0
2,188.6

-517
-453
-1,234

993
902
1,714

8.80
8.63

829.2
1,353.1
947.2

1.88

-875
-1,127
-943

1,382
1,573
1,441

9.37
9.56
9.45

942
9.39
9.05

1,816.8
1,624.5
868.5

1.91
1.86
1.94

-332
-383
-184

837
912
745

9.48
9.34
9.47

8.71
8.71
8.96

1.84
1.85

-102
376
-241

715
567
952

9.56
9.S9
9.91

8.93
9.03
9.44

502,512

2.06
1.96
2.02

-742
-2,408
-2,526

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

13.7
11.8
17.1

358,892

1.96
1.93
2.10

-5,311
B>-7,328
-6,614

5,924
©8,017
7,242

11.23
H>11.64
11.30

10.13
©10.49
10.41

67.57
72.96
81.83

11.1
12.1
6.4

P521.420

1.91
1.97
2.09

-5,397
-3,924
-2,333

6,017
4,617
3,186

9.99
9.43
8.38

9.97
8.79
8.16

86.68
rlO8.49
100.10

13.9
r9.4
pl3.1

(NA)

2.20
2.19
2.40

-650
-386
r-827

1,395
1,289
19593

8.35
8,50

7.76
8.22
8.57

(NA)

<NA)

(NA)

p-584

8.61
8.77

8.30
8.2S

8.19
8.82

1984
January
February . . .
March
April
May
June

(NA)

E)1.78

1985
January
February
March
April
May
June

pi,323

8.58

l

8.27
8.15

July
August
September . . .
October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on paces 13, 32, 33, and 34.
x
Averagq for weeks ended May 1, 8, IS, and 22.
2
Average for weeks ended May 2, 9, 16, and 23.

72



MAY 1985

a

8.00
7.65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT—Continued

Interest Rates—Continued

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

116. Yield on
new issues of
high-grade
corporate

115. Yield on
long-term
Treasury

117. Yield on
municipal
bonds, 20bond average ©

bonds ©

bonds ©

(Percent)

(Percent)

(Percent)

Outstanding Debt

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
onFHA
mortgages ®

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

67. Bank rates
on short-term
business

109. Average
prime rate
charged by

loans ©

banks ©

66. Consumer
installment
credit outstanding

(Percent)

U, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

101. Constant
(1972) dollars

(Mil. dol.)

(Mil. do!.)

(Mil. dol.)

U. Lg, Lg

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

1983
January . . . 1 .
February
March . . . . i .

12.04
12.11
11.81

10.37
10.60
10.34

9.50
9.58
9.20

12.87
12.65
12.68

10.20

11.16
10.98
10.50

330,217
331,987
335,322

268,553
268,394
269,309

106,653
106,253
106,699

12.42
12.50
12.55

April
May
June

11.58
11.24
11.90

10.19
10.21
10.64

9.05
9.11
9.52

12.50
12.41
12.96

10.31

10.50
10.50
10.50

338,137
341,085
345,025

265,470
261,638
261,890

105,178
103,373
103,147

12.56
12.56'
12.62

July
August
September . . .

12.46
12.89
12.68

11.10
11.42
11.26

9.53
9.72
9.58

14.23
13.78
13.55

11.09

10.50
10.89
11.00

349,482
354,022
357,745

261,618
262,789
262,747

102,756
102,732
102,515

12.73
12.83
12.85

October . . .;. .
November . . .
December . . .

12.54
12.86
12.87

11.21
11.32
11.44

10.95

,00
,00

9.89

13.23
13.23
13.25

11.00

363,883
369,635
376,006

261,999
263,537
267,979

101,985
102,743
104,272

12.93
13.04
13.15

January
February
March . . . . . .

12.65
12.80
13.36

11.29
11.44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

11.06

11.00
11.00
11.21

381,273
387,461
393,390

267,992
272,651
281,834

103,632
105,108
107,941

13.16
13.25
13.38

April
May
June

13.64
14.41
.49

12.17
12.89
E>13.00

9.96
10.49
0)10.67

13.80
H>15.01
14.91

12.45

11.93
12.39
12.60

400,182
409,275
416,357

289,095
295,920
303,692

110,595
113,163
116,179

13.48
13.74
13.85

July
August . . . . . .
September . . .

14.25
13.54
13.37

12.82
12.23
11.97

10.42
9.99
10.10

14.58
14.21
13.99

0)13*29

13.00
0)13.00
12.97

422,838
428,860
433,842

306,883
308,206
311,769

117,176
118,132
120,050

13.97
14.08
14.14

October . . . ' . .
November . . .
December . . .

13.02
12.40
12.47

11.66
11.25
11.21

10.25
10.17
9.95

13.43
12.90
12.99

11.29

12.58
11.77
11.06

439,473
445,553
452,372

316,143
320,975
r321,650

121,687
123,215
rl23,664

14.27
14.38
14.54

12.46
12.39
12.85

11.15
11.35
11.78

9.51
9.65
9.77

13.01
13.27
13.43

10.61
10.50
10.50

459,595

10.10

r468,636
[H>476,978

r324,896
r326,909
r329,418

rl24,912
rl25,928
H>rl27,090

rl4.70
rl4.93

H>pl5.11

12.45
HI.94

11.42
HI.08

9.42
2
9.06

12.97

(NA)

H)p329,621

pl26,924

(NA)

1984

1985
January
February
March
April
May
June

10.50
3
10.40

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 for weeks ended May 3, 10, 17, and 24,
Average for weeks ended May 2, 9, 16, and 23.
Average for May 1 through 24.

2
3

MAY 1985



73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1,5, 8, 12, 19,
20, 29, 32, 36, 99, 106,
111)

1-month
span

6-month
span

951. Four roughly
coincident indicator
components (series
41,47,51,57)

1-month
span

6-month
span

952. Six lagging
indicator components
(series 62, 77,91,95,
101, 109)

1-month
span

6-month
span

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

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

963. Employees on
private nonagricultural
payrolls, 136
industries

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

1983
January
February . , .
March

75.0
70.8
66.7

100.0
100.0
100.0

100.0
25.0
100.0

100.0
100.0
100.0

33.3
50.0
25.0

16.7
16.7
16.7

77,5
12,5
100.0

90.0
90.0
80.0

68.6
57.8
35.3

98.0
96.1
100.0

54.3
46.5
60.8

50.8
63.0
69.2

April
May
June

87.5
70.8
87.5

91.7
100.0
91.7

87.5
100.0
100.0

100,0
100.0
100.0

25.0
8.3
25.0

16.7
16.
33.

90.0
30.0
85.0

85.0
95.0
95.0

80.4
48,0

84.3
90.2
92.2

68.9
69.5
64.6

75.1
80.0
82.4

July
August . . . .
September . .

62.
62.

75.0
75.0
100.0

100,
100,
100.0

58.3

33.
41.
66.7

70.
62,
92,

95.0

70.6
7.8

66.7

91.
83.
66.

88.2
94.1
80.4

74.3
68.6
69.5

84. 1
82. 4
84, 6

October
November . .
December . .

75.0
45.8
62.5

83.
83.

100.0
100.0
100.0

41.
58.
75,0

85.0
92.5

84.3
86.3
68.6

75.4
69.7

85.9
86.8

66.7

40.0
62.5
55.0

95.0

79.2

100.0
100.0
100.0

73.8

83.8

January
February . . ,
March

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0.

8.3
75.0
75.0

66.
66.
75.0

77.5
50.0
22.5

80.0
30.0
32.5

36.3
72.5

76.5
90.2
56.9

71.1
73.2
67.0

81.9

April
May
June

58.3
41.7
29.2

25.0
25.0
29.2

100.0
100.0
100.0

100.0
100.0
100.0

83.3
66.7
66.7

83.
83.
83.

87.5
7.5
37.5

27.
52,

15.0

43.1
29.4
92.2

66.7
70.6
38.2

63.8
64.1
63.0

76.4
69.2
63.2

July
August
September . . ,

16.7
37.5
75.0

33.3
33.3
33.3

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
83.3

83.
66.

66.7

37.5
60.0
70.0

22.5
50.0
7.5

19.6
51.0
74.5

27.5
37.3
13.?

62.4
57.6
40.8

62,
62.
63.

October , .
November
December

33.3
75.0
41.7

66.7
50.0
50.0

62.5
100.0
87.5

75.0
75.0
100.0

75.0
50.0
66.7

83.3
83.3
66.7

22.
72.
62.5

r45.0

r7.5

7.8
70.6
72.5

33.3
P15.7
(NA)

65.7
51.9
63.5

60. 5
55,1
r59.7

60.0

50.0
rlOO.O

noo.o

66.7
r50.0
58.3

"50.0

42.5
rlO.O
r95.0

P53.2

P82.4

58.4
r47.3
54.6

P35.0

(NA)

P51.9

58.
16.

95.
92.

78.4

96.1
58.8
35.3

60.8

1984

p40.0

82.7

79.7

1985
January
February
March
April
May
June

66.7
50.0
41.7
2

4Q.Q

2

100.0
3

66.7

"12.5

13.7
70.6

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.
^Figures arc the percent of components declining.
^Excludes series 36 and 111, for which data are not available.
Excludes series 57, for which data are not available.
"lixeludes series 77 and 95, for which data are not available.

74



MAY 1985

ItCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INDEXES—Continued

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1972 dollars, 17
manufacturing
industries

1 quarter
span

967. Spot market
prices, 13 raw
industrial materials ©

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

6-month
span

1-month
span

9-mohth
span

968, Stock prices, 500
common stocks1 ©

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies2 ©

(4-quarter span)

1983
January
February
March

72.1
57.4
61.8

88.2
82.4
85.3

45

April
May
June

79.4
63.2
69.1

86.8
88,
91,

53

July
August
September

55.9
70.6

97.
91.
91.

50

61.8

October
November
December

63.2
64.7
58.8

97.1
94.1
91.2

59

January . . . .
February . . ,
March . . . . ,

67.6
50.0
52.9

91.2
79.4
85.3

71

April
May
June

35.3
58.8
26.5

75.0
52.9
41.2

59

July
,
August . . . .
September . .

55.9
51.5
41.2

44.1
61.8
52.9

36

October
November . .
December . .

55.9
55.9
52.9

29.4
r58.8
p50.0

p65

79.2
87.5
91.7

61
76,
57,

80.8
61.5
57.7

63.3
59.2
73.5

100.0
98.0
93.9

71

56

75.0
58.3
75.0

91.7
95.8
95.8

65,
46.

46.2

80.8
96.2
88.5

81.6
91.8
65.3

89.8
87.5
86.5

74

52

83.3
91.7
79.2
87.
83.
75.

95.8
91.7
81.3

57.7
73.1
57.7

88.5
80.8
73.1

52.0
30.6
85.4

91.5
80.9
72.3

82

59

62.
56.

69.2
76.9
42,3

80.8
80.8
73.1

47.9
57.4
61.7

38.3
40.4
34.0

81

60

70.8

79.2
83.3
87.5

89.6
91.7
83.3

38.5
61.5
65.4

73.1
65.4
42.3

52.1
10.6
60.6

41.5
25.5
58.7

76

56

87.5
79.2
68.8

77.1
66.7
62.5

50.0
50.0
42.3

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37.0

76

p58

62.5
64.6
70.8

(NA)

70.8
39.6
29.2

62.5
50.0
41.7

34.
46,
46.

23.1
15.4
15.4

34.8
93.5
73.9

60.
54.
65.

47.9
45.8
47.9

r35.4
r33.3
r45.8

30.8
57.7
19.2

15.4
19.2
34,6

34.8
78.3
26.1

82.
82,

r56.3
r45.8
r70.8

p45.8

23.1
38.5
57.7

23.1

89.1
93.5
41.3

1984

,
(

(NA)

91.3

1985
January
February . . .
March . . . . .

52.9
35.3
r55.9

April
May
June

p44.1

(NA)

P35.4

3

76.9
30.8

3

57.6

July
.
August . . . .
September . .
October . .
November
December
See note on page 74.
Graphs of these series are shown on page 37.
^ a s e d on 49 industries through August 1983, on 48 industries through October 1983, on 47 industries through June 1984, and on 46 industries thereafter. Data for component industries are not shown in table C2 but are available from the source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun fT Bradstreet, Inc.
3
Based on average for May 7, 14, and 21.

BCII

MAY 1985



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j
Year
and
quarter

970. Expenditures for new plant and equipment
by U.S. nonfarm business, 21 industries
a. Actual
expenditures
(1-Q span)

b. Later
projections

c. Early
projections
(1-Q span)

(1-Q span)

DIFFUSION INDEXES Continued

971. New orders, manufacturing1©

972. Net profits, manufacturing
and trade' @

Actual

Actua

Anticipated

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade' ©

Anticipated

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

42.9
16.7
19.0
28.6

38.1
28.6
33.3
47.6

47.6
61.9
76.2
66.7

52
50
52
56

38.1
52.4
81.0
97.6

52.4
61.9
90.5
90.5

42.9
47.6
71.4
66.7

66
74
78
84

81.0
71.4
81.0
61.9

81.0
50.0
76.2
66.7

57.1
71.4
85.7
57.1

(NA)

52.4

52.4
85.7

53
52
52
54

61
66
66
60

63
58
57
60

n

66
77
82
85

62
66
71
74

64
73
80
81

66
74
74
80

68
78
B4
86

90
86
84
79

88
91
90
88

80
79
74
74

84
86
88
84

85
84
82
80

88
90
90
88

(NA)

82
84

(NA)

80
81

(NA)

84
84

60
68
64
60

65
70
66

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

1

M

Year
and
quarter

974. Number of employees,
manufacturing and trade1 ©
Anticipated

Actual

DIFFUSION INDEXES—Continued

975. Level of inventorie 5,
manufacturing and trade

976. Selling prices, manufacturing1 ©

Actual

Actual

'©

Anticipated

978. Selling prices, retail
trade 1 ©

977. Selling prices, wholesale
trade'©

Anticipated

Anticipated

Actual

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

11
67
68
61

82

78
75
74
68

82
81
76
72

65
66
70
69

63
62
68
70

66
64
68
72

68

69
67
70
71

74
70
70
68

74
76
76
72

73
69
65
65

72
76
75
72

72
68
70
70

70
74
74
68

(NA)

70
70

(NA)

68
66

(NA)

65
70

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

48
46
46
46

50
51
51
48

58
52
52
52

54
56
56
50

72
68
63
60

80
76
68
66

48
54
58
61

50
56
59
60

54
59
62
68

52
58
62
64

61
60
65
68

65
63
62
62

62
64
64
62

72
70
70
70

66
70
70
66

(NA)

60
62

(NA)

64
66

(4-Q span)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

n
72
68

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

n
69
72

1985
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 pfaced 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 paje 38.
A
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 1985

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1984
September

October

1985
November

December

January

Marchr

February

Aprilp

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING '
(Hours)
All manufacturing industries

40.6

40.4

40.5

40.7

40.6

r40.0

40.4

40.3

Percent rising of 20 components ...

(70)

(22)

(72)

(62)

(42)

(10)

(95)

(35)

Lumber and wood products
Furniture and fixtures

40.2
39.9

39.7
39.6

39.5
39.8

40.0
39.6

40.0
40.5

38.8
39.4

39.5
39.4

39.5
39.0

Stone, clay, and glass products
Primary metal industries

42.0
41.3

41.8
41.3

41.8
41.5

41.7
41.2

41.6
41.0

r41.4
r40.8

42.1
41.1

•41.1

Fabricated metal products ..
Machinery, except electrical .

41.5
42.0

41.3
41.9

41.1
41.7

41.4
41.8

41.4
41.7

r40.6
41.0

41.2
41.6

41.3
41.2

Electric and electronic equipment.
Transportation equipment

41.2
42.8

40.9
42.4

41.0
42.4

41.0
43.0

40.8
43.3

r40.1
41.7

40.7
42.4

40.3
42.7

Instruments; and related products .
Miscellaneous manufacturing

41.5
39.6

41.2
39.7

41.5
39.7

41.8
39.9

41.2
38.6

r40.6
38.5

41.0
39.2

40.9
38.8

Food and kindred products
Tobacco manufacturers

39.6
39.6

39.6
39.9

39.7
40.1

40.1
38.8

39.8
37.3

r39.6
r37.4

39.8
37.6

39.7
34.5

Textile mill products
Apparel and other textile products

39.2
35.9

38.7
35.9

39.0
36.0

39.2
36.4

39.3
36.2

r38.8
r35.7

39.1
36.2

39.3
35.9

Paper and allied products.
Printing and publishing ...

43.1
37.9

43.0
37.8

43.2
37.9

43.1
37.7

43.1
37.9

r42.8
r37.6

43.1
37.6

42.9
37.6

Chemicals and allied products ..
Petroleum and coal products ...

41.8
43.1

41.6
43.5

41.7
43.5

41.9
42.9

42.0
43.4

r41.9
r43.5

42.2
43.6

41.9
44.0

Rubber and miscellaneous plastics products .
Leather and leather products

41.5
36.5

41.4
36.4

41.6
36.4

42.0
36.9

41.4
37.0

r40.5
r36.2

41.1
36.9

40.9
37.1

Durable goods industries:

42.1

Nondurable goods industries:

964. MANUFACTURERS' NEW ORDERS. DURABLE GOODS INDUSTRIES '
(Millions of dollars)
All durable goods industries

Percent rising of 34 components ,

98,210

96,506

+ 104,434

101,307

105,447

-rlO2,467

99,728

+ 100,702

(41)

(56)

(56)

(53)

(53)

(35)

(56)

(44)

Primary metals
Fabricated metal products..

+

10,086
11,995

'+ 10,462
+ 12,257

+
+

10,536
13,131

-

10,098
12,824

+
+

10,803
13,582

-

10,015
12,979

+
+

10,020
13,253

+
+

10,834
13,668

Machinery, except electrical
Electrical machinery

+
+

17,800
16,592

-

16,928
14,929

+
+

17,905
14,976

+

16,751
15,136

+

15,255
17,935

+ 20,497
- rl4,502

+

18,782
15,871

-

17,322
14,777

Transportation equipment
Other durable goods industries.

-

22,605
19,132

+

22,226
19,704

+
-

28,470
19,416

+

26,725
19,773

+
+

27,818
20,054

-

-

22,532
19,270

+
+

24,097
20,004

24,831
19,643

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling. The "r" indicates revised; "p",
preliminary; and °NA", not available.
x
Data are Seasonally adjusted by the source agency.
2
Data forfrostof the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.

MAY 1985



77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1984

Diffusion index components

September

October

198S

November

December

January

February1*

Marchr

Aprilp

966. INDEX OF INDUSTRIAL PRODUCTION
(1967-100)

All industrial production
Percent rising of 24 components

}

165.0

164.4

(29)

(48)

(46)

+

164.8

o

164.8

165.1

165.3

165.8

165.4

(48)

(56)

(46)

(71)

(35)

Durable manufactures:
Lumber and products..
Furniture and fixtures .

149.2
194.3

+
+

152.6
194.7

152.2
192.1

-

150.4
190.6

o
-

150.4
187,0

148.5
190.8

+
-

149.5
189.3

(NA)
(NA)

Clay, glass, and stone products.
Primary metals

158.0
94.1

+

160.1
92.7

159.0
91.5

-

158.9
87.8

+
+

159.4
89.7

160.4
91.8

+
+

161.0
94.5

(NA)
93.2

Fabricated metal products . . .
Nonelectrical machinery

139.5
187.9

+
-

140.7
187.7

139.0
188.9

+ 140.2
- 188.3

+

139.4
189.2

141.7
188.4

+
+

142.7
188.6

+
-

143.0
188.4

Electrical machinery
Transportation equipment

222.8
137.6

-

222.3
137.2

222.5
141.3

+
+

224.5
143.3

+

220.3
145.8

219.8
144.7

+ 221.3
+ 146.6

-

218.8
145.4

Instruments
Miscellaneous manufactures

178.5
147,0

+

176.5
148.3

177.5
143.5

+
r

180.3
137.7

+

179,3
141.0

179.0
144.1

180.8
144.7

+
-

181.1
143.2

Foods
Tobacco products

164.3
113.1

+

164.0
119.5

162.9
117.4

164.1
120.5

164.9
115.7

163.2
115.0

(NA)
(NA)

(NA)
(NA)

Textile mill products ..
Apparel products

135.4
(NA)

-

133.3
(NA)

132.0
(NA)

132.0
(NA)

131.5
(NA)

131.5
(NA)

-

131.2

(NA)
(NA)

Paper and products
Printing and publishing

177.5
170.5

+

173.5
172.3

173.0
174.0

173.7
174.1

174.3
174.5

176.4
173.7

+

175.5
174,4

+

174.5
175.1

Chemicals and products
Petroleum products

230.8
122.6

+

228.0
122.9

230.2
124.0

228.1
120.3

227.8
116.1

227.5
117.7

+

£26.9
121.0

+

(NA)
124.2

Rubber and plastics products
Leather and products

338.4
57.9

+

338.6
55.0

332.2
55.9

331.3
56.6

334.5
54.1

334.1
54.1

+
+

335.7
55.0

(NA)
(NA)

Metal mining ..
Coal

84.5
173.7

+
-

91.2
127.8

87.5
134.4

76.3
142.1

144.5

+
+

87.3
154.8

84.7
168.0

(NA)
160.8

Oil and gas extraction
Stone and earth minerals ..

122.4
154.6

+
-

122.6
147.8

123.8
147.5

123.6
146.0

124.0
146.7

+

120.5
147.8

120.6
148.0

118.5
(NA)

Nondurable manufactures:

(NA)

Mining:
82.7

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.
3
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

78



The "r" indicates revised; "p",

MAY 1 9 8 5

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

^ J

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change—Continued
1984

Diffusion index components
September

October

1985

November

December

January

February

March

May1

April

967. INDEX OF SPOT MARKET PRICES RAW INDUSTRIALS 2
Raw industrials price index (1967 = 100) .....

-

Percent rising of 13 components

274.0

-

(46)

266.4

+

268.3

-

(58)

(31)

261.9

-

255.8

-

(23)

(19)

253.1

-

(38)

252.4

+

(58)

257.1

-

(77)

252.9
(31)

Dollars

Copper scrap..;

(pound)..
(kilogram)..

-

0.435
0.959

-

0.421
0.928

Lead scrap

(pound)
(kilogram)..

-

0.143
0.315

-

0,120
0.265

Steel scrap

(U.S. ton):,
(metric ton)..

+

92.000
101.412

-

0.458
1.010

-

0.447
0.985

+

0.450
0.992

+

0.462
1.019

-

0.454
1.001

+

0.479
1.056

-

0.477
1.052

+

0.141
0.311

-

0.137
0.302

-

0.109
0.240

o

0.109
0.240

-

0.099
0.218

+

0.114
0.251

+

0.120
0.265

88.000
97.002

-

86.500
95.349

-

86.000
94.798

+

91.000
100.309

+

94.500
104.167

+ 95.500

-

85.600
94.357

-

74.000
81.570

5.225
11.519

+

5-528
12.187

-

5.520
12.169

0.459
1.012

+

0.474
1.045

o

0.474
1.045

•

105.270

Tin

(pound)..
(kilogram)..

5.585
12.313

-

5.404
11.914

+

5.515
12.158

-

5.443
12.000

-

5.085
11.210

-

5.040
11.111

Zinc -

(pound)
(kilogram)..

0.476
1.049

-

0.4,54
1.001

0

0.454
1.001

0

0.454
1.001

-

0.444
0.979

-

0.439
0.968

0.396
0.433

-

0.395
0.432

0.394
0.431

-

0,374
0.409

-

0.356
0.389

+

0.362
0.396

o

0.362
0.396

0.610
1.345

-

0.599
1.321

+

0.612
1.349

+

0.632
1.393

-

0.618
1.362

0.746
0.816

-

0.702
0.768

0

0.702
0.768

-

0.642
0.702

-

0.613
0.670

0

3.500
7.716

-

3.140
6.922

0.552
1.217

+

0.645
1.422

+

0.675
1.488

Burlap

(yard)
(meter)..

+

0.366
0.400

+

0.395
0.432

Cotton

(pound)
(kilogram)..

-

0.625
1.378

+

0.626
1,380

(yard).,
(meter)..

•+

0.779
0.852

+

0.794
0.868

(pound)..
(kilogram)..

o

3.500
7.716

o

3.500
7.716

. (pound).
(kilogram)..

+

0.795
1.753

-

(100 pounds)
(100 kilograms)..

o

47.000
103.616

Print cloth

-.

Wool tops
Hides .
Rosin
Rubber

(pound)
(kilogram)..

Tallow

(pound)..
(kilogram)..

+

+

-

0.610
1.345

+

0.617
1.360

-

+

0.798
0.873

-

0.778
0.851

0

3.500
7.716

0

3.500
7.716

o

3.500
7.716

o

3.500
7.716

0.716
1.578

-

0.625
1.378

-

0.586
1.292

-

0.560
1.235

-

0.520
1.146

o

47.000
103.616

0

47.000
103.616

0

47.000
103.616

o

47.000
103.616

o

47.000
103.616

0

47.000
103.616

+

47.600
104.939

+

50.000
110.230

0.464
1.023

-

0.437
0.963

-

0.426
0.939

-

0.422
0.930

0.421
0.928

o

0.421
0.928

-

0.414
0.913

+

0.417
0,919

-

0.409
0.902

0.218
0.481

-

0.216
0.476

0.223
0.492

-

0.206
0.454

0.198
0.437

+

0.202
0.445

0.206
0.454

+

0.208
0.459

-

0.193
0.425

+

+

+

+

3.000
6.614

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: {•+•) = rising, (o) = unchanged, and ( —) = falling. The " r " indicates revised: " p " ,
preliminary; and "NA", not available.
*The index is the average for May 1 through 23; component prices are averages for May 7, 14, and 21.
2
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.

MAY 1985



79

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT

1i

213. Final sales
in 1972 dollars

217, Per capita
gross national

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

Year

| GNP AND PERSONAL INCOME

and

nrnAufil in 1 Q79

quarter

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dot.)

c. Percent
change at
annual rate

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bi . dol.)

proouci in ly/i
dollars

c. Percent
change at
annual rate

(Ann. rate,
oil dot)

(Ann. rate,
dollars)

1982
First quarter
Second quarter

. . . .

Third quarter
Fourth quarter

3,026.0
3,061.2
3,080.1
3,109.6

-1.9
35.2
18.9
29.5

-0.2
4.7
2.5
3.9

1 ,483.
1 ,480.
] ,477.
1 ,478.

3,173.8
3,267.0
3,346.6
3,431.7

64.2
93.2
79.6
85.1

8.5
12.3
10.1

• ,491.
: ,524. 8
i ,550. 2
i ,572. 7

3,553.3
3,644.7
3,694.6
3,758.7

121.6
91.4
49.9
64.1

14.9
10.7

r3,817.1

f*58 4

r6.4

5
5
1
8

-17 g
-3 0
-3 4
1 7

,4 .6
-0 .8
-0 .9
0 .5

6, 408
6, 381
6, 349
6, 341

1,490.3
1,484.5
1,483.5
1,503.4

1983

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

o

10.6

12,?

3 .3
9 'A
6 .8
5 .9

6, 379
6, 510
6, 602
6, 681

1,507.5

33 8
25 4
22 5

U549!$
1,565.4

1984
First quarter
Second quarter
Third quarter

. . . .
. , .

Fourth quarter

i
i
i
l

5.6
7.1

,610.
,638.
,645.
,662.

9
8
2
4

38
27
6
17

2
9
4
2

10 .1
7 .1
1 .6
4 .3

6, 829
6, 933
6, 943
6, 998

1,579.3
1,618.5
1,614.6
1,645.6

A

r3

o

rO .7

r 6 , 995

r1,645.9

1985
First quarter

i .

Second quarter

, uuu.

*T

Third quarter
Fourth quarter

. . . .

o

i

GNP AND PERSONAL JNCOME—Continued

and
quarter

224. Current dollars

225. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

PERSONAL CONSUMPTION EXPENDITURES
232. Durable goods
in current dollars

231. Total in 1972
dollars

230. Total in current
dollars

Disposable personal income

Year

3

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars
(Ann. rat
dollars)

(Ann. rate,
bil. dol)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1982

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

2,132. 0
2,156. 8
2,195. 8
2,237. 5

1,052 8
1,054.8
1,057 Q
1,067 6

4
4
4
4

548
546
548
578

] , 9 3 1 .3
1 ,960 .9
,001 .3
2 ,046

1,073.1
1,082 .0
1,102 2
1,124 3

4
4
4
4

591
619
694
776

,070
2 ,141
2 ,181
1 ,230

2
3
4
5

1,147 5
1,165 3
1,176 5
1,186 .7

4 865
4 930
4 965
4 996

,276
\ ,332
2 ,361
,396

7
4
.5

r2,653. 4

r l 181 .5

-4 963

r2 ,446

953
958
964
976

7
9
2
3

239. 4
241. 6
244. 5
0

138.5
138.8
139.3

.4
.6
4
2

982
1 ,006
1 ,015
1 ,032

5
2
6
4

2S9.
276.
284.
299.

4
1
1
8

146.8
156.2
159.6
167.2

5

I ,044
1
1 ',065
1 ,075

I

310.
320.
317.
326.

9
7
2
3

17*? 7

2
9
4

r334. 5

rl86.8

1983
First quarter
Second quarter

. . . .

Third quarter
Fourth quarter

. . . .

2,261. 4
2,302. 9
2,367. 4
2,428. 6

. . . .

2,502.
2,554.
2,606.
2,644.

1984
First quarter
Second quarter
Third quarter
Fourth quarter

178.6
177.0
182.9

1985

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

r l ,089 2

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 1985

ItO

OTHER IMPORTANT ECONOMIC MEASURES
A

I NATIONAL INCOME AND PRODUCT—Continued

EH
Voar

Tear
•anrl
ana
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bit dol.)

'ERSONAL CONSUMPTION EXPENDITURES—Continued
238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. do!.)

0 1

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT

241. Total in
1972 dollars

240. Total in
current dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1972
dollars

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

746.4
750.6
762.5
770.6

360.5
362.0
363.7
366.0

945.4
968.6
994.2
1,020.6

454.7
458.1
461.2
465.1

436.2
431.2
415.9
376.2

204.7
200.4
194.3
177.8

453.2
442.1
431.3
437.3

211.4
204,5
200.7
202.4

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984

775.2
796.9
811.7
823.0

368.8
374.9
378.5
383.2

1,035.8
1,068.6
1,085.7
1,107.5

466.8
475.1
477.6
482.0

405.0
449.6
491.9
540,0

191.3
212.6
230.6
249.5

447.9
469.0
496.2
527.3

207.8
218.7
229.8
242.2

First quarter
Second quarter . . . .
T h i r d quarter . . . . .
Fourth quarter . . . .

841.3
858.3
861.4
866.5

387.1
396.6
395.5
395.0

1,124.4
1,153.7
1,182.8
1,203.8

483.4
488.9
493.5
497.5

623.8
627.0
662.8
637.8

285.5
283.9
300.2
289.9

550.0
576.4
591.0
601.1

253.9
263.7
269.6
273.1

r877.0

r398.4

rl,234.6

r504.0

r651.2

r294.1

r610.6

r274.6

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

1983

1985
First quarter . . . . . .
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .
• H
K l
Vflor

Year
anrl
ano
quarter

GROSS PRIVATE
DOMESTIC INVEST.—Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

263. Federal

262. Federal
Government in
current dollars

Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-17.0
-10.9
-15.3
-61.1

-6.7
-4.0
-6.4
-24.6

630.9

290.2

633.7
656.3
681.0

287.0
292.8
300.6

249.8
245.0
261.6
279.4

114.8
111.0
117.2
124.8

381.1
388.7
394.7
401.6

175.4
176.0
175.7
175.8

-42.9
-19.4
-4.3
12.7

-16.5
-6.1
0.9
7.2

678.8
682.2
689.8
691.4

294.3
292.4
292.0
288.8

273.0
270.5
269.2
266.3

119.0
117.2
115.6
113.0

405.8
411.6
420.6
425.1

175.3
175.2
176.4
175.8

73.8
50.6
71.8
36.6

31.6
20.3
30.6
16.8

704.4
743.7
761.0
780.5

289.5
302,1
306.1
310.5

267.6
296.4
302.0
315.7

112.2
123.2
125.0
129.6

436.8
447,4
458.9
464.8

177.3
178.9
181.1
180.9

r40.6

rl9.6

r789.0

r309.1

r316.8

rl28.2

r472.2

rl81.0

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

'

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

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

ItCll

MAY 1985



81

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Q

Year
and
quarter

255. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dot.)

(Ann, rate,
bii. dol.)

280, Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services
250. Current
dollars

• I
H I

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate
bil. doi.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

27.7
35.5
6.6
6.3

34.9
34.1
25.7
24.1

359.4
366.3
346.3
321.7

152.2
155.1
146.6
136.7

331.7
330.8
339.7
315.4

117.3
121.0
120.9
112.6

2,422.3
2,443.9
2,452.4
2,468.6

1,834.2
1,857.7
1,876.3
1,888.7

19.6
-6.5
-16.4
-29.8

22.9
13.6
11.9
2.0

328.5
328.1
342.0
346.1

138.2
137.0
141.6
141.0

308.9
334.5
358.4
375.9

115.3
123.4
129.7
139.1

2,527.0
2,609.0
2,684.4
2,766.5

1,921.3
1,962.4
2,000.7
2,055.4

-51.5
-58.7
-90.6
-56.0

-8.3
-11.4
-27.0
-13.4

358.9
362.4
368.6
367.2

144.9
144.7
147.4
147.1

410.4
421.1
459.3
423.2

153.2
156.2
174.4
160.5

2,873.5
2,944,8
2,984.9
3,036.3

2,113.4
2,159.2
2,191.9
2,228.1

r-69.1

r-27.0
•

r363.5

rl44.8

r4 t 32.6

rl71.8

p3,075.4

r2,272.9

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter . . . . . .
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

E

I

Year
and
quarter

282. Proprietors1
income with IVA
and CCAdj'

(Ann. rate,
bil. dol.)

Q j SAVING

NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
CCAdj1

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with tVA and
CCAdj1

288. Net interest

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

290. Gross saving

(Ann. rate,
bil. dol.)

292. Personal
saving

295. Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol •

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

116.8
107.7
102.2
117.6

47.8
48.3
52.9
57.0

159.9
161.7
163.3
151.6

263.6
268.5
257.7
253.8

447.0
445.4
397.9
344.8

378.3
386.2
393.8
393.9

142.6
136.7
134.5
130.2

114.7
116.9
123.3
131.9

57.7
59.0
56.2
60.4

179.1
216.7
245.0
260.0

254.2
254.2
259.2
258.9

393.4
414.7
455.2
485.7

417.0
441.4
469.7
486.4

128.0
96.7
119.0
128.7

154.9
149.8
153.7
159.1

61.0
62.0
63.0
64.1

277.4
291.1
282.8
291.6

266.8
282.8
293.5
293.4

543.9
551.0
556.4
556,0

498.8
515.3
525.3
535.2

152.5
144.8
164.1
163.0

rl54.1

r64.8

P294.0

r289.5

P558.8

P547.8

rU8.3

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on paces 44, 45, and 46.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



MAY 198S

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

SAVING—Contmued

Q |

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

298. Government
surplus or deficit

(Ann. rate,
bil.dol.) ;

Percent of gross national product
235. Personal consumption expenditures

. (Percent)

(Percent)

248. Nonresidential
fixed investment

247. Change in
business inventories

249. Residential
fixed investment
(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1982
First q u a r t e r
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .

-73.8
-77.6
-130.4
-179.2

6.7
6.3
6.1
5.8

63.8
64.1
65.0
, 65.8

12.1
11.5
11.1
10.9

2.9
3.0
2.9
3.1

-0.6
-0.4
-0.5
-2.0

0.9
1.2
0.2
0.2

-151.7
-123:4
-133.5
-129.3

5.7
4.2
5.0
5.3

65.2
65.6
65.2
65.0

10.5
10.4
10.6
11.2

3.6
4.0
4.3
4.2

-1.4
-0.6
-0.1
0.4

0.6
-0.2
-0.5
-0.9

-107.4
-109.2
-133.0
-142.2

6.1
5.7
6.3
6.2

64.1
64.0
63.9
63.8

11.2
11.5
11.8
11.9

4.3
4.3
4.2
4.1

2.1
1.4
1.9
1.0

-1.4
-1.6
-2.5
-1.5

p-107.4

r4.5

r64.1

11.9

4.1

rl.l

r-1.8

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

£ 1 1 SHARES OF GNP AND NATIONAL INCOME—Continued
Year
and
quarter

Percent of national income

Percent of GNP—Continued
265. Federal Government purchases of
goods and services
(Percent).

268. State and local
government purchases
of goods and services
(Percent)

64. Compensation of
employees
(Percent)

285. Rental income
of persons with
CCAdj1

283. Proprietors'
income with IVA
and CCAdj1

(Percent)

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1

289. Net interest

(Percent)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

8.3
8.0
8.5
9.0

12.6
12.7
12.8
12.9

75.7
76.0
76.5
76.5

4.8
4.4
4.2
4.8

2.0
2.0
2.2
2.3

6.6
6.6
6.7
6.1

10.9
11.0
10.5
10.3

8.6
8.3
8.0
7.8

12.8
12.6
12.6
12.4

76.0
75.2
74.5
74,3

4.5
4.5
4.6
4.8

2.3
2.3
2.1
2.2

7.1
8.3
9.1
9.4

10.1
9.7
9.7
9.4

7.5
8.1
8.2
8.4

12.3
12.3
12.4
12.4

73.5
73.3
73.4
73.4

5.4
5.1
5.1
5.2

2.1
2.1
2.1
2.1

9.7
9.9
9,5
9.6

9.3
9.6
9.8
9.7

r8.3

12.4

p73.9

p5.0

p2.1

p9.6

p9.4

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter ( . . .

See note on page 80.
Graphs of these series are shown oh pages 46 and 47.
*IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

MAY 1985




83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

^ |

310. Index

(1972-100)

310c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

311. Index

(1972 = 100)

311c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product

Implicit price deflator for
gross national product
Year
and
month

PRICE MOVEMENTS

320. Index ©

320c. Change
over 1-month
spans'

(1967-100)

(Percent)

320c. Change
over 6-month
spans'

(Ann. rate,
percent)

322. Index

(1967-100)

322c. Change
over 1-month
spans!

(Percent)

322c. Change
over 6*month
spans'

(Ann. rate,
percent)

1983
January
February
March

.
.

....
....

5.0
212^9

2.7

2.6

April
May
June

214^2

July
August
September

215.9

October
November
December

218^2

0.1

1.4
2.3
3.4

288.5
288.9
290.2

0.0
0.1
0.4

2,4
2.8
1,1

295.5
297.1
298.1

0.7
0.4
0.2

3.6
4.4
5.0

291.3
292.1
291.5

0.4
0.3
-0.2

2,1
1.9
1.7

4.5

299.3
3OO.3
301.8

0.4
0.3
0.4

4.2
4.1
4.2

291.5
291.7
292.7

0.0
0.1
0.3

1.7
1.5
3,0

3.5

302.6
303.1
303.5

0.3
0.3
0.3

4.7
4.8
4.6

293.8
294,3
295.9

0.4
0.2
0.5

5.8
7.2
6.4

4.2

305.2
306.6
307.3

0.6
0.4
0.3

4.8
4.5
4.3

299.9
302.0
301.9

1.4
0.7
0.0

5.4
4.6

4.1

308.8
309.7
310.7

0.4
0.2
0.2

3.6
3,7
3.8

301.6
301.0
301.5

-0.1
-0.2
0.2

1.8
1.5
1.7

4.0

311.7
313.0
314.5

0.3
0.4
0.4

3.5
3.6
3.7

302.6
304.2
304.4

0.4
0.5
0.1

2,5
3.3
3.8

3.5

315.3
315,3
315.5

0.3
0.2
0.3

3.4
3.3
3.5

305,4
305.9
307.2

0.3
0.2
0.4

3.4
3,2

316.1
317.4
318.8

0.2
0.3
0.5

3.7

307.7
309.3
309.2

0.2
0.5
0.0

320.1

0.4

308,7

-0.2

-0.1

3.9
222^5

3.1

22516

4.4

0.3

293.1
293.2
293.4

22(L4

226^9

1984
January
February
March

\

4.4
22CK6

April
May
June

ZZZ.A

July
August
September

224!6

October
November
December

226! 1

229^3
3.3
23U6
3.9
233^9
2.8

23616

3.8

3.4

1985
January
February
March

r3.9

r5.6
r229.2

April
May
June

r238!3

2.2

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on paces 48 and 49.
1
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 1985

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j
Producer price index, all commodities
Year
and
month

330. Index ©

330c. Change
over 6-month

spans1 ©

spans' ©

(Percent)

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 1-month

(1967 = 100)

PRICE MOVEMENTS—Continued

(Ann. rate,
percent)

335. Index ©

(1967 = 100)

335c. Change
over 1-month

335c. Change
over 6-month

spans1 ©

spans 1 ©

(Percent)

331. Index

(Ann. rate,
percent)

(1967 = 100)

331c. Change
over 1-month
spans1

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1983
299.9
300.9
300.6

-0.3
0.3
-0.1

0.8
1.1

313.9
313.9
313.5

-0.4
0.0
-0.1

-1.2
-0.9
0.1

316.3
318.0
320.0

-0.5
0.5
0.6

4.1
1.5
2.1

300.6
301.5
302.4

0.0
0.3
0.3

2.2
2.5
3.2

312.4
313.6
315.3

-0.4
0.4
0,5

1.7
2.2
2.3

322.2
321.0
321.1

0.7

-0.4
0.0

1.1
4.8
6.1

303.2
304.7
305.3

0.3
0.5
0.2

3.6
2.7
2.5

316.5
317.3
317.1

0.4
0.3
-0.1

3.9
3.0
2.0

318.1
325.5
329.6

-0.9
2.3
1.3

4.7
5.4
7.9

306.0
305.5
306.1

0.2
-0.2
0.2

3.2
2.8
3.8

318.5
318.3
318.4

0.4
-0.1

0.0

1.6
2.1
3.1

329.7
329.5
333.5

0.0
-0.1
1.2

11.7
2.9
4.6

January
February
March

308.0
308.9
311.0

0.6
0.3
0.7

3.5
4.0
3.4

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

336.2
330.2
337.1

0.8
-1.8
2.1

3.5
1.8
-1.9

April
May
June

311.3
311.5
311.3

0.1
0.1
-0.1

2.5
1.2
-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335,4
332.5
330.4

-0.5
-0.9
-0.6

-2.9
-1.7
-5.6

July
August
September

311.9
310.7
309.3

0.2

-0.4
-0.5

-1.2
-0.8
r-1.0

323.9
323.3
322.2

0.0
-0.2
-0.3

0.5
0.4
-0.5

331.3
327.4
327.6

0.3
-1.2
0.1

-6.4
-2.0
r-1.1

309.4
310.3
r309.8

0.0
0.3
r-0.2

-1.3
-1.0
-0.4

323.4
323.8
323.0

0.4
0.1
-0.2

-0.4
-0.5
0.2

324.5
329.1

r328.5

-0.9
1.4
r-0.2

-5.4
-6.8
-9.6

January
February
March

309.8
309.2
308.7

0.0
-0.2
-0.2

-0.1

323.2
322.5
322.6

0.1
-0.2
0.0

0.2

322.2
316.1
311.5

r-1.9
-1.9
-1.5

-10.1

April
May
June

309.3

0.2

323.8

0.4

307.7

-1.2

January
February
March
April
May
June

. .
\.. .

July
August
September

i

October
November . . . . . . .
December . . . . . . .

0.5

1984

October
November
December

.,...,.

1985

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
1

Changes ar$ centered within the spans:

MAY 1985



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

85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j

Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

332c. Change
over 1 month
spans1

(1967-100)

(Percent)

PRICE MOVEMENTS—Continued

Producer price index, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967-100)

333c. Change
over 1-month
spans1 •

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1967-100)

334c. Change
over 1-month
spans'

(Percent)

334c, Change
over 6-month
spansl

(Ann. rate,
percent)

1933
January
February . . , , . . . .
March . . . .

309.9
310.0
309.3

-0.4
0.0
-0.2

-1.0

-0.6
0.1

284.1
285.0
285.8

-0.1
0.3

April
May
June

308.5
309.6
311.1

-0.3
0.4
0.5

1.4
2.1
3.8

July
August
September

312.1
313.2
315.1

0.3
0.4
0.6

October
November
December

315.9
315.9
316.4

January
February
March

0.3

2.6
2.3
1.8

283.4
283.3
282.9

-0.9
0.0
-0.1

-0.6
-1.0
-0.9

285.9
286.3
286.9

0.0
0.1
0.2

2.3
2.4
1.8

282.8
283.6
284.7

0.0
0.3
0.4

0.8
1.6
2.3

4.9
4.1
3.4

287.3
288.4
288.4

0.1
0.4
0.0

2.2

284.5
285.5
286.1

-0.1

2.0
2.0

0.4
0.2

2.6
1.4
1.3

0.3
0,0
0.2

3.2
3.0
2.9

289*0
289.2
289.7

0.2
0.1
0.2

2.2
2.3
2.9

286.5
285.6
286.5

0.1
-0.3
0.3

3.0
2.8
3.6

317.1
317.9
319.6

0.2
0.3
0.5

2.7
3.2
3.2

290.5
291:7
292 5

0.3
0.4
0 3

3.7
3.2
3 1

288.8
289.5
291 2

0.8
0.2
0 6

3,1
3.5
2 7

April
May
June

320.1
320.9
321.5

0.2
0.2
0.2

2.4
1.5
0 3

294.3
293.8
294 1

0.6
-0.2
0 1

2.9
2.5
2 3

290.9
290.5
290 3

-0.1
-0.1
-0 1

1.5
0.4
-n Q

July
August
September

320.9
320.3
320.0

-0.2
-0.2
-0.1

0.2
0.0
r-0.5

294.7
295.3
295.8

0,2
0.2
0.2

0.5
1.4
r0.6

291.0
290.1
289.9

0.2
-0.3
-0.1

-0.7
0.3
r0.6

October
November
December

320.4
320.9
r320.7

0.1
0.2
-0.1

-0.3
-0.9
-1.0

295.1
295.9
r295.0

-0.2
0.3
r-0.3

1.6
2.1
2.7

289.9
290.9
r291.2

0.0
0.3
rO.l

0.1
0.1
0.6

January
February
March

320.4
318.9
318.4

-0.1
-0.5
-0.2

-0.8

297.0
298.4
299.7

rO.7
0.5
0.4

3.1

291.1
290.3
290.7

rO.O
-0.3
0.1

1.4

April
May
June

319.1

0.2

299.7

0.0

291.9

0.4

1984

1985

July
August
September
October
November
December
See note on page 30.
Graphs of these series are shown on page 48.

^Changes are centered within the spans:




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

MAY 1985

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

•

WAGES AND PRODUCTIVITY

Average hourly earnings of production or nonsupervisory
workers on private nonagncultural payrolls'
Year
and
month

Current-dollar earning:
340. Index

(1977 = 100)

340c. Change
over 1-month
spans!
(Percent)

Average hourly compensation, all employees,
nonfarm business sector
Current-dollar compensation

Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)

341. Index

341c. Change
over 1-month
spans'

(1977=^=100)

341c. Change
over 6-month
spans1
(Ann. rate,
percent)

(Percent)

345. Index

' (1977-100)

over 1-quarter
spans;

345c. Change
over 4-quarter
spans*

(Ann. rate,
percent)

(Ann. rate,
percent)

345c. Change

1983
January
February
March

152.9
153.6
153.6

0.4
0.5

4.4
4.6

0.0

April
May
June

154.2
154.7
155.1

July
August
September , . . . * > . .
October
November
December

5.7

0.3
0.5
-0.2

* 3.1
2.4

3.8

94.8
95.3
95.1

0.4
0.3
0.2

3.7
2.4
3.4

94.8
94.8
94.8

-0.2
0.0
0.0

0.1
-1.9

155.6
155.4
156.2

0.4
-0.1
0.5

3.7
3.2
3.5

94.8
94.4
94.5

0.0
-0.5
0.2

-0.1
-0.3
0.0

161.9

157.1
157.2
157.8

0.5
0.1
0.4

3.7
4.0
3.7 -

94.8
94.7
94.9

0.3
-0.1
0.2

-0.1
0,8
1.1

163.7

January
February
March

158.4
158.5
159.1

0.4
0.1
0.4

3.6
3.1
3.2

94.8
94.8
95.0

-0.1
0.0
0.3

1.2
0.3
0.5

165\9

April
May
June

159.9
159.6
160.3

0.5
-0.2
0.4

3.0
2.6
3.2

95.3
94.3
95.1

0.3
-0.5
0.3

July
August
September

160.8
160.6
161.6

0.3

1.8

-0.2
0.6

3.0
3.6

95.1
94.1
94.2

0.0
-1.1
0.1

-2.9
-1.0
-0.8

161.3
162.0
163.1

-0.2
0.4
0.6

2.5
4.1
r3.3

94.0
94.4
94.7

-0.2
0.4
0.4

-1.5
1.2

162.8
163.8
rl64.2

-0.2
0.6
r0.2

p3.9

94.4
94.6
r94.4

-0.4
0.3.
r-0.2

P164.4

pO.l

p94.2

P-0.3

.......

159^7

4.1

0.8
3.3
3^9

"!:?
2.3

3.9

4.5
3^9

1984

October
November
December

......

#

•

0.7
-1.5

5.4
4^3
3.5
4.1

167.4

3.7
p4,2

168:9

3.8
17CL5

r0.6

1985
January
February
March

,
, ..

April
May
June

p0.5

p5.8
p!72*9

July
August
September

•••£.•••

October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
l
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
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.

II MAY 1985



87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND PRODUCTIVITY—Continued
Negotiated wage and
benefit decisions

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

Real compensation

month
346. Index

(1977 = 100)

346c. Change
over 1-quarter
spans'

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

348. Average
first-year
changes @

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

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

370c. Change
over 1 quarter
spans'

370c. Change
over 4 quarter
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

<1977-100)

3.4

101.6

3.1

103.6

3.5

104.1

3.3

104.4

105.7

2.7

105/i

107.0

3.2

106.6

pi.6

106.3

370. Index

(1977=100)

1983
5.3

January .
February
March . .

98.7

April
May

98.5

-1.6

1.4

1.5
-1.0

2.1
102.2

4.4

5.9

3.6

0.6

103.6

June
-1.8

July
August
September . . .

98.0

October..
November
December

98.1

5.0

O.I

2.8

4.3

104.3

-0.6
4.9

3.1

-0.4

1.4
104.7

1984
O.I

January
February
March

98.1

April
May
June

98.1

July
August
September . . ,

98.1

5.1

-O.2

3.2

0.1
0.0

October

2.7

3.1

0.6
107.2

p0.6
0.2

November , . .
December . . .

3.5

4.0

4.7

0.1

3.7

2.0

98.1

3.1
108.0

106.9

1985
January . .
February .
March . . .

p2.4

P98.7

p3.6

p-1.9

P3.1

P107.5

P106.5

April
May . . . .
June
July
August . . .
September .
October . . ,
November .
December .
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Changes are centered within the spans: l~quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.




MAY 1985

OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

(Thous.)

442. Civilian
employment

- (Thous.)

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

446. Both
sexes 16-19
years of age

(Thous.)

(Thous.)

447. Number
unemployed,
full-time
workers

448. Number
employed
part time
for economic
reasons

(Thous.)

(Thous.)

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

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

(Percent)

1983
January
February
March

110,746
110,700
110,733

99,233
99,144
99,303

11,513
11,556
11,430

5,587
5,737
5,620

3,990
3,950
3,895

1,936
1,869
1,915

9,802
9,915
9,747

6,456
6,303
6,179

78,2
78.2
78.2

53.0
53.0
52.9

53.9
53.0
53.0

April
May
June

110,906
110,892
111,717

99,590
99,634
100,444

11,316
11,258
11,273

5,669
5,657
5,408

3,751
3,750
3,861

1,896
1,851
2,004

9,656
9,521
9,382

6,021
5,989
5,945

78.4
78.4
78.6

52.9
52.7
53.1

52.8
52.5
54.5

July
August
September

111,707
112,184
112,264

101,173
101,589
101,983

10,534
10,595
10,281

5,186
5,129
5,016

3,481
3,567
3,513

1,867
1,899
1,752

8,934
8,948
8,733

5,858
5,958
5,974

78.7
78.6
78.5

52.9
53.3
53.5

53.7
54.9
53.6

October
November
December

111,914
112,150
112,237

102,042
102,702
103,029

9,872
9,448
9,208

4,801
4,592
4,382

3,359
3,225
3,227

1,712
1,631
1,599

8,315
7,924
7,679

5,726
5,884
5,677

78.4
78.4
78.3

53.3
53.2
53.3

52.8
53.3
53.5

112,320
112,724
112,906

103,294
103,888
104,123

9,026
8,836
8,783

. 4,273
4,139
4,048

3,191
3,135
3,148

1,562
1,562
1,587

7,532
7,321
7,301

5,719
5,697
5,465

78.3
78.3
78.3

53.1
53.3
53.5

53.4
53.8
53.9

113,202
113,722
113,619

104,402
105,162
105,391

8,800
8,560
8,228

4,087
3,909
3,807

3,161
3,127
2,972

1,552
1,524
1,449

7,331
7,056
6,578

5,520
5,377
5,549

78.3
78.3
78.3

53.6
54.1
53.8

54.2
54.3
54.3

July
August
September

113,868
113,629
113,764

105,377
105,148
105,394

8,491
8,481
8,370

3,884
3,836
3,817

3,130
3,214
3,044

1,477
1,431
1,509

7,010
6,933
6,931

5,482
5,384
5,449

78.3
78.3
78.3

54.0
53.9
53.6

54.5
53.0
54.2

October
November
Oecember

114,016
114,074
114,464

105,649
105,932
106,273

8,367
8,142
8,191

3,731
3,725
3,759

3,173
3,027
2,952

1,463
1,390
1,480

6,932
6,768

6,811

5,483
5,413
5,596

78.3
78.3
78.3

53.9
53.9
54.0

53.7
53.5
54.1

January
February
March

114,875
115,084
115,514

106,391
106,685
107,119

8,484
8,399
8,396

3,798
3,774
3,731

3,161
3,126
3,179

1,525
1,499
1,485

6,963
6,954
6,821

5,389
5,077
5,400

78.2
78.2
78.2

54.4
54.5
54.8

55.2
55.7
56.0

April
May
June

115,376

106,945

8,426

3,807

3,197

1,422

6,852

5,374

78.2

54.7

55.3

1984
January
February
March . .
April
May
June

,. .

1985

July
August
September

,.

October
November
December
See note on page 80.
Graphs of these series are shown on page 51.

M:#

MAY 1$85



OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Q |
Federal Government1
Year
and
month

Q

RECEIPTS AND EXPENDITURES
State and local government'

DEFENSE INDICATORS

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
til. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543, Defense
Department
gross unpaid
obligations
outstanding

548. Manufacturers'
new ordors,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1983
January
February
March

-185*7

619.8

805! 6

34! i

458^3

424! 2

21 s 340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,655
5,014
6,361

April
May
June

-16?!3

649^3

816^7

4^9

473^5

429!e

19,332
19,554
21,518

10,132
10,111
10,814

126,165
126,532
129,720

6,578
5,609
7,412

July
August
September

-18CL9

640! 2

821 ! l

47.4

486! 1

438! 7

19,409
20,489
20,388

11,017
10,727
10,921

131,17a
130,829
133,056

7,115
5,496
5,804

October
November .
December

-18CL5

655!6

835^5

5l!2

495!b

44^8

17,201
24,242
24,204

2,820
16,140
9,463

131,130
139,062
141,820

6,792
8,506
7,038

January
February
March

-16ll3

686! 4

847! 6

53.9

509.* 6

455.7

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,503
6,884
11,713

April
May
June

-163!?

704 .*3

868 .*0

54.*5

52o! 6

466.'i

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

5,139
6,648
6,834

July
August
September

-i8o!e

706\2

886! 8

524! 6

477.6

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,600
8,090
7,301

October
November . .
December . . .

-197.8

721.9

919.7

55.6

539.7

484.0

20,821
28,892
26,686

12,901
25,552
7,017

159,226
168,321
172,010

5,167
10,091
7,448

p-iei.'i

P769.3

r930.5

p53.7

p545*8

r492.1

22,492
20,377
p20,346

13,405
12,805
10,088

174,180
173,704
P174.338

11,061
r4,708
r6,240

(NA)

(NA)

<NA)

p6,612

1984

1985
January
February
March
April
May
Juno
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.

90



MAY 1985

BCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

| Q

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1967 = 100)

559. Manufacturers' inventories, defense
products, book
value

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays,
military

588. Manufacturers' shipments, defense
products

570. Employment, defense
products industries

577. Military
on active

duty©
(Mil. dol.)

(Mil. dol.)

(Mil. dot.)

(Mil. dol.)

(Thous.)

564. Federal
purchases of
goods and
578. Civilian,
services,
direct hire
national
employment © defense

Defense Department
personnel

(Thous.)

(Thous.)

(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1983

116.4
116.1
117.0

16,585
16.455
16,758

100,987
100,757
101.896

17,058
16,772
16.804

5,174
5,244
5.222

1,344
1,346
1,342

2,120
2,122
2,127

1.024
1,028
1,030

194.7

e!i

118.2
117.6
118.0

16,826
17.175
17.331

103,198
103,529
105,568

17,529
16,854
17,189

5,276
5,278
5.373

1,345
1,349
1,354

2,123
2,120
2,116

1,029
1,040
1,049

199.3

6.1

July
August
September

120.4
120.2
121.8

17,321
17,813
17,436

107,018
107,084
107,453

16,975
18,455
17,463

5,665
5,430
5,435

L,361
L,344

1,053
1,052
1,026

200.9

L ,364

2,113
2,115
2,123

6.6

October
November
December

122.9
124.0
125.7

17,278
17,450
17,837

108,627
111,449
112,754

17,781
17,329
18,726

5,618
5,684
5,733

L,369
1,369
L ,378

2,120
2,126
2,124

1,034
1,040
1,045

207'.2

6\6

January
February
March

128.3
129.5
130.1

17,861
18,190
18.746

113,575
114,624
120.647

18,448
17,801
17,794

5,682
5,835
5,690

1,382
1.391
1,400

2.130
2,135
2,140

1,042
1,043
1,046

213^4

6*.6

April
May
June

133.2
133.1
133.5

19,017
19,514
20,035

119,870
120.758
121,672

18,525
18,609
18,953

5,916
5,760
5,920

1,408
1,420
1,433

2.138
2,141
2,143

1,049
1,061
1,071

220.8

6.1

July
August
September

135.9
136.8
139.5

20,734
21,315
22,141

123,219
125,276
126,496

18,405
19,181
19,469

6,053
6,033
6,081

1.443
1,452
1,463

2,142
2,144
2,138

1,079
1,074
1,043

220.3

6.0

141.1
142.2
144.7

22,551
22,581
22,517

125.340
129,092
129,775

18,687
20.152
19,899

6.323
6.339
6,765

1,473
1,478
1,492

2,138
2,141
2,138

1,058
1,065
1,067

231.6

6.2

145.8
145.9

23,091
23,405

134.455

rl,515
pi,524

2,146
2.147
2,148

1,065
1,069
p i ,072

6.'i

OO AOQ

6,380
6,695
r6,718

r233*.6

rl47 8

18,762
20,058
r20,465

1,505

rl32,467
rl31,990

P148.8

(NA)

p!32,185

pl9,540

p6,419

(NA)

p2,148

(NA)

January
February
March
April
May
June

........
.

,.. .
;. .

1984

October
November
December

.......
.......

1985

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.

MAY 1985



91

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS

MERCHANDISE TRADE
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

606. Exports of nonelectrical machinery

612. General imports

Year
and

614. Imports of petroleum and petroleum
products

616. Imports of auto
mobiles and parts

month

(Mil. dol.)

(Mil. dol.)

(Mil dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1983
January
February
March

17,232
16,312
16,690

3,128
2,985
2,811

3,644
3,359
3,499

20,127
18,804
19,528

4,481
3,183
3,603

2,329
3,019
2,676

April
May
June

16,095
15,655
16,959

2,891
2,715
2,977

3,513
3,433
3,265

19,914
21,446
20,916

,749
,432
,215

2,746
3,819
2,823

July
August

September . . .

16,486
16,582
17,257

3,072
2,973
3,322

3,655
3,290
3,718

21,828
22,714
22,451

,622
,597
,929

2,936
2,813
2,636

October
November . . .
December . . .

17,033
17,063
17,298

2,979
3,109
3,175

3,689
3,686
3,683

24,333
23,115
22,976

4,818
4,459
3,997

3,233
3,415
3,801

January
February
March . . . . . .

17,889
17,208
17,906

3,457
3,198
3,336

4,009
3,848
3,764

26,204
26,420
26,948

4,515
4,660
5,393

3,684
3,751
3,680

April
May . . . . . . .
June

17,520
17,978
17,705

3,030
3,245
2,715

811
976
746

28,074
26,012
25,276

6,000
5,113
4,694

3,838
3,635
3,683

July
August
September . . .

19,154
18,123
18,210

3,236
3,022
3,153

790
878
640

31,334
26,866
28,409

4,674
4,021
4,261

3,947
3,773
4,302

October
November . . ,
December . . .

18,411
18,395
19,142

2,799
3,242
3,314

007
905
4,128

26,783
27,331
25,933

4,007
4,637
4,298

3,600
3,817
3,732

19,401
17,853
18,446

2,945
r2,842
2,436

4,247
3,970
4,160

28,297
27,985
28,129

4,005
3,833
3,411

4,033
4,999
4,243

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1984

1985
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 1985

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued

Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted'

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1983
January
February
March

-1,370

81,111

82,481

-9,277

49,246

58,523

17,618

12,380

April
May
June

-7,712

81,355

89,067

-14,870

48,745

63,615

18,973

12,995

July
August
September

-9,703

84,826

94,529

-17,501

50,437

67,938

20,802

13,630

October
November
December

-14,127

84,910

99,037

-19,407

51,829

71,236

19,609

14,490

January
February .
March

-17,522

90,653

108,175

r-25,234

r53,752

r78,986

23,296

15,552

April
May
June

-22,547

88,863

111,410

r-25,399

r54,678

r80,077

20,818

17,363

July
August
September

-30,737

91,054

121,791

r-32,410

r55,559

r87,969

21,658

18,782

p-19,645

p91,783

pill,428

rp-24,392

rp56,354

rp80,746

p21,848

pl7,809

(NA)

(NA)

(NA)

p-28,331

p56,067

p84,398

(NA)

(NA)

1984

October
November
December

.......

1985
January
February
March
April
May
June

!. .
j,. .

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).

MAY 1985



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q |

Year
and
month

47. United States,
index of industrial production

(1967-100)

721.OECD1
European countries, index of
industrial
production

728. Japan,
index of industrial production

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

723. Canada,
index of indus°
trial production

(1967-100)

(1967 = 100)

(1967-100)

(1967-100)

(1967-100)

(1967 = 100)

(1967-100)

1983
January
February
March

137.4
138.1
140.0

150
150
150

229.5
228.0
232.7

146
148
150

157
155
155

122
122
120

152.0
152.2
149.4

147.7
147.6
148.3

April
May
June

142.6
144.4
146.4

150
151
153

233.0
235.2
235.9

150
150
156

155
160
157

122
123
120

142.1
144.4
144.4

150.0
151.7
155,0

July
August
September

149.7
151.8
153.8

153
153
153

236.4
242.3
245.0

150
150
153

159
159
157

124
124
125

153.8
148.9
148.3

156,9
159.1
162.0

October
November . ,
December

155.0
155.3
156.2

153
156
156

244.5
247.7
250.9

154
156
157

155
162
160

125
127
128

150.2
153.3
149.6

162.7
164.1
165.3

January
February
March

158.5
160.0
160.8

158
158
156

251.4
260.2
256.4

156
159
rl54

162
160
162

128
127
125

152.5
150.4
155.9

167.8
162.1
165.3

April
May
June

162.1
162.8
164.4

154
158
151

257.7
263.9
265.2

154
156
140

157
162
159

124
123
124

149.8
155.3
156.4

166.2
167.5
168.6

July
August
September

165.9
166.0
165.0

158
159
159

266.4
268.4
265.2

161
157
159

167
167
162

124
124
1?5

154.5
156.7
158.7

175.0
173.1
170.2

October
November
December

164.4
164.8
164.8

159
159
158

273.2
274.3
r272.7

161
162
161

163
162
157

125
125
127

154.8
153.0
153.8

171.2
173.8

rl?4 6

January
February
March

rl65.1
rl65.3
rl65.8

rl58
pl61
(NA)

272.0
P274.1
(NA)

162
P161
(NA)

155
pl62
(NA)

128
pl28
(NA)

147.8
P160.Q
(NA)

TllZ.Z
pl72.6
(NA)

April
May
June

P165.4

1984

1985

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pate 58.
^Organization for Economic Cooperation and Development.

94



MAY 1985

ItO

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
spans1

(Ann. rate,
percent)

738. Index ©

(1967 = 100)

CONSUMER PRICES

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

735.Index ©

(1967 = 100)

United Kingdom

France

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

736. Index ©

(1967 = 100)

736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967-100)

732c. Change
over 6-month
spans'

(Ann. rate,
percent)

1983
January
February
March

293.1
293.2
293.4

1.4
2.3
3.4

306.6
305.5
307.5

0.7
2.1
1.2

201.2
201.3
201.2

1.7
1.9
1.2

390.1
392.9
396.5

11.9
10.8
10.0

523.5
525.8
526.7

3.5
3.2
3.8

April
May
June

295.5
297.1
298.1

3.6
4.4
5.0

308.6
312.0
309.7

1.1
1.9
1.0

201.7
202.2
202.9

2.4
3.6
4.1

401.8
404.5
406.9

9.8
9.9
10.3

534.1
536.4
537.7

5,0
5.4
6.1

July
August
September

299.3
300.3
301.8

4.2
4.1
4.2

308.3
307.4
311.4

2.0
1.6
2.3

203.6
204.3
204.9

3.6
3.2
3.8

410.4
412.8
416.0

9.1
8.9
8.6

540.6
543.0
545.4

6.5
6.3
6.6

October
November
December

302.6
303.1
303.5

4.7
4.8
4.6

314.2
312.2
311.4

2.6
4.0
3.8

204.9
205.2
205.7

3.0
2.2
2.2

419.2
420.9
422.4

8.3
8.0
7.1

547.3
549.2
550.7

5.3
4.8
4 4

305.2
306.6
307.3

4.8
4.5
4.3

312.3
314.2
315.1

2.7
2.4
1.5

206.6
207.1
207.3

2.6
2.5
1.9

425.4
428.0
431.0

6.6
6.6
6.9

550.4
552.6
554.4

4.1
4.0
3.7

April
May
June

308.8
309.7
310.7

3.6
3.7
3.8

315.9
318.2
315.6

2.5
-0.1
0.8

207.7
207.8
208 6

1.6
1.3
0 9

433.6
436.2
438 4

6.8
7.0
7 2

561.8
563.9
565 3

3.6
5.1
5 1

July
August
September

311.7
313.0
314.5

3.5
3.6
3.7

316.2
313.4
318.5

1.6
1.9
3.8

208.2
207.8
208.0

1.6
1.7
2.1

441.5
443.7
445.9

7.7
7.4
6.8

564.7
570.0
571.1

5.7
5.9
5.4

October
November
December

315.3
315.3
315.5

3.4
3.3
3.5

321.0
319.0
319.6

3.2
3.0
2.5

209.2
209.6
209.8

2.7
3.4
4.3

449.0
450.3
451.2

6.4
5.9
5.8

574.6
576.4
575.9

6.5
5.8
7.1

January
February
March . .

316.1
317.4
318 8

3.7

321.3
318.7
320.2

(NA)

211.0
211.9
212.6

(NA)

453.5
455.8
459.0

(NA)

578.0
582.7
588.1

8.2

April
May
June

320.1

1984
January
February
March

,.

1985

(NA)

(NA)

(NA)

600.6

July
August
September
October
November
December

..,..,.
.......

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

Changes over 6-month spans are centered on the 4th month.

MAY 1985



95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

CONSUMER PRICES—Continued

737. Index ©

733c. Change
over 6-month
spans'

19. United
States, index
of stock
prices, 500
common
stocks @

748. Japan,
index of
stock
prices @

745. West
Germany,
index of
stock
prices @

746. France,
index of
stock
prices @

742. United
Kingdom,
index of
stock
prices @

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(Ann. rate,
percent)

(1967-100)

(1967-100)

(1967-100)

(1967-100)

(1967-100)

(1967-100)

(1967-100)

Canada

Italy
Year
and
month

STOCK PRICES

737c. Change
over 6-month
spans'

733. Index ©

(1967-100)

(Ann. rate,
percent)

January
February
March

602.7
610.5
616.0

14.3
14.2
13.8

312.5
313.9
317.1

4.2
3.4
4.2

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

159.1
165.0
179.1

371.9
381.6

April
May
June

622.2
628.2
632.2

14.0
13.2
12.7

317.1
317.9
321.5

5.2
5.9
4.7

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158.6
159.5

July
August
September , . .

638.5
641.1
649.4

12.4
11.8
11.7

322.
324.
324.

5.6
5.0
4.9

181.6
176.7
181.8

598,
606,
619.7

October
November . . .
December . , ,

660.4
667.0
670.3

11.1
11.5
11.5

326,
326.
327.5

5.4
5.1
4.6

182.4
179.7
178.8

January
February
March

678.3
685.8
690.6

11.1
10,9
10.9

329.
331
331,9

4.3
4.7
3.4

April
May

June

695.4
699.6
703.8

10.0
9.4
8.1

332.
333.
334.

July
August
September . . ,

705.9
708.0
713.0

6.8
6.4
6.8

October
November . . .
December . . .

720.1
724.4
729.5

January
February
March

736.8
744.2
749.4

April
May
"June

756.1

(1967-100)

1983

388.3

95,5
109.1
118.7

210,0
216.6
219.5

188.7
200.4
196.8

410.4
403.7
426.1

115.8
111.6
110.3

240.0
251.8
260.2

169.0
166.9
164.7

206,1
220.2
224.9

418.9
431.8
422.6

112.9
120.5
118.4

264.3
267.3
272.0

621.0
621.5
638.6

173.4
176.7
179,2

225.3
239.5
247.6

411.2
424.1
432.6

111.6
112.7
112.8

273.6
268.6

181.0
171.1
171.3

687.6
699,6
736.1

185.3
182.3
178.4

275.9
263,
261.

457.2
457.2
485.3

125.3
128.7
128.5

259,5
259.5
260.0

3.1
2.3
3.0

171.4
170.3
166.6

776.0
744.6
711.2

177.9
178.0
175.8

285.4
277.1
272.3

495.0
489.6
468.7

124.9
122.5
119.6

252.0
p245.6
p242.6

336.6
336.6
336.9

2.5
3.4
4.2

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256,
274
287.0

447.5
478.6
497.0

121.4
128,7
127.6

p234.0
P252.5
P256.6

7.2
7.7
8.9

337.5
339.7
339.9

4.3
5.2
4.4

179.3
180.9
178.9

760.5
774.7
804.7

185.2
185.1
187.4

287.9
286.0
285.2

503.7
525.9
551.2

127.4
130,5
130.5

P257.1
p259.2
P256.0

10.7

341.3
343.5
344.3

5.3

186.7
196.8
195.2

839.5
851.9
900.4

195.1
202.0
213.4

294.3
307.9
317.8

578.1
585.1
592.3

147,2
164.1
164,4

P264.7
p281.5
P282.5

196.5
P199.1

880.3
P886.6

212.5
P218.8

rp326.5
P330.5

rp592.6
P607.1

rpl62.6
pl76,B

rp284.5
P287.0

1984

1985

345.7

July . . . . . . .
August
September , . .
October
November . . .
December , . .
See note on page 80.
Graphs of these series are shown on page 59.

Changes over 6-month spans are centered on the 4th month.

96




MAY 1985

APPENDIXES
B. Current Adjustment Factors
Series
July
5. Average weekly initial claims, State
unemployment insurance

107.0

1

13. New business incorporations
15. Profits after taxes per dollar
of sales,
manufacturing corporations 2
33, Net change in mortgage debt

13

Aug.
86.8

99.9 103.1

1984
Sept. Oct. Nov. Dec
81.9

91.4 102.5 124.6

90.2 105.0

96.9 104.7

607

99.8

99.6 100.0 100.3

100.4

517. Defense Department
gross obligations
incurred1

88.5

85.7 120.7 116.5

104.8 101.8 119.0

525. Defense Department prime contract awards

78.5

77.8 18.9.9

543. Defense Department gross unpaid
obligations outstanding

97.1

94.0

570. Employment, defense products industries .

99.9

99.4

72. Commercial and industrial loans
outstanding in current.dollars\

580. Defense Department net outlays

1

604. Exports of domestic agricultural products
606. Exports of nonelectrical machinery
614. Imports of petroleum and petroleum
products 1
616. Imports of automobiles and parts

1

.. .

877

97.7

80.5 100.1
99.2

99.1

1985
Mar. Apr.
90.3

91.3 103.1

92.7

255 -1229
100.9

100.2

90.9 105.5
100.7

103.3

87.5

105.3 106.0

99.1

608

1003

99.9 100.0 100.3

100.2

446

96.2 104.1

98.9

87.8

80.9

96.6

114.5

94.3

86.4

84.9

103.2

103.1

103.7 101.4

98.9

100.0 100.0 100.2 100.4 100.2 100.0 100.0

99.8

99.4 101.5

94.3 100.1

83.1

85.6

92.5

102.7

96.1

101.5

105.3

95,9

96.6

93.8

90.7

110.3

99.9

109.6 113.9 101.7

119.5

103.4

95.5

99.2

91.9

86.0

90.2

93.2 109.4

84.1

106.1

96.2

90.4

85.2

101.0

June

108.. 8

-2514 -1691
99.8

May
83.1

95.7

-612

1432

Feb.

145.7 101.0

95.7

100.0
563

92,7

Jan.

99.7 100.1

95.8 102.8 100.0 104.3

98.3

102.2 108.8 107.6 106.7 105.2 115.0 103.0 100.9

94.8

100.5

103.8 100.3

98.1

102.8 105.1
84.3

98.1

107.2 118.4 104.3

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
l
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.
''These factors apply to only the loans portion of this series.




97

C.

Historical Data for Selected Series
Year

61.
NQNFARM

IQ

II Q

III Q

IV Q

E X P E N D I T U R E S FOR NEW PLANT AND EQUIPMENT BY U . S .
BUSINESS
(ANNUAL R A T E , B I L L I O N S OF DOLLARS)

1951
1952
1953
1954
1955
1 956
1957
1958
1959
1960
1961
196 2
196 3
1964
S965
1966
1967
1968
1969
1 9 70
1 9 71
.19 72
1 9 73
1974
1975
1 9 76
1977
1978
1979
1980
1981
1982
1983
1984
1985

.
.
•
,

25.10
29.21
29.41
29.51
28.06
36.11
40.62
36.36
34.11
39.22
37.57
40.03
40,87
49.02
55.57
66.42
72.37
76.27
82 . 0 4
90 . 3 0
90.59
98.97
113.09
130.12
144.12
150.18
176.64
201.56
240.16
278,51
302.86
322.72
289.68
337.48

26,88
28.54
30.19
29.16
29.57
37.63
41 , 3 7
33.25
35.38
40.63
37.80
40 . 75
42.66
50.37
58.34
69.82
72,38
74.73
84.21
92 . 3 7
92.90
100.86
118.57
138.81
141.56
154.60
181 . 7 4
214.10
250.08
282 . 0 9
311 .92
316.33
294.76
348.34

27.57
26.91
30.26
28.67
32.03
38.48
41 , 0 7
32.71
36.94
38.94
38.43
41 . 5 1
44.81
52.00
60,67
71 . 7 2
72.60
76.02
87.91
9 3 . 72
92.75
103.27
122.69
143.00
141.04
161 . 2 0
190.46
220,53
259.76
284.28
323.71
305.39
309-25
361 . 1 2

27.69
27.97
29.98
28.08
34.08
39.40
3 9 . H
33.03
37.10
38.97
39.54
41 . 1 5
46.34
53,67
63.52
73.63
73,63
78.63
88,80
91.27
95.41
110.50
125.77
146.79
142.93
16 7 , 7 6
190.46
234.84
269.80
286.38
322.38
297.87
325-45
367.21

Annual

Year
107.

II Q

IQ

RATIO,

GROSS

NATIONAL PRODUCT
(RATIO)

AVERAGE
26.81
28.16
29.96
28.86
30,94
3 7.90
40,54
33.84
35.88
39.44
38.34
40.86
43.6?
51 .26
59.52
70.40
72.75
76.42
85.74
91 .91
92.91
103.40
120.03
139.67
142.42
158.44
184.82
217.76
254.96
2 82.80
315.22
310.58
304.78
353.54

2.784
2.816
2.919
2.857
2.959
3.097
3.270
3.265
3.400
3.598
3.561
3.770
3.875
4.016
4.113
4.309
4.461
4.503
4.574
4.682
4.780
4.867
5.041
5.170
5.313
5.681
5.817
5,983
6.399
6.537
6.844
6.756
6.476
6.650

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
19 70
1971
1972
1973
1974
1975
1 976
1977
1978
1979
1980
1 981
1982
1983
1984
1985
970A.

DIFFUSION

IIIQ

2.846
2.812
2 . 9 1 5
2.856
3.053
3 . 1 6 8
3.336
3.320
3.432
3.577
3.650
3.849
3.928
4.033
4.208
4.402
4.442
4.568
4.685
4.734
4.764
4.912
5.131
5.313
5.479
5.719
5.988
6 . 2 1 5
6.398
6.507
6.955
6.727
6.462
6.728

FOR

2.831
2.882
2.870
2.894
3.095
3.217
3.316
3.37?
3.503
3.55?
3.716
3,862
3.961
4.020
4.256
4.474
4.467
4.552
4.681
4.676
4.804
4.942
5.215
5.330
5.585
5.751
5.967
6.325
6.454
6.564
6.910
6.525
6.523
6.791

970B.

38
S2
34
32
77
70
SO
76
56
63
72
72
79
84
80
64
68
68
52
64
78
77
73
59
74
72
78
71
56
60
50
71
76

DIFFUSION

INDEX

52
64
51
63
79
68
47
62
72
52
70
69
70
78
84
79
70
72
65
52
68
82
76
64
65
76
78
78
74
56
59
53
74
76

OF E X P E N D .

40
68
51
70
76
62
37
?4
72
48
75
66
76
79
82
68
70
70
60
62
76
78
76
52
76
72
74
80
63
60
49
58
82

50
58
52
76
71
61
44
80
62
54
74
68
79
81
83
66
72
76
55
62
77
80
76
52
77
76
78
74
54
64
48
66
81

50
60
52
65
76
65
66
70
52
70
69
74
79
83
73
69
72
62
5?
71
80
76
60
69
74
76
78
66
59
54
57
77

FOR NEW PLANT AND
AVERAGE

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1 9 70
1971
1972
1 9 73
1 9 74
1975
1 9 76
1977
1978.....
1979.....
1980.. . . .
1981 . . . . .
1982... ..
1983.,. . .
1984
1985

60.0
57.1
66.7
57,1
47.6
85.7
57.1
38.1
85.7
81 . 0
52.4
57.1
57,1
57.1
52.4
52.4
47.6
66.7
90.5
5?.l
38.1
76.2
81.0
76.2
19.0
66,7
66.7
81 . 0
50.0
66.7
57.1
38.1
52.4
81 , 0

80.0
52.4
42.9
42.9
85.7
90.5
76.2
19.0
85.7
66.7
76.2
81 . 0
66.7
66.7
81.0
66.7
42.9
57.1
90.5
5 2.4
76.2
78.6
85.7
85.7
23.8
76.2
71.4
76.2
52.4
38,1
47.6
28.6
61,9
50.0

4 0 . ()
33. J
52. *
33.
81 .<)
76. I
47. i
66. 7
90. »
42 , )
59. )
61 , )
71 . •
42. i
47.
57.
47.(
57.1
66. 1
52. ^
61 .
81 . (
73. J
5 9..
47. t
69.C
71 ,i*
76,:
81.C
33 . .
52 . '
3 3 . .
90.^
76,3

80 . 0
85.7
28.6
54.8
81 . 0
61 . 9
38.1
64.3
61 . 9
52.4
76.2
50.0
59.5
66.7
76.2
54.8
52-4
71 . 4
38.1
45.2
71 . 4
90 . 5
76.2
47.6
59.5
66.7
71.4
76 . 2
54 . 8
38.1
52.4
47.6
90,5
66.7

65.0
57,1
47.6
48-2
73.8
78.6
54.8
47.0
81 . 0
60.8
66.1
62.5
63.7
58.4
64.3
57.8
47.6
63,1
71 . 4
51.8
61 -9
81,6
79.2
67.2
37.5
69.6
70.2
77.4
59.6
44.0
52-4
36.9
73.8
68.5

AVERAGE
76.2
61.9
83.3
40-5
54.8
90.5
52.4
14.3
81.0
78.6
19.0
52.4
33.3
95.2
61.9
88.1
52.4
61.9
71.4
57.1
35.7
71.4
85.7
66.7
35.7
71.4
66.7
81.0
76.2
76.2
76.2
42.9
38.1
81.0

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
1 976
1977
1978
1979
1980
1 981
1982
1983
1 984
1985

9 7 0 C . DIFFUSION
EQUIP,—EARLY PROJ .
1951
1952
1953
1954
1955
1956
1 957
1 958
1959
1 960
1961
196 2
1963
1964
196 5
1966
196 7
196 8
1969
1970
1971
1972
1973
1974
1975
19 76
1977 • \ \ \
1978
1979
1980
1981
1982
1 983
1984
1985

98

3

90 . 5
2 3 . 8
6 1 . 9
3 3 . 3
76.2
9 0 . 5
54.8
4 . 8
78.6
71.4
5 4 . 8
71.4
83.3
69.0
85.7
9 0 . 5
4 0 . 5
38.1
9 0 . 5
4 2 . 9
5 2 . 4
69,0
81 . 0
78.6
28.6
76.2
83.3
95.2
76,2
5 4 . 8
6 4 . 3
1 6 . 7
52.4
71.4

6 6 . 7
19,0
54.8
3 5 . 7
88.1
71.4
52.4
3 1 . 0
8 5 . 7
3 8 . 1
4 0 . 5
6 6 . 7
76.2
81.0
8 3 . 3
71.4
3 5 . 7
6 1 . 9
6 4 . 3
4 7 . 6
4 5 . 2
6 6 . 7
76.2
6 6 . 7
38.1
81,0
9 0 . 5
78.6
76.2
57.1
71 . 4
19.0
81.0
81 . 0

4 7 , 6
61 , 9
38.1
4 5 . 2
90.5
5 4 . 8
2 3 . 8
57.1
71.4
3 3 . 3
73.8
4 2 . 9
6 6 . 7
81.0
85.7
71.4
61 . 9
69.0
54.8
2 8 , 6
6 1 . 9
9 0 . 5
6 6 . 7
71.4
§ 4 . 8
71.4
57.1
92.9
71 . 4
6 1 . 9
3 5 . 7
28.6
97.6
6 1 . 9

INDEX OF EXPEND. FOR NEW PLANT AND
(PERCENT RISING OVER 1-Q SPANS)

20.0
80.0
66.7
33.3
52.4
57.1
57.1
52.4
57.1
69.0
57.1
52.4
47.6
66.7
66.7
52.4
52-4
66.7
66.7
64.3
50.0
76.2
71.4
71.4
61.9
66.7
61.9
71 . 4
52.4
76.2
61.9
47.6
42.9
57.1

NOTE: Unless otherwise noted, these series contain revisions beginning with 1947.
'This series contains revisions beginning with 1973.
'This series is a copyrighted series used by permission;
it may not be reproduced without written permission from Dun & Brtdstreet, Inc. This series contains no revisions
but is reprinted for the convenience of the user. 3 This series contains revisions beginning with 1948.




J.822
1.826
'.90 8
,.864
,02?
.154
J.302
.305
J.451
. 5 82
,634
.821
,915
i• . 0 2 8
i.186
ii . 3 7 8
i^ .453
i• .34 7
ii . 6 4 0
• .702
• .779
It . 9 0 8
>.116
$.268
».43S
.70 8
.920
.171
.402
,555
>.8?6
.698
.482
.720

NEW PLANT AND

AVERAGE
1951
1952
1953
1954
1955
1956
1957
1958.....
1959.....
1960. . . . .
1961 . . . . .
1962.....
1963..=..
1964.....
1965
1966
1967
1968
1969
19 70
1971
1972
1973.....
1974...,.
1975...,.
1976
197?.,.,,
1978
1979
1980
1981
1982
1983
1984
1985

Annual

HI1
AVERAGE

2.825
2,795
2.927
2.848
3.002
3.132
3.286
3.257
3.470
3.598
3.611
3.802
3.896
4.043
4 . 1 6 7
4.328
4.443
4.564
4 . 6 1 8
4 . 7 1 5
4.768
4.911
5.076
5.258
S.363
5.679
5.906
6.160
6.358
6.611
6.796
6.785
6.469
6.712

INDEX OF EXPEND.

IV Q

TO MONEY SUPPLY

60.0
4 2 . 9
5 7 . 1
4 2 . 9
71 . 4
85.7
8 5 . 7
28.6
6 1 . 9
90.5
52.4
6 1 . 9
6 1 . 9
8 5 . 7
71,4
81.0
52.4
5 2 . 4
6 6 . 7
76.2
73.8
5 2 . 4
71.4
76.2
3 8 . 1
6 1 . 9
6 6 . 7
76.2
57.1
6 6 . 7
76.2
6 1 . 9
4 7 . 6
71.4

80.0
50.0
57.1
3 8 . 1
81.0
81.0
4 7 . 6
31 . 0
6 6 . 7
4 2 . 9
52.4
6 1 . 9
6 1 . 9
4 7 . 6
57.1
81.0
71.4
6 1 . 9
6 1 . 9
6 6 . 7
6 6 . 7
3 3 . 3
6 1 . 9
81.0
57.1
6 9 . 0
§7.1
81.0
6 6 . 7
81 . 0
8 5 . 7
76.2
71.4
8 5 . 7

80.0
73.8
4 2 . 9
47,6
81.0
6 1 . 9
52.4
6 6 . 7
61 . 9
6 1 . 9
5 4 . 8
S9.5
6 6 . 7
76.2
71.4
57.1
4 7 , 6
52.4
52.4
6 6 . ?
3 3 . 3
3 8 , 1
6 1 . 9
6 1 . 9
52.4
6 6 . 7
?6.2
76.2
71.4
6 6 . 7
71.4
6 6 . 7
6 6 - 7
57.1

70.2
41.6
59.§
38.7
77.4
76.8
45.8
26.8
79.2
55.4
47.0
58.4
64.9
81.6
79,2
80.4
47.6
57.7
70.2
44.0
48.8
74.4
77.4
70.8
39.3
75 .0
74.4
86.9
75.0
62,5
61.9
26.8
67.3
73.8

AVERAGE
60.0
61.7
56.0
40. 5
71,4
71.4
60.7
44.7
61 . 9
66.1
54.2
58,9
59.5
69,0
66.6
67,9
56.0
58.4
61.9
68.5
56.0
§0.0
66.6
72.6
S2.4
66.1
65.S
76.2
61 . 9
72.6
73,8
63.1
57.2
67.8

(MAY

198S)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
72.

1951 . . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
196 4 . . .
196 5 . . .
1966...
1967...
196 8 . . .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

16 ,503
19,632
21 ,227
21,000
20,529
24,515
28,695
29,171
28,567
31,433
32,999
33,582
36,039
38,931
43,562
53,195
61 ,876
67,254

77,048
88,521
90,944
84,478
94,279
113,967
140,652
t25,349
124,450
135,158
155,975
193,068
513,016
254,693
268,553
267,992

17,116
19,641
21,277
21,064
20,692
24,686
28,720
28,835
28,583
31 ,870
32,966
33,712
36,126
39,195
44,618
54,071
62 ,404
67,415
77,843
90,023
91 ,625
85,260
98,034
116,322
139,605
125,758
125,824
135,658
158,341
197,288
213,391
259,934
268,394
272,651

Mar.

Apr. May

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

IQ

II Q

COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING IN CURRENT DOLLARS
(MILLIONS OF DOLLARS)
17,579
19,761
21,430
21 ,036
20,916
25,414
29,182
28, 728
28,820
32,093
33,111
33,907
36,251
39,201
45,563
54,805
63,100
67,732
79,091
91,243
91 ,904
86,195
100,124
117,738
138,152
123,490
126,179
138,536
160,335
200 ,406
211,676
261 ,328
269,309
281 ,834

18,079
19,742
21 ,675
20,96 7
21,049
25 ,932
29,503
28,554
29,092
3 2 , 2 93
33,079
34,121
36,458
39,554
46,203
55,377
63,598
68,877
81,132
91 ,333
90,891
87,342
101 , 7 6 8
122,857
136,564
120,789
126,925
4 0 , 6 20
165,793
200,583
215,581
266,688
265,470
289,095

18,453
19,809
21 ,816
20,811
21 ,416
26,448
2 9,6 50
28,168
29,573
32,591
33,020
34,269
36,626
39,882
47,209
56,139
63,998
69,067
8 2 , 2 77
91 ,864
91 ,662
87,906
103,074
125,111
133,750
121 ,069
127,740
143 ,029
168,229
198,756
221 ,279
271 ,022
261 ,638
295,920

18,646
19,969
21,747
20,650
21 ,796
26,799
30,033
28,079
30,042
33,011
32,955
34,509
36,740
40,137
47,718
57,228
64,682
69,598
83,502
92,444
90 ,706
88,268
105,166
126,537
131 ,397
122,018
128,990
145,547
171 ,623
202,454
225,515
272,899
261 ,890
303,692

18,757
20,141
21 , 7 7 8
20,651
22,244
27 ,145
30,245
28,039
30,026
32,993
33,012
34,740
36,872
40,428
48,072
58,223
65,083
70,294
83,909
92,433
89,951
88,429
106,581
130,706
130,713
121 ,328
128,860
146 ,93 7
175,320
200,910
229,664
273,160
261 ,618

306,883

18,865
20,190
21 ,934
1 9,80 4
22,664
27 ,418
30,285
27 ,941
30,456
32,840
33,131
35,038
37,047
40,83 9
49 ,139
59,360
64,862
71 ,359
85,141
93,072
91 ,62 7

88,800
108,505
133,304
129,579
121 ,083
130,214
147 ,792
179,017
201 ,732
234,814
273,540
262,789
308,206

18,968
20,381
21 ,819
19,753
22,977
27,778
30,374
28,122
30 ,646
32,956
33,214
35,318
37,341
41 ,418
50 ,141
59,950
65,155
72,318
86,404
93,43 5
93 ,43 7
88,593
108,458
137,429
12 8,146
120,710
130,848
148,769
183 ,790
203,417
238,847
274,885
262,747
311 ,769

20,348
20,899
19,901
24,191
24,371
24,083
26,924
27,006
26,787
26,437
26,402
26,249
25,970
26,358
25,835
30,445
31 ,259
30,356
34,056
34,648
34,070
33,588
33,254
34,023
33,170
33,403
33,151
37,030
37,103
36,523
38,112
38,280
38,150
39,072
39,298
38,873
42,082
42,334
41,874
45,542
45,606
45,008
51,454
52,479
50,362
59,903
60,721
59,357
68,832
69,859
68,150
72,911
73,174
73,346
82,028
82 ,914
81 ,559
90,769
91 ,875
89,515
90,011
90,009
90,091
86,558
87,419
86,555
91 ,857
60 ,21 9 92,051
92,687
92,634
92,581
97,083
96,542
9 7,540
83,505
81 ,836
83,233
78,788
78,275
78,816
79,940
81 ,015
80,451
84,134
84,254
34,129
90,292
91 ,135
90,219
88,361
86,859
89,091
1 0 1 , 6 7 4 1 0 3 , 6 8 3 104 ,448
106,653 106,253 106,699
103,632 1 0 5 , 1 0 8 107,941

21 ,548 22 ,080 22,456
24,893
24,594
24,478
27,518
27 ,465 2 7 , 5 3 0
26 ,023
26,013
26,173
27,355
27,025
26,418
32,487
32,061
31,644
35,431
35,114
34,895
32,667
32,688
33,178
34,775
34,190
33,633
3 7 , 726 3 8 , 3 0 8
37,334
38,631
38,512
38,435
40,249
39,918
39,696
42,797
42 ,684 4 2 , 7 1 8
46,813
46,515
46,075
54,150
53,971
53,017
61 ,294 62 ,128 6 3 , 2 5 8
71 ,243
70,799
70,672
74,840
74,352
74,406
86,412
85,520
85,004
92,6 96
92,384
91,848
87,744
89,202
88,811
88,534
88,615
88,492
92,089
92,195
92,854
96,815
96,165
95,832
94 ,508 91 , 9 8 8 90,121
79,336
79,286
79,362
78,990
7 7,82 0 7 7 , 9 3 8
81 ,918 8 2 , 6 9 7
31 ,096
87,518
86,360
85,859
89,610
90,885
90 ,787
89,623
87,528
91 , 1 1 7
106,590 1 0 8 , 1 0 6 1 0 8 , 5 9 5
105,178 103,373 103,147
110,595 113,163 116,179

23 ,176
22 ,738 23 ,020
25,270
24,933
24,973
27 ,529 27,236
27,222
24,893
24,855
25,918
28,489
28,329
27,918
33,324
33,150
32,993
35,651
35,456
35,454
32,758
32,547
32,620
35,474
35,477
34,844
38,340
38,206
38,191
38,738
38,642
38,551
40,729
40,711
40,416
43 ,497
43,100
42,789
48,004
47,571
47,033
56 ,830
55,763
54,552
64 ,859 6 5 , 5 1 4
63,909
71 ,605 71 ,508 71 ,827
77,580
76,795
75 ,442
89,249
88,027
86,725
93,195
93,307
92,271
90,298
88,185
86,825
87,803
88,183
87,989
92,462
90 ,951
94,487
97,884
94,811
96,249
85,889
87,317
88,619
77, 777
78,472
78,377
79,785
79,690
78,765
83,43 7
83,593
83,062
90 ,448
89,464
88,145
88,212
87,748
88,507
96,193
94,341
9 2 , 3 46
108,311 1 0 8 , 5 0 5 1 0 9 , 3 8 5
1 0 2 , 7 5 6 102,732 102,515
117,176 118,132 120,050

19,194
21 ,031
21 ,451
19,955
23,771
28,199
29,573
28,342
31 ,076
33,118
33,280
35,939
38,579
42,068
51 ,650
61 ,043
66,161
74,374
88,070
91 ,082
92,301
91 ,408
110 ,877
139, 734
126 ,131
123,317
133,272
152 ,486
183 ,394
209,253
244,824
270,235
263,537
320,975

19,411
21 ,133
21 ,058
20,314
24,110
28,395
29,517
28,496
31 ,288
33,018
33,429
3 5,9 86
39,045
42,73 7
52,300
61,332
67,068
75,150
89,059
91 ,069
91 ,788
92,111
111 ,764
139,873
126,245
124,225
134,372
152,870
186,443
211 ,014
247,853
264,699
267,979
321 ,650

17,066
19,678
21 ,311
21 ,033
20,712
24,872
28,866
28,911
28,657
31,799
33,025
33,734
36,139
39,109
44,581
54,024
62,460
,467
,994
,929
,491
,311
,479
,009
139,470
124,866
125,484
136,451
158,217
196,921
212,694
258,652
268,752
274,159

18,393
19,840
21,746
20,80 9
21,420
26,393
29,729
28,267
2 9,56 9
32,632
33,018
34,300
36,608
39,858
47,043
56,248
64,093
69,181
82,304
91,880
91 ,086
87,839
103,336
124,835
133,904
121 ,292
127,885
143,065
168,548
200,598
220,792
270,203
262,999
296,236

23 ,320
25,742
27,197

23,421
26 ,360
27,070

29,079
33,420
35,265
32,866
36 ,011
38,243
38,739
41 ,353
43,945
48,183
57,520
66,685
72,374
78,474
89,909
91 ,540
89,418
89,784
94,132
96,817
84,553
78,258
80,203
83,426
89,427
8 7 , 7 90
97,095
109,200
101 ,985
121 ,687

29,633
33,741
34,711
32,973
36,245
3 8,3 84
38,815
41 ,654
44,713
48,757
58,255
67,357
72,946
79,528
90,053
90,952
89,160
90 ,2 3 5
94,848
96,836
84,312
79,151
80 ,52 7
84,200
88,340
89,310
98,680
107,194
102,743
123 ,215

23,686
26,741
26 ,501
25,705
30,055
33 ,844
34,514
33 ,152
36,492
38,316
38,891
41 ,866
45,482
49,532
58,630
67,679
73,432
80,049
90,680
90,875
87,836
89,255
93 ,840
97,134
84,163
79,074
80,752
83 ,719
88,909
89,489
99,780
104,831
104,272
123,664

20,383
24,215
26,906
26,363
26,054
30,687
34,258
33,622
33,241
36,885
38,181
39,081
42,097
45,385
51 ,432
59,994
68,947
73 ,144
82,167
90,720
90 ,037
86,844
91 ,376
92,634
97,055
82,858
78,626
80,469
84,172
90 ,549
88,104
103,268
106,535
105 ,560

22,028
24,655
27,504
26 ,070
26,933
32,064
35,147
32,844
34,199
37,789
38,526
39,954
42,733
46,46 8
53,713
62,227
70,90 5
74,533
85,645
92,309
88,586
88,547
92,379
96,271
92,206
79,328
78,249
81 ,904
86,579
90 ,427
89,423
107 , 764
103,899
113,312

NOTE:

6 .20
2.65
1.13
- 0 .70
2.58
4.86
3.60
-4.15
0.85
1.74
•-0 .23
1 .84
0 .64
-1 .37
9.90
10 . 74
6.53
2.23
22.78
^6.46
+ 1 .50
26 .44
9.35
-10.75
2.70
9.43
43.40
79.50
24.02
82.08
46 .25
0.16

7.36
0.11
0.60
0.77
1.96
2.05
0.30
-4.03
0.19
5.24
-0.40
1 .56
1 .04
3.17
12.67
10.51
6.34
1 .93
9.54
18.02
8.17
9.38
45.06
28.26
-12.56
4.91
16.49
6.00
28.39
50.64
4.50
62.89
-1.91
55.91

5.56
1 .44
1 .84
-0.34
2.69
8.74
5.54
-1.28
2 .84
2.68
1.74
2.34
1.50
0.07
11 .34
8.81
8.35
3 .80
14.98
14.64
3.35
11.22
25.08
16.99
-17.44
-27.22
4.26
34.54
23.93
37.42
-20.58
16.73
10.98
110.20

6.00
-0.23
2.94
-0.83
1.60
6.22
3.85
-2.09
3.26
2.40
-0.38
2.57
2.48
4.24
7.68
6.86
5.98
13.74
24.49
1 .08
-12.16
13.76
19.73
61.43
-19.06
-32.41
8.95
25.01
65 .50
2.12
46.86
64.32
-46.07
87.13

4.49
0.80
.69
.87
.40
.19
.76
.63
. 77
3.58
-0.71
1 .78
2.02
3.94
12.07
9.14
4.80
2.28
13 . 74
6.37
9.25
6.77
15.67
27.05
-33.77
3.36
9.78
28.91
29.23
-21 .92
68.38
52.01
-45.98
81.90

2.32
1.92
-0.83
-1.93
4.56
4.21
4.60
- 1 .07
5.63
5.04
-0.78
2.88
1 .37
3.06
6.11
13.07
8.21
6.37
14 . 70
6.96
-11 .47
4.34
25.10
17.11
-28.24
11 .39
15 .00
30.22
40 .73
44.38
50.83
22.52
3.02
93.26

These series contain revisions beginning with 1982.




1.33
2 .06
0.37
0.01
5.38
4.15
2.54
-0.48
-0.19
-0.22
0.68
2.77
1 .58
3.49
4.25
11 .94
4.81
8.35
4 .88
-0.13
-9.06
1 .93
16.98
50.03
-8.21
-8.28
-1 .56
16.68
44.36
-18.53
49.79
3.13
-3.26
38.29

1.30
0,59
1.87
-10 .16
5.04
3.28
0.48
-1.18
5.16
-1.84
1,43
3.58
2.10
4.93
12.80
13.64
-2.65
12,78
14.78
7.67
20.11
4.45
23.09
31 .18
-13.61
-2.94
X 16.25
10 .26
44.36
9.86
61.80
4.56
14.05
15.88

2.60
1 .22
-4.72
.31
-.07
.35
.67
,85
.54
.20
.79
.56
5.59
8.03
7,80
3.47
10.88
9.31
11 .87
-0.16
-6.16
8.44
10.64
1 .67
1 .37
10.90
13.20
4.61
36.59
21.13
36.35
-66.43
53.30
8.10

6.37
1.40
1.19
-0.09
2.41
5.22
3.15
-3.15
1.29
3.22
0.37
1 .91
1 .06
0.62
11 .30
10.02
7.07
2.65
15.77
8.73
3 .34

4.27
0.83
1.27
-1.54
3.52
5.54
3.40
-2.60
4.89
3,67
-0.62
2.41
1 .96
3.75
8.62
9.69
6.33
7.46
17 .64
4.80
-4.79
8.29
20.17
35.20
-27.02
-5.89
11.24
28.05
45.15
8.19
55.36
46.28
-29.68
87.43

18,863
20,237
21,844
20,069
22,628
27,447
30,301
28,034
30,376
32,930
33,119
35,032
37,087
40,895
49,117
59,178
65,033
71,324
85,151
92,980
91 ,672
88,607
107,848
133,813
129,479
121 ,040
129,974
147 ,833
179,376
202,020
234,442
273,862
262,385
308,953

19,239
20,938
21 ,383
19,996
23,767
28,151
2 9,6 86
28,351
31 ,093
33,044
33,308
35,853
36,482
42,143
51 ,587
60,984
66,291
74,226
88,162
91 ,277
92,185
91 ,340
110,768
139,320
126,458
123,104
133 ,273
151 ,952
184,745
208,331
244,685
269,930
264,505
319,589

1 8 , 3 90
20,173
21 ,571
20,477
22,132
26,716
29,646
28,391
29,924
32,601
33,118
34,730
37,079
40,501
48,082
57,608
64,469
70,549
83,403
91 , 5 1 7
91 , 6 0 8
88 ,274
104,858
128,494
132 ,328
122,576
129,154
144,825
172,722
201 , 96 7
228,153
26 8,162
264,660
299,734

AVERAGE FOR PERIOD

1 1 2 . NET CHANGE IN BUSINESS LOANS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1951 . . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960...
1961 . . .
1962...
1963...
1964...
1965...
1966...
1967...
1968...
196 9 . . .
19 70 . . .
1971 . . .
1972...
1973...
1974...
1975...
1976...
1977.. .
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...

Annual

AVERAGE FOR PERIOD

19,111
20,650
21 ,6 40
19,718
23,421
27,858
29,969
28,215
30,915
32,996
33,215
35,635
3 7,821
41 ,625
50,812
60,578
65 ,644
73,153
87,358
91 ,6 80
92,465
90,502
109,664
138,352
126,999
121 ,770
132 ,174
150,501
184,399
204,727
241,377
274,856
261 ,999
3X6,143

101. COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING IN 1972 DOLLARS
(MILLIONS OF DOLLARS)
1951 . . .
1952.. .
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963.. .
1964...
1965...
1966...
196 7 . . .
1968...
1969...
1970...
1971 . . .
19 7 2 . . .
19 7 3 . . .
1974...
1975...
19 7 6 . . .
1977...
1978...
1979...
1980.. .
1981...
1982 . . .
1983...
1984...
1985...

IV Q

22,978
25,059
27,329
25,222
28,245
33,156
35,520
32,642
35,265
38,246
38,644
40,619
43,129
47,536
55,715
64,761
71 ,647
76,606
88,000
92,924
88,436
87,992
92,633
96,315
87,275
78,209
79,413
83,364
89,352
88,156
94,293
108, 734
102,668
118,453

23,476
26,281
26,923
25,256
29,589
33,668
34,830
32,997
36,249
38,314
38,815
41 ,624
44,713
48,824
58,135
67,240
72,917
79,350
90 ,214
91 ,122
88,805
89,758
94,273
96,929
84,343
78,828
80,494
83,782
88,892
88,863
98,518
107,075
103,000
122,855

22,216
25,052
27,165
25 ,728
27,705
32,394
34,939
33,026
34,739
3 7,80 9
38,541
40,320
43,168
47,053
54,749
63,555
71,104
7 5,90 8
86,507
91 ,769
88,966
88,285
92 ,665
95,537
90,220
79,806
79,196
82 ,380
87,249
89,499
92,584
106,710
104,026
115,045

AVERAGE FOR PERIOD
1 .24
2.29
-1.38
-0.61
3.76
4.32
1.07
2.17
2 .28
1.39
1 .00
3,36
3.53
6.95
12.02
7.08
3.52
11.51
15.16
4.36
21 . 72
-2.48
-0.56
49.50
-17.20
-4.48
7.61
11 . 72
57.28
20.22
48.40
16.14
-0.50
42.76

1.72
3.23
-2.15
-0.42
5.33
0,96
-4.86
1 .12
3.23
0.48
0.01
3.80
5,76
2.48
8.05
7.54
5.87
10.02
11 .45
-21.06
-11 .66
22.91
14.47
11 . 0 8
-13.76
12.72
15.91
20.78
7.31
15.72
30.36
-0.35
-8.98
52,49

1 .00
4.57
-2.27
2.84
4.20
4.09
-4.75
1.52
1 .93
1 .46
0 . 78
3.65
9.10
5 .32
10.06
5.58
6.20
14.65
8.54
-7.18
-1.97
10.87
14.56
16.58
-10.42
18.56
13.18
23.82
-12.06
54.31
41 .36
-55.45
18.46
57.98

32.05
23.90
-6.88
-11 .02
7,82
16.66
31.91
55.85
2.65
53.90
18.44
55.42

1 .29
1.65
0.29
-3.59
4.73
3,92
1.36
0,17
2.42
-0.22
1.04
3,24
2.40
5.12
9.69
10.89
1.89
10.88
11 .61
3.97
10.92
1 .30
13.17
43.57
-13.01
-5.23
7.43
12.89
48.67
3.85
53.33
7.94
3.43
32,31

1 .77
3.01
-3.05
2.24
4.53
2,47
-3.43
1.50
2.57
0.25
0.86
2.67
6.82
5.28
8.64
5.53
7.65
11 .33
10.62
-9.47
-6.60
14.07
13.22
9.78
-7.60
14.06
14.10
16.40
10,61
30.39
36.02
-40.74
20.93
39.52

3.43
1.72
-0.08
-0,74
3,80
4.28
1.12
- 1 .02
2.79
1.73
0.41
2.56
3.06
3.69
9.56
9.03
5 .74
8.08
13 .91
2.01
0.72
19^65
28.11
-13.63
-2.02
10.15
1 8.50
34,08
24.57
36.84
16.85
3.28
53 .6 7

(MAY 1985)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
332

1931...
19.52...
1953.. .
19 5 4 . . .
1955...
1956. . .
1957...
1958...
1959...
1960...
1961 . . .
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
19 7 O . . .
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979.. .
1980...
1981 . . .
1982...
1583.. ,
1584...
1985...

88.5
86.2
84.9
86.5
86.5
90.2
93.8
94,3
95.0
95.8
95,2
94.8
94.7
95.7
96.0
97.7
99.9
101 . 1
104.2
108.6
111 . 8
116.3
123.4
142.6
180.0
184.4
195.6
207.8
226.8
266.9
296.8
311,6
309.9
317.1
332C.

1951 . . .
1952...
1953...
19 5 4 . . .
If) 5 5 . . .
1956,..
195 7 . . .
1958,. .
1959.. .
I960...
1961 . . .
1962...
1963...
1964...
196 5 . . .
1966.. .
1967.. .
116 8 . . .
196 9 . . .
1970...
1971 . , .
1972 . . .
19 7 3 , . .
19 7 4 ! ! !
1975...
1976.. .
1977...
1978...
1979...
1 980
1981 . . .
1982,. .
1983.,.
1984...
1985.,.

1951
1952*.'.!
1953...
1954...
1955 . . .
1956...
1957...
1958. . .
19 5 9 . . .
1960...
1961...
1962...
1963...
1964...
1965...
1966...
196?..,
1968...
1969...
X9 70 . . .
1971 . . .
1972...
1973.,,
19 7 4 . . .
1975...
19 7 6 . . .
1977...
1978...
1979.,.
1980...
1981
1982...
1983...
1984...
1985...

PRODUCER PRICE
89.2
86.0
84.9
86.4
86.9
90.4
94,1
94.0
95.2
95.8
95,3
94.8
94.7
95.6
96.0
96.1
99.7
01 .6
04.6
0 8.5
12.0
17.0
25.3
45.2
79.5
84.9
96.6
£09 .1
128.9
171 . 9
198.2
10.9
10.0
117.9

89.3
85.5
85.3
86.4
86.8
91 . 1
94.0
94.0
95.3
95.9
95.4
94.9
94.6
95.4
96.1
98.3
99.6
101 . 7
105.1
108.4
112.6
117.2
127.5
149.3
1 78.3
185.5
198.3
210.4
231 .4
273.8
301 . 4
310.0
309.3
319.6

Apr.
INDEX.
89.4
85.4
85.3
86.5
87.0
91.6
93.9
94.0
95.5
95.8
95.3
95,0
94.5
95.4
96.3
98.7
99.5
101.8
105.0
108.9
112.8
117.5
128.2
152.2
178.6
186.1
200.0
211.5
235.1
274.8
305.0
309.4
308.5
320.1

May

June

Aug.

July

INTERMEDIATE MATERIALS,
(196 7-100)

SUPPLIES

89.0
85.5
86.2
86.4
87.4
92.1
94.0
94.1
95.8
95.8
94.8
95.0
95.4
95.1
96.9
99.3
99.8
102.2
105.4
109.7
113.8
118.1
133.5
160.0
177.7
188.6
201 .5
214.8
240.4
278.6
307.1
309.8
311 .1
321 .5

86.9
85.5
86.5
86.4
88.4
92.3
94.5
94,3
95.7
95.6
94.7
95.0
95.3
95.2
97.1
100.3
100.0
102.4
106.0

89.3
85.2
85.9
86.6
87.2
92.0
93.8
94.0
95.9
95.6
95.0
95.1
95.2
95.3
96.5
99.2
99.5
101.9
105.2
109.3
113,2
117.9
131.1
156.9
177.9
187.1
201.4
213.2
237.7
276.2
306.2
309.5
309.6
320.9

88.1
85,3
86.8
86.6
88.1
91 .3
94.2
94.2
95,8
95.7
94.7
95.1
95.3
95.2
96,9
99.8
99.9
102.3
105.5
110.1
114.6
118.4
131 .3
165.7
178.4
189.7
202.0
215.4
244.4
281,0
307.8
310.4
312.1
320.9

CHANG1Z IN PR OQUCKR PRICE INDEX, INTEF MEDIATE MATEB1ALS,
OVER 1-MONTH SPANS1
(PERCENT)

2.8
-0.2
0.1
0.1
0 .1
0.3
0.4
-0.1
0.0
0.1
0.1
-0.1
-0.1
0.0
0.2
0.0
0,0
0.5
0.7
0.4
0 .5
2.6
0.3
0.3
0.4
0.6
1 .0
2 .4
1.3
0.3
-0.4
0.2
332C.

Mar.

Sept.

110.3
115.4
118.6
135.1
173.3
180.0
190.3
202.9
217.0
247.7
283.9
30 9.5
310.1
313.2
320.3

86.6
85.1
86.3
86.5
89.7
93,2
94,3
94.6
95.8
95.3
94.7
94.8
95.6
95.8
97.6
99.9
100.7
103.1
107.4
111.3
115.6
121.2
136.1
179.5
183.1
193.6
205.7
223.2
258.2
290.3
310.2
310.5
315.9
320.9

86.4
84.8
86.4
86.4
89.9
93 .4
94.4
95.0
95.7
95.1
94.9
94.8
95.7
96.0
97.5
99.9
101 .1
103.7
107.8
111 .4
116.2
122.8
139.0
179.4
183.8
194.9
206.6
224.6
260.6
293.1
310.6
311 .0
316.4
320.7

89.0
85.9
85.0
86.4
86.7
90.6
94.0
94.1
95.2
95.8
95.3
94.8
94.7
95.6
96.0
98.0
99.7
101,5
104.6
108.5
112.1
116.8
125.4
145.7
179.3
184.9
196.8
209.1
229.0
270.9
298.8
310.8
309.7
318.2

89.2
85.4
8S.8
86.5
87.2
91.9
93.9
94.0
95.7
95.7
95.0
95.0
95.0
95.3
96.6
99.1
99.6
102.0
105.2
109.3
113.3
117.8
130.9
156.4
178.1
187.3
201.0
213.2
237.7
276.5
306.1
309.6
309.7
320.8

-0.2
-0.4
0.1
-0.1
0 .2
0.2
0.1
0.4
-0.1
-0.2
0,2
0.0
0.1
0.2

1.2
-0.3
0.2
0.0
0.2

-0.1
0.0
0.3
0.0
0.2

-0.9
0.0
0.1
0.0
0.7

-0.1
-0.3
0.0
0.0
0.2

0.2
-0.1
0.1
0.1

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

0.1
0.1
-0.1
-0.1
0.0
0.0
0.0
0.1
0 .1
0,3
0.1
0.2
0.3
0.3
0.5
0 .4
0 .0
2,8
0.5
0.6
0,4
0.6
1,6
0.8
0.3
0.1
0.4
-0.2

0.0
0.2
0,0
-0.2
0.1
-0.1
0.1
0,2
0 .1
-0.1
0.3
0.3
0.5
0.2
0.2
0 .9
1 .4
1 .1
0.6
0.5
0.4
0.9
1.2
0 .9
0.1
0.1
0.2
0.1

-0.1
-0.2
0.7
0.1

-0.3
0.4
0,3
-0.2

-1.0
-0.2
0.7
0.2

- 1 .4
0.2
-0.3
-0.2

-0.2
0.1
-0.1
-0.1

0.2
0.3
-0,3
0,2
0.0
0.1
0.0
0.0
-0,1

0.8
-0.1
0.0
0.1
0.1
0.1
0.1
-0.1
-0.2

0.5
-0.1
0.0
0.2
-0.1
-0.1
0.1
-0.1
0.0

0.4
-0.1
0.0
0.4
-0,2
-0.3
0.1
0.7
-0.1

0.1
0.2
0.1
-0.1
0.2
-0.2
-0.1
0.2
-0.2

-0.9
0.2
0.1
0.0
-0.1
-0.1
0.1
-0.1
0.1

1.1
0.3
0.1
-0.1
-0.1
0.0
-0.1
0.0
0.0

0 .3
-0.1
0.1
-0.1
0.0
0.0
0.0
0.0
0 .2

86.5
85.4
86.4
86.2
89.6
93.1
94.2
94.5
95.7
95.5
94.5
94.9
95.6
95.8
97.3
99.8
100.3
102.9
106.9
111.2
115.3
120.2
134.7
177.4
182.4
192.3
204.3
221.2
255.9
2 8 7.9
309.9
310.1
315.9
320.4

-0.2
-0.2
0.0
-0.1
0.4
0.5
-0.2
0.1
0.1
-0.1
-0.2
-0.1
0.3
0.4

0.1
-0.4
-0.1
0.3
0.1
0.1
0.1
0.1
0.1
-0.2
0 .2
-0.1
0.0
0.0

0 .0
0.4
-0.2
0.5
0.4
-0.1
0.2

0 .1
0.2
-0.1
0.1
0.5
-0.1
0.5

0.4
-0.1
0.1
-0.1
0.5
0.2

0.5
0.0
0.1
0.2
0,4
0,4

0.1
0.3
0.3
0.2
0.4
0.5

0.5
0.1
0.1
0.1

0.5
0.1
0.1
0.5

-0.2
0.2
0.3
0.3

0.1
0.2
0.6

0.4
0.2
0.5

0.7

0.7

0.0

-0.1

0.3

0.4
0.6
0.4
0.1
0.5

1 .5
-0.3
0.3
0.5
0.6
0.9

1 .8
2^8
-0.7
0.3
0,9
0.6
1 .1

0.5
1.9
0.2
0.3
0.9
0.5
1.6

2,3
3.1
-0.4
0.5
0.7
0.8
1.1

2.0
-0.1
0.8
0.0
0.8
1.1

3.6
0.4
0.6
0.2
0.3
1 .7

4.6
0.9
0.3
0.4
0.7
1.4

0.1
0.3
0.9
0.5
0.8
1 .6

1.0
2.2
1.0
0.1
0.2
1.1
1.7

1.0
1.2
0.4
0.7
0.7
0.9
0.9

2.1
- 0 .1
0.4
0.7
0.4
0.6
0.9

0.5
-0.2
0.0
0.3

1.1
-0.3
-0.2
0.5

0.6
-0.1
0.4
-0.2

0.1
0.1
0.6
-0.1

0.1
-0.1
0.3
0.1

0.1
0.1
0.0
0.2

0.2
0.3
-0.2

o!o

) .1

.0
. 1

.0
-( ) . 1
3.2

-2.5
-0.2
0.2

-3,2
1 .9
0.7

-2.1
3.3
0.0

-2.1
4.5
0.2

-1.2
3.8
0.0

0.2
2.6
-0.2

0.0
2,6
-0.7

-0.2
0.9
-0.2

4^5
1 .7
-0.4

5.2
1 .3
-0.6

5.0
1 .3
-0,6

2.5
0.9
-0.2

4.2
0.9
0.6

3.3
0.9
0.9

3.3
0.6
1 .1

5 .8
2.6
1 ,1
1 .3

o!a

-oi*
-0.6
0.8

0,2
-0.6
0.2

-0.2
-1.0
0.6

-0,4
-1.3
0.4

- 0 .6
-1 .5
0.2

-0.6
-1.7
-0.2

-0.4
1.0
2.9
-0.6
3.0
4.1

0 .8
-0.6
1.5
3,3
-0.8
2.4
4.1

1.3
-1 ,3
1.9
3.7
-0.2
2.2
3.3

1.3
-1.0
1.9
4.3
0.0
2.4
2.5

1.3
-0.8
2.3
4.5
0.6
1.6
2.7

1 .5
0.0
2.3
3.7
1.2
2.0
2.3

3.9
13.8
27,7
1 .4
4,1
8.2
7,2
13.0
15.3

4.0
17.0
32.9
-l.fi
4,4
8.2
7.4
13.4
14.4

3.3
18,2
32,5
-1.9
5.3
6.9
8.1
14.6

3.6
13.2
35.0
-1.8
5.8
6.7
7.4
16.1
10.8

2.8
16.3
42.4
0.6
5.9
6.5
7.7
17.1
9.0

3.8
9.5
35.0
2 .6
7.2
5.7
8.1

-0.3
-1.0
2.7

-o'.5

-o.'s

-o!s
U
2.4

-o!s
2^1
1.5

-0.6
3.2

14.3
0.1
3,2

3

0 .1
0.2
0.2
-0.1

0.2
0.4
0.3
1 .3
2.4
-0,2
0.3
0.6
0.6
1.0
1 .7
1.0
-0,1
-0,2
0.3

-3 .9
- I ,0
3.6
0.0

"6.1
-0.6
1.3
-0.3

= 3 .0
-1.0
-0.3
0.7

3.3
0,9
0.4
1.1
-0.4
-1.3
0.4

5. 9
2.9
0.9
1.4
0.0
-0.9
-0.7
-0.4

4,6
4.2
-0.6
1.8
0 .3
-0.7
0.3
-0.7

-0.6
-0.6
-0.6

-0^6
2.2
4.2
0.6

1 .3
1.9
1.6
2.2

0.S
1 .6
2.0
-0,7
2.9




AVERAGE FOR

- 1 ,6
0.5
0.0

-0.9
-0.7
-0.2

-1,4
-0.2
1.2

-0.7
0.0
1 .2

12.6
-2.6
1 .7
0.3

2;8
0.9
1 .9

5.6
0.2
1.7

3.9
-1,1
1,9

3.0
-0.8
1 .9

4.9
1 .4
-0.5

- 1 .5
0.2
-0.4

-l!o
0.2
-0.8

-o!6
0.2
-0.6

_0'4
0 .4
-0.8

2 ,2
0.0
-0.5
0.7

88.1
83.5
86.0
86.5
88.1
92.0
94.1
94.3
95.6
95.6
9S.0
94.9
95.2
95.5
96.8
99.2
100,0
102.3
105.8
109.9
114.1
118.7
131,6
162.9
180,0
189.1
201.5
US,6
243.2
2 80.3
306,0
310.4
312.3
320.0

0.0
-0.1
0.2
0,0
0.3
0.3
0.1
0.0
0.1
0.0
0.0
0.0
0.1
0.0
0.1
0.2
0.1
0.2
0.3
0.3
0.4
0 .5
1 .0
2.2
0.2
0.5

e.s
0,7
1.2
1,0
0.5
0.0
0.2
0.1

>ERI0I>
-0 .1
- I .3
1.6
0.2
,l! 8
0,7
0.8
0.9
-o!6
0.0

1 .1
2.3
1.4
2 .4

1 .9
1 .2
1 .2
2.6

+ .3
+ .5
+ .6
) .4
5.9
+ .3

3.7
4.3
5.7
7,8
30.9

3 .1
4.3

3.0

2.8

3.1

3.6

5.4

4,4

8.4
25 . 7

18.0
18.0

15.5
7.3

25.3
5.6

16.3
31 .0
-0.8

13.0
37.5
0.5

.8

7,1
4,3
9.6
18.0
10.5

6.8
5 .1
9.3
17.5
10.7

5.8
10.9
19.3
11.6

6.2
11.3
20.5
10.3

6 .5
11 .8
18.3
11 .7

7,8
7.6

6.3
7.7
17.2
9.4

8.9
30.8
5.7
6.9
4.6
9.4
18.0
10.3

3.0
11 .4
19.6
10.3
5.9
6.S
6.2
11,3
19.4
11.2

0 ,9
0.4
1.9
%.1
1,3
2.8
3.9
3 .%
4.1
6,2
14,4
27.4
2.8
6.1
6,2
9.0
17.0
11 . 4

0.6
4.1
0.0

0.8
3.4
-0.5

-0.3
3.2
-0.3

-0.1
3.0
-0.9

-0.6
2.9
-1.0

~0.*4
2.4
1 .4

O.*6
4.1
-0.1

-O.*3
3.0
-0.7

-=0.1
2,3
0.9

18.3
8.5

0 .2

o'.s
4.9
0.2

1.7
1.7
0.2
2.4

NOTE: Percent changos are centered within the spans: 1-month changes are placed on the 2d month and 6-month
changes are placed on the 4th month. Quarterly and annual
figures are averages of the centered changes.
'This series contains revisions beginning with 1980. 2This series contains revisions beginning with 1979.

100

86.3
85.1
86.4
86.4
89.7
93.2
94.3
94.7
95.7
95.3
94.7
94.8
95.6
95.9
97.5
99.9
100.7
103.2
107.4
111.3
115.7
121 . 4
136.6
178.8
183.1
193.6
205.5
223.0
258.2
290.4
310.2
310.S
316.1
320.7

0.8
2.1
2.2
1.6
2.2
3.7

J.4
18.5
9.8

3,8
0.3

87.2
85.5
86.6
86.4
88.6
92.1
94.4
94.3
95.7
95.6
94.7
95.0
95.3
95.3
97.1
100.1
100,0
102.5
105.9
110.3
115.1
118.8
133.3
170.8
179.7
190.7
202.9
217.1
247.9
283.4
309.0
310.3
313.5
3 20.4

0.1
0.2
0.1
0.4
0.4
0 .3
1 .5
2.3
-0.1
0.5
0.5
0.7
1,3
0 .6
0.6
0.0
0.2
0.2

) .5

CHANG! IN PRODUCER PRICE INDEX, INTERMEDIATE MATERIALS, SUPPL1 ES, AND COMPONENTS,
(ANNUAL RATE, PERCENT)
OVER 6-MONTH SPANS2

-0.4
1.1

Annual

AVERAGE FOR PERIOD

0.1
-0.1
0.0
0.1

0.1
0.5
0.2

II Q

IQ

SUPPLIES, AND COMPONENTS,

0.1
-0.6
0.5
0.0

0.0
0.4
0.2

IV Q

Dec.

AVERAGE FOR PERIOD
86 . 7
85.6
86.4
86.3
89.2
92.6
94.4
94.4
95.6
95.6
94.7
95.0
95.3
95.4
97.2
100.1
100.2
102 . 7
106.3
110 .6
115.4
119.4
133.4
173.5
180.6
192.1
203.9
218.8
251 .7
285.2
309.7
310.3
315.1
320.0

0.8
-0.2
0.0
-0.1

-0.2
-0.3
0.2

III Q

Nov.

Oct.

AND COMPONENTS1

1.7
2.1
-1.2
3.2

1 .5
2,3
- 1 .0
3.0

-o!s
1 .5

3.3

-0.5

13.7
14.7
-O.*4

-o!s

3.0

(MAY 198S)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.
333.

1951...
1952...
1953 . . .
1954...
19 5 5 . . .
1956...
19 5 7 . . .
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
19 7 0 . . .
19 7 1 . . .
1972...
1973.,.
1974...
1975...
19 7 6 . . .
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

70. 1
71. 8
72 . k
74. 2
75. 3
79. i
85. ?
89. +
90. 7
91. &
91. 8
92. 3
92. 2
92, 5
93. 9
95. )
98. 8
101. 9
105. L
109. B
115. 3
118. L
120. I
128. L
157. 3
168. B
178. ?
192. X
208. 3
228. 2
253. i
274. 3
284.
290. >

70.4
72.4
72.4
74.3
75.1
79.9
86.3
89.5
90.8
91.7
91.7
92.0
92.2
92.7
94.0
95.4
99.1
102.2
105.4
110.2
115.7
118.7
121.1
129.2
158.3
169.6
179.8
193.2
210.1
.230.0
255.9
274.2
285.0
291.7

333C.
1951 . . .
1952.,.
1953...
1954...
1955...
1956...
1957,..
1958.,.
1959...
I960..,
1961.,.
1962...
1963...
1964...
1965...
1966...
1967...
1968.,.
1969...
19 7 0 . , .
1971...
19 7 2 . . .
1973...
1974...
1975...
1976...
1977.,,
1978.,.
1979...
1980...
1981...
1982..,
1983.,.
1984...
1985...

1 .
0. J
0.
0. )
0.4
0. L
0. X
0.

o.;
0.
-0.

-0.
o .*t
0.
o . ;I
0. 1
0. +
0. *
0. I
0.
)
I .I
i. X
0. 7
0.
0.
0.
1 A•
1.
0.4

12 ./*
12.
7.C
5. )
6. >

io.;

13.:
9. )
4.4
>
3! 7

IV Q

Annual

71 . 4
72.6

71.4
72.6

71.7
72-3

71.2
72.4

74.7
76.4
82.1
87.7
89.7
91 . 8
91 . 8
91.8
92.3
92.3
93.5

74.5
77.1
82.8
88.0
89.6
91.8
91.9
91.8
92.3
92.3
93.6

74.5
77.9
84.0
88.4
89.6
91.9
91.1
91 . 9
92.3
92.5
93.6

74.5
78.7
84,8
88.7
89.8
91,8
91 . 7
92,0
92.2
92.6
93.6

74.6
75.8
81 . 6
87.0
89.7
91 .6
91 , 7
91 . 8
92.2
92.2
93.3

96.3
99.7
103.3
106.2
111.2
116.5
119.5
123.2
136.0
161.4
171,8
182.5
196.9
214.7
236.5

96.7
99.8
103.4
106.5
111 .4
U6.6
119.7
123.5
138.9
162.0
172.7
183.5
198.5
215.9
237.9

97.0
99.9
103.7
107.0
111 . 9
117.1
119.9
123.7
141 . 8
163.1
173.5
184.5
199.9
217.5
240.9

97. X
100.:I
104.(
107.'I
112.
11 7.^t
119.*
124.
145..
163.4
174.5
186,1
201.3
217.5
243.0

97.4
100.4
104.2
107.7
112.7
117.2
120.2
124. 6
148.3
164-7
175.8
18 7.2
203.0
219.9
244.5

94.6
97.8
100.9
104.5
108.1
114,0
116.9
119.6
124.9
151 .5
165.6
176.4
189.0
203.3
221.4
248.2

74.9
79.0
85.6
89.3
90.5
91 . 5
91 .6
91 .9
92.3
92*8
93.5
94.9
98.6
101 . 6
104. 7
109.4
114.9
117.7
120.2
126.6
155.1
167.7
1 78, 7
191 . 7
206.7
225.1
250.6

74.3
75.1
79.9
86.3
89.5
90.9
91.7
91 . 8
92.0
92.2
92.8

95.9
99.4
102-9
105.8
110.8
116.2
119.3
122.3
132.4
160.8
171.3
181.5
195.4
213.4
235.7

74.5
78.6
85.5
89.0
90.2
91 .5
91 .6
91.9
92.2
92.6
93.6
94.8
98.3
101 .2
104. 7
108.9
114.6
116.9
119.8
125.5
153 .7
166.8
177.2
190.4
205.3
223.1
249.6

94.0
95-3
99.0
102.2
105.4
110 .2
115.6
118.6
121.0
129.4
158.4
169.7
179.8
193.3
210 .0
230.1

94.4
96.3
99.6
103.2
106 .2
111 .1
116.4
119.5
123.0
135.8
161 .4
171 , 9
182.5
196,9
214.7
236.7

74.6
77.1
83.0
88.0
89.6
91 . 8
91.6
91 . 8
92.3
92.4
93.6
94 .6
97-2
100.2
104.0
107 .3
112.3
117.2
120,0
124.1
145.2
163.7
174.6
185.9
201 . 4
218.3
242.8

74.6
78.8
85.3
89.0
90-2
91 .6
91 .6
91 . 9
92.2
92.7
93.6
94.8
98.2
101 .2
104,6
108.8
114.5
117.2
119.9
125.7
153.4
166.7
177.4
190.4
205.1
223.2
249.5

74.5
76.7
82.4
87.5
89.8
91.5
91 . 7
91 . 8
92.2
92.4
93.3
94 .4
96.8
100.0
103.5
106.9
112.0
116.6
119.5
123.5
141.0
162.5
173.4
184.6
199.2
216.5
239.8

276.6
285.9
294.3

277.9
286.3
293.8

279.3
286.9
2 94,1

2 80.3
287.3
2 94.7

281.5
288.4
295.3

281 .9
288.4
295.8

282.2
289.0
295.1

283.0
289.2
295.9

284.3
289. 7
295.0

275.0
285 .0
291 .6

277.9
286 .4
294.1

281 .2
288.0
295.3

283.2
289.3
295.3

279.4
287.2
2 94.1

0,0

0.8
0.3
0.2
0 .1
0.2
0.6
0 .4

INDEX, CAPITAL EQUIPMENT, OVER 1-MONTH SPANS 1
(PERCENT)

0.3
0.4
0.4
0.4
0.3

0.7
0.9
0.8
0.5
0.5

0.5
1 .3
1.0
0.5

0.5
1.1
0.6
0.4
0.4

0.8
0.9
-0.3

0.6

0.3

0.3

1.5
0.8
0.3
0.0

0.1

0-1
0.3
0.5
0.4
0.4

-0,3
-0.4
-0-1
-0.3
0.9
0.9
0.3
-0.1
0.0
0.1
0.0
0.0
0.0
0.1
0.1
0.2
0.3
0.3
0.2
0.3
0.3

0.1
0.0
0.1
0.0
1.0
1.4
0.5
0.0
0.1
-0.9
0.1
0.0
0.2
0.0
0-2
0.2
0.2
0.2
0.5
0.4
-0.2

0.7
2.7
0.4
0.3
0.6

0.2
2.1
0.4
0.5
0.5
0.8

0.2
2.1
0-7
0.5
0.5
0.7

0.3
2.6
0.2
0.6
0-9
0.7

0.4
1.9
0.8
0.7
0.6
0.8

0.3
0.8
0.5
0.1

0.6
0.6
0.5

1.3
0.6
0.4
0.1

0.9
0.4
0.4
0.4

0.6
0.6
0.1
0.0

0.8
- 0 -8
1.6

0.6
-1.1
0.3

7.5

7.8

0.4
1 .1
0.0
0.4
0.0
0.9
1 .1
0.4

1.1
-0.2
0.0
0.2
0.0
0.9
0.4
1.1

1.8
-0.9
-0.2
0.0
0.4
1.1
0.4
1.1

2-3
2.2

3.0
3.1
4 .4
5.9
1 .2
0.5

2.7
5.1
6.2
0.7
0.5

2.5
5.5
6.4
1.9
0.8

26.8
6.5
.5.9
7.1

28.4
6.1
6.2

30.9
6.1
6.0

7.3

8,6
7.2

8.9
8.0
10.9
8.1
4.5

8.4
8.2

6.8
6.4
8.8
8.7
8.0
11.4
7.9
3.7
2.0
1.4

7.2
7.1
9.1
8.4
8.7
11.0
7.6
3.6
2 .0
0.6

0.1
0.1

0.8
0.0
0,4
0.4
0.1
0.0
0.3
0.1
0.1
-0.1
0.1

-0.1
0.1
0.1
0.1

0.3
0.2

0.2

0.0
0.1
0.4
0.1
0.4
0.1
0.7
0.0
- 0 .1
0.1
-0.1
0.2
0.0
0.2
0.1

0.4
-0.3
0.0
0.0

1.0
1.0
0.3

AVE1 IAGE FOR PERIOD
0.0

0.0
- 0 .4
0.0
-0.1
0.8
0.3

0.0

0 .1
0.5
0.5
0.1
0,3
0.3
0.0
0.0
0.0
0.1

0.1

0.4
-0.3
-0.1
-0.1
0.0
0-0

0.0
-0.2

0.0

-0.1

0-2

0.1

0.3

0 .4
0.0

0.2

-0.1
0,7
0.1
-0.1

0.5
0.3
0.4

1 .2
-0.3
0.2
2.2

0.5
0.3

1 .0
0.1
0 .7
1 .5
0.9
0.1
0.2
-0.2

0.2
0.7
0.5
0.0
0.2
0.5
1 .5
0.7
0.5
0.7
1 .0
0 .8
0 .6

0.2

0.5

0,3
0.7
0.3
0.9
0.9
0.5
0.8

0 .7
0.7

0.1
0.3

0.4
0.5'
0.5
0.2
-0.3

3 -1
-0.3
0.5

3 .1
0.6
0.3

7.4
8.6
3 .4
2-7
- 0 .2
- 0 .4

1 .1
3-7

-0.2
0.9
0.9
1 . 7
3.9

6.5
6.3
2 ,5
3.6
-0.2
1 .5
0 ,4
-0.2
1 .1
1 .3
1 .7
3 .5

2 . 7
5.3
6 .2

2.7
5.7
6.3

2.7
5.5
5.8

1.7
0.5

2.2
2.0

2-9
2.5

7. 7
> .2

7.3
5.7
8.0
8. 7
11 . 5
11 -4

0.7
0.3

0.1

0 .2
0 .1
0.1
0 .1
0 .0
0.1
0.2
0.2

0.3
0.3
0.4
0 .3
0.3
0.4
1 .1
1 .0
0.6
0.4
0.5
1 .1
1.0
0.2

0.2
0.3

0.2

0 .1
0.5
0 -1
0 .4
0.7
0 .2
0.1
0.2
0 .0
0.0

0.0
0 .0
0,1

0,1
0.2
0.3
0.3
0,3
0.2
0.2
0-5
2 .0
0.5
0.4

0 .5
0 .7
0.8
0.7
0 .4
0.1

-0.1
-0.1
0.1

-0,1
0.8
0.8
0.5
0.0
0.0
-0.2
0.0
0.1
0.1

0,1
0,1
0.2
0.2
0.3
0.4
0-4
0-2
0-2
0.3
2.2
0.6
0.6
0 . 7
0.7
0.9
0.5

0.3
0-2
0 .2

0.1
-0.1
-0-1
0.2
0.5
0.6
0.3
0.3
-0,1
0-2
0.0
0.0
0.1
0.0
0.0
0 .4
0.4

0.2
0.5
0.7
0.1
0.0
0.5
1.5
0.6
0.5
0.8
0.6
0.8
0.7
0.3

0.2
-0 . 1

0.3
0-0
0.2
0 -1
0.4
0.7.
0.3
0.1
0.1
0.0
0.0
0.0
0.0
0.1
0.1
0.3
0.2
0.3
0.4
0.4
0.2
0.2
0.4
1-7
0.6
0.5
0.6
0.6
0.7
0.9
0.7
0.3
0.2
0 .2

CHAN
AVERAGE FOR PERIOD

PERC BNT)

2.8

4,0
2.8

2.6
0.3

1 .1
0.0

1 .4
-0.6

1.9
3.5
8.0

1 .6
3 .2

1.4
3.8

0.5
5.4

0.5
7,0

0.0
8.7

0.2
0.4
0.7
0 .0
1 .7
1 .5
3.2
2.9
4.2
2.9
4.3
3.3
4.5
5.8
17.4

0 .4
0.7
0.4
0-0
1 .1
1 .9
3.8
2.4
3.6
3.5
3 .7
3 .0
3.4

>
0 A*
0 .(
0. 1

2.2
0.4

1 .5
-1 .5

20.4

22 .

6.1
6.1
6.9
9.4
12 -4
10.4
4.0
2.3
3.2

6 .1
5.4
7.2
9 .1
11.7
10.9
4.1
1 ,8
3.1

)
5 A
6 A*
8.1
9'!c
11 At
9; 1
4.0
2.3
2.9

0, J
2. 7
6,
4 t
2.C
3A
-o.;

I .]
I. 7
2A )
3.:
4.{
2.
5.
3. )
4.

111 Q

70.5
72.2

0.3
0.5
0.2
0.2
0.3

12.2
2.5

o!c

II Q

71 . 7
72.3

0.0
0.2
0.2
0.4
0.2

s
2,.I

0.

Q

71.7
72.3

0 ..

13.

Dec.

71 . 7

(ANNUAL RAT E,
1951 . . 1952...
1953...
1954,..
1955...
1956...
1957..
1958!..
1959...
1960...
1961 . . .
1962...
1963...
1964...
1965.,.
1966...
1967.. .
1968..,
1969...
19 7 0 . . .
1971.. .
1972...
1973.,.
1974...
1975...
19 7 6 . . .
1977...
1978...
1979...
1980.. .
1981 . . .
1982...
1983...
1984...
1985...

Nov.

71.4

0.3
0.3
0.3
0.4
0.3

333C.

Oct.

71.3

0.1

-0.

Sept.

71.5

0.3
0.1
0.4
0.1
0.4
0.6
0.2
0.1
0.3
-0.1
0,0
0.0
0.0
0.3
-0.1

1 .0
0.9

Aug.

71 . 5
72.7
73 .9
74.6
76.1
82.0
87,1
89.7
91.9
91 . 7
91.9
92-1
92.3
93.3

0.3
0.0
0.4
0.3
0.3
1.0
0.2
0.1
0.1
-0.1
0.0
0.1
0.0
0.1
0.2

0.6

July

71.4
72.6
73 . 3
74.6
75.8
81.7
87.0
89.7
91 . 6
91.6
91.8
92.2
92.2
93.4

0.9
0.1
0.4
0.0
0.3
0.6
0.3
0.0
0.4
0.1
0.1
0.1
0-0
0.3
0.2

0.1

June

71.2
72.5
73 ,0
74,5
75.5
81.2
86.8
89.6
91.3
91.7
91.8
92.2
92.2
93.1

CHANGE IK PRODUCER PRICE

0.4
0.8
0 .0
0.1
0.1
0.6
0.5
0,1
0.1
0.1
-0 .1
0.0
0.0

0.
0.

71.0
72.5
72. 7
74.3
75.
80.J
86 .
89.
91.
91 .
91 .
92.
92.
93.0
94.2
95.6
99.1
102,4
105.6
110.6
115.9
118.9
121 .7
130.9
159. <
170.
180.
194.
211 ,(
232.2
258.1
275.8
285.8
2 92.5

May

PRODUCER PRICE INDEX, CAPITAL EQUIPMENT 1
(196 7=100)

6 .4

0.2

0.2

0.7
0.2

0.4

0.;

2 -(

2.0

I"'

1 .3

1.3
1 .3

I'A

2.2
3.6

2.6
3,5

3 A
3,
3.1
3 .]

3.4
3.7
3.0
2.0

4.0

11.6
8.6
5.4
2.4
2.5

0.7

3.8

1.8
2.3

7.6
10.9
8.2
4.1
2.2
0.5

0.8

- 1 .1
0.0
8.0
9.5
3 .9
2.2
-0.4
0.0
0.4
-0.2
0.7
0.9

7.1
6.3
8.5
8.6
10.1
10.8
7.1

2 .7
2.2

1 .6

NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month
inges are placed on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1980. a This series contains revisions beginning with 1979.




0.4

7.8

3.9
1 .8
1( ) , 9
,. 7
-.5
-.3
X, 1

5.6

2.8
2.9

2.7

1C . 7

1.5
J ,1
.4
> .1
7.4
J.9
.5
J -2
) .1
) .4
). 5
) .0
.3

.7
5.3
£.9
J.9
.0
• .4
3 .4

2 .6
1 .0
4.7
0.8
5.4
7.8
4.1
0-4
2 .0
-0.2
0.1
0 .6
0 -4
1 .8
1 .3
4.0
2.3
3-6
3.7

3.8
2.8

4.0

2.4

16.7
10.7
6-4
5.8

25-9
6.8
5.9
6 .9
8.6
8.1
11 . 3

7.0

9.6
12-5
10 . 4
4.2
2 .2
3 .3

8.8
4.6

2 -2
2 .6

0-9
-0.8
1 .7
0.2
8.0
9.2
4. 7
1 .1
0 .0
-0.1
0.2

0.1
1 .0
0.6

0.9
4.1
3.2
2.8
5-0
6.2
1 .3
0 .6
27.8
6.7
6.5
8.S
8-4

8.1
11 . 1
7.9

3.8
2.1
0.8

2.3
-0.3
0.3
1.5
7.3
8.1
3.3
2.8
-0.3
0 .4
0,4
-0.2
0.9
1-0
1.5
3.7
4.0
2 .7
5.5
6.1
2.3

1 .7
8.7
19.1
7.4
6.1
8.1

8.7
11.1
11 .0
6,1
2.7
2.5
2.1

4.1
0.6
2.4
1 .0
6.0
8.1
4.0
1 .4
1.2
0.0
0.3
0.3

0,6
1 .2
1-3
3.8
3.1
3-2
4.3

5.1
2,4
2.2
5.9
22.4
7.9
6.2
7,4
8.2
9.2

11 . 5
8.3
3.8
2.2
2.2

(MAY 1985)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Apr.

Mar.
334.

PRODUCER

May

June

July

Aug.

Sept.

Oct. 1 Nov.

Dec.

IQ

II Q

91.7
91 .2
89.1
89.2
88.8
86.7
91.5
94.5
93.8
93.6
95.1
94.8
94.1
94.3
94.6
98.8
99.3
101 .4
104.5
10 9.5
114.7
122.9
141 .9
159.0
167.9
176.4
187.9
208.3
239.0
265.0
277.8
283.2
289.8

92.4
90.8
88.9
89.4
88.7
89.7
92.0
94.7
93.8
94.4
94.0
94.2
94.1
94.1
95.9
99.0
99.6
102.4
106.1
10 9.5
112.8
115.6
127.5
145.5
161 .2
168.8
179.9
193.1
213.5
245,1
271.5
278.5
283.7
2 90.6

91.2
90.8
89.3
89.0
68.2
90.0
92.7
94.4
93.6
94.6
94.1
94.7
94.2
94.4
96.4
99.9
100.4
103.2
107.1
110.0
113.1
117.4
132.0
151 .6
165.5
169.6
182.0
197.0
220.4
253.5
273,3
282.3
285-4
2 90 .3

1971 . . .
1972.. .
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1,980...
1981...
1982...
1983...
1984...
1985...

90.8
91 .2
89.3
89.5
88.8
88.4
91 .3
94.1
93.9
93.3
95.0
94.8
94.4
94.7
94.5
98.2
99.5
100.9
104.4

92.3
91.2
89.1
89.0
89.0
88.6
91.7
94.1
93.8
93.3
95.4
94.9
94.2
94.0
94.5
99.0
99.3
101.5
104.3

92.1
91.3
89.0
89.0
88.6
89.1
91.6
95.2
93.6
94.2
94.9
94.6
93,6
94.1
94.9
99.3
99.0
101.8
104.8

92.4
91.0
88.7
89.5
88.8
89.0
91.8
94.6
93.9
94.4
94.4
94.3
93.7
94.1
95,6
99.4
99.3
102,2
105.3

92.6
90 .8
88.9
89.6
88.3
69.8
91.9
94.9
93.7
94.3
93.9
94.3
94.2
94 .0
95.9
99.0
99.4
102.3
106.2

92.3
90.6
89.0
89.1
86.9
90.2
92.3
94.7
93.7
94.4
93.8
94.0
94.4
94.2
96.3
98.5
100.2
102.6
106.8

91.4
91 .0
89.2
89.3
88.0
89.9
92.6
94.5
93.4
94.7
94.0
94.0
94.4
94.3
96.2
98.9
100.1
102.9
106.9

91.2
90.9
89.1
89.2
88.2
89.8
92.8
94.3
93.1
94.6
94.3
94.6
94.2
94.3
96.4
100.2
100.4
103.0
107.1

91 .1
90.5
89.7
88.6
88.4
90.4
92.6
94.4
94.2
94.6
94.0
95.5
94.1
94.5
96.5
100.5
100 . 7
103.7
107.4

91.6
91.7
90.3
90.0
89.3
88.9
88.5
88.7
88.2 •
88.4
90.6
91.0
93.0
93.4
94.1
94.0
93.3
92.9
95.3
95.5
93.9
94.0
94.7
94.8
94.2
94.3
94.5
94.4
96.9
9 7.3
100.3
100.0
100.6
100.8
103.9
104.0
108.1
109.0

91 .8
89.1
89.0
88.6
88.5
91 .2
93.8
94.0
93.2
95.2
94.4
94.5
94.1
94.3
98.1
99.7
101 .0
104.1
109.1

10 9.6
111 .1
114.4
120.8
139.4
159.5
168.4
174.4
186.6
206.1
235.7
262.5
278.1
283.4
286.8

111 ! 6
114.9
122.3
142.5
159.0
167.6
176.5
188.1
208.5
239.3
264.5
277.9
283.3
2 89.S

111.8
114.8
125.5
143.7
158.6
167.6
178.2
189.1
210.3
242.0
268.0
277.5
282.9
2 91.2

10 9,6
112.4
114.9
126.4
144.8
160.0
168.7
179.0
191 .7
212.4
243.7
270.9
277.8
282.8
2 90,9

112.8
115.6
127.3
146.2
161 .1
168.6
180.3
192.8
213.4
244.6
271 .2
277.5
283.6
2 90 .5

113.2
116.2
128.9
145.5
162.5
169.0
180.4
194.8
214.8
246.9
272.4
280.1
2 84.7
2 90.3

112.6
116.8
128.4
149.4
164.1
169.3
181 .1
196.3
217.2
251 .2
272.8
281 .4
2 84.5
2 91 .0

109.5
113.4
117.3
134.0
152.0
165,7
169.6
182.1
196.4
219.9
254.2
273.0
282.6
285.5
2 90.1

113.2
118.1
133.5
153.4
166.8
170.0
182.7
198.3
224.1
255.1
274.1
2 82.8
286 .1
289.9

113.6
117.6
133.2
156.2
168.2
171.2
183.5
199.6
226.6
256.6
274.8
283.7
286.5
289.9

114.8
119.6
135.6
159.
168.9
173.8
185.6
203.6
232.0
259,5
276.6
286.0
2 86.5
2 91 .2

334C. CHANGE IN PRODUCER

PRICE INDEX, FINISHED CONSUMER GOODS,
(PI:RCENT)

1951...
1952...
1953...
1954...
195S...
1956...

1.8
-0.7
0 ,2

1.7
0.0
-0.2

-0.2
0.1
-0.1

0.3
-0.3
-0 .3

0.2
-0.2
0 .2

0.2
-0.1

0.2
0.2

-0.4
0.6

0.2
-0.1

-0.6
0.9

1 9 58...
1959!!!
I960...
1961 . . .
196s!. .
1963.. .
1964.. .
1965.. .
1966...
1967...
196 8 . . .
1969...
1970...
1971 . . .
1972...
1973...

0.3

n n
-0.1
0.0

1*5
-0.2
1.0

0 .2

n \

0.1
-0 .2
0.4
-0.1
0.6
0.2
0.1
-0.2
-0.1
0.3
0.5
0.4
-0.3
1.0

0.3
0.2

-0^2
-0.1

0.1
-0.2
-0.7
0.0
0.8
-0.2
0.6
-0.1
-0.2
0.5
0.4
1.2

-0.3
-0.6
0.1
0.4
0.3
-0.3
0.3
0.5
0.1
0.2
-0.1
2.6

-0.3
0.1
0.0
0.7
0.1
0.3
0.4
0.5
0.1
0.5
0.1
0.7

1 9 7 5 .'.*.'
19 7 6 . . .
1977...
1978.,.
1979.,.
1980...
1981...
1 982
1983...

0.3
=0.3
0.3
0.5
1.2
1.6
1.2
0 .5
-0.9

-Oo3
=0.5
1.2
0.8
1.2
1.5
0.8
- 0 .1
0.0

-0.3
0.0
1.0
0.5
0.9
1.1
1.3
- 0 .1
-0.1

0.9
0.7
0.4
1 .4
1.0
0.7
1.1
0 .1
0.0

-0.3
-0.2
0.1
-0.6
0.7
0.4
0.4

o!o

-1.0
0.4
0 .2
0.2
-1.0
-0.3

1932...

-0.1
-0.4

0.5
-0.2

0.1
-0.3

0,1
-1.0

1 .1
-0.2

0.1
-0.2

-0.4
0.0

-0.1
0.2
-0.1

-0.7
0.2
0.7

-0.1
-0.2
0,2

0.2
0.2
0.4

-0.1
0.1
0.2

0.0
0.0
0.2

0.0
0.1
0.4

-0.2
-0.2
0.1

-ois

0.3
-0.3
0 .4
-0.3
-0.2
-0.1
0.8
-0.3
0.2
0.1

-0.1
0.4
-0 .1
0.1
-0.3
0.0
0.2
0,4
-0.2
0.3

0.0
0.1
-0 .4
-0.2
0.3
0.0
O.S
-0.3
0.4
0.3

0.2
0.1
0.1
0.5
-0,1
0.1
0.1
0.7
0.2
0.4

-1.0
0.7

-o!4
0.2

0.0
0.0
0.1
-0.1
0 .4
-0.1
0.3

1.0
-0.1
0.2
0.1
0 .3
0.3
0.7

-0.8
0.1
0.0
0.4
-0.2
-0.1
0.2

0.1
0.1
-0.1
0.4
-0.3
0.2
0.

0,3
0.4

0.1
-0.5

-0.2
0.7

1 .1
-0.2

1 .3

-0.4

4.4

- 0 .4
0.9
0.7
0.2
0,3
1.0
1.9
0.4
0.4

-0.2

1.0

0.8

1 .6

0.9

1 .2

1 . 7
1 .0
0.2
0.6
0,1
1.2
1 .2
0.1

1.8
0.8
0.7
0.4
0.7
1.1
0.6
0.3

2.0
0.4
0.8
0.8
0.7
1.4
0.7
0.2

0.1
0.8
0.3
1.3
1 .0
0.4
0.4

-0.1
-0.3
0.6
0.6
1 .1
1.4
1.1

0.4

0.2

0.1

-0.3

0.3

-0.3
0 .5

0.*8
0.3
0.4
1.0
0.7
0.7
0.5
0 .3
0.2
- 0 .1

1 «8
0.9
0.2
0,4
0,6
1 .4
1 .1
0.2
0 .3
0.2
-0 ,1

-0.3
0,2
0.2
0.4
-0.5
0.8
0,3

TO.3

0.7
-0.1
0.7
0.6
0.5
0.4
0.1

0.9
0.2
0.1
1.0
0.7
0.9
0.4

1.0
0.2
0.4
0.8
1.1
1.7
0.1

0.3

0.4

-0.1

334C. CHANGE IN PRODUCER

PRICE INDEX,
(Al

13.8
-1.3
-3.5

12.0
-2.0
-2.4

7.1
-2.6
-0.2

1 .3
-0.4
-0.2

-2.4
-0,7
0.0

-2.2
-1 .7
1 .6

0.7
1.8

-0.9

0.7

-1 .8

-1.8

-0.5

.3

FINISHED CONSUMER GOODS, OVER 6-MONTH
NT)
-1 . 7
L.5

-1,1
-3.3

-0.4
-3.7

0.0
-3.9

0.4
-3.3

11 .0
-2.0

-1.1
-0.9
0.5

-1 .6
= 2.2
0.5

0.2

-0.9

-1,4
3.0

-0.7
a.8

-0.6
0.2

0.9
4.3
2.8
-1.1
0.
1 .
1 .
-0.
-0.
0.

0.2
3.0

3 .3
-1.5
-1.1
1 .7
1 .3

0.9
3.1
3.3
-1.3
-0.2
0.6
1.7
0.9
0.6
0.4

1.6
2.7

3.3
-1 .9
-1 .7
2.6
0.2
1 .1
0.2
0,9

-1 .7
0.0
0.6
1 .3
-3.9
0.0
0.8

2.9
-0.5
2 .7
-2.7
0.
-0!

-0.1
-0.4
2 .2
-2,1
= 0 .1
0.4
0.2

-3.0
2.2
2.1
3.9

3.
-0.
3.
4.

3.7
2.1
2.3
3.6
5.1

-1,5
-1.4
2.1
0.1
1.0
0.2
0.7
3,1
2.1
2.3
3.2
5.0

3.2
-0.6
3.0
-3.3

1.9
-0.6
2,6
-2.9

0.9
-1 .1
3.0
-2.1

0.4
-1.5
2.8
-2.3

-1.7
1.3
0.9
-1,9

-2.1
»0.2
2 .3
5.'2
-2.0
3.2
2.7
2.8
3.5
2.3
15.5
18.2
4.9
0.6
9.3
9,1
13.2
15.7
11 .5
2.2
-0.6
3.1

-1.3
-0.6
3,2

-0.2
0.2
4.3

0.0
-0.8

0.0
0.6

1.1
0.9

1 ,1
0.9

-1.2
3.0

1.0
3.2

1 .4
1.2
4.0

2.4
2.2
3.0

2.4
3.5
3.a

2.0
2.8

2.5
1.6

1.2
1.6

0.6
3.5
2.8
IS.6
18.2
a.i
-0.2
9.2
8.6
12.7
13.3
10.2
1.5
-1.0
3.5

0.9
4.6
2.5
16.2
15.1
4.3
0.1
7.7
10.2
11.3
13.3
10.2
2.5
-0.9
2.7

0.2
2.7
4.2
13.0
14.9

0 .2
3.3
4.2
20.0
13.8

2 .2
2.5
5.8
13.2
14.0

1.8
2.6
3.4
5.4
1 .6
2.1

5.3
2.9
2.1

4 .4
2.0
2.8

5.1
2.6
3.2

11 . 0
16.4

11 . 6
18.9

10.7
19.6

17.9
14.0

13.
9.

1.1
7.8
10.7
11,1
13.6
8.0
2 .4
0.8
1.5

2.4
6 .4
9.0
11 , 2
12.8
6.5
3.4
1 .6
0.4

2 .9
5.1
10.0
13.6
11 .1
4.6
3.9
2.3
-0.9

3.0
5.1
8.4
13.8
10.9
2.9
4.3
2.6
-0.7

4,7
5.3
8.7
16.0
11 . 6
3.1
5.6
1.4
0.3

5.8
5.8
9.2
16.7
10.5
3.1
4.3
1.3
0.6

6.1
6.2
10.2
17.8
9.2
3.9
1.4
3.0
0.1

8..
6.
12.
18.t
8..
3.(
0..
2.fi
0.1

NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month
inges are placed on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1980. 2 This series contains revisions beginning with 1979.

102




0,2
-0.2
0 .0
0.6
0.0
0.2

-0.4
0.2
0.1
•=0.3
0.0
-0.1
0.5
-0,3
0.1
0.1
0.0
0.5
0.4
O.S
1 .2
0,4
0,8
0.5
0.9
1.2
0.6
0.3
0 .4
0,0
0 .1

0.2
-0 .1

o,'o

0.0
0.0
0.3
0.1
0.1
0.3
0.4
0.1
0.3
0.3
1.1
1*3
0.5
0.2
O.S
0.8
1.1
O.'f
0.3
0.3
0,0
0 ,1

AVERAGE FOR PERIOD

-1.9
-1 .8

3,5
-0.4
2,4
-1.9

o!e

0.2
-O.S
- 0 .2
0.0
0.0
0.3
0 .4

SPANS 2

l.b
_ .1
.3
.9
- .1

s!s

91,8
90.7
89.2
89.1
88,5
89.8
92.4
94.4
93.6
94.5
94.3
94.6
94,1
94.3
96.1
99.4
100.0
102.7
106.6
10 9.9
112.9
116.6
129.2
149.3
163.6
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
2 90.4

0 .0
1.2
0.0

0.0
0.5
-0.1
0.3
-0.4
0.1
0.1
0.9

91.7
89.8
89.1
88.6
88.4
90.9
93.4
94,0
93.1
95.3
94.1
94.7
94,2
94.4
97.4
100,0
100.8
104.0
108.7
110.7
114.1
118.5
134.4
158.2
168.6
1 72.5
184.7
201.4
229.5
2S8.2
27S.6
284.9
286.2
2 90 . 7

PERIOD

-0.2
-0.1

1 934 '. '. .
1956.. .
1937...
1958...
1959...
I960...
1961 . . .
1 96 2 .
196s!!!
1964,.,
1965 . . .
1966.. .
196?.. .
1968., .
1969...
1970...
1971 . . .
1972...
1973...
1974...
1975...
19 7 6 . . .
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

Annual

OVER 1-MONTH SPANS1

1985,..

mi...

in!s

-0.1
0 .3
0.6
-0.2
0.0
0.2
1.3
0.3
0.1

-0.3
0,3

0 .7

114.0
118.4
134.5
159.4
168.8
172.5
185.0
201.0
229.8
258.4
275,4
285.1
285.6
290.9

0 ,3

0.1

0.4

IV Q

AVERAGE FOR PERIOD

(1967-100)
1951 . . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959
1960
1961
1962
1963
1964
196 5
1966
1967
1968 . .
1969,..

III Q

- 1 .
2.
5
4. 1
3.
2.

•

0.0
-3,6
-0.4
-0 .5
1 .1
3.4
3.9
-1.4
0.1
1.0
1.4
= 1 .3
0.1
0.5
*>. 2
-1 .2
2.0
2.5
4,4

2.8

3.9

2.8

2.3

2,9

15.9
6.9
1 .0
9.9
7.1
12.5
16.6
10.4
2.5
0.1
3.6
0.6

15.8
17.2
3.8
0 .2
8.7
9.3
12.4
14,1
10 ,6
2 .1
-0.8
3.1

15.4
14.2
8.4
2 .1
6 .4
9.9
12.0
12.5
6.4
3.2
1 .6
0.3

11.1
18.3
9.4
4.5
S.4
8.8
15.§
11 .0
3.0
4.7
1 .6
0.1

IS.6
10.1
2.9
8.1
6.7
11 . 8
17.6
9.3
3.3
0.7
3.1
0.3

2,1
-2.2
-0.4
=0,2
3.0
3.0
0.0
-0.6
2.0
-0,8
0 .0
=0,1
0.3
3 .8
1 ,S
1.5
3.1
4.7
1.8
3.0
u!§
1S.0
6.1
3.7
6.8
9.9
14.4
11 ,7
S.8
2,7
I .4

(MAV 1088)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Apr.

Mar.
335.

PRODUCER

May

June

PRIC1 IHDEX, INDUSTRIAL
(1967=100)

July

1951 . . <
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
196 7 . . .
196 8 . . .
1969...
1970...
1971 . . .
1972...
1973...
1974...
1975...
19 76 . . .
1977...
1978...
1979...

86.6
84.9
84.0
85.1
85.6
89.5
93.0
93.7
94.7
95.7
95.2
95.0
94.7
95.3
95.9
97.4
99.5
101,5
104.3
108.3
112.2
115.9
120.0
135.3
167.5
177.4
188.4
201.6
220.0

87.1
84.9
84.0
84.9
86.0
89.6
93.2
93.4
94.9
95.6
95.2
94.8
94.6
95.2
95.9
97.6
99.7
102.0
104.9
108.6
112.5
116.5
121.3
138.2
168.4
178.1
190.0
202.9
222.5

87.1
84.6
84.3
84.9
85.9
89.9
93.1
93.4
95.2
95.6
95.2
94.8
94.6
95.1
96.0
97.8
99.7
102.2
105.4
108.8
113.0
116.8
122.8
142.4
168.9
179.0
191.7
204.1
225.4

87.0
84.2
84.1
85.0
86.0
90.3
93.1
93.2
95.3
95.6
95.1
94.9
94.4
95.1
96.0
98.1
99.6
102.4
105.5
109.3
113.4
117.3
124.2
146.6
169.7
180.1
193.3
206.1
229.0

86.7
83.9
84.4
85.0
85.8
90.4
93.0
93.1
95.4
95.2
94.8
94.9
94.5
95.1
96,2
98.5
99.7
102.3
105.5
109.6
113.8
117.6
125.3
150.5
170.3
180.5
194.2
207.4
231 .6

86.4
83.6
84.7
84.9
85.9
90.3
93.0
93.1
95.2
95.2
94.6
94.7
94.7
94.9
96.4
98.7
99.7
102.4
105.6
109.9
114.0
117.9
126.0
153.6
170.7
181.5
194.7
208.7
234.0

86.0
83.5
85.3
84.9
86.5
90.2
93.4
93.3
95.4
95.2
94.6
94.8
94.8
95.1
96.4
99.0
99.7
102 .4
105.7
110.1
114.6
118.1
126.1
157.8
171 .2
182.7
195.9
210.2
237.5

1981*.!!
1982...
1983...
1984...
1985...

29K5
311.8
313.9
319.1

295.7
311.6
313.9
320.6

299.6
311.0
313.5
321.9

303.5
309.9
312.4
322.6

304.7
309.6
313.6
323.2

305.1
310.6
315.3
323 .8

2 76.2
306.2
312.8
316.5
323,9

335C
2.1
-0.2

1951...
1952...
1953...
1954...
1 955 . . .
1956!!!
1957...
1959!!.
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
1968...
1969...
19 7 0 . . .
1971...
19 7 2 . . .
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

COMKODITIES,

IQ

II Q

85.1
83.9
85.1
85.0
88.4
91.8
93.5
93 .9
95.4
95.1
94.5
94.7
94.9
95.5
96.7
99.1
100.5
103.3
107.1
111 .2
115.1
118.8
128.5
164.8
174.7
186.3
199.1
214. 7
249.0
282 .0
309.0
314.3
318.5
323.4

85.0
83.8
85.0
85.3
88.7
92.3
93.5
94.2
95.5
95.0
94.7
94.7
94.9
95.6
97.1
99.2
100.8
103.4
107.4
111 .3
115.0
119.1
130.1
165.8
175.4
187.1
199.3
216.0
250.6
283.4
309.3
315.0
318.3
323.8

85.1
83.9
85.1
85.3
89.0
92.7
93.7
94.5
95.6
95.0
94.9
94.7
95.2
95.8
97.1
99.2
101 .1
103.8
107.8
111 .7
115.5
119.4
132.2
166.1
1 76 .1
187.4
200 .0
217.2
253.1
2 86.6
310.0
315.2
318.4
323.0

86.9
84.8
84.1
85.0
85.8
89.7
93.1
93.5
94.9
95.6
95.2
94.9
94.6
95.2
95.9
97.6
99.6
101 .9
104.9
108.6
112.6
116.4
121.4
138.6
168.3
178.2
190.0
202.9
222.6
26 5.0
295.6
311.5
313.8
320.5

86.7
83.9
84.4
85.0
85.9
90.3
93.0
93.1
95.3
95.3
94.8
94.8
94.5
95.0
96.2
98.4
99.7
102.4
105.5
109.6
113.7
117.6
125.2
150.2
170.2
180.7
194.1
207.4
231.5
2 72.2
304.4
310.0
313.8
323.2

85.5
83.8
85.3
84.9
87.3
90.9
93.5
93.6
95.4
95.1
94.6
94.7
94.8
95.1
96.5
99.0
100.0
102.6
106.1
110.2
115.0
118.4
126.7
160.8
172.2
183.8
196.9
211 .4
240.8
2 7 7.7
306.9
312.9
317.0
323.1

85.1
83.9
85.1
85.2
88.7
92 ,3
93.6
94.2
95.5
95.0
94.7
94.7
95.0
95.6
97.0
99.2
100.8
103.5
107.4
111.4
115.2
119.1
130.3
165.6
175.4
186.9
199.5
216.0
250.9
284.0
309.4
314.8
318.4
323.4

86.1
84.1
84.8
85.0
86.9
90.8
93.3
93.6
95 .3
95.3
94.8
94.8
94.7
95.2
96.4
98.5
100.0
102.5
106.0
110 .0
114.1
117.9
125.9
153.8
171,5
182.4
195.1
209.4
236.5
2 7 4.8
304.1
312.3
315.7
322.6

0.9
-0.2
0.2
-0.1
0 .3
0.3

-0,2
-0.4
0.2
0.0

-0.4
0.2
0.2
0.0

-0.1
-0.1
0.0
0.2

-oa
oa

0.0

oa

0.0
oa

0.8
0.4
0,2

0.3
0.4
0.0

0.4
0.3
0.1

- 0 .1
0.0

0 .2
0.1

0 .2
0.0

0 .1
0.0
0.0
0.0
0.0
0.0

0.4
0.4
0.3
1 .6

-0 .1
0.2
0.0
0.1
0.0
0.0
0.0
0.1
0.2
0.2
0.4
0,5
0.3
0.4
0.4
0.9

0.4
0.2
0.4
0.6
1 .0
1.1
0 .2

0.5
0.5
0,7
0.7
1.2
2.0
1 .5

0.4
0.5
0.5
0.7
1.2
0.6
0.6

AVERAGE FOR PERIOD

85,3
84.1
85.2
84.9
88.1
91 .4
93.6
93 .8
95.4
95.0
94.7
94.8
94.7
95.1
96.6
99.0
100.2
102.8
106.5
110.4
115.1
118.7
127.4
162.9
173.1
184.8
197.8
212.5
244.2
2 7 8.8
307.4
312.7
317.1
322.2

OVER 1-MONTH SPANS

-0.3
-0.4
0.4
0.0

-0.3
-0.4
0.4
-0.1

-0.5
-0.1
0.7
0.0

-0.8
0.5
0.0
0.0

0.0
0.2
-0.1
0.0

-0.2
-0.2
-0.1

0.4
0.0

0.1
-0.1

-0.1
0.0

-oa

0.9
0.2

0.4
0.0

0.4

0.3
0.0
0.0
0.0
0.0

0.1
0.0

o0 .a0

0.2
-oa
0.0
-0.2
-0.1

oa
oa

-oa
0.0

-oa
oa

0.1
-0.4
-0.3
0.0
0.1
0.0
0.2
0.4

-0.2
0.0
-0.2
-0.2
0.2
-0.2
0.2
0.2
0.0
0.1
0.1

0.0
0.0
0.0
-0.2
0.0
0.0
0.2
0.0
0.3

0.0
-0.2
0.1
0 .2
-0.1
0.0
0.0
0 .0
0.2
0.3

0)2

o0 .a2

0.3
0.3
0.4
0.5
0.5
0.4
0.3
0.5
2.3
o.s
0.7
0.5
0.8
1.3
3.0
1.7
0.6
-0.4
0.2

0.2
0.2
0.5
0.6

0.3
0.5
1.1
2.1
0.5
0.4
0.8
0.6
1.1
2.0
1.4
-0.1
0.0
0.5

0,2
0.0
0.2
0.5

0.4
0.3
1.2
3.0
0.3
0.5
0.9
0.6
1.3
1.0
1.3
-0.2
-0 a
0.4

CHANGE IN PRODUCER

-oa
oa

-0.2
0.0
0.0
0.3
-0.1
0.2

oa

-oa

oa

0.0

0.4
0.4
1.1
2.9
0.5
0.6
0.8
1.0
1.6
1.0
1.3
-0.4
-0.4
0.2

0.4
0,3
0.9
2,7
0.4
0.2
0.5
0.6

1 a

0.2
0.4

-oa

0.4
0.2

0.2
0.3
0.6
2.1
0.2
0.6
0.3
0.6
1 .0
0.6
0.1
0.3
0.5
0.2

0.2
0.0
0.0

oa
oa

0.2
0.0
0.3
0.0
0.0

oa

0.2
0.5
0.2

oa

oa

oa
0.6
0.3
0.5

9.4
-2.6
1.4
0.0
1.2
3,9

3.8
-3.5
1.9
-0.5
1.4
2.9

-1 .4
-3.3
3 .1
-0.5
2.1
1.6

-4.1
-2.3
3 a
0.0
3.0
3.1

-0.6
3.0
0.4

-0.9
2.6
-0.6

-1.3
1.5
-0.8

-0.9
1.5
-1.0

0.6
-0.8

2 a
0.0
5.2
3.4
0.9
0.4
-1.3

0.8
-0.6
0.4
1.0
2.9
1.0
3.8
4.3
4.2
4.0

0.4
-0.4
0.4
1.3
2.9
1,0
3.0
4.1
4.1
4.5

-0.4
0.0
-0,6
1,3
3.3
1.0
2.6
3-5

-0.4
0.2
-0.4
1.0

-0.4
0.4
-0.2
1.5-

0.0
0.2
0.0
1.3

0.4
1.8
2 .7

0.6
1.0

+ .2

4.3

9.3
30.2
6 .0
6.3
7.7
7.2
13.8
18.7
15.8
0.6
-1.2
2.6

10.7
33.8

1 .4
3 5.0

5.5
5.9
7.7
8.3
15.0
17.7
15.6
0.2
-0.9
3.1

5.2
7.9
8.9
16.1
16.8
13.3
0.4
0.1
3.4

-oa.
-oa

-0.1
0.4
0.5
0.0

-oa
0.1
0.0

oa

-0.2

-oa

0.2
0.4

'4
0.2
0.3

oa
0.0

0.2
0.0
0.3
0.2
0.0
0.0
0.3
0.4

oa

0.4
0.1
0.3

0.1
0.3
0.5

oa

oa
-oa

oa

0.3
1.2

0.7
0.6
0.7
1.5
1.0
0.4
0.7
0.4
0.0

0.6
0,5
0.6
1.3
0.7
0.3

0.4

-0.3

0.8
0.7
1.0
2.0
1.1
0.5
0.5
0.4
0.4

oa

0.3
-0.2

OVER 6-MONTH

SPANS

0.5
0.5
0.5
1 .5
0 .2
0.1
-0.2

-0 a

-3.9
-0.2
1.4
0.7
6.9

-3.0
0.7
0.9
0.9

1 .5
0.2
-1.0

2.4
0.2
-0.4

-0.4
0.8
1.5

1 a

-0.4
0.8
1.1
1.9

3.0
0.8
-0.4
0.6
0.0

1.0
1.2

1 .8

2.2

5.0

3.8

3.5
3.0

3.8
16
0 .. 0
4
3

3.5
9.1
36.7

3.3
7.6
30.9

6.1
8.1
8.6
16.5
12.3
10.3
0.6
1.7
3.0

6.5
7.4
8.6
16.9
9.5
7.9
1 .0
2.2
1.7

6.6
6.5
8.4
17.4
7. 7
5.3
1.1
2.3
0.2

oa

0.6
0.6
0.5

oa

0.2

-oa

0.1

-oa

-0.2
0,0
0.0

-oa
oa

0.3
0.0

oa

0.1
0.4
0.3
0.3
0.9

oa

oa
oa
oa

0.2

oa

0.2
0.2

8.8
-2.7

-3,2
-2.3

-0.2
1.7
3.7

oa

-0.2
0.4

-2.5
1.2

-0.9
0.2

-0.5
1 .7

-0 .9
2.6

-1 .6
0.5
-0 . 7
2.4

0.6
0.0
0•8
-0.2
1.1
1.7
2.1

0.4
0.0
0.4
0.0
0.8
1.7
2.1

0.8
1 .9
2.5

2.4
-0.3
-0 .4
0.3
-0.3
0.1
1 .2

2.8

3.7

4.7

4.0
5.1

1 .0
3.1

3.1
2.1

3.3
2.6

2.3

2.1

3.0

4.2

7.0
26.4

7.8
21.4

10a
16.9

15.1
12.7

19.0
8.6

24.9
7.5

10.5
33.0
5.7

7.0
6.1
8.5
18.2
8.0
3.7
2.9
3.9
0.5

7,4
5.3
8.5
17.1
8.6
3.0
3.5
3.0
0.4

6.6
5.5
8.3
17.0
9.8
3 .2
3 .0
2 .0
-0.5

6.3
5.9
9.6
20 .4
11 .4
3.7
0.7
1 .6
-0.4

6.9
6 .2
10.8
22.1
13.0
2.9
0 .4
2.1
-0.5

7.6
6.5
12.5
21.0
15.5
2.4
0.5
3a
0.2

1.9
1.5
1.0

0.0
0.0
0.0

0.3
0.2
0.3
0.2
0.4
2.0
0.5
0.6
0.5
0.6
1.4
0.6
0.3
0.2
0.2
-0.2

0.0
-0.2

3.8

1a

-oa

-oa

oa
oa

0.0
0.2
0.2
0.2
,0.1
0.3
0.3
0.4
0.4

oa

0.2
1.2
0.7
0.6
0.5
0.4
0.7
1.2
0.9
0.3
0.3
0.1

0.0
0.0

oa
oa

0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.9
1 .9
0.5
0.5
0.6
0.7
1 .3
1.0
0.6

oa

0.1

oa

oa

-3.7
-0.1

-1.7
0.6

-1 a

-0.2
3.4
2.7
1.0

0.5
6.6
4.3
1.2

2.2
5.5
5.0

0.
4.

1.0
-1.0
-1.2
-0.3
0.3
-0.2
1.3

0.4
-0.6
- 0 .3
-0.3

-0 • 1
2.9
0.5

0.7
1.3

0.
1.
1.
-0.
-0 .
-0.
0.5
0.7
1.6
2.2
2 ,0
2.8
3,7
3.7
3.4
3.8
11.9
24.7
5 .9

©

NOTE: These series contain no revisions but are reprinted for the convenience of the user. Percent changes are
centered within the spans: 1-month changes are placed on the 2d month and 6-months changes are pTaced on the 4th
month. Quarterly and annual figures are averages of the centered changes.




0.0

0

0.2
0.0
0.0

oa

0.9

oa
oa
oa

0.3
0.1

-oa

0.7
0,0

0.2
-0.2
0 .2
0.6

-4.3
-0.7
2 .4
0.0
5.7

1a

-4.1
-1.2

oa

®

2.7

PRICE INDEX, INDUSTRIAL COMMODITIES,
(AN NUAL RATE, PERCENT)

0.5
-0.2
2.4
4.3

13.1

-2 a

0.4

Annual

Dec.

-0.1
-0.5
-0.2
0.1

0.0
0.4
(K6
0.3

IV Q

Nov.

0.0
-0.4
0.4
0.0
- 0 .1
0.3
-oa

335c.
1951...
1952...
1953 • . ,
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1 961
1962,.,
1963...
1964...
196 5 . . .
1966 . . .
1967...
1968...
196 9 . . .
19 7 0 . . .
1971.. .
1972 . . .
1973.. ,
1974...
1 975 . . .
1976.. .
1977...
1978...
1979...
1980.. .
1981 . . .
1982...
1983.. .
1984...
1985...

PRICE INDEX, INDUSTRIAL
(PERCENT)

85,3
83.9
85.3
84.9
87.3
91 .0
93.6
93.7
95.4
95.2
94.6
94.6
94.8
95.1
96.6
99.0
100.0
102.5
106.1
110 .2
115.3
118.5
126 . 7
161 .6
172.2
183.8
196.9
211 .4
240.6
2 7 8.2
307.2
313.2
317.3
323.3

III Q

Oct.

©

0.6
0.0
0.0
-0.2
0.5
0.1
0.2

oa

!
!

CHANGE IN PRODUCER

Sept.

Aug.

COMMODITIES

0.4
0.4
0.2

7!e
8.1
15.0
17.7
14.9
0.4
-0.7
3.0

3.1
4 .4
3.5
9.0
34.5
4.7
6.4
7.3
8.5
16.9
9.8
7.8
0.9
2.1
1.6

1,3
1 .6
1.5
2.3
2.3
3.6
3,3
2.6
2 .6
8'.3
21.6
6 .2
7.0
5.6
8.4
17.4
8.8
3.3
3.1
3.0
0.1

oa

0.5
-0.2
0.9
1 .8
2.2
1 .3
3.9
4.5
4.7
4.3
2.5
5.0
19.7
9.6
7 .1
6.9
6.2
11 . 0
21 .2
13.3
3.0
0.5
2.3
-0.2

.0.0

6!?
9.0
17.6
12.4
7,3
1 .2
1 .7
1.
(MAY 1985)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

IQ

II Q

III Q

IV Q

Annual

IS
OH PRIVATE NONAGRICULTURAL PAYROLLS

AVERAGE FOR PERIOD

(1977-100)

1960 . . .

1964.. .
196 5 . . .
1966.. .
1967...
1968. . .
1969. . .
19 7 0 . . .
1971...
1972...
1973...
1974 . . .
1975...
1976.. .
197?...
1979...
1980...
1981 . . .
1982.. .
1983.. .
1984.,.
198!}.,.

86.6
88.1
90.0
91 .2
93.1
94.6
95.1
96.9
100.2
102 .2
99,3
97.0
97.6
99.9
100.9
99.9
94.5
93.0
93,2
94.8
94.8

86.7
88.5
89. V
91.5
93.?
94.9
95.1
9 7.4
100.:!
102.0
98.7
97.2
98.0
99.5
100.8
99.5
94.2
92.9
93.1
95.3
94.8
341C,

87,0
88.8
89 . 8
91 .7
93.5
94.6
95.2
97.6
100.5
101 . 5
98.4
97.7
98,2
99.4
100.8
98.9
93.8
92.8
93.5
95.1
95.0

87.0
88.7
90.0
92.0
93.6
94.7
95.0
97.9
100.9
101 .6
98.5
97.4
98.6
99,4
101 .0
98.5
93.4
93.0
93.7
94.8
95.3

87.1
88.8
90.1
92.1
93.8
95.0
95.3
98.2
101 . 0
101.1
98.6
97,8
98.9
99.6
100.6
97.7
93.2
92.8
93.5
94.8
94.8

87.2
88.7
90.3
92.2
94.0
95.2
95.5
98.1
100.9
101 .4
99.0
98.0
98.7
99.6
100.4
97,3
93.2
92.7
92.8
94.8
95,1

87.5
89.0
90.3
92.4
93.9
95.1
95.7
98.3
101 .2
101 .7
98.5
97.3
98.9
99.8
100.4
97.0
93.7
92.1
92.8
94.8
95.1

87.9
89.3
90.0
92.2
94.0
95.0
96.2
98.5
101.3
100.2
98.2
97.8
99.3
99.8
100.3
96.7
93.6
92.4
93.2
94.4
94.1

88.1
89.4
90.4
92.2
94.2
95.0
96.3
98.8
101,6
100.7
97,9
97.6
99.4
100.1
100.3
96.5
93.4
92.1
93.3
94,5
94.2

87.9
89.7
90.3
92.7
94.3
95,3
95.9
98.8
101 .9
100.3
97,7
97.5
99.4
100.6
100.1
95.9
93.4
92.1
93.4
94.8
94.0

88.0
89.6
90.6
92,6
94.4
95.5
96.2
98.8
101.8
100.1
97.3
97.6
99.6
100.3
99.8
95.7
93.3
92,5
93.7
94.7
94.4

88.2
89.5
91 .0
92.7
94.6
95.1
96.2
99.5
102.3
99.9
97.4
97.4
99.8
100.4
99.9
95.6
92.9
92.4
94.5
94.9
94.7

86.8
88.5
89.8
91 . 5
93.3
94.7
95.1
97.3
100.3
101.9
98.8
97.3
97.9
99,6
100.8
99.4
94.2
92.9
93.3
95,1
94.9

CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER 1-MONTH SPANS
(PERCENT)

87.1
88.7
90.1
92.1
93.8
95.0
95.3
98.1
100.9
101,4
98.7
97.7
96.7
99.5
100.7
9 7,8
93.3
92.8
93.3
94.8
95.1

87.8
89.2
90.2
92.3
94.0
95.0
96.1
98,5
101.4
100,9
98.2
97.6
99.2
99.9
100.3
96.7
93.6
92.2
93.1
94,6
94.5

88,0
89.6
90. &
92.7
94.4
95.3
96.1
99.0
102.0
100.1
97.S
97.5
99.6
100.4
99.9
95.7
93.2
92.3
93.9
94.8
94.4

63.7
65. A
68.6
70.7
73 .2
75 .9
76 . 9
78.0
80.1
81 . §
83 .2
85 .1
86 . 4
87,4
89.0
90.2
92.1
93.9
95.0
95.6
98,2
101 .2
101 .1
98.3
97.5
98.9
99.9
100.4
97.4
93.6
92.6
93.4
94,8
94.7

AVERAGE FOR PERIOD

1 953 . . .
1954 . . .
1956.. .
1958...

1963 . , .
1964...
1965...
1966.. .
196?., .
1968...

0.1
0.0
0.2
0.2
0,2

0,3
0.3
0.1
0.0
0,1

0.0
0.0
0.2
0.2
0.1

0.1
0.1
0.2
0,'A

-O.S
0.1

0.1
0.2
0.2
0 0
0.2
0.1

0.3
0,2
0.2
=0 2
-0.4
-0.1

0.0
0.3
0.2
-0 3
-0.2
-0.1

0.1
0 .3
0.2
-0 2
"0.2
0,0

0.1
0.2
-0.1
- 0 .4
-0.1

-0.1
0.2
-0.4
-0.6
0.0

0.1
= 0.1
-0.5
-0.2
0.0

0,2
0.0
-0.3
0.1
-0.2

0.1
-0.1
-0.3
-0.2
0.1

0.0
-0.4
-0.2
0.0

0.2
0.4

0.2
0.1

-0.1
0.0

-0.1
-0.3

0.1
0.2

0.0
0.0

-0,1
0.6
0.3
0.4

0,2
0.4
-0.3
0.3
0.1

0.4
0.4
0.1
0.2
0.3

0.0
-0.2
0.2
0.4
0.1

0.1
0.2
0.1
0.1
0.2

0,1
-0.1
0.2
0.2
0.2

0 .3
0.4
0,0
0 .2
-0.1

0.4
0.3
-0.3
-0.2
0.1

0.3
0.2
0.5
-0.1
0.2

-0.2
0.3
-0.1
0.5
0.1

0.1
-0.1
0.3
-0.1
0.1

0.2
-0.1
0.4
0.1
0.2

0 .2
0.1
0.3
0.3

0.0
0.6
0.0
-0 2
-0.6
0.2

0.1
0.2
0 .3

0.3
0.3
0.1
-0 5
0.1
0.5

0.2
-0,1
-0.1
0 3
0.4
0.1

0.3
0 .2
0.3
0 3
-0.5
-0.6

0.1
0.2
0.2

-0,3
0.1
0.3

0.3
0.0
-0.1

0.0
0.7
0.5

0.0
O.S
0.3

0.5

-0.2
0.3
0.5
0 1
0.1
-0.3

0,5
0.2
0.1

19/5...

0,0
0.7
0.7
-0 1
-0.6
-0.4

-0.3
0.5

-0.3
-0.2

-0.2
-0.1

-0.4
0.1

0.1
-0.3

19/7...
1 9? 8...
1979...
1980.. .
1981 . . .

0.1
0.6
0.0
-1.1
0.1

-0.4
-0.1
-0.5
-0.4
-0,1

-0,1
0.0
-0.6
-0.4
-0.1

0.0
0.2
-0.4
-0.4
0.2

0.3
-0.3
-0.7
-0.2
-0.2

-0.1
-0.2
-0.4
0.0
-0.1

0 .2
0.1
-0.3
0,5
-0.7

0.0
-0.2
-0.3
-0,1
0.4

0.3
0.0
-0.2
-0.2
-0.3

0.5
-0.2
-0.6
0.0
0.0

-0.3
-0.3
-0.2
-0.2
0.4

1983...
1984.,,
1935...

0.3
-0.1

0.5
0.0

-0.2
0.3

-0.2
0.3

0.0
-0.5

0.0
0.3

0.0
0.0

-0.5
-1.1

0.2
0.1

0.3
-0.2

-0.1
0.4

1970...
1971.. .
1972 . . .
19 73

341C,

-o!s

CHANCE IN IN DEX OF RE AL AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS
(ANNUAL RATE, PERCENT)

AV8KASE FOR PERIOD

1951 . . .
1952...
19 53 . . .
19S4 . , .
1955 . . .
19S6 . . ,
1957. . .
1958, . ,
1959. , .
1960...
1961 . . .
1962 . . .
1963 . . .
1965.. .
1966.. .
196 7. . .
1968.. .
1969...
1970...
19 71
1972...
19 7 3 . . .
1974
19 7 5 . . .
1976...
1977,..
19 7 8 . . .
19 7 9 . . .
1980...
1981 . . .
1982...
1983...
1984...
1985...

o!o

*

2 2
2.0
0.5

1.7
0.7

1.8
1.2

1.0
1.8

2.1
0.9
-0.6
4 1
4.3
-0.6

2.5
1.3
-0.4
4 2
4.6
- 1 .3

2.8
1.2
0.8
4 0
2.8

1 .8
1 .1
1 .3
2 9
2.1
-0 .8

1.1
2.5
0.1
0.7
-4.1
-5.3
-1.0
2.2
2.4
0.3

1.2
2.7
-0.4
0.1
-5.2
-5.0
-0.5
0.9
0.8
0.5

0.7
2 .6
-0.3
-1.0
-5.7
-1.7
-1.9
-0.7
0.1
0.7

-0.7
2.2
0.0
0.8
=3.2
-5.2
-0.9
3.4
3.1
1.2

•

2 6
1 , 7
0.6
1 .7
1 .7
0.2
2.3
2 3
2,3

2 5
1 .3
1 .3
1 1
1 .4
0.8
2.3

1 .2
2.7
0.5
-1.1
-5.5
-1.2
-1.1
0.1
-1.9
-1.5

-0.2
2.4
1.3
- 1 .0
-4.7
-0.8
-1.5
-0.4
- 1 .1
-1.8

2.2

? '
;.3
).7

.8
.1

1.9
1 .5

1 4
2.4
2.1

1 5
1 .1
3.3

1 7
1.0
2.7

.4
.3
.9

L.3
.1
l.Q

1 .3
-0.1
1.6

0 .0
2.5

0.2
2.7

0.4
2.9

1 .1
-0.1

.9

.5

2.7

1 .9

1 .3

-0.1

3.9

.3
.6
.4
- .8
-5.1
0.0
-1.8
-0.6
-0.1
-2.9

-0.4
1.5
1.3
-1.7
-4.0
0.2
-0.6
0.4
-0.3
-1.0

-1,2
2.2
1.6
-0.9
-3.4
-0,7
-0.6
3.6
0.0
-0.8

0.6
2.1
2 .4
-1.1
-5.0
-1.6
2 .4
4.2
-0.1
- 1 .5

0.5
0.3
2.1
-1.6
-5.1
- 1 .6
1.6
4.6
0,8
1 .2

1 .2
0.1
1 .4
-2.9
-5.5
-1.3
3.1
3.7
1.1
0.6

0.5
2.5
- 0 .1
0.5
-4.2
-5.2
-0.8
2.2
2 .1
0. 7

NOTE: These series contain revisions beginning with 1977, Percent changes are centered within the spans: 1-month
changes are placid on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures
are averages of the centered changes.

104



1 ,5
1,2

2 4
1.7
0.8
1 .8
1.6
0,7
2.0
2 5
2.2
0.6
2.6
0.5
-1.0
-5.3
-1.2
-1.5
-0.3
-1.0
-0.9

2 2
2.0
1.1
1.2
1,3
0.8
1.8

15
1.5
2,7
22
1.4
0.2
2.7

2.0

1,0

-0.4
1.8
1.8
»1.5
-4,2
»0.2
-1.0
1.1
-0.1
-1.6

0.8
0.8
2,0
-1.9
-5.2
-1.5
2.4
4,2
0.6
0,1

I .7
1 .5
2 .1
1.7
0.7
1.6
2.3
-2 4
-2 1
0.4
1 .9
1 .0
-1.0
-4.7
-2,0
-0.2
1 .8
0.4
-0.4

(MAY 1985)

G. Experimental Data and Analyses
(Itov.) (Mar)
P
T

Implicit price
deflator, gross
nonfarm business
product
(Index: 1977=100)

TU

Components of BCD series 26— I

(Index: 1977-100)

157.6
155.9
155.9
157.1

151.9
152.7
153.8
155.2 •

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977=100)

156.3
157.3
159.0
160.1

158.3
157.6
159.5
160.0

pl62.3

pl62.9

1985
I Q....
II Q...
Ill Q..
IV- Q

—
—
—

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977 = 100)

170
160
150
140
130
120
110

—

170
160
150
140
130
120
110
100
90

-J

Inventory-sales ratios in 1972 dollars (ratio)

Inventory-sales ratios in 1972 dollars 2
Year
and
month

—
—
—
—
—
—
—

- i 180

1984
I Q....
II Q...
Ill Q..
IV Q...

Ratio scale
- I 180

Unit labor cost,
all persons, nonfarm
business sector

1983
I Q....
II Q...
Ill Q..
IV Q...

(Nov.)
T

11111111*1*1:111 III III III III

Components of BCD series 26 x
Year
and
quarter

(Jan.) (July) (July)
P T
P

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Retail trade

80

Arithmetic
scale
-l

2.2

(Ratio)
2.1

1984
Jan
Feb....
Mar....
Apr
May....
June...

1.71
1.72
1.72
1.74
1.74
1.75

1.30
1.34
1.33
1.34
1.30.
1.29

1.29
1.33
1.36
1.34
1.32
1.30

July...
Aug
Sept...
Oct....
Nov
Dec

1.77
1.76
1.80
1.80
1.78
1.74

1.32
1.34
1.37
1.37
1.37
1.36

1.33
1.34
1.33
1.36
1,35
1.34

2.0

1.9

1.8

1.7
1.5
1.4

1985
Jan
Feb....
Mar
Apr
May....
June...

rl.78
1.78
pi. 77
(NA)

rl.36
rl.38
pi.37
(NA)

rl.37
rl.37
pi. 38
(NA)

1.3
1.2
1.5

July...
Aug
Sept...
Oct....
Nov
Dec

1.4

1.3

1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985
NOTE: The "r" indicates revised; " p " , preliminary; and "NA11, not a v a i l a b l e .
x
Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s .
a
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly. Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). .
5. Average weekly initial claims for
unemployment insurance, State programs1 (thous.). . .
8. Mfrs.' new orders in 1972 dollars, consumer
goods and materials industries (bil. dol.). .
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . . .
12, Net business formation
(index: 1967=100)
20, Contracts and orders for plant and equipment
in 1972 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). . .
36. Change in inventories2 on hand and on order in
1972 dol., smoothed (ann. rate, bil. dol.) .
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1972 dollars
(bil, dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1972 dollars (ann. rate, bil, dol.)
47. Industrial production
(index: 1967^100)
57. Manufacturing and trade sales in 1972
dollars (mil. dol.)
920. Composite index
of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91, Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1972 dollars (ratio)
62. Labor cost per unit of output, manufacturing-actual data as a percent of trend (percent) .
109, Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1972 dollars (mil, dol.)
95, Ratio s consumer installment credit
outstanding to personal income (percent). . .
930. Composite index of 6 lagging indicators 3
(index: 1967=100)

Apr.
1985

Mar.
1985

Feb.
1985

Jan.
1985

Jan.
to
Feb.
1985

Feb.
to
Mar.
1985

Mar.
to
Apr.
1985

40 .6

r40 .0

40.4

p40.3

-0.46

0 .31

-0 .09

378

402

389

387

-0.17

0;09

0.02

39.19

37.83

r36.99

p38.O2

-0.1 7

-0.11

0.16

47

48

46

44

0 .04

-0.08

-0.10

rll7.8

rll8.4

rll5.2

p l l 5 .1

0 .07

-0 .38

-0 .01

12.80

18.56

rl5.89

pl4.47

0 .81

- 0 .34

-0.24

r l 3 0 .4

rl29.5

rl38.8

135.9

- 0 .02

0 .21

- 0 .08

r3.22

r8.9O

pl2.52

0.32

0.20

NA

r-0.53

-0 .81

r - 0 .97

-0.64

-0 .11

- 0 .06

0 .16

1 71 . 6 1

180.88

179.42

180 . 6 2

0 .33

-0.05

0.05

949.4

954.8

r953.3

P949.1

0.18

-0.05

-0.17

13.9

r9.4

pl3.1

NA

-0 .24

0.19

rl66.4

rl67.6

rl67.7

pl67.4

0.72

0.06

-0.18

96,045

r96,161

r96,514

p96,731

0.10

0.30

0.24

rl ,200,7

r l ,202 .3

rl ,205.8

pi , 2 0 8 . 4

0 .07

0.15

0 .14

rl65.1

rl65.3

rl65.8

pl65.4

0 .03

0.08

-0 .09

rl78,633

rl79,086

p i 79 , 3 9 6

NA

0.06

0.04

NA

rl57.7

rl57.8

rl58.4

P158.6

0.06

0 .38

0.13

15.3

15.9

15.9

16.1

-0.28

0.00

-0 .13

r l .57

rl .58

pi .58

89.4

88.9

88.6

10.61
rl24,912
rl4.70
rl24.6

10 . 5 0
rl25,928

10 . 5 0
rl27,O90

rl4.93

pl5.11

rl25.5

r l 2 6 .5

NA

NA
p88.2
10 . 5 0
pl26 ,924
NA
pl26.0

0 .13
-0 .18

0 .00
-0.11

-0 .08

0 .00

0 .21

0.24

0 .88

0 .69

0 .72

0.80

NA

NA
-0 .22
0.00
-0.05
NA
-0 .40

NOTE: The net c o n t r i b u t i o n of an i n d i v i d u a l component i s t h a t component's share in the composite movement of the group.
I t is
computed by d i v i d i n g the standardized and weighted change f o r the component by the sum of the weights f o r the a v a i l a b l e components
and d i v i d i n g t h a t r e s u l t by the index s t a n d a r d i z a t i o n f a c t o r .
See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) f o r the weights and s t a n d a r d i z a t i o n f a c t o r s .
NA, not a v a i l a b l e , p, p r e l i m i nary. r s r e v i s e d , e, e s t i m a t e d .
J

T h i s s e r i e s i s i n v e r t e d i n computing the composite index; i . e . , a decrease i n t h i s s e r i e s i s considered an upward movement.
This s e r i e s i s a weighted 4-term moving average ( w i t h weights 1 , 2 , 2 , 1 ) placed on the t e r m i n a l month of the span.
Figures in the net c o n t r i b u t i o n columns are percent changes i n the index. The percent change i s equal (except f o r rounding
d i f f e r e n c e s ) to the sum of the i n d i v i d u a l components' c o n t r i b u t i o n s plus the t r e n d adjustment f a c t o r .
The trend adjustment f a c t o r
f o r the leading index i s 0.139; f o r the c o i n c i d e n t index, - 0 . 1 7 5 ; f o r the lagging index, 0.018.
2

3

106



Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns
Actual
Devidata
ations
from
for
reference current
peaks
cycle

19. Index of stock prices

Percent

-1+50
• 190
+40

#180

+30
160

+ 20
150

+ 10

•

•

•

130

120

• no
-20

-30

-40

32. Vendor performance, percent of
companies receiving slower deliveries

Actual
data
(percent)

uJl

100

• 90

FROM
7/81

ACTUAL
DATA

Actual
data
for
specific current
troughs cycle
ations
from

AND
YEAR

SERIES
19
1941-43=10
19
20

18.6
17.0

153.12
151 .08

6/84
7/84

21
22
23
24

27.3
28.6
27.6
28.8

164.42
166.11
164.82
166.27

8/84
9/84
10/84
11/84

25
26
27
28

2 7.4
32.9
40.1
38.9

16 4 . 4 8
171.61
180.88
179.42

12/84
1/85
2/85
3/85

70

29
30

39.9
41 . 7

180.62
183.02

4/85
5/85

60

Percent

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
PROM
ACTUAL
AND
TROUGH
7/82
DATA
YEAR

SO

SERIES
19
1941-43=10

140

-10

•

Devi-

REF.
TROUGH

40
> 150

23
24

40.0
38.1

153.12
151 . 0 8

6/84
7/84

25
26
27
28

50.3
51 . 9
50.7
52.0

164.42
166.11
164.82
166.27

8/84
9/84
10/84
11/84

29
30
31
32

50.4
56.9
65.4
64.0

164.48
171.61
180.88
179.42

12/84
1/85
2/85
3/85

33
34

65.1
67.3

180.62
183.02

4/85
5/85

MONTHS
FROM
REF.
TROUGH

18
19
20

CURRENT MONTH
ACTUAL
AND
DATA
YEAR
SERIES
32
PERCENT
REPORTING
70
66
60

i[
30
•

140

20

•

130

10

•

120

32. Vendor performance, percent of
companies receiving slower deliveries

5/84
6/84
7/84

21
22
23
24

54
58
52
50

8/84
9/84
10/84
11/84

25
26
27
28

45
47
48
46

12/84
1/85
2/85
3/85

44

4/85

» 90

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
DATA
YEAR
5/82

-

40

-

30

-

20

- 1 10

. . . I n n , I . M M n i 111I1111111111111111111111 li 1111
-12

-6

0 + 6

+12

+18

+24

+30

24

SERIES
32
PERCENT
REPORTING
40
70

5/84

25
26
27
28

36
30
24
28

66
60
54
58

29
30
31
32

22
20
15
1 7

52
50
45
47

10/84
11/84
12/84
1/85

33
34
35

18
16
14

48
46
44

2/85
3/85
4/85

6/84
7/84

8/84
9/84

+36

Months from reference troughs

NOTE:

-

20

-

10

-1 0

-U

-6

•

30

•

70

•

30

+ 6 +12 +18 +24 +30 +36
Months from specific troughs

For an explanation of these charts, see "How to Read Charts'* on p. 106 of the January 1985 issue.




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
N 1111 IM111II1111111111II1TIIIII11ITI11II11M f1MI

Deviations
from
reference
peaks

73. Industrial production, durable
manufactures

Actual
data
for
current
cycle

• 170
1970

•

150

Devi-

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
ACTUAL
AND
FROM
TROUGH
DATA
YEAR
7/81

ations
from

73. Industrial production, durable
manufactures

SERIES
73
1967=100

specific
troughs

Actual
data

for
current
eycle

'c,c,c|

18
19
20

6.8
7.9
9.5

153 .3
154.9
157.2

5/84
6/84
7/84

21
22
23
24

9.9
9.4
9.4
9.7

157.8
157.1
157.1
157.6

8/84
9/84
10/84
11/84

30

25
26
27
28

9.7
9.7
10.0
10.7

157.6
12/84
1 5 7 . 6 1/85
158.0 2/85
159.0 3/85

25

29

10.3

158.4 4/85

Peresnt

35

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
ACTUAL
AND
SPEC.
TROUGH
YEAR
11/82
DATA

• 160

M5S

M50

20
#140

-

-

SERIES 73
1967=100

0

- 5

— - 1 0

— -15

-20

15

18
19
20

2 8 . 5 . 153 .3 5 / 8 4
29.8 154.9
6/84
31 . 8
157.2
7/84

21
22
23
24

32.3
31.7
31.7
32.1

157.8
157.1
157.1
157.6

8/84
9/84
10/84
11/84

25
26
27
28

32.1
32.1
32.4
33.3

157.6
157.6
158.0
159.0

12/84
1/85
2/85
3/85

29

32.8

158.4

4/85

11 35
10

• 130

M20
DEVIMONTHS
FROM ATIONS CURRENT MONTH
FROM
ACTUAL
AND
REF.
TROUGH
YEAR
7/81
DATA

74. Industrial production, nondurable
manufactures

SERIES
74
1967=100

74. Industrial production, nondurable
manufactures
I
C.L.L |

18
19
20

7.7
8.5
8.8

179.9
181 . 3
181 . 8

5/84
6/84

21
22
23
24

8.7
7.9
7.4
7.5

181 . 7
180 .3
179.4
179.6

8/84
9/84
10/84
11/84

25
26
27
28

7.5
7.5
7.1
7.1

179.6
179.6
178.9
178.9

12/84
1/85
2/85
3/85

29

7.0

178.8

4/85

Pereent

35

7/84

• 20b
30

• 200

25

• 190

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
5/82
DATA
YEAR

20

-12

-6

ln.nl

I

0 + 6 +12 +18 +24 +30 +J6

15

24

16.1

179.9

5/84

25
26
27
28

17.0
17.3
1 7.2
16.3

181 . 3
181 . 8
181 . 7
180.3

6/84
7/84

29
30
31

15.7
15.9
15.9

179.4
179.6
179.6

10/84
11/84
12/84

32

15.9

179.6

33
34
35

15.4 178.9
15.4
17 8 . 9
15.4 178.8

10

• 170

• 165
• 160

1/85
2/85
3/85
4/85

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1985 issue.

108

• 175

8/84
9/84

Months from reference troughs




• 185
• 180

SERIES
74
1967=100

ln.nl

• 195

-J 0
-12 - 6

0 + 6 +12 +18 +24 +30 +36
Months from specific troughs

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued
86. Nonresidential fixed investment, total,
1972 dollars

Deviations
from
reference
.peaks

Actual
data

for
current
cycle

+ 25
•

220

DEVIQRTRS.
FROM ATIONS CURRENT QRTR.
AND
ACTUAL
REF.
FROM
TROUGH 111/81
DATA
YEAR

2
3
4

SERIES
86
ANN. RATE
B I L . DOL
165.3
11/83
-7.2
172.6
111/83
-3.1
IV/83
184.5
3.5

5
6
7
8

8.5
13.9
17.6
20.0

1111 i i 1111
111 n111\11iij111riMiii111111111111
n111\11iij
F 11111

86. Nonresidential fixed investment, total,
1972 dollars

Deviations
from
specific
troughs

Actual
data
for
current
cycle

1 9 3 . 3 1/84
202.9 1 1 / 8 4
209.5
111/84
2 1 3 . 8 IV/84

+20
20.8

215.2

1/85
35

+15
•

200

DEVIQRTRS.
FROM ATIONS CURRENT QRTR.
AND
ACTUAL
FROM
SPEC.
TROUGH
DATA
YEAR
IV/82
SERIES 86
ANN. RATE
B I L . DOL.
2.4
165.3
11/83
6.9
172.6 111/83
14.2
1 8 4 . 5 IV/83

• 190

29.7
32.4

193.3
1/84
202.9 11/84
209.5 111/84
2 1 3 . 8 IV/84

33 . 3

215.2

19.7

-5

#160

Percent
QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM
AND
ACTUAL
TROUGH 111/81
DATA
YEAR

+60

89. Residential fixed investment in
1972 dollars
Percent

>65

+ 50

+ 40

+30

2
3
4

SERIES
89
ANN. RATE
B I L . DOL
53.4
24.8
11/83
5 7 . 2 111/83
33.6
. 57.8
35.0
IV/83

5
6
7
8

41 . 6
42.1
40.4
38.3

60.6
60.8
60.1
59.2

+ 20

80 # 6 5

70
•

1/84
11/84
111/84
IV/84

50

50
40

+ 10
QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
FROM
AND
SPEC.
ACTUAL
TROUGH
1/82
DATA
YEAR
-10

•

35

-20

-I
I I I H I I H I I I I I I I I I I I I I II I I I I I I I I II I

-30

• 30

5
6
7
8
9
10
11
12

SERIES
89
ANN.
BIL.
53
47.5
57
58.0
57
59.7
67.4
60

RATE
DOL
.4
11/83
.2 III/83
.8
IV/83
.6
1/84

68.0
66.0
63.5
64.1

.8
.1
.2
.4

60
60
59
59

11/84
111/84
IV/84
1/85

0 + 6 +12 +18 +24 +30 +36

30

20

Median
10

_J

0

I I 11 11 IM 11HI 11M 11i M 11 I 11 I I I l l I I I I I 11 I I I 11 M 111
-12
-6
0 + 6 +12 +18 + 2 4 +30 + 3 6
Months from specific troughs

Months from reference troughs




60

60

1/85
•

of these charts,

165

15

1/85

89. Residential fixed investment in
1972 dollars

For an explanation

•

20

-J - 1 5

MOTE:

205

10
-10

-6

•
25

1975

-12

215

30

+10

+5

•

see "How to Read Charts" on p. 106 of the January 1985 issue.

109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Agricultural products, exports
Anticipations and intentions
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, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, DL,
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

Current issue
Series <paee numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

11/84

604
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

5/85
5/85
1/84
1/85
1/85
1/85
1/85
1/85
1/85
1/85
1/85

23
23
20
37
37
37
37
37
37
37
37

616
55

56
22

92
65

11/84
9/84

56
39

B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
..„.
Member bank borrowings from the Federal Reserve..
Bonds—See Interest rates.
Borrowing -See Credit.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars
loans outstanding, current dollars
loans outstanding, net change
Business saving
„

Canada—See International comparisons,
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
Capital investment-See Investment, capital,
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force—See also Employment.
Employment
r
Employment as percent of population
Labor force
,
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded..
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
'.
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy....
Earnings, real average hourly, private nonfarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coincides, index
Four coineiders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows
Profitability
Twelve leaders, index
Twelve leaders, rate of change
See notes at end of index.

110



93
94

29
76
61
970
14
12
13

33
33

13,25
24
24
38
33
12,23
23

72
72

67
67
67
76
72
65
65

4/85
4/85

7/84
8/84
5/85
5/85
2/85
12/84
12/84

35
35

24
12
23
23
34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

5/85
5/85
5/85
11/84

32
32
32
26

82
84

20
20

64
64

3/85
3/85

14
14

97
11
965
333

24
24
37
48

66
66
75
86

2/85
2/85
2/85
5/85

22
22
22
51

914
35
34

11
29
29

60
70
70

7/84
9/84
9/84

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

3/85
2/85
3/85
2/85

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

60

5

'74"
60
66

1/84
1/84
12/84
7/84
12/83

"5
5
21

101
72
112

15,35
35
32

73
73
71

5/85
5/85
5/85

32
32
32

345
280

49
45

87
82

12/84
10/84

46
46

64

30,47

70,83

9/84

46

346

49

88

12/84

46

340

49

87

8/84

5

341
348
349

49
50
50

87
88
88

5/85
12/83
12/83

5
53
53

53

19

63

3/85

11

920
920c
940

10
39
11

60

1/84
1/84
7/84

5

930
930c

10
39

60

1/84
1/84

5

914
915
917
916
910
910c

11
11
11
11
10
39

60
60
60
60
60

7/84
7/84
7/84
7/84
1/84
1/84

5
5
5
5
5

"5"

. . ....

Current issue
Series <»»«« n u i f l t e r s >
number Charts Tables

(See complete Mtles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential constant dollars
Presidential! percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
AH items
Food
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
'.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index
D
Debt-See Credit.
Defense and space equipment, industrial production
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
Deficit—See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components
Disposable personal income—See income.

•.

Historical
data
(issue date)

Series
description
C)

2$

13,25

67

7/84

9
69

23
24

66
67

12/83
9/84

21
17

86
248
87
89
249
28
334
8
75

25
47
25
25
47
25
48
12,21
22

67
83
67
67
83
6?
86
64
65

9/84
10/84
9/84
9/84
10/84
3/85
5/85
3/85
8/84

40
40
40
40
40
24
51
15
12

66
113
95
39

35
32
15,35
33

73
72
73
72

6/84
6/84
9/84
11/83

33
33
33
34

320
322
58

49
49
22

84,95
84
65

4/85
4/85
1/84

49
49
20

525

53

90

11/84

55

20

12,23

66

12/84

21

10
116

23
34

66
73

12/84
8/83

21
35

110

32

72

11/84

101
72
112

15,35
35
32

73
73
71

5/85
5/85
5/85

32
32
32

66
113
95
39
Ill
33

35
32
15,35
33
13,32
32

73
72
73
72
72
71

6/84
6/84
9/84
11/83
6/84
5/84

33
33
33
34
31
31

98
331

28
48

69
85

3/85
4/85

51
50

557

54

91

11/84

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

1/84
11/84
3/85
1/84
1/84
11/84

55
55
56
56
56
55

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

6/84
6/84
6/84
6/84
7/84
9/84
9/84

17
15
17
15
5
43
43

39
32

33
12,21

72
64

11/83
2/85

34
1?

970
965
951
974
963
966

38
37
36
38
36
37

5/85
2/85
12/84
1/85
7/84
8/84

23

962
975
952
950
964

36
38
36
36
37

i/85

"i
37

971
960
972
967

38
37
38
37

973
976
978
977
968
961

38
38
38
38
37
36 '

76
75
74
76
74
75
78
74
76
74
74
75
77
76
75
76
75
79
76
76
76
76
75
74
77

1/85
12/84
12/84
6/84

22
5
37
5
12

5
5
15

1/85
5/85
1/85
1/85

'37
37
37
25

i/85

37
37
37
37
25
5

1/85
1/85
1/85
6/83
7/84

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources ot Series," following this index)

Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagroltural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
. Employees on private nonagricultural payrolls, Dl...
Employment, civilian.,
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, 01
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age...
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured.
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from...
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts
. ..
Federal surplus or deficit
State and local expenditures...
State and local receipts.
State and local surplus or deficit.
.. .
Surplus or deficit, total ,
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP,
National defense
,..
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars..,,
Total, current dollars
Gross domestic business product, fixed-weighted
price index
,
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars....,
GNP, constant dollars, differences.
GNP, constant dollars, percent changes
GNP, current dollars
,
. .
GNP. current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply M l
....
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Current issue
Series ( P W numbers)
number Charts Tables

441
578
577

51
55
55

48c
48
40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
44
45
43
1

39
17
17
38

961

14,17

36
51
55
17
16
16
12,16

36
16
51
51
51
51
17
51
51
51
51

89
91
91
-

6i'

62
76
62
74
89
91
62
61
61
61
74
61
89
89
89
89
62
89
89
89
89
62

15,18
18,51

62,89

18
18
18

62
62
62

12,16

61
77
II
74

36'

119

34

94
213
917

33
40
11

Historical
data
(issue date)

Series
description

C)

3/85
1/84
1/84

9
56
56

12/84
12/84
7/84
1/85
7/84
7/84
3/85
7/84
2/85
2/85
2/85
1/85
1/85
7/84
3/85
3/85
3/85
3/85
2/85
3/85
3/85
3/85
3/85
2/85
2/85
2/85
3/85
2/85
7/84

*5
5
37
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9
5

7/84

"5

10/83

72
80
60

311

4/85
10/84.
7/84

35
38
5

9/84

4/85

9/84

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/84
9/84
9/84
9/84
9/84
9/84
11/84

53
53
53
53
53
53
48

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

81
81
83
91
91
81
81
83
81
81

10/84
10/84
10/84
9/84
9/84
10/84
10/84
10/84
10/84
10/84

43
43
43
43
43
43
43
43
43
43

311
68

48
30

84
70

9/84
9/84

49
28

50
50b
50c
200

19,40

63,80

10/84
10/84
10/84
10/84
10/84
10/84
5/85
9/84
9/84
10/84

38
38
38
38
38
38
30
14
38
38

107
49
310
217

31
20
48
40

80
80
80
80
80
71
63
84
80

46
60

16
16

61
61

2/85
2/85

9
9

1

12,16

5

36
16

61
77
74
61

7/84

961
21

7/84
7/84

'V
5

39'
40

200b
200c

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts ...
Housing units authorized by local building permits..
Residential GPDI, constant dollars
Residential GPDI, percent of GNP
. .

Implicit price deflator, GNP'
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income.
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, lite of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
.
Interest, net, percent of national income
Bank rates on short-term business loans. .
Corporate bond yields....
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks.
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index...
International comparisons
Consumer prices
Canada
France
...
Italy
Japan
United Kingdom .
United States.
. ...
West Germany
...
Industrial production
Canada
.
. . . .
France
Italy .
OECD, European countries .
United Kingdom
United States
West Germany ,

Current issue
Series (page numbers)
number Charts Tables
67
67
67
83

28
29
89
249

25
13,25
25
47

310

48

345
280

49
45

87
82

Historical
data
(issue date)

Series
description

3/85
7/84
9/84
10/84

24
24
40
40

C)

9/84

12/84
10/84

46
46

64

30,47

70,83

9/84

46

346
95
286

49
15,35
45

88
73
82

12/84
9/84
11/84

46
33
26

287
225
224

47
40
40

83
80
80

11/84
10/84
10/84

26
11
11

227

40

340

49

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

5/85
8/84
8/84
11/84
11/84
10/84
9/84
9/84

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63
71
82

9/84
9/84
4/85
10/84

11
30
47

283
284

47
45

83
82

10/84
10/84

47
47

285
348
349

47
50
50

11/84
12/83
12/83

47
53
53

53
13
335

19
23
48

3/85
12/84
5/85

11
21
51

8/84
8/84
11/84
8/84
8/84
8/84

12
12
13
12
12
12

10/84
8/84

63
65
85

24
67
22
65
54
91
20
63
20
63
47 14,20,58 63,94
....
78
966
37
75
47c
39
76
75
557
73
74

1/85
1/85

25
25

61
74
62
82
83

1/85
1/85
3/85
11/84
11/84

8
8
8
47
47

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

2/85
8/83
10/83
10/83
10/83
7/83
8/83
8/83
5/85

35
35
35
35
35
35
35
35
50

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

4/84
4/84
4/84
4/84
4/84
4/85
4/84

60
61
61
61
60
49
61

94
94
94
94
94
94
14,20,58 63,94
58
94

5/84
5/84
5/84
5/84
5/84
5/84
8/84
5/84

59
59
59
59
58
58
12
59

967
23

37
28

5
962
45
288
289

12,16
36
18
45
47

67
116
119
118
117
109
114
115
332

733
736
737
738
732
320
735
723
726
727
728
721
722

47
725

79
75

8/84
8/84

58
58
58
58
58
58

See notes at end ol index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue

Series title
(See complete titles in "Titles and
Sources ot Series," following this index)
Stock prices
Canada
France
Italy
,
Japan
United Kingdom
United States
West Germany
International transactions
Balanee
Balanee
Exports,
Exports,

on goods and services
on merchandise trade
excluding military aid
merchandise, adjusted, excluding military

Exports
Exports
Exports
Exports

ot
of
of
of

domestic agricultural products.,
goods and services, constant dollars
goods and services, current dollars
goods and services, excluding military

Exports of nonelectrical machinery...
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
...,.
Imports ot goods and services, current dollars
Imports ot petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of p o d s and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports ot goads and services, percent ol GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade....
Inventory investment and purchasing, Cl
Manufacturing and trade, book value.,..
Manufacturing and trade, change in booh value
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
,

Series
number

Capital investment commitments, Cl
,
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP

Business expenditures, new
Business expenditures, new, Dl,.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
I t a l y - See International comparisons.

Tables

Historical
data
(issue date)

Series
description

C)

59
59
59
59
59
59
59

96
96
96
96
96
96
96

1/84
1/84
1/84
1/84
1/84
1/84
1/84

63
63
63
63
63
25
63

667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

8/84
8/84
11/84
8/84
11/84
10/84
10/84
8/84
11/84
11/84
8/84
11/84
8/84
10/84
10/84
11/84
8/84
8/84

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

44
47

82
83

10/84
10/84

44
44

26,42
42
47
54
27
15,27
11
27
26
27

68,81
81
83
91
68
68
60
68
68
68
76

9/84
10/84
10/84
6/84
6/84
11/84
7/84
11/84
11/84
11/84
1/85

40
40
40
17
17
17
5
17
17
17
37

68

3/85

17

68

6/84

17

68

6/84.

17

66
66
75
60
66

2/85
2/85
2/85
7/84
12/83

22
22
22
5
21

10/84

255

250
251
30
245
247
559
65
77
915
71
31
70
975
36
78
38

97
11
965
914

38
13,26
27
26
24
24
37
11
23

9/84
243
242
86
248

42
42
25
47

81
81
67
83

10/84
10/84
9/84
10/84

40
40
40
40

87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/84
9/84
9/84
10/84
10/84
10/84

40
40
40
40
40
40

Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment

Charts

"umbers)

743
746
747
748
742
19
745

Materials and supplies on hand and on order,
manufacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl

tpage

12/84
12/84
61
970
20
10

24
38
12,23
23

67
76
66
66

5/85
5/85
12/84
12/84

23

652
651

57
57

93
93

8/84
8/84

57
57

23
21
21

Japan -See International comparisons.

Labor cost per unit of gross domestic product...
Labor cost per unit of output, business sector...
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit of, nonfarm business.,.
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index

68
63

30
30

70
70

9/84
11/84

28
28

62
62
26

30
15
29

70
70
70

4/85
4/85
1/85

28
28
28

930
930c
952

10
39
36

60

1/84
1/84
12/84

5

910
910C

10
39

60

74'

5

Leading indicators, twelve
Composite index
Composite index, rate of change

See notes at end ot index,

112



1/84
1/84

5

Curre(it

SoriP* iillP

(See complete titles in "Titles and
Sources of Series," following this index)
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans-See Credit.

,

'SSUe

numb€rs)
Series ^
number Charts Tables

950
14
104

36
33
31

Historical
data
(issue date)

74
72
71

12/84
2/85
4/85

Series
description
(*)

5
34
29

M
Materials and supplies on hand and on order,
manufacturers'inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials prices-See Price indexes.
Merchandise trade—See International transactions.
Military-See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
. . . .
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
. . .
.
Municipal bond yields
N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Outlays, Defense Department
Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per nour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing
P
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
DuraWe goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income.
Personal saving
Personal saving rate
Petroleum and petroleum products, imports
Plant and equipment—See also Investment, capital.
Business expenditures, new
Business expenditures, new, 0)
Contracts and orders, constant dollars
Contracts and orders, current dollars
Population, civilian employment as percent of

78

27

68

6/84

38
84
8

26
20
12,21

68
64
64

6/84
3/85
3/85

917

11

60

7/84

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

4/85
4/85
4/85
4/85
4/85
5/85
4/85
5/84
10/83
10/83

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

12/84
12/84
3/85

15
15
15

20

12,23

66

12/84

n

10
548
7
6

23
53
21
21

12/84
6/84
3/85
3/85

t\
15
15
15

964
971

37
38

66
90
64
64
77
75
76

6/84
1/85

'is

88
87
86
248

25
25
25
47

67
67
67
83

9/84
9/84
9/84
10/84

37
40
40
40
40

517
543
721

53
53
58

90
90
94

1/84
11/84
5/84

55
55
58

580

54

91

3/85

49

20

63

9/84

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
70
88
88
64
64
61

4/85
4/85
1/85
1/85
3/85
3/85
7/84

28
28
52
52
14
14
5

453
452
451

51
51
51

89
89
89

3/85
3/85
3/85

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

11/84
11/84
11/84

48
48
56

61
970
20
10
90

24
38
12,23
23
17

67
76
66
66
62

5/85
5/85
12/84
12/84
2/85

23
23
21
21
9

17
14
15

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
, . , ; . « (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description

49
49

4/85
4/85

49
49

84
70

9/84
9/84
1/85

49
38
28

4/85
5/85
4/85
5/85
5/85
5/85
3/85

50
51
50
51
51
50
51

1/85
1/85
3/85
3/85

25
25

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

C)

Current issue
Series < p a « e number$)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

Price indexes

Consumer prices—See also International comparisons.
All items
Food
Deflator;
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
<
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks,
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, 01
Retail trade, Dl
Wholesale trade, 01
.
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
»,.
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income....
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing . . .
Profitability, Cl
Ratio, profits to corporate domestic income .,
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with Wft and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Raw industrials, spot market prices
Components
.;
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars...
Residential fixed investment, percent of GNP....
Residential structures—See Housing.
Retail sales, constant dollars...'.
Retail sales, current dollars.,

320
322

311
310
26

84,95

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

967
23

37
28

79
75
69

98
99

28
13,28

976
978
97?
525
109

51
25

13,28
37
29

75
70

1/84
6/83
1/85

25
25
28

38
38
38
53
35

76
76
76
90
73

1/85
1/85
1/85
11/84
7/83

37
37
37
55
35

Salaries—See Compensation.
Sales
,

Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
,
Ratio, inventories to sales, manufacturing and trade...
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
:
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products..:
Spot market prices, raw industrials
Components
.....
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
,
Surplus—See Government.

10/84

213
69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

67
65
65
76
68
65
65

9/84
11/84
11/84
1/85
11/84
4/85
4/85

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/84
11/84
11/84
11/84
11/84

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

3/85
3/85
6/84

51
25
17

967
23

'37'
28

79
75
69

i/85
1/85

25
25

19
968

13,28
37

69
75

1/84
6/83

25
25

114
115

34
34

72
73

8/83
8/83

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

2/85
2/85
1/85
1/85

. 9
9
8
8

446
445
447
444
37

51
51
51
51
18.51

89
89
89
89
62,89

3/85
3/85
3/85
3/85
2/85

9
9
9
9
9

44
45
43

18
18
18

62
62
62

2/85
3/85
2/85

9
8
9

561
96
25

54
21
21

91
64
64

6/84
6/84
6/84

15
15
15

107
108
32

31
31
12,21

71
71
64

5/85
4/85
2/85

30
30
17

1

12,16

7/84

961

36'

61
77
74

9/84
Treasury bill rate
Treasury bond yields...

1/85
1/85
7/84

52
52
5

69
69
69
69

9/84
9/84
9/84
9/84

26
26
26
26

45
47
38
37
29
11
29

82
83
76
75
70
60
69

; 11/84
11/84
1/85
5/85
1/85
7/84
9/84

26
26
37
37
27
5
26

29
45
47

70
82

9/84
10/84

26
47

370
358
916

50
50
11

18
16

28
28
29
29

286
287
972
960
15
916
22
SI
282
283

10/84

967
23
284

37
28
45

79
75
69
82

285
93
89
249

47
33
25
47

83
72
67
83

11/84
4/85
9/84 .
10/84

47
35
40
40

59
54

22
22

65
65

4/85
4/85

20
20

1/85
1/85
10/84

47

25
25

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl ,
Number unemployed
Both sexes 1619 years of age
Females 20 years and over
Full-time workers
. . . .
Males 20 years and over
Total unemployed
, ,.
Unemployment rates
15 weeks and over
Insured unemployment
Total
. ...
Unfilled orders, manufacturers'
Defense products
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons.

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio,. .
Vendor performance, slower deliveries
W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours.,..;.
Components
Diffusion index
".

7/84

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
• The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; " Q " indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number;
Source 1 —U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2 —U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide" also lists chart and table page numbers
for each series.

I-A. Composite Indexes
910, Composite index of twelve leading indicators
(includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q) .—The Conference
Board
(24,66)
12. Index of net business formation (M). Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(12,23,65)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).
Sources 1; 4; 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; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars ( Q ) . Source 1
(29,70)
35. Corporate net cash flow in 1972 dollars (Q). Source

1

(29,70)

36. Change in manufacturing and trade inventories on
hand and on order in 1972 dollars (MV Sources 1
and 2
(13,26,68)

14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

37. Number of persons unemployed (M).—Source 3

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).-Source2
(26,68)

(18,51,62,89)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

39. Percent of consumer installment loans delinquent
30 days and over (EOM). American Bankers
Association
(33,72)

18. Corporate profits after tax in 1972 dollars (Q).—
Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M),—Source 3
(17,62)

19. Index of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).- Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

917. Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

20. Contracts and orders for plant and equipment in
1972 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

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 or
nonsupervisory workers, manufacturing ( M ) . —
Source 3
(16,61)

930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)

106,111) (M).-Source 1

(10,39,60)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).^Source
1
(11,60)
916. Composite index of profitability (includes series
19,26,80) ( M ) . - S o u r c e l
(11,60)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)

(28,69,79)

I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3

(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Souree3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).-The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4

(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 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)
52. Personal income in 1972 dollars (M).—Source 1

(29,70)

(19,63)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

27. Manufacturers' new orders in 1972 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

53. Wages and salaries in 1972 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)

7. Manufacturers' new orders in 1972 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)

28. New private housing units started (M).—Source
2
(25,67)

8. Manufacturers' new orders in 1972 dollars, consumer goods and materials industries (M) .—Sources
1 and 2
(12,21,64)

29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

(12,16,61)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).—McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114



30. Change in business inventories in 1972 dollars <Q).-

Source 1

(26,42,68,81)

31. Change in manufacturing and trade inventories,
book value (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

54. Sales of retail stores in current dollars (M). Source
1
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Souree 1
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars
(M),-Sources l a n d 2
(14,22,85)
58. Index of consumer sentiment (Q,M). University
of Michigan, Survey Research Center
(22,65)
59. Sates of retail stores in 1972 dollars (M).-Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources l t
3, and The Conference Board
(16,61)

Gross private nonresidential fixed investment in
1972 dollars, producers' durable equipment (Q).—
Source 1
(25,67)

61. Expenditures for new plant and equipment by U.S.
nonfarm business (Q).—Source 1
(24,67)

89.

62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)

90.

Ratio, civilian employment to population of working age (M).—Sources 1 and 3
(17,62)

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91.

Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)

64. Compensation of employees as a percent of national
income (Q).—Source 1
(30,47,70,83)

93.

Free reserves (M).—Source 4

94.

Member bank borrowings from the Federal Reserve

Gross private residential fixed investment in 1972
dollars (Q).-Source 1
(25,67)

(33,72)

65. Manufacturers' inventories, finished goods, book
value (EOM).-Source 2
(27,68)

95.

66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)

Ratio, consumer installment credit outstanding to
personal income (M).-Sources 1 and 4
(15,35,73)

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)

98.

Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

99.

Change in sensitive materials prices (M).--Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)

101.

Commercial and industrial loans outstanding in 1972
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1972 dollars, nonfinancial corporations (Q).—Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1 and 2
(27,68)

(M).-Source4

71. Manufacturing and trade inventories, book value
(EOM).-Sourcesl and 2
(27,68)
72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)

(33,72)

102.

Change in money supply M2 (M).-Source 4

104.

Change in total liquid assets (M).—Sources 1 and
4
(31,71)

73. Index of industrial production, durable manufactures (M).-Source4
(20,63)

105.

Money supply M l in 1972 dollars (M).—Sources 1
and 4
*
(31,71)

74. Index of industrial production, nondurable manufactures (M).-Source 4
(20,63)

106.

Money supply M2 in 1972 dollars (M).-Sources 1
and 4
(13,31,71)

75. Index of industrial production, consumer goods
(M).-Source 4
(22,65)

107.

Ratio, gross national product to money supply M l
(Q).—Sources 1 and 4
(31,71)

76. Index of industrial production, business equipment
(M)-Source 4
(24,67)

108.

Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)

77. Ratio, manufacturing and trade inventories to sales in
1972 dollars (M).-Sources 1 and 2
(15,27,68)

109.

Average prime rate charged by banks (M).—Source
4
(35,73)

110.

Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)

111.

Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)

78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
2
(27,68)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1972
dollars (Q).-Source 1
(29,69)
81. Ratio, corporate domestic profits after tax with
inventory Valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M)-Source 4

113.

87. Gross private nonresidential fixed investment in
1972 dollars, structures (Q).-Source 1
(25,67)

950. Diffusion index of twelve leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1

(36,74)

960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(35,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
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 employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1972 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
46-82 industries (M).-Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).—Source 1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Net change in business loans (M).—Sources 1, 4,
Dun & Bradstreet, Inc. (Used by permission. This
and The Federal Reserve Bank of New York (32,71)
series may not be reproduced without written
permission from the source.)
(38,76)
Net change in consumer installment credit (M).—
Source 4
(32,72)
973. Diffusion index of net sales, manufacturing and

114.

Discount rate on new issues of 91-day Treasury
bills (M).-Source 4
(34,72)

115.

Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(34,73)

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)

119.

Federal funds rate (M).-Source 4

(31,71)

86. Gross private nonresidential fixed investment in
1972 dollars (Q).-Source 1
(25,67)




112.

(31,71)

I-C. Diffusion Indexes

(34,72)

trade—about 1,400 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 1,400 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 1,400 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
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1972
dollars (Q).—Source 1
(42,81)

289. Net interest as a percent of national income (Q)
(47,83)
Source 1

245.

290. Gross saving (Q).-Source 1

(46,82)

292. Personal saving (Q). Source 1

(46,82)

Change in business inventories in current dollars
(Q).-Source 1
(42,81)

247. Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

293. Personal saving rate (Q) .—Source 1

(46,83)

295. Business saving (Q).-Source 1

(46,82)

248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source 298. Government surplus or deficit (Q). Source 1
(46,83)
1
(47,83)

978. Diffusion index of selling prices, retail trade—about 249. Gross private residential fixed investment as a II—B. Prices, Wages, and Productivity
percent of gross national product (Q).—Source
400 businessmen reporting (Q).=Dun & Bradstreet,
1
(47,83) 310. Implicit price deflator for gross national product
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250. Net exports of goods and services in current dollars
(Q).—Source 1
(48,84)
source,)
(38,76)
(Q).-Source 1
(44,82) 311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
251. Net exports of goods and services as a percent of
II A. National Income and Product
gross national product (Q).—Source 1
(47,83) 320. Consumer price index for all urban consumers
30. Change in business inventories in 1972 dollars (Q).— 252. Exports of goods and services in current dollars
( M ) , Source 3
(49,59,84,95)
Source 1
(26,42,68,81)
(Q).-Source 1
(44,82) 322. Consumer price index for all urban consumers,
50. Gross national product in 1972 dollars (Q).—Source 253. Imports of goods and services in current dollars
food (M).-Source 3
(49,84)
1
(19,39,40,63,80)
(Q).-Source 1
(44,82) 330. Producer price index, all commodities (M). Source
64. Compensation of employees as a percent of national 255. Net exports of goods and services in 1972 dollars
3
(48,85)
income (Q).-Source 1
(30,47,70,83)
(Q).—Source 1
(44,82) 331. Producer price index, crude materials for further
200. Gross national product in current dollars ( Q ) . ^ 256. Exports of goods and services in 1972 dollars
processing (M).—Source 3
(48,85)
Source 1
(40,80)
(Q).—Source 1
(44,82)
332. Producer price index, intermediate materials, sup213. Final sales in 1972 dollars (Q).-Source 1
(40,80) 257. Imports of goods and services in 1972 dollars
plies, and components (M).-Source 3
(48,86)
(Q).-Source 1
(44,82)
217. Per capita gross national product in 1972 dollars
333. Producer price index, capital equipment ( M ) .
(Q).-Sources 1 and 2
(40,80) 260. Government purchases of goods and services in
Sources
(48,86)
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)

current dollars (Q).-Source 1

(43,81)

261. Government purchases of goods and services in
1972 dollars (Q).—Source 1
(43,81)
262. Federal Government purchases of goods and services in current dollars (Q),—Source 1
(43,81)

334. Producer price index, finished consumer goods
(M), Source 3
(48,86)
335. Producer price index, industrial commodities
(M).-Source 3
(48,85)

263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1
(43,81)

340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)

227. Per capita disposable personal income in 1972 dollars (Q).—Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as a percent of gross national product (Q).
Source 1
(47,83)

341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)

230. Personal consumption expenditures in current dollars (Q).—Source 1
(41,80)

266. State and local government purchases of goods and
services in current dollars (Q)-Source 1
(43,81)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

231. Personal consumption expenditures in 1972 dollars
(Q).- Source 1
(41,80)

267. State and local government purchases of goods and
services in 1972 dollars (Q).—Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q).- Source 1
(41,80)

268. State and local government purchases of goods and
services as a percent of gross national product
(Q).—Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q). Source
3
(49,88)

225. Disposable personal income in 1972 dollars ( Q ) . —
Source 1
(40,80)

233. Personal consumption expenditures in 1972 dollars, durable goods (Q).—Source 1
(41,80)

280, Compensation of employees (Q).—Source 1

235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capital consumption adjustments (Q), Source
1
(45,82)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).-Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q).--Source 1
(41,81)
238. Personal consumption expenditures in 1972 dollars, nondurable goods (Q).—Source 1
(41,81)

(45,82)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).-Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

239. Personal consumption expenditures in 1972 dollars, services (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)

240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

241. Gross private domestic investment in 1972 dollars
( Q ) . - Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q). Source 1
(42,81)

116



348. Negotiated wage and benefit decisions, average
first year changes (Q).-Source 3
(50,88)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q)-Source 3 (50,88)
358. Index of output per hour, all persons, nonfarm business sector (Q).—Source 3
(49,88)
370. Index of output per hour, all persons, business
sector (Q).-Source 3
(49,88)

II—C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3

(18,51,62,89)
441. Civilian labor force (M).—Source 3

(51,89)

442. Civilian employment (M).-Source 3

(51,89)

287. Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M). - -Source 3
(51,89)
percent of national income (Q).—Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).~Source3
(51,89)
288. Net interest (Q).—Source 1
(45,82)

TITLES AND SOURCES OF SERIES—Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers ( M ) . —
Source 3
(51,89)
448. Number of persons employed part time for economic reasorts (M).-Source3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).—Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 y^ars of age (M)-Source 3
(51,89)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).-Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1
(52,90)

502. Federal Government expenditures (Q).—Source
1
(52,90)

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financiaf Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Sou r e e l
(57,93)
622. Balance on merchandise trade (Q).—Source 1
(57,93)

651. Income on U.S. investment abroad (Q).-Source
1
(57,93)

667. Balance on goods and services (Q).—Source 1

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




723. Canada, index of industrial production (M).—
Statistics Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M), Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

728. Japan, index of industrial production (M).—-Ministry
of International Trade and Industry (Tokyo)
(58,94)

557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)

564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)

722. United Kingdom, index of industrial production
(M).-Central Statistical Office (London)
(58,94)

II—E. U.S. International Transactions

652. Income on foreign investment in the United States
(Q).—Source 1
(57,93)

561. Manufacturers' unfilled orders, defense products
(EOM).- T Source2
(54,91)

721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

559. Manufacturers' inventories, defense products, book
value (E0M).-Source2
(54,91)

320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

510. State and local government surplus or deficit ( Q ) - 602. Exports, excluding military aid shipments ( M ) . Source 1
(52,90)
Source2
(56,92)
511. State arid local government receipts (Q).—Source 604. Exports of domestic agricultural products (M).—
1
(52,90)
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
512. State arid local government expenditures (Q).—
606.
Exports
of
nonelectrical
machinery
(M).-Source
Source 1
(52,90)
2; seasonal adjustment by Bureau of Economic
517. Defense Department gross obligations incurred
Analysis
(56,92)
(M).—U.S. Department of Defense, Office of the
612.
General
imports
(M).-Source
2
(56,92)
Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).—U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)

47. United States, index of industrial production ( M ) . Source4
(14,20,39,58,63,78,94)

(57,93)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1
(57,93)

II—F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation
(13,28,59,69,96)

732. United Kingdom, consumer price index ( M ) . Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index ( M ) . - Statistisches Bundesamt (Wiesbaden); percent
changes seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, consumer price index (M). Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).—Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).- -Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—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 ) . - Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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