Full text of Business Conditions Digest : May 1987
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MAY 1 9 i |
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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert Ortner, Under Secretary for Economic Affairs
BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
Feliks 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
Mary D. Young—Data collection and compilation (Phone: 202-523-0541)
The cooperation of Government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and
sources at the back of this report.
This publication is prepared under the general guidance of a technical committee consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
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
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
BCII
iii
1
1
1
1
4
5
5
6
MAY 1 9 8 7
Data Through April
Volume 27, Number 5
PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
Chart
10
12
14
15
Table
60
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
1_J
fc]
DIFFUSION INDEXES
AND RATES OF CHANGE
Diffusion Indexes
36
74
l_C2i
_£3J
Selected Diffusion Index Components
Rates of Change
—
39
77
—
"AT
A4
_E2_
B5
B6__j
JBZJ
The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department. Use of funds
—
—
for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1987.
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
Chart
40
41
42
43
44
45
46
47
Table
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
58
59
59
94
95
96
PRICES, WAGES,
AND PRODUCTIVITY
B2
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices
PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors (March 1987 issue)
C. Historical Data for Selected Series
97
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (January 1987 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1987 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
106
110
114
Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230
NEW FEATURES
AND CHANGES
FOR THIS ISSUE
A limited number of
changes are made from
time to time to incorporate recent find-
BCD DATA ON DISKETTE
ings of economic
Data for most BCD series are available on diskette. Current data, covering the
last 5 calendar years, are available on a subscription basis—one diskette per
month for 12 months ($240). Historical data, covering 1945 to date, are
available on a set of five diskettes ($100). For more information, write to the
Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.
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 this issue are as follows:
changes in placement of
1. The series on manufacturers' new orders in constant
dollars, nondefense capital goods industries (series 27), has
been revised for the period 1982 to date to reflect the use of
revised deflators from the national income and product accounts. (See item 1 on page iii of the July 1986 BCD.)
The series on contracts and orders for plant and equipment in constant dollars (series 20) has been revised for the
period 1982 to date to incorporate the revision of series 27,
which is one of its components.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Statistical Indicators Division.
2. The series on new private housing units authorized
by local building permits (series 29) has been revised for the
period 1985 to date to reflect the source agency's annual updating of basic data and new seasonal adjustment factors.
Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Construction Statistics Division.
(Continued on page iv.)
The June issue of B U S I N E S S C O N D I T I O N S D I G E S T is scheduled for
release on July 7.
ill
series in relation to
other series, changer
in composition of
indexes, etc.
3. The U.S. international transactions series on merchandise trade (series
618, 620, and 622) have been revised for the period 1985 to date to incorporate
new U.S.-Canadian reconciliation estimates and new seasonal adjustment factors.
Further information concerning these revisions may be obtained from the U.S.
Department of Commerce, Bureau of Economic Analysis, Balance of Payments Division.
4. The series on stock prices for France (series 746) has been revised for
the period 1982 to date to reflect corrected data.
Further information concerning this revision may be obtained from the U.S.
Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
5. Appendix C contains historical data for series 38, 65, 66, 69, 72, 78,
95, 98, 99, 101, 111-113, 548, 732, 733, and 735-738.
6. Appendix G contains cyclical comparisons for series 23, 48, 91, and 101.
IV
METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1950, and a few charts use a two-panel
format which covers only the period since 1975.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.
Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
N.
1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)
LEADING (L)
INDICATORS
(61 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)
III.
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)
IV.
FIXED CAPITAL
INVESTMENT
(19 series)
V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(18 series)
VII.
MONEY AND
CREDIT
(28 series)
Capacity utilization
(2 series)
Orders and deliveries
(6 series)
Consumption and
trade (2 series)
Formation of business
enterprises
(2 series)
Business investment
commitments
(5 series)
Residential
construction
(3 series)
Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Stock prices
(1 series)
Sensitive commodity
prices (2 series)
Profits and profit
margins (7 series)
Cash flows (2 series)
Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Comprehensive
employment
(1 series)
Cyclical N .
Timing
N.
II.
PRODUCTION
AND INCOME
(10 series)
Marginal employment
adjustments
(3 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Economic
\Process
Comprehensive
output and income
(4 series)
Industrial
production
(4 series)
Consumption and
trade (4 series)
Business investment
commitments
( I series)
Business investment
expenditures
(6 series)
LAGGING (Lg)
INDICATORS
(19 series)
Comprehensive
unemployment
(2 series)
TIMING
UNCLASSIFIED (U)
(8 series)
Comprehensive
employment
(3 series)
Business investment
expenditures
(1 series)
Consumption and
trade (1 series).
Velocity of money
(2 series)
Interest rates
(2 series)
inventories on
hand and on
order
(4 series)
Interest rates
(4 series)
Outstanding debt
(4 series)
Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)
Business investment
commitments
( I series)
Unit labor costs
and labor share
(4 series)
Interest rates
(1 series)
B. Timing at Business Cycle Troughs
1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)
Economic
Process
Cyclical\
Timing
\
s
II.
PRODUCTION
AND INCOME
(10 series)
III.
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)
IV.
FIXED CAPITAL
INVESTMENT
(19 series)
V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(18 series)
VII.
MONEY AND
CREDIT
(28 series)
Marginal employment
adjustments
(1 series)
\ ^
N.
Industrial
production
(1 series)
Orders and deliveries
(5 series)
Consumption and
trade (4 series)
Formation of business
enterprises
(2 series)
Business investment
commitments
(4 series)
Residential
construction
(3 series)
Inventory
investment
(4 series)
Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)
Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Marginal employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and income
(4 series)
Industrial
production
(3 series)
Capacity utilization
(2 series)
Consumption and
trade (3 series)
Business investment
commitments
(1 series)
Profits and profit
margins (2 series)
Money (1 series)
Velocity of money
(1 series)
Orders and deliveries
(1 series)
Business investment
commitments
(2 series)
Business investment
expenditures
(7 series)
Unit labor costs
and labor share
(4 series)
Velocity of money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(4 series)
^
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(41 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)
TIMING
UNCLASSIFIED (U)
(1 series)
Inventories on
hand and on
order
(5 series)
Bank reserves
(1 series)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing ot the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either LfCr or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 18
series at all turns (of the 18,14 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.
Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product —personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.
4
Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.
Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1975.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.
Section C. Labor
Unemployment
Force, Employment, and
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1975) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1975) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Basic Data
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Solid line indicates monthly
data. (Data may be actual ~"
monthly figures or moving
averages.)
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
Bp"F''' '"
~ i*4^f'—-—
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.).
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.
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting _—•*PVj,/A. ? V
points indicates quarterly
yv
' v
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.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Arabic number indicates latest
month used in computing
the changes.
Solid line indicates percent
changes over 3- or 6-month
spans.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.
Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.
Roman number indicates
latest quarter used in computing the changes.
-5J
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or-
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data2
Series title and timing classification
Unit
of
measure
1
3dQ
1986
4th Q
1986
Percent change
1st Q
1987
Feb.
1987
Mar.
1987
Feb.
to
Mar.
1987
Apr.
1987
Apr.
1987
to
3d Q
to
4th Q
4th Q
to
1st Q
1987
I. CYCLICAL INDICATORS
Al. Composite Indexes
910.
920.
930.
940.
Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index
L,L,I
C,C,C...
Lg,Lg,Lg....
L,L,1—
Leading Indicator Subgroups:
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows
L,L,L...
L,L,L...
L,L,L...
L,L,I
967 = 100...
do
do
do
..do..
..do..
..do..
..do..
168.6
160.3
127 .0
126.3
179.2
164.5
132.1
124.5
179.9
164.7
131 .9
124.9
183.5
165.6
132.9
124.7
186.5
166.4
132.3
125.8
186.3
167 .4
131.7
127.1
110.3
102.0
115.2
138.8
109.5
103.3
119.4
143.9
109.2
102.7
120.1
145.3
109.3
103.5
119.0
147 .7
NA
104.4
NA
146.4
NA
104.2
123 .8
146.3
40.5
3.3
383
40.7
3.5
370
40.7
3.5
373
40.8
3.5
347
41 . 1
3.6
354
187.7
167 .0
131.0
127 .5
186.6
166.7
131 .0
127 .3
0.8
-0.2
-0.5
0.3
-0.6
-0.2
0.
-0.2
2.0
0.5
0.8
-0.2
1.6
0.5
-0.5
0.9
NA
NA
144.0
NA
104.7
NA
NA
NA
0.6
NA
-1 .6
NA
-0.1
NA
NA
0.1
0.8
-0.9
1 .7
NA
0.9
NA
-0.9
41 .3
3.6
361
41 . 0
3.7
341
40 .5
3.4
324
-0.7
0.1
5 .5
-1 .2
-0.3
5.0
0.2
0.
7 .0
0.7
0.1
-2.0
104.8
B. Cyclical Indicators by Economic Process
8 1 . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted 4 )..
Hours
do
. L,C,L...
. L,C,L... housands...
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
L,Lg,U... Ratio
L,Lg,U... 1967 = 100....
0.501
139
0.495
0.526
0.548
0.549
0.568
150
0.571
0.019
0.003
-4.0
0.031
139
U,C,C... A.r., bil. hrs...
U,C,C... Millions
...do
C,C,C...
L,C,U.... Thousands
182.30
103.97
97.61
24,930
186.45
106.43
100.17
2 4,940
186.50
106.87
100.32
24,872
188.16
107.24
101 .07
24,892
190 .12
108.03
101.83
25,017
190.92
108.15
101.85
25,038
190.20
108.08
102.01
25,004
188.94
108.54
102.32
25,046
-0.4
-0.1
0.2
-0.1
-0.7
0.4
0.3
0 .2
0 .9
0.3
0.7
0.1
1 .0
0.7
0.8
0.5
59.38
59.95
60.07
60.13
60.38
60.45
60.38
60.58
-0.07
0.20
0.06
0.25
8,312
7 .2
2.8
15.6
2.0
8,237 8,191
6.9
7.0
2.8
2.9
15.0
15.4
1 .9
1.9
8,138
6.8
2.7
7,948
6.7
2 .6
14.8
1 .8
7,967
6.7
2 .6
14.6
1 .8
7,854
6.6
2.6
14.9
1 .7
7,500
6 .3
2.4
14.9
1 .7
1.4
0.1
0.
-2.1
0 .1
4.5
0.3
0.2
0.
0.
0.6
0.1
0.2
2.6
0.1
2.3
0.1
0.1
1 .3
0 .
-0.3
-0.2
0.3
0.
1 .1
0.3
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
•41. Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted4)3
45. Avg. weekly insured unemployment rate (inv. 4 ) 3
• 9 1 . Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3
U,Lg,U.... Percent
L,Lg,U....
L,Lg,U....
L,Lg,U...
Lg.Lg.Lg....
Lg,Lg,Lg....
Thousands...
Percent
...do
Weeks
Percent
C,C,C.
A.r., bil. dol
do
15.0
1 .8
0.022
B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
C.C.C..
*51. Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction
Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1982 dollars
C.C.C.
C,C,C.
-0.2
-0.3
0.
538.6
539.5
536.4
534.2
-0.6
-0.4
0.4
123.8
125 .1 125.0 126.0 126.8
127.3
127.9 127 .7 128.6 1 2 9 . 7
125.1
130.9 131 .8 132.9 134.2
1533.2 1567.1 1568.0 1574.1 1604.2
127.1
130.3
134.3
126 .8
129.9
134.3
126.3
128.9
134.3
-0.2
-0.3
0.
-0.4
-0.8
0.
0.8
0.7
0.8
0.4
0.6
0.9
1 .0
1 .9
80.3
78.6
80.0
78.4
79.5
78.2
-0.3
-0.2
-0.5
-0.2
0 .1
0.3
0 .3
0.2
101.93 106.15
93.86
97.47
97.67
4.1
3.8
0.1
0.2
do
80.6 8 80.3 9 82.01 83.67 84.71 85.72 83.76
79.29
3 .81
do
-1.67
1 .42
-1.34
-0 .02
0.38
-0.49
0.66
Bil. dol., EOP ... 3 6 3 . 0 3 362.74 364.21 3 6 2 . 7 4 358.72 357 .30 358.72 362.53
Percent
52
54
57
52
55
52
55
45
1 .2
3 .09
0.4
3
do
do
C,C,C... 1977 = 100...
...do
C,C,C.
...do
C,L,L.
C,C,C A.r., bil. dol...
Capacity Utilization:
82. Capacity utilization rate, mfg3
84. Capacity utilization rate, materials3
3585.2 3674.9 3686.4 3 6 9 6 . 1 3735.9
2 9 6 2 . 8 3051 .8 3058.5 3058.9 3068.6 3081 .9 3073.8 3067 .3
L,C,U..
L,C,U..
Percent
....do
L,L,L.
L,L,L.
Bil. dol
2527 . 4 2602.0 2 6 0 5 . 2
537.8
541.1
539.5
80.1
80.2
79.8
78.5
79.7
78.1
99.57
93.47
100.08
93.09
99.86
92.86
2606.5 2615.0 2627 .2 2621.2 2613.5
541 .6
79.8
78.4
80.1
78.6
0.3
-0.6
B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders in 1982 dollars, durable goods
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3 ©
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales in 1982 dollars.
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment ( u )
L,L,L.
L,L,L.
L,Lg,U..
L,L,L.
.... C,C,C.
C,C,C.
C,L,C.
.... C.L.U.
U.L.U.
... L,C,C.
... L,L,L
do
425.61
420.95
124.5
121.20
113.00
427.53
425.37
124.8
123.88
115.62
140.1
123.5
94.8
94.8
102.34 101.21
94.52
93.10
438.30 443.17
429.87 43 5.14
127 .1 127 .5
122.69 124.28
112.01 113.50
106.6
90 .5
90 .2
I Q 1966=100
419.27
406.75
120.2
114.97
107.40
115.3
93.2
1967 = 100..
Number
120.4
120.1
120.0
120.9
55,230 58,388 57,113 59,831
120.9
Bil. dol
do
1977 = 100..
Bil. dol
do
A.r., bil. dol
434.57
429.22
125.8
123.80
114.62
127.6
92.0
NA
446.67
43 5.7 0
NA
127 .0 125.9
125.22 125.38
113.84 113.57
90.8
123.8
123.8
-0.4
-1.1
-1 .
2.0
-0.85
-1 .1
-1
NA
NA
-0.9
0.1
-0.
1 .6
0.9
0.8
-0.1
-0.9
2.
0.1
-0.4
0.8
0.3
92.8
121.1
59,399
1 .1
2.5
1 .8
-3.0
0.
NA
-0.1
4.8
0.8
6.4
-3.9
4.8
6.2
-4.8
-3.9
0.9
0.
1 .0
-0.9
-2.3
-16.5
-1 .6
B4. Fixed Capital Investment
'Formation of Business Enterprises:
12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
*20. Contracts and orders for plant and equipment
in 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capita! goods
L,L,L
L,L,L.
. L.L.L.. Bil. dol
31.85
, L.L.L..
.. L.L.L...
do
do
33.32
26.97
. L.L.L..
do
28.89
NA
NA
2 .2
NA
30.97
30.55
32.52
31.25
30.85
32.17
31 .93
4.3
33.36
26.63
33.46
26.44
35.07
28.09
33.37
27.00
33.16
26.86
34.49
27.37
34.44
27.44
4.0
1 .9
29.59
29.60
30.23
30.45
2.1
29.83
-0.1
0.3
0.7
NA
-4.9
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Unit
of
measure
Series title and timing classification1
Annual average
3dQ
1986
1985
4th Q
1986
1st Q
1987
Feb.
1987
77.67
20.20
80.71
78.49
22.69
69.77
76.62
NA
NA
Mar.
1987
70.82
Apr.
1987
3d Q
to
Feb.
to
384.02
Mar.
1987
Apr.
1987
4th Q
4th Q
1986
1st Q
1987
I. 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.5
C,Lg,Lg.... Bil. dol., EOP ...
86.42
27 .22
94.58
77.03
21.57
69.77
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment in 1982 dollars
C,Lg,Lg.... A.r., bil.dol...
387.13 379.27 374.55 3 8 8 . 6 9
do
C,Lg,Lg...
C,Lg,U.... 1977 = 100
C,Lg,C... A.r., bil. dol
399.13 393.84 391 .88 3 9 8 . 8 6 385.25 389.34 392.32
139.6
138.6
138.8
138.3
139.5
140.7
461.4
454.4 457.8
456.7
446.3
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars
L,L,L A.r., thousands
L,L,L... 1967 = 100
L.L.L.... A.r., bil.dol
1 ,742
138.1
177.2
1 ,806
141.3
194.0
1,758
138.0
197.2
1 ,702
138.0
199.7
1,801
134.2
197.5
-0.3
-28.5
12.15
40.4
0.21
1 .1
12.3
-13.6
-2.4
NA
NA
3 .
0.26
-1 .2
NA
139.0
0.8
-0.
NA
-0.4
1 .8
-0.4
0.7
-3.
0.9
-2.5
1,699
127 .4
-4.8
2.5
-2.9
-7.1
-3.2
0.
1 .3
5.8
-2.8
- 1 .1
35.0
-5.51 -13.77
-4.4
- 1 .1
2.5
77 .91
1 ,838
133.7
1,749
137.1
B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
L,L,L...
*36. Change in mfg. and trade inventories on hand and on
6 3
order in 1982 dollars (smoothed )
L,L,L...
do..
31. Change in mfg. and trade inventories3
L,L,L...
do..
38. Change in mfrs.' inventories, materials and supplies
3
on hand and on order
L,L,L Bil. dol..
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5
9.0
6.6
1.45
9.4
3.19
2 .0
-0.67
-0.29
-0.19
63.5
11.84
17.2
2.08
1.56
1 .53
1.52
1.50
1.51
1.49
25.92
41 ,5
0 .05
Lg,Lg,Lg.... Bil. dol., EOP . 65O.7O 652.70 652.98 652.70 662.81 660.47 662.81
Lg,Lg,Lg....
do
638.43 641.07 643.48 641.07 648.30 646.46 648.30
Lg,Lg,Lg....
do
105.76 103.17 102.56 103.17 104.57 104.48 104.57
Lg,Lg,Lg.... Ratio
-8.26
3.3
11 .88
10.9
23.72
28.1
0.4
0.3
0.1
0.
-0.4
0.6
-0.02
0.9
0.01
0.3
0.
1.49
L,Lg,Lg.... Bil. dol., EOP . 230.20 226.73 226 .08 226.73 227.50 225.42 227.50
1.5
1 .1
1 .4
0.3
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 (smoothed6)3
L,L,L... Percent
U,L,L... 1967 = 100...
L,L,I 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 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
in 1982 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
L,L,L.
do
L.C.L..
do
L,C,L.
....do
L,L,L. Cents
L,L,L. 1977 = 100...
131 .4
123.1
188.9
181 .0
3.8
98.8
134.0
122.7
197.2
185.4
3.7
98.7
135.9
124.3
197 .6
185.3
3.4
99.0
144.5
131 .8
196.1
182.7
3.5
97.9
136.6
122.9
203.6
189.2
N
A
99.1
6.3
6.0
-0.8
-1 .4
0.1
-1 .1
-5.5
-6.8
3.8
3.6
N
A
1 .2
Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars
L,L,L. AJ., bil. dol...
L.L.L..
....do
376.0
374.9
383.2
3 82.3
3 83.8
399.2
397.3
407 .2
406.7
3.9
3.5
2.0
2.4
164.8
168.8
169.3
171 .0
170.4
1 .0
-0.4
0.708
0.725
0.727
0.729
0.727
138.0
85.4
138.6
81 .1
138.0
80.2
138.5
79.3
137 .9
77.9
73.5
73.8
74.1
73.5
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... 1977 = 100...
*b) Actual data as percent of trend3
Lg,Lg,Lg... Percent
64. Compensation of employees as percent of
national income3
Lg,Lg,Lg...
do
-0.22
244.8
-0.43
0.30
228.9
0 .14
-0.20
220.3
-0.04
186.84 236.34 241.15
-0.44
253 .8
-0.10
0.54
-0.4
-0.45
-0.81
3.0
0.01
1 .04
9.9
1 .05
-1 .13
2.7
-0.56
279.30 280.93 292.47 289.32
0.84
242.2
1 .01
4.1
-1.1
1 .1
14.6
-0.2 9
248.8
0.45
-0.17
247.2
0.34
0.37
246.3
-0.11
0.3
137 .7
77.8
137.8
77.5
138.3
77.4
-0.3
0.1
-0.3
0 .4
-0.1
0 .4
-0.9
-0.4
- 1 .4
0 .32
0.15
-0.43
-0.1
-0.3
1 .20
0.34
N
A
1 .0
0.
0.51
-0.08
0.01
3.6
1.6
-1.37
-0.46
-0.42
1 .9
0.3
B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply M l in 1982 dollars
•106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
•111.
110.
Flows:
Net change in mortgage debt3
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
L,L,L...
do
L,C,U...
do
L,L,L...
do
L,L,L... Bil.dol
do
L,L,L...
C,C,C... Ratio
C,Lg,C...
do
L,L,L... A.r., bil. dol...
do
L,L,L...
L,L,L...
do
L,L,L... A.r., percent..
L,L,L... A.r., bil. dol...
L,L,L.... Percent, EOP ...
0.99
1 .28
1 .26
1 .77
0.40
0.27
1 .47
-0.05
0.68
0 .72
0.77
0.31
0.85
-0.01
0.14
0.48
0 .70
0.63
0.70
0.28
-0.20
0.23
N
A
0.69
532.6
592.5
624.8
636.2
603.2
635.3
636.9
641 .8
2226.6 2360.5 2389.9 2428.8 2436.2 2434.9 2428.2 2429.0
6.736
1 .336
6.258
1 .300
6.185
1 .288
5.958
1 .269
77.64
NA
NA
NA
22.53
10.54
11.27
49.27
76.62
54.99
78.02
26.05
10 .2
6.6
6.7
8.5
647.34 6 2 7 . 9 6 6 9 4 . 7 2 7 8 0 . 5 2
2.24
1.85
5.892
1.270
1.276
1 .276
NA
NA
NA
16.58 • 3 6 . 5 4 - 3 5 . 9 3
6.96
12.16
-0.76
2.8
-0.2
0.7
N
A
1.274
NA
5.22
NA
NA
0.
NA
0.61
•12 . 9 2
0.9
-0.002
-0.227 -0.066
0.001
-0.019
NA
NA
38.00 -32.69
NA •51 . 9 7 - 1 9 . 0 9
1.8
-5.7
NA|
12.4
NA
NA
41.15
NA
0.3 9
NA
39
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title and timing classification
Unit
of
measure
1
Percent change
Annual average
3dQ
1985
1986
4th Q
1986
1st Q
1987
Feb.
1987
Mar.
1987
3d Q
to
4th Q
Feb.
to
Apr.
1987
Mar.
1987
Apr.
1987
4th Q
to
1st Q
1987
I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury b o n d s 3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business l o a n s 3 ©
*109. Average prime rate charged by b a n k s 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3
. L,U,U.. Mil. dol..
. L,Lg,U...
do
... L,Lg,Lg.... Percent
do...
... C,Lg,Lg....
do..,
• Lg,Lg,Lg....
do...
.... ... CLg,Lg....
.. U,Lg,Lg....
do..
do..
• LR.Lg.UE....
do...
• Lg.Lg.Lg....
do..
• Lg,Lg,Lg....
-492
1,321
8.10
7.49
11.75
10.75
9.10
12.24
9.74
9.93
93
836
6.80
5.97
9.23
8.14
7.32
9.91
8.11
8.33
-82
874
9.14
7.85
224
807
5.34
9.05
7.84
6.93
9.42
7.28
7 .50
511
554
655
556
389
527
-164
993
266
-29
553
46 6
-306
-67
-287
-253
6.22
5.53
8.62
7.64
6.63
8.85
7.46
7 .50
6.10
5.59
8.58
7.69
6.61
8.81
6.13
5.56
8.68
7.62
6.66
8.94
6.37
5.76
9.36
8.31
7.55
10.02
0 .03
-0.03
0.10
-0.07
0.05
0.13
0.24
0.20
0 .68
0.69
0.89
1 .08
0.06
-0.19
-0.09
-0.05
-0.3 5
-0.48
-0.45
-0.35
-0.05
0.19
-0.43
-0.20
-0.30
-0.57
0.18
0.
7 .50
7 .75
• Lg,Lg,Lg....
Lg,Lg,Lg....
Bil. dol., EOP .
Bil. dol
522.80 577.79 571 .28 577.79 579.53 579.59 579.53
NA
331.62 342.53 340.53 346.83 360.10 360.09 357.09 357.53
• Lg,Lg,Lg....
do
321.49 341.99 342.70 347.76 356.78 356.17 352.86 350.86
• Lg,Lg,Lg.... Percent
14.70
15.94
16.13
16.37
16.15
16.10
16.07
NA
111.5
322.2
0.3
309.8
308.7
323.8
306.1
318.7
300.5
291 .8
114.5
328.4
0.1
319.7
299.8
312.1
280.0
307 .6
306.5
284.9
115.0
328.9
0.2
322.3
297.4
308.4
276.9
305.0
306 .8
282.9
115.2
330.8
0.2
326 .3
298.5
309.7
278.8
304.7
309.6
284.8
116.4
334.5
0 .5
329.1
302.1
315.0
285.8
309.0
310.4
287.1
334.4
0 .4
329.6
302 .7
315.7
287 .4
309.2
310.0
286.8
335.9
0.4
329.2
302.8
315.8
287.7
310.2
310.3
288.3
337 .7
0.4
330.2
305.1
317 .4
295.7
311 .2
311 .2
290.8
1977 = 100
165.2
169.2
169.3
170.5
171.3
171 .4
171 .8
...do...
...do...
...do...
94.1
173.9
98.0
106.4
104.8
94.9
179.1
99.0
107 .1
105.5
95.0
179.6
99.2
107 .3
105.7
95.1
180 .8
99.2
106 .8
105.3
94.3
180.8
98.0
107 .2
105.7
94.4
94.2
0.
0.25
0.
-0.8
NA
0 .1
-0.9
-0.6
-0 .03
NA
1 .1
1 .8
1 .5
0.24
II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
B l . Price Movements
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.
Implicit price deflator for gross national product
Consumer price index for all urban consumers (CPI-U) © . .
Change in CPI-U (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities ©
PPI, industrial commodities ©
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods
B2.
1982 = 100...
1967 = 100...
Percent...
1967 = 100...
do
do
do
do
do
do
0.2
0.6
0.
1 .2
0.1
0.5
0
0
0 .3
0
0 .5
2
0.3
0.3
0 .9
0 .4
0 .4
0.7
-0 .1
0.9
0.7
1 .0
1 .1
0.3
0.9
1 .2
1 .7
2.5
1 .4
0 .3
0.8
172.2
0.2
0 .2
0 .7
0.5
94.0
-0.2
-0.2
0.1
0.7
0.
-0.
-0.4
-0.8
0
-1 .2
0.4
0.4
115.46 117.83 118.17 118.56 119.20 119.35 119.22 119.34
107.15 109.60 109.98 110.42 111 .25 111 .38 111.37 111.84
8,312 8,237 8,191 8,138 7,948 7,967 7,854 7 ,500
3,715 3,751 3,750 3 ,7 86 3 ,647 3,648 3,573 3,40 9
3,129 3,032 3,006 2,945 2,877 2,873 2,857 2,715
1,468
1 ,424 1,376
1 ,454 1 ,434 1 ,407 1 ,424 1,446
6,7 93 6,708 6,647 6,609 6,432 6,488 6,275 6,018
-0.1
0
-1 .4
-2.1
-0 .6
-1 .5
-3.3
0.1
0.4
4.5
4.6
-5 0
3 .4
4.1
-0.1
Wages and Productivity
340.
Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls...
345. Average hourly compensation, nonfarm business sector....
346. Real average hourly compensation, nonfarm business sector ..
370. Output per hour, business sector
358. Output per hour, nonfarm business sector
...do...
...do...
C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.
Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16-19 years of age..
Number unemployed, full-time workers
Civilian Labor Force Participation Rates:
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16-19 years of age3
Dl.
Percent
do....
do....
78.
54.7
54.5
78.
55.5
54.7
78.0
55.8
54.7
78.1
55.7
54.4
78.2
55.9
54.6
78.2
55.9
55.2
78.2
55.9
54.2
78.1
56.0
54.2
0
0.8
-2.3
-3 .7
-2.3
1 .2
-2.7
0 .
-0.1
-0.3
0 .1
0.2
0.2
8.6
2.6
1
-4.6
0
1 .8
0.
0.
-1.0
-0.6
1 .0
-2.0
-1 .9
-0 .6
14.4
2.3
0
-7 .9
0
2.0
0.3
0.4
D. Government Activities
Receipts and Expenditures
500. Federal Government surplus or deficit3.
501. Federal Government receipts
502. Federal Government expenditures
510. State and local government surplus or deficit3
511. State and local government receipts,
512. State and local government expenditures.
D2.
517.
525.
548.
557.
570.
564.
Millions
do
Thousands..
....do
....do
....do
do
A.r., bil. dol.
.do.
do
.do.
.do.
.do.
-198.0 - 2 0 3 . 3 - 1 9 7 . 4 - 1 8 8 . 8 - 1 7 4 . 4
7 86.8 826.9 833.1 854.5 873.8
984.9 1030
1030.5 1043.4 1048.2
61 .7
63.0
64.0
59.4
51.5
577.5 620.9 629.1 634.9 638.3
515.8 557.9 56 5.1 575.4 586.8
Mil. dol.
.do.
Thousands.
A.r., bil. dol.
NA
26,883 29,988 30,615 28,436 29,855 34,669 28,986
NA
9,655 11 ,80 3 12,827 12,422
12,240 11,980 14,164
9,185
9,165 9,622 8,685 7,214 6,980 9,964 10,940
170.6
180.3 180.8 185.1 186.1
186.6
186.5 186.7
1,613
1 ,544 1,600
1,609
1,607
NA
1,608
1,609
259.4 277.6
286.8 278.8 287 .9
-16.4
-3.2
42
0
-0.1
NA
NA
9.8
-0.1
NA
-7.1
-31 .8
-9.7
2.4
0 .3
-2
5.0
22.
-16.
0.
-0.
3.
Mil. dol.
.do.
.do.
do
.do.
.do.
17 ,772 18,052 17 ,256 18,831 18,714 18,659 21 ,063
2,426 2,164 2,135 2,334 2,0 43 2,047 2,157
3,917 3,907 3,829 4,099 3,985 4,404 4,098
28,838 30,830 30,764 31 ,333 30,990 32,307 33,197
4,180 2,894 2,381 2,414 3,127 3,598 3,513
4,688 5,578 5,810 6,143 5,511 6,322 5,329
12.9
5.4
-6.9
2.8
-2.4
-15.7
NA
NA
NA
NA
NA
NA
9
9
7
1
1
5.7
-0.6
-12.5
-2.8
-1.1
29.5
-10.3
Defense Indicators
Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products ....
Industrial production, defense and space equipment.
Employment, defense products industries.
Federal Government purchases for national defense
do
1977 = 100..
E. U.S. International Transactions
El. Merchandise Trade
602.
604.
606.
612.
614.
616.
Exports, excluding military aid shipments
Exports of domestic agricultural products
Exports of nonelectrical machinery
General imports
Imports of petroleum and petroleum products
Imports of automobiles and parts
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure
Percent change
Annual average
4th Q
1985
1st Q
1986
2dQ
1986
3d Q
4th Q
1st Q
1987
2dQ
to
3d Q
3dQ
to
4th Q
1986
4th Q
1st Q
1987
II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
667.
668.
669.
622.
618.
620.
651.
652.
Balance on goods and services'
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States
Bil. dol.
.do.
.do.
.do.
do
.do.
.do.
.do.
-23 .58 - 2 5 . 6 7 -31 .36 - 2 9 . 4 5 -31 .05 -30 .35 -31 .14 - 3 2 . 8 9
NA
91.50
90 .03 89.62
92.68
90.87
91 .99
92.84
94.37
NA
NA
113.60 115.30 124.03 120.32 122.55 122 .34 123.98 127.27
-34.98 -33.65 -37.12 -38.60 - 3 8 . 3 3
-28.13 - 3 0 . 5 4 - 3 6 . 0 8 - 3 6 . 1 1
53.88
54.23
56.09
53.46
56.93
56.53
57 .02
58.21
54.98
84.52
92.18
89.58
88.86
95.62
96.54
90.58
83.10
93.65
22.50
22.65
24.51
24.20
21 .43
NA
22.64
21.56
22.34
16.54
NA
16.94
17.70
17 .31
16.20
15.25
16.20
16.87
-0.79
0.9
1 .3
-3.47
-0.7
3.4
-1.3
-6.4
-1.75
1 .6
2.7
-1.48
0.9
2.1
-4.1
2.1
NA
NA
0.27
2.1
1 .0
NA
NA
A. National Income and Product
Al. GNP and Personal Income
200.
50.
217.
213.
224.
225.
227.
Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars
230.
231.
232.
233.
236.
238.
237.
239.
Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services
Services in 1982 dollars
240.
241.
242.
243.
245.
30.
Total
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3
A.r., bil. dol..
do
A.r., dollars..
A.r., bil. dol..
do
do
A.r., dollars..
3765.0
3489.9
14,721
3430.7
2670.6
2470.6
10,421
3998.1
3585.2
14,981
3576.2
2828.0
2528.0
10,563
4206.1
3674.9
15,216
3668.4
2971.6
2602.0
10,773
4087.7
3622.3
15,0 80
3627.5
2882 .2
2540.7
10,577
4149.2
3655.9
15,188
3616.1
2935.1
2581.2
10,723
4175.6
3661.4
15,179
3646.3
2978.5
2625.8
10,886
4240.7
3686.4
1 5 , 2 46
3686.7
2979.9
2605.5
10,776
4258.7
3696.1
15,249
3724.5
2993.0
2595.4
10,708
4348.4
3735.9
15,383
3700.8
3053.1
2612.0
10,755
1 .6
0.7
0.4
1 .1
0.
-0.8
- 1 .0
0.4
0.3
0.
1 .0
0.4
-0.4
-0.6
2.1
1 .1
0.9
-0.6
2.0
0.6
0.4
A.r., bil. dol..
do
do
do
do
do
do
do
2428.2
2246.3
331 .2
318.9
870.1
828.6
1227 .0
1098.7
2600.5
2324.5
359.3
343 . 9
905.1
841 .6
1336.1
1139.0
2762.5
2418.7
388.1
368.6
932.7
872.1
1441.7
1178.0
2667 .9
2351 .7
362.0
347 .0
922 .6
847 .2
1383.2
1157 .5
2697.9
2372.7
360.8
345.4
929.7
860.6
1407.4
1166.6
2732
2408
373
357
928
877
1429
1174
2799.8
2448.0
414.5
391 .6
93 2 . 8
875.4
1452.4
1181 .0
2820.4
2445.8
403.1
3 80.4
940.1
875.1
1477.2
1190.2
2850.7
2438.9
384.6
361 .3
961 .7
876.2
1504.5
1201 .3
2 .5
1 .6
10.9
9.7
0.5
-0 .2
1.6
0.6
0.7
-0.1
-2.8
-2 9
0.8
0.
1 .7
0 .8
1 .1
-0.3
-4.6
-5.0
2.3
0.1
1 .8
0.9
...do...
...do...
..do...
..do...
..do...
662.1
652.0
598.0
592 .8
64.1
59.2
661.1
647 .7
650.0
638.6
11 .1
9.0
683.6
657 .2
677 .0
650 .7
6 .7
6.6
669.5
653.2
672.6
658.4
-3.1
-5.2
708.3
684.0
664.4
644.1
43.8
39.9
687.3
664.7
672.8
649.6
14.5
15.1
675.8
651 .3
6 80 .3
651 .6
-4.5
-0.3
663.2
629.0
6 90 .3
657.4
-27.1
-28.5
718.1
678.9
678.1
643 .9
40.0
35.0
- 1 .7
-2.0
1 .1
0.3
-19.0
-15.4
- 1 .9
-3.4
1 .5
0 .9
-22.6
-28.2
..do...
..do...
733.4
675.2
311 .3
291 .7
422.2
383.5
815.4
721 .2
354.1
323 .6
461 .3
397 .6
864.2
7 46.8
366.2
332.2
498.0
414.6
855.6
749.4
3 80 .9
347.2
474.7
40 2 . 2
836.7
725.2
355.7
320.4
480 .9
40 4 . 8
860.8
7 42.2
367.6
328.9
493.3
413.3
874.0
750.4
369.3
330.9
504.7
419.5
885.3
769.3
372.1
348.6
513.2
420.7
891 .4
755.2
369.2
331 .0
522.2
424.3
1 .5
1 .1
0.5
0 .6
2.3
1 .5
1 .3
2.5
0 .8
5 .3
1 .7
0.3
0.7
-1.8
-0.
-5.0
1
0.9
..do..
..do..
..do..
..do..
..do..
..do...
-58.7
-78.9 -104.3
- 8 3 . 6 -108.2 -147 .8
369.8
382.7
373.0
362.3
369.7
371.5
441 .4 448.6
477 .3
470.5
453.2
519.3
- 9 3 . 7 -104.5 - 1 0 8 . 9 - 1 1 0 . 2 -111 .9
- 1 2 5 . 9 -153.9 -163 .3 - 1 4 8 . 0 -137 .2
374.8
383 .5
391.6
363.0 3 7 0 . 8
369.2
385.8
3 90.4
359.8 371 .2
46 8.5 467 .5 47 9.7
493.7
503.4
495.1
533.8
527.6
513.6
53 4 . 5
-4.4
-9.4
2.1
3 .2
2 .6
4.1
- 1 .3
15.3
3.4
3.9
2 .9
-0.1
- 1 .7
10.8
2.1
1 .2
2.0
3032.0 3 2 2 2 . 3 3 3 8 6 . 4 3287.3 3340.7 3376.4 3 3 9 6 . 1 3432.3 3507 .4
2214.7 2368.2 2498.0 2423.6 2461 .5 2480 .2 2507 . 4 2542.8 2578.1
236.9
254.4
278.8
262.1
298.2
265.3
289.1
277 .5
283.2
7 .6
15.0
8.3
8.3
16.2
15.3
12.8
16 .3
14.8
280.7
300 .7
264.7
285.6 2 9 6 . 4
333.5
293 .1
302 .0
311 .2
307 .4 311 .4 2 9 4 . 0
307 .6
282 .2
304.9
297 .7
292.9
280.4
0 .6
1 .1
-4.0
-0 .6
3.0
- 1 .6
1 .1
1 .4
2.1
-8.6
3.0
-4.3
2.2
1 .4
5.3
3.4
7 .2
0.6
-4.2
1 .2
-45.1
40 .0
-2.3
-0.4
0.7
-11.8
3 .9
-0.3
9.1
1 .8
40.2
6.5
0.9
A2. Personal Consumption Expenditures
A3. Gross Private Domestic Investment
7.9
-1.8
-2.1
A4. Government Purchases
of Goods and Services
260.
261.
262.
263.
266.
267.
Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars...
250.
255.
252.
256.
253.
257.
Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars
A5. Foreign Trade
-105.3
-132.0
368.2
362.9
473.6
494.8
A6. National Income and Its Components
220.
280.
282.
284.
286.
288.
National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAdj
Corporate profits before tax with IVA and CCAdj
Net interest
290.
295.
292.
298.
293.
Gross saving
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3
..do..
..do..
..do..
..do..
..do..
..do..
A7. Saving
do..
do..
do..
do..
Percent....
551 .5
538.7
573.3
506 .1
544.5
564.8
143.3
168.7
114.2
-101 .5 - 1 3 6 . 3 - 1 4 0 . 3
5.1
3.8
6.3
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: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.
524.1
553.5
125.8
-155.1
4.4
583.2
562.6
145.6
-125.1
5.0
539.7
559.9
153.1
-173.3
5.1
517.2
566.4
84.1
-133.3
2.8
561 .6
514.9
580.4
570.1
104.0
74.2
-129.4 -122.9
3.4
2.5
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.
3
Differences rather than percent changes are shown for this series.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.
I
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
Itotter.1967=1001
910. Index of twelve leading indicators1
q
(series 1 , 5 , 8 , 1 2 , 1 9 , 2 8 , 2 9 , 32 36, q in*; i n )
^
-«
-
J
J
/
\
/
\
-3
••-
/
Y ^
/
V
920. Index of four roughly coincident indicators
(series 4 1 , 4 7 , 5 1 , 5 7 )
_.
-2
1
-2
-6
-3
-2
930. Index of six lagging indicators
(series 62, 77, 91, 95,101,109)
1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 - 0 71 72 ^3
•
75 76 77 78 79 80 81 82 83 84 85 86 1987
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates,
i Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 60.
10
MAY 1987
IICII
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
. Invent* investment and purchasing (series 8 , 3 H p , 99)
W
917. Money and financial flows (safe 104,106, 111)
l^bO1;! 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 84 85 86 1987
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.
ICO
MAY 1987
11
CYCLICAL INDICATORS
A I
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components
K; Apr.
P T
1. Average weeWy hours of production or nonsupervisory workers, manufacturing (hours)
5. Average weekly initial claims for unemployment insurance, State programs (thousands—inverted scale)
LCl
110 100-
8. Manufactorers' new orders in 1982 dollars, consumer goods'
? . and materials industries (bil-dol.) [ 7 J J ]
90-
7?
-V-
>r*
8070605040-
30-
32. Vendor performance, percent of companies receiving slower deliveries (percent)
4540-
20. Contracts and orders for plant and equipment in
1982 dollars (bit. dot.)
353025-
20-
15-
10-
1950 51 52 53 54 55 56 57 58 59 60
6 1 62 63 64 65 66 67 68 69 ~0 7 ]
y? •'•-,
?5 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 61, 64, and 66.
1
2
MAY 1987
ItCII
A
COMPOSITE INDEXES AND THEIR
COMPONENTS—Continued
Chart A 2 . Leading Index C o m p o n e n t s — C o n t i n u e d
29. Now privoto housing units authorized by local
building permits (index: 1007^100)
36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed1 (ann. rate, bil. dd.)
99. Change in sensitive materials nrices. smoothed1 (nercentt
19. Stock prices, 500 common stocks (index: 1941-43=10)
J
i
106. Money supply M2 in 1982 dolta-(bi-dolv>.
HXTl
111. Change in business and consumer credit outstanding
(ann rat?
in
"^Z
_/\.
^w^/*"
Wvj
YW'V'
'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, 71, and 72.
licit
MAY 1987
13
CVCUCAl iNDiC-.T
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
41. Employees on nonagricultural payrolls (millions)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bl. dol.)
47. Industrial production (index: 1977=100)
57. Manufacturing and trade sales in
1982 dollars (nil. rinU
S3 84 85 86 1987
Current data for these series are shown on pages 62, 63, and 65.
1
4
MAY 1987
BCII
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A4. Lagging Index C o m p o n e n t s
91. Average duration of unemployment (weeks—inverted scale)
I Lg.Lg.Lel
J
V
m
77. Ratio, manufacturing and trade inventories to sales i n 10119 Hnllarc ,
1 :]•
62. Labor cost per unit of output, manufacturing—actual data
as pdfcent of trend (percent,) I Lg,Lg,Lg I
109. Average prime rate charged by banks (percent)
101. Commercial and industrial loans outstanding in 1987 rlnlare fhil rW1
J
95. Ratio, consumer installment credit outstanding to personal incom
(percent)
I Lg.Lg.Lg I
66
i 7 68 59
-
,f /7 7H 79 80
'
81
H?
83 bi
Current data for these series are shown on pages 62, 68, 70, and 73.
ItCII
MAY 1987
1
5
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
[Marginal Employment Adjustments!
1. Average weekly hours of production or nonsupervisory workers,
manufacturing (hours) [ 7 7 7 ]
41-
21. Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (hours)
fuFEl
5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scale) | L,C,L |
200 -
300 -
|Job Vacancies!
JV
60. Ratio, help-wanted advertising in newspapers to number
of persons unemployed (ratio)
\
1.0-
46. Help-wanted advertising in newspapers (index: 1967=100)
I8O-1
m
\
100 -
\ J
1962
63
64
65
66
67
68
69
70
71
72
so •
73
74
75
76
79
80
81
82
83
84
85
8r
f
87
88 1989
Current data for these series are shown on page 61.
1
6
MAY 1987
ItCII
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
| Comprehensive Employment |
48, Employee hours in nonagricultural establishments
{am. rate, bil. hours) | y c c |
in nonagricuEturat activities (millions)
y,c,c
41. Employees on nonagricuKural payrolls (millions)
40. tmpioyees on nonagncuiturai payrolls, goods-producing
s
\ -S
'
J~
/
\
r
**
y
IAI
\
^
/
\
/
90. Ratio, civilian employment to population of working age (percent)
/
J_
1962
63
5i
-r
....i
.•/
•"<
••-•,<-.
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 61 and 62.
inn
MAY 1987
1
7
•JYCUCAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
|Comprehensive Unemployment!
37. Number of persons unemployed (millions—inverted scale)
, J
43. Unemployment rate (percent—inverted scale)
45. Average weekly insured unemployment rate, State programs (percent—inverted scale)
V
!L,Lg,UT
z
91. Average duration of unemployment (weeks—inverted scale)
44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)
UTi
A7
.-5
76
77
78
79
83
84
Current data for these series are shown on page 62.
1
8
MAY 1987
O C L i C A i '••
B
I
CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B2. Production and Income
[Comprehensive Output and Income]
50. Gross national product in 1982 dollars, Q (ann. rate, bil. dol.)
52. Personal income in 1982 dollars (ann. rate, bil. doTJ
51. Personal income less transfer payments in 1982 dollars
(am. rate, bil. dol.) {c C C i
53. Wages and salaries in 1982 dollars, mining, manufacturing,
and construction (ann. rate, bil. dol.)
1962
61
•" •
::
C---
17
:- -s
]«>><;
Current data for these series are shown on page 63.
IICII
MAY 1987
1
9
C Y C L I C A L I N - D i C A •-,•;•
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
140-
[industrial Production |
130 120110 -
47. Industrial production (index: 1977=100)
100 90-1
150140130-
120 110 -
73. Industrial production, durable manufactures
(index: 1977=100)
'
100 90-
74. Industrial production, nondurable manufactures
(index: 1977=100)
1800-
[cm
1700-
TU
1600 1500-
49. Value of goods output in 1982 dollars, Q
(am. rate, bil. dol.)
|c,c,C |
1400 1300 120011001000900-
[Capacity Utilization|
82. Capacity utilization rate, manufacturing (percent) t L,C UI
80-
70-
60
84. Capacity utilization rate, materials (percent) | l,C,U]
J
90-1
nA
196?
S3
«
rv.
6:'
r.
•• •
71
78
79
80
81
30-
82
83
84
65
86
1989
Current data for these series are shown on pages 6 3 and 64.
20
MAY 1987
IICII
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
| Orders and Deliveries j
7. Manufacturers' new orders in 1982 dollars, durable goods
industries (bil. dol.)
\QJ\
6. Manufacturers' new orders in current dollars,
durable goods industries (bil. dol.)
:I|
J
8. Manufacturers' new orders in 1982 dollars, consumer
goods and materials industries (bil. dol.)
fun
25. Change in manufacturers' unfilled orders, durable goods industries », >,
(bil. dol.; MCD moving avg.—4-term)
full
96. Manufacturers' unfilled orders, durable goods industries
(bil. dol.)
[ IO
E^ l
—
—
/
^~
32. Vendor performance, percent of companies
receiving; stowei deliveries iB^ejnt).
„„
LU
Current data for these series are shown on page 64.
ItCII
MAY 1987
21
CYCLICAL I N D i D
B
I
-
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
| Consumption and Trade]
57. Manufacturing and trade sales
in 1982 dollars (bil. dot.)
\
56. Manufacturing and trade sales in current dollars
(bil. doL)
75. Industrial production, consumer goods
(index: 1 9 7 7 = 1 0 0 )
59. Sales of jretaM stores in 1982 dollars (bil. dol.)
PD \
S
54. Sales of retail stores in current dollars (bil. dol.)
\
55. Personal consumption expenditures,
automobiles, Q (am. rate, bil. dol.)
58. Index of consumer sentiment (1st Q 1 9 6 6 = 1 0 0 )
1962
63
64
65
66
67
:..-
84
85
OS
B7
Current data for these series are shown on page 65.
22
MAY 1987
ISCII
CYCLICAL IN
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
160 •
I Formation of Business Enterprises j
LT
E
140 120 100-
12. NetbusJriiisfOTflKT^inaeii: 1967=100) jL,L,L|
70 •
60-
J
13. New business incorporations (thousands)
ran —
~yv/
5040-
30
J
454035-
I Business Investment Commitments |
3025-
20-
15-
10. Contracts and orders for plant and equipment
in current dollars (bil. dot) f r r r
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
40-
27. Manufacturers' new orders in 1982 dollars, nondefense
capital goods industries (bil. dol.)
35-
t±t
302520-
15-
. Manufacturers new orders in current dollars, nondefense
capital goods industries (bil. dol.) h L L
9. Construction contracts awarded for commercial and industrial
buildings (mil. sq. ft. of floor space; MCD moving avg.—5-term)
-ttc-ot
UO-i
100 -
—--
9080706050-
65
6t
«.'
83
84
85
86
87
88
1989
'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.
ItCII
MAY 1987
23
. . \7U iINDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
Business Investment Commitments—Con.
97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. doL)
11. Newly approved capital appropriations, 1,000 manufacturing
corporations, Q (bil. dot.)
100. Expenditures in 1982 dollars for new plant and equipment,
Q (ann. rate, bil. dot.)
| Business Investment Expenditures |
61. Expenditures in current dollars for new plant and
equipment, Q (am. rate, bil. dot.)
69. Machinery and equipment sales and
business construction expenditures
(aim. rate, bil. dot) |c,Lg,L
/b. Industrial production, business equipment
(index: 1977=100) f c T T
•>".
bf
58
-,<••
•'9
80
81
82
83
84
85
36
87
1989
Current data for these series are shown on pages 66 and 67.
24
MAY 1987
CH\.
AuiCATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
| Business Investment Expenditures—Con. [
Gross private nonresidential fixed investment in 1982 dollars (ann. rate, bil. dol.)
88. Producers' durable equipment, Q |C.Lg,"c
[ Residential Construction Commitments and Investment |
28. New private housing units started (ann. rate, millions)
29. New private housing units authorized by local building permits
(index: 1 9 6 7 = 1 0 0 ) . .
Fy
89, Gross private residential fixed investment in
1982 dollars, Q (arm. rate, bil. dol.)
7
V
1962
Current data for these series are shown on page 67.
MAY 1987
25
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B5. Inventories and Inventory Investment
| Inventory Investment]
30. Change in business inventories in 1982 dollars, Q (aim. rate, bil. dol.)
[IJJ1
36. Change in manufacturing and trade inventories on hand and on
order in 1982 dollars (am. rate, bil. dol.; moving avg.—4-term1)
31. Change in manufacturing and trade inventories
(am. rate, bil. dol.; MCD moving avg.—6-term)
iA
» g
X
/WT,
38. Change in manufacturers' inventories, materials and supplies on
hand and on order (bil. doL; MCD moving avg.—4-term)
1962 63
64
65
66
67
68
69
70
"'
"
64
85
86
37
88
1
This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68-
26
MAY 1987
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
Inventories on Hand and on Order |
700 -
70. Manufacturing and trade inventories in 1982 dollars (bit. dot.)
600500 -
400-
71. Manufacturing and trade inventories
in current dollars (bil. dot.) X
300
-
200-
110
1
100-j
90-|
80-
65. Manufacturers' inventories, finished good:
(bildol.)
1060-
40-
77. Ratio, manufacturing and trade inventories to sales in 1982 dollars
(ratio)
1-8-1
1.514-
260 -
78. Manufacturers' inventories, materials and supplies on hand
and on order (oil. doi.) jL,Lg,Lg|
220-
•'15
86
87
88
1989
Current data for these series are shown on page 68.
KCII
MAY 1987
2
7
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
98
[Sensitive Commodity Prices]
,
- ( * a f l 8 e i n P ro *«:er P™* 5 * » Z 8 sensitive crude and intermediate materials
(percent; MCD moving avg.—6-term)
l u i I
ft
f/W
VW** ni
99. Change in sensitive materials prices (percent; moving
«&.—4-term 1 )
23. Spot market prices, raw industrial materials2 (index: 1967=100)
[Stock Prices |
19. Stock prices, 500 common stocks (index: 1941-43=10)
[Profits and Profit IVIargins|
18. Corporate profits after tax in 1982 dollars, Q
(arm, rate, ML dot) [ L.L.L |
^
16. Corporate profits after tax in current dollars, Q
(ann. rate, bit dot) |L,LJJ
1
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 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.
2
28
MAY 1987
ItCII
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
| Profits and Profit Margins—Con, |
80. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (arm. rate, bil. dol.)
——
A
SO-J
79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (ann. rate, bil. dol.)
___
.
22. Ratio, corporate domestic profits after tax to corporate domestic
; • ' - )
8-j '
81. Ratio, corporate domestic profits after tax with IVA and CCAdj
to corporate domestic income, Q (percent) [ j j j j [
J
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents) |l,L,L|
26, Ratio, implicit price deflator to unit labor cost, nonfarm business
sector, Q (index: 1 9 7 7 = 1 0 0 )
_
|Cash Flows |
35. Corporate net cash flow in 1982 dollars, Q
(ann. rate, bil. dol.)
\
!C0-
- 'CO-j
34. Corporate net cash flow in current dollars, Q
(arm. rate, b i l . " M ) T j j [ j [ T
1 9 6 ?
6
;
"
•
•
••'•
:•• •
;•
Current data for these series are shown on pages 69 and 70.
KCII
MAY 1987
29
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
| Unit Labor Costs and Labor Share
63. Unit labor cost, business sector, Q
(index: 1 9 7 7 = 1 0 0 ) " ^ ^
68. Labor cost in current dollars per unit of gross domestic product
in 1982 dollars, nonfinancial corporations, Q (dollars)
/
0 45-
120-1
62. Labor cost per unit of output, manufacturing
(index: 1977=100) | L g > L g L g |
'•'•"-It
90-1
64. Compensation of employees as a percent of national income,
Q (percent)
Current data for these series are shown on page 70.
30
MAY 1987
B
CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B 7 . M o n e y a n d Credit
85. Change in money supply Ml
(percent; MCD moving avg.—6-tertn)
~1
H
+u
-i-
102. Change in money supply M2
(percent; MCD moving avg.—6-term)
• a s -!
J_
4-
J
104. Change in total liquid assets (percent; MCD moving avg.—6-term) | L.L.L
105. Money supply M l in 1982 dollars (bil. dol.)
106. Money supply M2 in 1982 dollars (bil. dol.)
107. Ratio, gross national product to money supply M l , Q (ratio)
fcJcTcl
| Velocity of Money |
108. Ratio, personal income to money supply M2 (ratio)
Current data for these series are shown on page 71.
IICII
MAY 1987
31
CYCLICAL INDICATORS
B
I
C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B7. Money and Credit—Continued
| Credit Flows]
33. Net change in mortgage debt held by financial institutions
and life insurance companies (ami. rate, bil. dot.).
112. Net change in business loans (ann. rate, bil. dol.;
MCD moving avg.—6-terni)
MOO -i
-20-40-
l.OO-
113. Net change in consumer installment credit (am. rate, bil. dol.;
MCD moving avg.—6-term)
111. Change in business and consumer credit outstanding (ann. rate, percent'
110. Funds raised by private nonfinancial borrowers in credit
markets, Q (am. rate, bil. dol.) | L , L , L |
1962
63
64
65
66
67
68
69
70
7i
72
73
74
75
500 •
76
Current data for these series are shown on pages 71 and 72.
32
MAY 1987
IICII
i ', '•
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
1 Credit Difficulties |
14. Current (labilities of business failures (mil. dol.inverted scale; MCD moving avg.—6-term)
ILLLI
100-i
200-
300400-
39. Percent of consumer installment loans delinquent 30 days and over
(percent—inverted scale)
[ L.L.L 1
I.6-1
1.82.02.22.42.62.8-
-6-
93. Free reserves (bil. dol.—inverted scale)
- 4 - 3 -
94. Member bank borrowings from the Federal Reserve (bil. dol.)
|L,Lg,U
J
1962
63
i •
99
81
82
33
84
8")
86
87
88 1989
Current data for these series are shown on page 72.
Bill
MAY 1987
33
CY!_:.!CAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
1S18-
I Interest Rates]
16 •
15-
119. Federal funds rate (percent)
1110-
• -i
114. Discount rate on new issues ot 91-day treasury nils
116. Yield on new issues of high-grade corporate bonds
(percent)
|
"
115. Yield on long-term Treasury bonds (percent)
118. Secondary market yields on FHA mortgages (percent)
117. Yield on municipal bonds, 20-bond average (percent)
Current data for these series are shown on pages 72 and 73.
34
MAY 1987
ItCII
B
I
CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B7. Money and Credit—Continued
[ Interest Rates—Con.
109. Average prime rate charged by banks (percent)—"]
181716-
67. Bank rates on short-term business wans, Q (percent)
11109-
5 -
400 350-
1 Outstanding Debt |
101, Commercial and industrial bans outstanding in 1982 dollars
HIJ7T7I \
300-
250-
200-
72. Commercial and industrial loans outstanding in current
150700 600 •
500-
400-
66. Consumer installment credit outstanding (bil. dot.)
300 -
200-
100 •
95. Ratio, consumer installment credit outstanding to personal income
(percent) [ ] 7 L
Current data for these series are shown on page 73.
ItCII
MAY 1987
3
5
DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . D i f f u s i o n Indexes
950. Twelve leading indicator components1 (6-mo. span—, 1-mo. span—)
| Percent rising |
100 -
951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—}
lOO-i
i l i i /•:•!'
!li!
j {I f f'j T i f
'•'*
*'rt.
*{
V II
50-
FV
952. Six lagging indicator components (6-mo. s p a n — , 1-mo. span—.)
100-i
50-
961. Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mo. s p a n — , 1-mo. span—-)
100-
962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo. s p a n — , 1-mo. s p a n — )
100-1
963. Employees on private nonagricultural payrolls, 172-186 industries
(6-mo. span
, 1-mo. s p a n — )
:DO-
85
86
87
S8 1989
1
Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 74.
36
MAY 1987
IICII
DIFFUSION INDEXES AND RATES OF C H A N G E — C o n t i n u e d
Chart C l . Diffusion Indexes—Continued
964. Manufacturers' new orders, 34-35 durable goods industries
(9-mo. span—, 1-mo. span—-)
I Percentrising[
965. Newly approved capital appropriations in 1982 dollars, 17
manufacturing industries (4-Q moving a v g * * * , 1-Q span***)
i
"*™~""'
" " " " """ 1 "***™* 1 "- "•• "*•* «*.^™*jjf*» ^<-
966. Mistrial production, 24 industries (6-mo. span
, 1-mo. span—-)
967. Spot market prices, 13 raw industrial materials
(9-mo. span-—, 1-mo. span—-)
968. Stock prices, 500 common stocks, 42-82 industries
(9-mo. span
, 1-mo. s p a n — )
960. Net profits, manufacturing, about 600 companies1 (4-Q span)
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.
BCII
MAY 1987
37
CYCLIC-1
C I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Actual
Anticipated
| Percent rising]
• • •
•••••••
| Percent rising]
Actual
Anticipated
970. Expenditures for new plant and
equipment, 21 industries (1-Q span)
(a) Actual expenditures
974. Number of employees, manufacturing and trade (4-Q span)1
975. Level of inventories, manufacturing and trade (4-Q span)1
(a) Actual expenditures
971. New orders, manufacturing (4-Q span)1
976. Selling prices, manufacturing (4-Q span)1
90 n
972. Net profits, manufacturing and trade (4-Q span)1
977. Selling prices, wholesale trade (4-Q span)1
,A
978. Selling prices, retail trade (4-Q span)1
973. Net sates, manufacturing and trade (4-Q span)1
:.975 76
77
78
75
1975
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about X,400
business executives.
Current data for these series are shown on page 76.
38
MAY 1987
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
1-month spans
3-month spans ——
I Percent change at annual rate
910c. Composite index of twelve leading indicators
1
920c. Composite index of four roughly coincident indicators
930c. Composite index of six lagging indicators
47c. Index of industrial production
50c. Gross national product in 1982 dollars (1-Q span)
48c. Employee hours in nonagricultural establishments
51c. Personal income less transfer payments in 1982 dollars
1,K:
-•
,-
.:
.^r;
b/
->o
,-v
•
,:
>U
>32
83
84
85
86
87
88
1989
NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index— Series Finding Guide" indicates the latest issue in which the data for each series were published.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
I » U ) MAY 1987
39
A
I
NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income
5000 4500 4000 35003000-
200. Gross national product in current dollars, Q (ann. rate, bil. doi.)
2500 -
2000-
1500-
223. Personal income in current dollars
(ann. rate, bil. dot.)
\
!
\
1000 —
•
224. Disposable personal income in current
dollars, Q (arm. rate, bil. d d )
4500-
50. Gross national product in 1982 dollars, Q
(ann. rate, bil. dol.)
JH
4000 35003000-
45004000 -
213. Final sales in 1982 dollars, Q (arm. rate, bil. dot.)
3500 30002500-
2000-
225. Disposable personal income in 1982
dollars, Q (arm. rate, biL dol.)
1500-1
18-
217. Per capita gross national product in 1982 dollars, Q
(arm. rate, thous. dol.)
161412-
227. Per capita disposable personal income in
1982 dollars, Q (am. rate, thous. dol.)
78
79
80
81
82
83 84
86
87
80 1989
Current data for these series are shown on pages 63 and 80.
40
MAY 1987
IMJI
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A 2 . Personal C o n s u m p t i o n Expenditures
| Annual rate, billion dollars (current)!
Personal consumption expenditures—
Annual rate, bilion dolars (1982) |
1962
63
( i
-";
;
v6
>?7
68
69
Current data for these series are shown on pages 80 and 81.
ItCII
MAY 1987
41
O T H E R I M P O R T A N T E C O N O M I C Vi:
A
I
:
-.\
NATIONAL INCOME AND PRODUCT—Continued
Chart A 3 . Gross Private Domestic Investment
| Annual rate, billion dollars (current) |
T*
^^
-J
Gross private domestic investment
[TJ
/
0G
1
r
242. Fixed investment, Q
245. Change in business inventories, Q
Annual rate, b i o n dollars (1982)1
30. Change in business inventories, Q
1962
63
64
65
66
67
68
69
70
85
38
87
fif
I-./-
Current data for these series are shown on page 81.
42
MAY 1987
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A 4 . G o v e r n m e n t Purchases of Goods and Services
I Annual rate, billion dollars (current)
Government purchases of goods and services—
266. State and local
government, Q
90-
Annual rate, bHIion dolars (1982)
1000-
267. State and local government, Q
8f,
87
88 1989
Current data for these series are shown on page 81.
KCII
MAY 1987
43
O T H E R
I A
I
i MP O R T A L
i
,•".••••;•-^C
• .•.••-•./'•••
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
| Annual rate, bijon dollars (current))
252. Exports of goods and services, Q
253. Imports of goods and services, Q
250. Net exports of goods and services, Q
I Annual rate, billion dollars (1982)]
257. Imports of goods and services, Q
. Exports of goods and services, Q
255. Net exports of goods and services, Q
Current data for these series are shown on page 82.
44
MAY 1987
A
NATIONAL I N C O M E AND P R O D U C T — C o n t i n u e d
Chart A6. National Income and Its Components
| Annual rate, billion dollars (current) |
4000 -i
220. National income, Q
280. Compensation of employees, Q
286. Corporate profits before tax with inventory valuation
and capital consumption adjustments^
288. Net interest, Q
282. Proprietors' income_wjthjnventory valuation and
capital coHsurnptlbn adjustments, Q"
284. Rental income of persons with capital
consumption adjustment, Q
38 1989
Current data for these series are shown on page 82.
licit
MAY 1987
45
OTHER IMPOR
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
Annual rate, billion dollars (current)
, J
298. Government surplus or deficit, Q
293. Personal saving rate, Q
Current data for these series are shown on pages 82 and 83.
46
MAY 1987
• l->>
A
I
v
'
"-. 'RES
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
| Percent of GNP]
235. Personal consumption expenditures, Q
•••
•<
i
268. State and local government purchases
of goods and services. 0
265. Federal Government purchases of goods and services, Q
248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q
247. Change in business inventories, Q
251. Net exports of goods and services, Q
m
[Percent of National Income]
64. Compensation of employees, Q
287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q
—1
283. Proprietors income with inventory valuation
and capital consumption adjustments, Q
285. Rental income of persons with capital consumption adjustment, Q
Current data for these series are shown on page 83.
KCII
MAY 1987
47
OTH:-.
,
•
.•••'•-:
- * ; > ,
•
PRICES, WAGES, AND PRODUCTIVITY
Chart B l . Price Movements
Index: 1982=100
310c. Implicit price deflator for gross
national product (1-Q span)
1 Percent change at annualratej
310. Implicit price deflator for gross_.
national produ£lJl_
311c. Fixed-weighted price index, gross domestic business product
311. Fixed-weighted price index,
gross domestic businesTpToWcl^TJ
=EJ
]
Producer price indexes—
j 6-month spans
330c. All commodities
I Index: 1967=1001
Producer price indexes—
if.!' \
/SO J
330. All rnmmoriities
335c. Industrial commodities
Z\
LZL
331c. Crude materials for
further processing
335. Industrial commodities
' • • • '
- )
-r-l
j
332c. Intermediate materials, supplies, and components
331. Crude materials for further processing
;1(
t
-I j
_ZZ_Z-IX
/ ' /
.
332. Intermediate materials, supplies,
333c. Capital equipment
334c. Finished consumer goods
334. Finished consumer goods
1975
?n
.
t-
Current data for these series are shown on pages 84, 85, and 86.
MAY 1987
ItCII
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
I Index: 1967=1QQ|
Consumer price indexes—
322. All urban consumers, food —•-
320c. All urban consumers (6-month span)
[Percent change at annual^tej
322c. All urban consumers, food (6-month span)
Chart B2. Wages and Productivity
I Index: 1977 = 1001
I Wages!
,"0d
41;
341. Real average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
18016C140-
B;
340. Average hourly earnings of production or nonsupervisory workers
on private nonagricultural payrolls (current dollars)1
346. Real average hourly compensation, all employees,
nonfarm business sector, Q .
345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
Current data for these series are shown on pages 84, 87, and 88.
KCII
1987
MAY
49
.
B
'
i
*\
PRICES, WAGES, A N D P R O D U C T I V I T Y — C o n t i n u e d
Chart B2. Wages and Productivity—Continued
'
a g e s
—^
Change in average hourly earnings of production or nonsupervisory workers on private nonagricuftural payrolls1—
340c. Current-dollar earnings
.
,'
••
j
'
ercen
=-1
f
1-month spans2
6-month spans (ann. rate)
A
341c. Real earnings
.1 li*k i
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c. Current-dollar compensation
A
.
j**?*£****&^
/.
4-quarter spans
&*& T
-l-quarter spans (aim. rate)
346c. Real compensation
l-quarter spans (ann. rate)
4-quarter spans
Negotiated wage and benefit decisions—
348. Average first-year changes, Q ( a m . rate)
349. Average changes over life of
Index: 1 9 7 7 - 1 0 0 1
[Productivity |
Ti
358. Output per hour, all persons,
nonfarm business sector, Q
370. Output per hour, all persons,
business sector, Q
| Percent change I
370c. Change in output per hour, all persons, business sector, Q
;
.
•
.
•
•
:
:
'•':;,
7
6
7
7
.
'
•
<
•••
':•_
'•
•
•:':
::
•
•',•'.
;;.
: '
'-_•.
:
...-
1
Adjusted for overtime (in manufacturing only) and interindustry empfoyment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) to make them comparable
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.
50
MAY 1987 \ \ \ \ \
C
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major Components
441. Civilian labor force (millions)
442. Civilian employment (millions)
Civilian labor force participation rates (percent)-
4 5 1 m&% 2 0 yeafS and oyer
80-
65-
453. Both sexes 16-19 years of age
60-
I
5b-
bO
45-
^
4014-
Number unemployed (millions)
\2 10 8 -
445. Females 20 years and over
1-
446. Both sexes 16-19 years of age
"1
447. Number unemployed, full-time workers (mill
!0 8 b -
-448. Number of persons employed part time for economic
reasons (millions)
Current data for these series are shown on page 89.
I»(>|)
MAY 1987
51
OTHER IMPORTANT
GOVERNMENT ACTIVITIES
Chart D l . Receipts a n d Expenditures
I Annual rate, bilRon dollars (current)
13 ::;;]
502. Federal Government expenditures, Q
501. Federal Government receipts, Q
j
500. Federal Government surplus or deficit, Q
511. State and local government receipts, Q
512. State and local government expenditures, Q
510. State and local government surplus or deficit, Q
1962
63
64
65
66
67
r,K
Current data for these series are shown on page 90.
52
MAY 1987
•,
j
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D 2 . Defense Indicators
[Advance Measures of Defense Activity]
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)
525. Defense Department prime contract awards
(bil. dol.; MCD moving avg.—6-term)
543. Defense Department gross unpaid obligations outstanding (bil. dol.)
548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.—6-term)
'
1962
53
64
65
6b
67
68
69
/'j
•';
7r.
76
77
78
79
80
81
82
83
84
85
Current data for these series are shown on page 90.
BUI
MAY 1987
5
3
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
|Intermediate and Final Measures of Defense Activity!
557. Industrial production, defense and space equipment
559. Manufacturers' inventories, defense products
(bil. dol.)
561. Manufacturers' unfilled orders,
defense products (bil. dol.)
580. Defense Department net outlays, military functions and military
assistance (bil. dol.)
588. Manufacturers' shipments, defense products (bil. dol.)
Current data for these series are shown on page 91.
54
MAY 1987
J)
GOVERNMENT ACTIVITIES—Continued
Chart D 2 . Defense Indicators—Continued
I Intermediate and Final Measures of Defense Activity—Con. |
570. Employment, defense products industries (millions)
1.0 J
Defense Department personnel (millions)—
353.0-
577. Military personnel on active duty
2.5-
2.0-
1.5-
578. Civilian personnel, direct hire employment
1.0 J
400-
L
U
|National Defense Purchases!
350300250 -
200-
564. Federal Government purchases of goods and services, national
J *
defense, Q (aim. rate, bil. dol.)
^-
150-
100-
50 J
565. National defense purchases as a percent of GNP, Q (percent)
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 9 1 .
MAY 1987
55
E
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
602. Exports, excluding military aid shipments (bil. dot.)
5-
604. Exports of domestic agricultural products
(bil. dol.)
606. Exports of nonelectrical machinery (ml. dol.)
612. General imports (bil. dol.)
614. Imports of petroleum and petroleum
products (bil. dol.)
616. Imports of automobiles and parts (bil. dol.)
Current data for these series are shown on page 92.
56
MAY 1987
U.S. I N T E R N A T I O N A L T R A N S A C T I O N S — C o n t i n u e d
Chart E2. Goods a n d Services M o v e m e n t s
Annual rate, billion doHars |
( 5 ^ 1 Excess of receipts
IHiillii Excess of payments
Goods and services—
667. Balance on goods and services, Q
Merchandise, adjusted—
622, Balance on merchandise trade, Q
651. U.S. investment abroad, Q -—
652. Foreign investment in the United States, Q
Current data for these series are shown on page 93.
ItCII
MAY 1987
57
OTHER IMPORTANT ECONOMIC MEASURES
F |
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
[Index: 1977=1001
Index: 1977=1001
Industrial production—
Industrial production—
HO
130 -
47. United States
120 -
721. OECD European countries
11J •
100 -
150
728. Japan
_
z
150-
723. Canada
726. France
10'
V, -
1975 76
77
78
79
80
81
82
83
84
85
86 ,i9B7
Current data for these series are shown on page 94.
58
MAY 1987
'{*'<•'•••'<
INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices
Chart F2. Consumer Prices
I Index: 1967=1001
6-month spans I
Percent change at annual rate |
Stock prices—
Consumer prices—
320c. united States
738c. Japan
3
735c. West Germany
736c. France
737c. Italy
733c. Canada
86 1987
Current data for these series are shown on pages 95 and 96.
KCII
MAY 1987
59
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS
I Q
Year
and
month
910. Index of
twelve leading
indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111) 1
(1967 = 100)
920. Index of
four roughly
coincident indicators (series
41,47,51,57)
(1967 = 100)
930. Index of
six lagging indicators (series
62, 77, 91, 95,
101, 109)
(1967 = 100)
COMPOSITE INDEXES
940. Ratio,
coincident index
to lagging index 2
Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29) 2
(1967 = 100)
(1967 = 100)
915. Inventory
investment and
purchasing
(series 8, 32, 36,
99) 2
916. Profitability (series
19, 26, 80)
917. Money and
financial flows
(series 104, 106,
111)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(3)
1985
January
February
March
165.5
166.5
167.2
158.4
159.0
159.3
124.3
125.4
128.1
127.9
127.0
109.2
111.0
110.8
102.6
102.5
102.0
113.1
114.1
114.2
139.0
138.6
138.9
April
May
June
165.9
166.9
167.3
160.5
160.2
159.5
125.1
126.7
126.5
128.3
126.4
126.1
110.0
109.7
110.1
101.8
101.6
101.5
114.5
115.0
115.8
137.1
135.9
135.6
July
August
September
168.5
169.3
170.2
159.7
160.9
160.9
126.9
127.2
128.4
125.8
126.5
125.3
110.5
110.6
111.2
101.5
101.5
101.6
116.7
116.9
115.6
137.7
139.0
140.0
October
November
December
171.2
171.1
174.0
160.8
161.6
163.0
129.7
129.7
130.2
124.0
124.6
125.2
110.3
109.5
110.5
102.1
102.3
102.7
114.8
114.9
116.5
141.1
140.6
141.9
January
February
March
174.1
175.0
176.4
162.9
163.4
162.9
131.6
131.9
133.0
123.8
123.9
122.5
108.9
110.2
109.9
103.3
103.3
103.5
117.3
119.0
119.8
142.2
140.3
140.0
April
May
June
178.1
178.5
178.4
165.6
164.3
163.7
131.2
132.0
131.8
126.2
124.5
124.2
110.4
109.5
109.6
103.8
103.5
rlO3.O
119.9
119.7
120.4
140.3
142.4
142.6
July
August
September
rl79.7
rl80.1
rl79.9
rl64.3
rl64.6
165.3
131.9
132.2
131.5
rl24.6
rl24.5
125.7
109.8
108.8
108.9
103.0
102.6
102.6
120.1
120.7
rll9.4
rl45.6
145.4
October
November
December
rl81.3
rl82.7
rl86.6
164.9
165.2
rl66.8
133.3
133.0
132.3
123.7
124.2
rl26.1
108.4
108.6
111.0
102.6
103.4
104.6
rll8.7
rll8.6
119.7
147.2
146.7
0)149.2
rl85.6
rl86.3
rl64.8
!>rl67.4
167.0
0>rl34.1
rl31.7
131.0
rl22.9
rl27.1
rl27.5
108.9
(NA)
104.1
rlO4.2
rlO4.8
121.7
0}pl23.8
(NA)
148.8
rl46.3
P144.0
123.7
1986
144.9
1987
January
February
March
April
May
June
E>187.7
"186.6
5
166.7
6
131.0
P127.3
P1O4.7
(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 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
2
The following series reached their high values before 1985: series 940 (136.2) in January 1984, series 914 (111.5) in February 1984, and
series 915 (107.9) in April 1984.
3
See "New Features and Changes for This Issue" on page iii of the March 1987 issue.
''Excludes series 36 and 111, for which data are not available.
5
Excludes series 57, for which data are not available.
6
Excludes series 77 and 95, for which data are not available.
60
MAY 1987 I M J )
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
f i l l EMPLOYMENT AND UNEMPLOYMENT
Minor Economic
Process
Marginal Employment Adjustments
Timing Class
Year
and
month
L,L,L
L,C,L
L, C, L
1. Average weekly hours
of production or nonsupervisory workers, manufacturing
21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing
5. Average weekly initial
claims for unemployment
insurance, State programs *
(Hours)
(Thous.)
(Hours)
Comprehensive
Employment
Job Vacancies
L, Lg, U
60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed
(Ratio)
U,C,C
L, Lg, U
46. Index of help-wanted
advertising in newspapers
(1967 = 100)
48. Employee hours in
nonagricultural establishments
(Ann. rate,
bil. hours)
1985
January
February
March
40.5
40.1
40.5
3.3
3.3
3.3
April
May
June
40.3
40.4
40.5
July
August
September
October
November
December
378
402
389
0.490
0.501
0.502
140
141
141
180.23
180.17
181.38
3.3
3.2
3.2
387
383
392
0.470
0.474
0.500
132
132
141
181.05
181.65
181.88
40.4
40.6
40.7
3.2
3.3
3.3
381
375
381
0.497
0.490
0.491
141
134
136
181.80
182.58
183.11
40.7
40.7
40.9
3.4
3.4
3.6
367
371
391
0.503
0.524
0.527
140
144
145
184.42
184.58
184.81
January
February
March
40.8
40.7
40.7
3.5
3.4
3.4
375
384
393
0.538
0.498
0.490
143
142
138
185.63
185.29
185.41
April
May
June
40.7
40.7
40.6
3.4
3.4
3.3
374
378
378
0.472
0.452
0.500
132
128
141
185.82
185.76
185.45
July
August
September
40.6
40.8
40.8
3.4
3.5
3.5
370
379
369
0.506
0.495
0.485
140
134
135
185.90
186.66
186.95
October
November
December
40.7
40.8
40.8
3.5
3.5
3.5
343
342
356
0.510
0.530
0.539
141
147
144
187.41
188.58
188.49
41.0
H>r41.3
r41.0
3.6
3.6
H>3.7
359
361
341
0.527
0.549
0.568
142
147
H>150
189.25
H)rl90.92
rl90.20
P40.5
p3.4
0)324
(H>p0.571
pl44
P188.94
;
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
MAY 1987
61
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Comprehensive Employment—Continued
Timing Class
u,c,c
42. Number
of persons
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT-Continued
C,C,C
41. Employees
on nonagricultural payrolls
agricultural
activities
(Thous.)
(Thous.)
L,C,U
40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)
Comprehensive Unemployment
U, Lg, U
90. Ratio,
civilian employment to population of
working age
(Percent)
L, Lg, U
37. Number of
persons unemployed
(Thous.)
L, Lg, U
43. Unemployment rate
(Percent)
L, Lg, U
45. Average
weekly insured
unemployment
rate, State
programs1
(Percent)
Lg, Lg, Lg
91. Average
duration of
unemployment
(Weeks)
Lg, Lg, Lg
44. Unemployment rate,
persons unemployed 15
weeks and over
(Percent)
1985
January
February
March
102,979
103,269
103,676
96,366
96,507
96,870
25,008
24,931
24,971
59.18
59.31
59.46
,506
,365
,351
7.4
7.3
7.2
2.9
2.9
2.9
15.9
15.9
16.2
2.0
2.1
2.1
April
May
June
103,612
103,719
103,403
97,104
97,338
97,442
24,996
24,949
24,897
59.41
59.39
59.08
,364
,291
,385
7.3
7.2
7.3
2.8
2.8
2.8
16.4
15.
15.
2.0
July
August
September . . .
103,711
104,030
104,558
97,672
97,890
98,128
24,875
24,880
24,843
59.19
59.30
59.50
,438
,141
,242
7.3
7.1
7.1
2.8
2.8
2.8
15.
15.
15.
2.0
October
November . . .
December . . .
104,720
104,923
104,998
98,428
98,666
98,910
24,903
24,931
24,977
59.55
59.60
59.64
,288
,171
,184
7.1
7.0
7.0
2.7
2.8
2.8
15.3
15.6
15.2
2.0
1.9
1.9
January
February
March
105,612
105,452
105,555
99,296
99,429
99,484
1)25,101
25,038
24,945
59.86
59.63
59.71
7,902
8,485
8,380
6.8
7.2
7.2
2.8
2.8
2.8
15.0
15.2
14.6
1.8
2.0
1.9
April
May
June
105,770
106,014
106,449
99,783
99,918
99,843
25,038
24,965
24,854
59.75
59.80
59.99
8,323
8,422
8,392
7.1
7.2
7.1
2.8
2.8
2.8
14.7
14.8
15.2
July
August
September . . .
106,763
107,010
106,845
100,105
100,283
100,560
24,869
24,888
24,858
60.08
60.12
60.02
8,230
8,057
8,285
7.0
6.8
7.0
3.0
2.9
2.8
15.1
15.6
15.5
1.9
1.9
2.0
October
November . . .
December . . .
107,030
107,217
107,476
100,826
101,068
101,322
24,865
24,891
24,920
60.07
60.14
60.19
8,222
8,243
7,949
6.9
6.9
6.7
2.7
2.7
2.6
15.2
14.8
15.0
1.8
1.9
1.8
107,866
108,146
108,084
101,626
rl01,854
rl02,009
25,008
r25,038
r25,004
60.30
60.45
60.38
8,023
7,967
7,854
6.7
6.7
6.6
2.6
2.6
2.6
1.8
1.8
1.7
0)108,545
0)plO2,325
p25,046
0)60.58
H)7,500
0)6.3
0)2.4
15.0
0)14.6
14.9
14.9
1986
1987
January
February
March
April
May
June
July
August
September . . .
October
November . .
December . .
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
62
MAY 1987
1)1.7
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC
PROCESS—Continued
MAJOR ECONOMIC
PROCESS
f 3
Minor Economic
Process
Timing Class
Year
and
month
PRODUCTION AND INCOME
Industrial Production
Comprehensive Output and Income
C, C, C
50. Gross national product
in 1982 dollars
C,C,C
(Ann. rate,
bil. dol.)
52. Constant
(1982) dollars
51. Personal
income less
transfer payments in 1982
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Personal income
223. Current
dollars
C,C,C
(Ann. rate,
bil. dol.)
C,C,C
53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)
C,C,C
47. Index of
industrial
production
C.C.C
73. Index of
industrial
production,
durable manufactures
C, L, L
74. Index of
industrial
production,
nondurable
manufactures
(1977 = 100)
(1977 = 100)
(1977 = 100)
C,C,C
49. Value of
goods output
in 1982 dollars
(Ann. rate,
bil. dol.)
1985
January
February
March
3,547.0
3,227.3
3,258.3
3,273.8
2,933.9
2,951.4
2,952.0
2,500.3
2,516.8
2,517.9
538.7
537.3
538.8
122.7
123.2
123.4
126.6
126.4
127.3
122.6
123.5
123.7
1,521*. 1
April
May
June
3,567.6
3,302.7
3,288.5
3,304.9
2,972.7
2,949.3
2,958.7
2,537.6
2,514.8
2,525.1
536.7
536.8
536.4
123.3
123.6
123.6
127.5
127.4
127.0
124.1
124.7
124.8
l,526!o
July
August
September
3,603.8
3,315.4
3,320.5
3,333.9
2,962.8
2,962.1
2,963.5
2,522.2
2,525.9
2,526.8
535.0
537.4
537.0
123.4
124.4
124.3
126.9
128.1
127.4
125.4
126.0
126.4
1,54^2
October
November
December
3,622.3
3,358.3
3,372.3
3,418.0
2,971.9
2,971.2
3,003.5
2,535.9
2,536.4
2,569.0
538.7
538.5
542.0
123.6
124.8
125.6
126.7
128.2
128.7
125.8
127.2
127.5
1,541.'7
January
February
March
3,655.9
3,417.4
3,435.3
3,445.1
2,992.5
3,021.4
3,040.7
2,551.7
2,577.9
2,593.6
541.6
540.8
541.6
126.2
125.3
123.6
129.5
128.7
126.8
129.3
128.7
127.7
1,56^6
April
May
June
3,66l!4
3,486.8
3,481.3
3,481.9
|H)3,082.9
3,072.6
3,059.7
0)2,633.9
2,621.9
2,609.9
0)544.3
543.0
538.5
124.7
124.2
124.2
128.1
127.0
126.2
129.6
129.9
131.2
1,562.8
July
August
September
3,686.4
3,490.8
3,497.9
3,507.9
3,062.1
3,060.3
3,053.0
2,605.7
2,608.4
2,601.6
538.4
541.1
538.9
124.9
125.1
124.9
127.4
127.5
128.1
131.7
132.2
131.4
1,568!6
October
November
December
3,696.1
3,517.8
3,523.3
3,542.7
3,056.3
3,055.8
3,064.6
2,604.1
2,603.5
2,611.8
543.9
540.5
540.3
125.3
126.0
126.7
128.1
128.6
129.2
132.3
132.7
133.7
1,574.1
r3,553.5
r3,599.7
r3,605.6
r3,050.2
r3,081.9
r3,073.8
r2,596.7
r2,627.2
r2,621.2
540.0
r539.5
r536.4
126.5
0)127.1
rl26.8
rl29.0
Drl30.3
rl29.9
rl34.1
134.3
rl34.3
Dp3,616.3
p3,067.3
p2,613.5
P534.2
P126.3
P128.9
0)pl34.3
1986
1987
January
February
March
Dr3,735*.9
April
May
June
0>rl,6O4.2
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 1987
6
3
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
• H
lifil
Minor Economic
Process
Timing Class
Year
and
month
PRODUCTION AND
INCOME—Continued
| Q
Capacity Utilization
L.CU
82. Capacity
utilization rate,
manufacturingx
Orders and Deliveries
L, C, U
84. Capacity
utilization rate,
materials1
L.L.L
(Percent)
L, L, L
Manufacturers' new orders,
durable goods industries
6. Current
dollars
(Percent)
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
(Bil. dol.)
7. Constant
(1982) dollars1
(Bil. dol.)
U,L
L, L, L
8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials
25. Change in
manufacturers'
unfilled orders,
durable goods
industriesx
(Bil. dol.)
(Bil. dol.)
L, L,L
L, Lg, U
32. Vendor
performance,
companies receiving slower
deliveries1©
96. Manufacturers' unfilled
orders, durable
goods industries
(Percent
reporting)
(Bil. dol.)
1985
January
February
March
80. Z
80.2
80.4
81.4
81.3
81.2
98.98
98.44
97.45
93.47
92.87
91.85
81.30
78.95
78.43
1.64
0.74
-1.16
356.76
357.49
356.33
47
48
46
April
May
June
80.4
80.3
80.0
80.5
80.1
80.2
96.25
98.26
102.64
90.71
92.26
96.29
78.58
79.28
78.21
-1.64
-0.13
4.37
354.70
354.57
358.93
44
44
44
July
August
September
79.9
80.3
80.0
79.7
79.8
79.5
98.44
101.20
101.74
92.17
94.75
95.53
78.11
78.86
79.95
1.02
1.61
2.65
359.95
361.55
364.21
44
42
42
October
November
December
79.4
80.1
80.2
79.1
79.4
80.3
101.71
95.59
104.14
95.15
89.33
97.24
80.03
80.08
79.66
0.41
-5.15
3.56
364.61
359.47
363.03
46
42
46
January
February
March
80.8
80.2
79.1
80.1
79.6
78.5
99.02
101.26
81.47
80.64
r79.01
0.63
2.18
r3.23
363.66
365.84
rl00.94
92.63
94.73
r94.33
E>r369.06
46
48
50
April
May
June
79.9
79.4
79.3
78.7
78.1
78.0
r98.27
r97.06
97.77
r91.67
r90.45
91.12
r80.91
r78.66
80.21
r-2.71
r-1.43
-1.84
r366.35
364.92
363.09
50
55
50
July
August
September
79.7
79.7
79.6
78.3
77.9
78.1
99.99
96.13
103.47
93.10
89.42
96.07
78.77
79.61
82.79
0.48
-1.94
2.59
363.56
361.63
364.21
54
51
52
October
November
December
79.6
79.8
80.1
77.8
78.4
78.9
100.39
100.66
105.97
92.87
92.94
97.75
81.18
79.56
r85.30
-1.14
0.44
-0.77
363.08
363.52
362.74
54
56
56
January
February
March
r80.0
r80.3
r80.0
r78.8
r78.6
r78.4
95.54
101.93
rlO6.15
87.98
93.86
r97.47
80.58
r84.71
E>r85.72
-3.77
r-1.67
rl.42
358.97
T357.30
r358.72
55
52
55
April
May
June
P79.5
p78.2
E>plO6.27
P97.67
P83.76
P3.81
P362.53
57
1986
1987
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
The following series reached their high values before 1985: series 82 (81.3) in July 1984; series 84 (82.9) in August 1984; series 7
(100.61) in March 1984; series 25 (9.80) in March 1984; and series 32 (72) in March 1984.
a
64
MAY 1987
ItO
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Timing Class
C, C, C
C, C, C
C, L,C
75. Index of
industrial
production,
56. Current
dollars
57. Constant
(1982) dollars
C, L, U
U, L, U
Sales of retail stores
54. Current
dollars
consumer
goods
59. Constant
(1982) dollars
L,C,C
55. Personal
consumption
expenditures,
automobiles
(Ann. rate,
(Mil. dol.)
(Mil. dol.)
(1977-100)
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Manufacturing and trade sales
Year
and
month
• •
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
(Mil. dol.)
bit. dol.)
L,L,L
58. Index of
consumer
sentiment 1 ©
L, L, L
12. Index of
net business
formation
(1st Q
1966=100)
(1967 = 100)
L.L.L
13. Number of
new business
incorporations
(Number)
1985
January
February
March
410,285
413,449
417,197
398,907
400,644
403,024
118.0
119.1
119.3
110,569
111,839
112,500
104,310
105,211
105,436
110.2
96.0
93.7
93.7
121.2
122.1
121.4
52,328
53,086
54,574
April
May
June
419,063
420,705
416,284
406,862
409,282
400,863
118.9
119.7
119.9
114,511
114,504
114,163
107,120
107,213
106,894
112*.8
94.6
91.8
96.5
120.8
120.4
120.4
54,690
55,394
54,313
July
August
September
415,616
422,298
423,010
404,957
412,010
411,149
119.4
120.9
121.1
115,185
116,904
119,091
107,851
109,256
111,196
126*.4
94.0
92.4
92.1
121.5
121.2
120.7
54,558
55,843
56,180
October
November
December
421,003
425,318
427,016
408,898
412,296
412,080
120.5
122.7
123.3
115,711
116,412
117,389
107,839
107,989
108,493
111.6
88.4
90.9
93.9
121.2
120.4
119.9
57,644
56,570
57,583
January
February
March
424,035
419,569
r415,705
412,785
412,562
r411,133
123.8
123.3
121.8
118,393
117,590
rll7,259
109,017
109,386
rll0,206
ill I i
95.6
95.9
95.1
119.3
120.8
121.5
57,636
r59,114
58,867
April
May
June
r422,405
417,324
421,933
r421,094
413,920
416,142
124.5
124.3
124.4
rll8,387
119,613
119,679
rill,791
112,524
112,375
115^
96.2
94.8
99.3
122.4
rl20.7
rl20.3
59,156
57,733
57,322
July
August
September
421,137
423,559
437,895
420,185
422,434
433,480
125.2
125.1
124.2
120,541
122,156
0)128,952
113,184
114,058
(H>119,622
B>i4o!i
97.7
94.9
91.9
120.7
119.3
120.2
57,618
56,285
57,436
October
November
December
430,012
429,944
443,766
424,941
425,655
0)437,070
124.7
125.6
127.2
122,121
121,678
127,613
113,495
112,874
117,507
12^6
95.6
91.4
89.1
119.7
118.3
rl21.9
57,081
56,719
E)65,692
425,080
r443,169
G>p446,666
r418,765
r435,137
p435,697
rl26.8
H>rl27.5
rl27.0
118,579
rl24,280
rl25,225
108,688
rll3,498
rll3,841
rlO6.*6
90.4
90.2
90.8
117.7
rl21.1
rl23.8
54,455
p59,399
(NA)
(NA)
(NA)
P125.9
pl25,384
pll3,572
92.8
DP123.8
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
1
Series 58 reached its high value (101.0) in March 1984.
MAY 1987
65
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
FIXED CAPITAL INVESTMENT—Continued
Minor Economic
Process
Business Investment Commitments
Timing Class
L, L, L
L.L.L
Contracts and orders for
plant and equipment
Year
and
month
10. Current
dollars
(Bil. dol.)
20. Constant
(1982) dollars
(Bil. dol.)
L, L, L
Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars
(Bil. dol.)
U, Lg, U
9. Construction contracts awarded for
commercial and industrial buildings1
27. Constant
(1982) dollars
Square feet of
floor space
(Bil. dol.)
(Millions)
Square meters of
floor space2
(Millions)
C Lg, Lg
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations 3
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations
(Bil. dol.)
(Bil. dol.)
Revised4
Revised*
1985
L,C, U
L, L, L
January
February
March
29.12
33.44
32.62
29.56
35.92
33.84
24.68
29.00
27.58
25.47
31.85
29.21
81.14
82.48
87.41
7.54
7.66
8.12
29! 94
April
May
June
29.87
30.48
31.92
30.57
31.83
33.17
25.05
25.39
27.32
26.15
27.19
29.01
91.95
83.99
69.68
8.54
7.80
6.47
27^56
July
August
September
31.44
31.65
33.35
32.85
33.42
34.89
26.19
27.00
28.10
28.10
29.21
30.15
91.89
91.41
8.54
8.49
B)93.19
1)8.66
October
November
December
33.94
29.86
28.42
25.00
10)29.89
31.11
27.37
31.90
92.00
92.61
79.23
8.55
8.60
7.36
27'.19
0)34.46
36.09
31.74
36.01
January
February
March
29.25
32.76
r30.99
30.16
35.43
32.89
24.96
27.66
r26.61
26.30
30.85
28.97
70.66
78.41
69.96
6.56
7.28
6.50
23^9
April
May
June
r30.09
29.25
30.08
31.82
31.62
32.80
r25.39
25.48
25.90
27.63
28.28
29.10
84.26
76.71
75.88
7.83
7.13
7.05
19'.99
July
August
September
30.76
29.55
31.35
33.99
32.76
33.64
26.64
25.54
27.14
30.34
29.22
29.93
73.10
79.09
80.82
6.79
7.35
7.51
20.20
October
November
December
31.90
31.62
34.03
34.21
34.29
30.43
30.45
B)36.70
27.65
27.30
29.31
6.67
7.93
7.27
P22.69
[0)32.50
71.77
85.41
78.29
January
February
March
30.73
r30.85
r32.17
32.47
33.16
34.49
26.78
r26.86
r27.37
28.94
29.60
30.23
83.02
70.82
76.02
7.71
6.58
7.06
(NA)
April
May
June
P31.93
P34.44
P27.44
P30.45
77.91
7.24
99.35
0)99!88
24! 17
97!l8
94^58
1986
92! 22
85'.77
80.71
P69.77
1987
(NA)
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.
3
Series 11 reached its high value (34.12) in 2d quarter 1984.
4
See "New Features and Changes for This Issue," page iii.
66
MAY 1987
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q H
Minor Economic
Process
Timing Class
Residential Construction
Commitments and Investment
Business Investment Expenditures
C Lg, Lg
61. Current
dollars
(Ann. rate,
bil. dol.)
C Lg, Lg
C, Lg, Lg
Expenditures for new plant
and equipment
Year
and
month
FIXED CAPITAL INVESTMENT—Continued
100. Constant
(1982) dollars
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
(1977 = 100)
C, Lg, C
Lg, Lg, Lg
C Lg, C
28. New private housing
units startedx
Gross private nonresidential
fixed investment in 1982 dollars
86. Total
(Ann. rate,
bil. dol.)
87. Structures
(Ann. rate,
bil. dol.)
L, L, L
88. Producers'
durable equipment
(Ann. rate,
bil. dol.)
(Ann. rate,
thous.)
L,L,L
L, L, L
29.Index of
new private
housing units
authorized by
local building
permits x
89. Gross private residential
fixed investment
in 1982 dollars
(1967 = 100)
(Ann. rate,
bil. dol.)
Revised 2
1985
January
February
March
373." 56
371*84
377.28
392.10
404.35
138.3
139.2
138.9
442! 7
149.9
292! 8
1,754
1,673
1,810
132.4
132.5
137.7
17 2 A
April
May
June
387.86
387.31
398.08
397.26
400.21
140.7
140.8
138.5
463!6
JB>154*i
308.9
1,816
1,683
1,678
132.7
136.3
136.8
175*1
July .
August
September
389^23
388!58
392.96
401.99
395.62
139.5
141.0
140.4
463!l
152*3
31CL9
1,681
1,743
1,679
135.3
144.2
152.8
18o!6
October
November
December
E>397.*88
|H>397!57
405.04
404.90
[H)419.77
138.3
140.8
140.0
B)476!9
152*4
324'.5
1,813
1,690
1,887
139.0
134.9
143.1
181.*5
January
February
March . .
377.94
374!l8
384.46
398.63
r395.54
0)141.5
140.5
137 7
457^8
148 ! l
309^7
2,004
1,923
1 887
147.4
141.1
144 3
186*3
April .
May .
June
375*92
372.73
r397.36
386.25
391 66
138.6
137.9
136 6
456^8
132^9
323.9
1,945
1,848
1 842
149.4
141.8
143 0
192^7
July
August
September
374!55
368." 54
393.07
391.59
390 99
137.9
139.3
139 3
454.4
129*5
324! 9
1,786
1,800
141.8
137.8
1 fiRQ
iq/i c
October
November
December
388.69
38l!76
393.26
391.60
411.72
139.1
138.6
137.1
457.8
127*7
B>330.'l
1,657
1,637
1,813
132.7
132.9
148.5
January
February
March
a384*.O2
a375!62
r374.10
r389.34
p392.32
rl38.1
rl40.7
rl39 6
r446.3
rl24.0
r322.3
1,816
rl,838
131.7
133.7
v l 74Q
107
April
May .
June .
(NA)
P139.0
pi,699
a396*.22
127.4
1986
197^2
H)199.7
1987
a386*.32
rl97.5
1
July .
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
Series 28 reached its high value (2,260) in February 1984; series 29 reached its high value (158.5) in February 1984.
See "New Features and Changes for This Issue," page iii.
2
MAY 1987
67
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
NVENTORIES AND INVENTORY INVESTMENT
Minor Economic
Process
Timing Class
Year
and
month
Inventory Investment
L.L.L
L,L, L
L.L.L
30. Change in
business inventories in 1982
dollars 1
(Ann. rate,
bil. dol.)
36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollarsx
Smoothed2
Actual
(Ann. rate,
bil. dol.)
Inventories on Hand and on Order
(Ann. rate,
bil. dol.)
31. Change
in mfg. and
trade inventories 1
(Ann. rate,
bil. dol.)
L, L, L
38. Change in
mfrs.' inventories, materials and supplies on hand
and on order1
(Bil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories
71. Current
dollars
(Bil. dol.)
70. Constant
(1982) dollars
(Bil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
65. Manufacturers' inventories,
finished
goods
77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars
(Bil. dol.)
(Ratio)
L, Lg, Lg
78. Mfrs.'
inventories,
materials and
supplies on
hand and on
orderl
(Bil. dol.)
1985
January
February
March
22L2
27.20
13.97
-12.24
8.42
12.08
10.65
14.3
33.2
-2.3
0.20
-1.04
-4.71
642.52
645.28
645.09
632.39
634.14
634.21
108.04
108.54
H>108.77
1.59
1.58
1.57
238.42
237.38
232.66
April
May
June
17li
5.68
-22.09
6.65
6.06
-3.54
-6.40
-4.4
-6.3
20.0
1.44
-2.10
0.72
644.73
644.20
645.87
635.58
634.35
635.39
108.25
108.11
107.84
1.56
1.55
0)1.59
234.10
232.00
232.72
July
August
September
b'.i
4.36
-19.63
-6.36
-3.47
-3.28
-5.04
-4.0
-12.8
-0.3
-1.55
-0.40
-1.00
645.54
644.47
644.45
636.56
635.86
635.69
106.73
106.34
105.82
1.57
1.54
1.55
231.17
230.77
229.77
October
November
December
-5.*2
16.36
3.90
4.68
-5.21
0.71
6.47
32.3
23.4
19.3
0.00
-2.33
2.76
647.14
649.09
650.70
637.74
638.64
638.43
105.37
105.54
105.76
1.56
1.55
1.55
229.77
227.44
230.20
January
February
March
3^9
31.06
15.65
r46.80
10.76
15.17
r24.15
14.3
0.1
r24.2
-0.23
1.22
r-0.45
651.88
651.89
r653.90
640.58
641.50
645.87
105.75
105.43
rlO5.21
1.55
1.55
1.57
229.97
r231.18
r230.73
April
May
June
is!i
rl6.33
r-42.07
8.87
r28.72
rl6.64
rO. 70
r!7.9
-24.9
9.3
r-0.83
r-1.78
-1.47
655.39
653.32
654.09
647.86
645.28
646.28
105.11
104.99
103.76
1.54
1.56
1.55
r229.90
228.12
226.64
July
August
September
-0.3
12.44
-20.89
-33.17
r-6.27
r-3.39
-6.87
34.7
-18.8
-29.2
-0.87
-1.18
1.49
656.98
655.42
652.98
0)648.42
646.97
643.48
104.23
103.73
102.56
1.54
1.53
1.48
225.77
224.60
226.08
October
November
December
-28.5
4.93
-15.01
r-11.46
-15.12
-15.40
r-10.80
43.7
-5.2
-41.8
-1.01
-0.04
1.69
656.62
656.19
652.70
644.55
643.80
641.07
102.85
103.82
103.17
1.52
1.51
1.47
225.08
225.04
226.73
r35.0
r53.40
r2.18
P42.61
r0.90
rll.84
P23.72
76.0
rl7.2
p28.1
-0.58
r-0.73
p2.08
659.04
r660.47
0)p662.81
r646.38
r646.46
P648.30
104.63
rlO4.48
P104.57
1.54
1.49
pi.49
226.15
r225.42
p227.50
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
x
The following series reached their high values before x985: series 30 (85.1) in 1st quarter 1984, series 36 actual (88.21) in April
1984, series 36 smoothed (79.00) in May 1984, series 31 (85.3) in February 1984, series 38 (3.58) in October 1983, and series 78 (243.82)
in July 1984.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
68
MAY 1987 I M J
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Timing Class
Stock
Prices
Sensitive Commodity Prices
L, L, L
U, L, L
L, L, L
98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials1
23. Index of
spot market
prices, raw
industrial,
materials12©
99. Change in sensitive materials
pricesx
(Percent)
Year
and
month
PRICES, COSTS, AND PROFITS
(1967 = 100)
L, L, L
Smoothed 3
Actual
(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
dollars1
L.C.L
L.C.L
Corporate profits after tax
with IVA and CCAdj"
79. Current
18. Constant
(1982) dollars1 dollars
80. Constant
(1982) dollars
L, L, L
22. Ratio, corporate domestic profits after
tax to corporate domestic
income*
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Percent)
1985
January
February
March
-0.07
-1.69
-0.38
255.8
253.1
252.4
-0.72
-1.20
-0.26
-0.53
-0.68
-0.82
171.61
180.88
179.42
12616
118.7
178!7
171J
5*.l
April
May
June
-0.96
0.90
0.52
257.1
252.0
242.9
0.04
-0.13
-0.78
-0.60
-0.30
-0.20
180.62
184.90
188.89
126\7
118!8
18^2
179^8
5!6
July
August
September
-0.07
-0.34
-0.65
240.7
239.8
238.0
-0.31
-0.31
-0.53
-0.35
-0.44
-0.42
192.54
188.31
184.06
133.4
124^9
200'. 5
H>192!3
5!.3
October
November
December
0.59
-0.55
0.00
236.9
234.5
235.0
0.18
-0.62
0.09
-0.30
-0.27
-0.22
186.18
197.45
207.26
139.4
130.1
189.2
18CL2
b\3
0.45
-1.24
0.91
236.9
233.3
223.1
0.45
-1.07
-0.85
-0.07
-0.10
-0.33
208.19
219.37
232.33
126\9
116\5
200.7
190.1
4.5
0.93
0.65
0.00
219.9
221.3
225.0
0.09
0.50
0.50
-0.55
-0.35
0.14
237.98
238.46
245.30
128*.8
118*.3
194! 2
183! 6
4*.8
July
August
September
0.61
-2.57
1.36
227.6
212.0
221.2
0.67
-3.38
1.93
0.46
-0.09
-0.50
240.18
245.00
238.27
135.9
124^3
197.'6
185! 3
5!6
October
November
December
1.37
0.78
r0.37
235.5
243.7
247.5
2.62
1.41
0.65
0.06
1.19
1.77
237.36
245.09
248.61
144.5
131.8
196.1
182.7
5.3
r-1.07
-0.17
0.37
252.8
247.2
246.3
0.04
-0.73
0.09
1.13
0.34
-0.11
264.51
280.93
(H>292.47
pl36!6
P122.9
H>p203.*6
P189.2
p4.8
253.8
269.7
0.65
-0.10
1986
January
February
March
April
May
June
1987
January
February
March
-0.44
April
May
June
5
6
289.32
289.10
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
x
These series reached high values before 1985: series 98 (2.90), Feb. 1983; series 23 (289.5), May 1984; series 99 actual (2.68), Feb.
1983; series 99 smoothed (1.82), Apr. 1983; series 16 (146.4), IQ 1984; series 18 (142.7), IQ 1984; series 22 (6.7), IIIQ 1983. 2This is
a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 3See
6
footnote 2, p. 68. ''See footnote 1, p. 70. 5Average for May 1 through 19.
Average for May 6, 13, 20, and 27.
MAY 1987
69
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
PRICES, COSTS, AND PROFITS—Continued
Minor Economic
Process
Cash Flows
Profits and Profit Margins—Continued
Timing Class
U, L, L
L, L, L
81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income1
(Percent)
Year
and
month
15. Profits after
taxes per dollar
of sales, manufacturing corporations 2
(Cents)
L, L, L
26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector
L.L.L
Unit Labor Costs and Labor Share
L, L, L
Corporate net cash flow
34. Current
dollars
Lg, Lg, Lg
63. Index of
unit labor cost,
business sector
35. Constant
(1982) dollars
Lg, Lg, Lg
68. Labor cost
per unit of real
gross domestic
product, nonfinancial corporations
Lg, Lg, Lg
62. Index of labor cost per unit
of output, manufacturing
Actual data
Actual data
as a percent
of trend
64. Compensation of employees as a
percent of national income
(1977 = 100)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(1977 = 100)
k'.2
361.0
360.1
163 l i
0.704
138.1
137.5
137.5
87.7
98*. 7
2.1
98!9
37CL8
369^5
16416
0.708
136.8
136.9
137.7
85.7
85.4
85.4
72L5
2.1
H>99!3
382! 8
381.'6
164^4
0.705
137.8
137.8
138.0
85.1
84.7
84.4
73li
Y.9
3.*6
98.2
389.4
388.1
I67I3
0.716
139.7
138.6
139.4
85.1
84.0
84.1
73l7
8.2
3*. 6
9916
374! 3
374.2
16716
0.721
138.1
138.6
73.7
0)140.4
82.9
82.8
83.5
(Dollars)
(1977 = 100)
(Percent)
(Percent)
1985
January
February
March
April
May
June
8.2
July
August
September
October
November
December
73li
86.9
86.5
1986
January
February
March
April
May
June
,
8!i
4.3
98.8
374! 9
374 l l
16816
0.724
138.4
139.1
138.6
82.0
82.0
81.3
73*.5
July
August
September
8!i
3!i
99.'6
384.3
383.8
169.3
0.727
137.8
138.2
138.1
80.4
80.3
79.9
73.8
October
November
December
7*.8
P3'.5
r97*.9
399*.2
39713
H>rl7i!6
H>0.729
139.4
138.3
137.7
80.2
79.2
78.5
H>74.'i
p8.1
(NA)
P99.1
Dp407.2
DP406.7
P170.4
pO.727
rl38.1
rl37.7
rl37.8
r78.4
r77.8
r77.5
P73.5
P138.3
P77.4
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
Series 15 reached its high value (4.9) in 2d quarter 1984.
70
MAY 1987
BCD
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Timing Class
Year
and
month
MONEY AND CREDIT
Money
L, L,L
85. Change
in money
supply M l
L,C,U
102. Change
in money
supply M2 x
(Percent)
(Percent)
L.L.L
Velocity of Money
L.L.L
L.L.L
104. Change
in total liquid
assets x
105. Money
supply Ml in
1982 dollars
106. Money
supply M2 in
1982 dollars
(Percent)
(Bil. dol.)
(Bil. dol.)
C,C,C
107. Ratio,
gross national
product to
money supply
Ml 1
(Ratio)
Credit Flows
C, Lg, C
108. Ratio,
personal income
to money supply
M21
(Ratio)
L, L, L
L, L, L
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companiesx
(Ann. rate,
bil. dol.)
112. Net change
in business loans
(Ann. rate,
bil. dol.)
1985
January
February
March
0.83
1.35
0.58
April
May
June
1.11
1.04
513.6
518.4
518.6
2,188.7
2,202.5
2,199.5
6.879
0.40
0.74
0.96
0.61
1.347
1.346
1.347
71.21
59.26
101.14
54.62
22.08
40.85
0.63
0.97
1.41
0.07
0.64
1.14
0.20
0.47
0.83
520.1
523.5
529.7
2,193.5
2,200.6
2,221.0
6.800
1.358
1.344
1.335
86.62
66.98
73.73
9.59
28.55
-42.54
July
August
September
0.97
1.33
1.21
0.65
0.79
0.60
0.46
0.82
0.78
533.9
540.1
545.9
2,231.3
2,245.6
2,256.2
6.675
1.331
1.322
1.320
58.92
68.39
42.35
18.52
1.20
-18.55
October.
November
December
0.46
0.86
1.23
0.34
0.57
0.80
0.64
0.99
0.94
546.4
548.3
553.3
2,255.7
2,256.6
2,267.6
6.591
1.325
1.323
1.330
125.47
71.12
106.55
56.11
56.44
43.50
January
February
March
0.30
0.52
1.31
0.20
0.30
0.64
0.60
0.48
0.38
553.1
557.5
567.1
2,264.5
2,277.4
2,301.1
6.546
1.327
1.330
1.326
-23.17
57.40
43.56
57.86
-50.58
-11.22
April
May
June
1.20
1.76
1.20
0.96
0.90
0.76
0.64
0.81
0.52
575.5
584.2
588.7
2,329.6
2,344.8
2,352.5
6.342
1.329
1.315
1.305
52.58
30.83
(NA)
-46.75
21.97
-26.40
July .
August
September
1.36
1.54
0.89
0.99
0.91
0.66
rO.66
0.71
0.71
596.5
604.8
608.3
2,375.1
2,393.2
2,401.5
6.185
1.296
1.287
1.282
8.20
47.78
-22.16
October
November
December
1.20
1.57
E>2.54
0.89
0.53
0.88
0.64
rO.65
r0.80
614.5
622.6
637.3
2,418.5
2,425.6
r2,442.4
5.958
1.274
1.269
1.265
25.92
23.62
98.27
January
February
March
0.97
-0.05
0.27
0.79
r-0.01
r0.14
0.81
r0.23
p-0.20
639.2
636.2
635.3
B>r2,445.4
r2,434.9
r2,428.2
1.259
r5.892
rl.276
rl.276
E>rl22.22
r-36.54
r-35.93
April
May
June
p i . 47
21.17
p0.48
(NA)
E>p641.8
p2,429.0
pi.274
p5.22
1986
1987
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1
The following series reached their high values before 1985: series 102 (2.66) in January 1983, series 104 (1.16) in September 1984,
series 107 (6.950) in 4th quarter 1984, series 108 (1.375) in March 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended May 5 and 12.
MAY 1987
71
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
H 9 |
Minor Economic
Process
Credit Flows—Continued
Timing Class
L.L.L
113. Net change
in consumer
installment
credit
Year
and
month
(Ann. rate,
bil. dol.)
Credit Difficulties
L,L,L
L.L.L
111. Change in
business and
consumer credit
outstanding x
(Ann. rate,
percent)
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
failures1©
(Mil. dol.)
Bank Reserves
L, L, L
39. Percent
of consumer
installment
loans delinquent 30 days
and over 2
(Percent)
Interest Rates
L, U, U
L, Lg, U
93. Free
reserves1©
94. Member
bank borrowings from the
Federal
Reserve1©
(Mil. dol.)
(Mil. dol.)
L, Lg, Lg
119. Federal
funds rate 1 ©
(Percent)
C Lg, Lg
114. Discount
rate on new
issues of 91-day
Treasury bills 1 ©
(Percent)
1985
January
February
March
63.20
80.62
98.02
12.5
10.2
13.9
512,540
1,821.0
2,409.8
3,485.8
2.20
2.19
2.40
-650
-386
-827
1,395
1,289
1,593
8.35
8.50
8.58
7.76
8.22
8.57
91.94
73.07
35.28
9.8
9.3
2.8
540,744
3,289.2
3,048.3
2,914.1
2.38
2.25
2.33
-585
-530
-300
1,323
1,334
1,205
8.27
7.97
7.53
8.00
7.56
7.01
July
August
September
67.68
66.18
B>125.96
8.6
8.1
9.7
591,564
2,173.9
3,018.4
2,200.1
2.29
2.35
2.39
-252
-246
-623
1,107
1,073
1,289
7.88
7.90
7.92
7.05
7.18
7.08
October
November
December
67.28
66.58
83.65
14.5
10.4
12.5
©944,524
6,844.3
4,160.4
1,548.8
2.26
2.32
2.32
-434
-813
-260
1,187
1,741
1,318
7.99
8.05
8.27
7.17
7.20
7.07
January
February
March
75.83
60.96
28.68
11.8
3.5
4.4
460,156
3,238.9
3,252.2
3,278.8
2.27
2.29
2.41
341
213
135
770
884
761
8.14
7.86
7.48
7.04
7.03
6.59
April
May
June
71.18
50.87
60.14
3,4
7.2
3.2
576,416
rl,766.8
p3,515.7
p3,426.6
2.44
2.52
2.53
-92
-38
128
893
876
803
6.99
6.85
6.92
6.06
6.12
6.21
July
August
September
75.40
67.28
91.37
8.0
8.0
4.0
694,724
p7,609.1
p3,685.0
p3,377.2
2.22
2.33
2.24
169
-132
-282
741
872
1,008
6.56
6.17
5.89
5.84
5.57
5.19
October
November
December
67.04
9.38
1.73
8.1
4.2
13.1
p780,524
p4,099.5
pi,973.8
p3,867.9
1.81
1.95
1.85
-95
226
542
841
752
827
5.85
6.04
6.91
5.18
5.35
5.49
9.47
rl2.16
p-0.76
r8.0
r-0.2
p0.7
p3,446.6
p2,921.1
p2,622.7
(NA)
(NA)
488
655
r389
580
556
527
6.43
6.10
6.13
5.45
5.59
5.56
(NA)
(NA)
April
May
June
\ .
1986
1987
January
February
March
April
May
June
p2,024.8
p-164
p993
2
6.37
6.83
3
5.76
5.78
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
"The following series reached their high values before 1985: series 111 (22.0) in June 1984, series 14 (829.2) in July 1983, series 39
(1.78) in February 1984, series 93 (-7,328) in August 1984, series 94 (8,017) in August 1984, series 119 (11.64) in August 1984, and series
2
3
114 (10.49) in August 1984.
Average for weeks ended May 6, 13, 20, and 27.
Average for weeks ended May 7, 14, 21, and 28.
72
MAY 1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
MONEY AND CREDIT-Continued
Minor Economic
Process
Timing Class .
Year
and
month
Outstanding Debt
Interest Rates—Continued
Lg, Lg, Lg
116. Yield on
new issues of
high-grade
corporate
bonds 1 ®
(Percent)
C Lg, Lg
115. Yield on
long-term
Treasury
bonds1®
(Percent)
U, Lg, Lg
117. Yield on
municipal
bonds, 20bond average1®
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
118. Secondary
market yields
onFHA
mortgages 1 ®
67. Bank rates
on short-term
business
loans1 @
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks1©
66. Consumer
installment
credit outstanding
(Percent)
(Mil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Commercial and industrial
loans outstanding
72. Current
dollars
(Mil. dol.)
101. Constant
(1982) dollars
(Mil. dol.)
Lg, Lg, Lg
95. Ratio,
consumer installment credit
outstanding
to personal
income
(Percent)
1985
January
February
March
12.46
12.39
12.85
11.15
11.35
11.78
9.51
9.65
9.77
13.01
13.27
13.43
io!io
10.61
10.50
10.50
451,450
458,168
466,336
324,426
326,266
329,670
313,758
315,843
319,758
13.99
14.06
14.24
April
May
June
12.45
11.85
11.33
11.42
10.96
10.36
9.42
9.01
8.69
12.97
12.28
11.89
9.90
10.50
10.31
9.78
473,998
480,087
483,027
330,469
332,848
329,303
319,912
321,592
318,783
14.35
14.60
14.62
July
August
September
11.28
11.61
11.66
10.51
10.59
10.67
8.81
9.08
9.27
12.12
11.99
12.04
9.*27
9.50
9.50
9.50
488,667
494,182
504,679
330,846
330,946
329,400
320,587
322,245
322,625
14.74
14.88
15.14
October
November
December
11.51
11.19
10.42
10.56
10.08
9.60
9.08
8.54
8.43
11.87
11.28
10.70
9.'68
9.50
9.50
9.50
510,286
515,834
522,805
334,076
338,779
342,404
324,661
327,639
330,506
15.19
15.30
15.30
10.33
9.76
8.95
9.51
9.07
8.13
8.08
7.44
7.08
10.78
10.59
9.77
9^9
9.50
9.50
9.10
529,118
534,198
536,589
347,226
343,011
342,076
336,459
337,277
341,053
15.48
15.55
15.58
April
May
June
8.71
9.09
9.39
7.59
8.02
8.23
7.20
7.54
7.87
9.80
10.07
9.98
8!l3
8.83
8.50
8.50
542,521
546,759
551,771
338,180
340,011
337,811
339,538
340,011
338,149
15.56
15.71
15.85
July
August
September
9.11
9.03
9.28
7.86
7.72
8.08
7.51
7.21
7.11
10.01
9.80
9.90
7^73
8.16
7.90
7.50
558,054
563,661
571,275
338,494
342,476
340,629
340,537
344,890
342,685
15.99
16.11
16.29
October
November
December
9.29
8.99
8.87
8.04
7.81
7.67
7.08
6.85
6.86
9.80
9.26
9.21
7.*28
7.50
7.50
7.50
576,862
577,645
577,789
342,789
344,757
352,946
343,820
345,448
r354,008
D16.40
16.39
16.31
8.59
8.58
8.68
7.60
7.69
7.62
6.61
6.61
6.66
8.79
8.81
8.94
7^6
7.50
7.50
7.50
578,578 E>r363,131
E>r579>591
r360,086
p579,528
r357,092
E>r361,324
r356,168
r352,858
16.28
rl6.10
P16.07
7.55
10.02
p350,861
(NA)
1986
January
February
March
1987
January
February
March
April
May
June
2
9.36
9.96
2
8.31
8.76
3
7.96
7.75
*8.12
(NA)
p357,527
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
lr
rhe following series reached their high values before 1985: series 116 (14.49) in June 1984, series 115 (13.00) in June 1984, series 117
(10.67) in June 1984, series 118 (15.01) in May 1984, series 67 (13.29) in 3d quarter 1984, and series 109 (13.00) in August 1984. 2Average
3
for weeks ended May 1, 8, 15, and 22.
Average for weeks ended May 7, 14, 21, and 28.
^Average for. May 1 through 27.
BCII MAY 1987
7
3
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE
Q [
Year
and
month
950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 99, 106,
111) x
1-month
span
6-month
span
952. Six lagging
indicator components
(series 62, 77, 91, 95,
101, 109)
951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)
1-month
span
DIFFUSION INDEXES
6-month
span
1-month
span
6-month
span
961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries
1-month
span
9-month
span
962. Initial claims for
unemployment insurance,
State programs, 51
areas 2
1-month
span
963. Employees on
private nonagricultural
payrolls, 186
industries
9-month
span
1-month
span
6-month
span
1985
January
February
March
68.2
54.5
36.4
45.5
50.0
50.0
50.0
100.0
75.0
100.0
100.0
75.0
66.7
50.0
58.3
50.0
50.0
66.7
35.0
22.5
85.0
40.0
40.0
47.5
11.8
72.5
84.3
33.3
41.2
64.7
52.4
47.8
53.8
49.2
47.8
43.0
April
May
June
36.4
77.3
50.0
45.5
54.5
72.7
100.0
62.5
75.0
100.0
100.0
100.0
41.7
50.0
33.3
58.3
50.0
50.0
12.5
77.5
77.5
55.0
67.5
67.5
19.6
45.1
88.2
64.7
58.8
68.6
49.2
51.6
47.0
45.9
44.3
44.3
July
August
September
50.0
63.6
68.2
90.9
72.7
90.9
50.0
100.0
50.0
75.0
100.0
100.0
41.7
50.0
58.3
58.3
41.7
50.0
27.5
87.5
65.0
87.5
92.5
97.5
7.8
82.4
59.8
64.7
13.7
62.7
56.2
56.8
50.8
48.9
50.8
54.1
October
November
December
72.7
45.5
81.8
90.9
81.8
50.0
50.0
87.5
87.5
100.0
100.0
62.5
91.7
41.7
66.7
58.3
75.0
66.7
75.0
52.5
95.0
75.0
80.0
80.0
23.5
74.5
27.5
62.7
33.3
64.7
61.9
57.6
59.5
57.0
57.0
55.9
59.1
45.5
59.1
59.1
50.0
54.5
75.0
75.0
50.0
100.0
75.0
75.0
75.0
50.0
83.3
50.0
66.7
50.0
22.5
22.5
72.5
80.0
57.5
27.5
58.8
52.9
64.7
49.0
39.2
51.0
59.7
53.5
45.1
53,8
53.8
47.6
63.6
r50.0
59.1
54.5
63.6
63.6
100.0
25.0
37.5
75.0
75.0
100.0
0.0
58.3
25.0
33.3
33.3
33.3
45.0
45.0
45.0
60.0
30.0
40.0
25.5
74.5
56.9
56.9
58.8
67.6
54.1
49.2
46.2
45.9
45.9
48.6
July
August
September
59.1
50.0
50.0
68.2
72.7
90.9
75.0
100.0
50.0
75.0
75.0
100.0
50.0
33.3
33.3
33.3
41.7
50.0
42.5
90.0
57.5
75.0
65.0
75.0
34.3
77.5
19.6
92.2
r45.1
90.2
54.6
54.3
54.9
49.7
55.4
61.1
October
November
December
54.5
72.7
81.8
r77.3
r81.8
90.9
75.0
87.5
100.0
50.0
100.0
100.0
91.7
41.7
25.0
58.3
r33.3
58.3
50.0
82.5
52.5
r87.5
r80.8
P47.5
66.7
80.4
7.8
70.6
P72.5
55.1
62.7
62.4
60.5
r61.1
r61.1
36.4
54.5
72.7
3
25.0
100.0
50.0
"100.0
r50.0
25.0
16.7
51.6
P64.9
1986
January
February
March
April
May
June
1987
January
February
March
April
May
June
3
38.9
66.7
4
33.3
5
37.5
5
75.0
57.5
r60.0
r22.5
p7.5
88.2
35.3
P52.0
r60.8
r52.2
P59.2
July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
beginning with data for January 1984, series 12 has been suspended from this index.
2
Figures are the percent of components declining.
3
Excludes series 36 and 111, for which data are not available.
^Excludes series 57, for which data are not available.
5
Excludes series 77 and 95, for which data are not available.
74
MAY 1987
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q |
Year
and
month
964. Manufacturers'
new orders, 34
durable goods industries
1-month
span
9-month
span
965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries
1-quarter
span
DIFFUSION INDEXES—Continued
966. Industrial production, 24 industries
4-Q moving
average
1-month
span
6-month
span
967. Spot market
prices, 13 raw
industrial materials ©
1-month
span
968. Stock prices, 500
common stocks 1 ©
9-month
span
1-month
span
9-month
span
960. Net profits,
manufacturing, about
600 companies 2 ©
(4-quarter span)
1985
January
February
March
50.0
42.6
58.8
50.0
64.7
57.4
50
April
May
June
41.2
58.8
51.5
54.4
45.6
58.8
42
July
August
September
52.9
64.7
38.2
55.9
48.5
52.9
59
October
November
December
61.8
42.6
44.1
41.2
48.5
58.8
53
55.9
47.1
44.1
38.2
47.1
44.1
36
58.8
r35.3
r58.8
47.1
55.9
47.1
24
July
August
September
47.1
44.1
72.1
32.4
r66.2
47.1
59
October
November
December
44.1
47.1
55.9
r61.8
r79.4
p67.6
p62
54.2
62.5
66.7
23.1
38.5
57,7
23.1
23.1
23.1
89.1
93.5
37.0
77.8
73.3
85.6
*70
'54
39.6
56.2
70.8
'si
56.2
58.3
50.0
66.7
72.9
58.3
76.9
38.5
23.1
23.1
38.5
46.2
55.4
66.7
75.6
77.8
82.2
73.3
*72
60.4
66.7
68.8
38.5
46.2
46.2
38.5
46.2
38.5
76.7
30.0
11.1
75.6
82.2
86.0
*70
48
54.2
68.8
50.0
75.0
70.8
60.4
42.3
23.1
57.7
53.8
53.8
53.8
55.6
88.9
86.7
88.1
92.9
90.5
*70
'43
41.7
70.8
58.3
70.8
39.6
22.9
68.8
47.9
50.0
61.5
38.5
34.6
46.2
50.0
57.7
60.5
81.0
94.0
90.5
90.5
88.1
*70
*43
79.2
37.5
88.1
90.5
1986
January
February
March
April
May
June
p45
50.0
45.8
54.2
54.2
53.8
61.5
65.4
42.3
50.0
50.0
61.9
50.0
77.4
81.0
(NA)
58.3
68.8
33.3
54.2
75.0
79.2
50.0
50.0
65.4
50.0
65.4
73.1
35.7
67.9
42.9
81.0
71.4
78.6
64.6
62.5
70.8
r72.9
r83.3
73.1
61.5
65.4
65.4
80.8
76.9
34.5
76.2
en n
OU. U
95.2
100.0
88.5
98.8
95.2
83.3
v»7 R n
r/o. u
*70
(NA)
QO Q
y^.y
1987
January
February
March
52.9
67.6
r55.9
April
May
June
P35.3
(NA)
r43.8
r58.3
r47.9
p75.0
84.6
42.3
r30.8
P22.9
3
61.5
88.5
3
39.3
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Baseci on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries through January 1986, and on 42 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 § Bradstreet, Inc.
3
Based on average for May 5, 12, and 19.
MAY 1987
75
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q |
970. Expenditures for new plant and equipment
21 industries
Year
and
quarter
a. Actual
expenditures
(1-Q span)
971. New orders, manufacturing1©
972. Net profits, manufacturing
and trade' ©
Actual
c. Early
projections
b. Later
projections
DIFFUSION INDEXES—Continued
Actual
Anticipated
(1-Q span)
(1-Q span)
(4-Q span)
(4-Q span)
973. Net sales, manufacturing
and trade 1 ©
Anticipated
Actual
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
1984
97.6
76.2
90.5
66.7
90.,
}
61. <
76.; ?
76.; ?
61.9
71.4
95.2
45.2
90
86
84
79
88
91
90
88
80
79
74
74
84
86
88
84
85
84
82
80
88
90
90
88
61.9
76.2
64.3
59.5
57. L
76.2
71.<
52.' i
i
61.9
83.3
76.2
38.1
74
74
76
75
82
84
82
80
70
69
70
70
80
81
81
78
76
74
75
74
84
84
84
81
19.0
57.1
40.5
85.7
35." 7
66." 1
42.?
85." 1
47.6
69.0
47.6
66.7
76
76
74
75
82
83
84
78
70
71
70
70
78
81
81
78
72
73
74
74
81
84
83
80
(NA)
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
31.( D
38.1
76.2
(NA)
80
83
(NA)
78
81
(NA)
82
83
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1
|
974. Number of employees,
manufacturing and trade' ©
Actual
Anticipated
Anticipated
Anticipated
Actual
978. Selling prices, retail
trade1©
977. Selling prices, wholesale
trade1©
976. Selling prices, manufacturing1 ©
975. Level of inventorie s,
manufacturing and trade 1 ©
j
Actual
Year
and
quarter
DIFFUSION INDEXES-Continued
Anticipated
Actual
Anticipated
Actual
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span,
(4-Q span)
(4-Q span)
65
63
62
62
62
64
64
62
72
70
70
70
66
70
70
66
74
70
70
68
74
76
76
72
73
69
65
65
72
76
75
72
72
68
70
70
70
74
74
68
....
60
58
58
59
60
62
59
58
66
63
60
61
64
66
62
58
65
62
61
61
70
70
64
62
64
60
59
60
68
66
66
60
66
63
66
62
65
70
67
62
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
58
59
60
58
59
60
59
58
62
61
62
60
58
58
60
57
59
60
58
63
62
65
62
59
59
59
58
62
64
64
62
62
60
62
66
62
62
62
64
64
(NA)
60
59
(NA)
60
60
(NA)
60
66
(NA)
63
68
(NA)
64
64
1984
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1985
First quarter
Second quarter
Third quarter
Fourth quarter
....
1986
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated by(u), that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
x
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 1987
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components
1986
September
October
1987
November
December
January
February
Aprilp
March
961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING '
(Hours)
All manufacturing industries
40.8
40.7
40.8
40.8
41.0
41.3
41.0
40.5
Percent rising of 20 components
(58)
(50)
(82)
(52)
(58)
(60)
(22)
(8)
Lumber and wood products
Furniture and fixtures
40.1
40.0
40.3
39.8
40.7
39.6
40.4
39.6
40.7
40.2
41.2
40.1
40.9
40.0
40.7
39.2
Stone, clay, and glass products.
Primary metal industries
42.5
42.0
42.3
42.3
41.9
42.4
42.1
42.5
42.9
42.7
43.2
42.7
42.7
42.7
42.1
42.2
Fabricated metal products
Machinery, except electrical
41.5
41.7
41.2
41.6
41.4
41.7
41.1
41.5
41.5
42.0
41.8
42.2
41.4
42.0
40.9
41.9
Electric and electronic equipment .
Transportation equipment
41.2
42.6
40.9
42.1
41.0
42.3
41.0
42.1
41.0
42.3
41.3
42.7
40.9
42.6
40.6
41.9
Instruments and related products .
Miscellaneous manufacturing
40.7
39.6
41.1
39.8
41.2
40.2
41.3
40.3
41.2
39.5
41.5
39.3
41.3
39.3
40.8
38.8
Food and kindred products
Tobacco manufacturers ....
39.7
38.5
39.8
39.1
40.0
38.4
39.8
37.7
40.0
37.4
40.2
36.5
40.0
38.4
39.9
36.7
Textile mill products
Apparel and other textile products
41.6
36.7
41.5
36.7
41.5
36.9
41.9
37.0
41.7
36.9
42.3
37.7
42.2
37.1
41.5
36.2
Paper and allied products.
Printing and publishing ...
43.0
38.0
43.0
38.0
43.2
38.1
43.4
38.1
43.6
38.0
43.6
38.2
43.1
37.9
42.5
37.9
Chemicals and allied products ..
Petroleum and coal products ...
42.0
43.4
42.2
43.7
42.5
43.8
42.2
43.6
42.3
45.0
42.2
44.4
42.1
44.4
42.3
44.0
Rubber and miscellaneous plastics products .
Leather and leather products
41.6
36.8
41.4
36.8
41.7
37.2
42.3
38.1
41.6
37.3
41.5
37.2
41.6
37.5
40.8
36.3
95,544
101,932
106,148
+ 106,268
(53)
(68)
(56)
(35)
Durable goods industries:
Nondurable goods industries:
964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ]
(Millions of dollars)
All durable goods industries
+ 103,468
100,392
+ 100,658
+ 105,966
(72)
(44)
(47)
(56)
Percent rising of 34 components .
-
Primary metals
Fabricated metal products...
+
+
8,955
11,317
-
8,252
11,187
+
-
8,258
11,155
+
+
9,180
11,724
-
7,333
10,847
+
+
8,231
11,244
+
+
8,788
11,569
+
-
9,353
11,174
Machinery, except electrical ...
Electrical machinery
+
16,574
17,864
+
16,124
18,054
+
-
16,800
17,378
+
16,499
18,803
-
16,020
15,915
+
+
16,814
17,053
+
-
17,190
16,442
+
16,986
19,762
Transportation equipment
Other durable goods industries..
+
+
28,391
20,367
-
26,757
20,018
+
-
27,074
19,993
+
+
29,500
20,260
+
24,212
21,217
+
+
27,302
21,288
+
+
30,255
21,904
-
27,908
21,085
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.
*Data are seasonally adjusted by the source agency.
2
Data for most of 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 1987
77
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
1986
Diffusion index components
September
1987
October
November
December
Januaryr
Februaryr
Marchr
Aprilp
966. INDEX OF INDUSTRIAL PRODUCTION :
(1977 = 100)
124.9
125.3
+ 126.0
+ 126.7
126.5
127.1
126.8
126.3
(33)
(65)
(62)
(71)
(44)
(58)
(48)
(23)
Lumber and products
Furniture and fixtures
125.0
147.7
130.2
148.7
- 129.9
+ 151.2
130.2
152.8
(NA)
(NA)
121.6
74.1
+ 129.5
- 148.6
+ 120.6
+ 76.8
+ 133.1
+ 150.5
Clay, glass, and stone products
Primary metals
+ 125.9
+ 149.2
- 118.1
+ 74.2
+ 121.7
73.5
122.8
73.6
- 121.0
+ 76.3
120.9
77.0
(NA)
77.8
Fabricated metal products
Nonelectrical machinery
107.3
140.9
107.1
141.2
+ 108.3
- 139.9
108.0
140.3
- 107.5
+ 142.7
108.0
142.3
107.0
142.7
166.9
127.7
+ 168.3
+ 125.6
170.2
127.0
169.2
128.1
- 168.6
+ 131.7
166.7
130.6
166.2
126.4
Instruments
Miscellaneous manufactures .
141.7
97.7
108.3
142.2
167.7
125.2
140.3
99.0
-
Electrical machinery
Transportation equipment ..
+
+
+
+
+ 141.1
98.9
+ 142.4
+ 103.1
+ 142.5
- 101.8
+ 143.0
- 101.6
142.0
102.0
141.5
(NA)
+
+
+
+
+
o
133.7
100.1
116.1
104.2
137.8
167.8
133.9
91.1
+ 134.4
96.8
135.3
92.9
135.3
89.1
135.4
98.7
135.6
(NA)
(NA)
(NA)
117.8
105.1
118.4
106.4
118.0
107.2
118.5
(NA)
(NA)
141.6
167.7
139.8
168.1
134.6
92.5
137.4
94.7
118.7
108.2
140.5
166.6
138.0
91.9
+ 160.7
59.4
158.1
58.3
+ 158.4
+ 59.7
159.1
59.1
(NA)
(NA)
Alt industrial production
Percent rising of 24 components
2
Durable manufactures:
Nondurable manufactures:
Foods
Tobacco products ..
134.3
89.8
Textile mill products
Apparel products
116.0
102.7
Paper and products
Printing and publishing
136.9
163.0
Chemicals and products
Petroleum products
133.9
93.3
Rubber and plastics products
Leather and products
154.9
59.4
+ 157.6
+ 60.2
+ .139.5
+ 168.5
- 132.3
+ 92.0
159.0
61.3
Metal mining
Coal
70.7
120.8
68.5
117.6
68.3
130.1
73.5
124.3
72.1
133.5
-
71.9
127.7
(NA)
121.8
(NA)
121.2
Oil and gas extraction . . .
Stone and earth minerals
91.0
111.7
90.5
116.4
90.4
115.2
90.9
109.6
89.9
107.1
88.6
+ 109.9
89.0
111.6
89.5
(NA)
+
+
+
+
(NA)
139.4
168.1
+
(NA)
169.0
138.5
90.5
+
(NA)
92.0
Mining:
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling,
preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
78
The "r" indicates revised; "p",
MAY 1987
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q j
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change—Continued
1986
Diffusion index components
September
October
1987
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
221.2
+
(65)
235.5
+
(73)
243.7
+
(62)
247.5
+
(65)
252.8
-
(85)
247.2
-
(42)
246.3
+
253.8
+
(62)
(31)
269.7
(88)
Dollars
Copper scrap
(pound)..
(kilogram)..
+
0.444
0.979
-
0.431
0.950
-
0.429
0.946
+
0.442
0.974
+
0.448
0.988
+
0.452
0.996
+
0.473
1.043
-
0.465
1.025
+
0.507
1.118
Lead scrap
(pound).,
(kilogram)..
+
0.138
0.304
+
0.153
0.337
+
0.173
0.381
+
0.177
0.390
+
0.178
0.392
-
0.167
0.368
-
0.162
0.357
+
0.173
0.381
+
0.225
0.496
Steel scrap
(U.S. ton).,
(metric ton)..
- 72.600
80.027
- 71.500
78.814
- 71.000
78.263
+ 71.400
78.704
+ 75.000
82.673
+ 77.000
84.877
- 74.600
82.232
-
74.000
81.570
+ 79.000
87.082
Tin
(pound)..
(kilogram)..
-
3.052
6.728
+
3.138
6.918
+
3.430
7.562
+
3.636
8.016
+
3.795
8.366
-
3.778
8.329
-
3.744
8.254
+
3.790
8.355
+
3.823
8.428
Zinc
(pound)..
(kilogram)..
+
0.453
0.999
+
0.481
1.060
+
0.489
1.078
-
0.449
0.990
-
0.433
0.955
-
0.414
0.913
o
0.414
0.913
o
0.414
0.913
+
0.434
0.957
Burlap
(yard)
(meter)..
-
0.220
0.241
-
0.217
0.237
+
0.218
0.238
+
0.226
0.247
+
0.238
0.260
-
0.237
0.259
-
0.232
0.254
+
0.242
0.265
-
0.240
0.262
Cotton
(pound)
(kilogram)..
+
0.336
0.741
+
0.442
0.974
+
0.457
1.008
+
0.542
1.195
+
0.575
1.268
-
0.550
1.213
-
0.546
1.204
+
0.581
1.281
+
0.645
1.422
Print cloth
(yard)..
(meter)..
+
0.760
0.831
+
0.868
0.949
+
1.035
1.132
-
0.904
0.989
+
0.920
1.006
+
0.968
1.059
+
0.974
1.065
-
0.970
1.061
+
0.983
1.075
Wool tops
(pound)
(kilogram)..
+
3.300
7.275
+
3.805
8.389
+
3.980
8.774
+
4.000
8.818
o
4.000
8.818
-
3.300
7.275
-
3.270
7.209
+
3.725
8.212
+
3.817
8.415
Hides
(pound)..
(kilogram)..
-
0.745
1.642
+
0.760
1.675
-
0.752
1.658
-
0.717
1.581
+
0.718
1.583
+
0.736
1.623
+
0.800
1.764
+
0.932
2.055
+
0.940
2.072
Rosin
(100 pounds)..
(100 kilograms)..
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
o 50.000
110.230
Rubber
(pound)..
(kilogram)..
+
0.451
0.994
+
0.468
1.032
-
0.448
0.988
-
0.447
0.985
+
0.459
1.012
+
0.465
1.025
-
0.460
1.014
+
0.475
1.047
+
0.489
1.078
Tallow
(pound)..
(kilogram)..
+
0.112
0.247
+
0.123
0.271
o
0.123
0.271
+
0.142
0.313
+
0.152
0.335
-
0.143
0.315
-
0.130
0.287
-
0.127
0.280
+
0.144
0.317
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.
ir
The index is the average for May 1 through 19; component prices are averages for May 5, 12, and 19.
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 1987
79
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT
^ |
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
b. Difference
a. Total
c. Percent
change at
annual rate
b. Difference
a. Total
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
213. Final sales
in 1982 dollars
217. Per capita
gross national
product in 1982
dollars
50. Gross national product in 1982 dollars
200. Gross national product in current dollars
Year
and
quarter
GNP AND PERSONAL INCOME
c. Percent
change at
annual rate
(Ann. rate,
bil. dol.)
(Ann. rate,
dollars)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
3,670.9
3,743.8
3,799.7
3,845.6
125.1
72.9
55.9
45.9
14.9
8.2
6.1
4.9
3,444.7
3,487.1
3,507.4
3,520.4
79.6
42.4
20.3
13.0
9.8
5.0
2.3
1.5
14,582
14,730
14,778
14,795
3,359.6
3,430.0
3,446.8
3,486.4
3,909.3
3,965.0
4,030.5
4,087.7
63.7
55.7
65.5
57.2
6.8
5.8
6.8
5.8
3,547.0
3,567.6
3,603.8
3,622.3
26.6
20.6
36.2
18.5
3.1
2.3
4.1
2.1
14,874
14,928
15,041
15,080
3,523.9
3,550.2
3,603.1
3,627.5
4,149.2
4,175.6
4,240.7
4,258.7
61.5
26.4
65.1
18.0
6.2
2.6
6.4
1.7
3,655.9
3,661.4
3,686.4
3,696.1
33.6
5.5
25.0
9.7
3.8
0.6
2.8
1.1
15,188
15,179
15,246
15,249
3,616.1
3,646.3
3,686.7
3,724.5
r4,348.4
r89.7
r8.7
r3,735.9
r39.8
r4.4
rl5,383
r3,700.8
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q |
GNP AND P R O A INCOME-Continued
ES NL
| Q
230. Total in current
dollars
Disposable personal income
Year
and
quarter
224. Current dollars
(Ann. rate,
bil. dol.)
225. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES
231. Total in 1982
dollars
232. Durable goods
in current dollars
233.
Durable goods
in 1982 dollars
227. Per capita in
1982 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
2,612.7
2,646.3
2,693.8
2,729.6
2,446.9
2,460.3
2,481.9
2,493.1
10,358
10,392
10,457
10,477
2,363.8
2,416.1
2,445.6
2,487.2
2,213.8
2,246.3
2,253.3
2,271.7
321.2
331.3
331.8
340.4
311.1
319.0
318.8
326.8
2,755.4
2,842.3
2,832.0
2,882.2
2,495.7
2,550.8
2,524.7
2,540.7
10,466
10,674
10,537
10,577
2,530.9
2,576.0
2,627.1
2,667.9
2,292.3
2,311.9
2,342.0
2,351.7
347.7
354.0
373.3
362.0
332.3
338.8
357.4
347.0
2,935.1
2,978.5
2,979.9
2,993.0
2,581.2
2,625.8
2,605.5
2,595.4
10,723
10,886
10,776
10,708
2,697.9
2,732.0
2,799.8
2,820.4
2,372.7
2,408.4
2,448.0
2,445.8
360.8
373.9
414.5
403.1
345.4
357.1
391.6
380.4
r3,053.1
r2,612.0
rlO,755
r2,850.7
r2,438.9
r384.6
r361.3
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series numbers'are for identification onlyand 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 41.
MAY 1987
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Q
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil. dol.)
'ERSONAL CONSUMPTION EXPENDITURES—Continued
238. Nondurable
goods in 1982
dollars
(Ann. rate,
bil. dol.)
237. Services in
current dollars
(Ann. rate,
bil. dol.)
H H
239. Services in
1982 dollars
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars
242. Fixed investment in current
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
243. Fixed investment in 1982
dollars
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
855.7
870.3
873.9
880.3
819.7
832.8
831.7
830.5
1,186.9
1,214.5
1,239.9
1,266.5
1,083.0
1,094.6
1,102.8
1,114.4
659.5
657.5
670.3
661.1
649.3
649.7
658.9
649.9
564.0
597.6
605.8
624.4
564.1
592.7
598.3
615.9
888.2
902.3
907.4
922.6
834.3
841.3
843.8
847.2
1,294.9
1,319.7
1,346.4
1,383.2
1,125.8
1,131.8
1,140.8
1,157.5
650.6
667.1
657.4
669.5
638.2
655.6
643.8
653.2
625.2
648.0
654.3
672.6
615.0
638.1
643.1
658.4
929.7
928.4
932.8
940.1
860.6
877.3
875.4
875.1
1,407.4
1,429.8
1,452.4
1,477.2
1,166.6
1,174.0
1,181.0
1,190.2
708.3
687.3
675.8
663.2
684.0
664.7
651.3
629.0
664.4
672.8
680.3
690.3
644.1
649.6
651.6
657.4
r961.7
r876.2
rl,504.5
rl,201.3
r718.1
r678.9
r678.1
r643.9
266. State and
local government
in current dollars
267. State and
local government
in 1982 dollars
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
Em
GROSS PRIVATE
DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars
30. Change in
business inventories in 1982
dollars
(Ann. rate,
bil. dol.)
Year
and
quarter
(Ann. rate,
bil. dol.)
GOVERNMENT PURCHASES OF GOODS AND SERVICES
260. Total in
current dollars
(Ann. rate,
bil. dol.)
261. Total in
1982 dollars
(Ann. rate,
bil. dol.)
262. Federal
Government in
current dollars
263. Federal
Government in
1982 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
95.5
59.9
64.4
36.7
85.1
57.0
60.6
33.9
693.2
733.3
743.8
763.4
650.2
678.2
681.0
691.5
283.4
315.2
317.2
329.1
271.2
296.3
295.6
303.8
409.8
418.1
426.6
434.3
379.0
381.8
385.4
387.7
25.4
19.1
3.1
-3.1
23.2
17.4
0.7
-5.2
777.3
799.0
829.7
855.6
695.3
708.3
731.8
749.4
333.7
340.9
360.9
380.9
305.8
311.4
329.9
347.2
443.5
458.1
468.8
474.7
389.5
396.9
401.9
402.2
43.8
14.5
-4.5
-27.1
39.9
15.1
-0.3
-28.5
836.7
860.8
874.0
885.3
725.2
742.2
750.4
769.3
355.7
367.6
369.3
372.1
320.4
328.9
330.9
348.6
480.9
493.3
504.7
513.2
404.8
413.3
419.5
420.7
r40.0
r35.0
r891.4
r755.2
369.2
r331.0
r522.2
r424.3
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.
MAY 1987
81
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT—Continued
Q |
Year
and
quarter
Net exports of goods and services
(Ann. rate,
bil. dol.)
256 . Constant
252. Current
dollars
(1982) jollars
(Ann. rate
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
253. (Current
dollars
280. Compensation of
dollars
257. Constant
(1982) dollars
employees
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
( Ann. rate,
bil. dol.)
NATIONAL INCOME
AND ITS COMPONENTS
220. National income in current
Imports of goods and services
Exports of goods and services
255. Constant
(1982) dollars
250. Current
dollars
• •
•Nil
FOREIGN TRADE
(Ann. rate,
bil. dol.)
1984
6
2
7
7
373.4
382.1
389.2
386.2
-49.4
-77.1
-83.7
-105.3
-78. 8
-108. 1
-113. 8
-132. 0
378.4
370.0
362.3
368.2
-93.7
-104.5
-108.9
-110.2
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-125.
-153.
-163.
-148
9
9
3
0
374.8
363.0
370.8
383.5
369 2
2
r391.6
r390 4
-45.6
-63.2
-60.0
-66.1
-68.
-87.
-85.
-92.
361. 3
419.
445.
449.
452.
0
3
1
2
429.
454.
461.
467.
9
2
2
7
2,963.2
3,010.3
3,052.3
3,102.0
2,
2,
2,
2,
153.7
195.4
234.7
275.0
427.
447.
446.
473.
9
1
0
6
448.
469.
469.
494.
2
3
6
8
3,157.0
3,201.4
3,243.4
3,287.3
2,
2,
2,
2,
316.3
352.1
380.9
423.6
468. 5
467. 5
479. 7
495. 1
513. 6
534. 5
493. 7
533 8
3,340.7
3,376.4
3,396.1
3,432!3
2,
2,
2,
1
461.5
480.2
507.4
542.8
r503. 4
0
375. 5
375. 0
367
r527. 6
p3,507.4
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
369 4
361. 2
355 8
362 9
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
359.8
371 2
385 8
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
r-111.9
r-137
E
9
Voor
Tear
and
quarter
284. Rental income
of persons with
CCAdj1
282. Proprietors'
income with IVA
and CCAdj1
286. Corporate
profits before tax
with IVA and
CCAdj1
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Q
NATIONAL INCOME AND ITS COMPONENTS-Continued
290. Gross saving
288. Net interest
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann rate,
bil. dol.)
r2, 578.1
SAVING
295 Business
saving
(Ann. rate,
bil. dol.)
292. Personal
saving
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
12 1
8 4
7.1
5 6
242.
229.
234.
240.
5
6
6
7
250.
255.
249.
262.
7
5
3
1
6
8
7
8
8
1
3
3
265.
289.
277.
283.
3
1
5
2
12
16
16
14
8
3
.2
.8
262
271
259
265
5
7
8
0
292
305
316
315
.5
.2
.1
.7
580.7
568.7
578.2
565.5
489.0
505.0
510.0
520.3
179.2
157.6
172.9
165.0
266 4
274 3
296 3
285 6
316
311
309
307
.8
.4
.7
.6
573.2
566.8
541.7
524.1
525.6
538.9
560.1
553.5
144.1
296
293
302
311
304
297
292
280
.9
.7
.9
.4
583.2
539.7
517.2
514.9
562.6
559.9
566.4
570.1
145.6
153.1
84.1
74.2
r 2 8 2 .2
P561.6
P580.4
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
183.6
119.6
125.8
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
4
1
0
2
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
r298. 2
r l 5 .3
p333 5
rl04.0
See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
82
MAY 1987
\\i\\
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Q
Year
and
quarter
| J
SAVING—Continued
293. Personal
saving rate
298. Government
surplus or deficit
Percent of gross national product
235. Personal consumption expenditures
(Ann. rate,
bil. dot.)
SHARES OF GNP AND NATIONAL INCOME
(Percent)
(Percent)
248. Nonresidential
fixed investment
(Percent)
247. Change in
business inventories
249. Residential
fixed investment
(Percent)
(Percent)
(Percent)
251. Net exports of
goods and services
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-87.5
-93.9
-104.8
-119.9
6.9
6.0
6.4
6.0
64.4
64.5
64.4
64.7
10.6
11.0
11.1
11.5
4.8
4.9
4.8
4.7
2.6
1.6
1.7
1.0
-1.2
-1.7
-1.6
-1.7
-96.6
-155.6
-138.0
-155.1
5.2
6.5
4.2
4.4
64.7
65.0
65.2
65.3
11.3
11.6
11.4
11.6
4.7
4.8
4.8
4.9
0.6
0.5
0.1
-0.1
-1.3
-1.9
-2.1
-2.6
-125.1
-173.3
-133.3
-129.4
5.0
5.1
2.8
2.5
65.0
65.4
66.0
66.2
11.1
11.0
10.8
10.9
4.9
5.2
5.2
5.3
1.1
0.3
-0.1
-0.6
-2.3
-2.5
-2.6
-2.6
p-122.9
r3.4
r65.6
no.4
5.2
r0.9
-2.6
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q j
Year
and
quarter
SHARES OF GNP AND NATIONAL INCOME—Continued
Percent of GNP—Continued
265. Federal Government purchases of
goods and services
(Percent)
Percent of national income
268. State and local
government purchases
of goods and services
(Percent)
64. Compensation of
employees
(Percent)
283. Proprietors'
income with IVA
and CCAdj3
(Percent)
285. Rental income
of persons with
CCAdj1
(Percent)
287. Corporate profits
before tax with
IVA and CCAdj1
289. Net interest
(Percent)
(Percent)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
8.4
8.3
8.6
11.2
11.2
11.2
11.3
72.7
72.9
73.2
73.3
8.2
7.6
7.7
7.8
0.4
0.3
0.2
0.2
8.9
9.0
8.5
8.5
9.9
10.1
10.4
10.2
8.5
8.6
9.0
9.3
11.3
11.6
11.6
11.6
73.4
73.5
73.4
73.7
7.9
8.0
7.7
8.0
0.2
0.3
0.2
0.3
8.4
8.6
9.1
8.7
10.0
9.7
9.5
9.4
8.6
8.8
8.7
8.7
11.6
11.8
11.9
12.1
73.7
73.5
73.8
74.1
7.9
8.6
8.2
8.3
0.4
0.5
0.5
0.4
8.9
8.7
8.9
9.1
9.1
8.8
8.6
8.2
8.5
rl2.0
P73.5
p8.5
p0.4
p9.5
P8.0
7.7
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
MAY 1987
83
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY
0 1
Implicit price deflator for
gross national product
Year
and
month
310. Index
(1982 = 100)
310c. Change
over 1-quarter
spans'
(Ann. rate,
percent)
PRICE MOVEMENTS
Fixed-weighted price index,
gross domestic business product
311. Index
(1982=100)
311c. Change
over 1-quarter
spans'
(Ann. rate,
percent)
Consumer price index
for all urban consumers
320. Index ®
(1967 = 100)
320c. Change
over 1-month
spans1
Consumer price index for
all urban consumers, food
320c. Change
over 6-month
spans'
(Percent)
(Ann. rate,
percent)
322. Index
(1967 = 100)
322c. Change
over 1-month
spans'
(Percent)
322c. Change
over 6-month
spansJ
(Ann. rate,
percent)
1985
3.4
110.2
April
May
June
111 11
October
November
December
3.7
4.0
4.2
306.8
308.8
308.7
0.0
0.7
0.0
1.8
1.6
1.7
320.1
321.3
322.3
0.3
0.3
0.2
4.1
3.6
2.7
308.6
308.4
309.5
0.0
-0.1
0.4
1.8
0.6
1.2
2.5
322.8
323.5
324.5
0.2
0.2
0.1
2.8
3.2
3.4
309.6
309.7
310.6
0.0
0.0
0.3
1.7
2.9
3.7
3.6
325.5
326.6
327.4
0.4
0.5
0.3
3.7
2.8
1.7
311.2
312.9
315.1
0.2
0.5
0.7
3.6
3.2
2.5
2.1
328.4
327.5
326.0
0.3
-0.3
-0.4
0.4
-0.1
0.1
315.1
314.6
314.4
0.0
-0.2
-0.1
2.5
2.3
1.5
1.2
325.3
326.3
327.9
-0.3
0.2
0.4
-0.5
0.4
1.8
315.1
316.5
317.4
0.2
0.4
0.3
3.3
5.2
6.1
2.3
328.0
328.6
330.2
0.0
0.2
0.3
2.7
2.7
2.2
320.2
322.7
323.9
0.9
0.8
0.4
6.5
6.4
6.3
2.3
330.5
330.8
331.1
0.2
0.2
0.2
3.5
4.1
4.3
325.2
326.5
327.2
0.4
0.4
0.2
5.3
4.3
3.3
r3.6
333.1
334.4
335.9
0.7
0.4
0.4
4.8
328.6
329.6
329.2
0.4
0.3
-0.1
3.1
337.7
0.4
330.2
0.3
110.9
2.5
. ..
0.2
0.4
0.5
110.0
3.3
July
August
September
316.1
317.4
318.8
3.4
3.7
January
February
March
111.8
111.6
3.6
112.6
1128
1986
January
February
March
113.5
April
May
June
niio
July
August
September
115.6
October
November
December
115.2
2.5
1.8
113.5
3.6
11412
0.7
114.8
1987
January
February
March
r4.2
rll6*.'4
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
Changes are centered within the spans: 1-month changes are placed on the 2d tionth, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.
MAY 1987
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q
330. Index ©
(1967 = 100)
330c. Change
over 6-month
spans' ©
330c. Change
over 1-month
spans1 ©
(Ann. rate,
percent)
(Percent)
Producer price index, crude materials
for further processing
Producer price index, industrial commodities
Producer price index, all commodities
Year
and
month
PRICE MOVEMENTS-Continued
335. Index ©
(1967 = 100)
335c. Change
over 1-month
spans1 ©
335c. Change
over 6-month
spans 1 ©
(Percent)
(Ann. rate,
percent)
331. Index
(1967 = 100)
331c. Change
over 1-month
spans'
(Percent)
331c. Change
over 6-month
spans1
(Ann. rate,
percent)
1985
January
February
March
309.5
309.1
308.6
-0.1
-0.1
-0.2
-0.1
-0.3
-0.4
322.9
322.2
322.5
0.0
-0.2
0.1
0.2
0.9
1.1
317.0
316.1
311.7
-1.8
-0.3
-1.4
-8.3
-9.9
-10.3
April
May
June
309.3
309.8
309.2
0.2
0.2
-0.2
-0.3
-1.2
-2.0
323.8
325.3
324.8
0.4
0.5
-0.2
0.9
0.9
-0.1
309.7
307.9
305.8
-0.6
-0.6
-0.7
-8.1
-11.8
-11.6
July
August
September
309.0
307.3
305.5
-0.1
-0.6
-0.6
-0.9
-0.2
0.6
324.4
323.7
322.3
-0.1
-0.2
-0.4
0.2
-0.4
0.2
3C3.9
296.9
293.0
-0.6
-2.3
-1.3
-5.6
-2.1
-1.4
October
November
December
307.9
309.5
310.2
0.8
0.5
0.2
-0.1
-1.9
-3.4
324.2
324.7
325.1
0.6
0.2
0.1
-0.4
-2.9
-5.1
300.9
304.6
303.7
2.7
1.2
-0.3
-3.3
-6.4
-8.1
January
February
March
308.9
304.4
300.3
-0.4
-1.5
-1.3
-6.2
-6.5
-7.1
323.8
318.9
314.0
-0.4
-1.5
-1.5
-7.6
-7.9
-8.0
298.8
287.3
280.9
-1.6
-3.8
-2.2
-17.6
-16.0
-16.7
April
May
June
298.2
299.2
299.0
-0.7
0.3
-0.1
-7.3
-4.7
-1.9
311.6
311.6
311.8
-0.8
0.0
0.1
-9.2
-6.8
-3.3
273.2
279.1
277.2
-2.7
2.2
-0.7
-14.2
-6.9
-2.9
July
August
September
297.4
297.2
297.5
-0.5
-0.1
0.1
0.1
-0.3
r-0.3
308.5
307.9
308.7
-1.1
-0.2
0.3
-1.3
-1.2
r-1.3
276.7
277.2
276.8
-0.2
0.2
-0.1
5.7
-0.1
r-0.4
October
November
December
298.4
298.7
r298.5
0.3
0.1
r-0.1
2.4
3.7
3.6
309.6
309.8
r309.8
0.3
0.1
rO.O
3.3
5.1
4.7
280.9
279.0
r276.6
1.5
-0.7
r-0.9
4.1
7.5
8.0
January
February
March
300.9
302.7
302.8
r0.8
0.6
0.0
4.5
313.6
315.7
315.8
rl.2
0.7
0.0
5.1
282.3
287.4
287.7
r2.1
1.8
0.1
10.8
April
May
June
305.1
0.8
317.4
0.5
295.7
2.8
1986
1987
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:
x
BUI
MAY 1987
1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
85
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q
Producer price index, intermediate
materials, supplies, and components
Year
and
month
332. Index
(1967 = 100)
Producer price index, capital equipment
332c. Change
over 6-month
spans'
332c. Change
over 1-month
spans'
333. Index
(Ann. rate,
percent)
(Percent)
PRICE MOVEMENTS-Continued
(1967 = 100)
333c. Change
over 1-month
spans'
(Percent)
Producer price index, finished consumer goods
333c. Change
over 6-month
spans1
334. Index
(Ann. rate,
percent)
(1967 = 100)
334c. Change
over 1-month
spans'
334c. Change
over 6-month
spans1
(Percent)
(Ann. rate,
percent)
1985
January
February
March
320.3
319.1
318.6
0.0
-0.4
-0.2
-0.6
-0.3
-0.8
297.0
298.7
299.3
0.5
0.6
0.2
3.1
2.8
3.5
290.3
290.0
290.0
-0.2
-0.1
0.0
1.5
1.5
0.9
April
May
June
319.4
320.1
319.0
0.3
0.2
-0.3
-1.2
-0.8
-0.9
299.4
300.0
300.5
0.0
0.2
0.2
2.5
1.8
0.3
292.0
292.8
292.2
0.7
0.3
-0.2
1.7
1.1
-0.3
July
August
September
318.4
317.8
317.1
-0.2
-0.2
-0.2
-1.3
-1.4
-0.4
300.7
301.4
299.7
0.1
0.2
-0.6
2.0
2.1
2.0
292.8
291.6
289.5
0.2
-0.4
-0.7
-0.3
0.5
2.1
October
November
December
317.3
317.8
318.4
0.1
0.2
0.2
-0.3
-2.5
-4.2
302.4
303.2
303.5
0.9
0.3
0.1
1.9
1.6
3.1
291.6
293.6
295.2
0.7
0.7
0.5
0.7
-2.4
-3.4
January
February
March
317.9
313.8
310.3
-0.2
-1.3
-1.1
-6.2
-6.8
-7.3
303.5
303.8
304.3
0.0
0.1
0.2
1.8
1.5
1.7
293.8
288.1
284.5
-0.5
-1.9
-1.2
-6.3
-6.4
-7.0
April
May
June
307.3
306.8
306.6
-1.0
-0.2
-0.1
-8.1
-5.8
-2.9
305.1
305.5
306.1
0.3
0.1
0.2
1.9
1.9
2.2
282.3
284.1
284.7
-0.8
0.6
0.2
-8.1
-3.4
-0.5
July
August
September
304.7
304.5
305.7
-0.6
-0.1
0.4
-1.6
-1.4
-1.2
306.3
306.6
307.6
0.1
0.1
0.3
2.4
2.8
r2.7
281.7
283.1
283.8
-1.1
0.5
0.2
1.8
0.4
rO.l
October
November
December
304.8
304.7
r3O4.7
-0.3
0.0
0.0
1.9
3.1
3.0
308.7
309.8
r310.2
0.4
0.4
0.1
3.0
2.2
1.8
284.8
284.7
r284.8
0.4
0.0
rO.O
3.2
2.6
3.2
4.2
310.8
310.0
310.3
0.2
-0.3
0.1
1.6
286.2
286.8
288.3
rO.5
0.2
0.5
4.3
311.2
0.3
290.8
0.9
1986
1987
January
February
March
307.6
309.2
310.2
rl.O '
0.5
0.3
April
May
June
311.2
0.3
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
1
Changes are centered within the spans:
1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
MAY 1987
lt€l»
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q j
WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
Year
and
month
Current-dollar earning!>
340. Index
(1977 = 100)
Average hourly compensation, all employees,
nonfarm business sector
Current-dollar compensation
Real earnings
340c. Change
over 1-month
spans2
340c. Change
over 6-month
spans2
(Percent)
(Ann. rate,
percent)
341. Index
(1977 = 100)
341c. Change
over 1-month
spans2
(Percent)
341c. Change
over 6-month
spans2
(Ann. rate,
percent)
345. Index
(1977 = 100)
345c. Change
over 1-quarter
spans2
(Ann. rate,
percent)
345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)
1985
January
February
March
162.7
163.6
163.8
0.0
0.5
0.2
3.5
3.1
3.1
94.4
94.5
94.2
-0.2
0.1
-0.4
0.2
-0.7
-0.8
17l!5
April
May
June
164.2
164.4
165.2
0.2
0.2
0.5
2.7
2.3
3.1
94.0
93.9
94.2
-0.1
-0.1
0.3
-1.1
-0.9
0.7
173^3
July
August
September
165.0
165.5
166.4
-0.2
0.3
0.5
2.4
2.9
3.1
93.9
94.1
94.5
-0.3
0.2
0.4
0.0
0.0
-0.3
llk'.7
October
November
December
166.2
166.8
167.7
-0.1
0.4
0.6
2.9
3.3
2.6
94.0
93.9
94.1
-0.5
-0.1
0.1
-0.8
0.7
1.2
176^2
January
February
March
167.3
168.2
168.5
-0.3
0.5
0.2
2.7
2.3
1.7
93.5
94.4
95.0
-0.6
0.9
0.7
2.8
2.9
2.3
177^
April
May
June
168.4
168.7
169.2
-0.1
0.2
0.3
1.8
1.4
1.3
95.3
95.3
95.2
0.3
-0.1
-0.1
3.1
1.6
-0.2
178^5
July
August
September
168.9
169.3
169.6
-0.2
0.3
0.1
1.9
2.5
1.7
95.0
95.1
94.9
-0.2
0.2
-0.2
-0.7
0.0
-0.3
179.6
October
November
December
170.0
170.8
170.6
0.2
0.5
-0.1
2.2
r2.5
r2.6
95.0
95.3
95.0
0.1
0.3
-0.2
170.7
171.4
171.8
0.1
0.4
r0.2
94.4
94.4
r94.2
-0.7
0.0
-0.2
P172.2
pO.2
P94.0
p-0.3
3.9
3.9
4.4
3.2
3!6
3.6
3*.6
1986
3.1
2.2
2.6
2.4
-1.2
r-1.4
r-1.5
^8
pi.8
r2.6
180.8
1987
January
February
March
April
May
June
p2.6
p-2.2
pO.l
P180.8
July
August
September
October
November
December
See note on |
Graphs of these series are shown on pages 49 and 50.
1
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.
MAY 1987
87
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
Negotiated wage and
benefit decisions
348. Average
first-year
changes ®
Real compensation
346. Index
(1977=100)
WAGES AND PRODUCTIVITY—Continued
346c. Change
over 1-quarter
spans1
346c. Change
over 4-quarter
spans1
(Ann. rate,
percent)
(Ann. rate,
percent)
(Ann. rate,
percent)
Output per hour, all persons, business sector
349. Average
changes over
life of
contract @
(Ann. rate,
percent)
370. Index
(1977 = 100)
358. Index of
output per hour,
all persons,
nonfarm business sector
370c. Change
over 1-quarter
spans1
370c. Change
over 4-quarter
spans1
(Ann. rate,
percent)
(Ann. rate,
percent)
(1977 = 100)
i'j
104.4
0.9
104.9
1985
0.5
January
February
March
97.9
April
May . . . .
June
97*9
July
August
September
98! 1
October
November
December
98!o
o'.s
3.6
105*.7
3.5
-0.2
106^4
2.0
3.4
3.0
105'.4
107'.3
0.4
2.0
-0.3
2.7
3.4
CL2
0.8
0.9
2.7
1.4
IA
-3.2
106*.4
i'.o
104^5
o.'o
105*.6
1986
1.5
January
February
March
98'.4
April
May
June
99.2
July
August
September
99.*2
October
November
December
0.6
107^3
0.7
3.6
0.0
0.5
1.6
r0.3
107^4
1.2
0.0
3.3
1.2
99.2
i'.2
0.7
1.2
p-b'.4
-0.4
107 .*3
2.7
105^7
p6."6
105*7
r-2.0
2.4
rlO5.3
rlO6!8
1987
January
February
March
p-4.9
p98.0
pi.7
pi.8
p2.4
P105.7
P107.2
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.
MAY 1987
OTHER IMPORTANT ECONOMIC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Q |
CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers
Civilian labor force
Year
and
month
441. Total
442. Civilian
employment
Number unemployed
37. Persons
unemployed
444. Males
20 years
and over
(Thous.)
(Thous.)
445. Females
20 years
and over
(Thous.)
(Thous.)
(Thous.)
Civilian labor force participation rates
452. Females
20 years
and over
453. Both
sexes 16-19
years of age
(Percent)
(Percent)
(Percent)
451. Males
20 years
and over
446. Both
sexes 16-19
years of age
(Thous.)
448. Number
employed
part time
for economic
reasons
(Thous.)
(Thous.)
January
February
March
114,797
114,970
115,316
106,291
106,605
106,965
8,506
8,365
8,351
3,806
3,762
3,728
3,183
3,124
3,148
1,517
1,479
1,475
6,982
6,908
6,797
5,400
5,134
5,423
78.1
78.1
78.1
54.4
54.5
54.7
55.2
55.2
55.2
April
May
June
115,313
115,286
114,926
106,949
106,995
106,541
8,364
8,291
8,385
3,791
3,629
3,847
3,171
3,179
3,136
1,402
1,483
1,402
6,818
6,719
6,811
5,365
5,469
5,276
78.2
78.1
78.1
54.7
54.5
54.5
54.7
55.0
52.4
July
August
September
115,280
115,277
115,844
106,842
107,136
107,602
8,438
8,141
8,242
3,733
3,631
3,660
3,133
3,137
3,182
1,572
1,373
1,400
6,915
6,701
6,718
5,363
5,435
5,310
77.9
78.0
78.2
54.4
54.5
54.8
55.2
53.5
54.1
October
November
December
116,080
116,149
116,333
107,792
107,978
108,149
8,288
8,171
8,184
3,673
3,664
3,617
3,038
3,063
3,073
1,577
1,444
1,494
6,727
6,721
6,668
5,206
5,316
5,292
78.2
78.1
78.0
54.8
54.9
55.1
54.6
54.4
54.4
January
February
March
116,794
117,042
117,187
108,892
108,557
108,807
7,902
8,485
8,380
3,544
3,796
3,789
2,945
3,189
3,131
1,413
1,500
1,460
6,500
6,898
6,879
5,297
5,214
5,295
78.3
78.2
78.2
55.0
55.1
55.1
53.6
54.9
54.9
April
May
June
117,292
117,587
118,005
108,969
109,165
109,613
8,323
8,422
8,392
3,688
3,820
3,808
3,087
3,098
3,082
1,548
1,504
1,502
6,759
6,924
6,798
5,567
5,569
5,322
78.0
78.0
78.1
55.2
55.4
55.7
55.4
55.2
54.8
July
August
September
118,117
118,124
118,272
109,887
110,067
109,987
8,230
8,057
8,285
3,811
3,634
3,805
3,010
2,994
3,015
1,409
1,429
1,465
6,684
6,518
6,739
5,222
5,269
5,303
78.1
77.9
78.0
55.8
55.8
55.7
54.5
54.8
54.8
October
November
December
118,414
118,675
118,586
110,192
110,432
110,637
8,222
8,243
7,949
3,814
3,820
3,725
2,994
2,976
2,865
1,414
1,447
1,359
6,688
6,673
6,465
5,450
5,319
5,342
77.9
78.2
78.3
55.8
55.8
55.6
55.0
54.5
53.8
January
February
March
119,034
119,349
119,222
111,011
111,382
111,368
8,023
7,967
7,854
3,720
3,648
3,573
2,900
2,873
2,857
1,402
1,446
1,424
6,534
6,488
6,275
5,201
5,459
5,164
78.3
78.2
78.2
55.8
55.9
55.9
54.5
55.2
54.2
April
May
June
119,335
111,835
7,500
3,409
2,715
1,376
6,018
5,110
78.1
56.0
54.2
1985
1986
1987
July
August
September
October
November
December
See note on |
Graphs of these series are shown on page 51.
MAY 1987
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES
Q H
RECEIPTS AND EXPENDITURES
Federal Government1
Year
and
month
500. Surplus
or deficit
(Ann. rate,
bil. dot.)
Qj|
State and local government'
DEFENSE INDICATORS
Advance measures of defense activity
501. Receipts
502. Expenditures
510. Surplus
or deficit
511. Receipts
512. Expenditures
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
517. Defense
Department
gross obligations incurred
(Mil. dol.)
525. Defense
Department
prime contract awards
543. Defense
Department
gross unpaid
obligations
outstanding
(Mil. dol.)
(Mil. dol.)
548. Manufacturers'
new orders,
defense
products
(Mil. dol.)
1985
January
February
March
-162.*2
793.3
955.4
65.6
56K3
495.' 6
22,492
20,377
20,346
12,449
12,432
10,360
174,180
173,704
174,338
9,173
6,278
7,810
April
May
June
-214.8
755.8
970.6
59^2
571 ".9
512^6
22,655
25,140
29,513
9,658
14,147
11,627
174,867
178,000
179,337
8,180
9,339
12,794
July
August
September
-197.5
792 '.6
990*. 1
5^5
584.2
52417
31,641
34,470
30,753
12,163
17,579
11,702
182,074
187,278
186,401
9,786
10,649
9,944
October
November
December
-21716
805! 8
1,023^4
6^5
59^7
530! 2
28,629
25,809
30,768
10,584
10,086
14,088
185,059
182,400
183,504
8,727
6,808
10,734
January
February
March
-i%!b
806 '.6
1,001.5
69^9
608 .*3
538! 5
28,411
30,247
30,969
13,424
9,318
14,368
185,822
188,008
190,756
8,502
9,193
rl2,214
April
May
June
-232!2
81315
l,045.*7
58^9
61 i *. 5
552.6
29,758
30,267
33,056
12,855
8,849
13,493
188,903
189,004
193,207
r8,124
r8,790
8,234
July
August
September
-197.4
833.1
l,03CL5
64*.6
629'.1
565*. 1
31,199
29,968
30,678
15,992
13,088
13,413
196,185
198,635
199,295
10,436
7,900
10,530
October
November
December
-188.'8
854.5
l,043*.4
59!i
63^9
575*.4
28,383
30,341
26,583
7,549
9,484
11,931
198,408
198,337
197,769
7,929
10,479
7,648
p-174.4
P873.8
rl,048.2
p51.5
P638.3
r586.8
25,911
34,669
p28,986
10,161
12,827
pl2,422
196,585
199,440
pl99,308
4,699
r6,980
r9,964
(NA)
(NA)
(NA)
pl0 9 940
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
S e note on page 80.
e
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.
90
MAY 1987
B€l»
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
1
]
DEFENSE INDICATORS—ContinuecJ
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Index of
industrial
production,
defense and
space equipment
(1977 = 100)
559. Manufacturers' inventories, defense
products
(Mil. dol.)
561. Manufacturers' unfilled
orders, defense
products
(Mil. dol.)
580. Defense
Department
net outlays,
military
(Mil. dol.)
588. Manufacturers' shipments, defense
products
(Mil. dol.)
570. Employment, defense
products industries
(Thous.)
Defense Department
personnel
577. Military
on active
duty©
(Thous.)
578. Civilian,
direct hire
employment
(Thous.)
564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)
565. National
defense purchases as a
percent of
GNP
(Percent)
1985
January
February
March
163.2
164.2
166.0
27,846
28,378
28,439
147,994
146,726
146,560
18,762
20,058
20,465
7,156
7,546
7,976
1,496
1,506
1,514
2,146
2,147
2,148
1,073
1,074
1,076
248^9
April
May
June
167.1
168.3
169.9
28,929
28,854
29,647
147,334
149,056
153,624
19,597
20,603
20,554
7,406
7,617
8,226
1,521
1,530
1,541
2,148
2,149
2,151
1,081
1,084
1,084
255!l
July
August
September
170.8
173.3
174.5
30,291
30,814
31,096
155,876
158,467
•160,184
21,498
22,489
21,987
7,534
8,058
8,227
1,549
1,569
1,565
2,156
2,157
2,151
1,091
1,094
1,099
265.'5
October
November
December
174.8
177.2
178.5
31,244
31,304
31,450
160,067
157,957
159 452
20,908
21,847
22 443
8,844
8,918
9 239
1,572
1,581
1 580
2,151
2,153
2 150
1,099
1,098
1 100
268!6
6*.6
January
February
March
178.7
176.3
176.2
31,787
31,471
r32,467
160,175
161,009
164,969
20,152
21,586
23,342
7,779
8,359
r8,254
1,589
1,590
1,589
2,157
2,160
2,160
1,103
1,087
1,084
266*.4
e'.k
April
May
June
178.0
178.0
178.4
33,041
33,285
33,556
rl64,626
164,728
163,840
22,101
22,921
21,954
r8,467
8,688
9,122
1,594
1,598
1,576
2,150
2,150
2,143
1,081
1,072
1,060
278!i
6J
July
August
September
179.5
181.0
182.0
33,727
33,937
34,254
165,406
164,708
166,337
22,538
21,714
23,886
8,870
8,598
8,901
1,605
1,611
1,608
2,150
2,161
2,169
1,059
1,052
1,072
286! 8
6.'8
October
November
December
184.6
184.9
185.8
34,560
34,409
33,873
165,006
165,613
162,605
22,324
21,168
22,512
9,260
9,872
10,656
1,611
1,613
1,615
2,177
2,181
2,178
1,069
1,063
1,059
278.8
6.5
January
February
March
rl85.2
rl86.5
rl86.7
34,164
r34,220
34,037
159,028
157,615
rl57,705
22,243
24,096
23,259
8,276
r8,393
r9,874
1,612
rl*609
pi,607
2,179
2,172
2,168
1,061
pi,067
(NA)
r287.9
April
May
June
P186.6
(NA)
pl59,915
p23,596
p8,730
(NA)
p2,158
1986
1987
6^
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
MAY 1987
91
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Q |
602. Exports, excluding
military aid shipments
604. Exports of domestic
agricultural products
MERCHANDISE TRADE
606. Exports of nonelectrical machinery
612. General imports
Year
and
month
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
614. Imports of petroleum and petroleum
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
616. Imports of automobiles and parts
1985
January
February
March
19,401
17,853
18,446
2,945
2,842
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
April
May
June
17,779
17,414
17,438
2,624
2,215
2,218
3,970
4,073
3,952
28,295
28,685
29,425
4,936
5,237
4,842
4,350
4,073
4,932
July
August
September
17,412
17,423
17,732
2,184
2,347
2,080
3,615
3,897
3 777
26,630
26,083
3,342
3,252
4,161
4,489
01 JCA
o i. , / OH
A n/\-\
T- , U T - 1
c ccc
D ,000
October
November
December
17,368
17,976
17,024
2,351
2,446
2,426
3,694
3,918
3,730
27,594
30,285
32,888
3,811
4,367
5,079
4,198
5,461
5,758
January
February
March
'17,041
'17,401
'18,555
2,320
2,283
2,135
3,854
4,294
3,740
'32,005
'28,895
'31,972
4,978
4,254
3,578
5,044
5,378
5,018
April
May
June
'18,000
"18,270
'19,092
2,043
1,960
1,819
3,981
3,644
3,582
'28,762
'30,272
'31,764
2,084
2,718
2,731
5,044
5,054
5,535
July
August
September
'17^345
l
16,892
'17,530
2,062
2,231
2,111
3,585
4,091
3,812
'34,121
'29,476
'28,695
2,483
2,225
2,435
6,242
6,280
4,909
October
November
December
'19,560
'18,410
'18,522
2,447
2,204
2,352
3,932
4,138
4,227
'30,018
'36,187
'27,795
2,155
2,788
2,299
5,790
7,156
5,483
'16,420
'18,659
'21,063
1,926
2,047
2,157
3,452
4,404
4,098
'27,466
'32,307
X
33,197
2,269
3,598
3,513
4,882
6,322
5,329
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
1986
1987
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.
'Not seasonally adjusted.
92
See item 7 of "New Features and Changes for This Issue" on page iv of the March 1986 issue.
MAY 1987
ItO
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Continued
Q |
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted'
Goods and services
Year
and
month
(Mil. dol.)
622. Balance
669. Imports
668. Exports
667. Balance
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
618. Exports
(Mil. dol.)
Income on investment
620. Imports
(Mil. dol.)
Revised 2
Revised 2
651. U.S. investment abroad
(Mil. dol.)
652. Foreign
investment in
the United States
(Mil. dol.)
Revised 2
1985
January
February
March
-22,832
88,040
110,872
-24,882
55,064
79,946
18,726
16,507
April
May
June .
-25,959
89,350
115,309
-29,946
54,040
83,986
22,253
16,804
July
August
September
-24,454
90,234
114,688
-31,206
53,367
84,573
24,502
16,240
October
November
December
-29,451
90,873
120,324
-36,114
53,464
89,578
24,509
15,254
January
February
March
-31,049
91,498
122,547
-34,978
53,878
88,856
24,199
17,699
April
May
June
-30,350
91,986
122,336
-33,651
56,928
90,579
22,639
17,311
July
August
September
-31,136
92,843
123,979
-37,115
56,534
93,649
22,342
16,196
October
November
December
p-32,892
p94,374
pl27,266
-38,595
57,021
95,616
p21,432
P16.542
(NA)
(NA)
(NA)
p-38,330
p58,212
p96,542
(NA)
1986
1987
January
February
March
(NA)
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).
2
See "New Features and Changes for This Issue," page iii.
MAY 1987
93
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
INDUSTRIAL PRODUCTION
Year
and
month
47. United States,
index of industrial production
(1977 = 100)
721. OECD1
European countries, index of
industrial
production
(1977 = 100)
728. Japan,
index of industrial production
(1977 = 100)
725. West
Germany, index
of industrial
production
(1977 = 100)
726. France,
index of industrial production
(1977 = 100)
722. United
Kingdom, index
of industrial
production
727. Italy, index
of industrial
production
(1977 = 100)
723. Canada,
index of industrial production
(1977 = 100)
(1977 = 100)
1985
January
February
March
122.7
123.2
123.4
108
110
111
143.0
143.4
141.9
110
109
110
101
105
107
106
106
108
102.8
111.5
111.7
115.2
115.5
116.8
April
May
June
123.3
123.6
123.6
110
111
111
144.9
147.4
144.9
110
111
112
104
107
104
109
108
108
107.6
108.5
111.1
116.4
117.6
118.8
July
August
September . .
123.4
124.4
124.3
111
111
112
147.2
145.5
144.5
114
112
112
107
107
107
107
108
110
107.3
105.8
110.6
118,
118,
120,
October
November . .
December . .
123.6
124.8
125.6
112
114
110
144.8
144.2
144.6
116
116
111
107
109
104
109
110
107
106.9
110.9
106.6
119.9
119.3
121.2
January .
February
March . .
126.2
125.3
123.6
112
113
112
144.6
145.2
144.5
113
113
113
107
105
105
108
110
109
108.4
111.5
114.9
121.1
121.1
117.5
April . , .
May . . .
June . . .
124.7
124.2
124.2
rll6
111
114
144.6
145.1
145.3
117
112
116
110
104
108
111
109
108
116.6
109.0
114.2
120.9
118.3
117.3
July
August . .
September
124.9
125.1
124.9
115
113
114
144.9
141.
146.
117
116
114
109
109
109
110
111
111
111.0
105.8
111.3
118.7
116.7
116.8
October . .
November
December
125.3
126.0
126.7
114
114
113
143.
141.
145.8
116
114
112
109
107
107
rill
rill
rllO
110.8
rll2.5
rll0.8
117.9
117.6
119.9
January
February
March
126.5
127.1
rl26.8
pll2
(NA)
145.2
P145.8
(NA)
111
pll3
(NA)
104
plO8
(NA)
rill
pll3
(NA)
rll0.3
P112.7
rl20.6
P121.3
(NA)
April
May
June
P126.3
1986
1987
(NA)
July
August
September . . .
October
November . . .
December . . .
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
94
MAY 1987
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Q
United States
Year
and
month
320. Index ©
(1967 = 100)
Japan
320c. Change
over 6-month
spans1
(Ann. rate,
percent)
738. Index ©
(1967 = 100)
CONSUMER PRICES
West Germany
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
spans1
(Ann. rate,
percent)
1985
January
February
March
316.1
317.4
318.8
3.7
4.0
4.2
321.3
318.7
320.2
2.2
1.3
1.4
211.0
211.9
212.6
3.4
3.4
2.4
453.5
455.8
459.0
5.5
5.5
6.0
578.0
582.7
588.1
8.2
8.3
8.5
April
May
June
320.1
321.3
322.3
4.1
3.6
2.7
321.9
323.3
323.5
1.6
1.7
0.9
212.9
213.1
213.3
1.6
0.9
0.2
462.2
464.5
466.4
5.8
5.3
4.7
600.6
603.4
604.7
7.3
6.6
4.7
July
August
September
322.8
323.5
324.5
2.8
3.2
3.4
323.8
320.7
323.8
2.2
2.4
1.7
212.9
212.2
212.6
0.0
0.2
1.1
468.2
468.7
469.2
4.1
3.9
3.3
603.5
605.1
604.8
2.8
2.7
3.1
October
November
December
325.5
326.6
327.4
3.7
2.8
1.7
328.4
325.0
325.2
1.1
1.9
1.0
212.9
213.3
213.5
1.0
0.3
-0.2
470.6
471.5
472.1
2.7
1.7
1.4
605.8
607.9
608.7
4.0
3.6
3.6
January
February
March
328.4
327.5
326.0
0.4
-0.1
0.1
325.8
324.4
323.5
-0.6
-0.2
-0.6
213.8
213.3
212.8
-0.5
-0.8
-1.3
472.6
471.7
472.9
1.6
1.1
1.3
610.0
612.2
613.0
3.2
2.8
2.0
April
May
June
325.3
326.3
327.9
-0.5
0.4
1.8
324.7
326.9
325.2
-0.6
0.4
0.4
212.6
212.6
212.9
-1.8
-1.0
-0.7
474.7
475.6
477.0
1.3
2.3
3.0
619.0
620.1
619.8
1.0
1.1
2.3
July
August
September
328.0
328.6
330.2
2.7
2.7
2.2
324.4
323.8
325.4
-1.0
-0.3
-0.5
211.9
211.4
211.7
-1.1
-1.5
-0.8
477.5
478.0
479.9
2.8
2.8
2.9
618.0
619.9
623.0
2.8
4.2
5.7
October
November
December
330.5
330.8
331.1
3.5
4.1
4.3
325.7
324.1
323.5
-2.0
-2.2
-0.2
211.0
210.8
211.2
0.0
0.0
-0.1
480.9
481.4
481.9
4.5
4.3
3.5
623.9
629.2
631.3
6.8
6.8
5.6
January
February
March
333.1
334.4
335.9
4.8
322.2
322.2
323.5
(NA)
212.1
212.2
212.2
1.3
486.2
487.2
487.7
(NA)
633.7
636.2
637.5
5.4
April
May
June
337.7
1986
1987
(NA)
212.8
(NA)
645.1
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
x
Changes over 6-month spans are centered on the 4th month.
MAY 1987
95
OTHER IMPORTANT ECONOMIC MEASURES
F
INTERNATIONAL COMPARISONS—Continued
Q
737. Index ©
(1967 = 100)
737c. Change
over 6-month
spans1
(Ann. rate,
percent)
733. Index ©
(1967 = 100)
STOCK PRICES
733c. Change
over 6-month
spans1
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
Q
CONSUMER PRICES-Continued
Revised
1985
2
January
February
March
736.8
744.2
749.4
10.7
11.1
10.4
341.3
343.5
344.3
5.3
4.5
4.0
186.7
196.8
195.2
839.5
851.9
900.4
195.1
202.0
213.4
336.4
352.0
363.4
578.1
585.1
592.3
147.2
164.1
165.0
293.2
293.2
295.2
April
May
June
756.1
760.6
764.4
10.0
9.4
8.5
345.7
346.5
348.3
3.4
2.9
3.6
196.5
201.1
205.5
880.3
890.6
915.0
212.5
218.7
234.2
375.5
384.0
385.0
592.0
607.0
591.3
164.4
188.7
199.0
297.8
309.2
306.5
July
August
September
766.7
768.2
771.3
7.5
6.0
7.0
349.5
350.1
350.5
3.1
3.4
4.7
209.4
204.8
200.2
941.6
915.9
915.0
234.8
237.4
253.2
367.4
361.7
356.7
568.4
597.0
605.7
212.9
229.8
246.4
314.0
318.6
297.4
October
November
December
780.6
786.1
791.6
6.2
6.2
6.2
351.7
353.1
354.7
5.2
5.0
4.6
202.5
214.8
225.5
930.9
910.7
933.9
273.6
293.2
294.9
343.5
387.7
407.5
617.4
652.0
644.5
251.1
263.9
285.2
302.2
322.8
327.8
January
February
March
795.6
801.2
804.4
5.8
6.8
5.5
356.3
357.7
358.5
4.5
4.8
2.9
226.5
238.6
252.7
936.5
964.8
1,052.8
327.1
320.8
329.6
438.3
468.6
514.8
647.8
690.0
755.0
303.8
343.9
430.2
321.2
322.7
344.3
April
May
June
806.8
809.9
813.1
5.5
5.7
4.8
359.1
360.7
361.3
3.0
3.5
3.7
258.9
259.4
266.8
1,116.7
1,144.6
1,203.9
345.8
318.7
313.8
590.3
600.2
537.2
780.6
756.2
764.9
512.3
580.0
485.1
347.9
352.8
348.6
July
August
September
813.1
814.7
817.1
4.0
3.6
3.6
363.9
365.1
365.1
4.4
4.6
5.4
261.3
266.5
259.2
1,262.7
1,354.5
rl,361.4
293.2
316.3
327.2
580.0
605.1
603.4
755.5
750.0
767.2
483.2
562.7
554.7
331.7
342.2
336.6
October
November
December
822.0
825.3
827.8
4.1
3.0
3.9
366.9
368.9
369.5
4.4
3.9
4.7
258.2
266.6
270.4
rl.280.3
1,297.0
1,406.4
322.1
325.2
331.9
609.7
616.6
652.2
750.7
P774.2
P780.1
557.1
546.3
514.8
343.4
344.3
346.5
January
February
March
832.8
836.1
839.4
4.5
370.3
371.9
373.5
4.4
287.7
305.6
318.1
1,492.7
pi,553.3
pi,668.3
308.8
285.2
288.5
539.9
660.1
708.1
P832.9
P917.6
P973.7
526.7
510.2
P513.4
378.4
395.4
422.5
April
May
June
841.9
314.7
P314.5
rpl,809.0
pi,892.6
rp303.9
P296.5
729.8
P709.8
rp955.4
pls069.6
rp547.1
P533.2
420.0
P417.9
1986
1987
375.3
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
x
Changes over 6-month spans are centered on the 4th month.
2
See "New Features and Changes for This Issue," page iii.
96
MAY 1987
C. Historical Data, for Selected Series
Year
Jan.
38.
Feb.
Apr.
Mar.
CHANGE IN MANUFACTURE1IS 1
My
a
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
I Q
II Q
III Q
IV Q
Annual
N
N
INVENTORIES, MATERIALS AND SUPPLIES O HAND AND O ORDER
AVERAGE FOR PERIOD
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
197 8 . . .
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
0.38
-0.93
0.48
0.26
-0.24
- 0 .40
0.01
-0.67
0.23
-0.15
0.38
0.36
-0.28
-0 .66
0.52
-0.22
-0.50
0.15
0.50
-0 .45
0.10
-0.19
-0 .16
0.49
-0.95
- 0 .77
0.80
1 .12
-0.91
0.27
0.14
-0.46
0.38
-0.19
0 .02
0.57
-1.24
-0.69
0.65
1.04
-0.98
0.15
0.11
0.20
0.80
-0.13
-0.10
0.42
-1.84
0 .14
0.86
0 .04
-0 .58
0.32
0.81
0.09
0.05
0.16
0 .30
1.02
-1.73
0 .56
1.07
0 .24
-0.93
0.22
0 .50
-0.58
0.07
0.01
0.36
1.19
-1.08
-0.18
0.71
0.22
-0.92
0.54
0 .31
-0.26
0.33
-0.01
-0.05
0.85
-1.25
0.09
1.20
0 .34
- 1 .17
0.07
-0.08
-0.68
1.17
0.03
0.02
0.71
1 .01
0.03
-0.15
0.81
-0 . 2 3
-0.83
0.78
2.60
4.04
-1.88
1.05
1 .22
2 .90
1.14
-2.07
1 .03
-2.83
0.63
1 .73
-2.10
-1.78
1 .37
0.52
-0.57
0.18
-0.11
-1.29
0.53
2.29
3.70
-1.52
0 .95
0 .76
3.04
3.05
- 1 .10
0 .88
-3.73
1.87
-0.72
0 .72
-1.47
0.97
0.60
-0.72
0.31
-0.61
-0.42
0.99
1.91
3.36
-0.40
0 .70
-0.04
2.39
1.31
1.63
0 .90
-2.51
1 .30
2.54
-1 .55
-0.87
1.14
0.68
0.27
-0.08
-0.38
-0.05
1.41
2.30
3.31
-0.56
-0.50
1.39
3.04
3.21
-0.22
-1.17
-2.27
3.01
-0.12
-0.40
-1.18
0.30
0.42
0.27
0.55
-0.11
-0.09
1 .29
2.62
1.92
-0.60
0.83
1.34
2.79
0.63
0.48
0.83
-2.72
1 .52
-0.44
- 1 .00
1.49
0.37
0.29
0.54
0.67
-0 .28
0.32
0.88
2.81
-0.38
0.04
0.75
1.23
2.78
2.64
1 .48
-2.34
-0.78
3.58
-2.72
0.00
-1.01
0.24
0.59
0.55
-0.32
0.51
0 .30
1 .42
2.54
0.11
0.46
1 .70
0 .67
4.12
2.25
0 .85
-1 .64
-1 .75
1.92
-1.61
-2.33
-0.04
0 .08
0.88
0 .68
-0^.0 4
0 .41
0.58
1 .09
2 .86
-0 . 6 8
-0.47
0.53
2.15
3.43
1 .33
1.38
-0.50
-0.75
3.00
-0.72
2.76
1.69
0.10
-1.48
1.12
0.18
-0.43
-0.58
0.80
-1.18
-0.12
-0.21
0.58
0.32
0.66
1.66
-0.23
0.03
0.69
-0.17
0.05
0.46
2.97
2.33
-2.88
1.52
1.30
2.12
3.44
1.89
-0.6 4
-1.39
1.07
3.10
-4.71
-0.45
-0.08
-1.05
0.38
0.97
-0.62
-0.54
0.39
-0.95
0.13
-0.64
0.79
0.26
0.07
0.97
0.19
0.04
0.80
-0.15
-0.37
0.32
2.24
2.72
-3.20
0.55
1.14
1.96
3.98
-0.33
0.92
-0 .98
0.90
2.75
1 .44
-0.83
65.
-1.40
0.86
0.67
-0.49
-2.42
0.42
-0.98
-0.10
0.96
0.60
0.31
0.84
0.94
0.64
0.90
0.51
-0.71
1.04
0.66
2.52
2.84
-1.61
-0.24
-0.75
0.59
4.14
2.65
0.29
-2.87
0.22
2.79
0.20
-0.23
0.17
-1.06
0.56
0.41
-0.09
-0.99
1.35
-0.69
-0.36
0.21
0.32
0.07
0.76
1.24
0.17
0.54
0.16
-0.43
0.31
0.77
2.33
3.25
-1.72
-0.11
0.93
1.49
3.06
2.81
0.07
-2.56
1.22
2.97
-1.04
1.22
MANUFACTURERS'
INVENTORIES,
- 1 .31
0.85
0.42
-0.34
-1 .33
0.86
-0.95
-0.19
0.32
0.50
0.23
0.75
1.28
0.19
0.49
0.45
-0.44
0.47
0.63
2.61
2.81
-2 .07
0.39
0.49
1.40
3 .55
2.45
-0.09
-2.27
0.84
2.95
-1 .85
0.18
0.01
-0.88
0.46
0.34
-0.45
-0.26
0.30
-0.69
0.15
-0 .33
0.34
0.37
0.32
1.12
0.25
-0.23
0.60
-0.16
-0.83
0.54
2.38
3.49
- 2 .20
0.85
1.04
2 .63
2.72
-1.17
0.94
-2.51
1.13
1 .25
0 .02
- 1 .36
12.80
13.47
13.62
15.24
16.78
16.52
16 . 4 8
18.21
18.76
19.44
20.29
21.10
21.87
23.58
26.43
27.57
30.14
-1.34
-0.44
0.77
0.73
-0 .82
0.2 5
0.35
-0.06
0.41
-0.05
0.07
0.67
0 40
0.80
0.57
-0.06
0.26
-0.37
-0.19
1.23
2.28
2.86
-0.52
0.34
0.90
2.74
1.72
0.63
0.19
-2.50
1 .94
0 .66
-0 . 9 8
-0.19
-1 .35
0 .16
0.99
0.27
-1 .01
0 .28
0.24
-0.51
0.52
0.01
0.11
0.92
0 .83
0.23
0.59
0.59
0.10
0.21
0 .40
1 .13
2.74
-0.32
0 .01
0.99
1 .35
3.44
2 .07
1 .24
-1.49
-1 .09
2.83
-1 .68
0.14
0.21
-0.62
0.77
0 .44
-0 .65
-0.27
0.44
-0.55
0.22
-0.01
0.26
0.55
0.58
0 .86
0.40
0 .20
0.35
-0.19
-0 . 0 4
0 .88
2.50
2.21
-1.19
0.64
0.94
2.55
2.52
0.79
-0.11
-2.09
1.69
0.80
-0.67
-0.29
13.31
13.28
13.75
15.96
16.88
16.18
16.84
18.66
18.70
19.88
20.50
21.18
22.15
24.31
26.81
28.18
30.70
13.62
13.46
14.01
16.19
16 . 7 5
16.35
17.10
18.64
18.81
20.12
20.74
21 .62
22.54
25.19
27.07
28.77
31 .26
13.62
13 .46
14.01
16.19
16.75
16.35
17.10
18.64
18.81
20.12
20.74
21.62
22.54
25.19
27.07
28.77
31 .26
34.74
36 .1 9
37.17
44.62
49.63
54.45
58.47
63.45
71.09
79.51
87.88
103.99
100.63
107.56
105.82
102.56
34.90
35.93
38.21
48.16
34.90
35.93
38.21
48.16
50.27
55.54
59.94
6 5.40
72.97
80.22
89.78
103 .00
101 .10
107.94
105.76
103.17
50.27
55.54
59.94
6 5.40
72.97
80.22
89.78
103 .00
101 .10
107.94
105.76
103.17
F I N I S H E D GOODS
END OF PERIOD
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
196 8 . . .
196 9 . . .
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
1978...
197 9 . . .
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
12.45
13.62
13.55
14.20
16.35
16.90
16.34
17.33
18.57
18.99
20.05
20.76
12.40
13.64
13.61
14.39
16.40
16.83
16.40
17.56
18.69
18.96
20.07
20.87
12.41
13.71
13.65
14.48
16.52
16.82
16.46
17.73
18.63
19.03
20.04
20.96
12.47
13.56
13.60
14.59
16.56
16.68
16.54
17.91
18.75
19.04
19.96
21.07
12.66
13.46
13.62
14.82
16 . 7 2
16.58
16.59
18.11
18.72
19.27
20.07
21.14
22.75
25.51
27 .22
28.78
31.53
34.49
34.86
35.72
38.87
49.08
50.20
55.73
60.67
66.37
74.39
80.23
106.05
102.41
101.12
108.04
105.75
22.87
25.74
27.25
29.05
31.85
34.60
34.94
35.82
39.37
23.03
25.88
27.31
29.30
3 2.05
34.82
35.15
36.16
40.00
23.08
26.20
27.32
29.59
23.32
26.41
27 .46
29.95
3 2.69
34.64
35.34
36.21
40 . 5 9
3 2.71
34.66
35.53
36.60
40 .99
51.09
56.13
61.00
67 .36
76.34
82.92
107.10
100 .70
103.18
108.77
105.21
51.44
56.33
61.45
68.34
78.11
83.26
105.76
99 .99
103.74
108.25
105 .11
51.76
57 .27
61.90
68.71
79.10
84.77
104.38
99 .70
104.37
108.11
104.99
52.62
57 .64
62.28
69.44
79.42
85.38
104.00
100 .14
105.89
107 .84
103.76
13.14
13.32
13.72
15.71
16 .92
16.36
16.83
18.39
18.84
19.76
20.36
21.19
13.31
13.28
13.75
15.96
16.88
16.18
16.84
18.66
18.70
19.88
20.50
21.18
13 .47
13.32
13.82
16 .02
16.86
16.15
16.85
18.60
18.94
19.98
20.54
21.43
13.57
13.28
13.88
16.21
16.74
16.30
16.96
18.58
18.96
19.97
20.66
21.50
13 .62
13.46
14.01
16.19
16.75
16.35
17.10
18.64
18.81
20.12
20.74
21.62
2 2.04
23.83
26 . 5 1
27 . 6 4
30.30
24!oO
26.71
27 . 8 9
30.51
22.15
24.31
26.81
28.18
30.70
2 2.25
24.52
26.84
28.33
30.74
2 2 .40
24.88
26.91
28.51
31.08
22.54
25.19
27.07
28.77
31.26
12.41
13.71
13.65
14.48
16.52
16.82
16.46
17.73
18.63
1 9.03
20.04
20 .96
21.83
23.03
25.88
27 . 3 1
29.30
33.24
34.38
35.83
37.04
42.71
34.53
36.36
36.93
43.6 5
34.74
36.19
37.17
44.62
35.11
35.96
37.38
45.65
35.01
35.95
37 . 6 4
46.96
34.90
35.93
38.21
48.16
34.82
35.15
36.16
40.00
34.65
35.82
36.95
41.71
53.16
5 8.05
62.62
70.02
79.81
85.35
104.34
100.58
105.78
106.73
104.23
53.79
58.09
63.34
70.30
79.86
86 .55
104.04
100 .37
106.76
106.34
103.73
54.45
58.47
63 . 4 5
71.09
79.51
87.88
103.99
100 .63
107.56
105.82
102.56
49.81
55.45
59.31
63.63
71.29
79.33
88.91
103.97
100.75
108.05
105.37
102.85
49.98
55.13
59.86
64.50
71.56
79.83
89.64
103.01
101.23
107.62
105.54
103.82
50.27
55.54
59.94
65.40
72.97
80 .22
89.78
103.00
101.10
107 . 9 4
105.76
103.17
51 !o9
56.13
61.00
67.36
76.34
82.92
107.10
100 .70
103.18
108.77
105 . 2 1
49.30
52.62
57.64
62 . 2 8
69.44
79.42
85.38
104.00
100.14
105.89
107 . 8 4
103.76
22,952
23 83 7
27*756
31,571
34,088
23,203
" fl7 B
28,302
31,823
34,283
23,428
23 984
28*838
31,987
34,476
32,187
34,653
34,804
34,914
33,232
37,891
43,325
44,352
48,027
54,141
38,528
43,550
44,475
48,461
54,736
39,127
43,826
44,669
48,866
55,304
39,698
43,996
44,854
49,297
55,976
40 , 1 2 1
44,227
45,119
49,862
56,511
40 , 4 2 1
44,335
45,438
50,375
57,056
35,891
41,825
44,502
46,184
51 ,857
6 9,7 80 7 0 , 4 4 4
76,608
76,187
79,976
79,587
86,782
86,170
96,913
96,339
102 , 1 7 9 1 0 2 , 7 1 4
110 , 7 7 1 1 1 1 , 8 2 3
12 5,'8 96
145,927 147,425
160,221 161,438
161,589 162,337
1 7 7 , 8 3 1 17 9,190
207 ,020 2 1 0 , 0 0 5
245,661 249,086
283,650 286,602
293,515 293,890
306 ,036 306 , 4 6 9
318,790 319,440
345,820 350,872
417,295 423,934
488,667 494,182
558,054 563,661
71,108
76,950
80 ,3 95
87,440
97,718
72,814
71,602
72,212
77,268
7 7,6 90 7 8 , 1 6 2
81,783
80 ,57 1 81 , 136
90 ,112
88,347
89,189
99,381
98,376
99,076
103,458 103,268 103,905
66 ,760
7 4,604
78,969
83,331
92 , 9 0 5
100,515
69,081
7 5,660
79,367
85,442
95,611
101,346
129,685
152,017
162,376
165,531
184,658
218,443
258,421
295,423
294,469
310,947
323,301
366 , 6 6 4
440,396
515,834
577,645
138,615
155,514
160,246
171,137
195,802
229,830
271,238
301,405
299,847
315,073
333,451
390 , 7 9 9
466,336
536 , 589
143,995
159,058
160,074
176,015
204,481
242,304
281 ,167
294,618
304,621
318,794
341,629
413,258
483,027
551 ,771
23.58
26.43
27.57
30.14
3 2.98
34.65
35.82
36.95
41.71
50.67
55.97
60.69
67.16
75.23
81.26
106.50
101.88
102.06
108.54
105.43
12.93
13.45
13.61
15.42
16.89
16 . 5 2
16.63
18.37
18.70
19.63
20.21
21.19
12.80
13.47
13.62
15.24
16.78
16.52
16.48
18.21
18.76
19.44
20.29
21.10
6
RIOD
END OF PE
(MILLIONS OF DOLLA RS)
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967*.!!
196 8 . . .
1969...
1970...
1971...
1972...
197 3 . . .
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
20,563
23,809
24,777
30,093
32,814
34,933
35,135
40,863
44,596
45,590
50,878
57,782
65,406
73 468
78*506
81,774
90,987
99,973
106,716
116,870
134,989
154,058
160,187
168,564
190,183
223,682
265,196
299,294
296,340
313,775
327,814
379,022
451,450
529,118
20,984
21,569
25,151
30,399
25,732
30,798
.34,846
35,499
41,255
44,656
46,007
51,499
57,997
66,281
34,679
35,891
41,825
44,502
46,184
51,857
59,147
66,760
78,930
81,904
92,448
100,468
107 , 4 2 4
116,751
136,998
155,245
161,027
169,451
192,392
226,179
268,150
301,397
297,576
314,567
329,686
385,338
458,168
534,198
21,944
22,334
31,043
33,378
34,540
36,316
42,348
44,323
46,686
52,466
31,288
33,642
34,456
36,802
42,691
44,270
47,137
52,974
78,969
83,331
67 ,677
74,953
78,967
84,030
100,515
107 ,901
118,947
138,615
155,514
160,246
171,137
195,802
229,830
271,238
301,405
299,847
315,073
333,451
390,799
466,336
536,589
100,473
108,480
120,345
140,197
156,498
160,067
173,042
198,936
233,244
274,933
300,390
301,504
316,229
335,173
395,983
473,998
542,521
68,458
75,292
79,034
84,724
94,780
100,717
109,105
121,'6 92
142,229
157,880
160,034
174,339
201,559
237,571
278,444
298,248
303,113
317,565
337,088
40 5 ,1 7 6
480,087
546,759
22,605
23 7 7 0
27J337
31,443
33,814
34,324
37,321
43,055
44,310
47,587
53,530
69,081
75,660
79,367
85,442
95,611
1 0 1 , 3 46
109,825
123*347
143,995
159,058
160,074
176,015
204,481
242,304
281,167
294,618
304,621
318,794
341,629
413,258
483,027
551 , 7 7 1
NOTE: Unless otherwise noted, these series contain revisions beginning with 1982.
1
This series contains revisions beginning with 1980.
148,806
162,245
163 , 2 6 5
181,171
212 ,677
251,924
289,546
293,755
310,093
321,135
354,923
428,447
504,679
57 1,275
2 4 101
128,339
150,481
162,501
164,479
182,882
215,370
254,749
292,690
294,417
310,410
321 ,230
360,496
434,544
510,286
576 , 8 6 2
152,910
162,203
167,043
187,782
221,475
261 ,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
33,814
34,324
37,321
43,055
44,310
47,587
53,530
34,736
40,421
44,335
45,438
50 , 3 7 5
57,056
34,914
34,736
40,421
44,335
45,438
50,375
57,056
7 6 , 9 50
80,395
87,440
97,718
103,322
6 4,674
72,814
7 8,162
81,783
90,112
99,381
103,905
6 4,674
72,814
7 8,162
81,783
9 0 , 112
99,381
103,905
148,806
162,245
163 , 2 6 5
181,171
212,677
251 , 9 2 4
289,546
293,755
310,093
321,135
354,923
428,447
504,679
571,275
131,258
152,910
162,203
167,043
187,782
221,475
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522 , 8 0 5
577,789
131,258
152,910
162,203
167 ,043
187,782
221,475
261 ,976
296,483
295,763
310,965
325,136
373,048
446,183
522 , 8 0 5
577,789
34,364
3 9,127
43 ,826
44,669
48,866
55,304
71,108
(MAY 1987)
97
C. Historical Data for Selected Series—Continued
Year
Feb.
Jan.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct
Nov.
Dec.
IQ
II Q
III Q
I
V
3
Annual
ON
E
1953...
1954...
1955 . . .
1956...
1957...
1958...
1959...
1960 . . .
1961.'!!
33.49
31 . 4 9
29 . 7 0
34 . 5 1
41 . 7 7
38 . 0 4
36 .71
41 .00
40 . 6 0
1963 . . .
1964...
196 5 . . .
196 6 . . .
1 967 . . .
1968...
196 9 . . .
1970...
197 1 . . .
1972...
1973...
1974...
1975...
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289, 356 295, 866 304, 499
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548
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574
END OF PERIOD
52 .16
37 .86
39 .76
48 . 0 6
51 . 8 8
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40 .28
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36
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54
.47
.38
.64
.66
.89
.48
.38
.11
38
43
39
39
40
43
46
54
.05
.74
.55
.19
.26
.62
.33
.36
68 . 5 7
73 . 9 0
77 . 8 7
77
79
99
132
132
131
140
157
194
214
220
222
212
242
232
228
22,
27,
30,
28,
30,
32,
33,
35,
37,
41,
50,
59,
65,
72,
86
93,'
93,
88
108^
137,
128,
120,
072
627
800
106, 581 108] 505
130 , 706 133, 3 0 4
130, 713 129, 579
1 2 1 , 328 1 2 1 , 083
128, 860 130,
146, 937 147, 7 92 148,
.07
.42
.69
.19
.22
.93
.71
.28
.64
.01
.18
.91
.45
.00
.00
.12
.61
.48
.84
.46
.76
.38
.80
.27
69 . 0 9
73 . 3 2
78 . 0 4
69 . 6 9
72 . 6 0
78 . 3 5
70 . 3 8
72 . 8 8
78 . 2 7
.79
.96
.98
.89
.70
.88
.48
.32
.69
.91
.06
.18
.32
.28
.72
.64
75 . 3 7
80 . 9 4
103 . 8 9
139 . 2 4
130 . 3 0
133 . 5 8
141 . 4 3
162 . 7 1
199 . 0 0
214 . 5 4
221 . 9 6
216 . 6 7
215 .62
2 43 . 8 2
231 . 1 7
225 . 7 7
75 . 3 1
82 . 3 6
106 . 1 9
142 . 5 5
129 . 7 5
133 . 0 7
142 . 8 2
165 . 7 5
202 . 2 1
214 . 3 2
220 .7 9
214.40
218 . 6 3
243 . 7 0
230 . 7 7
224 . 6 0
75
79
101
135
130
132
141
160
197
212
221
219
214
241
232
226
NOTE: Unless otherwise noted, these series contain revisions beginning \
Hhis series contains revisions beginning with 1984.
.55
.05
.25
.96
.07
.30
.29
.24
.51
.24
.16
.24
s)
(BILLI
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I96 0 . . .
1961 . . .
196 2 . . .
1963...
1964...
1965...
77
77
89
119
141
128
136
148
183
211
218
214
208
231
238
229
39 .90
45 .10
47 .58
55 . 6 5
62 . 0 4
31
28
33
39
41
35
40
s)
340, O i l
7 8.
197 0 . . .
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983 . . .
1984...
1985...
1986.. .
1987...
.82
.26
.26
.50
.99
.32
.31
72 . 8 1
91 . 3 4
102 . 9 2
101 . 8 6
104 . 8 5
115 . 2 5
135 . 9 4
161 . 9 5
159 .34
170 .05
191 .47
235 . 3 7
2 80 . 7 8
309 . 6 2
33 . 2 8
29 . 3 9
31 . 7 5
35 . 5 6
41 . 4 7
36 . 4 7
37 . 9 9
41 . 20
40 . 2 7
72. C M E
O M
1953...
1954...
1955.. .
1956...
1957.. .
1958...
1959...
1960 . . .
1961...
196 2 . . .
1963...
1964...
196 5 . . .
1966...
1967...
196 8 . . .
196 9 . . .
1970...
1971...
32
29
32
39
39
34
41
32 . 3 1
28 . 2 7
32 . 8 2
39 . 9 9
40 . 6 8
35 . 4 5
39.79
41 * °
40 .58
45 .66
46 .60
53 . 3 5
60 . 9 1
33 . 7 0
28 . 4 8
32 . 3 7
38 .51
40 . 8 9
34 . 6 3
39 .50
41 . 92
40 .07
45 .51
46 .87
52 . 5 8
60 .82
.86
71 .56
91 . 6 9
101 . 6 5
104 . 9 1
103 . 2 3
115 . 2 0
133 . 4 4
156 . 2 8
159 .70
170 .60
194 . 5 8
226 . 8 2
281 . 5 6
311 . 3 5
.85
.46
.14
.07
.65
.64
.56
. 62
33
30
31
35
42
36
37
40
40
47 .85
35 .88
42 .59
50 . 0 5
38
44
39
39
40
43
47
54
.94
.29
.93
.51
.91
.68
.82
.99
39
44
39
39
40
44
49
55
70 . 7 9
73 . 1 5
78 . 8 2
71 . 0 8
73 . 6 8
79 . 5 0
.22
.65
.81
.47
.14
.90
.16
.54
.84
.80
.62
.68
.15
.27
.77
.08
75 . 5 5
84 . 5 2
111 . 6 2
144 . 1 0
129 . 1 8
134 . 6 5
145 . 3 9
171 . 3 2
205 . 4 8
216 . 2 8
219 . 2 8
210 . 9 0
223 . 7 3
2 40 . 5 4
229 . 7 7
225 . 0 8
75
83
108
144
129
133
144
168
202
214
221
211
220
243
229
226
]
(MAY 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Mar.
Feb.
95 . RATIO,
CONSUME
Apr.
My
a
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
IQ
I INSTALLMENT CREDIT OUTS TANDING TO PERSONAL INCOM El
(PERCENT)
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975..4
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
7.22
8.19
8.22
9.20
9.43
9.7 2
9^6
10.11
10.77
10.35
10.88
11.70
12.27
12.70
12.51
12.17
12.30
12.43
12.38
12.48
12.89
13.20
12.75
12.07
12.48
13.19
13.70
13.80
12.24
12.06
11.93
12.62
13.99
15.48
7.32
8.17
8.30
9.24
9.41
9.70
9.30
10.20
10.73
10.37
11.06
11.68
12.43
12.70
12.56
12.05
12.41
12.43
12.40
12.33
12.96
13.27
12.78
12.05
12.48
13.20
13.73
13.82
12.20
12.02
12.00
12.69
14.06
15.55
7.45
8.17
8.42
9.32
9.43
9.60
9.32
10.34
10.66
10.32
11.09
11.85
12.46
12.69
12.48
12.12
12.36
12.37
12.37
12.48
13.00
13.27
12.68
12.12
12.57
13.21
13.73
13.74
12.18
12.00
12.07
12.76
14.24
15.58
7.57
8.20
8.50
9.31
9.45
9.59
9.36
10.37
10.59
10.37
11.18
11.87
12.54
12.69
12.46
12.12
12.38
12.08
12.35
12.54
13.08
13.27
12.58
12.16
12.67
13.18
13.87
13.71
12.20
11.97
12.01
12.91
14.35
15.56
7 .67
8.17
8.60
9.37
9.48
9.53
9.42
10 .41
10.50
10.45
11.23
11.93
12.57
12.69
12.41
12 .10
12.40
12.16
12.33
12.60
13.11
13.23
12.45
12.17
12.73
13.28
13.93
13.56
12.22
11 .94
11 .97
13.19
14.60
15.71
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
196 4 . . .
196 5 . . .
1966. . .
1967...
196 8 . . .
196 9 . . .
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
-0.61
-0.41
0.30
-0.10
-0.80
0.94
0.30
0.19
-0.73
0.72
0.00
0.00
-0.5 9
0.78
-1.00
-0.48
2.11
-0.76
0.81
1.81
1.51
-0.99
-3.22
3.14
-0.59
2.58
0.89
0.94
-2.68
-0.11
1.94
-0.68
-0.07
0.45
0.51
-0.10
0.70
0.57
-1.10
-0.31
1.38
-1.05
-0.42
-0.31
0.11
0.00
-0 .59
0.68
-1.32
0.10
1.82
-1.69
1.51
0.46
4.06
-0.35
0.06
1.16
0.09
1.40
1.30
1.92
-2.56
-1.43
2.90
1.17
-1.69
-1.24
0.40
-0.10
-0.60
0.48
-0.41
-0.73
1 .36
-1.54
1.26
-0.92
-0.10
0.72
- 0 .30
1 .44
-0.7 2
1.06
2.27
-1.46
1 .75
0.15
3.77
2.60
-1.48
2.23
2.57
0.69
4.03
-0.88
0.17
-0.73
1.78
0.51
-0.38
0.91
0.00
-0.62
0.50
-0.19
-0.61
-0.21
0.67
-0.49
1.56
-0.83
-0.11
0.91
0 .00
0.47
-0 .41
0.19
-1.98
0.00
0.95
0.38
3.82
3.22
1.15
1.93
-0.31
1.13
0.17
-6.24
1.04
-0.84
-0.46
-0.99
-0.96
0.93
0.10
0.10
0.70
-0.57
-0.61
-0 .10
0.29
-0.39
-0.20
-0.31
0.63
-0.10
0 .70
0.47
1 .14
0.38
-1.46
0.96
0.09
0.92
2.96
-4.63
3.87
0.05
-0.76
2.12
0.27
-2.77
-0.20
-0.18
1 .69
-0.58
0.90
0.65
7.73
8.18
8.75
9.36
9.46
9.45
9.49
10.49
10.40
10.51
11 .99
12.58
12.65
12.37
12.11
12.41
12.23
12.13
12.84
13.14
13.22
12.14
12.22
12.81
13.41
13.96
13.30
12.18
11.96
12.07
13.36
14.62
15.85
II Q
III Q
IV Q
Annual
AVERAGE FOR PERIOD
7.77
8.16
8.73
9.34
9.52
7.86
8.19
8.75
9.42
9.49
7.96
8.16
8.91
9.37
9.50
8.03
8.14
9.01
9.34
9.58
8.05
8.13
9.05
9.31
9.63
8.16
8.10
9.08
9.39
9.66
8.20
8.16
9.13
9.39
9.72
7.33
8.18
8.31
9.25
9.42
7.66
8.18
8.62
9.35
9.46
7.95
8.16
8.89
9.38
9.52
8.14
8.13
9.09
9.36
9.67
9.62
10.54
10.36
10.57
9.85
10.59
10.38
10.63
9.98
10.64
10.40
10.67
10.11
10 .64
10.35
10.74
10 .10
10.71
10.31
10.80
10.04
10.80
10.32
10.86
9.29
10 .22
10.72
10.35
9.42
10 .42
10.50
10.44
9.82
10.59
10.38
10.62
12.05
12.64
12.67
12.31
12.11
12.39
12.23
12.36
12.74
13.26
13.14
12.28
12.22
12.81
13.45
13.85
13.03
12.07
12.72
12.62
12.28
12.10
12.36
12.23
12.38
12.73
13.21
13.14
12.17
12.22
12.87
13.53
13.88
12.90
12.15
12.50
12.57
12.31
12.10
12.39
12.22
12.46
12.75
13.24
13.11
12.13
12.28
12.92
13.56
13.93
12.74
12.03
11.91
11.99
11.90
11.91
11.94
12.25
12.65
12.55
12.30
12.14
12.39
12.23
12.52
12.61
13.21
13.00
12.09
12.32
12.97
13.52
13.94
12.57
12.00
11 .86
12.24
12 .64
12.53
12.28
12.17
12.42
12.19
12.55
12.55
13.16
13.01
12.09
12.27
13.04
13.59
13.94
12.41
11.99
11 .83
12.23
12.64
12.58
12.25
12.22
12.38
12.17
12 .56
12.59
13.15
12.94
12.12
12.36
13.13
13.63
13 .87
12.31
11.99
11 .84
11.01
11.74
12.39
12.70
12.52
12.11
12.36
12.41
12.38
12.43
12.95
13.25
12.74
12.08
12.51
13 .20
13.72
13.79
12.21
12.03
11.22
11 .93
12.56
12.68
12.41
12.11
12.40
12.16
12.27
12.66
13.11
13.24
12.39
12.18
12.74
13 .29
13.92
13.52
12.20
11.96
11 .43
12.09
12.62
12.62
12 .30
12.10
12.38
12.23
12.40
12 .74
13.24
13.13
12.19
12 .24
12.87
13 .51
13.89
12.89
11.98
11.92
10.08
10 .72
10.33
10.80
11.60
12.24
12.64
12.55
12.28
12.18
12.40
12.20
12.54
12.58
13.17
12.98
12.10
12.32
13.05
13.58
13.92
12.43
11 .99
11.84
13.37
14.74
15.99
13.52
14.88
16.11
13.55
15.14
16.29
13.73
15.19
16.40
13 .82
15.30
16 .39
13 .87
15.30
16.31
12 .69
14.10
15.54
13.15
14.52
15.71
13 .48
14.92
16.13
13.81
15.26
16 .37
14.70
15.94
-0.10
1.98
0.49
-0.58
-0.10
0.62
-0.47
-0.60
-0.31
0.00
1.98
0.50
0.30
-0.19
1.01
1.68
-1.60
-0.86
2.86
1.49
-0.70
0.74
-0.47
4.58
2.07
0.46
-1.37
3.70
-0.74
0.41
0.67
-1.63
-0.07
0.61
-0.40
-0.10
1.08
-1.45
-0.31
2.07
-0.38
-1.71
0.10
0.42
0.82
0.80
1.18
-3.85
0.80
0.83
0.43
-0.09
2.37
1.25
3.57
-1.97
2.23
-0.61
3.60
1.21
-0.40
3.29
-0.37
-1.33
1.51
-1.06
-0.34
-2.57
-0.41
0.61
0.87
-0.59
-0.83
1.32
0.00
-0.31
0.41
-0.21
-1.52
-0.40
-0.49
-0.68
1.48
1.18
0.25
-0.09
0.24
0.07
4.41
-1.81
3.39
1.56
2.04
0.78
0.53
1.04
-2.13
-0.11
-0.56
0.50
-0.65
1.36
-0.92
0.71
-0.38
-0.79
0.10
1.60
0.09
-0.92
-0.31
-0.10
0.41
0 .90
0.29
-0 .10
-0.39
2.07
0 .00
0 .17
-0.16
2.39
2.82
-4.05
-0.33
-0.05
-1.24
2.00
1.49
1.20
-0.80
-0.04
1.03
-0.77
0.59
1 .37
-0.41
0.30
0 .29
-0.10
-0.42
0.00
-0.38
-0.73
-1.02
-0.31
0.31
0.39
0.59
-0.69
0.88
1 .41
1.44
-1.92
0.48
1 .62
3 .64
-1.97
0.67
1 .21
-0.78
2.87
-0.88
2.13
-2.02
-0.34
0.95
-0.07
-0.55
0.78
-0.21
0.10
0 .67
0.10
0.31
-0.59
0.00
0.21
0 .52
0.21
0.00
0 .20
0.00
-1.19
1.07
2.95
-0.50
-0 .98
1.27
1.18
3.05
-5.33
2.27
1.15
2.69
-0.42
-1.94
0.61
-0.36
0 .87
0.94
-0.13
0.00
0.37
0.10
-0.20
0.13
0.32
-0.77
-0.03
1.01
-0.80
0.04
-0.17
0 .00
0.24
-0.49
0.97
-1.01
0.23
2.07
-1.30
1 .36
0.81
3.11
0 .42
-1.55
2.18
0.69
1.56
2.07
0.66
-1 .69
-0 .76
2.21
0.33
-0.71
0.04
-0.03
-0.10
0.60
-0.48
-0 .44
0.18
0 .64
-0.82
0.66
-0.59
0 .21
0.37
0 .20
0.25
0.93
0.70
-1 .86
0.38
0.77
1.01.
2.51
-0.57
1 .02
1.06
-0 .94
2.07
0.78
-2.93
0.15
-0.59
1 .25
-0.76
0.15
0.53
-0.30
0.83
0.81
-0.87
-0.41
1 .34
-0 .28
-0.87
0.07
0 .07
0.43
0.30
0.33
-1.57
1 .10
1 .23
-0.31
-0.35
1 .82
0.94
2.43
-1 .01
1 .72
1.84
2.57
0.82
-0.41
2.68
-1.08
-0.34
0.54
-0 .73
-0.35
-0.20
-0.51
0.37
0.19
-0.26
0.00
0.34
-0 .10
-0 .48
-0.27
-0.07
0.24
0.50
0.29
-0.66
0.52
2 .14
0.31
-0.91
0.53
1.73
3.17
-3.78
0 .87
0.77
0.22
1 .48
-0.44
1 .31
-1.06
0.16
0.97
-0 .32
0.01
0.84
-0.19
0.22
0.43
-0.32
-0.41
0.45
0.32
-0.74
0.12
-0.19
0.22
0.35
0 .08
-0.2 5
0.38
1.07
0.05
-0.55
1 .12
1.12
2.81
- 1 .24
0.52
1.46
0.64
1 .48
0.50
0.43
-0.92
-0 .38
1 .24
-0.37
-0 .22
0.30
-0.39
0.28
0 .56
-0.21
-0.64
0 .39
0.27
-0.58
0.16
-0.23
0.16
0.53
0.14
-0.38
0.07
0.57
0.40
-0.51
0.60
1 .16
2.55
-0.96
0.24
1 .06
0.42
1.21
0.78
0.14
-0.78
-0.56
1 .18
-0.38
-0.38
0.29
9.41
9.65
10.49
10.48
10.55
11.32
12.00
12.55
12.64
12.38
12.13
12.38
12.25
12.40
12.60
13.12
13.15
12.36
12.20
12.79
13.40
13.86
13.16
12.09
11.94
12.20
(PE RCENT)
-0.20
0.21
0.59
-0.67
-0.10
0 .84
0.95
-1.57
0.62
-0.63
0.10
0.30
-0.10
-0.19
2.05
1.52
-2.14
0.17
1.28
1.74
0 .76
-0.30
-1.95
1 .20
-1 .76
2.97
1 .89
0.22
-0.40
-0.74
2.53
-0.71
0.52
0.00
99 . CHANGE IN SENSITIVE MATERIALS PRICES, ACTUAL DATA
(PERCENT)
19 5 3 . . .
1954...
1955...
1956...
.1957...
1958...
1959...
1960...
1961...
1 96 2 *. . !
1963...
1964...
196 5 . . .
1966...
1967...
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
-0.99
-0.52
0.91
-0.3 8
-1 .16
0.10
-0.10
0.38
- 0 .31
0.91
-0.10
0.20
-0.7 7
1.22
-0.20
-0 .39
1.92
0.17
0.28
1.99
1.81
0.44
-2.25
2.13
0.65
2.56
1.37
1.09
-2.11
-0.13
1.59
-0.24
-0.72
0.45
0.00
-0.31
0.80
-0.19
-1.56
-0.10
0.70
-0.96
0.41
-0.80
0.00
0.00
-0.29
0.93
-1.19
0.00
1.79
-0.78
1.20
0.85
3.84
1.94
0.19
1.07
0.91
0.75
2.36
1.60
-2.12
-1.05
2.68
0.61
-1.20
-1.07
0.50
0 .42
-0.79
0.28
-0.30
-0.63
1.19
-1.36
1.75
-0.51
-0.31
0.51
0.48
0.92
-1.10
0.69
1.32
-0.96
1.10
1.18
3.49
2.01
-0.58
2.19
2.22
0.35
3.71
-0.98
0.67
-1.11
• 1.84
0.85
-0.26
-0.85
-1.40
0 .73
0.70
0.09
-0.60
-0.84
0.68
0.20
-0.10
0 .31
0.00
-1.41
-0.50
0.11
0.29
-0.20
-0.30
0.31
0.69
-1.15
0.10
0 .84
0.68
-1 .18
-0.20
0.72
1.28
-0.10
-0.30
1.15
-0.29
-0.70
-0.41
-0.20
0.97
0.00
-0.30
1.66
-0.10
-0.70
-0.82
0.82
0.87
0.19
-1.31
0.61
0.48
-0.40
-1.44
0.81
-0.48
-0.58
-0.92
1 .82
0.19
-0.91
0.52
0.30
0.57
0.68
-0.83
0 .70
-0.19
-0.82
-0.10
0 .00
1.24
0.10
0.00
-0 .69
-0.29
-0.31
-0.16
-0.14
0.31
-0.10
-1 .01
-0 .21
0.60
-0.65
-0.60
0.45
0 .46
-0.82
-0.33
0 .04
0.55
-0 .39
-0.48
0.45
1 .04
0.03
-0.64
1 .14
0.03
-0 .60
-0.34
0.37
0.44
0 .07
-0 .58
0.61
-0.10
-0 .68
-1 .12
0.00
1 .52
0.87
-0.18
-0.91
-0.39
-0.35
-0.09
1.08
0.75
2.54
1 .81
1.29
2.20
-0.26
0.64
0 .70
-4.69
0.87
-1.25
0.26
-0.56
0.04
0.09
-0.31
0.52
-0.50
0.48
-0.55
0 .41
-0.49
-0.52
0.27
-0.36
1 .65
2.41
-3.92
1.65
0.28
-0.94
0.78
0 .08
-3.79
-0.49
-0.32
0.70
-0.24
-0.13
0.50
-1.03
-0.31
0 .30
-0.48
-0 .09
1.12
0.59
-0.79
-0.53
0.00
0.81
1.70
0.00
-2.81
0.96
-2.52
2.14
0.98
-1.04
-0.82
-2.00
1.22
-0.69
-0.78
0.50
-0.31
1.15
0.60
0.00
0.00
0.10
0.59
-0.62
-1.07
1.08
0.72
0.97
0.49
-0.51
3.69
0.75
0.57
-0.40
3.02
-0.04
0.84
0.99
-1.51
-0.31
0.67
0.31
0.41
1.39
0.76
-3.78
0.40
0.58
0.80
-0.36
1.69
0.88
3.76
-1.57
2.52
-0.97
1.66
1.66
-0.12
3.27
0.12
-0.83
1.84
-1.04
-0.31
-3.38
-0.31
-0.82
0.49
-0.38
-1.15
0.60
0.97
0.79
-0.27
0.44
0.08
1.72
-2.20
2.52
0.33
1.10
1.21
0.20
1.15
-1.78
0.28
0.00
0.13
-0.53
1.93
0.21
0.83
1 .46
0.19
-0 .68
-0.20
1 .53
-0.44
-0.18
-0.09
2.06
1 .75
-3.55
-0.55
-0.65
-0.36
2.30
1.79
0.89
-1.01
-0.42
1.13
-1.21
0.18
2.62
0.31
0.51
0 .48
0.47
-0.49
0.90
1.51
0.70
-1.18
0.09
1.63
2.55
-2.16
0.00
0.55
-0.57
2.16
-0.80
1.49
-1.79
-0.84
1 .16
0.17
-0.62
1.41
-0.10
0.10
-0 .10
0.38
-0.69
0.89
1 .67
0.17
-1.19
0.70
1 .30
4.11
-4.77
1 .36
0 .92
2.46
-0.57
-0 .48
-0.28
-0.87
0.09
0.78
-0.80
0.09
0.65
-0.13
-0.14
0.24
-0.19
1 .02
-0.83
0 .10
1 .68
-0.52
0.86
.34
.05
.46
.88
.80
.26
.22
2.48
0.57
-1.19
-0.76
2.04
0.41
-0.73
-0.49
-0.82
0.07
0.44
0.29
-0.27
0.21
-0 .10
-0.55
-0.12
0.24
1.07
2.22
-0.70
0.04
1 .15
-1 .24
1.19
0.59
-3.17
-0.15
-1.19
0.73
-0.50
-0.29
0.36
-0.10
0.25
0.83
0.13
-1 .64
0.37
0 .71
0.32
-0.57
1 .07
0.56
2.15
-1.09
1.51
1 .02
1 .17
1 .15
-0.11
2 .48
-0.57
0 .10
0.94
-0.81
-0.38
-0 .26
0.14
0.48
0.61
0.35
-0 .62
0.53
1.57
0.14
-0.85
0.23
1 .66
2.80
-3.49
0.27
0.27
0.51
1.30
0.17
0.70
-1 .22
-0 .39
1.02
-0.61
-0.12
1 .56
. 1 NOTE: Unless otherwise noted, these series contain revisions beginning with 1982.
.
This series contains revisions beginning with 1980.
(MAY 1987)
99
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
-0.23
0.07
0.27
-0.02
-0.91
-0.37
0.73
-0.68
0.85
-0.47
-0.12
0.46
0.08
0.79
-0 .95
0.10
1 .30
-0.57
0 .99
1 .13
3.17
1 .69
-0.29
1.81
1 .11
0.90
2.37
- 0 .39
-0.69
-0.95
1 .82
0.35
-0 .60
-0.55
-0.32
0.38
0.10
-0.14
- 0 .64
- 0 .49
0.79
-0.58
1 .02
-0.73
-0 .02
0.59
0 .48
0.31
-0 .80
0.02
0.54
- 0 .44
0 .87
1 .06
3.05
0.94
0.54
1 .69
0.65
0.58
1 .88
-2.26
0 .08
-1.02
1.26
0.16
-0.30
-0.35
June
July
Aug.
Sept.
Oct.
-0.40
0.45
0.56
-0.86
-0 .28
0.37
0.39
-0.54
- 0 .03
-0 .68
0 .26
0.29
0.14
-0.24
0.38
0.07
-0 .60
-0.28
0.24
1 .07
1.96
-0.92
-0.26
1.40
-1.07
1 .18
0.40
- 1 .89
-0 .30
-0.84
0.85
-0.66
-0.35
0.46
-0.25
0.36
0.82
-0.65
-0.20
0.96
0.16
-0 . 7 8
-0.13
-0.45
0.44
0.45
0.05
-0.75
0.54
0.41
-0.42
-0.55
0.58
0.93
1 .92
-0.75
-0.41
1 .44
-0.47
1.31
0.19
0.57
-0.35
-0.58
1 .16
-0.95
-0.44
-0.09
-0 .39
0.36
1.01
-0.19
-0.40
1.18
0.06
-0.73
0 .08
-0.22
0.33
0.80
0.11
-1.47
0.45
0.65
0 .06
-0.61
1 .00
0.68
2.15
-0.73
0.62
1 .12
0.57
1 .30
0.02
2.12
-0.41
-0.28
1.15
-0.94
-0.42
-0.50
-0.68
0.46
0.75
-0.05
-0.74
1.25
0.11
-0.64
0.17
-0.02
0.19
0.97
0.16
-1.76
0.32
0.87
0.35
-0.42
0.88
0.7 8
2.28
-1.77
1.50
0.29
0.98
1.44
0.26
2.13
-0.73
-0.11
0.97
-0.76
-0.30
0.06
Nov.
III Q
Dec.
IQ
-0.46
0.51
0.38
0.08
-0.80
0 .83
0.03
-0.70
-0.45
0 .10
0.33
0.71
0.22
-0.70
0 .48
1.45
0.25
-0.70
0.19
1 .46
2.40
-3.07
0.46
0.18
0.28
1 .59
0.2 8
0.94
-1.38
-0.36
0.89
-0.46
-0.22
1.77
-0.50
-0.19
0.44
0.29
-0.49
-0.21
0.18
-0.23
-0.20
0.06
-0.01
0.24
-0 .10
0.74
-0.63
0.32
1.71
0.00
-0 .20
0 .96
2.08
2.22
-2.51
1 .24
0.77
1 .42
1 .31
0.35
-0 .68
-0.87
0.85
0.56
-0.68
-0.17
-0.34
0.31
0.20
-0.25
-0.65
-0.36
0.72
-0.56
0.80
-0.64
-0.02
0.51
0.34
0.33
-0.64
0.01
0.55
-0.40
0.76
1.11
2.91
0.75
0.22
1 .62
0.44
0.79
1.76
-1.94
-0.17
-1.00
1.30
0.09
-0.37
-0.2 5
II Q
IV Q
Annual
9
(PERCENT)
1953...
1954...
1955.. .
1956. . .
1957...
1958...
1959...
1960...
1961 . . .
1962...
1963...
1964...
196 5 . . .
1966. . .
1967.. .
1968...
1969...
1970. . .
1971...
1972. . .
1973...
1974...
1975...
1976. . .
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983 . . .
1984...
1985...
1986 , . .
1987 . . .
-0.6 2
-0.19
0.39
0.46
-0.03
-0 .41
0.29
-0.06
-0 .58
-0.13
0.09
0.37
0.24
0.52
-0 .54
0.50
1 .64
0.25
-0.7 7
0.58
1.62
2.58
-3.28
0.72
0.49
1 .00
1 .14
0.05
0.20
-1.08
-0.06
0.79
-0.53
-0.07
-0.54
-0.17
0.49
0.35
-0.50
-0.12
-0.03
-0.16
-0 .28
0.21
-0 .02
0.18
-0 .26
0.77
-0.58
0.32
1 .75
0.10
- 0 .30
1.05
1 .95
2.27
-2.67
1 .34
0.77
1.70
1 .02
0.34
-0 .90
-0.81
0.87
0.48
-0.68
-0.10
101.
1953...
1954...
1955...
1956. . .
1957...
1958. . .
1959...
1960. . .
1961 . . .
1962. . .
1963.. .
1965...
1966.. .
1967...
196 8 . . .
1969...
1970. . .
1971 . . .
1972...
1973...
1974...
197 5 . . .
1976
1977. . .
1978...
1979...
1980...
1981 . . .
1982 . , .
1983 . . .
1984...
1985...
1986. . .
1987...
-0.33
-0.22
0.44
0 .06
-0.94
-0 .10
0.28
-0.47
0.27
0.11
-0.10
0.17
-0.29
0.93
- 0 .76
0.13
1 .74
-0.34
0 .48
1 .26
2.68
1 .81
-1.58
1 .66
1.04
1.57
1.77
0.65
-1 .35
-0.72
1.74
0.40
-0.82
-0.33
-0.47
0.47
0.22
-0.58
-0.40
-0.21
0.64
-0.42
0 .54
-0.73
0 .07
0.48
0.45
-0.10
-0.16
-0.08
-0 .20
-0.19
0 .42
1.13
2.52
-0.37
0.42
1.35
-0.45
0.89
1 .04
-3.16
0 .10
-1.04
0.83
-0.24
-0.20
0.14
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDI!IG IN 198 2 DOLLAR S2
(MILLIONS OF DOLLARS)
67 ,793
67 ,381 6 7 , 5 4 0
66,408
65,981
66,319
66,167
64,943
65,235
78,514
76,246
76,521
86,956
85,504
85,579
83,712
84,558
85,543
83,2 90
83,243
83,981
93,162
91,885
93,224
95,856
96,181
95,760
97,857
98,804
98,236
105,349 1 0 5 , 9 3 8 1 0 6 , 3 0 5
69,270
69,251
69,041
65,877
65,325
65,387
68,715
67,981
66 ,360
79,582
81,700
80,630
89,204
88,350
87,629
8 2 , 0 80
82,081
83,469
87,541
85,904
84,507
93,805
96,193
94,969
97,257
96,696
96,830
9 9 , 7 4 2 100,493 1 0 1 , 1 9 7
107,252 1 0 7 , 4 0 5 1 0 7 , 3 9 8
19 5 5 . . .
1956. . .
1957 . . .
1958. . .
1959. . .
I960.. .
1961 . . .
1962...
1963...
1964...
196 5 . . .
1966 . . .
1967!!!
196 8 . . .
196 9 . . .
67,571
66,236
65,448
77,094
86 ,013
84,604
83,505
92,757
95,932
98,299
105,864
6 9,187
65,530
67,685
80,637
88,394
82,543
85,984
94,989
96,928
100,477
107,352
68,710
63,343
71,014
83,398
89 ,331
81,949
88,608
96,159
97,121
102,082
108,298
67,722
63,475
74,340
84,701
87,612
82,963
91,083
96,289
97,571
104,586
112,371
147,2 90
170,316
184,342
201 ,27 9
227,825
228,289
129,225
150,800
173,227
183,899
206,670
227,997
135,089
156,40 8
178,220
187,459
215,401
231,817
140,034
162,964
180,152
192,667
221,027
233,358
218,184
229,515
232,793
243,967
208,343
197,721
202,145
211,518
227,557
222,376
232,228
241,921
231,684
199,275
196,645
205,839
217,658
227,264
259,431
267,880
265,399
316,453
338^63
270,741
261 , 2 3 2
285,076
3 2 0 , 0 96
220,966
232,683
242,122
219,346
196,602
199,550
209,394
224,481
221,598
236,973
273,226
258,056
298,162
3 21,819
342',704
146,020
169,177
183,272
199,411
226,743
228,747
223,088
225,541
237,030
243,565
211,941
198,126
202,233
210,459
223,394
223,284
247,658
269,039
258,441
307,409
327 602
347^759
15.9
-0.3
11.7
-1.5
115,624
133,372
154,158
177 ,853
186,997
213,960
230,618
116,953
135,851
156,256
177,955
186,967
215,125
231 ,963
136^045
158,811
178,852
188,413
217,119
232,870
137^054
160,632
179,974
189,814
217,540
231,548
140,096
163,306
179,840
193,335
221,423
234,406
142,'953
164,955
180,642
194,853
224,119
234,119
144,420
167,710
182,018
197,097
225,900
229,713
146,351
169,505
183,457
199,857
226,504
228,239
226,191
217,167
226,632
232,586
245,038
209,264
198,169
202,030
211,348
226,606
223 ,756
255,459
268,017
260,211
226,10 2
217,500
231,212
233,110
244,065
209,947
198,148
200,975
211,403
227,029
222,051
260,455
267,246
264,243
226 ,213
219,885
230,700
232,684
242 ,798
205,817
196,847
203,430
211,803
229,035
218,223
262,378
268,376
271,744
223 ,0 82
222,244
233,413
240,896
237,503
199,322
195,570
203,797
215,876
228,454
219,981
267,759
264,546
278,227
223,82 4
222,547
231,627
241,527
231 ,002
199,127
195,920
205,797
217 ,070
225,092
225 ,106
271 ,565
259,647
284,213
220 ,738
222,338
231,643
243,340
226,547
199,376
198,446
207,924
220,029
228,246
228,949
272,899
259,504
292,788
218,310
221,072
237,374
242,048
222,680
196,961
197,942
208,717
221 ,364
222,492
231,984
272,072
258,345
295,032
221,446
228,432
238,469
219,625
197 ,204
200,329
209,932
224,896
220,472
237,186
272,722
258,227
297 ,460
220,381
232 , 2 4 4
245,848
215,734
19 5 , 6 4 0
200,380
209,534
227,182
221 , 8 2 9
241,748
274,885
257,595
301,993
225,691
236,855
243,149
212,373
196,721
201,485
209,611
224,603
220,611
244,062
226,819
238,445
243,439
211,985
198,898
202,234
211,492
222,027
224,280
248,049
256,193
305,113
224,114
235,789
244,106
211 ,466
198,760
202 ,979
210,275
223,553
224,962
250,863
263,382
2 5 7 , 7 7 4 261,357
3 0 8 , 0 5 8 309,057
3 3 9 , 5 3 8 340 ,011 3 3 8 , 1 4 9
340,537
344,890
342,685
343,820
3 4 5 , 4 4 8 354,008
-15.1
3.2
2.2
4.3
1.3
13.5
2.3
16.3
12.4
7 .1
0 .0
10.9
12.9
5.4
U .1
12.4
9.5
14.6
11.4
4.2
15.4
5.0
12.9
197 0 . . .
197 1 . . .
1972. . .
1973.. .
1974...
1975...
1976. . .
1977 . . .
3 .(
14.5
6.9
23.6
12 .6
0.8
5.6
12.5
8 .0
10.2
10 .5
23.6
13 .7
197 8 . . .
1979. . .
1980. . .
1981 . . .
1982 . . .
1983...
1984...
1985...
1986...
1987...
12.^
17 .5
16.4
7.4
12.1
10.1
13.8
12.5
11.8
12.3
13.1
11.5
6.2
8.2
4.9
17.8
10.2
3.5
9.7
14.7
2 .9
0.7
10.5
-6.2
100
8.5
10.4
7.3
6.4
15.2
6.6
7.7
11.8
12.9
11.7
12.0
9.2
2.9
10.4
11.4
6.6
9.5
12.4
13.9
10.7
10.3
18.0
12.1
6.9
4.8
13.7
8.8
7.1
11.6
12.7
11.1
12.0
8.7
11.9
9.5
8.4
8.8
11.2
6.8
7.9
14.6
16.1
13.8
-0.8
9.2
15.7
17.1
16.0
-0.8
9.9
4.6
3.6
20.6
7.3
4.6
13.6
12.8
12.6
12.8
5.0
9.5
14.9
13.3
14*.2
4.4
8.4
-0.3
10.0
12.1
8.8
6.7
18.2
15.2
8.5
0 .9
14.8
10.4
4.2
12.2
13.4
10.7
12.7
8.3
4.1
11 .2
14.7
10.8
8.7
3.0
17.0
11.1
6.2
11.8
11.7
10.0
10.4
7 .1
8.2
7.1
10.3
10.0
8.8
5.3
16.1
6 .2
6.2
11.8
13.1
12.0
10.5
7 .6
6.4
9.1
6.4
10.8
6.1
4.1
16.0
5.7
8.0
12.2
12.7
10.4
12.6
7 .2
5.2
9.5
8.9
10.5
7 .1
9.7
13.6
8.0
9.0
11.4
12.9
12.8
12.8
5 .0
6.7
9.9
9.9
7.7
2.1
8.2
13.1
6.3
7.9
13.3
14.5
9.6
9.6
11.2
1.9
10.4
10.9
8.1
10.1
13.1
14.7
9.7
10.9
8.8
4.7
12.5
10.3
5.3
10 .4
10.9
12.4
12.9
10.5
15.3
8.8
0.8
12.1
11.6
6.1
10 .0
11.5
11.2
13.4
13.5
8.4
1.5
16.1
10.3
5.1
12.1
12.7
10.9
12.2
6.6
10.8
8.0
9.2
12.1
7.3
10.7
5.0
6.8
12.8
5.6
15.5
10.7
13.6
7.5
14.7
8.6
11 .7
16.0
14.7
15.0
18.5
13.9
8.9
1 5.0
16.1
11.9
8.0
12.2
7.0
18.1
11.3
4.1
11 . 5
16.1
10 .6
5.4
5.6
15.4
10.3
15.0
11 .7
16.7
9.2
13.1
9.0
17.1
10.4
14.5
15.5
17 .8
1.7
9.7
6.3
0.7
18.3
9.8
3.4
18.:
15.2
-4.1
11.0
5.3
0.1
21.4
9.3
7 .2
15.0
0.1
8.9
2.1
10.1
22 .0
2.8
3.2
14.3
-0.5
8.5
-2.7
9.0
12.8
8.6
8.0
13.6
6 .2
7 .4
0.3
11 .9
12.0
8.1
8.0
14.7
7 .6
9.2
1 .5
9.0
11 .6
9.7
4.0
13.0
14.9
13.0
10.9
7.8
3.0
-4.9
10.0
14.1
14.5
8.1
13.7
15.9
14.7
6.1
9.4
4.5
-4.1
12.3
13.0
10.4
4.2
10.1
14.4
7 .3
1 .9
9.3
14.4
15.4
11 . 8
7.7
8.2
3 .7
-8.7
16.5
8.9
12.5
13.1
11.1
11.9
21.6
11.8
0.8
7.7
14.1
14.4
14.3
11.7
5.7
7.6
7.3
17.3
12.2
6.6
7.9
15.1
18.5
12.3
7.1
3.6
2.6
6.9
20.3
13.9
4.4
'This series contains revisions beginning with 1982. This series is a weighted 4-term moving average (with weights 1,2,2,1)
placed on the terminal month of the span. 2This series contains revisions beginning with 1984. 3This series contains revisions
beginning with 1980.
-1 .1
- 1 .2
-0.5
68,298
64,646
69,622
81,458
87,838
83,015
87,295
95,048
96,888
101,361
108,471
118,266
137,592
159,838
178,718
190,859
217,460
230,480
223,483
221,767
232,864
240,100
226,735
200,586
199,037
206,960
219,263
224,926
232,663
268,109
261,402
289,012
3 21 492
341^990
ENT5REDI
-2.9
21.7
14.4
8.1
0 .7
16.6
9.3
5.0
12.2
12.9
11 .9
13.6
7 .2
4.2
7 .8
10 .6
-1.3
2 2.1
19.8
10.7
1 .0
13.3
11 .6
5.5
9.9
10.4
13.4
12.3
8.9
4.1
11.2
10.1
5.1
8.6
18.4
17.5
9.0
-0.45
0.25
0.48
-0.13
-0.56
0.34
0.30
-0.54
0.10
-0.24
0.13
0.54
0,13
-0.25
-0.11
0.47
0.56
-0.35
0.42
1.02
2.33
-0.07
-0.32
1.07
0.36
1.27
0.91
0.05
-0.58
-0.68
1.03
-0.19
-0.43
0.14
AVERAGE FOR PERIOD
6 8 , 0 9 2 66,616
64,706
63,127
7 4 , 4 3 4 75,495
8 4 , 8 4 8 85,160
87,276
86,833
8 2 , 8 4 9 83,299
9 1 , 1 2 9 91 , 7 5 1
96,213
96,505
97,593
97,719
1 0 4 , 7 2 5 105,194
1 1 2 , 4 1 8 114,136
L1 4 , 5 92
131,937
152,535
175,382
183,900
208,464
231,065
1 4. i
-2.0
16.2
13.7
8.5
1 .4
12.1
10.2
7.3
8.9
11.7
10.6
13.2
-0.63
0.51
0.51
0.00
-0.82
1.09
0.11
-0.68
-0.17
0.05
0.23
0.88
0.17
-1.26
0.38
1.17
0.32
-0.51
0.49
1.12
2.30
-2.46
1.01
0.10
0.56
1.61
0.35
1.51
-1.11
-0.26
0.91
-0.58
-0.26
1.01
68,457
62,591
7 3 , 0 90
84,095
88,728
82,740
90,370
96,149
97,402
103,839
110,558
129^200
150,480
172,903
183,565
206,241
227,789
3 3 6 , 4 5 9 337,277 3 4 1 , 0 5 3
-0.35
0.39
0.80
-0.57
-0.29
0.84
0.20
-0.68
-0.03
-0.45
0.34
0.51
0.10
-0.82
0.46
0 .38
-0.32
-0.48
0.61
0.89
2.01
-0.80
-0.02
1.32
-0.32
1.26
0.20
0.27
-0.35
-0.57
1.05
-0.85
-0.40
-0 .04
68,554
68,425
69,150
62,488
65,105
62,435
71,704
70,128
71,209
83,854
83,312
83,028
89,640
89,093
89,259
82,206
81,677
81,963
89,301
87,495
89,029
96,337
96,141
95,998
97,399
97,156
96,807
101,552 102,423 102 , 2 7 0
107,444 108,295 1 0 9 , 1 5 5
113,087
126,539
149,386
171,396
184,233
205,304
225,136
(i
1953.. .
1954. . .
-0.74
0.56
0.39
-0.02
-0.93
1 .20
0.18
-0.69
-0.24
0.07
0.16
0.96
0.14
-1.32
0.35
1.18
0.37
-0.41
0.41
1.13
2.21
-2.54
1.08
-0.18
0.43
1.81
0.51
1.47
-1.21
-0.32
0.88
-0.51
-0.27
1.19
7.6
-3.0
9.5
16.2
9.7
3.8
7.6
13.7
15.4
13.2
8!5
3.7
-5.9
12.9
12.0
12.5
8.5
6.3
9.0
10.0
4.7
13.9
15.0
10.5
3.1
10.0
15.0
14.5
6!o
6.9
1.5
8.5
15.5
10.2
6.6
(MAY 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Apr.
Mar.
112.
My
a
L.
i
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961 . .
1962..
1963..
1964..
196 5 . .
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
197 5 . .
1976..
1977..
1978..
1979..
1980..
1981..
1982..
1983..
1984..
1985..
1986..
1987..
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
26.02
26.44
9.35
-10.75
2.70
9.43
43.40
79.50
24.02
82.08
46.25
4.67
54.62
57.86
0.60
0.77
1.96
2.05
0.30
-^.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
^.50
62.89
0.35
59.30
22.08
-50.58
1.84
-0.34
2.69
8.7 4
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
10.42
115.72
40.85
-11.22
O.A.LE.,
5.30
-0.73
3.68
3.41
1.85
0.23
4.79
5.30
3.13
1.82
6.04
8.71
8.78
7.85
4.13
-0.11
10.50
7.10
33.73
5.23
44.77
13.78
-24.19
18.25
28.81
26.48
38.64
33.73
6.92
33.7 2
32!l4
71.69
63.20
75.83
5.05
0.14
4.49
3.67
2.87
-1.04
4.37
4.70
0.72
5.00
7.45
2.58
10.50
8.72
5.09
1.56
17.53
5.94
8.50
-1.43
24.11
14.24
10.08
10.64
26.51
29.96
35.45
25.24
14.83
9.50
22.46
75.79
80.6 2
60 .96
7.02
-0.92
6.97
4.79
2.15
-2.00
4.70
6.84
-1.85
2.12
4.30
13.80
5.75
4.91
0.47
17.12
5.48
0.56
5.72
26.35
19.40
3.23
-9.37
20.23
40.92
43.81
37.06
0.10
27.25
6 .07
45.18
65.53
98.02
28.68
1.69
-1.87
4.40
-0.83
-1.93
4.56
0.37
0.01
5.38
3,85
2.09
3.26
1.76
-4.63
5.77
3.58
-0.71
1.78
2.02
3.94
12.07
9.14
4.80
2.28
13.7
6.3 7
9.25
6.77
15.67
27.05
-33.77
3.36
9.78
28.91
29.23
-21.92
68.38
52.01
-49.67
78.12
28.55
21.97
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
7.61
103.60
-42.54
-26.40
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
-4.75
35.09
18.52
8.20
•>,40
-
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
-46.15
84.17
9.59
-46.75
4.50
-0.01
6.13
3.00
1.75
-1.67
5.10
6.28
-2.15
6.02
7.31
6.38
11.00
4.19
-0.02
8.39
11.10
-0.50
6.95
16.78
18.98
11.81
-2.15
22.86
37.61
40.97
44.34
-12.18
19.88
13.87
20.66
62.21
91.94
71.18
1953. . .
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
197 7 . . .
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
IV Q
Annual
Nov.
Dec.
IQ
1.87
-10.16
5.04
-1.38
-0 .61
3.76
-2.15
-0.42
5.33
-2.27
2.84
4.20
-4.72
4.31
4.07
1.19
-0.09
2.41
1 .27
-1 .54
3 52
0.29
-3.59
4.73
-3.05
2 .24
4.53
-0.08
-0 .74
3 .80
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
1, , 2 5
10,26
44,16
9.
61.b
4.56
14.06
16.09
1.20
47.78
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
-1.54
38.34
-18.55
-22.16
-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 .08
-13.76
12.72
15.91
20.78
7.31
15.72
30.36
-0.35
-11.02
42.34
56.11
25.92
-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
16.30
47 .63
56 . 4 4
23.62
-0,67
1.35
2 54
-1 .20
i ,7 9
0 , 56
" .59
8.03
7 .. SO
3.47
10 . 8 8
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
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
1 .36
0 .17
2.42
-0.22
1 .04
3.24
2.40
5.12
9.69
10.89
1.89
10 . 8 8
11 . 6 1
3.97
10.92
1 .30
-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
1 !l2
- 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
1.67
1.37
10.90
13.20
4.61
36.59
21.13
36.35
-66.43
50.17
5.02
43.50
98.27
23.90
-6.88
-11.02
7.82
16 .66
31.91
55.85
2.65
53.90
19.01
59.90
39.18
- 1 .31
35.20
-27.02
-5.89
11.24
28.05
45.15
8.19
55.36
46.28
-29.40
88.63
-1.47
-17.06
43.57
-13.01
-5.23
7.43
12 . 8 9
48.67
3.85
53.33
7.94
2.59
29.84
0.39
11 .27
9.78
-7.60
14.06
14.10
16.40
10.61
30.39
36.02
-40.74
18.48
31 .66
52.02
49 .27
2 .72
1.40
3.50
2.40
2.12
- 0 .64
6.85
2 .04
2.22
5.17
8.06
6.97
5.93
3.82
2.11
10.88
7 .90
1.63
11.15
14.51
20.10
3.07
14.57
20.53
32.32
33.90
37.73
7.94
3.80
2.29
1.46
3.85
3.50
1 .81
1.51
5.08
2.77
3.18
6.78
6.42
4.84
7.32
5.06
6.78
10.10
8.40
-2.28
15.10
16.15
18.43
-1.50
12 .62
21.31
36 .88
44.06
3 2.80
0.62
6.44
0.29
2.96
4.30
2.17
1.32
3.59
3.60
1.30
3.83
6.16
6.54
8.50
7.22
5.66
7.76
11.08
3.66
7.64
15.49
18.88
10 .72
-2.08
18.14
37 .49
36.38
42 .66
12.72
15.53
0.22
74.02
70.22
66.58
9.38
76.61
69.44
83.65
1.73
4.14
0.10
6.42
2.58
2.33
- 1 .42
5.72
4.92
-0 .77
5.61
6.69
7.50
9.28
4.23
1 .59
8.45
10.82
3.33
7.70
17.60
21.52
14.18
-0.69
19.51
34.72
49.90
39.72
-27.15
19.10
14.88
32.71
89.84
66.76
3.29
0.85
6.00
2.18
2 .<S5
0.16
7.22
3.08
1 .44
5.12
7.10
7.84
8.11
5.16
4.11
7 .99
8.43
7.91
12.52
15.13
19.24
12.75
12.77
20.62
32 . 7 8
38.48
33.52
-3.45
21.89
9.36
53.17
60.76
86.61
1 .77
1 .94
3 .88
2.69
1 .75
1 .49
5.18
2.04
3 .08
6 .04
7 .01
6.77
6.82
4.85
5.55
10 . 6 9
6.65
2.33
13.91
16.51
16.42
-0.17
15.11
26 . 4 4
35.19
40.21
27.75
8.03
3.49
66.88
73.16
67.28
67.04
5.79
-0.50
5.05
3.96
2.29
-0 . 9 4
4.62
5.61
0 .67
2.98
5.93
8.36
8.34
7.16
3.23
6.19
11.17
4.53
15.98
10.05
29.43
10.42
-7.83
16.37
32.08
33.42
37.05
19.69
16.33
16.43
33.26
71.00
80.61
2,065
2,46 9
1,7 96
1,554
2,063
1 ,761
2,034
1,828
3,700
4,152
3,518
2,730
4,985
4,501
11 ,863
10,627
11,216
10,734
7,648
6,047
6,533
5 ,236
5,401
5,295
5,492
6,150
6,042
6,820
7,295
9,953
8,204
12,439
13,189
19,713
23,038
27,265
23,261
29,909
6,492
5 ,528
4,163
5,643
6,312
6,234
6,277
7,930
8,43 8
10,860
8,060
14,093
14,300
18,527
24,004
22,134
30,313
25,148
5,044
6 ,066
5,315
4,763
5,677
7,373
7,263
6 ,46 8
8,063
9,519
9,153
17,599
17 ,045
17 ,022
22,217
25,636
30 , 3 7 9
28,866
6 ,685
5,320
5,009
5,275
6,188
5,860
5,200
9,322
11 , 4 7 5
11,407
8,721
14,437
14,623
24,406
29,273
29,082
26 , 2 6 9
26,056
INSTALLMENT
4.68
3.25
-0.22
0.54
6.36
6.77
2.88
1.86
3.17
2.06
-1.01 - 1 . 5 8
5.83
6.23
4.12
4.37
-0.64
0.48
5.41
5.40
6.10
6.67
8.64
7.49
9.37
7.48
4.07
4.42
0.80
4.00
8.33
8.62
11.40
9.97
2.93
7.55
7.50
8.64
16.16 1 9 . 8 6
24.38 2 1 . 1 9
16.58 1 4 . 1 4
-0.40
0.48
15.56 2 0 . 1 1
31.48
35.06
51.92
56.80
42.13
32.68
-25.70
-43.56
19.31 1 8 . 1 0
16.03 1 4 . 7 5
22.98
54.49
110.32
96.98
73.07
35.28
50 87
60 14
4.16
0.80
5.03
1.54
3.29
-0.08
6.84
3.24
0.50
5.28
7.33
7.63
8.39
6.32
2 .64
8.74
8.74
10.00
11.35
12.43
23.18
13.96
18.18
21 .79
30.47
40.28
2 9.80
-13.24
16.98
-0.05
50.29
48.44
67.68
7 5.40
fAKOFACTURERS1 N W ORDERS, DEFENSI
E
(MILLIONS OF DOLLARS)
548.
III Q
Oct.
DlLlilUIi)
2.94
-0.83
1.60
113 . NET CH4
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
196 8 . . .
196 9 . . .
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
197 8 . . .
1979...
1980...
1981...
1982 . . .
1983!.'!
1984...
1985...
1986...
1987...
II Q
Sept.
Aug.
July
June
NET CHANGE IN BUSINESS LO/LNSI
•'.31
; ,S7
,16
16
44
19.65
28.11
-13.63
- 2 .02
10.15
18.50
34.08
24.57
36 . 8 4
16.85
2.67
52.51
22.53
10.54
CREDIT2
3.01
0.49
6.55
3.02
2.34
-0.48
7.64
2.70
1.48
5.21
7.14
6.96
7.97
5.05
4.67
7.34
6,89
6.42
12 . S 2
18.16
17.98
14.60
8.98
16 .31
35.82
41.10
35.42
4.50
5.20
7 .80
60.62
79.67
66.18
67.28
2 .70
1.27
6.43
1.97
2.32
1 .04
7.19
3.31
2.33
4.86
6.82
8.92
7.97
4.10
5.03
7.90
9.66
7.30
13 .60
14.81
16.57
9.68
11 .14
23 .77
32.06
34.06
35.33
-1.62
43.49
20.34
48.61
54.16
125.96
91.3 7
72.50
70.94
72.50
3.75
0.60
5.34
2.85
2.25
-0.18
5.68
3.91
1.10
4.94
6.68
7.62
8.14
5.35
3.62
8.33
9.27
4.52
12.53
14.82
21.65
9.29
4.84
20.74
33.69
40.50
34.51
-0.72
15.20
14.17
47 .91
7 3.13
76.62
54.99
PRODUCTS3
-
1,957
2,200
1,499
2,050
2,154
1,820
2,419
1,561
1,630
2,483
2,913
2,294
3,830
4,463
5,802
8,702
5,166
9,173
8,502
2,206
1,870
1,862
1,958
1,668
1,605
2,383
2,473
2,223
2,231
2,601
3,348
3,650
4,967
6,983
6,300
8,303
6,278
9,193
1,884
2,463
1,875
1,3 93
1,473
2,067
1,348
2,008
2,967
2,581
4,43 9
2,562
4,959
3,759
6,928
8,036
13,7 96
7,810
12,214
2,270
2,636
1,689
1,531
1,825
2,173
1,847
2,267
2,925
2,832
3,40 9
2,614
4,913
4,113
6,611
8,532
7,003
8,180
8,124
2,164
1,939
1,451
1,625
1,941
2,453
2,122
2,543
2,663
3,642
2,925
4,373
5,423
5,931
6,565
7,108
9,339
8,790
series contains revisions beginning with 1984,
contains revisions beginning with 1982.
2
1,692
1,900
1,181
2,193
2,198
1,934
1,888
2,462
2,943
3,809
2,521
4,807
4,764
5,985
8,907
8,023
12,794
8,234
,915
,668
,156
,966
,347
,6 82
,504
2,490
1 ,818
2 ,898
1,844
1,769
1,6 90
1 ,489
2,124
3,612
2,091
2,033
3,110
1,532
2,141
1,659
1,927
1,871
2,257
2,682
2,617
2,523
2,087
1,86 8
1,763
1,536
1,933
1 ,381
1,325
2,823
4,530
2,037
2,129
1,656
1,692
1,676
2,494
2,445
2,047
2,799
2,7 93
3,088
3,161
6,530
5,3 90
5,490
8,075
8,086
9,7 86
10,436
3,359
2,944
5,062
5,600
5,613
6,033
8,260
10,649
7,900
3,048
6,007
6,055
5,919
8,109
9,2 90
9,944
10,530
2,901
5,083
4,975
7,227
9,355
7,372
8,727
7,929
3,090
4,369
5,147
5,316
9,291
10,494
6,808
10,479
This series contains revisions beginning with 1980.
3
This series
24,754
22 ,150
19,888
20 ,976
23,669
25,617
24,782
3 0,540
35,271
41 , 7 3 9
3 4,138
58,568
59,157
79,668
98,532
104,117
110,222
109,979
(MAY 1987)
101
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963.. .
1964...
1965...
1966. . .
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
64.7
65.3
68.0
71.3
74.5
77.1
78.7
78.4
80.1
83.8
86.1
87.8
91.8
95.8
99.3
101.9
108.2
113.5
123.3
133.3
143.6
160.6
64.7
65.3
68.0
71.3
74.4
76.7
78.7
78.4
80.1
83.9
86.8
87.9
91.8
95.9
99.4
102.5
108.8
114.1
123.9
134.0
144.5
163.4
197 5 . . .
1976...
192.6
237.6
1978. . .
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...
304.4
332.9
394.1
1986 . . .
1987...
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
II Q
65.7
66.2
69.9
73.2
75.4
78.6
77.9
79.1
81.7
86.3
87.1
90.0
94.5
98.1
100.5
105.1
110 .7
117.3
129.4
137.3
149.9
174.6
65.7
67.7
69.9
72.7
76.0
77.3
77.8
79.3
81.7
85.9
86.6
90.0
94.5
97.8
99.9
105.2
109.9
118.1
130.1
137.6
150.6
176.2
65.3
67.1
69.4
73.2
75.9
77.3
77.9
78.7
82 .6
85.2
86.4
90.0
94.6
98.4
99.9
105.4
110.5
118.0
130.2
138.7
151.0
176.4
65 .3
66.6
69.9
73.2
75.7
77 .3
77.6
78.7
82 .4
85.1
86.6
90 .4
94.7
98.1
99.6
105.4
110.9
118.6
130.3
139.5
152.4
178.3
65.3
67.1
70 .9
73.7
76.4
78.0
77.9
79.4
82 .6
85.0
87.0
90.5
94.8
98.4
99.6
106.0
111.6
119.9
131.1
141 .4
155.3
181 .8
65.3
67.7
71.8
73.7
76.9
78.3
78.5
79.8
83.4
85.3
87.2
91 .2
95.2
98.9
100.9
106.2
111.9
120.7
131.8
142.0
156.5
185.1
65.3
67.7
71.8
74.1
77.2
78.6
78.6
80.0
83.5
85.8
87.3
91 .3
95.7
99.2
101.4
107 .6
112 .7
121.5
132.5
142.7
157.7
187.8
64.9
65.4
68.0
71.6
74.4
77.0
78.7
7 8.4
80.2
84.0
86.6
87.9
91.9
95.9
99.4
102.4
108.7
114.1
124.0
133.9
144.5
162.9
65.6
66.0
69.0
73.4
74.8
78.2
78.0
78.8
81.2
85.8
87.1
89.6
94.2
97.7
100.2
104.8
110.4
116.9
128.5
136.4
149.1
172.6
65.4
67.1
6 9.7
73.0
75.9
77.3
77.8
78.9
82.2
85.4
86.5
90.1
94.6
98.1
99.8
105.3
110.4
118.2
130.2
138.6
151.3
177.0
65.3
67.5
71.5
73.8
76.8
78.3
78.3
79.7
83.2
85.4
87.2
91.0
95.2
98.8
100.6
106.6
112.1
120.7
131.8
142.0
156.5
184.9
249.3
250.6
251 .1
254.6
258.0
262.7
266.3
269.9
314.4
346.8
422 .8
316.8
352.8
426.8
318.2
368.0
430 .4
320.3
370.9
431 .3
321 .6
374.6
43 4.1
323 .1
378.5
436.8
325.3
381 . 8
440.3
328.0
3 84.6
442 .7
240.0
279.7
306.2
335.6
399.6
248.8
2 92.1
314'.6
347.9
422.9
254.6
2 96.8
320.0
371.2
431.9
266.3
301.1
325^
381.6
43 9 . 9
518.9
537.7
565.3
604.7
619.8
518.9
540.6
564.7
603.5
519.0
543.0
570.0
605.1
518.7
545.4
57 1.1
604.8
521 .3
547.3
574.6
605.8
523.9
549.2
576 .4
607 .9
522.9
550.7
57 5.9
608.7
500.5
525.3
552.5
582.9
516.6
536.1
563.7
602.9
518.9
543.0
568.6
604.5
522.7
549.1
575.6
607.5
618.0
619.9
6 23.0
619.6
6 20.3
628.1
Apr.
My
a
65.3
65.7
68.0
72.3
74.3
77.3
78.7
78.3
80.4
84.3
87 .0
88.1
92.1
96.0
99.4
102 .7
109.2
114.8
124.9
134.3
145.4
164.8
65.7
66.2
68.5
73.7
74.5
78.1
78.1
78.7
80.8
85.4
87.2
89.0
93 .9
97 .2
100.1
104.6
110.3
116.6
127.6
135.6
148.1
170 .4
65.3
65.7
68.5
73.2
74.6
77.9
77.9
78.7
81.1
85.7
87.1
89.7
94.2
97 .9
100.1
104.7
110 .3
116.9
128.4
136.3
149.2
172.9
195.8
240.6
199.7
241.9
246.6
306.2
335.6
399.7
308.1
338.3
405.1
312.6
344.1
419.0
499.0
523.5
550.4
578.0
499.1
525.8
552.6
582.7
503.5
526 .7
554.4
588.1
513.6
534.1
561 .8
600.6
517.3
536.4
563.9
603.4
610.0
612.2
613.0
619.0
6 20.1
June
III Q 1 IV Q
Annual
AVERAGE FOR PERIOD
(1967-100)
65.3
66.5
69.6
73.0
75.5
77.7
78.2
79.0
81.7
85.1
86.9
89.7
94.0
97.6
100.0
104.8
110.4
117.5
128.6
137.7
150.4
174.4
216.6
252.4
292.4
316.6
359.1
423.6
473.9
514.7
538.4
565.1
599.4
620.0
H SPANS
AVERAGE FOR PERIOD
(A*
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
196 2 . . .
1963...
1964...
196 5 . . .
1966...
1967...
196 8 . . .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983 . . .
1984...
1985...
3.1
1.5
3.0
4.5
3.0
3.2
-0.5
0.5
3.0
2.8
1.8
6.0
3.7
3.8
3.9
-1.5
1.0
3.5
1.5
5.9
4.2
3.1
3.2
0.3
-2.5
2.1
3.5
1.2
5.3
3.8
5.4
4.1
2.1
-1.5
1 .3
6.8
0.0
3.4
6.6
3.3
4.9
1.0
-1.8
1.8
5.8
3.5
3.1
1.6
0.7
-0.7
-0.7
5.5
3.'2
1.4
8.0
4!o
0.8
5.8
3.6
1.2
6.0
0.8
6.2
1 .2
5.9
0.8
6.1
7.1
11.0
6.7
11.5
7.5
10.3
7.3
10.7
7.4
9.5
7.9
7.7
7.5
18.1
27.3
13.7
18.9
6.7
11.2
20.2
13.4
9.0
3.5
4.1
8.2
7.7
18.6
32.0
12.7
17.1
6.5
11.0
19.8
12.1
8.1
3.2
4.0
8.3
7.5
18.5
32.4
10.4
16.1
6.6
12.5
19.5
11.8
7.4
3.8
3 .7
8.4
18.1
30.6
10.0
11 .9
7.5
20.3
17 .2
12.8
6.4
5 .0
3 .6
9.2
16.1
29.8
11.8
11.8
8.4
20.5
14.4
12.8
6.6
10.1
17.3
28.0
13.5
10 .9
8.1
21 .4
13.3
11.2
5.1
5.1
5.1
77.6
77.6
78.1
78.3
80.7
82.7
84.6
85.5
86.6
87.0
88.5
90.0
91.8
94.7
97.9
102.4
106.2
111.0
112.9
118.4
125.2
77.4
77.6
78.0
78.1
80.8
83.0
84.3
85.3
86.4
87.1
88.7
90.2
92.0
95.3
98.0
102.4
106.2
111.5
113.4
119.0
125.8
77.0
77.4
77.8
78.1
80.8
83.4
84.2
85.1
86.5
87 .0
88.7
90.2
92.1
95.5
98.2
102.7
106.7
111 .7
113.7
119.0
126.2
76.9
77.5
77.9
78.2
81 .1
83.9
84.2
85.5
86.5
87 .4
88.8
90.6
92.4
96.1
99.1
103.4
108.0
112.4
114.5
119.8
127 .6
76.7
77.4
78.1
78.2
81 .1
83 .8
84.2
85.4
86.5
87.2
88.8
90.6
92.5
96.2
99.3
103.5
108.2
112.2
114.9
119.8
128.5
136.5
153.1
167.7
178.0
194.0
211.2
231.3
259.1
288.7
312.5
329.2
341.3
356.3
137.9
154.2
168.3
179.7
195.3
213.2
233.3
261.7
292.1
313.9
331.1
343.5
357.7
13 9.3
155.0
169.0
181 .5
197.5
215.7
235.8
265.2
295.8
317 .1
331.9
3 44.3
358.5
140 .3
155.8
169.7
182.5
197.9
217 .2
237 .2
267.2
297.5
317.1
332.7
345.7
359.1
157.1
171.1
184.0
200.7
219.3
240.0
269.6
301.5
317 .9
333.3
346.5
360.7
0.6
3.0
5.8
3.3
1 .8
3.1
0.8
3.1
0.9
3.6
6.1
2.2
3.2
2 .6
0.8
3.6
3.1
1.8
4.2
5.2
2.8
3.7
-0.8
0.9
0.9
4.9
4.9
3.9
4.1
1.1
-1.9
1.7
-0.3
4.7
7.6
1.3
5.1
0.2
1.1
2.8
0.6
3.0
5.7
3.8
2.8
3.2
1.1
3.1
0.9
3.3
4.3
3.2
3.8
5.3
2.7
3.9
3.5
-0.2
5.0
0.2
1.6
5.0
2.8
3.4
4.1
1 .8
2.5
3,6
1.1
4^6
0.9
2.6
5.1
6.3
6.6
10.1
5.9
9.1
16.7
23.7
15.5
21.5
7.6
11.3
17.7
10.6
10.0
4.8
6.5
3.7
6.4
1 .0
4.9
6.7
10.8
0.3
2.4
5.2
5.9
3.5
3.9
1.8
2.5
3.5
3.4
2.2
3.6
7.5
1.6
4.0
-0.5
1.3
2.3
-0.6
3.4
7.8
0.5
5.7
0.5
0.3
2.8
6.1
0.5
1.4
-0.3
5.5
9.2
0.8
5.4
0.5
1.3
2.8
6.3
-0.2
0.0
5.2
5.8
2.5
4.3
-0.3
1 .8
2.8
5.5
0.2
12.1
16.4
24.5
16.3
9.2
9.0
23.4
10.9
9.8
4.5
8.6
7.3
10 .9
12.7
18.1
18.9
17.3
9.1
9.6
24.1
11.3
10.9
4.2
5.3
9.1
7.0
10.7
13.9
19.9
18.0
19.3
8.4
10.2
22.5
11.1
11.2
3 .4
7.2
9.9
6.1
10.5
15.5
22.0
16.3
23.5
8.0
11 .2
16.8
9.3
11 .3
6.2
10 .0
5.7
8. 5
17.5
23.7
15.9
20.9
7 .4
11.0
18.0
10 .6
9.3
6.4
10.3
5.9
8.4
17.0
25.4
14.2
20.1
7.3
11 .6
18.3
12.0
9.5
5.4
6.8
11 .1
4.8
7.6
18.4
30.6
12.3
17.4
6.6
11 .6
19.8
12.4
3.3
7.4
10.2
6.9
9.2
17.2
29.5
11.8
11.5
8.0
20.7
15.0
12.3
3.9
2.5
5.3
4.9
8.5
7.3
10.9
12.9
18.1
20.5
17.6
8.9
9.6
23.3
11.1
10.6
5.7
2.8
2 .8
5.9
2.7
4.2
5.4
3.1
5 .7
6.5
4.0
5.8
3.6
7.1
3.6
3.9
8.3
5.5
4.6
6.2
1.5
6.5
5.7
2.9
4.2
77.0
77.9
77.8
79.0
81 .6
83 . 8
84.5
85.6
86 .5
87.5
89.1
90.7
93.3
96.4
99.8
103.8
109.1
112 .6
115.2
120.0
129.7
77.4
77.9
77.8
79.4
81 . 8
83.6
84.5
85.5
86 .5
87.9
89.4
91 .3
93.6
96 .7
100.8
104.3
109.6
113.0
116.2
121.5
130.8
77.6
78.5
78.1
79.9
82.2
83.9
84.7
85.7
86.5
88.1
89.9
91 .3
93.5
97 .2
101 .2
104.6
109.9
113.0
117.0
122.4
132.6
77.9
78.3
78.3
79.8
82.7
84.2
85.3
86 .1
86.5
87.9
89.4
91 .0
93.3
97.3
101.1
104.9
109.7
112.8
116.7
122 .8
133.4
78.2
78.3
78.4
80.3
82.7
84.5
85.8
86.9
86.6
88.2
89.6
91 .0
93.4
97 .4
100.9
105 .2
109.9
112.9
116.9
123 .0
133.7
77.9
78.3
78.4
80 .7
82.7
84.7
86.1
86.9
87.0
88.4
89.9
91 .1
94.0
97 .5
101 .2
105.6
110.3
112.9
117.3
123.3
134.7
77.6
78.2
78.4
80 . 8
82.6
84.6
85."
86.
87.
88./
90.(
91 ."
94./
97 .
101 .1
106./
110.«
112.
118.
124..
135.5
77.3
77.5
78.0
78.2
80.8
83.0
84.4
85.3
86 .5
87.0
88.6
90.1
92.0
95.2
98.0
102.5
106.4
111.4
113.3
118.8
125.7
76.9
77.6
77.9
78.5
81.3
83.8
84.3
85.5
86.5
87.4
88.9
90.6
92.7
96.2
99.4
103.6
108.4
112.4
114.9
119.9
128.6
159.4
171.9
185.3
202.4
220.3
242.7
273 . 8
304.5
321 .5
334.7
348.3
361 .3
161 .6
172.6
187 .1
205.4
222 .1
244.5
276 .2
306.1
322 .9
336.6
349.5
363.9
163.2
173.4
187 .9
205.5
222 .9
2 46.8
27 8.2
307.6
324.5
336.6
350 ,1
365.1
163.6
174.2
188.9
205.2
224.9
249.0
280.2
309.2
324.5
336.9
350.5
365.1
165.1
175.4
190.8
207.3
226.5
251 .2
283.0
311 .2
326.5
337.5
351 .7
366.9
166 .6
176.0
192.0
209.0
228.7
254.3
285.4
313.3
326.5
339.7
353.1
368.9
166.8
176.5
193.3
209.6
230.1
255.8
286.7
313.4
327 .5
339.9
354.7
369.5
154.1
168.3
179.7
195.6
213.4
233.5
262.0
292.2
314.5
330.7
343.0
357.5
157.4
170.9
183.9
200.3
218.9
240.0
270.2
301.2
318.8
333.6
3 46.8
360.4
1987 . . .
AVERAGE FOR PERIOD
(1967=100)
1953...
1954...
1955...
1956 . . .
1957...
1958...
1959. . .
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967 . . .
1968...
196 9 . . .
1970...
1971...
1972...
1973...
197 4 . . .
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...
1986. . .
1987...
NOTE: These series contain no revisions but are reprinted for the convenience of the user.
4th month of the span. Annual figures are averages of the centered changes.
102
1.1
3.6
5.6
3.6
3.7
2.1
-0.1
2.1
4.6
3.0
1.9
4.5
4.5
3.7
2.4
6.1
5.1
8.2
8.6
7.9
1K6
19.4
24.0
15.8
11.3
8.9
18.3
14.1
11.3
5.5
5.1
5.2
5.3
3.7
Percent changes are centered on the
77.6
78.2
78.1
7 9.7
82.2
83.9
84.8
85.8
86.5
88.0
89.6
91.2
93.5
97.1
101.0
104.6
109.7
112.9
116.6
122.2
132.3
146.8
162.8
173.4
188.0
205.4
223.3
246.8
278.2
307.6
324.0
336.7
350.0
364.7
77.9
78.3
78.4
80.6
82.7
84.6
85.9
86.9
86.9
88.3
89.8
91.3
93.9
97.6
101.3
105.7
110.3
112.8
117.4
123.5
134.6
150.8
166.2
176.0
192.0
208.6
228.4
253.8
285.0
312.6
326.8
339.0
353.2
368.4
77.4
77.9
78.1
79.2
81.7
83.8
84.8
85.9
86.6
87.7
89.2
90.8
93.0
96.5
99.9
104.1
108.7
112.4
115.6
121.1
130.3
144.5
160.'l
172.2
185.9
202.5
221.0
243.5
273.9
303.4
321.0
335.0
348.3
362.8
(MAY 1987)
C.
Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
II Q
III Q
IV Q
Annual
7 3 3 C . CANADA—CHANGE I
(A
1953...
1954...
1955...
1956...
1957. ..
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
0.2
0.8
0.2
3.0
2.7
2.0
1.3
1.4
0.3
1.8
1 8
1.9
3 3
3.5
4.3
4.1
4.5
2.0
4.5
5 .5
9.4
11.9
9.7
6.4
0.8
0.3
-1.0
0.5
-0.3
0 .8
0.0
0.3
1.0
0.3
-0.8
0.5
0.3
0.3
1 .0
0.3
0.4
-0.4
3.2
1.9
3.7
1.0
2.7
0.5
2.2
0.5
1 .7
1 .2
2.0
2.2
2.4
L .2
2.7
1.0
0.0
1 .8
-0.5
1.8
-0.2
1.6
0.0
.8
0.7
1 .6
1 .2
1.6
.6
L .6
1 .6
2 .1
1.8
2.6
3.2
1.6
2.2
3.4
1.1
.9
2.2
2.0
2.2
2.7
3.2
3.4
-.9
2.9
3.8
2.5
2.3
2.8
4.0
0.4
0.2
-0 .1
1.8
1.7
1.9
3.2
4.7
3.3
1.8
0.9
.0
-0.2
1.8
1.8
1 .8
2.6
3.3
2.6
3.1
3.7
4.3
f.5
5.5
4.9
4.3
4.0
4.0
3.1
t.8
2.5
1.4
1.3
1.4
.4
0.2
0.9
2.0
2.5
3.4
1.7
4.7
1.0
4.8
4.4
4.1
1 .8
4.9
12.5
10.3
4.9
11.9
10.6
5.2
11.9
10.7
5.9
12.5
11.6
6.2
11 .8
12.5
6.1
9.3
11.7
10.2
6.1
10.1
11 .8
8.7
7.6
9.8
11 .7
7 .6
8.5
9.8
10.4
7.4
8.8
8.4
12.1
8.9
5.7
9.6
12.1
10.5
5.3
9.5
12.0
11.4
6 .1
9.9
11 .3
7.9
8.3
10.8
9.3
10.4
12.1
10.8
5.2
3.1
3.4
9.($
8.'
11.
11 .{i
9. 5
5 ,i
7.9
8.9
11 .7
11.9
9.5
4.7
3.0
3.6
9.3
8.3
11 .7
11.8
9.0
5.6
2.5
3.1
8.9
9.2
12 .2
12.1
7.6
5.0
8.1
10.2
12 .2
10.8
7.0
4.9
7.0
9.8
13.8
10 .8
5.7
5.4
8.5
10.4
13.3
11 .4
5.1
10.3
9.7
13.2
11.2
5.2
8.5
9.9
10.0
13.2
11.5
9.5
9.0
11.1
11.9
10.0
5.3
8.8
9.2
12.0
11.6
7.9
5.2
8.6
10.0
13.4
11.1
5.3
5.0
3.4
4.7
5.2
5.0
4.6
4.6
3.3
3.4
3.7
4.8
4.9
4.3
73.8
73.8
75.4
76 2
77.8
79.8
80.5
82.3
83.0
85.1
87.4
90.1
92.2
95.8
98.6
100.0
101.7
103.6
107 .7
114.0
121.0
73.8
75.4
77 0
78.6
80.2
81 .1
82.7
83.5
85.7
88.3
91 .3
93.1
96 .8
99.5
100.2
102.4
104.5
108.7
114.7
122.2
131.7
139.3
146.8
152.3
157.6
161 .4
170.2
179.5
191 .7
200.5
205.7
209.8
75.4
74.1
74.6
74.6
74.3
74.6
73.8
75.4
138.0
145.9
151 .4
156.8
160.4
168.8
177.1
190.1
199.4
204.9
209.2
73.8
75.4
77 0
78.6
80.2
80.9
82.7
83.5
85.7
87.7
90.5
92.6
96.4
99.2
100.2
102.1
103.9
108.1
114.3
121.5
130.5
138.9
146.5
151 .7
157.0
160.9
169.5
178.3
191 .0
199.9
205.2
209.6
77.3
78.4
80.8
81.2
82.5
84.0
86.9
89.6
91.7
93.6
97.5
99.9
101.5
103.1
106.1
110.8
116.8
124.3
133.5
141.4
148.8
154.4
159.1
163.7
172.8
182.6
193.4
201.2
207 .0
77.8
79.8
80 .7
82.1
83 .0
85.2
87.2
89.5
91.9
95.3
98.4
100.0
101 .5
103.4
107.2
113.2
119.6
127.8
136.9
145.2
150.8
156.5
160.4
168.1
176.6
188.5
198.1
204.3
208.0
78.3
80.1
80 .8
82.6
83.3
85.5
87 .8
90.6
92.6
96.3
99.1
100.1
102.1
104.0
108.2
114.3
121 .6
130.4
138.7
146.4
151.8
157.1
160.9
169.5
178.3
190.9
199.9
205.3
209.5
210.8
211.2
213.3
77.8
78.9
81.6
81.3
83.1
84.7
87 .4
89.9
91.8
94.6
98.5
100.1
101.7
103.6
107.0
112.4
118.0
126.7
135.6
144.1
150.5
156.0
160.5
165.9
175.6
185.9
195.7
202.3
208.0
213.1
212.7
211.7
211 .0
74.5
74.7
7 5.8
77.8
79.3
81 .0
81 .8
83 .0
84.8
87.3
89.9
92.0
95.0
98.4
100.0
101 .7
103.5
107.1
112.7
119.0
127.3
136.2
144.3
150.5
156.0
160.2
166.8
175.8
187 .0
196.8
203.3
208.1
212.7
212.2
.7
2.4
-2.5
1.9
-1.7
1 .2
-2.0
2.0
1 .0
2.1
0.6
0.2
1.7
3.0
1 .8
2.7
0.7
1 .8
1.4
3.0
-0.8
-0.8
-0.3
1.3
-0.3
-0.5
3.3
3.9
0.2
0.2
-0.2
2.3
2.:
A.iv
O.f
-0.5
0.2
1.6
2.7
3.7
0.5
0.5
-0.2
1.6
3.0
2.4
0.0
0.2
-0.2
1 .8
2.0
2.0
1.8
2.0
5.2
2.7
4.2
4.6
4.0
4.5
3.5
4.2
4.6
3.3
4.3
4.1
3.6
4.7
2.9
7.8
10.6
9.6
6.3
9.0
8.0
10.2
10.1
13.6
11.0
4.2
4.3
5.3
4.5
8.6
12.2
8.4
5.2
9.1
8.8
9.7
9.9
12,4
11.8
3.4
4.7
4.5
4.8
8.9
13.4
8.8
5.6
9.2
8.8
9.7
9.9
13.5
11.7
4.2
3.4
4.0
2.9
0.3
735.
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
196 4 . . .
196 5 . . .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
197 5 . . .
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
0 .2
2 .1
0.8
0.0
-0.9
-0.3
211.0
-1.0
75.4
73.8
75.4
75.4
73.8
75.4
75.4
74.6
75.4
78.5
80.6
81.2
82.7
83.9
86.6
89.0
91.6
93.5
97.3
99.8
101.4
102.9
105.7
110.1
116.2
123.4
132.6
140.7
148.1
153.9
158.4
163.0
171.1
181.3
193.1
201.2
206.6
211.0
78.5
80.9
81.1
82.4
83.9
86.8
89.9
91.7
93.5
97.4
99.8
101.5
103.2
106.0
110. i
116. i
124. J
133. S
141. i
148. i
154. %
159. I
163.7
173.2
182.5
193.6
201.3
207.1
211.9
78.2
80.9
81.2
82.4
84.2
87.2
89.9
91.9
93.8
97.7
100.0
101.5
103.3
106.5
111.6
117.3
125.2
134.0
142.1
149.3
154.9
159.7
164.4
174.1
183.9
193.6
201.2
207.3
212.6
0.3
-0.3
2
#
)
0.8
WEST GERMANY—INDEX OF CONSUMER PRICES
(1967-100)
1.1
-0.1
).2
.7
.9
.4
2.8
.1
2.4
1.5
1 .2
1 .8
1.5
1.8
2.3
2.9
8.8
9.5
11 .6
12.0
8.7
4.8
3.7
4,1
4.2
<§>
74.6
74.6
74.6
74.6
74.6
75 4
75 4
75 4
76 2
75 4
78.5
81.2
80.9
82.7
84.2
87.4
90.2
91.9
94.3
98.5
100.0
101.7
103.5
106.8
112.0
117.6
125.9
134.9
143.1
150.2
155.4
160.2
165.3
174.8
185.2
194.1
201.7
207.7
212.9
7 8.9
81.7
81.2
83.3
84.7
87.4
89.9
91 .9
94.6
98.6
100.2
101.7
103.6
106.9
112.3
118.0
79.4
82.0
81.7
83.2
85.3
87.5
89.6
91 .6
95.0
98.5
100.2
101.7
103.8
107.2
112.8
118.3
80.2
81.5
82.1
83.3
85.4
87.7
89.5
91 .9
95.3
98.5
100.3
101.7
103.6
107.2
113.1
119.2
79.7
80.5
82.3
82.9
85.1
86.9
89.3
91 .9
95.2
98.3
99.8
101 .4
103.3
107 .2
113.1
119.2
75 4
77.8
79.5
80 .2
82.0
82,7
85.0
87.1
89.6
91.9
95.3
98.3
99.8
101 .4
103.3
107.2
113.5
120.5
135.7
144.0
150.5
156.0
160.4
165.8
175.7
185.9
195.5
202.2
207.8
136.3
145.1
150.7
156.7
160.9
166.7
176.4
186.6
197.6
202.9
208.6
136.6
145.1
150.5
156.3
160.5
167.8
176 .5
187.8
198.0
203.6
208.2
136.8
144.9
150.9
156.5
160.4
167.9
176.7
188.3
197.8
204.3
207 .8
137.2
145.6
151 ,0
156.7
160.2
168.5
176.7
189.4
198.5
204.9
208.0
SPANS
(ANNUAL RATE, PERCE NT)
1953...
1954...
-2.6
-1.3
-3.1
-1.3
-1.1
-2.6
-1 .6
2.7
-2.9
1.6
-2.9
1.3
-2.7
1 .9
-2.9
1.3
0.5
0 .5
-2.3
2.5
3.9
-0.2
3.7
2.0
3.9
1 .4
0.0
4.4
-0.5
3.2
2.4
3.9
1 .6
1.6
3.9
-1.2
4.0
1 .7
3.4
3.8
-1.5
4.2
1 .2
3.6
1.8
2.7
2.8
-1.5
3 .2
1 .2
1.7
2.3
4.3
2.1
1.8
0.0
1 .7
1 .7
2.8
2.8
4.3
1 .0
2.3
0.7
-0.5
1 .7
2.8
5.8
4.1
0 .0
2.3
1 .2
-0.7
1 .7
3.3
2.6
1.2
3.4
0.5
0.6
2.4
J.O
+ .0
1.3
? .9
3.7
1 .7
3.5
-1.4
3.8
1.4
2.9
2.0
1.8
1.8
2.3
1 .2
2 .2
0.6
2 .0
1.6
1 .6
2.0
1.6
1.4
3.7
1.4
3.2
3 .6
L .0
1.9
.1
t.7
5.0
3.1
.5
.3
2.9
2.9
4.7
2.2
1 .2
2.1
3.8
2.4
3 .4
1 .7
1 .7
2.0
2 ,9
2.1
4.1
2 .6
1 .3
1 .8
5.4
7.8
6.5
5.1
7.6
7.4
4.9
8.3
8.2
4.1
3 .8
2.7
2.1
5.7
5.0
6.8
4.2
3.8
2.1
1 .1
-0.8
5.2
7.0
7.3
6.1
4.2
5.3
4.8
7.1
8.3
5.8
4.6
6.0
4.6
6.0
8.3
5.7
3.7
+ .3
5.4
4.7
7.0
6.7
6.1
3.5
5.8
6.4
6.9
6.1
6 .3
3.7
5.1
7.9
7 .4
6.3
4.9
5.5
4.9
6 .7
8.0
5.9
4.2
2 .7
3.1
4.0
5.5
5.7
3.3
3.0
2.7
1.0
0 .0
2.7
3.5
5.8
6.2
5.3
3 .2
2.2
3.4
0.3
0.0
2.6
4.0
5.8
7.5
4.0
2.3
2.2
4.3
-0 .2
-0.1
3.8
2.6
4.7
5.9
7.5
4.2
1.6
2.3
3.1
-0.9
3.4
2 .3
6.0
5.0
7.0
5.2
3.4
1 .3
0.9
-1 .2
3.2
2.2
5.8
4.4
6.5
5.1
3.5
1.8
0.4
-1.1
2.7
3 .5
5.2
6 .4
5.0
2.9
2.5
3.5
0.4
0.0
4.3
5.6
6.4
7.3
6.2
5.4
3 .8
3.3
2.7
5.4
5.4
6.5
4.4
2.7
2.2
1 .2
-0 .8
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
196 4 . . .
196 5 . . .
1966...
1967...
1968...
3.7
1.3
3.0
0.5
0.2
1.7
4.0
4.8
2.0
2.6
2.1
0.8
3.3
0.2
1.0
1.9
2.8
3.9
1.8
3,0
2.1
1.5
3.8
0.7
0.7
3.6
3.8
2.5
0.4*
4.1
1.8
3.6
1 .5
1.7
1.2
3.4
2.8
1.6
1.1
4.6
1.0
1.6
1.0
1.8
1.0
2.4
1 .6
1.0
3.1
1.4
1.2
3.1
1.4
1.8
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981....
1982...
1983...
1984...
19»5...
198*...
1987...
4.5
6.4
4.4
4.5
6.6
4.9
4.0
6.3
4.7
3.3
5.9
5.6
3.8
5.9
5.8
3.4
5.7
7.7
6.0
4.3
5.7
3.8
6.7
3.7
6.4
3 .1
2.6
4.5
5.7
8.0
3.4
1.7
2.6
3.4
-0.5
2.6
4.5
6,1
7.9
4.3
1.9
2.5
3.4
-0.8
2.7
5.0
5.9
6.7
5.0
1.2
1.9
2.4
-1.3
2.7
6.0
6.4
7.3
5.1
2.4
1 .6
1.6
-1.8
6.0
3.7
3,4
2.3
6.5
3.7
3.7
1.9
5.4
3.5
3.7
2.0
5.2
3 .5
3.1
2.4
4.7
6.9
4.8
3.6
1.3
0.9
-1.0
4.0
6.8
5.6
4.1
0.9
0.2
-0.7
4.1
6.5
6.2
3.6
1.6
0.0
-1.1
4.0
6.2
5.0
3.2
1 .7
0.2
-1.5
4th
1.6
NOTE: These series contain no revisions but are reprinted for the convenience of the user,
month of the span. Annual figures are averages of the centered changes.
2 .9
Percent changes are centered on the
-
(MAY
1987)
103
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
My
a
1953...
1954...
1955...
1956...
1957...
1958...
1959...
59.5
58.4
59.3
59.8
60.8
69.3
74.8
78.6
80.3
84.0
59.6
58.9
59.1
60.4
6 .0
70.1
75.9
59.0
58.1
59.1
60.2
60.5
71.7
75.6
59.4
58.9
59.5
60.7
60.4
71.8
75.2
59.4
58.7
59.0
60.1
60.8
72.0
75.4
80.4
84.0
59.3
58.5
59.1
60.4
60.7
71.1
75.6
78.7
80 .3
84.3
80.2
84.3
80.1
84.9
7 9.9
85.2
91.6
93 .7
96.3
98.9
102.8
108.7
114.9
120.6
127.5
91.7
94.0
96.5
99.2
102.9
109.1
115.3
121.1
128.1
91 .8
94.1
96.8
99.3
103.2
109.7
115.9
121.8
128.6
91.8
94.4
97.2
99.^
103. I
110.2
116.!
122.6
129.3
92.0
95.9
97.1
99.4
103.9
110.5
117.1
123.1
130.0
151 .1
17 2 1
188.5
205.5
224.4
247 .1
280.2
315.6
359.6
3 92 9
428.0
455.8
471.7
152.9
17 3 5
190 .1
207.3
226.4
249.4
283 .4
318.8
363.8
3 96 5
431 .0
459.0
155.4
17 5 0
191 .8
210.0
228.9
251.8
286.7
323.1
368.2
401 8
433.6
46 2.2
157.2
159.0
176 3
177 6
193.0
193.9
212.0
213,6
231 .1
232 .8
254.5
256.6
289.3
291.1
326.0
329.2
371.1
373.7
404 "
5
406 9
43 6 . 2
43 8 . 4
46 4 . 5
46 6 . 4
June
IV Q
Dec.
IQ
II Q
57.6
58.9
59.6
60.4
65.7
72.8
77.5
58.0
59.1
59.7
60.4
67.0
73.0
77 .5
59.5
58.6
59.2
60.2
60.8
70.2
75.4
59.3
58.6
59.2
60.3
60.6
71.8
75.4
58.2
58.0
58.5
60.1
62.4
7 216
76.0
57.7
58.8
59.6
60.4
65.6
72.9
77.3
58.7
58.5
59.1
60.3
62.4
71.9
76.0
83.5
87.4
91.2
93.1
95.8
98.4
101.8
107.1
113.5
119.4
126.5
135.2
146.7
168.9
80 . 3
84.1
87.9
91.6
93.8
96.3
99.0
102.8
108.7
114.9
120.6
127.5
135.7
80 . 1
84.8
88.8
91.9
94.8
97.0
99.4
103.5
110.1
116.5
122.5
129.3
138.4
81.0
85.6
166.0
83.1
86.8
91 .0
93.1
95.4
98.1
101.6
106.9
113.1
119.2
125.9
134.5
145.8
167.5
151.0
157.2
162.4
201.1
220.3
240.8
268.1
304.3
347 .1
379.5
202.8
221 .1
242.1
269.8
306.4
3 50 .3
3 83.2
203.5
221.7
243.2
272.0
309.1
352.4
386.4
188.6
192.9
205.6
224.5
247.3
280.3
315.7
359.8
211.9
230.9
254.3
289.0
326.1
371.0
197.4
216.9
237.1
262.5
298.3
338.9
376.0
83.0
86.8
91.0
93.1
95.5
98.1
101.4
106 .9
113.0
119.1
125.9
134.5
145.7
167.5
184.1
202.5
221.0
242.0
270.0
306.6
349.9
383.0
81.1
85.3
89*4
92.3
94.8
97.2
99.9
104.5
110.8
117.1
123.3
130.8
140.4
159.5
178.2
195.3
213.9
233.7
258.5
293.6
332.7
372.5
449.0
470.6
450.3
47 1.5
451.2
47 2.1
428.1
456.1
436.1
464.4
443.7
468.7
450.2
471.4
481.4
43 9.5
46 5.1
477.0
Aug.
Sept.
58.7
58.0
58.4
59.8
61 .7
72.4
75.6
58.4
57 .8
58.3
60.1
62.4
72.5
76.0
58.2
58.9
60.5
63.2
72.8
76.3
58.3
59.6
60.4
64.2
73.0
77 .0
80.6
85.6
89.6
92.3
95.1
97 .4
99.6
104.2
111 .0
117 .6
123.7
131 .0
81 .0
85.4
89.9
92.5
94.8
97 .4
100.0
104.7
111.2
117 .8
124.1
131 .7
81.5
85.7
90.5
92.9
95.1
97 .8
100.4
105.4
111.9
118.3
124.7
132.6
82.3
86.1
90.7
93.1
95.3
97.9
100.9
106 .6
112.5
118.7
125.4
133.7
161 .0
17 8 9
195.7
215.5
235 .7
260.0
295.5
334.9
374.7
410 4
441 .5
46 8.2
162.3
164.0
197.1
216.7
237 .1
262.7
298.4
339.0
375.9
412 8
443.7
46 8.7
199.3
218.6
238.6
264.9
301.0
342.9
377.5
416 0
445.9
46 9.2
July
Oct.
Nov.
III Q
Annual
(1967 = 100)
1961...
1962...
1 963
196 4 . . .
196 5 . . .
1966...
1967...
196 8 . . .
196 9 . . .
1970...
1971...
197 2 . . .
1973
1974...
197 5
1976...
1977.. .
1978. . .
1979...
1980...
1981...
1982...
1 983
1984...
1985...
1986...
1987...
91 ,6
93 .7
96.1
98.8
102.8
108.3
114.4
120.0
126.8
135.2
149.1
170 8
187.2
204.1
222.8
245.5
277.2
312.7
356.0
3 90 1
425^4
453.5
472.6
92.6
95.0
97.5
100.0
104.8
111.4
117.9
124.2
131.8
-MONTH SPANS
AVERAGE FOR PERIOD
(A!?NDAL RATE, PERCENT)
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966
1967...
1968. , .
1969...
1970. . .
1971...
-0.3
0.7
1.4
0.7
-1.3
2.1
3.9
1 .0
3.0
-0.3
6.1
3.7
0.3
4.9
5.4
2.4
2.2
3.2
2.7
.3
5.9
6.1
5.6
.0
.4
.1
5 .4
: .3
I f.O
: .7
.8
6.5
6.3
6.0
1973...
1974...
197 5 . . .
1976...
1977 . . .
1978...
1 979
1980 . , .
1981 . . .
1982...
1983 . . ,
1984...
1985...
1986...
1987 . , .
5.5
15.8
11.3
10.3
9.5
8.4
9 8
12.8
12.3
11.9
6.6
5.5
1 .6
3.8
4.9
1.7
2.7
2.7
2 .4
2.8
0.3
3.1
6.4
1.0
1.0
1.4
3.0
8.8
-4.0
1.4
1.7
2.7
10.9
-3.7
2.1
3 .1
2.0
14.1
-5.7
1.0
1 .4
-0.3
18.7
-7.8
-0.7
0.7
-0.3
20.2
-5.6
0.7
1 .4
0.0
22.3
-3.0
0.0
3.1
-1.0
21.7
1 .0
0.7
2.7
-1.6
23.6
7 .8
4.9
2.9
4.7
4.0
4.4
4.8
5.4
2.6
4.3
2.8
5.3
1.3
4.8
0.0
6.0
4.5
0.0
6.0
1.9
3. I
1 ,•
2. L
0. •
)
7.
3. ?
0. 5
5.4
5.3
2.4
6 .6
5.8
2.4
3.5
2.4
1 .7
2.3
5.9
2.0
2.5
2.5
5.1
2.4
2.8
2.4
4.0
3.5
3 . 1
4.6
2.5
2.6
4.2
-2.5
0.5
2.4
-0.9
22.5
5.1
4.9
0.4
6.3
4.5
3.0
2.3
2.3
2.5
5.2
3.9
5.1
4.5
6.0
5.0
6.3
6.2
5.4
5.7
5.3
4.4
5.6
6.0
4.5
5.5
-1.6
1.5
1.7
1.2
12.3
9.6
5.2
2.9
4.2
4.6
4.6
2.4
2.7
2.8
3.6
5.5
5.7
5.2
5.8
12.5
12 .8
9,7
9.2
7 .5
12.7
10.0
9.1
8.1
12 .5
10.3
8.8
7.9
16.3
10.7
9,7
9.4
15.4
9.3
9.1
10.7
10.7
13.8
9.1
10.2
8.9
10.0
13.5
12.7
10.0
9.0
7 .8
9.5
9.8
14.5
9.8
9.5
9.2
9.8
13.1
13.9
9.2
8.3
6.4
13.2
9.9
8.0
5.9
12.6
12 .6
10.3
7.1
5.8
14.5
12.6
11.8
10.9
6.7
12.4
14.7
8.7
10.0
7.0
12.7
15.8
7.2
8.9
7 .3
1.3
2.2
2.8
12.8
13.2
9.8
7.8
6.0
1.9
4.1
13.1
14.1
9.4
9.4
6.8
4.2
2.6
64.3
66.4
68.3
70.2
71.6
72.5
73.4
74.5
76.4
81 4
87.0
92.1
95.2
97.3
100.8
101.5
105.5
111.2
116.4
124.8
139.4
173.8
193.9
234,9
267.2
298.1
3 50.8
426.1
504.9
589.1
665.9
724.7
7 86.1
825.0
64.0
65.8
67.7
69.9
70.8
72.8
72.4
74.1
75.7
79 3
85.1
90.1
94.2
96.4
100.0
101.2
103.9
109,1
114.4
121.0
134.1
159.7
186.8
218.1
255.2
286.0
328.4
398.1
475.8
553.8
636,5
704.5
764.7
812,6
2.2
4.4
6.6
6.3
6.1
5.6
6.0
6.3
6.0
16.1
10.5
9.8
9.1
9.1
10 2
6.3
17.0
10.2
9.1
9.7
9.9
10 9
8.1
16.3
9.5
9.1
10.9
11.2
11 5
12.5
11.6
10.8
6.6
5.5
1 .1
12.6
11.5
10.0
6.9
6.0
1.3
13.8
9.9
9.8
6.8
5.8
1.3
2.2
-0.2
1.7
1.1
2.9
8.7
10.1
3.9
4.2
3.5
-5.7
0.8
1.7
0.5
17.7
t.8
l
5.5
5.8
3.0
2.4
2.6
2.2
1 .9
2.9
4.3
2.8
5.3
3.5
6.7
4.5
6.5
5.7
6.1
5.3
5.9
4.7
5.7
4.5
5.3
2.0
-0.6
2.5
4.7
6.1
5.5
4.1
5.8
9.2
15.4
9.9
14.5
10.6
14.1
10.8
13.8
10.7
13.4
8.9
10.6
10.5
12 1
9.2
10.6
10.4
12 1
9.5
9,7
10.2
12 9
10.6
9.0
9.9
12 9
10.6
8.1
14.7
8.6
9.9
7.0
5.3
15.5
7.7
10.3
7.2
4.7
15.6
6.4
9.1
7.7
4.1
16.2
7.3
8.9
7.4
3.9
15.5
7.8
8.6
6.8
3.3
ES
.3
12 8
4.5
7
2.5
3.0
(u)
<1967=10(
))
1953 . . .
1954...
63.6
64.3
63 .6
64.7
63 .6
64.7
64,3
64.7
64.7
65.9
64."
66.
63.6
63.6
63.6
64.3
64.3
64.3
57.5
59.9
67.5
70 .0
68.1
70 .0
71 .2
68.1
70.2
71.6
68.7
70.5
72.1
63.6
64.6
67 . 5
69. 2
70. 6
64.6
65.7
67.5
70.1
70.2
63.6
66.4
67.5
70.0
70.7
73.4
71.8
74.2
75.7
67.5
70 .1
70.9
73.1
72.4
74.2
75.9
79 8
85.7
91 .2
94.9
96.4
100.8
101 .2
104.7
110.4
115.4
122.7
136.6
168.0
73.1
74.2
76.0
80 0
86 .6
91 .5
94.9
96.6
100.7
101 .3
105.0
110.7
115.9
124.0
137.7
171.2
73.5
74.6
76 .6
82 5
86,9
92.2
95,2
97.3
100.8
101.4
105.6
111 .2
116.5
125,0
139.3
174.4
230.5
265.0
295.5
345.5
418.5
497.5
582 .7
660.4
720.1
7 80.6
822.0
235.5
267 ,6
298.6
3 50.3
427.3
506.0
590.3
667.0
724.4
7 86.1
825.3
72. 1
73. 9
75. 1
7 7 f.
83.7
88.3
93.1
95.9
99.0
101.0
102.3
107.2
112.6
117.9
128.3
146.9
180.0
202.0
242.9
274.1
309.5
373.5
448.4
523.7
609.7
684.9
743.5
800.4
72.1
73.8
75.3
224.0
261 .5
292.9
339.2
411.6
487.7
571.3
649.4
713.0
771.3
817.1
73.7
74.7
76.7
81 8
87 .4
92.6
95.6
97.9
100.8
101.7
106,0
111.7
116.9
125.5
141 .3
175.9
195.6
238.6
268.9
300.1
356.6
43 2.5
511.1
594.4
670.3
729.5
791 ,6
827.8
72.1
74.2
75.8
79 5
85.1
90.8
94.7
96.4
100.4
101.1
104.5
109.6
114.8
121.6
135.8
163.7
188.4
220.7
258.5
289.3
332.2
404.6
482.1
562.7
643.0
709.0
768.7
815.0
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
1967...
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
68.6
70.9
72.3
72.3
74.1
75.1
77.2
82.8
88.2
93.0
95.9
98.8
101.0
102 .1
106.4
112.1
117.4
126.9
143.6
69.3
70.5
72.2
72.2
73.9
75.1
77.6
84.0
88.2
93.1
95.9
99.0
101.0
102.2
107 .3
112.6
118.0
128.4
146.6
69.8
70.3
72.2
71.9
73.8
.75.1
78.1
84.2
88.5
93.3
95.9
99.2
101 .1
102.6
107.8
113.1
70.1
70.2
72.8
71.8
73 .7
75.2
70.2
70.2
73.4
72.2
73.9
75.4
69.
70.
73.
72.73.
75.^
84.7
88.6
93.6
96.1
99.3
101 . 3
103.1
108.2
113.3
84.7
8 9.4
93.8
96.3
99.7
101.4
103.3
108.7
114.0
84.8
90.0
94.0
96.3
99.9
101.3
103.7
108.8
114.1
84.7
90.5
94.5
96.3
100.1
101.1
104.3
109.1
114.4
129.7
150.4
131 .0
152.3
133.0
154,5
134.2
156.7
134.9
159.8
73.4
72.1
74.2
75.8
79 5
85.0
90.7
94.7
96.4
100.3
101 .1
104.6
109.3
114.6
121 .5
135,8
163.3
1976...
197 7 . . .
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...
1986 . . .
1987...
197.7
238.8
271.1
305.1
367.9
440 .7
517.7
602.7
678.3
736.8
795.6
202.1
2 43.4
273.9
309.7
374.3
449.1
524.4
610.5
685,8
744.2
801.2
206.1
246.5
277.4
313.8
378.2
455 .4
529.1
616.0
6 90 .6
749.4
804.4
211.6
249.5
280.0
317.8
384.3
461 .3
533.9
622.2
695.4
7 56.1
806 .8
215.8
252.6
282.7
321..
388. I
46 8 . '
539. i
628. I
699.( >
760.6
80 9.9
216.8
254.3
285.1
323.9
391.7
47 3.9
545.2
632.2
703,8
764.4
813.1
217 .9
255.8
286.8
326 .7
398.7
477 .7
553.4
638.5
705.9
766.7
813.1
220.3
258.2
288.3
330.6
403.5
481.0
563.4
641.1
708.0
768.2
814.7
NOTE: These series contain no revisions but are reprinted for the convenience of the user.
4th month of the span. Annual figures are averages of the centered changes.
104
Percent changes are centered on the
TO A
84.7
89.3
93.8
96.2
99.6
101.3
103.4
108.6
113.8
119.5
132.7
154.5
184.9
214.7
252.1
282.6
321.0
388.1
468.0
539.6
627.5
699.6
760.4
809.9
(MAY 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
fyr.
My
a
June
July
Aug.
Sept.
.^PRICES OVER 6 ' "
Oct.
Nov.
Dec.
IQ
II Q
UNNUAL X RA :
-0.1
6.0
0 4
2.6
0 8
3.5
0.5
1.4
2.9
6.
4.7
6.9
4.3
1.8
3.6
0.7
0.6
1 9
1 .5
3.0
7.2
6.2
5.7
3.2
2.7
2.9
1.0
5.1
5.2
7.0
12.5
25.0
10 . 4
20.5
9.4
11.0
27.4
10 .7
20.5
5.1
5.0
10.9
16.5
20 .2
14.1
19.8
5.2
4.7
8.1
13.1
23 .7
11.9
20 .6
12.1
20.2
20.5
16.2
18.7
12.0
6.7
6.8
3.7
12.6
24.2
20.5
15.7
15.2
11.4
7.9
6.2
3.7
12.2
19.2
20.6
17 .7
16.5
12.7
8.7
8.3
4.7
1 .6
5.3
-0.3
6.3
0.3
6.0
-0.3
5.6
1.9
6.6
4.7
-0.3
4.0
-2.7
0.8
1.9
6.1
11.0
3.7
3 .7
3.2
-0.6
4.2
0.0
1 .1
2.4
5.3
8.0
6.5
3.5
2.6
0.9
3.9
0.3
1.6
3.0
6.0
3.6
6.7
4.4
1.9
3.5
0.8
0.9
0.9
1.7
2.9
0.9
0.0
0.0
-1.9
-3.2
-3.5
-3.8
-3.8
1.9
3.2
5.7
4.8
7 .4
4.1
1.7
3.7
0.6
2.2
2.9
4.4
5.5
1.9
3.2
9.9
5.3
1.6
2.9
8.0
5.7
1 .6
3.2
8.0
7.2
3.7
3.0
3.0
2.1
1.3
3.7
10.6
6.4
4.4
1.7
1.6
4.5
10.0
5.4
3.8
1.5
4.2
-1 4
1.0
2.2
5.7
8.2
5.3
3.6
5.0
0.6
3.8
-0.8
3.4
-0.8
0.8
2.4
6.6
5.7
6.5
4.4
1.7
3.5
0.8
1.4
2.3
3.1
1967 . . .
196 8 . . .
5.0
-0.9
4.5
-1 .4
.1
2.2
5.6
5.7
5.8
3.5
2.1
4.6
0.8
3.5
0.6
2.6
0.4
1.8
0.8
1 .2
1.6
0.8
1.6
0.2
2.4
4.6
0.8
1970. . .
1971...
1972. . .
1973. . .
1974...
1975...
1976...
1977.. .
1978. . .
1979.. .
1980...
1981. . .
1982...
1983. . .
1984...
1985...
1986. . .
1987...
6.0
5.6
5.0
5.5
4.5
5.3
4.9
5.0
5.8
5.4
5.4
4.6
5.5
4.5
10.9
21 .4
13.9
20.3
16.0
10.5
14.5
22.8
21 .0
14.9
14.3
11.1
10.7
5.8
5.2
12.7
5.4
13.8
6.1
13.3
7.1
12.9
7.8
11 .3
9.3
11.2
9.4
10.2
9.4
11 .5
22.1
12.9
11.5
15.8
20.2
20.5
14.2
13.8
10.9
10.4
5.5
22.0
20.5
19.0
10.3
19.9
10.8
19.6
11.0
21.9
10.3
13.3
24.1
11.4
19.3
10.8
15.5
21.3
13.9
20.1
11 .6
20.7
15.2
17.0
20.0
5.0
2.5
2 0
2.3
1 .7
13.0
15.8
19.1
19.2
16.
14.0
10.0
10 .0
5.5
13.2
16.7
19.3
18.0
18.7
13.2
9.4
9.4
5.7
13.1
18.7
20.4
16.6
18.2
12.7
8.1
8.5
4.8
12.5
19.6
19.0
16.8
19.1
12.4
6.8
7.5
4.0
12.0
19.1
20.9
15.9
18.8
11.8
6.4
6.0
3.6
11 .7
22.0
21 .7
15.9
18.1
11 .7
6.8
12.1
25.1
20.5
15.6
16.7
11 .1
7 .2
12.9
24.9
20.4
15.6
14.2
11 . 5
7.7
12.9
22.6
20.5
16.0
14.7
11 . 5
8.9
1 .1
5.3
-1.9
20.8
14.5
14.1
11.0
10.7
4.1
3.0
3.9
13.1
17.1
19.6
17.9
17.7
13.3
9.2
9.3
5.3
738
JAPAN—INDEX OF CONSUMER PRICES
(1967=100)
0.0
3.1
0.3
0.9
2.5
3.3
2.8
2.7
3.5
2.7
1 .2
3.8
2 7
2,3
2.9
2 .9
4 7
1.3
3 9
-3.7
4 5
1 .5
3.8
9.5
6.3
4.2
1 .8
4.7
0.7
1 .9
2.2
3.8
11.2
15.5
22.8
20.8
14.5
14.2
10 .9
11.1
6.8
Annual
0.7
3.5
3 5
1.2
4 6
-1.7
3.9
1.9
3.0
7.4
5.5
6.5
3.2
2.5
2.6
0.6
0.3
-0.3
11.8
22.8
IV Q
AVERAGE FOR PERIOD
1 .4
2.9
2 3
4.3
1953...
1954...
1955...
1956.. .
1957...
1958...
1959. . .
1960...
1961...
1962. . .
1963. . .
1964...
196 5. . .
4.1
1 .0
III Q
US
(u)
AVERAGE FOB PERIOD
1953. . .
56.1
56.7
56.9
57.9
57.7
58.6
59.0
59.4
60.5
62.9
62.0
62.0
56.6
58.1
59.6
1955 . . .
1956...
1957 . . .
1958. . .
1959. . .
I960.. .
1961...
1962...
1963 . . .
1964. . .
1965. . .
1966 . . .
196 7. . .
1968.. .
1969...
1970...
197 1. . .
1972. . .
1973...
1974...
1975...
1976...
1977...
61 .6
61 .0
61 .7
61 .7
61 .4
62.2
62.4
61.8
61 . 7
61.7
61 .4
62.9
60.8
60.9
61.4
61.7
61.0
62.2
64.5
62.1
63.2
64.8
60.9
62.3
63.8
60.9
62.9
63.8
63 .8
65.3
67 .0
69.0
74.6
79.3
83.4
89.6
94.1
98.9
103.8
107.7
116.1
124.6
129.5
138.4
168.3
198.8
216.0
236.0
63.5
64.8
67.2
69.4
74.5
80.0
83.1
89.6
94.9
99.4
104.2
108.1
117.1
124.4
130 .1
13 9.6
174.1
198.8
217.3
237.2
63.3
64.8
67.1
69.9
75.0
65.2
67.6
70.6
75.8
64.8
67.9
69.6
76.7
64.7
67.9
70.8
76.7
64.8
67.8
71.4
77.3
65.9
68.5
71.9
76.1
65.6
68.5
72.2
75.7
66.4
68.1
74.0
76.9
66.4
68.2
74.3
78.0
61.8
62.1
63.9
64.1
64.9
67.8
70.3
76 . 4
61.1
61.6
64.5
64.5
65.4
68.3
7 1.8
76 .4
62.3
61 . 8
61 .3
62.8
64.1
65.8
66.4
68.3
74.0
77.3
59.1
62.4
61 .4
62.0
63.9
64.5
65.4
67.9
71.4
76 .2
84.0
90.9
95.3
99.8
104.7
109.2
118.4
124.3
131 .0
142.8
175.1
200.8
218.1
238.7
1979. . .
1980...
1981 . . .
1982.. .
1983. . .
1984...
1985...
1986...
1987 . . .
253.9
271.3
291 .1
300 .7
306.6
312.3
253 .1
273.3
255.1
275.0
85.4
92.7
96.9
99.8
04.9
10.5
19.3
26.2
32.1
45.2
80.0
204.5
223.5
242. )
252.
258. j
.80.
85.5
91.4
95.6
98.6
105.4
110.3
117.9
126.1
132.9
147.8
180.5
205.1
224.1
244.9
253.5
261.3
282.6
85.6
91 .4
96.3
98.1
103 .9
110.3
117.3
127 .3
132.9
148.3
181.3
204.9
224.5
2 43.6
252.1
261 .5
284.0
85.5
90.9
96.4
98.0
104.5
112.8
117.8
126.7
133.0
149.5
185.2
205.3
225.7
243.0
253.1
263.8
284.0
85.6
91.1
95.7
98.6
104.4
112.8
118.4
125.7
134.0
150.8
187.0
204.9
223.9
243.0
253.3
261.1
283.2
86 .1
92.7
96.8
101.1
108.5
114.2
121.5
130.9
135.4
154.7
189.9
209.5
229.8
247.3
256.4
264.4
288.3
85.7
91 . 6
96.3
99.2
105.8
113.3
119.2
127.8
134.1
151.7
187.4
206.6
226.5
244.4
254.3
263.1
285.2
87.3
93 .4
97.2
102.7
107.5
114.0
123.9
129.3
135.9
156.4
195.5
212 .2
232.
246.5
254.9
267.6
288.8
85.5
91 .7
96.1
100 .0
105.6
111 .5
119.6
127 .1
133.2
148.9
184.0
205.8
224.9
243.0
252.3
261.3
282.4
502 . 9
308. >
115. 3
303.8
312.0
318.2
303.8
309.7
315.6
301.5
308.3
316.2
303.8
307.4
313.4
309.1
311 .4
318.5
87.0
93.3
97.5
103.0
107.2
114.2
124.2
129.4
136.8
160.0
196.5
211.7
233.7
245.1
253.7
268.3
288.3
299.8
306.0
311.4
319.6
85.5
91.8
96.3
98.8
104.7
110.4
118.2
126.5
132.6
147.
180.6
204.8
224.0
243.7
252.6
260.5
282.2
300 .4
307.5
315.1
87.1
92.9
96.8
102.5
107.7
113.8
123.4
129.4
135.4
155.6
195.7
211.9
231.3
245.7
254.1
266.7
289.4
299.8
306.6
312.2
319.0
83.5
90 .0
94.8
9 9.4
104.2
108.3
117.2
124.4
130.2
140.3
172.5
199.5
217.1
237.3
247 .5
254.0
273 .2
299.8
305.5
314.2
66.4
68.5
73.8
77.0
83.4
87 .8
93.9
97 .4
102.5
107 .5
114.0
124.0
130.6
135.6
153.6
194.4
213.0
231 .3
248.6
256.8
267.7
288.8
300.7
310 .0
314.2
321 .0
61 .6
61 .6
63.0
63.5
65.0
67.1
69.4
74.7
300 .3
306.5
313.9
303.5
310.1
316.6
304. 8
309.C
316.C
307 .5
312 .6
319.9
304.0
309.6
316.6
325.8
324.4
323.5
324.7
326.9
325.2
324.4
323.8
325.4
325.7
324.1
323.5
324.6
325.6
324.5
324.4
324.8
1953...
8.9
8.9
13.9
13.3
12.8
15.4
19.3
16.6
12.2
9.7
8.9
6.0
10.6
13.8
16.0
8.2
12.2
1955...
1956...
1957 . . .
1958...
1959. . .
1960...
1961 . . .
-1.0
0.7
3.2
-1 .2
-2.1
4.6
-0.3
2.0
5 .2
- ) .3
- 2 .7
+ .3
0.7
5.6
3 .2
2.5
-3.0
3.3
-1.0
1.3
4.5
1.9
-0.3
3.0
-0.3
0.0
5.5
2.8
2.2
3.0
- 1 .0
-0.6
4.2
3.8
2.2
4.5
-2.2
2.6
2.2
6.7
2.5
2.1
-1.9
2.3
-0.3
6.0
5.0
1.2
-1.3
1 .0
-0.6
2.5
6 .6
2.1
12.0
-0.7
6.3
-2.8
2.8
5.9
3.0
8.9
0.7
3. 9
-2 . 3
1 .2
5. 2
3. 5
1 J
4.3
3.2
-2.8
0.9
4.6
3.5
6.7
-0.2
2.8
3.9
0.3
-2.6
4.1
-0.8
0.2
4.7
2.8
1.4
3.5
-1.8
2.0
0.4
5.1
4.7
1.8
1 .4
4.5
-2 .8
1.6
5.2
3 .3
-0.3
2.4
1 .6
2.5
2.2
3 .-2
8. 1
1963...
1964. . .
1965. . .
196 6 . . .
1967 . . .
1968. . .
1969...
1970...
1971 . . .
1972...
1973. . .
1974...
1975...
197 6
1977...
1978...
197 9
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
11.5
3.1
9.8
5.0
4.0
4.0
5.1
9.4
1 2.8
2.9
1 .9
+ .3
3 .1
5.7
13.2
5.1
9.4
6.3
1 .8
2.9
7.2
6.6
6.1
4.5
7.8
5.7
7 .0
5.8
7.2
4.0
6.2
5.3
1 .0
9.0
12.5
3.7
1.6
3.3
3.5
7.8
6.4
5.9
8.5
4.0
8.6
5.3
3.1
10.0
4.0
2. )
7. >
0.2
3.5
4.7
5.1
2.5
9.3
5.2
8.2
4.4
6.4
0.9
8.4
7.0
5.3
5.5
1.8
4.9
11.0
4.5
3.
6.0
4.8
2.8
8.1
5.0
6.3
9.8
0.2
8.4
4.9
4.2
8.2
3 .1
5.9
8.2
6.0
6 .3
6 .0
4.4
5 .2
4.3
7 .2
7 .5
1.5
13.5
35.2
9.6
9 1
9.3
2.8
I 1
10.2
5.0
2.7
0.7
2.7
2.2
-0.6
4.0
16.7
31 .0
6.8
9 1
9.2
3.9
3 2
9.9
3.4
1.1
2.1
2.4
1.3
-0 .2
6.5
17.3
18.3
7.7
8.9
5.8
5.0
6.3
8.3
3.2
2.7
1.3
1.1
1.4
0.1
6.1
14.9
19.8
9.0
9.0
3.8
3.4
7.1
5.8
3.4
3.2
2.0
2.4
2.1
-0.6
9.2
28.9
13.1
10.3
10.0
3.0
0.5
6.3
19.2
20.5
8.7
(ANNUAL RATE, PERC1: N T )
7.3
4.4
3.8
5.2
8.3
9.7
11 .3
10.6
8.9
5.0
5.2
3 .0
4.2
5.9
7.8
5.1
16.3
26 .2
6.8
6.0
17.0
20.9
7.3
6.9
17.7
16.8
7.8
6.5
17.1
17.1
8.0
6.2
13.4
18.1
9.5
5.5
13.4
21.1
9.3
6.7
18.0
20.1
8.1
7.9
26.5
15.0
10.3
7.0
3.7
4 0
9.6
4.7
1.1
1 .2
1.5
1 .4
-0.6
5.7
5.4
6.0
5.7
5.7
3.8
5.5
3.8
3.1
3.0
2.8
3.4
3.0
1 .2
9.2
3.2
0.5
1.1
2.5
1.6
-0.6
8.0
3.3
3.3
1.9
-0.1
1.7
0.4
7 .8
3.2
4.2
1 .0
0.8
0.9
0.4
5.4
3.2
3.3
2.0
1.6
2.2
-1.0
7.0
3.6
3.3
1.6
1.9
2.4
-0.3
4.9
3.3
2 .9
2.3
3.8
1 .7
-0.5
5.5
3.1
3 .4
2.6
3.2
1.1
-2.0
7.9
31.8
11.7
11.1
11.2
2.5
-0.5
9.2
4.8
2.8
0.5
4.0
3.0
1.9
-2.2
11 .7
28.5
12.5
9.4
9.6
3.5
0.8
10 . 4
4.8
2.2
0.5
3.8
2.5
1.0
-0.2
3.5
15.5
30.8
7.7
9.7
8.5
3.5
3.0
9.9
4.4
1.6
1 .3
2.2
1.6
-0.5
NOTE: These series contain no revisions but are reprinted for the convenience of the user. Percent changes are centered on the
4th month of the span. Annual figures are averages of the centered changes.
5.0
2 .7
1.5
3.5
2.9
1.3
-1 .5
5.3
3.1
6.3
7.3
3.4
2.2
2.0
2 .2
1.6
-0.6
(MAY 1987)
105
G. Experimental Data and Analyses
III 1 1 T I T I T ] I IT J T T I J 1 1 1 J TTT j 1 1 1 J 1 1 1 III T T T T T T T T
T T T T
Foreign currency per U.S. dollar
Year
and
month
Japan
West
Germany
France
United
Kingdom
(Yen)
(D. mark)
(Franc)
(Pound)
199.89
184.85
178.69
175.09
167.03
167.54
158.61
154.18
154.73
156.47
162.85
162.05
2.4384
2.3317
2.2752
2.2732
2.2277
2.2337
2.1517
2.0621
2.0415
2.0054
2.0243
l.S
7.4821
1575
9964
2060
0967
1208
9323
6.7215
6.6835
6.5628
6.6206
6.5296
0.7020
0.6994
0.6815
0.6673
0.6574
0.6629
0.6635
0.6729
0.6804
0.7011
0.7023
0.6948
154.83
153.41
151.43
143.00
2
139.70
1.8596
1.8239
1.8355
1.8125
2
1.7809
6.2007
6.0760
6.1091
6.0332
2
5.9529
Foreign currency per U.S. dollar—
1
I
Japan (yen)
0.6643
0.6545
0.6280
0.6135
2
0.5963
\r
300
260
/V
1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.
Ratio scale
220
v
West Germany (d. mark)
v
r>
180
\
A\
140
3.2
2.8
2.4
2.0
1987
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..
1.6
A
France (franc)
10
9
8
7
r
6
5
0.9
0.8
Foreign currency per U.S. dollar
Italy
Canada
(Lira)
Year
and
month
Exchange value
of the U.S.
dollar1
(Dollar)
(March 1973=100)
United Kingdom (pound)
\
,663.14
,588.21
,548.43
,559.45
,528.50
,533.10
1,478.31
1,420.33
1,410.23
1,387.67
1,401.08
1,379.44
4070
4043
4009
3879
3757
3899
3808
3885
1.3872
1.3885
1.3863
1.3801
123.65
118.77
116.05
115.67
113.27
113.77
110.38
107.50
107.15
106.58
107.90
106.54
2000
1800
1600
1,317.17
1,297.74
1,305.90
1,292.96
2
1,285.52
1.3605
1.3340
1.3194
1.3183
2
1.3405
V
Italy (lira)
r
r
1987
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
101.13
99.46
98.99
97.09
2
95.66
1000
800
1.6
Canada (dollar)
1.4
1.2
75
76
77
III
78
79
80
1.0
160
AV
140
120
\
v^\^/V
III III
1400
1200
Exchange value of the U.S. dollar
(index: March 1973 = 100)
74
III II III III III III III
81
82
83
84
85
86
87
x
This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).
2
Average for May 1 through 22.
Source: Board of Governors of the Federal Reserve System.
106
0.6
0.5
1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..
0.7
100
60
G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)
LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). .
8. Mfrs.1 new orders in 1982 dollars, consumer
goods and materials industries (bil. do!.).
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . .
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). .
36. Change in inventories on hand and on order in
1982 dol., smoothed2 (ann. rate, bil. dol.)
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1982 dollars
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
910. Composite index of leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. d o l . ) . . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101.
Commercial and industrial loans outstanding
in 1982 dollars ( m i l . dol.)
Ratio, consumer installment credit
outstanding to personal income (percent). .
Composite index of lagging indicators 3
(index: 1967=100)
.
95.
930.
Feb.
1987
Jan.
1987
Net contribution to index
Mar.
1987
Jan.
to
Feb.
1987
Apr.
1987
Feb.
to
Mar.
1987
Mar.
to
Apr.
1987
41 .0
r41.3
r41.0
p40.5
0.25
-0.25
-0.50
359
361
341
324
-0.02
0.17
0.19
80.58
r84.71
r85.72
p83.76
0.27
0.06
-0.15
55
52
55
57
-0.13
0.13
0.11
32.47
r33.16
r34.49
p34.44
0.05
0.09
0.00
rl31.7
rl33.7
rl37.1
127.4
0.05
0.08
-0.29
rO.90
rll.84
p23.72
0.29
0.31
1.13
0.34
-0.11
-0.10
-0.34
-0.19
0.01
264.51
280.93
292.47
289.32
0.41
0.27
-0.09
r2,445.4
r2,434.9
r2,428.2
p2,429.0
-0.15
-0.10
0.01
-0.47
0.05
NA
r8.0
r-0.2
p0.7
NA
NA
NA
rl85.6
rl86.3
rl87.7
pl86.6
0.38
0.75
-0.59
101,626
rlOl,854
rl02,009
plO2,325
0.19
0.13
0.33
r2,596.7
r2,627.2
r2,621.2
p2,613.5
0.58
-0.11
-0.19
126.5
127.1
rl26.8
pl26.3
0.13
-0.07
-0.14
r418,765
r435,137
p435,697
NA
0.85
0.03
rl64.8
r l 6 7 .4
rl67.0
pl66.7
1.58
-0.24
-0.18
15.0
14.6
14.9
14.9
0.20
-0.15
0.00
1.54
1.49
pi.49
-0.66
0.00
r78.4
r77.8
r77.5
p77.4
-0.22
-0.11
-0.05
7.50
7.50
7.50
7.7 5
0.00
0.00
0.26
r361,324
r356,168
r352,858
p350,861
-0.38
-0.25
-0.22
16.28
rl6.10
pl6.07
NA
-0.69
-0.12
rl34.1
rl31.7
r l 3 1 .0
pl31 .0
-1 .79
-0.53
NA
NA
NA
NA
0.00
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, p r e l i m i
nary, r, revised, e, estimated.
r
This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor
for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.
2
17
0
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
|iiiii|iiiii|iiiii|iiiii|iiiii|iiiii|iiiii|iiiii|iiiii|iini|i
CURRENT
ACTUAL
DATA
48. Employee hours in nonagricultural
establishments
u,c,c
42
43
44
D
MONTH
AND
YEAR
48. Employee hours in nonagricultural
establishments
SERIES 48
ANN. RATE
B I L . HODRS
8.5
185.76
5/86
8.3
185.45
6/86
8.5
185.90
7/86
-,+12
45
46
47
48
9.4
10.1
186.66
186.95
187.41
188.58
+10
49
50
51
52
10.1
10.5
11.5
11.1
53
10.3
188.94
9.0
9.2
Actual
data
for
current
cycle
18
188.49 12/86
189.25
1/87
190.92
2/87
190.20
3/87
Percent
Deviations
from
specific
troughs
8/86
9/86
10/86
11/86
• 192
16
• 188
+8
• 184
MONTHS
DEVIFROM ATIONS
SPEC.
FROM
TROUGH
11/82
+6
4/87
CURRENT MONTH
ACTUAL
AND
DATA
YEAR
42
43
44
45
46
47
48
13.9
14.0
14.3
15.0
186.66
186.95
187.41
188.58
8/86
9/86
10/86
11/86
49
50
51
52
15.0
15.4
16.5
16.0
188.49
189.25
190.92
190.20
12/86
1/87
2/87
3/87
53
• 176
+2
• 172
_2
•168
1 5 . 3 188.94
10
• 172
• 168
CURRENT MONTH
ACTUAL
AND
DATA
YEAR
SERIES
91
WEEKS
42
-I 0
44
14 .8
15 .2
15 . 1
6/86
7/86
10
45
46
47
48
15 .6
1 5 .5
15 .2
14 . 8
8/86
9/86
10/86
11/86
12
49
50
51
52
15
15
14
14
.0
.0
.6
.9
12/86
1/87
2/87
3/87
53
D
14 .9
4/87
43
—I 8
91. Average duration of unemployment
(inverted)
1 L gt Lg t Lg 1
Actual
•
15 .2
15 . 1
-6
-5.7
-6.0
-6.4
15 .6
15 .5
15 . 2
14 . 8
41
42
43
44
-6.2
-6.2
-6.6
-6.3
15 . 0
15 . 0
14 . 6
14 .9
12/86
1/87
2/87
3/87
45
-6.3
37
38
39
40
22
-6.4
-6.0
-6.1
-5.6
14 . 8
• 19
• 21
8/86
4/87
0 + 6 +12+18+24+30+36+42+48+54
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the January 1987 issue.
108
-2
9/86
10/86
11/86
34
35
36
20
• 15
• 17
5/86
6/86
7/86
18
-6
-8
SERIES
91
WEEKS
16
Imn Mini luinMimliniiliii II liiiiiliini Imn liiiiiliinil
^164
5/86
MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
FROM
ACTUAL
SPEC.
DATA
YEAR
TROUGH
7/83
-I
• 180
• 176
Actual
data
• 184
4/87
MONTHS
FROM
REF.
TROUGH
• 164
91. Average duration of unemployment
(inverted)
12
SERIES 48
ANN. RATE
BIL. HOURS
13.3
185.76
5/86
13.1
185.45
6/86
13.4
185.90
7/86
• 180
+4
• 188
14
+2
6/72
—' +4
mil ninlimiliiiiiliiiiiliiiiiliiiiiliitiiliiiiiliin
6
0 + 6 +12+18+24+30+36+42+48
Months from specific troughs
• 23
• 25
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
njn
imiiiim
23.
MUlllilll
Spot market prices, raw industrials
Deviations
from
reference
peaks
1
U.L.L
Actual
data
for
current
cycle
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
YEAR
DATA
U,L,L
SERIES
23 1
1967=100
43
44
+ 90
•
550
+ 80
•
500
+ 70
+ 60
•
•
•
350
300
0
-10
•
250
-20
101.
49
50
51
52
-13.6
-11.8
-13.7
-14.1
247.5
252.8
247.2
246.3
12/86
1/87
2/87
3/87
-11 .4
-5.9
253.8
269.7
4/87
5/87
+ 120
# 4 7 5
+ 100
•
200
-
+90
-
•
425
+60
-
450
+70
-
•
+80
+50
+40
SERIES 2 3 1
1967=100
• 400
-1.1
0.1
-6.8
225.0
6/86
227.6
7/86
212.0 8/86
45
46
47
48
-2.7
3.6
7.2
8.8
221.2 9/86
235.5 10/86
243.7 11/86
247.5 12/86
49
50
51
52
11.2
8.7
8.3
11.6
252.8
247.2
246.3
253.8
53
18.6
269.7
•
350
•
5/87
375
•
1/87
2/87
3/87
4/87
325
• 300
+ 30
+ 20
DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
REF.
FROM
ACTUAL
YEAR
DATA
TROUGH
7/81
+ 10
©250
0
*225
SERIES 1 0 1
M I L . DOL.
Commercial and industrial loans
101. Commercial and industrial loans
outstanding in 1982 dollars
• 500
+ 110
MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
SPEC.
FROM
ACTUAL
YEAR
DATA
TROUGH
12/82
42
43
44
+ 10
-30
212.0 8/86
221.2 9/86
235.5 10/86
243.7 11/86
400
+ 30
\
-26.0
-22.8
-17.8
-15.0
Actual
data
for
current
cycle
6/86
7/86
-
450
+ 50
+ 20
45
46
47
48
I
-
•
+ 40
225.0
227 . 6
53
54
+ 100
-21.5
-20.6
Deviations
from
specific
troughs
3. Spot market prices, raw industrials
+ 60
Lg,Lg,Lg I
5/86
6/86
7/86
42
43
44
Percent
•
360.000
•
340.000
•
320.000
+ 50
46.6
45.8
46.8
340011
338149
340537
45
46
47
48
48.7
47.7
48.2
48.9
344890
342685
343820
345448
8/86
9/86
10/86
11/86
49
50
51
52
5 2 . 6 354008
5 5 . 8 361324
5 3 . 5 356168
5 2 . 1 352858
12/86
1/87
2/87
3/87
53
5 1 . 2 350861
4/87
-10
outstanding in 1982 dollars
Lg,Lg,Lg I
+ 50
+30
•
300.000
+ 20
•
280.000
•
260.000
•
240.000
•
10/83
*
32.7
32.0
340011
338149
r o u
• 330.000
+ 20
SERIES 1 0 1
M I L . DOL.
31
32
350.000
+ 40
DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
ACTUAL
SPEC.
FROM
YEAR
10/83
DATA
TROUGH
+10
370.000
•
+ 40
5/86
6/86
•^0.000
•
290.000
+ 10
•
220.000
•
200.000
•
180.000
-10
1975
niiiliiiiiliiiiiliiiiiliiiiiliiiiiliimliiiiilniiiliinilniii
-6
0 + 6 +12+18+24+30+36+42+48+54
-20
33
34
35
36
32.9
34.6
33.8
34.2
340537
344890
342685
343820
7/86
8/86
9/86
10/86
37
38
39
40
34.8
38.2
41.0
39.0
345448
354008
361324
356168
11/86
12/86
1/87
2/87
41
42
3 7 . 7 352858
3 7 . 0 350861
3/87
4/87
Months from reference troughs
• 270.000
•
250,000
-10
-6
ll]lllllllllllllllllllllllllllllllllllllllll)lllll
0 + 6 +12+18 + 24+30+36+42+48
Months from specific troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the January 1987 issue.
1
This is a copyrighted series used by permission; it may not be reproduced without permission from Commodity Research Bureau, Inc.
109
ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars..
Plant and equipment expenditures, current dollars....
Plant and equipment expenditures, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
Profits, manufacturing and trade, Dl.
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
Current issue
(Page numbers)
number
Charts
Tables
(issue date)
Series
description
(*)
64
0
56
92
12/85
56
58
974
975
971
100
61
970
22
38
38
38
24
24
38
38
38
38
38
38
6
5
11/85
12/85
12/85
12/85
11/86
11/86
11/86
12/85
12/85
12/85
12/85
12/85
20
37
37
37
96
7
978
977
972
973
616
5
5
56
22
76
76
76
67
67
76
76
76
76
76
76
92
65
12/85
10/86
23
23
37
37
37
37
37
56
39
B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve..
Bonds—See Interest rates.
Borrowing—See Credit.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures—See Investment, capital.
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving
Canada—See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
Capital investment—See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars.
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coinciders, 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
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items
Food
93
94
33
33
29
76
13,25
14
12
13
3
3
2
3
2
3
101
7
2
112
25
9
2
4
15,35
35
32
46
72
72
1/87
1/87
35
35
6
7
67
6/86
12/86
24
12
72
65
65
12/85
6/86
6/86
34
21
21
73
73
71
82
5/87
5/87
5/87
12/86
32
32
32
26
82
84
2
0
2
0
64
64
12/86
12/86
14
14
97
1
1
965
333
2
4
2
4
3
7
66
66
48
12/86
12/86
10/86
3/87
22
22
22
51
914
35
34
1
1
29
29
60
1/86
10/86
10/86
5
26
26
442
90
5
1
89
62
8
9
2/87
2/87
2/87
2/87
9
9
9
9
5
"5
5
21
7
5
8
6
70
70
37
17
51
18,51
920
920c
951
940
9
10
39
36
11
23
60
74'
60
66
1/87
1/87
1/86
1/86
10/85
101
72
112
15,35
35
32
73
73
7
1
5/87
5/87
5/87
32
32
32
345
280
49
45
87
82
10/86
11/86
46
46
64
30,47
70,83
10/86
46
41
4
62,89
346
4
9
88
10/86
4
6
30
4
4
9
8
7
8/86
5
31
4
38
4
39
4
4
9
5
0
8
7
88
88
8/86
9/85
9/85
5
5
3
5
3
50
3/87
90
2
1
0
6
0
920c
39
1
1
60'
90
4
90
3
930c
94
1
95
1
97
1
96
1
90
1
910c
1/87
1/87
1/86
5
'5
10
39
6
0
1/87
1/87
5
1
1
60
60
60
1/86
1/86
1/86
1/86
4/87
4/87
5
5
5
5
5
1
1
1
1
1
1
1
0
3
9
60
60
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
Series
number
Current issue
numbers)
Charts
Tables
(page
Historical
data
(issue date)
Series
description
()
*
6/86
29
13,25
9
6
9
2
3
2
4
6
6
6
7
10/85
5/87
21
17
8
6
28
4
8
7
8
9
29
4
2
8
34
3
8
7
5
2
5
47
2
5
2
5
4
7
2
5
48
6
7
8
3
6
7
6
7
8
3
6
7
8
6
6
4
6
5
10/86
11/86
10/86
10/86
11/86
3/87
3/87
4/87
12/86
40
40
40
40
40
24
51
15
12
7
3
7
2
7
3
7
2
5/87
5/87
5/87
1/87
33
33
33
34
12,21
2
2
3
5
3
2
6
6
13
1
9
5
3
9
15,35
30
2
32
2
5
8
4
9
4
9
2
2
84,95
84
6
5
4/87
4/87
11/85
49
49
20
55
2
5
3
9
0
12/85
55
2
0
12,23
6
6
4/87
21
1
0
16
1
2
3
3
4
6
6
7
3
4/87
2/87
21
35
11
0
15,35
72
112
3
5
3
2
7
3
7
3
7
1
5/87
5/87
5/87
32
32
32
66
113
95
39
111
33
15,35
33
13,32
32
7
3
7
2
7
3
7
2
7
2
5/87
5/87
5/87
1/87
5/87
9/86
33
33
33
34
31
31
5/87
3/87
51
50
3
3
110
10/86
3
5
32
71
28
69
48
8
5
57
1
53
4
50
8
58
7
57
7
55
2
5
3
5
3
5
4
5
5
5
5
5
3
90
90
91
91
91
90
11/85
12/85
12/85
5/86
10/85
12/85
55
55
56
56
56
55
59
5
58
4
5
4
5
3
91
588
561
54
7/85
5/87
7/85
7/85
8/86
10/86
10/86
17
15
17
15
5
43
43
98
331
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
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagncultural payrolls
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Plant and equipment expenditures
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices.
Raw industrials, spot market prices, components
Sales, manufacturing and trade.
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade...
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components
Disposable personal income—See income.
557
12/86
9
0
50
7
54
6
5
4
5
5
5
5
565
55
91
91
91
91
91
39
32
33
12,21
72
64
1/87
1/86
34
17
95
6
91
5
94
7
93
6
96
6
3
7
3
6
38
3
6
3
7
75
74
10/86
1/86
12/85
9/86
12/86
22
5
37
5
12
92
6
95
7
92
5
90
5
94
6
3
6
3
8
3
6
3
6
3
7
12/86
12/85
1/86
1/86
2/87
37
5
5
15
91
7
90
7
90
6
92
7
97
6
38
3
8
37
38
3
7
12/85
11/86
12/85
12/85
1/86
37'
23
37
37
25
93
7
96
7
98
7
97
7
98
6
91
6
38
38
3
8
38
3
7
12/85
12/85
12/85
12/85
2/87
8/86
37
37
37
37
25
5
36
7
6
7
4
7
5
7
8
7
4
7
6
7
4
7
4
7
5
7
7
7
6
7
6
7
5
7
6
7
5
7
9
7
6
7
6
7
6
7
6
7
5
7
4
7
7
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagncultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagncultural payrolls
Employees on private 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, Dl....
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age..
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagncultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, D!
Equipment—See Investment, capital.
Exports—See International transactions.
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from..
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves
Goods output in constant dollars
Government budget
Federal expenditures
•
Federal receipts.
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP.
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP. current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.
Series
number
Current issue
numbers)
Charts
Tables
(page
41
4
58
7
57
7
5
1
5
5
5
5
4c
8
48
40
94
7
4
1
93
6
42
4
50
7
9
0
4
6
6
0
5
92
6
2
1
43
5
42
5
41
5
48
4
42
46
4
45
4
47
4
44
4
9
1
3
7
44
4
5
4
3
1
3
9
1
7
1
7
38
14,17
3
6
5
1
5
5
1
7
1
6
1
6
12,16
3
6
1
6
5
1
5
1
5
1
5
1
1
7
5
1
5
1
5
1
5
1
15,18
18,51
1
8
1
8
1
8
12,16
91
6
3
6
119
3
3
40
1
1
6l'
62
7
6
6
2
7
4
8
9
9
1
6
2
6
1
6
1
6
1
7
4
6
1
8
9
8
9
8
9
8
9
6
2
8
9
8
9
8
9
8
9
6
2
62,89
6
2
6
2
62
6
1
7
7
7
4
Series
description
(*)
2/87
5/86
10/85
9
5
6
5
6
9/86
9/86
8/86
12/85
8/86
9/86
2/87
8/86
2/87
4/86
2/87
12/86
12/86
8/86
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
8/86
5
5
3
7
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
8/86
"5
3/87
34
9
4
23
1
97
1
8
9
9
1
9
1
Historical
data
(issue date)
7
2
80
6
0
1/87
10/86
1/86
3
5
3
8
5
10/86
311
1/87
10/86
52
0
51
0
50
0
52
1
51
1
50
1
28
9
5
2
5
2
5
2
5
2
5
2
5
2
4
6
9
0
9
0
90
9
0
9
0
90
8
3
10/86
10/86
10/86
10/86
10/86
10/86
12/86
5
3
5
3
5
3
5
3
5
3
5
3
48
23
6
22
6
25
6
54
6
55
6
27
6
26
6
28
6
21
6
20
6
4
3
4
3
4
7
5
5
5
5
4
3
4
3
4
7
4
3
4
3
8
1
8
1
8
3
9
1
9
1
8
1
8
1
8
3
8
1
8
1
11/86
11/86
11/86
10/86
10/86
11/86
11/86
11/86
11/86
11/86
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
31
1
6
8
48
30
8
4
7
0
10/86
10/86
4
9
2
8
5
0
5b
0
5c
0
20
0
200b
200c
17
0
4
9
30
1
27
1
19,40
3
1
2
0
48
40
63,80
8
0
80
8
0
80
8
0
7
1
6
3
84
80
10/86
10/86
10/86
10/86
10/86
10/86
8/86
10/86
10/86
10/86
3
8
3
8
3
8
3
8
3
8
3
8
3
0
1
4
3
8
38
4
6
6
0
1
6
1
6
6
1
6
1
4/86
2/87
9
9
1
12,16
8/86
5
91
6
2
1
3
6
1
6
6
1
7
7
7
4
6
1
8/86
8/86
5
5
3
9
40
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
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
C u r r e n t issue
(page
numbers
Historical
data
issue date)
Series
description
()
*
Series
number
Charts
)
Tables
28
29
89
249
25
13,25
25
47
67
67
67
83
3/87
6/86
10/86
11/86
310
48
84
10/86
345
280
49
45
87
82
10/86
11/86
46
46
64
30,47
70,83
10/86
46
46
33
26
26
11
11
2
4
2
4
40
40
I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
:
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
346
95
286
49
15,35
45
88
73
82
10/86
5/87
12/86
287
225
224
47
40
40
83
80
80
12/86
10/86
10/86
227
40
80
10/86
340
49
87
341
652
651
288
289
220
52
223
49
57
57
45
47
45
19
40
87
93
93
82
83
82
63
63
8/86
8/86
8/86
12/86
12/86
10/86
9/86
9/86
5
5
7
5
7
4
7
4
7
4
6
1
1
1
1
51c
51
108
282
39
14,19
31
45
63
71
82
9/86
9/86
4/87
11/86
1
1
3
0
4
7
283
284
47
45
83
82
11/86
11/86
4
7
4
7
285
348
349
47
50
50
83
88
88
11/86
9/85
9/85
4
7
5
3
5
3
53
13
335
19
23
48
63
65
85
3/87
6/86
3/87
1
1
2
1
5
1
76
75
557
73
74
47
24
22
54
20
20
14,20,58
12/86
12/86
12/86
12/86
12/86
12/86
1
2
1
2
1
3
1
2
1
2
1
2
37
39
12/86
12/86
1
2
966
47c
67
65
91
63
63
63,94
78
75
....
967
23
37
28
79
75
69
1/86
1/86
2
5
2
5
5
962
45
288
289
12,16
36
18
45
47
61
74
62
82
83
12/86
12/86
3/87
12/86
12/86
8
8
8
4
7
4
7
67
116
119
118
117
109
114
115
332
35
34
34
34
34
35
34
34
48
73
73
72
73
73
73
72
73
86
12/86
2/87
3/87
3/87
3/87
1/87
2/87
2/87
3/87
3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
5
0
733
736
737
738
732
320
735
59
59
59
59
59
49
59
96
95
96
95
95
84,95
95
5/87
5/87
5/87
5/87
5/87
4/87
5/87
6
0
6
1
6
1
6
1
6
0
4
9
6
1
723
726
727
728
721
722
47
725
58
58
58
58
58
58
14,20,58
58
94
94
94
94
94
94
63,94
94
12/86
10/85
9/86
10/85
10/85
10/85
12/86
10/85
5
9
5
9
5
9
5
9
5
8
5
8
1
2
5
9
See notes at end of index.
111
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP.
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade
Manufacturing and trade, change
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manufacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
Italy—See International comparisons.
Series
number
Current issue
(Page numbers)
Charts
Tables
Historical
data
(issue date)
Series
description
(*)
73
4
76
4
77
4
78
4
72
4
1
9
75
4
5
9
5
9
5
9
5
9
5
9
5
9
5
9
9
6
9
6
9
6
9
6
9
6
9
6
9
6
11/85
11/85
11/85
11/85
11/85
11/85
11/85
6
3
6
3
6
3
6
3
6
3
2
5
6
3
67
6
62
2
62
0
68
1
64
0
26
5
22
5
68
6
66
0
62
1
60
2
66
1
69
6
27
5
23
5
64
1
62
5
61
5
5
7
5
7
5
6
5
7
5
6
4
4
44
5
7
5
6
5
6
5
7
5
6
5
7
4
4
44
5
6
5
7
5
7
9
3
9
3
9
2
9
3
9
2
8
2
8
2
9
3
9
2
9
2
9
3
9
2
9
3
82
8
2
9
2
9
3
9
3
8/86
8/86
12/85
8/86
12/85
11/86
11/86
8/86
12/85
12/85
8/86
12/85
8/86
11/86
11/86
12/85
8/86
8/86
5
7
5
7
5
6
5
7
5
6
4
4
4
4
5
7
5
6
5
6
5
7
5
6
5
7
44
44
5
6
5
7
5
7
25
5
4
4
8
2
11/86
4
4
20
5
21
5
4
4
4
7
8
2
8
3
11/86
11/86
4
4
44
3
0
25
4
27
4
59
5
6
5
7
7
95
1
7
1
3
1
7
0
95
7
26,42
4
2
4
7
5
4
2
7
15,27
1
1
2
7
2
6
2
7
3
8
68,81
8
1
8
3
9
1
6
8
6
8
6
0
68
6
8
68
7
6
9/86
11/86
11/86
7/85
5/87
11/86
1/86
10/85
1/87
11/86
12/85
4
0
40
40
1
7
1
7
1
7
5
1
7
1
7
1
7
3
7
3
6
13,26
6
8
9/86
1
7
7
8
2
7
6
8
5/87
1
7
3
8
2
6
68
5/87
1
7
9
7
1
1
95
6
94
1
9
2
4
24
3
7
1
1
2
3
6
6
6
6
7
5
60
6
6
12/86
12/86
10/86
1/86
10/85
2
2
22
2
2
5
2
1
5/87
23
4
22
4
8
6
28
4
42
4
2
2
5
4
7
8
1
8
1
6
7
8
3
11/86
11/86
10/86
11/86
40
40
40
40
88
8
7
8
9
29
4
21
4
20
4
2
5
2
5
2
5
4
7
4
2
4
2
6
7
6
7
6
7
8
3
8
1
8
1
10/86
10/86
10/86
11/86
11/86
11/86
40
40
4
0
4
0
4
0
4
0
2
7
2
3
6
6
4/87
1
5
2
4
2
3
6
6
4/87
1
5
2
0
1
0
10
0
6
1
90
7
12,23
2
3
2
4
2
4
3
8
6
6
6
6
6
7
6
7
7
6
4/87
4/87
11/86
11/86
11/86
2
1
2
1
62
5
61
5
5
7
5
7
9
3
9
3
8/86
8/86
5
7
5
7
2
3
2
3
Japan—See International comparisons.
Labor cost per unit of gross domestic product...
Labor cost per unit of output, business sector...
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit of, nonfarm business..
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.
112
68
63
30
30
70
70
10/86
8/86
28
28
62
62
26
30
15
29
70
70
70
9/86
9/86
8/86
28
28
28
930
930c
952
10
39
36
60
1/87
1/87
1/86
5
74
5
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.
number
Charts
Tables
910
910c
950
14
104
10
39
36
33
31
60
2
6
2
0
12,21
68
64
6
4
5/87
12/86
4/87
14
0
15
0
8
5
16
0
12
0
17
0
18
0
3
3
18
1
17
1
3
1
3
1
3
1
13,31
3
1
3
1
3
1
3
2
3
4
3
4
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
3
4/87
4/87
4/87
4/87
4/87
8/86
4/87
9/86
3/87
3/87
2
9
2
9
2
9
3
0
2
9
3
0
3
0
3
1
3
5
3
5
2
7
2
4
8
2
3
2
3
12,21
6
6
6
6
6
4
4/87
4/87
4/87
1
5
1
5
1
5
2
0
12,23
6
6
4/87
2
1
1
0
58
4
7
6
2
3
5
3
2
1
2
1
4/87
5/87
4/87
4/87
2
1
1
5
1
5
1
5
94
6
91
7
37'
38
6
6
9
0
64
64
7
7
7
5
7
6
2/87
12/85
1
5
3
7
8
8
8
7
8
6
28
4
2
5
2
5
2
5
4
7
6
7
6
7
6
7
8
3
10/86
10/86
10/86
11/86
4
0
40
4
0
40
57
1
53
4
71
2
5
3
5
3
5
8
90
90
9
4
11/85
12/85
10/85
5
5
5
5
5
8
74
72
71
(issue date)
4/87
4/87
1/86
12/85
4/87
(*)
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 M l
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields
5/87
1
7
1
4
1
5
1/86
N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars..
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend.
Per hour, business sector.
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing
Participation rates, civilian labor force
Both sexes 16-19 years of age
Females 20 years and over
Males 20 years and over...
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars.
Services, current dollars...
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income.
Personal saving
Personal saving rate
Petroleum and petroleum products, imports
50
8
12/85
10/86
6
2
62
30
7
38
5
8
2
8
4
2
1
3
0
1
5
50
5
0
2
0
2
0
1
6
7
0
7
0
88
88
64
64
6
1
9/86
9/86
10/86
10/86
12/86
12/86
8/86
2
8
28
5
2
5
2
1
4
1
4
5
43
5
42
5
41
5
5
1
5
1
5
1
8
9
8
9
8
9
2/87
2/87
2/87
9
9
9
5
5
23
3
22
3
28
3
26
3
29
3
27
3
21
3
20
3
25
3
2
2
4
1
4
1
4
1
4
1
4
1
4
1
4
1
4
1
4
7
6
5
80
80
8
1
8
1
8
1
8
1
80
80
8
3
10/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
22
9
23
9
64
1
4
6
4
6
5
6
82
8
3
92
12/86
12/86
12/85
48
48
5
6
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods.
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl.
Price to unit labor cost, nonfarm business.
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and 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 IVA 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 CCAd|, percent
of national income
Reserves, free ....
Residential fixed investment, constant dollars..
Current issue
(Page numbers)
number Charts Tables
Series
Historical
data
(issue date)
Series
description
(*)
12,23
23
24
24
38
17
66
66
67
67
76
62
4/87
4/87
11/86
11/86
11/86
2/87
21
21
320
322
49
49
84,95
84
4/87
4/87
49
49
84
84
70
10/86
10/86
8/86
49
38
28
85
86
85
86
85
3/87
3/87
3/87
3/87
3/87
3/87
5/87
50
51
50
51
51
50
51
23'
23
9
330
333
331
334
335
332
98
48
48
48
48
48
28
967
23
37
28
79
75
69
1/86
1/86
25
25
98
99
28
13,28
69
69
5/87
5/87
51
25
19
968
26
13,28
37
29
69
75
70
11/85
2/87
25
25
28
976
978
977
525
109
38
38
38
53
35
76
76
76
90
73
12/85
12/85
12/85
12/85
1/87
37
37
37
55
35
Historical
data
(issue date)
Series
description
(•)
249
47
83
11/86
59
54
22
22
65
65
9/86
9/86
213
40
69
57
56
973
77
59
54
24
14,22
22
38
15,27
22
22
67
65
65
76
68
65
65
5/87
11/86
10/85
12/85
11/86
9/86
9/86
17
17
17
37
17
20
20
295
298
290
292
293
46
46
46
46
46
82
83
82
82
83
12/86
12/86
12/86
12/86
12/86
26
48
48
99
588
28
13,28
54
69
69
91
5/87
5/87
7/85
51
25
17
967
23
37
28
79
75
69
1/86
1/86
25
25
19
968
13,28
37
69
75
11/85
2/87
25
25
114
115
34
34
72
73
2/87
2/87
35
35
91
60
5
962
15,18
16
12,16
36
62
61
61
74
2/87
2/87
12/86
12/86
446
445
447
444
37
51
51
51
51
18,51
62,89
2/87
2/87
2/87
2/87
2/87
44
45
43
18
18
18
62
62
62
2/87
3/87
2/87
561
96
25
54
21
21
91
64
64
7/85
4/87
4/87
107
108
32
31
31
12,21
71
71
64
8/86
4/87
1/86
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
1
12,16
5
36'
61
77
74
8/86
961
8/86
"5
Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars
S
Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade..
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.
Treasury bill rate
Treasury bond yields
10/86
370
358
916
50
50
11
88
88
60
10/86
10/86
1/86
52
52
5
18
16
80
79
28
28
29
29
69
69
69
69
9/86
9/86
9/86
9/86
26
26
26
26
286
287
972
960
15
916
22
45
47
38
37
29
11
29
82
83
76
75
70
60
69
12/86
12/86
12/85
12/85
11/85
1/86
9/86
26
26
37
37
27
5
26
81
282
29
45
70
82
10/86
11/86
26
47
283
Current issue
Series (page numbers)
number Charts Tables
Velocity of money
GNP to money supply M l , ratio
t
Personal income to money supply M2, ratio
Vendor performance, slower deliveries
20
10
100
61
970
90
311
310
26
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
11/86
967
23
284
37
28
45
79
75
69
82
1/86
1/86
11/86
25
25
47
285
93
89
47
33
25
83
72
67
11/86
1/87
10/86
47
35
40
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 16-19 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
Unemployment rates
15 weeks and over
Insured unemployment
Total
Unfilled orders, manufacturers'
Defense products..
Durable goods industries
Durable goods industries, change.
United Kingdom—See International comparisons.
20
20
10/86
30
30
17
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.
13
1
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.
Composite index of twelve leading indicators
(includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,
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.
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)
12.
Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(23,65)
13.
Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)
34.
Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
35.
Corporate net cash flow in 1982 dollars (Q).—Source
36.
Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(13,26,68)
1
(29,70)
Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).—Source
1
(11,60)
14.
Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)
37.
Number of persons unemployed (M).—Source 3
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 (M).—Source
39.
Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)
Employees on nonagricultural payrolls, goodsproducing industries (M).—Source 3
(17,62)
(18,51,62,89)
2
Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)
18.
Corporate profits after tax in 1982 dollars ( Q ) . Source 1
(28,69)
40.
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
20.
42.
Number of persons engaged in nonagricultural activities (M).-Source3
(17,62)
43.
Unemployment rate (M).-Source 3
44.
Unemployment rate, persons unemployed 15 weeks
and over (M).—Source 3
(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
48.
Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49.
Value of goods output in 1982 dollars (Q).-Source
1
(20,63)
50.
Gross national product in 1982 dollars (Q)-Source
917.
Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(H60)
Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)
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)
Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)
22.
Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)
23.
Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)
Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)
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.
25.
26.
Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3
(18,62)
1
(19,39,40,63,80)
51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52.
Personal income in 1982 dollars (M).—Source 1
53.
Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)
(19,63)
(29,70)
(12,16,61)
(14,17,62)
(14,20,39,58,63,78,94)
(28,69,79)
I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3
(26,68)
16.
Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)
940.
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)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
916.
930.
33.
15.
I-A. Composite Indexes
910.
10.
27.
Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
54.
7. Manufacturers' new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)
28.
New private housing units started (M).—Source
2
(25,67)
Sales of retail stores in current dollars (M).-Source
2
(22,65)
55.
8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)
29.
Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)
Personal consumption expenditures, automobiles
(Q).-Source 1
(22,65)
56.
30.
Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
Manufacturing and trade sales in current dollars
(M).-Sourcesland2
(22,65)
57.
31.
Change in manufacturing and trade inventories
Manufacturing and trade sales in 1982 dollars
(M).-Sourcesland2
(14,22,65)
(26,68)
58.
32.
Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)
Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59.
Sales of retail stores in 1982 dollars (M).-Sources 1
and 2
(22,65)
6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)
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
(M).-Sourcesland2
TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
88. Gross private nonresidential fixed investment in
61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)
89. Gross private residential fixed investment in 1982
62. Index of labor cost per unit of output, manufacturing (M)-.-Sourcesland4
(15,30,70)
90. Ratio, civilian employment to population of work-
63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)
91. Average duration of unemployment in weeks (M).—
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
93. Free reserves (M).—Source 4
(33,72)
94. Member bank borrowings from the Federal Reserve
1982 dollars, producers' durable equipment ( Q ) —
Source 1
(25,67)
dollars (Q).-Source 1
ing age (M).-Sources 1 and 3
Source 3
(M).-Source4
(25,67)
(17,62)
(15,18,62)
(33,72)
65. Manufacturers' inventories, finished goods(EOM).—
Source 2
(27,68)
95. Ratio, consumer installment credit outstanding to
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
96. Manufacturers' unfilled orders, durable goods indus-
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 1982 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 1982 dollars (EOM).-Sources 1 and 2
(27,68)
71. Manufacturing and trade inventories in current
dollars (EOM).-Sources 1 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)
73. Index of industrial production, durable manufactures (M).-Source4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Source4
(20,63)
75. Index of industrial production, consumer goods
(M).-Source4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order (EOM).—Source 2 (27,68)
personal income (M).—Sources 1 and 4
tries (EOM).-Source 2
(15,35,73)
(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)
100. New plant and equipment expenditures by business
in 1982 dollars (Q).-Sou r e e l
(24,67)
101. Commercial and industrial loans outstanding in 1982
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)
I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components ( M ) . - S o u r c e l
(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).-Sourcel
(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 1982 dollars, 17 manufacturing industries (Q) .-The Conference Board
(37,75)
102. Change in money supply M2 (M).-Source 4 (31,71) 966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
104. Change in total liquid assets (M).—Sources 1 and
4
(31,71)
105. Money supply M l in 1982 dollars (M).-Sources 1
and 4
(31,71)
106. Money supply M2 in 1982 dollars (M).-Sources 1
and 4
(13,31,71)
107. Ratio, gross national product to money supply M l
(Q).—Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)
112.
968. Diffusion index of stock prices, 500 common stocks,
42-82 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).-Sourcel
(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)
HI. Change in business and consumer credit outstanding
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
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)
113.
114.
115.
116.
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).-Source 4
(31,71)
86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)
972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
Net change in business loans (M).—Sources 1, 4,
series may not be reproduced without written
and The Federal Reserve Bank of New York (32,71)
permission from the source.)
(38,76)
Net change in consumer installment credit (M).— 973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
trade—about 1,400 businessmen reporting (Q).—
Discount rate on new issues of 91-day Treasury
Dun & Bradstreet, Inc. (Used by permission. This
bills (M).—Source 4
(34,72)
series may not be reproduced without written
permission from the source.)
(38,76)
Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(34,73)
974. Diffusion index of number of employees, manufacYield on new issues of high-grade corporate bonds
turing and trade—about 1,400 businessmen reporting
(M).—Citibank and U.S. Department of the Trea(Q).—Dun & Bradstreet, Inc. (Used by permission.
sury
(34,73)
This series may not be reproduced without written
permission from the source.)
(38,76)
Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
975. Diffusion index of level of inventories, manufactur-
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)
117.
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
(34,72)
ing 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 t r a d e about 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
243.
Gross private domestic fixed investment in 1982
dollars (Q).-Source 1
(42,81)
289. Net interest as a percent of national income ( Q ) . Source 1
(47,83)
245.
Change in business inventories in current dollars
(Q).-Sourcel
(42,81)
290. Gross saving (Q).-Sou reel
(46,82)
292. Personal saving (Q). - S o u reel
(46,82)
293. Personal saving rate (Q).—Source 1
(46,83)
247.
248.
978. Diffusion index of selling prices, retail trade—about 249.
400 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250.
source.)
(38,76)
Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)
295. Business saving (Q).—Source 1
(46,82)
Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source 298. Government surplus or deficit (Q).—Source 1
1
(47,83)
(46,83)
Gross private residential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
Net exports of goods and services in current dollars
(Q).-Source 1
(44,82)
251.
Net exports of goods and services as a percent of
gross national product (Q).—Source 1
(47,83)
30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
252.
Exports of goods and services in current dollars
(Q).-Sourcel
(44,82)
50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)
253.
Imports of goods and services in current dollars
(Q).-Sourcel
(44,82)
64. Compensation of employees as a percent of national
income (Q).—Source 1
(30,47,70,83)
255.
Net exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
200. Gross national product in current dollars (Q).—
Source 1
(40,80)
256.
Exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
213. Final sales in 1982 dollars (Q)-Source 1
257.
Imports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
II—A- National Income and Product
(40,80)
217. Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80) 260.
220. National income in current dollars (Q).—Source
1
(45,82) 261.
223. Personal income in current dollars (M).—Source
1
(40,63)
Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
Government purchases of goods and services in
1982 dollars (Q).—Source 1
(43,81)
II—B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).-Sourcel
(48,84)
311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).-Source3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source 3
(49,84)
330. Producer price index, all commodities (M).-Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).—Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Producer price index, capital equipment ( M ) . —
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)
335. Producer price index, industrial commodities
(M).-Source 3
(48,85)
262.
Federal Government purchases of goods and services in current dollars (Q).-Source 1
(43,81)
(40,80)
263.
225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)
Federal Government purchases of goods and services in 1982 dollars (Q).-Source 1
(43,81)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source3
(49,87)
265.
Federal Government purchases of goods and services as a percent of gross national product (Q).—
Source 1
(47,83)
341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)
230. Personal consumption expenditures in current dollars (Q).—Source 1
(41,80)
266.
State and local government purchases of goods and
services in current dollars (Q).-Source 1
(43,81)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
231. Personal consumption expenditures in 1982 dollars
(Q).-Source 1
(41,80)
267.
State and local government purchases of goods and
services in 1982 dollars (Q).-Source 1
(43,81)
232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1
(41,80)
268.
State and local government purchases of goods and
services as a percent of gross national product
(Q).-Source 1
(47,83)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
224. Disposable personal income in current dollars (Q).—
Source 1
227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2
(40,80)
233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)
235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
280.
Compensation of employees (Q).—Source 1
282.
Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)
(45,82)
283.
237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)
Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)
284.
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1
(41,81)
Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285.
Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
239. Personal consumption expenditures in 1982 dollars, services (Q).—Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment in 1982 dollars
(Q).-Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Soureel
(42,81)
116
286.
287.
288.
Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)
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).-Sou rce 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)
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).-Source 3
(51,89)
Net interest (Q).-Source 1
(45,82)
TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age(M).-Source3
(51,89)
447. Number unemployed, full-time workers ( M ) —
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).—Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).—Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)
II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1
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 Nre 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)
47. United States, index of industrial production ( M ) . Source 4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
(M) .-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production ( M ) . —
Statistics Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)
502. Federal Government expenditures (Q).—Source
1
(52,90)
727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)
II—E. U.S. International Transactions
510. State and local government surplus or deficit (Q).—
Source 1
(52,90)
728. Japan, index of industrial production (M)-Ministry
of International Trade and Industry (Tokyo)
(58,94)
602. Exports, excluding military aid shipments (M).—
Source 2
(56,92)
511. State and local government receipts (Q).—Source
1
(52,90)
604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
(52,90)
512. State and local government expenditures (Q).—
Source 1
(52,90)
606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
517. Defense Department gross obligations incurred
(M).-U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. 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
x
(53,90)
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 Financial 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).-Source 1
(57,93)
622. Balance on merchandise trade (Q).—Source 1
(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)
548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)
652. Income on foreign investment in the United States
(Q).-Source 1
(57,93)
557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)
667. Balance on goods and services (Q).—Source 1
559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).-Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)
(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).-lstituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).-Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).-Institut National
de la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).—Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)
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