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BUSINESS
CONDITIONS
DIGEST
MAY 1988




U.S. DEPARTMENT
OF COMMERCE
BUREAU OF
ECONOMIC ANALYSIS




U.S. DEPARTMENT OF COMMERCE
C. William Verity, 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
George R. Green, 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
Peter M. Taylor, Council of Economic Advisers
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.

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.

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

concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

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.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
Composite indexes: Latest Release

iii
iv

ltd*

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

1
1
1
1
4
5
5
6

MAY 1988

Data Through April
Volume 28, Number 5

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS

Al I
A2
A3
A4 I

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart

,

Table

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Bl
B2
B3
B4
B5
B6
B7

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

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl I
C2
C3 I

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change




The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department.




BCII
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT

Al
A2
A3
A4
A5
_A6
A7
A&J

rm

GNP and Personal income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

chart

Table

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY

Bl
B2 I

Price Movements
Wages and Productivity

i^

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT

Cl I

Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

U.S. INTERNATIONAL TRANSACTIONS
E2 I

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)
Current Adjustment Factors (March 1988 issue)
Historical Data for Selected Series
Descriptions and Sources of Series (See "Alphabetical Index-—Series Finding Guide")
Business Cycle Expansions and Contractions (January 1988 issue)
Specific Peak and Trough Dates for Selected Indicators (April 1988 issue)
Experimental Data and Analyses .
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97

106
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Business Conditions Digest,
Statistical Indicators Division, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newfy available time series, and
revisions made by
source agencies in
Changes in this issue are as follows:

concept, composition,
comparability, coverage,

1. The series on new private housing units authorized
by local building permits (series 29) has been revised for
1986 forward to reflect the source agency's annual updating
of basic data and computation of 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.

seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to

2. The U.S. international transactions series on merchandise trade (series 618, 620, and 622) have been revised
for 1986 forward. These revisions incorporate the computation of new seasonal adjustment factors and the retabulation
of Census Bureau data to reflect the actual month of transaction, the inclusion of errata to Census Bureau data, and
the inclusion of U.S.-Canadian reconciliation estimates.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Balance of Payments Division.
3. Beginning with this issue, the text of the latest
composite index release will be included in BCD each month.
(See page iv.)
4. Appendix C contains historical data for series 9-11,
20, 28, 29, 45, 54, 59, 66, 85, 95, 97, 102, 104-108, 113117, 920, 960, and 965.
5. Appendix G contains cyclical comparisons for series
32, 40, 43, and 82.
The June issue of BUSINESS CONDITIONS DIGEST is scheduled for
release on July 6.



other series, changes
in composition of
indexes, etc.

COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING
INDICATORS: APRIL 1988

The composite index of leading indicators increased 0.2 percent in April to 192.2
(1967=100), according to preliminary estimates released June 1 by the Commerce Department's Bureau of Economic Analysis.
On the basis of more complete data, the index increased 0.2 percent in March and
1.5 percent in February. A month ago, the Bureau reported estimates that showed the
index increased 0.8 percent in March and 1.3 percent in February. Change in credit
outstanding was the major contributor to both the March and February revisions.
Five of 9 indicators available for April contributed to the increase in the index.
They were, ordered from the largest positive contributor to the smallest: average workweek, money supply in 1982 dollars, average weekly initial claims for State unemployment insurance, change in sensitive materials prices, and contracts and orders for
plant and equipment in 1982 dollars.
Four of 9 indicators made negative contributions. They were, ordered from the
largest negative contributor to the smallest: vendor performance (i.e., companies receiving slower deliveries from vendors), stock prices, building permits, and manufacturers' new orders for consumer goods and materials in 1982 dollars.
The composite index of coincident indicators, a monthly approximation of aggregate
economic activity, was unchanged in April at 175.2 (1967=100). On the basis of more
complete data, the index increased 0.6 percent in March and 0.7 percent in February.
The composite index of lagging indicators decreased 0.4 percent in April to 143.6
(1967=100). On the basis of more complete data, the index increased 0.3 percent in
March and 0.3 percent in February.
The leading index is designed to predict monthly movements in aggregate economic
activity, which is approximated by the coincident index. The lagging index is expected
to move, after a time lag, in the same direction as the coincident index and thus to
confirm the movements in the coincident index.
These concepts are explained more fully in the 1984 edition of Handbook of Cyclical Indicators (price $5.50, stock number 003-010-00127-5), which is available from the
Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
More data on the composite indexes can be found on pages 10, 60, and 107 of this
issue of Business Conditions Digest.
A recorded telephone message on (202) 898-2450 provides information on the composite indexes and their components immediately upon their release. The message is updated weekly to include recently available data for composite index components that
will be incorporated into the next release.
This and other news releases are available electronically at the time of public
release through the Commerce Department's Economic Bulletin Board at a nominal charge
to users. For information, call (202) 377-1986.
Next release date: June 29 for the May composite indexes.




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 1952, and a few charts use a two-panel
format which covers only the period since 1976.
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.

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,
c o n f o r m i t y to business e x p a n s i o n s 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
Reference Turning Dates
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis, produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to occasional reviews by NBER and may be changed weights. Because they use series of historically
as a result of revisions in important economic tested usefulness and given timing characteristics
time series. The dates shown in this publication (for example, leading at both peaks and troughs),
for the 1948-70 time period are those determined with diversified economic coverage and a minimum
by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more
turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the
1981-82.
individual indicators. Furthermore, much of the

1

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

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

Capacity utilization
(2 series)

Comprehensive
employment
(1 series)

Comprehensive
output and income
(4 series)
Industrial
production
(4 series)

LAGGING (Lg)
INDICATORS
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.

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)

Consumption and
trade (4 series)

Business investment
commitments
(1 series)
Business investment
expenditures
(6 series)

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

Business investment
expenditures
(1 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

III.

Comprehensive
employment
(3 series)

MONEY AND
CREDIT
(28 series)

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

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

Interest rates
(4 series)
Outstanding debt
(4 series)

Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)

Interest rates
(1 series)

Consumption and
trade (1 series)

Business investment
commitments
(1 series)

III.

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)

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)

Profits and profit
margins (2 series)

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

Unit labor costs
and labor share
(4 series)

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

B. Timing at Business Cycle Troughs
\,

Economic
^^Process

Cyclical \,
Timing
\^

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

Marginal employment
adjustments
(1 series)

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)

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)

Orders and deliveries
(1 series)

Business investment
commitments
(2 series)
Business investment
expenditures
(7 series)

Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)

TIMING
UNCLASSIFIED (U)
(1 series)




CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 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
w e l l - e s t a b l i s h e d d i f f e r e n c e s 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
11 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 of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 21 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 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.

Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
This part is divided into six sections which cover
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4) is the compensation of government employees
still others relate to U.S. international transactions
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; g o v e r n m e n t receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts, included in the components of GNP and are
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S.
final expenditures for the personal, business,
international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product, originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross residents of the United States. Thus, it measures
n a t i o n a l p r o d u c t — p e r s o n a l c o n s u m p t i o n the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major e x p e n d i t u r e c o m p o n e n t s o f G N P
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1976.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hoifrly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES




Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1976) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1976) 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.

Arabic number indicates latest
month for which data are
plotted. ("9" = September)

Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)

Dotted line indicates anticipated data.

Broken line indicates actual
monthly data for series where
a moving average is plotted.

Roman number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Broken line with plotting
points indicates quarterly
data over 1-quarter spans.

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
used in computing the indexes.

*Ty\If\*
y ;*

Roman number indicates
latest quarter for which data
are used in computing the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.

Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-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,

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.

Roman number indicates
latest quarter used in computing the changes.

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




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

Summary of Recent Data and Current Changes for Principal Indicators
1

Table 1.

Basic data 2

of

Percent change

Annual average
4th Q

IstQ

1987

1987

1987

1988

Feb.
1988

Mar.
1988

to

Apr.
1988

4th Q
to
IstQ

1987

to

Mar.
1988

Apr.
1988

3dQ
to
4th Q

Mar.

Feb.

3dQ

1986

Series number

Series title and timing classification1

1988

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

Eleven leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index

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

Leading Indicator Subgroups:
914 Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917 Money and financial flows

ILL
L,L,L...
L.L.L...
L,L,L...

do
do
do
do

179.3
164.7
141 .9
116.1

109.5
103.4
119.0
143.9

189.5
169.4
142.5
118.9

191.6
169.8
142.2
119.5

NA
1
12 1.9
145.8

NA
106.7
125.2
144.7

106.

190.9
172 . 6
143. 1
120.7

NA
1
1
146 .0
107.
12C.

190.7
1
143.7
121.2

191 . 5
174.2
143.7
12 ! .2

NA
106.6
NA
147.0

KA
106 .4
120.0
148.0

174.

191 .9
175.2
144.2
121.5

192 .2
175.2
143.6
122 . 0

0.2
0.6
0.3
0. 2

KA
KA
148.9

MA
105.9
NA
KA

KA
0. 1
KA
0.6

41.0

41.2

0,
0.
5 .3

0. 5
0.3
2 .6

0.022
1. 3

0.020
0.

106. 5

0.2
0.
-0.4

0.4

NA
-0.6

NA
KA

1 .6
0.6
1. 0

-0. 1
C.9
0.4
0.4

910
920

KA
C.4

KA
-0.5

9 14
915
9 16
917

-0.4

-4.1

1 .5

KA
0.1

930
9 40

B. Cyclical Indicators by Economic Process
Bl. Employment and Unemployment
Marginal Employment Adjustments:
*1 Average weekly hours mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted4)
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers

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

40.7

3.4
370

41 .0
3.7
320

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

0.500
138

0.615
153

3.7
303

3.9
296

41. 1
3.8
325

0.650
157

0.671
160

40.9

41.2

41.0

4 .0
296

3.7
321

3.7
304

0.669
156

0.669
156

0.691
158

10
110.97
104.28
25,336

194.77
111.18
104.36
25 , 3 5 4

194.52
110.90
104.66
25 ,449

195.90
1 1 1 .48
104.84
25 ,506

0.7 1 1
158

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

U Lg U

Percent

59.94

60.77

60.91

61.10

61.33

6 1.44

61.23

61.52

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted 4 ) 3
45. Avg. weekly insured unemployment rate (inv.4)3
*91. Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3

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

Thousands
Percent
do
Weeks
Percent

8,237
7 . 0
2.8

7, 4 2 5
6 .2
2 .4

7 , 199
6 .0
2 . 3

6 ,928
5.7
2 .3

6 ,938
5 .7
2 .3

6 ,801
5 .6

15.0

14.5

14.2

7 ,082
5 .9
2 .1
14. 1
1 .5

14.2

14.4

6,610
5 .4
2 . 1
1 3.4
1 .3

3713.3
3093.6

3821.0 3835.9 3880.8
3152.1 3148.1 3194.3

3918.0
32 14.4

32 14.3

3234.2

3219.3

0.6

2695 . 1 2691.3

2 7 4 5 .6

2762.7

2751.2

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

185 . 3 1 1 8 9 . 8 1 189 .44
106.43 109.23 109.67
9 9 . 6 1 1 0 2 . 1 1 102 . 2 F
2 4 , 6 8 1 2 ^ , 8 8 4 2 4 , 8 84

1.9

1 .7

1 .6

192 . 4 2
110.27
103.29
25 , 1 6 4

194.

1 .4

1 .4

13.7

1.4

-0.1
-0.3

0.3
0.4

1

-0.2

2 .0
C. 1
0. 1
4.9
0.

0.7
0.5
0.2
0.2

0.7
0.2
2.3

1
1.9

0.02

1.6
0.5
1 .0
1. 1

-0.2
-0.1

-9 .8

-0.002
-2.5

0.6
1 .0
0.7

1
21
5

60
46

48
42
41
40

0.23

90

1 .6
0. 1
0.2
0.7
0.1

?. .2
C.2
-0 .2
0. 1

37
43
45
91
44

-0.5

1 2
1 .5

1 0
0.6

50
52

0.29

2 .8
0.2
0. 1
2 .2
0. 1

0. 19

-0.7

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52 Personal income in 1982 dollars
*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.... A.r., bil. dol
do
C CC
C CC

do

2639.9

C CC

do

541.6

2 7 3 7 .4

2745.6

0.6

-0.4

1. 7

0.3

5 1

537 .2

534.9

540.7

543.9

542 . 7

548 .9

543 . 1

1. 1

-1.1

1, 1

0 .6

53

129 .8
1
136.8

130.9
133.7
138.6

133.2
136.9
139.7

134.5
138.4
141 .4

134.4
138.3
141 .2

134.7
138.9
141.5

135.6

0.2
0.4
0.2

0.7
0.9
0.4

1 .8
2 .4
0.8
1 .4

1 .0
1 .1
1 .2
2 .1

47
73
74
49

79.7

81.0

82.6

82 . 6

82.6

83.0

82.9

82.5

82.2

82.4

82.9

0.
0.2

0.4
0.5

0.9
1 .9

0. 3

80.5

81.4
81.0

82.3

78.6

82
84

116.28
102 .99

0.9
0.5

0.8
0.5

3.8
2 .8

86. 17
86.27
86.46
80.83
84.68
85 .86
86.39
84.52
do
L,L,L...
3.70
-0.10
2.67
3.52
2 .56
3.21
3.80
1.5 1
do
L,l,L...
Bil. dol., EOP ... 3 6 1 . 8 6 3 8 9 . 8 6 3 8 1 . 8 5 3 8 9 . 8 6 4 0 0 . 4 2 3 9 8 . 9 1 4 0 0 . 4 2 4 0 4 . 1 2
L,Lg,U....
66
62
68
52
61
64
69
69
L,L,L... Percent

0.2
-2.29
0.4
3

. 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

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

125.1
128.4
130. 1
1 595 .0

133.

1
142.0
140.

-O.A

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 (u)
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... Bil dol
do
L,L,L...

C CC
C,C,C....
C,L,C....
C,L,U....
ULU
L.C.C....
L,L,L...

Bil. dol

do
1977 = 100
Bil. dol

do
A.r., bil. dol
I Q 1966 =100.

99.93
92.94

107.48
98.04

108.41
93.68

112 .56
101.40

114.61 114.32
102 . 14 1 0 1 . 9 8

115.30
102 .49

470.66 479.46
425 . 0 8 4 5 2 . 7 8 4 5 9 . 7 9 4 6 5 . 4 1 47 1.95
418.14 4 3 2 . 6 0 4 3 6 . 7 6 4 3 6 . 9 4 440.50 440.50 443.41
131.2
129.4
131.3
131.5
124.0
127 .8
128.7
132.40
1 1 9 . 7 9 1 2 5 . 8 8 1 2 8 . 3 4 1 2 7 . 5 6 1 3 0 . 4 3 1 3 0 . 12
111.98 113.26 115.00 113.48 115.94 115.97 117.37
129.8
130.2
134.9
135.3
148.3
86.4
94.6
94.8
92.3
9 1 .6
90.6
93.9

NA
NA
131.9
131.58
116.34
91 .2

1 .9
0.7
-0.2

-0. 1
2 . 19
0.9
-7

KA
NA
0.5

2 . 0
-0.54
2. 1

1.2
0.
0.5

1.8
1 .2

-0.6

-0.6

-0.9

-1 .3
-12 .5

3.3

-3.6

-8.0

1 .8
0. 7

6
7

2 .7
-1

8
25
96
32

1 .4
0.8
1 .5
2 .2
2 .2
3.9
6 .8

56
57
75
54
59
55
58

1. 1
NA

12
13

-0.4
0.85

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
capital goods




L,L,L... 1967 = 100
ILL Number
L,L,L... Bil. dol

120.4
58 ,474

120.9
57 , 0 5 3

121.0
57 ,500

122 . 1
55,383

123.5
NA

123.9
57 ,493

123.3
NA

121 .9

NA

-0.5

MA

-1.1

KA

0.9
-3.7

31 .22

34.44

35.37

36.2

1

38. 12

38.84

36.93

36.91

-4.9

-0. 1

2 .4

5 .3

10

ILL
ILL

do
do

34. 17
26 .56

37.68
29.62

39.05
30.42

39.47
31.46

42.38
33.67

42.78
33.76

40.92
32.46

40.95
32.90

-4.3
-3.9

0. 1
1.4

1.1
3.4

7 .4
7 . 0

20
24

L,L,L...

do

30.03

33.49

34.76

35.36

38.55

38.40

37.07

37.50

-3.5

1 .2

1.7

9.0

27

Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2

Series title and timing classification1

of

Percent change

Annual average

Feb.
3dQ

1986

4th Q

IstQ

1987

1987

1987

1988

Feb.
1988

Mar.
1988

3dQ
to
4th Q

to
Apr.
1988

4th Q
to
IstQ

1987

Mar.

to
Mar.
1988

Apr.
1988

Series number

Table 1.

1988

1. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment— Con.
Business Investment Commitments— Con.:
9. Construction contracts awarded for commercial and
industrial buildings floor space
5

97. Backlog of capital appropriations, mfg.

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

Mil sq ft
Bil. dol
C,Lg,Lg.... Bil. dol., EOP ...

LCD

77.06
2 1 .42
69. 72

80.73
29.37
76 .81

C,Lg,Lg.... A.r., bil. dol

379.47

390.57

do
C,Lg,Lg....
C,Lg,U.... 1977 = 100
C,Lg,C.... A.r., bil. dol

391.43
139.5
443.8

403.

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

1,805
141.2
1 96 .4

19
144.5
448. 3

1,620
123.0
196.4

85 .14
29.81
74.71

80.83
33.98
76.81

78.41
MA

91.89

73.91

6 9.80

-19.6

-5 .6

4. 1

409.37

422 .7 5

422.73
148.9
465 .6

440.27
152.2
488. 1

436.43
152.3

448.91
153.2

NA
154.5

2 .9
0.6

1 ,6 19
120. 3
193.5

1,533
113.9
197.0

1 ,485
110.4
192 .2

1,519
114.0

1 ,554
117.7

1,561
115.6

2 .3
3.2

32.77
25 . 0

13

9
11
97

3.3

61

2 .6
2. 1
0.4

4.1
2 .2
4.8

69
76
86

7

412.05
145.8
46 3 . 8

393.

NA
NA

-5 .1

-3.0

14.0

NA

NA
0.8

0.5

8

28
29

-5.3

-3.1

-5 .3
1 .8

-3. 1
-2 .4

35.9

-1.8

-5.1

30

5.52

B5. Inventories and Inventory Investment
Inventory Investment:
30 Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
31 Change in mfg and trade inventories3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3
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 order 5

do

L,L,L...
ILL

13.8

do
do

ILL.

5 .33
1. 7

42 .9

24.6

60.5

55.4

27.51

27.33

31.42

36.94

37.57

52.7

34.6

81.3

40.5

34.3

1 .67

2.11

2.17

1.90

0.53

MA
NA

-4.80

NA
NA

4.09

-9.3

46 .7

-40.8

36
31

1 . 08

NA

0.55

NA

0.06

-0.27

38

Lg,Lg,Lg.... Bil. dol., EOP ... 657 . 1 2 7 0 9 . 8 5 6 8 9 . 5 1 7 0 3 . 8 5 7 1 9 . 9 6 7 1 7 . 8 8 7 1 9 . 9 6
6 4 3 . 2 9 6 6 9 . 0 4 6 5 8 . 3 1 6 6 9 . 0 4 676 . 1 6 6 7 5 . 4 0 6 7 6 . 1 6
do
Lg,Lg,Lg....
1 0 3 . 2 3 107 .57 1 0 4 . 7 7 107 .57 109 .22 1 0 9 . 2 7 1 0 9 . 2 2
do
Lg,Lg,Lg....

NA
NA
NA

0.3
0. 1
0.

NA

-0.01

NA

NA

0.4

NA

2.7

2 .3

78

-2.08
1 .7

-0.92
1 .7
-0.44

-0.74

0.14

-0.89

98
23
99

-1 .2

-20.0

1 .1

39

2 .6
2 .1
0 6

0.5
0.4
1 .5
1 .6
NA

16
18
79
80
15
26

ILL

-0.29

Bil dol

1 .54

Lg,Lg,Lg.... Ratio

1.52

L,Lg,Lg.... Bil. dol., EOP ... 2 2 6 . 6 4 2 4 6 . 6 7

1.51
240.

18

1.52

1 .53

1 .52

1.53

246.67

252.37

1 .36
293.2
1 .06

0.62

0.07

2 8 8 .9

1 .49
292 .3

-0.59
2 9 7 .3

1.42

291 .2
0. 17

0.07

0.09

0.23

0.02

251.29

252.

37

NA
NA
NA

3.0
1.6
2 .7
0.01

1 .4
1 .1
1 .5
0.01

71
7 0
65
77

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,L... Percent

Stock Prices:
*19. Stock prices, 500 common stocks (u)

L,L,L... 1941-43 = 10... 2 3 6 . 3 4 2 8 6 . 8 3 3 1 9 . 3 7 2 5 5 . 3 8 2 5 8 . 1 2 2 5 8 . 1 3 2 6 5 . 7 4 2 6 2 . 6 1

Profits
16
18.
79.
80
15
26.

L L L. A.r., bil. dol
l,L,L...
do
L,C,L...
do
L CL
do
ILL
Cents
L,L,L... 1977 = 100

126.8
116.7
179.4
170.0
3.7

137.8
123.2
168.4
154.3
4.8

99.2

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

368.9
369.0

and Profit Margins:
Corporate profits after tax
Corporate profits after tax in 1982 dollars
Corporate profits after tax with IVA and CCAdj
do
in 1982 dollars
Profits after taxes per dollar of sales mfg 3
Ratio, price to unit labor cost, nonfarm business

Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars

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

0.43

1.37

228.9
0. 16

274.5

2 .28
288.3

0.98

1.50

145.6
129.5
173.0
157.3
4.3
99.5

99.2

388.3
388.0

392 .2
391.5

397 .9
397.8

2 .9

146 .4
130.0
175.6
159.8
NA

99.6

141 .9
126 .8
172.0
157.7
5 .6
100.2

1.2

397.4
396.8

-0.3

-1 .3
-0.7

1 5

-0.7

-0.3

0

1

34
35

166.9

170.3

169.8

171.8

173.0

1 .2

0.7

63

0.715

0.728

0.727

0.735

0.735

1. 1

0.

68

137.8
100.4

135.4
98 . 7

134.6

134.9

135.3

134.9

98.1

98.3

98.6

98.3

0.2
0.2

0.3
0.3

62
62

72.8

72.8

72.5

72.9

0.4

64

73.2

136.5
99 . 5

134.2
97 . 8

1 .2
1 .2

-1.7
-1.7

-0.3

B7. Money and Credit
Money:
85. Change in money supply Ml3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply Ml in 1982 dollars
*106. Money supply M2 in 1982 dollars
Velocity of Money:
107 Ratio GNP to money supply Ml3
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 5




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

.do.

1.32

0.29

0.24

0.15

0.54

0.09

0.46

0.93

0.37

0.47

do

0. 76

0.27

0. 34

0.24

0.76

0.72

0.73

0.84

0.01

0.65

0.38

.do.
Bil. dol
.do.

587 .0
2366.2

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

6.362
1.316

L,L,L... A.r., bil. dol
do
LL,L
do
L,L,L...
L,L,L... A.r., percent
L,L,L... A.r., bil. dol
L,L,L... Percent, EOP ...

NA
9.32

54.08
6 .4
625.70

2.26

631.8
2430.4

6.033
1.309

0.40
630. 1
2424.3

6.065
1.311

0.33

0.78

-0.15
0.
0.2

1.327

1.318

0.005

-0.009

NA
5 .35
53.53
3.7

NA
68.09
NA
NA

NA
-61.35
-6 .89

NA
62.74

NA

NA

NA

631.5
2 4 4 6 .4

631.4
2449 .0

631.2
2454.7

6.117
1.331

6. 139
1.324

1.322

NA
66.70
60.42

NA

NA
NA
NA
-2 1.68
37.29 -16.53
41. 19
60.40
40. 17
62.93
6 . 1
4.5
9 .7
4.6
5 4 6 . 9 4 582 .66 6 1 3 . 7 8
NA

2.35

NA
633.9
2463. 1

0.66

630.5
2425.3

9.42

2.47

0.81

0. 11
NA
0.4
0. 3

2 .47

NA

10.6

NA

-6.9

NA
NA

NA

-0.09
-0.10
-0.07
0.1
0.

0.2
0 .9

85
102
104
105
106

0.052
0.022
0.020 -0.007

107
108

NA
58.97
-20.23
5 .2
5 .3

-0.12

0.39
0.52
0.45

NA
-53.82
22 .76
-5 . 1
NA

NA

33
112
113
111
110

39

Summary of Recent Data and Current Changes for Principal Indicators—Continued
I

Table 1.

Basic data 2

of

Percent change

Annual average
4th Q

IstQ

1987

1987

1987

1988

Feb.
1988

Mar.
1988

to

Apr.
1988

4th Q
to
IstQ

1987

to

Mar.
1988

Apr.
1988

3dQ
to
4th Q

Mar.

Feb.

3dQ

1986

Series number

Series title and timing classification1

1988

1. CYCLICAL INDICATORS-Con.
B7. Money and Credit— Con.
Bank Reserves:
93 Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©

L,U,U.... Mil. dol
L,Lg,U....
do

Interest Rates:
119 Federal funds rate3 (u)
.
114. Discount rate on new Treasury bills3©
116. Yield on new high-grade corporate bonds3©
115. Yield on long-term Treasury bonds3©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business loans3©
*109. Average prime rate charged by banks3©
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,Lgl_g Percent
C,Lg,Lg....
do
do
Lg,Lg,Lg....
do
C,Lg,Lg....
do
U,Lg,Lg....
do
Lg,Lg,Lg....
do
Lg,Lg,Lg....
do
Lg,Lg,Lg....

93

241

836

756

6 .80

6 .66

5.97

5.83

109
753

6 .84
6 .03
10.14

245
782

42
1 ,077

737
396

6.92

6.66

6.58

6.00

5.76

5.69

8. 14
7 . 32
9 .9 1

8.63

9.08

10.37
9 .24

7 .64
10. 16

7.93

8.20

10.72

10.76

9 .64
8.6 1
7 .64
10. 10

8.11

8.09

8.20

8.47

8.20

8.40

8.87

8.59

6.58
5.69
Q

-2 , 1 3 4
2, 9 9 3

6 . 87
5 .92

9.23

9.69

9.86

.68
8.6 1
7. 74
10.28

8.51

8.50

9.43
8.41

7 .49

do

Lg,Lg,lg.... Percent

1,311
1,241

351.80

56

0.
0-.

0.29

0.08

0.23

-0.03

0.25

0.24

0.23

0.20

0.30

0. 16

0.25

0.07

0.27

10.46

0.42

0. 18

0.04
0.27

8.50

360.28

363.98

361.92

361.31

363.60

15.77

15 .91

15.81

15.99

16.03

15.96

NA

114. 1
109.6
0. 1
109.0
100.2
100.0

117 .5
11 3 . 6
0.4
113.5
102 .8
102 .6

118.7
1 15.4
0.3
1 14.9
104.2
104. 1
95 . 2
103.5
112.1
104.3

119.2
116.1
0.3
115.5
104.7
104.5

116.0
0.2
115.3
104.6
104.4

94.1

94.5

104.4
112 .8
104.3

104.2
112 .7
103.9

116.5
0.5
115.7
104.9
104.7
94. 1
104.8
113.2
104.6

117.1
0.4
116.5
105 .8
105 .6
95 .3
105 .6
113.4
105 . 1

175.5

360.06

29

7.81

15.57

368.

-136

8.91

9.92

NA
Lg,Lg,Lg.... Bil. dol., EOP ... 5 7 1 . 8 3 6 1 3 . 02 6 0 2 . 9 8 6 1 3 . 0 2 6 2 8 . 7 5 6 2 4 . 2 9 6 2 8 . 7 5
3 5 2 . 3 6 3 7 3 . 8 2 3 7 3 . 4 8 3 7 9 . 15
376.87 378.57 379.02 384.69
Lg,Lg,lg.... Bil. dol

Lg,Lg,Lg....

1,560
1 ,356

8.37

8.33

-823

1,752.

-0.01

o.

0.47

2 03
295

-0.26
-0.24
-0.73
-0.63
-0.56
-0.66
-0.10
-0.28

93
94

1 19
1 14
116
1 15
I 17
1 18
67
109

NA
1 .5

1.7
1 .5

-0.6

66
72

0.6

1 .0

-1.1

1 01

-0.07

IIA

-0.10

0.18

95

0.4
0.3
0.3
0.3
0.3

0.5
-0. 1
0.7
0.9
0.9
1 .3
0.8
0.2
0.5

0.7
0. 1
-0.2

2 .6

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
Bl. Price Movements
310
320.
320c
322.
330.
335.
331.
332.
333
334.

1982 — 100
Implicit price deflator for gross national product
Consumer price index for all urban consumers (CPI-U) ©.... 1982-84 = 100.
3
Percent
Change in CPI-U (S/A)
1982-84=100.
Consumer price index for all urban consumers, food
1982 = 100.
Producer price index (PPI), all commodities ©.
,.do.
PPI, industrial commodities ©
do.
PPI, crude materials for further processing.
.do.
PPI, intermediate materials, supplies, and components.
.do.
PPI capital equipment
.do.
PPI, finished consumer goods

87.7

93.7

99. 1
109.7
101.4

101.5
111.7
103.6

117.9
1 14.4
0.3
114. 1
103.7
103.4
96. 1
102 .3
112.0
104.4

169.3

173.5

174.0

-0.4

0.6
0.4
0.7

0.7
0.9
0.
0.7
0.5
0.7
-0.9

1.2
0. 1
-0.1

0.4
0.6
0.
0.5
0.5
0 .4
-1.2

0.9
0.6
0.

310
320
320
322
330
335
331
332
333
334

B2. 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
.

p

h

i

o™ n * ! e nou ly co pe
f

f'

,

f

h

t

358. Output per hour, nonfarm business sector

1977 = 100

do
do
do
do
do

95.0

94.0

181 .2
100.2
109.5
107.5

186 .3

117.83
109.60
8,237
3,751
3,032
1,454
6 ,7 08

119.86
112 . 4 4
7,425
3, 369
2, 7 0 9
1,347
5,979

93.7

1

176 .6

176 .5

176 . 8

177.6

93.7

93.6

93.6

93.4

93.4

99.4

99.3

110.5
108.4

111.3
109.1

188.7
99 .2
110.9
108.8

120.57
113.49
7 , 082
3, 124
2,615
1 , 342
5,670

121.14
114.21
6,928
3, 105
2, 5 4 2
1,282
5,550

0.5

0.

190.2
99 . 2
111.1
109.1

120.05
112 .85
7,199
3, 2 3 3
2,671
1,296
5, 7 6 7

0.2
-0.2

187.

0.9

0.
0.9
-0. 1
-0.4
-0.3

0.6
-0.1

0.8
0.
0 .2
0.3

340
341
345
346
370
358

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

Millions
do
Thousands
do
do
do
do

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

Percent
do
do

121.35
114.41
6,938
3,07 1
2,635
1,232
5,549

120.90
114.10
6,801
3,089
2,411
1 ,301
5 ,498

121.32
114.7 1
6,610
2 ,909
2 ,442
1 ,259
5,302

-0.4
-0.3

-2 .0
0.6
-8.5

5 .6
-0.9

78. 1
55 .5

78.0

78.0

78.2

77.9

78.2

-0.3

56.2

56 . 3

56.5

56.7

56.8

56.6

56 . 7

-0.2

54.7

54.7

54.9

55 . 1

54.9

54.9

53.9

54.2

-1.0

77.9

77.9

0.3
0.5
-2 .8
-5 .8
1 .3
-3.2
-3.6

0.3
0. 1
0.3

0.4
0.6
-1 .6

0.5
0.6
-2 .2

-3.4

-0.6

-2 . 1
3.5
-1 .7

-4.5

0.
0.2
0 .2

-2.8

-2 . 1

0. 1
0.2
-0.2

441
442
37
444
445
446
447

451
452
453

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

517
525
548
557.
570
564.

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

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

Federal Government receipts
Federal Government expenditures
State and local government surplus or deficit3
State and local government receipts
State and local government expenditures

-204.7
827.4
1032.0

-151.8
951.6
1103.4

618.8
561.9

-151.4 -135.8 - 160.2
915.7
923.0
937 .6
1067.1 1058.8 1097.8
44. 0
46.5
37.9
651.1
657 .6
663.5
607 . 1 6 1 1 . 1
625 .6

Mil dol
do
do
1977 = 100
Thousands
A.r., bil. dol

29,988
11,998
9 ,099
182.0
1,585
277.8

3 0 , 8 1 2 3 2 , 8 5 0 28, 186
12 , 0 3 2
13,386 10,636
9 ,206
9 ,5 19
9,596
189.2
188.9
189.3
1 ,597
1 ,597
1 ,599
295 .2
299.0
2 9 9 .8

31 ,998
10,284
9,170
191.0
1, 6 0 2
301.5

Mil. dol

18,052 21,071 20,737
2 , 164
2 ,400
2,700
4,428
3,907
4,466
30,505 33,825 34,579
2 ,894
3,471
4,046
5.578
5 .896
5.705

56.8

1.6
3.7

45.8

-8.6

0 9
2 .4

682 .4
636.6

1 .5
0.5
7 .9
9

8

1 .8

500
501
502
510
51 1
512

D2. Defense Indicators

... .

33,243
11 , 0 8 0
8,556
191 .5
1, 6 0 3

31 , 5 9 5
11 , 9 0 1
9 ,849
190.9
1 ,596

MA
MA
9 ,990
190.6
MA

-5 .0
7 .4
15.1
-0.3

KA
MA
1 .4
-0.2

-0.4

NA

23.0

NA
NA
NA
FA
NA
\'A

-14.2
-20.5
0.8
0. 1
0. 1
0.3

13.5
-3.3
-4.4

0.9
0.2
0.6

517
525
548
557
570
564

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 (u)
Imports of petroleum and petroleum products
Imports of automobiles and parts




do
do
do
do
do

23,450
2 ,491
5,050
36,211
3,410
6 . S SQ

2 4 , 9 5 3 23 , 5 5 9
2,867
2, 9 3 6
II A
KA
35,383 35,818
NA
NA
NA
MA

28,971
3,030
MA
37 , 1 12
NA
MA

NA
NA
NA
KA
NA
MA

3.2
KA
3.6
NA
V. A

13.1

6 .4

-7.7

15.1

13. 1
4.7
-15 .7

NA
-2 .3
NA

1 S .0

'\A

602
604
606
612
6 14
A 1h

Summary of Recent Data and Current Changes for Principal Indicators—Continued
1

Table 1.

Basic data2

Percent change

Annual average

of

1986

1987

IstQ

2dQ

3dQ

4th Q

IstQ

1986

1987

1987

1987

1987

1988

2dQ
to
3dQ

3dQ
to
4th Q

4th Q
to
IstQ

1987

4th Q

1985

1987

Series number

Series title

1988

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

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports adjusted
Income on U S investment abroad
Income on foreign investment in the United States

Bil do)

do
do
do
do
do
do
do

- 2 5 . 2 7 -3 1.42
-36.80 -33.84 -33.83
89.86
9 3 . 2 0 105 .03
93.89
98.73
115.14 1 2 4 . 6 2 141.83 1 2 7 . 7 3 1 3 2 . 5 6
- 3 0 . 5 4 -36.14 -40.07 - 3 8 . 5 3 -39.87
53.98
55 .99
62.39
56.64
56.79
84 .52
9 2 . 1 3 102 .46
95 .17
96.66
22 .08
22 .05
24.94
24.96
20.79
15.72
16.84
21.32
16.30
19.45

-40.52
105.66
146. 18
-39.66
64.90
104.57
22 .69
22 .40

-34.59
115 .66
150.25
-41. 19
68.01
109.20
29.66
22 .57

NA
MA
NA
-35 .94
74.67
110.62
NA
NA

4488.5 4288.1 4377.7
382 1.0 3 7 3 1 . 5 3 7 7 2 . 2
15,672 15,388 15,525
3 7 7 8 . 1 3 7 4 5 .8 3 7 2 4 . 5
3 1 8 1 . 7 306 1.6 3 1 2 5 . 9
2677.2 2656.7 2674.6
1 0 , 9 8 0 1 0 , 9 5 6 11 , 0 0 8

4445.1 4524.0
3795.3 3835.9
1 5 , 5 8 8 1 5 , 7 15
3756 .3 3811.4
3 1 3 0 . 6 3195 .3
2645.5 2674.7
10,865 10,958

4607.4
3880.8
15,859
3820.3
3275.0
2713.8
11 , 090

4668.7
3918.0
15 , 9 7 3
3 8 6 2 .6
3325.5
2739.8
11,169

2 9 6 7 .8
2497 .2
413.7
388.2
982 .9
878. 1
157 1.2
1230.9

2 9 4 3 . 7 3 0 1 1 . 3 3 0 2 2 .6 307 1.9
2487.5 2520.7 2504.6 2530.9
409 . 0
436.8
413.0
426.4
385 . 4
406. 9
396.7
384.5
982. 1
986.4
993.1
998.8
879.0
875.7
874.6
878.4
1 5 5 2 . 6 1 5 8 8 . 1 1 6 1 6 . 5 1 6 4 6 .8
1223. 1 1238. 1 1245.6 1255.7

-38.27
100.07
138.34
-39.55
59.86
99 .42
22 .46
20.88

-2 .25
5 .6
5 .7
-0.11
8.4
5 .2
1.0
7.3

0.8

9 .8
1.3
NA
NA

667
668
669
622
618
620
651
652

1.8
1.2
0.9
0 .2
2.5
1.5
1 .2

.3
.0
0.7
. 1
.5
1 .0
0.7

200
50
217
213
224
225
227

0.4

1.6
1 .0
3.2
3.2
0.6
0.4
1.9
0.8

230
231
232
233
236
238
237
239

5 .93
9.5
2 .8
-1.53
4.8
4.4
30.7

KA
NA
NA
5.25

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

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

4010.3
3 6 0 7 .5
15,073
3600. I
2841 . 1
2542.2
10,622

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

2629.4 2799.8
2 3 5 2 .6 2450.5
368.7
402 .4
352.7
383.5
913.1
939.4
849 .5
877 .2
1347. 5 1458.0
1150.4 1189.8

4235.0
3713.3
15 , 3 6 8
3699.5
3022 . 1
2645 . 1
10,947

1.8
1. 1
0.8
1 .5
2. 1
1. 1
0.9

A2. Personal Consumption Expenditures
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

2858.6 2893.8
2480.5 2475.9
419.8
396. 1
399.0
375.9
946.3
969.9
883.2
880.3
1492.4 1 5 2 7 . 7
1201. 1 1 2 1 6 . 9

2 .3
1 .3
6.8
5 .6
0.4
-0.4

2 .3
I .2

-0.6

-5 .4
-5 .5
0.7
-0. 1
1.8
0.6

A3. Gross Private Domestic Investment

do
do
do
do
do
do

641 .6
636. 1
631.6
628.7

do
do
do
do
do
do

818.6
726.9
353.9
324.2
464.7
402.7

.do.

-79.2
-108.2
369.9
365.3
449 .2
473.6

10.0

7 .4

671.0
654.0
655 .2
640.2

717.5
687.6
671.5
644.7

15.7

46.1

13.8

42.9

660.2
631.0
666 .6
645.4
-6 .4
-14.4

869.7
754.5
366.2
332.5
503.5
422 . 1

922.8
771.7
379.4
336.0
543.4
435.8

886.3
771.8
368.6
344.6
517.7
427. 1

896.2
759.6
366 .9
327.3
529.3
432.3

-119,6 -116.9
-135.5 -151.8
427 .8
383.3
425 .8
388.3
547 . 4
500.2
56 1.3
540. 1

-112.2
-135.2
397.3
397.8
509.5
533.0

-118.4
-132.7
416.5
414.5
534.8
547 .2

- 1 2 3 . 7 -124.3 -109.4
-138.4 -135.8 -119.1
439.2
458. 1
482.7
437.1
453.5
475.3
562.9
582 .4
592.1
575.6
539.3
594.3

-5.3

-5 .7
5.5
5 .5
5.3
5 .2

2 .6
4.3
3.8
3.5
2 .4

3548.3
2589.9
320.9

3593.3
2623.4
323. 1

3659.0 3743.5
2 6 6 3 . 5 27 13.5
322.7
342 .7

1.8
1.5
-0. 1

2 .3
1.9
6 .2

699.9
671.8
648.2
624.2
5 1.6
47 .6

702.6
673.7
662.3
634.7

707.4
681.9
684.5
657 .3

760.2
723.1
690.8
662.6

40.3

22.9

69.4

756.7
735.7
704.3
680.3
52 . 4

39.0

24.6

60.5

55.4

917 . 1
766.7
379.6
332.6
537 .6
434. 1

929.0
771.7
382 . 1
336.3
546 .9
435.4

948.8
788.9
388.9
347.6
559.9
441.3

949.5
770.5
379.7
327.5
569.8
443.0

0.7
1 .2
3.4
3.6
-17.4
-14.4

7.5
6.0
0.9
0.8
46.5
35.9

-0.5

1.7
2.0
2 .7
-17 .0
-5 .1

240
241
242
243
245
30

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

1 .3
0.7
0.7
1. 1
1 .7
0.3

2 .1
2 .2
1 .8
3.4
2 .4
1 .4

0. 1
-2.3

-2 .4
-5.8

1 .8
0.4

260
26 1
262
263
266
267

AS. Foreign Trade
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

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

do
.do.
.do.

do.
do.

.5
-145.8
376.2
377.4
481.7
523.2
-105

-0.6

14.9
16.7

5.4
4.8
1.7
0.8

250
255
252
256
253
257

A6. National Income and Its Components
do.
.do.

do
do.
.do.

do.

3 2 2 9 . 9 3 4 2 2 .0 3 6 3 6 . 0
2370.8 2504.9 2647.6
257.3
289.8
327 .4
9.0
16.7
19.3
277.6
284.4
304.7
315.3
326. 1
337.
1

3471.0
2552.0
297 .8

20.0

18.9

17.3

20.9

294.0
323.6

296.8
331.1

314.9
340.6

313.0
353.3

3792.8
2764.5
338.5
22. 1
309.9
357 .8

531.3
532.0
565.2
537.2
549.2
553.6
127.1
130.6
119.0
- 1 3 2 . 9 - 1 4 7 .8 - 1 0 7 .4
4.5
4.3
3.7

515.3
554.3
544.4
545 .3
109.0
138.4
-138. 1 - 1 2 9 . 5
3.6
4.4

551.3
546.7

559.3
559.8

93.2

88.8

-88.6
3.0

-89.3
2 .8

595.9
562.6
155 .7
-122.3
4.8

618.1
568.9
155.2
-106.0
4.7

18.4

281 . 1
321.7

-8.5

6. 1
2.9

20.8
-0.6

1 .3
1 .9
-1.2

5 .7
-1.0

3.7

1.3

6 .5
0.5

3.7
1.1

220
280
282
284
286
288

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

Gross saving
Business saving,
Personal saving .
Government surplus or deficit3
Personal saving rate3.

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

Percent

NOTE: Series are seasonally adjusted except for those, indicated by (u) , 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, a troughs, and at all
turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




1.5
2 ,4
-4.7

75.3

-0.3

-0.7

-33.0
2 .0

-0.1

-0.2

16.3

290
295
292
298
293

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.
'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.

CYCLICAL INDICATORS
IA

|

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
July May

P

Aug. A p r .

T

P

T

Nov
P

A p r . Feb.

P

T

Jan. July July

Mar.

T

P T

Nov.

P

T

I Men: 1967=1001
200

910. Index of eleven leading indicators1
(series 1, 5, 8, 19, 20, 29, 3fc 36, 99, 106, II
I)

190

-IB ,„

*.•'-»

J
T

J

/s "V

-23

J"

^
r

\
v

V

jt*
. v*WM/"

'—'

180
170

/

160
150
140

~¥ M^

130

l' *

120
110

too

190
180
170'
160'
150

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

140'
130>

-2

-ft

120

110-

^

10090-

-6

-2

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

160'
150'

^._ m

140
130
120
110

10090-

+2

70-

60+4
50J

195253 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 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
Current data for these
shown on page 60.

1

10




MAY 1988

KCII

CYCLICAL INDICATORS
AJ

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart Al. Composite Indexes—Continued

P

F

T

T

I Index: 1967=1001
915. Inventory investment and purchasing (series 8, 32, 36, 99)

- / ......
-8

120-1

*"

no- •
10090 J

916. Profitability (series 19,26, 80)

917. Money and financial flows (series 104,106,111}
-9

16015014013012011010090-

J
70

-5

940. Ratio, coincident index to lagging index
-9

-2?

195253 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 87 881989
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.


MAY 1988


CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
Aug Apr.
P T

Apr. Feb
P T

Mar
T

Jan. July July

Nov.

F T P

T

1. Average weekly hours of production or nCTisupervisoffworiters, mantifegtuiing (hours)

5. Aterage weekly initial claims for unemployment insurance, State programs (thousands—inv

32. Vendor performance, percent of companies receiving slower

20. Contracts and orders for plant and equipment in
, 1982 dollars (bil. dot.)

195253 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 87 881989
Current data for these series are shown on pages 61, 64, and 66.

12




MAY 1988

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
Aug.Apt.

Nov.
P

Apr Feb

F T

P

T

Mar
T

29. New private housing units authorized by local
building permits (index: 1967=100)

36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed1 (am. rate, bil. dot)
__
_

60 J

+ 60+ 40+20-

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

-20-40-60+ 3+ 2+ 10-1-2-3
350 -i

300250200-

19. Stock prices, 500 common stocks (index: 1941-43=10)
150-

033

50-I

28002400-

106. Money supply M2 in 1982 dollars (bil. dol.)

lull

***

20001600-

1200-1

111. Change in business and consumer credit outstanding
(arm. rate, percent) ,1fi,L,L

195253 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 87 881989
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 pages 67, 68, 69, 71, and 72.

BCII

MAY 1988




13

1

IA

I

,3iOATORS

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components

41. Employees on nonagricuttural payrolls (millions)

[c,c,c|

51. Personal income less transfer payments in
1982 dollars (am. rate, bil.dot)
|C,C,C|

20001800J

47. Industrial production (index: 1977-100)

57. Manufacturing awl trade sales in

195253 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 87 881989
Current data for these series are shown on pages 62, 63, and 65.

14




MAY 1988

ltd)

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A4. Lagging Index Components

91. Average duration of unemployment (weeks—inverted scale)

10121416182022-

77. Ratio, manufacturing and trade inventories to sates in
1982 dollars (ratio) | Lg,Lg,Lg |
—

1.81.71.61.51.4-

62. Labor cost per unit of output, manufacturing—actual data
as percent of trend (percent)

1101051009590-

109. Average prime rate charged by banks (percent)

101. Commercial and industrial loans outstanding in 1982 dollars (bil. dot.)
200-

15018-

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

16141210-

1952

53 54 55 56 57 58 59 60 61 62 63 64 65 56 67 68 69 70 71 72 73 74 75 76

'•! 78 79 80 SI 82 83 84 85 86 87 881989

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

KCII

MAY 1988



15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment

[Marginal Employment Adjustments
I, Average weekly hours of production or nonsupervisory workers,
manufacturing (hours) | L,L,L |

21. Average weekly overtime hows of production or nonsupervisory workers,
mam^aeturing (hours)

3-

S* Average weekly initial claims for unemployment insurance,
State programs (thoapjids—inverted scale) |L,C,L|

[Job Vacancies

60. Ratio, help-wanted advertising in newspapers to number
of persons unemployed (ratio) fTTTiTI

46. Help-wanted advertising in newspapers (index: 1967=100)

J
1962 63

64

65

66

67

68

69

70

71

5m

/
72

73

74

75

76

77

78

79

80

81

82

/

83

84

85

86

87

88 1989

Current data for these series are shown on page 61.

16




MAY 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued

200-

[Comprehensive Employment|

190180-

48. Employee hours in nonagricultural establishments
(arm.rate, bil. hours) I J J Q Q I

X

V/N¥>

170160150 J
11511010510095-

42. Persons engaged in nonagricultural activities (millions)

|u,c,c|

/^

z:

*""

90-

858075-

41. Employees on nonagricultural payrolls (millions)

__!

ic.c.cl

70-

65-

27 -I

40. Employees on nonagricultural payrolls, goods-producing
industries i

z

25242322626160-

2
v.
/

90. Ratio, civilian emphpent to population of working age (percent)

y

595857565554-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on pages 61 and 62.


MAY 1988


KCII

17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart Bl. Employment and Unemployment—Continued

| Comprehensive Unemployment |

37. Number of persons unemployed (millions—inverted scale)

45. Average weekly insured unemployment rate, State programs (percent—inverted scale)
>A

>y-'

V^

V

_/•"

•ULfcUl

/x-^

\^S^^

"\
\

/N/"

^

' '••

\ /^*\

x-^
f^~S

v

^

-

—^"

HI

/
\j/

\/

V

91. Average duration of unemployment (weeks—inverted scale)

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

IAJ
\

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 62.

18




MAY 1988

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

[Comprehensive Output and Income]

50. Gross rational product in 1982 dollars, Q (arm. rate, bil. dol.)

52. Personal income in 1982 dollars (am. rate, Ml. dol.)

3000 •
28002600-

51. Personal income tess transfer payments in 1982 dollars
(am.rate,bitM) | c c c |

2400 22002000-

18001600-

53. Wages and salaries in 1982 dollars, mining, manufacturing,
and construction (am. rate, bit. dol.)

1962

63

64

65

66

67

68

69

75

76

77

78

600 -

79

SO

81

82

83

84

85

86

37

88 1989

Current data for these series are shown on page 63.

ItCII

MAY 1988




19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued

Industrial Production |

^*
^~——"*-^

H

J

47. Mistrial production ( imtee 1977 = 100) ^/*
fCACl

X^^\

\f

\^/

.X'

90-

150140.
130120110-

73. Industrial production, durable manufactures
(index: 1977=109}

10090-

80-1

74. Industrial production, nondurable manufactures
1800.
17001600'
1500 •

7_

49. Value of goods output in 1982 dollars, Q
(«B. rate, Wl. dot.)
,gc

1400.
1300120011001000900800-

| Capacity Utilization |
82. Capacity utilization rate, manufacturing (percent) ft.c,U|

90n

7060J

84. Capacity utilizaSterate, materials (percent) [ l,C,t

90-i

7060 J

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

20




MAY 1988

CYCLICAL INDICATORS
BI

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
P

T

140-

[Orders and Deliveries]

7. Manufacturers' new orders in 1982 dollars, durable goods

industries (bil. dd.)

120-

frm

100-

60-

6. Manufacturers' new orders in current dollars,
durable goods industries (bil. dd) x
40J

Manufacturers' new orders in 1982 dollars, consumer
goods and materials industries (bil. dd.)
•

110100907060-

25. Change in manufacturers' unfilled orders, durable goods industries >, ^
:
(bil. doL; MCD nwtag avg.-4-term)
'"-'''

+6-

+ 4+ 20-2-4-

420380340300-

96. Manufae|»ers' unfilled orders, durable goods industries
JJ :
(bil. di^}
11 i. u |
- ''-'" - •
j >-,i-5,U I

260-

/

220180-

/

140-

100-

60-"

32. Vendor performance, percent of companies
receiving skmer deliveries (percent)

100'

A

75- ,
50- '

V
1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

25 •
81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 64.

KCII

MAY 1988




21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued

550
500450 •
400-

| Consumption and Trade |
57. Manufacturing and trade sales
in 1982 dollars (bil. dot.)

350-

V

300250200-

56. Manufacturing and trade sales in current dollars
(biLdol.)
[cfic] X

150-

140-

75. Industrial production, consumer goods
(index: 1977=100)

120-

59. Sates of retail stores in 1982 dollars (bil. dol.)

QHI

54. Sates of retail stores in current dollars (bil. dol.)

foul

X

160-

B

140120100-

55. Personal consumption expenditures,
automobiles, Q (am. rate, bil. dol.)
60-

r |
—

40-

20J

58. Index of consumer sentiment (1st Q1966=100)

1101009080-

^

fV3=

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

706076

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 65.

22




MAY 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment

| Formation of Business Enterprises |

Business Investment Commitments]

10. Contracts and orders for plant and equipment
in current dollars (bit. dot) i,. , i

20. Contracts and orders
in 1982 dollars (bit. dol.)

40-

27. Manufacturers' new orders in 1982 dollars, nondefense
capital goods industries (bil. dol.)

3530-

252015-

\

24. Manufacturers' new orders in current dollars, nondefense
capital goods industries (Ml dul.) flTD
10W

9. Construction contracts awarded for commercial and industrial
buildings (mil. sq. ft. of floor space; MOD moving avg.—5-term)1
4

HO-i
10090-

.jtf**tf\ j
%
M

fT^rrr

LU

'.

7060-

50-1

1962

63

64

65

66

67

68

69

70

71

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

I

MAY 1988




23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued

llO-i
1009080-

I Business Investment Commitments—Con |

S

70-

s

60-

97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)

35-j

252015-

10-

11, Itewly approved capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)

100. Expenditures in 1982 dollars for new plant and equipment,
|Business Investment Expenditures]

61. Expenditures n current doSars for near pfart and
equipment, Q (am. rate, bil. dot.)

G

69. Machinery and equipment sates and
business constructan expenditures
(arm. rate, bil. «W.) fc

y%

76. Industrial production, business equipment
: 1977=100)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

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

24




MAY 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued
Chart B4. Fixed Capital Investment— Continued
IV

Mi .

| Business Investment Expenditures—Con (

550500450-

Gross private nonresidential fixed investment in 1982 (Mars (am. rate, bil. dd)

400350300250-

:. Prwheers' durable equipment,Q |C,Lg,C
200-

150-

100-"

I Residential Construction Commitments and Investment |
units started (arm. rate, millions)

29. New private housing units authorized by local building permits
(index: 19$=100)

240220200-

Gross private residential fixed investment in
1982 dollars, Q (am. rate, bil. dd.)

180^
160-

7^

140120-

A*£_
1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

100-

84

85

86

87

88 1989

Current data for these series are shown on page 67.

KCII

MAY 1988




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment

| Inventory Investment]
30. Change in business inventories in 1982 dollars, Q (am. rate, bit. dot.)

|L,L,L|

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
(aim. rate, bil. dol.; MOD moving avg.—6-term)

90-i
60-

38. Change in manufacturers' inventories, materials and supplies on
hand and on order (bil. dot; MCD moving avg.—4-term)

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

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 1988

!!€!»

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued

800-

I Inventories on Hand and on Order |

700-

70, Manufacturing and trade inventories in 1982 dollars (bil. dd)
600500400-

71. Manufacturing and trade inventories
in current dollars (Ml«.) X
300-

200130120110100908070-

65. Manufacturers' inventories, finished goods

605040-

77. Ratio, manufacturing and trade inventories to sales in 1982 dollars

1.81.7-

J\ J?\
\X"v'^ju

M

V

1.61.51.4300260-

78. Manufacturers' inventories, materials and supplies on hand
and on order (bil. dd.)

220180-

z

140-

100-

60 J

1962 63

64

65

66

67

68

69

.0
'

/J

~?

7.3 74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 68.

MAY 1988




27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
P T

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

| Sensitive Commodity Prices

_fl—j

j-

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

t,-A.jAryix,iiiRi
r

YT

IP

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

full]

Zl

JH
(Stock Prices]
19. Stock prices, 500 common slacks (index: 1941-43=10)

18. Corporate profits after tax in 1982 dollars, Q
(ann. rate,&<tol.) [pjl

I Profits and Profit Margins [

16. Corporate profits after fax in current dollars, Q
(am. rate, bil. dot.)
l

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

1

This is a weighted 4-term moving average {with weights 1,2,2,1) placed on the terminal month of the span.
2
Beginning with data for June 1931, 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.




MAY 1988

!!€!»

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

[Profits and Profit Margins—Con.]

280-^
240H

80, Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (m.$e, bil. dol.)

200^

160-

Z

\/

120-

79. Corporate profits after tax with WA and CCAdj in
current dollars, Q (arm. rate, bil. dot)

40 J

81. Ratio, corporate domestic profits after tan with IVA and CCAdj v; <-f
to corporate domestic income, Q (pere«Bl| [y,L,l
- -^*u,P.

Profits after taxes per dollar of sates, manufacturing coporatjofjs, ^^tents) [L,L,L|

26. Ratio, implicit price deflator to unit labor cost, nonfarm business
r, Q (index:

102100989694-

:.:, /

•"^W

[Cash Flows]

500-

35. Corporate net cash flow in 1982 dollars, Q
(anaijie, bil. dd.)

400-

300200- '

34. Corporate net cash flow in current dollars, Q
(arm. rate, brt. dol.)

1962 63

64

65

66

67

68

69

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

ItCII

MAY 1988




70

71

72

73

74

75

76

77

78

79

80

81

82

83

100-

84

85

86

87

88 1989

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

190-

[Unit Labor Costs and Labor Share]

180-

170160150-

63. Unit labor cost, business sector, Q
('ndex: 1977=100) [Lg,Lg,L|

14013012011010090 ->

0.800.750.700.650,600.55-

Labor cost in current dollars per unit of gross domestic product
in 1982 dollars, nonfinancial corporations, Q (dollars)

0.500.450.40-

160150140-

JH

130120-

62. Labor cost per untt of output, manufacturing
(index: 1977=1W) ||,T^7F

110-

90-

64. Compensation of employees as a percent of national income,

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 70.

30



MAY 1988

ltd)

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit

85. Change in money supply Ml
(percent; MCD moving avg.—6-term)

102. Change in money supply M2
(percent; MCD moving avg.—6-term)
IU UI

A
</s ..

-

A U.L.

+ 1.6-1
+ 1.2+ 0.8+ 0.4-

s

w\^_/vf ^
fy-wv

.JfVx^

0.0
-0.4J

3

104. Change in total liquid assets (percent; MCD moving avg.—6-term) |L,l,L
+ 1.2.
+ 0.8.
+ 0.4.
O.Q.
-0.4
700'

650'

105. Money supply Ml in 1982 dollars (bil. dol.)

600'

/_

550500450'
2700.

m

106. Money supply M2 In 1982 dollars (bil. dol.)

2500.
2300.

2100
190017001500-

7.5-

107. Ratio, gross national product to money supply Ml, Q (ratio)
__
-_

7.0-

~. m

6.5
6.0-

5.55.0-

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

zz_
1962 63

64

65

66

67

68

69

/^
70

rcwii
71

72

S^s

^\.

•W

/
73

74

75

76

77

78

79

80

81

82

83

-r-

84

85

86

87

U

1.501.451.401.351.301.25
120 J

88 1989

Current data for these series are shown on page 71.

ItCII

MAY 1988




31

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

[Credit Flows)

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

112. Net change in business loans (am. rate, bil. dol.;
, HCO moving avg.—6-tena)

111. Change in taAiess and consumer creift outstanding (am. rate

110. Funds raised by private nonfinancial borrowers in credh_
markefe,.Q (aim. rate, bil. del.) ||^L,L|
"

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on pages 71 and 72.

32



MAY 1988

KCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

j Credit Difficulties
14. Current liabilities of business failures (mil. dol.—
inverted scale; MCD moving avg.—6-term)
A

,.UM

A-JJ

J&

100 -i

200300400-

3000-

400050006000-

39. Percent of consumer installment loans delinquent 30 days and over
4prcent—inverted scaJfjK [1,1,1]
Xj*,.,

^f^

V*^

M

=t

1.61.82.02.22.42.62.8-

BanN Reserves

93. Free reserves ^H. dol.—inverted scale)
L,U,U

94. Member bank borrowings from the Federal Reserve (bil. do).)

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 72.

MAY 1988




33

CYCLICAL INDICATORS
B

1

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

| Interest Rates]
119. Federal funds rate (percent)

114. Discount rate on new issues or si-aay treasury DINS

116. Yield on new issues of high-grade corporate bonds
(percent) |Lg,Lg,ILj|

113. tieia on long-term treasury oonos (percent)

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

iD.Lg.Lgl
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on pages 72 and 73.

34



MAY 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

[interest Rates—Con^
109. Average prime rate charged fay barks (percent)—

67. Bank rates on short-term business loans, 0 (percent)

400-

| Outstanding Debt]

350-

1 1 Commercial and industrial bans outstanding in 1982 dollars
0.

..,..<*«"•>

300-

.'..:• fifing] \

Z50-

200-

72. Commercial and industrial loans outstanding in current
150700600500-

Wfl-

300-

66. Consumer installment credit outstanding (bil. dot.)
200-

100-1

18-

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

m

161412-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 73.

KCII

MAY 1988




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes

950. Eleven leadmg indicator conpneBts1 (6-mo. span—, 1-mo. span—)

100-

50-

951. Four j*$hly coincident incBdtor<»mponents(6-mo. span—, l-a». spa»--4

50-

0-1

952. Six lagging indicator components (6-mo. span—, 1-mo. span—-)
100 -<

50-

0-1

961. Average weekly hours of production or nonsupervisory workers, 20
nf^acturing industries $>j®t£ span—, 1-mo. span—-)

, State programs, 51 areas
1-mo. span—

963. Employees on private nonagricultural payrolls, 172-186 industries
. span
lOO-i

50-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
Current data for these series are shown on page 74.

36



MAY 1988

KCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued

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

50-

Newly approved capita! appropriations in 1982 dollars, 17 ,
Manufacturing industries (4-Q moving avg**» 1-Q span**,)
70-

4i

605040-

V VVTJ

3020-

4t
966, Industrial production, 24 industries (6-mo. span—, 1-mo. span—

100-

50-

0-

967. Spot market prices, 13 raw industrial materials
(9-mo. span—Jil^no, span—)

100-

50-

968. Stock prices, 500 common stocks, 40-82 industries
(9-mo. span—«•,$•«». span—)
lOO-i

50-

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

Qfl

M

908070605040-

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

1

This i$ 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.

!*€!»

MAY 1988




37

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued

Actual
Anticipated

| Percent rising |

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
(c)Earljfprojecjien$

971. New orders, manufacturing (4-Q span)1

,/v^- x>

976. Selling pices, manufacturing (4-Q span)1
90-

100-

80-

90-

70-

80-

60-

70-

50-

60-

1

1

and trade (4-Q span)

972.

977. Selling prices, wholesale trade (4-Q span)
90-

80-

70-

60-

60-

50-

1

978. Selling prices, retail l»de (4-Q span)

1

973. Net sates, manufactoJn| and trade (4-Q span)

\*. .-XV^. r
•/!••• u
t-

70

60-J

1976

77

78

79

80

81

82

83

84

85

86

87

1988

1976

77

78

79

80

81

82

83

84

85

86

87

1988

i 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.
Current data for these series are shown on page 76.

38



MAY 1988

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change

1-month spans
3-month spans

Percent change at annual rate I
1

910c. Composite index of eleven leading indicators

—

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

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

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
Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.

l»f..I) MAY 1988




39

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income

50004500WOO35003000-

200. Gross rational product in current dollars, Q (arm. rate, bil. del.)

25002000-

1500-

223. Personal income in current dollars
(arm. rate, bil. dd) V-

1000-

224. Disposable personal income in current
dollars, Q (arm. rate, bil. dd.)

TJI

50. Gross national product in 1982 dollars, Q

(ann3|»,bil.dol.)

—r

450040003500300025002000-

450040003500-

213. FinaN&Un 1982 dollars, Q (arm. rate,tit dd.) •;,*;';

300025002000-

225. Disposable personal income in 1982
dollars, Q (am. rate, * " "

1500-

217. Per capita gross national product in 1982 dollars, Q :
(ann.rate,tl»us.dol.)

16141210-

r capita disposable personal income in <; ,
1982 dollars, Q (arm. rate, thous. dol.)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

40



MAY 1988

KCII

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures

Annual rate, bilion dollars (current)]
Personal consumption expenditures—

j Annual rate, bion dollars (1982)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on pages 80 and 81.

ItCIt

MAY 1988




41

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment

Annual rate, billion dollars (current)]
900800700-

Gross private domestic investment—

600500-

400-

240. Total, Q —/
300"

200 J

245. Change in business inventories, Q

jtoiual rate, bion dotes (1982)|

_..

m

900800700600500400-

243. Fixed investment, Q

30QJ

30. Change in business inventories, Q

v

1962 63

64

65

66

67

68

vvv
69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 81.

42



MAY 1988

ItCIt

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services

|flnnual rate, billion dollars (current)]

Government purchases of goods and services—

300- •

200-

266. State and local
government, Q

100-1

| Annual rate, biHion dollars (1982)]

267. State and local government, Q

300-

200-

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 81.

licit

MAY 1988




43

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade

| Annual rate, bion dofars (current))

600
550
500'
450'
400350-

300'
250

252. Exports of goods and services, Q
200150-

• 253. Imports of goods and services, Q
100-

50 J

250. Net exports of goods and services, Q
+ 500-

X

-50-

[JJ

Annual fate, billion dollars (1982J

-100-

600550500450400350-

25?, Imports of goods and services, Q

300250200-

256. Exports of goods and services, Q
150+ 100-

255. Net exports of goods and services, Q

+ 500-

-50-100-150-

-200
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

44



MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components

ftnnual rate, bMon dollars (current)]

280. Compensation of employees, Q

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

282. Proprietors' income with inventory valuation and
consumption adjustaents, Q -re

20-

284. Rental income of persons ph c
consumption adjustment, Q

10-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

ItCII

MAY 1988




45

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

ftnnuat rate, billion dollars (current)

800700600500400-

100-

60-

40 J

298. Government surplus or deficit, Q

293, Personal saving rate, Q
lO-i

V

6-

2J
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

46




MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income

j Percent of GNP]

235. Personal consumption expenditures, Q

65-

60 J

268, State and local government purchases
of goods and services 0
265, Federal Government purchases of goods and services, Q
10-

248. Nonresidential fixed investment, Q

249. Residential ted investment, Q

,

247. Change in business inventories, Q

-V

251. Net exports of goods and services, Q
-5-

[Percent of National Income]

64. Compensation of employees, Q
75-

70-

65 J
15 T

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

10-

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

289. Net interest, Q

285. Rental income of persons with capital consumption adjustment, Q
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 83.

licit

MAY 1988




47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

I Index: 1982=1001
130'
120'
110100'

310. Implicit price deflator for!
national product, Q

310c. Implicit price deflator for fwss 1 Percent change at annual rate |
national nrodnct (1-0

+ 15+ 10-

90-

0J

311c. Fixed-weighted price index, gross domestic business product
70-"
130
120
110
100

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

Producer price indexes—

90'

330c. All commodities
70

Producer price indexes—

m

J

120
110'
100'

330. Mli

+ 20

-10

335c. Industrial commodities

90
+ 10 •

80'
7060-

331c. Crude materials for
further processing

335. Industrial commodities

0•

-10-20

332c. Intermedate materials, supplies, and components

yA,

331. Crude materials for further processing
f

^~^^^ "

.-;' ;/

[4i

'^^iv^V-'^--^-

-^ ' ' "••• "-x

' , rl

x*

fS~*~

+10 -

0 -in -

333c. Caprtaf equipment

i20
110
100

334. Finished consum

A
Capital eouinment

334c. Finished consumer goods

:
:',f:
r/\*
^/N^^
'''^^i^A_

m
^s

- ~ ~ ~\l

70-

,^-x

'

+ ZU + 10 0 -in -

60 J

1976

77

78

79

80

81

82

83

84

85

86

87 1988

1976

77

78

79

80

81

82

83

84

85

86

87 1988

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




MAY 1988

KCI

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart Bl. Price Movements—Continued

Consumer price indexes—

322. All urhtttansumers, food -^

'm urban consumers (6-rnonttt ipan)

' |Percent change at armalrate

All urban consumers, food (6-month span)

Chart B2. Wages and Productivit

LNe»:1977=100|
hourly earnings of production or nonsupervisory
ivate nonaericultii

earnings of production or nonsupervisory workers

346. Reaf average hourly compensation, all employees,
iness sector, Q .Z-y; •

. Average hourly compensation, all employees,
nonfatm business sector, Q (current <totlars)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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.

KlJI MAY 1988




49

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued

I

a es

J Change in average hourly earnings of production or nonsupervisory workers on private Mnagricuhtral payrolls1—

-

'—

=-*

340c. Current-dollar earrings
HO-

+ 5-

341c. Real earnings

0-

1-month spam2
\

6-month spans (arm. rate)
\

/TT 1! Wnr r l f
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c. Current-dollar compensation ."

+ 15-i

4-quarter spans

+ 10+ 5-

v—l-quarter^8iB (arm. rate)

0-

346c. Real compensation
+ 10+ 50-5-

Negotiated wage and benefit decisions—

348. Average first-year changes, Q (am. rate)

349. Average changes over life of

I Index: 1977 = 1001
120-

| Productivity

110-

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

10090-

-370. Output per hour, all persons,

| Percent change |

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

+ 10-

— 1-quarter spans (arm. rate)

+ 50-

4-quarter spans
1962

63

64

65

1

66

67

68

69

70

71

72

73

74

75

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
with the annuali?ed 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



76
2

77

78

79

80

81

82

83

84

-b-

85

86

87

88 1989

One-month percent changes have been multiplied by a constant (12) to make them comparable

MAY 1988

IM:

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components

441. Civilian labor force (millions)

442. Civilian employment (millions)

Civilian labor force participation rates (percent)-

and over
85

80757065-

453. Both sexes 16-19 years of age

60555045-

432. Females 2\i years and over

40141210-

Number unemployed (millions)—
37. Persons unemployed

445. Females 20 years and over
444. Males 20 years ^
and over
2-

446. Both sexes 16-19 years of age
1-1
1210-

447. Number unemployed, full-time workers

6-

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

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 89.

KCII

MAY 1988




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures

Annual rate, bite dollars (current)

SIR, federal Government expenditures, Q.

501. Federal Government receipts, Q

500. Federal Government surplus or deficit, Q

'State and local government expenditures, Q

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES— Continued

Chart D2. Defense Indicators

40-

I Advance Measures of Defense Activity >~Qg
I-W

3530-

2520-

gross obligations incurred
ng avg.—6-term)

15-

22-|
201816141210-

240-i
220200180160-

140120100141210-

6-

4-

2J

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data tor these series are shown on page 90.

I
d I) MAY 1988




53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued

| Intermediate and hnal Measures ot Defense Activity ]

__^*- - • *~

'

^s^"

.*—*~v-%.«~
/
f

557. Industrial prediction, defense and space equipment
^-/~
(index: 197?= 100)
/S^

>\^

^

^ ^ ^^_

-^--/^

z

559. Manufacturers' inventories, defense products,
(bil. dot.)

561. Manufacturers' unfilled orders,

580. Defense Department net outlays, military functions and military
assistance (Wt dd.)

588. Manufacturers' shipments, defense products (bil. dot.)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 91.

54



MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued

| Intermediate and Final Measures of DeieggActivity—Con |
570. Employment, defense products industries (trillions)

2.01.8-

0J

Defense Department personnel (millions)—
3.5-)
3.0-

577, Mlitary personnel on active duty

2.52.01.5-

578, Civilian personnel, direct hire employment .1.0-

400350-

m

| National Defense Purchases |

300250200-

564. Federal Government purchases of goods and services, national
defense, Q (arm. rate, I

150- '

100-

J
50

565. National defense purchases as a percent of GNP, Q (percent)
lO-i

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 91.

BCII

MAY 1988




55

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

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

604. Exports of domestic agricultural products,
(bil. dol.)
. Exports of nonelectrical rr^Mnery ftl'^Bl.)

,•

612. General imports p. dol.)

614. Imports of petroleum and petroleum
products (bil. *t|;:;

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 92.

56



MAY 1988

l d
t

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements

Excess of receipts
Excess of payments
Goods and services-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 93.

l d
t
)

MAY 1988




57

OTHER IMPORTANT ECONOMIC MEASURES
FJ

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production

| Index: 1977 = 1001

[Index: 1977^100)

Industrial production—

Industrial production—

,*
f

47. United States
A

^

-/^

-~*~**~~^

721. OECD European countries

B

«

X'

^M^T^

1

^Vr

/

qn-

[i]

j^^**-***\^
S*^

Qn -

160
150-

722. IWted Kingdom

140

728.Japan

130-

^Y^v

120

2"

110

/v/^

s/v ^^

:-.-.

/v^y ~

s

X/^^"

120110 -

100-

qn *

10090-

725. West Germany

Q]

130120110100-

i/*r<**r

90

150'
140-

726. France

120-1

130-

110

120 •
110 •

100 ?*

100 -

90

90-

1976

77

78

79

80

81

82

83

84

85

86

87 1988

1976

77

78

79

80

81

82

83

84

85

86

87 1988

Current data for these series are shown on page 94.

58




MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices

Chart F3. Stock Prices

I Percent change at annual rate |

6-month spans

I Index: 1967=1001

Stock prices—

Consumer prices—

350-

f^\

,~J

+ 20 -i

320c. United States

19. United States
+ 10-

v/*

/

QD

250200-

/^^Tr

900-1
800700600500-

+ 20 -i

738c. Japan

JL

+ 10-

n^v^^M^/Vi

300-

400-

746. France>

0J

200-

735c. West Germany

\
745. West Germany
100 J

736c. France

O- 1

+ 30 -i

737c. Italy

+ 10 0

J

+ 20 -i

733c. Canada
+ 10 -

1976 77

78

79

80

81

82

83

84

85

86

87 1988

1976 77

78

79

80

81

82

83

84

85

86

87

1988

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

IICII

MAY 1988




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Q COMPOSITE INDEXES
|

Year
and
month

910. Index of
eleven leading
indicators (series
1, 5, 8, 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)

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

(1967 = 100)

916. Profitability (series
19, 26, 80)

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

(1967 = 100)

(1967 = 100)

(3)

1936

January
February
March

174.1
175.0
176.4

162.9
163.4
162.9

140.5
141.1
142.3

115.9
115.8
114.5

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
178.3

165.6
164.3
163.7

140.5
141.4
141.6

117.9
116.2
115.6

110.4
109.5
109.6

103.8
103.5
103.0

119.9
119.7
120.4

140.3
142.4
142.6

July
August
September

179.9
180.3
179.9

164.4
164.8
165.8

141.8
142.2
141.6

115.9
115.9
117.1

109.8
108.8
108.9

103.3
102.9
102.8

120.0
120.4
118.9

144.9
145.6
145.5

October
November
December

181.2
182.7
186.7

165.4
165.8
167.4

143.7
143.4
142.4

115.1
115.6
117.6

108.4
108.6
111.0

102.8
103.6
104.9

117.8
117.4
117.9

147.3
146.8
0)149.2

185.5
186.0
187.6

165.6
168.2
168.0

0)144.6
142.1
141.3

114.5
118.4
118.9

108.9
(NA)

104.4
104.6
105.3

119.3
120.8
121.5

148.9
147.0
145.4

April
May
June

187.6
r!88.6
r!90.6

168.0
167.6
168.0

141.8
142.0
142.6

118.5
118.0
117.8

105.3
106.0
106.7

121.3
121.3
122.9

144.5
144.1
r!45.7

July
August
September

rl91.0
r!91.9
r 192.0

169.4
170.0
170.1

141.9
141.6
143.1

119.4
120.1
118.9

107.1
106.4
106.6

October
November
December

0)192.4
r!89.8
r!90.5

172.5
172.0
173.4

142.5
143.3
r!43.4

121.1
120.0
r!20.9

January
February
March

r!88.7
r!91.5
191.9

173.0
r!74.2
175.2

rl43.2
r!43.7
144.2

April
May
June

"192.2

0> 5 175.2

6

1987

January
February
March

124.2
[H>126.2
r!25.1

r!44.4
144.3
r!45.4

106.9
r!06.9
107.5

r!22.2
rl!9.3
118.9

r!47.4
146.7
r!46.4

r!20.8
r!21.2
r!21.5

106.8
r!06.4
r!06.5

119.6
p!20.0
(NA)

r!44.2
r!48.0
p!48.9

p!22.0

p!05.9

1988

143.6

(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
Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
2
The following series reached their high values before 1986: series 940 (130.0) in January 1984, series 914 (111-5) in February 1984, and
series 915 (107.9) in April 1984. 3See "New Features and Changes for This Issue" on page iii of the March 1987 issue,
''Excludes series
5
6
36 and 111, for which data are not available.
Excludes series 57, for which data are not available.
Excludes series 77 and 95, for
which data are not available.

60



MAY 1988

KCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT
|

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year
and
month

L, L, L

L, C, L

L.C.L

L, Lg, U

(Hours)

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

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

(Hours)

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

Comprehensive
Employment

Job Vacancies

(Thous.)

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)

1986
January
February
March

40.8
40.6
40.7

3.5
3.4
3.4

375
384
393

0.519
0.484
0.486

137
137
136

184.62
184.05
184.41

April
May
June

40.7
40.7
40.6

3.4
3.5
3.4

374
378
378

0.487
0.476
0.504

137
135
143

184.84
184.90
184.64

July
August
September

40.6
40.8
40.8

3.5
3.5
3.5

370
379
369

0.492
0.506
0.502

137
138
140

184.97
185.55
185.84

October
November
December

40.7
40.8
40.8

3.5
3.5
3.6

343
342
356

0.503
rO.525
0.518

139
r!45
138

186.20
186.86
186.87

January
February
March

40.9
41.1
40.9

3.6
3.6
3.6

359
361
341

rO.508
0.528
rO.573

r!36
140
r!50

187.64
188.94
188.71

April
May
June

40.6
41.0
41.0

3.5
3.8
3.7

324
326
327

rO.587
rO.601
rO.619

r!49
r!53
r!52

187.72
189.69
189.41

July
August
September

41.0
41.0
40.6

3.8
3.8
3.6

327
297
286

rO.628
rO.660
rO.663

r!53
r!61
r!58

189.97
190.78
187.57

October
November
December

E>41.3
41.2
41.0

4.0
3.9
3.8

[H>284
293
312

0.672
0.680
0.661

162
E)162
155

192.24
192.40
192.63

January
February
March

41.2
41.0
r41.0

3.9
3.7
3.7

351
321
304

0.646
0.669
rO.691

153
156
r!58

193.00
r!94.77
r!94.52

April
May
June

p41.2

E>p4.0

296

0>p0.711

p!58

[H}pl95.90

1987

1988

luly
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
Data exclude Puerto Rico, which is included in figures published by the source agency.

x

KCII

MAY 1988



61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT-Continued

Minor Economic
Process

Comprehensive Employment— Continued

Timing Class

Year
and
month

U, C,C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C, C, C

41. Employees
on nonagricultural payrolls

(Thous.)

L, C, U

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

Comprehensive Unemployment
U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

(Thous.)

(Percent)

L, Lg, U

45. Average
weekly insured
unemployment
rate, State
programs x

(Percent)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1986

January
February
March

105,597
105,427
105,640

98,776
98,914
99,013

24,821
24,768
24,711

59.87
59.61
59.74

7,847
8,427
8,330

6.7
7.2
7.1

2.8
2.8
2.8

15.0
15.4
14.6

1.8
2.0
1.9

April
May
June

105,793
105,938
106,495

99,252
99,389
99,323

24,770
24,708
24,628

59.74
59.73
60.02

8,373
8,444
8,441

7.1
7.2
7.1

2.8
2.8
2.8

14.6
14.7
15.1

1.8
1.9
1.9

July
August
September

106,710
106,929
106,883

99,601
99,772
100,039

24,628
24,639
24,620

60.05
60.10
60.05

8,278
8,115
8,298

7.0
6.9
7.0

2.8
2.8
2.8

15.2
15.5
15.4

1.9
1.9
2.0

October
November
December

107,052
107,224
107,504

100,209
100,415
100,567

24,611
24,630
24,630

60.07
60.15
60.20

8,230
8,214
7,919

6.9
6.9
6.7

2.7
2.7
2.6

15.2
15.0
15.0

1.9
1.9
1.9

January
February
March

107,840
108,119
108,218

100,919
101,150
101,329

24,708
24,743
24,749

60.30
60.43
60.43

7,964
7,886
7,791

6.7
6.6
6.5

2.6
2.6
2.6

15.0
14.8
14.9

1.8
1.8
1.7

April
May
June

108,556
109,065
109,108

101,598
101,708
101,818

24,759
24,752
24,761

60.57
60.79
60.72

7,557
7,573
7,308

6.3
6.3
6.1

2.5
2.4
2.4

14.8
14.8
14.7

1.7
1.7
1.7

July
August
September

109,427
109,907
109,688

102,126
102,275
102,434

24,850
24,886
24,917

60.84
61.02
60.87

7,251
7,256
7,091

6.0
6.0
5.9

2.3
2.3
2.2

14.2
14.3
14.2

1.6
1.6
1.6

October
November
December

109,961
110,332
110,529

102,983
103,285
103,612

25,064
25,169
25,259

61.00
61.11
61.19

7,177
7,090
6,978

6.0
5.9
5.8

2.1
2.1
2.1

14.1
14.0
14.2

1.5
1.5
1.5

110,836
111,182
110,899

103,827
r!04,365
r!04,661

25,205
r25,354
r25,449

61.33
61.44
61.23

7,046
6,938
6,801

5.8
5.7
5.6

2.3
2.3
2.2

14.4
14.4
13.7

1.4
1.4
1.4

0)111,485

0)pl04,835

0)p25,506

0)61.52

0)6,610

0)5.4

1987

1988

January
February
March
April
May
June

0)2.1

0)13.4

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 1988

0)1.3

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

EJj PRODUCTION AND INCOME

Minor Economic
Process
Timing Class

Year
and
month

Industrial Production

Comprehensive Output and Income

c, c, c

C, C, C

50. Gross national product
in 1982 dollars

(Ann. rate,
bit. dot.)

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
(Ann. rate,
bil. dol.)

C,C,C

C,C,C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction

C, C,C

47. Index of
industrial
production

C, C, C

73. Index of
industrial
production,
durable manufactures

(Ann. rate,
bil. dol.)

(1977 = 100)

(1977 = 100)

C, L,L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

C,C, C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1986

January
February
March

3,698'.8

3,444.4
3,463.8
3,482.1

3,021.4
3,051.8
3,073.3

2,576.6
2,604.2
2,622.7

540.1
539.2
542.8

126.4
125.5
123.9

129.8
128.9
127.4

128.6
128.2
127.3

1,589*.5

April
May
June

35704!7

3,525.8
3,525.9
3,528.1

3,111.9
3,103.8
3,094.8

2,660.2
2,650.4
2,641.8

544.5
544.1
539.7

124.7
124.3
124.1

128.5
127.7
126.9

128.9
129.7
130.2

1,594^4

July
August
September

3,7is!o

3,540.3
3,552.9
3,567.5

3,102.8
3,103.0
3,104.9

2,642.4
2,647.4
2,648.8

540.3
542.0
540.0

124.8
124.9
124.5

128.1
127.9
128.4

130.6
131.1
130.3

1,593'.7

October
November
December

3,73i!5

3,577.5
3,590.3
3,613.0

3,108.2
3,116.6
3,130.8

2,651.5
2,659.7
2,673.3

545.1
541.6
540.3

125.3
125.7
126.8

128.6
129.0
129.7

131.2
131.7
133.4

1,602.6

January
February
March

3,772^2

3,631.5
3,671.2
3,683.4

3,117.2
3,143.2
3,137.5

2,660.3
2,685.5
2,682.4

540.0
538.7
537.6

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

1,626.0

April
May
June

3,795!3

3,701.9
3,708.5
3,715.3

3,139.9
3,132.2
3,127.4

2,684.1
2,671.5
2,671.4

534.1
535.0
534.1

127.4
128.2
129.1

130.9
131.4
132.0

134.6
135.7
136.9

1,638.2

July
August
September

3,835.9

3,739.2
3,760.6
3,783.2

3,144.8
3,149.6
3,150.0

2,686.3
2,693.0
2,694.6

532.8
535.3
536.7

130.6
131.2
131.0

133.5
133.8
133.7

138.5
138.8
138.6

1,666.8

October
November
December

3,88CK8

3,854.4
3,839.8
3,869.1

3,198.7
3,178.6
3,205.6

2,741.1
2,722.7
2,748.4

539.3
541.4
541.5

132.5
133.2
133.9

136.8
136.7
137.3

138.1
139.6
141.3

1,689.*7

H)r3,918.'6

r3, 872.1
r3,895.7
r3,939.2

r3,194.8
r3,214.3
S)r3,234.2

r2,728.4
r2,745.6
0>r2,762.7

540.2
r542.7
H>r548.9

134.4
134.4
r!34.7

r!37.9
r!38.3
r!38.9

r!41.4
r!41.2
r!41.5

0>rl,725.7

E)p3,943.6

p3,219.3

p2,751.2

p543.1

0>pl35.6

E>pl40.1

H)pl42.0

1987

1988

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

See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.

MAY 1988



63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
|

Capacity Utilization

Timing Class

Year
and
month

PRODUCTION AND
INCOME-Contmued

L,C,U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L, C, U

84. Capacity
utilization rate,
materials

L, L, L

Manufacturers' new orders,
durable goods industries
7. Constant
(1982) dollars

6. Current
dollars

(Percent)

(Percent)

L, L, L

(Bil. dol.)

(Bil. dol.)

L, L, L

L,L, L

8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials

25. Change in
manufacturers'
unfilled orders,
durable goods
industries1

(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.)

1986

January
February
March

80.7
80.2
79.2

80.5
79.8
78.5

99.02
101.26
100.94

92.63
94.73
94.33

81.63
80.74
79.16

0.63
2.18
3.23

363.66
365.84
369.06

46
48
50

April
May
June

79.9
79.6
79.3

78.7
78.3
78.0

98.18
97.30
97.90

91.58
90.68
91.15

81.07
78.92
80.38

-2.76
-1.32
-1.70

366.30
364.98
363.28

50
55
50

July
August
September

79.7
79.6
79.4

78.1
77.9
77.7

99.68
96.30
102.95

92.72
89.50
95.59

79.18
80.04
82.66

-0.03
-1.88
2.29

363.24
361.36
363.65

54
51
52

October
November
December

79.5
79.6
80.2

77.9
78.5
79.1

99.98
99.98
105.68

92.48
92.32
97.58

81.25
79.54
85.34

-1.06
-0.03
-0.71

362.60
362.57
361.86

54
56
56

January
February
March

79.6
80.0
80.3

78.7
73.7
78.7

96.91
102.07
r!05.95

89.32
94.07
r97.47

80.85
84.53
r85.62

-2.34
-1.18
rl.78

359.51
358.33
r360.10

55
52
55

April
May
June

80.2
80.4
80.8

79.1
79.3
79.8

r!07.14
r!05.57
109.18

r98.48
r96.86
100.07

r84.05
r83.59
85.43

r4.31
r3.10
4.70

r364.41
367.51
372.22

57
60
57

July
August
September

81.5
81.5
81.3

80.6
81.1
81.2

109.21
106.68
109.34

99.83
97.16
99.04

84.16
83.69
85.71

6.18
2.54
0.91

378.40
380.94
381.85

62
60
69

October
November
December

82.0
82.2
82.6

82.1
82.9
H>83.6

111.10
110.95
115.62

100.45
99.95
E>rl03.79

85.96
85.89
0>r86.66

2.84
2.57
2.59

384.70
387.27
389.86

70
66
71

r82.7
82.6
r82.6

83.0
r82.2
82.4

114.20
rl!4.32
rl!5.30

101.95
rl01.98
r!02.49

84.85
r86.27
r86.46

5.25
r3.80
rl.51

395.11
r398.91
r400.42

68
66
69

H)p83.0

p82.9

[H>pll6.28

p!02.99

p86.39

p3.70

[H>p404.12

62

1987

1988

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, 20, and 21.
1
The following series reached their high values before 1986:

64




series 25 (9.80) and series 32 (72) in March 1984.

MAY 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

c,c,c

C, C, C

56. Current
dollars

(Mil. dol.)

57. Constant
(1982) dollars

(Mil. dol.)

C,L, C

75. Index of
industrial
production,
consumer
goods

(1977 = 100)

C, L, U

U, L , U

Sales of retail stores
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Manufacturing and trade sales
Year
and
month

0

Qj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Continued

59. Constant
(1982) dollars

(Mil. dol.)

L, C, C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

L, L, L

58. index of
consumer
sentiment1 (u)

L, L, L

12. Index of
net business
formation

(IstQ
1966 = 100)

(1967 = 100)

L, L, L

13. Number of
new business
incorporations

(Number)

1986

January
February
March

424,255
419,113
415,757

410,518
410,199
408,575

123.6
122.9
121.4

117,524
116,599
116,184

108,617
108,768
109,298

122.4

95.6
95.9
95.1

119.3
120.8
121.5

57,580
58,799
58,365

April
May
June

421,251
417,160
422,098

417,819
412,006
413,946

123.8
123.8
123.7

116,905
118,259
118,314

110,601
111,355
111,197

126.2

96.2
94.8
99.3

122.4
120.7
120.3

58,937
58,257
57,558

July
August
September

420,678
423,115
436,761

417,523
419,488
430,295

124.5
125.0
123.6

118,821
120,308
127,115

111,569
112,543
H>118,247

[H>15i;3

97.7
94.9
91.9

120.7
119.3
120.4

58,002
56,541
58,002

October
November
December

428,495
429,396
442,876

422,639
422,723
431,993

124.8
125.0
126.6

120,778
120,470
126,011

112,666
112,274
116,677

141.3

95.6
91.4
89.1

119.7
118.3
121.9

57,410
56,924
0)65,318

January
February
March

425,002
442,408
r444,170

416,920
433,196
r430,685

125.5
126.4
126.7

117,246
123,292
r!23,680

107,961
113,008
rl!2,744

117.5

90.4
90.2
90.8

118.1
120.5
122.0

55,069
58,880
60,193

April
May
June

r445,300
447,215
453,701

r429,776
428,743
430,800

125.5
127.3
127.2

r!24,792
124,775
126,511

rl!3,344
112,715
113,871

125. i

92.8
91.1
91.5

120.7
rl!9.8
rl!9.9

57,715
56,624
57,502

July
August
September

454,330
460,047
464,984

433,890
436,811
439,591

128.9
129.4
127.7

127,230
129,981
127,815

114,415
116,470
114,121

148'.3

93.7
94.4
93.6

r!20.0
r!21.1
r!22.0

57,483
57,951
57,066

October
November
December

464,947
462,975
468,303

438,814
435,121
436,886

129.0
129.4
129.8

126,808
127,248
128,615

112,919
113,109
114,426

129.8

89.3
83.1
86.8

r!21.2
r!22.9
r!22.2

55,337
57,358
53,453

465,730
r470,656
[H}p479,456

r437,577
r440,495
Dp443,413

r!31.2
r!31.5
r!31.2

128,769
r!30,121
[H>rl32,398

114,461
rl!5,972
rl!7,374

rl34*.9

90.8
91.6
94.6

r!23.3
0>rl23.9
r!23.3

54,913
p57,493
(NA)

(NA)

(NA)

Dpl31.9

p!31,583

pl!6,342

91.2

p!21.9

1987

1988

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, 22, and 23.
1
Series 58 reached its high value (101.0) in March 1984.

KCII

MAY 1988




65

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

[
U FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L , L

L, L, L

10. Current
dollars

(Bil. dol.)

L, L, L

Manufacturers' new orders,
nondefense capital goods industries

Contracts and orders for
plant and equipment
Year
and
month

L, L, L

20. Constant
(1982) dollars

(Bil. dol.)

L, C, U

9. Construction contracts awarded for
commercial and industrial buildings1 2

27. Constant
(1982) dollars

24. Current
dollars

(Bil. dol.)

U, Lg, U

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space 3

(Millions)

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations 2
(Bil. dol.)

C, Lg, Lg

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations 2

(Bil. dol.)

1986
January
February
March

29.45
32.82
30.91

30.95
36.40
33.36

24.96
27.66
26.61

26.92
31.78
29.53

72.89
82.65
73.01

6.77
7.68
6.78

23.39

April
May
June

30.13
29.86
30.53

32.28
32.74
33.78

25.36
25.43
25.85

28.05
28.80
29.64

82.17
78.06
76.57

7.63
7.25
7.11

19.99

July
August
September

30.97
29.83
31.86

34.68
33.60
34.59

26.40
25.34
27.16

30.63
29.63
30.44

73.43
76.48
76.51

6.82
7.10
7.11

20.20

October
November
December

32.00
31.99
34.29

34.83
35.23
37.59

27.54
27.27
29.14

30.87
31.03
33.00

73.54
83.00
76.45

6.83
7.71
7.10

22!io

January
February
March

31.27
31.93
r32.73

33.62
34.79
r35.87

26.77
27.04
r27.69

29.63
30.48
r31.46

80.75
73.72
77.18

7.50
6.85
7.17

2K44

April
May
June

r33.29
r33.91
35.33

r36.78
r37.19
38.40

r28.57
r29.77
29.99

r32.64
r33.56
33.72

78.14
76.74
84.28

7.26
7.13
7.83

32.'26

July
August
September

36.77
34.69
34.66

40.63
38.25
38.28

31.98
29.54
29.75

36.47
33.79
34.03

84.76
84.70
85.96

7.87
7.87
7.99

29.81

October
November
December

35.23
34.60
38.81

39.12
37.53
41.76

30.42
30.08
33.88

34.94
33.64
37.49

82.21
75.90
84.37

7.64
7.05
7.84

p33.98

38.60
|B)r38.84
r36.93

E>43.45
r42.78
r40.92

0)34.79
r33.76
r32.46

0)40.17
r38.40
r37.07

69.43
91.89
73.91

6.45
8.54
6.87

p36.91

p40.95

p32.90

p37.50

69.80

6.48

92.'22

85.*77

so.'n

69 '.72

1987

69!l7

74.64

74.71

p76.81

1988
January
February
March
April
May
June
July
August
September
October
November
December




(NA)

(NA)

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q FIXED CAPITAL INVESTMENT-Continued
|

Minor Economic
Process
Timing Class

C, Lg, Lg

C, Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

61. Current
dollars
(Ann. rate,
bil. dol.)

100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

C, Lg, Lg

C, Lg, U

69. Machinery
and equipment

76. Index of
industrial pro-

business
construction
expenditures

C, Lg, C

ness equipment

(Ann. rate,
bil. dol.)

Lg, Lg, Lg

C, Lg, C

28. New private housing

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

(1977 = 100)

87. Structures 1

(Ann. rate,
bil. dol.)

L, L, L

L, L, L

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

(Ann. rate,
thous.)

29. Index of
new private
housing units
authorized by
local building
permits L

(1967 = 100)

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars

(Ann. rate,
bil. dol.)

Revised 2

1986

1/170

381.52
394.74
394.11

142.1
141.3
139.2

453.2

379.25

395.29
383.39
388.43

139.6
138.6
137.2

44i.O

128.4

312*.6

1,947
1,847
1,845

148.2
143.3
142.7

196.'5

375.50

376.42

388.27
387.28
386.99

139.4
139.1
139.6

437 '.7

122*.7

315.'6

1,789
1,804
1,685

141.9
137.6
134.4

20l!i

386.09

386.76

393.82
391.03
412.26

139.4
138.8
139.5

443.2

124!6

3is!6

1,683
1,630
1,837

133.6
131.1
151.8

§-0202*2

January
February
March

374!23

374.49

370.84
386.83
r394.48

138.6
141.7
141.9

426.0

1 ,804
120'.4

305.6

134.9
134.6
134.1

198.2

April
May
June

r392.43
390.29
399.08

142 1

377!l55

196L8

144!2

1,583

127 .3
119.9
122.7

July
August
September

393.13

394.54

402.81
409.64
423.70

145.6
145.6
146.3

463.' 8

l27 2

336.6

1,594
1,583
1,679

120.4
120.7
119.7

193:5

October
November
December

53)409.37

[H)408.88

415.39
415.48
437.33

148.7
148.3
149.8

465'.6

129.8

335'.8

1,538
1,661
1,399

115.9
116!s
109.4

197.0

January
February
March

a422!75

a420*.52

r435 48
r436!43
[H>p448.91

E)r488.1

r!27.6

@)r360.5

rl,519
rl,554

114.0
117.7

April
May
June

a427!69

a424'.46

pi, 561

115.6

January
February
March

380.04

April
May
June

376.21

July
August
September
October
November
December

387.13

I T- / . J

145!i

307!s

l!869

140.9

1

I/II Q
I
f 1 . J

Q7 0.

185.*9

1987

376.95

l!809

1,723
437 '.9

126!i

.:

317.5

1J599

1988

(NA)

r1 C1iO.
nD

r!52.3
r!53.2
H)pl54.5

L

99.5

192:2

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
1
The following series reached their high values before 1986: series 87 (151.7) in 2d quarter 1985, and series 28(2,260) and series 29
(158.5) in February 1984.
2
See "New Features and Changes for This Issue," page iii.

MAY 1988




67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

gj INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment

Timing Class

Year
and
month

30. Change in
business inventories in 1982
dollars x

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1
Smoothed 2

Actual
(Ann. rate,
bil. dol.)

L, L, L

L, L, L

L, L, L

(Ann. rate,
bil. dol.)

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories

(Ann. rate,
bil. dol.)

L,L,L

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

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. 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
order
(Bil. dol.)

1986
January
February
March

35.3

22.18
15.18
43.63

8.37
12.76
21.74

28.7
-2.4
19.4

-0.23
1.22
-0.45

657.84
657.64
659.26

639.55
640.54
644.56

105.75
105.43
105.21

1.56
1.56
[H>1.58

229.97
231.18
230.73

April
May
June

28.1

11.26
-39.48
20.98

25.18
14.25
1.36

9.0
-27.1
5.3

-0.96
-1.95
-1.33

660.01
657.76
658.20

646.10
643.87
645.89

105.17
104.87
103.80

1.55
1.56
1.56

229.77
227.82
226.49

26.09
-24.98
-30.89

0.06
4.95
-1.28

29.9
-4.5
-17.4

-0.90
-1.09
1.42

660.68
660.31
658.87

648.98
647.14
644.01

104.05
103.60
102.74

1.55
1.54
1.50

225.59
224.50
225.92

27.23
-22.78
-4.97

-9.74
-9.18
-4.49

29.4
-5.9
-44.4

-0.97
0.12
1.57

661.32
660.82
657.12

646.72
645.45
643.29

102.96
103.96
103.23

1.53
1.53
1.49

224.94
225.07
226.64

July
August
September
October
November
December

6.1

-14.4

1987
January
February
March

47.6

64.33
1.15
r52.26

6.01
16.18
r29.71

82.8
19.9
r35.7

-0.73
-0.51
r2.46

664.02
665.68
r668.65

649.53
649.55
651.82

104.42
104.08
r!04.38

1.56
1.50
1.51

225.90
225.39
r227.85

April
May
June

39.0

r22.28
r45.9S
33.05

r32.24
r32.70
r36.97

r29.7
73.0
44.0

r3.29
rO.26
2.46

671.13
677.21
680.88

652.67
655.75
656.98

104.22
104.28
103.48

1.52
1.53
1.53

r231.14
231.40
233.86

July
August
September

24^6

35.63
-11.50
22.84

r36.00
r28.64
17.36

39.3
12.0
52.4

2.98
1.36
1.99

684.15
685.15
689.51

658.83
657.37
658.31

104.58
105.37
104.77

1.52
1.50
1.50

236.84
238.19
240.18

October
November
December

60.*5

66.19
28.49
r33.78

20.75
32.51
r41.00

0)97.6
69.3
77.1

1.89
1.11
3.50

697.65
703.42
709.85

663.80
666.13
669.04

105.91
106.80
107.57

1.51
1.53
1.53

242.07
243.17
246.67

r55.4

r52.08
r25.22
p8.24

r40.47
r37.57
p32.77

62.1
r34.3
p25.0

E)4.08
rO.53
pi. 08

715.03
r717.88
[H)p719.96

r673.80
T675.40
B>p676.16

108.70
E)rl09.27
p!09.22

1.54
rl.53
pi. 52

250.76
r251.29
H)p252.37

1988
January
February
March
April
May
June

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

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 1986: series 30 (83.4) in 1st quarter 1984, series 36 actual (89.60) in February
1984, and series 36 smoothed (78.81) in May 1984. 2This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the
terminal month of the span.




MAY 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Qjj PRICES, COSTS, AND PROFITS

Minor Economic
Process

Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices

L, L, L

98. Change in
producer prices
for sensitive
crude and
intermediate
materials 1
(Percent)

23. Index of
spot market
prices, raw
industrial,
materials 2@

(1967 = 100)

L, L, L

L, L, L

U, L , L

99. Change in sensitive materials
prices
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
dollars 1
(Ann. rate,
bil. dot.)

18. Constant
(1982) dollars 1
(Ann. rate,
bil. dol.)

L, C, L

L, C, L

Corporate profits after tax
with IVA and CCAdj *
79. Current
l
dollars
(Ann. rate,
bil. dol.)

80. Constant
(1982) dollars1
(Ann. rate,
bil. dol.)

L, L, L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)

1386

0.37
-0.92
0.93

236.9
233.3
223.1

0.29
-0.68
-0.99

-0.05
-0.05
-0.28

208.19
219.37
232.33

12(L9

iii!g

189^9

182.8

i!s

1.29
0.82
0.45

219.9
221.3
225.0

0.00
0.50
0.69

-0.51
-0.36
0.12

237.98
238.46
245.30

122^3

112.5

180.2

17K3

4.7

July
August
September

0.99
-2.14
1.18

227.6
212.0
221.2

0.69
-2.83
1.71

0.51
0.07
-0.31

240.18
245.00
238.27

130.2

119*.5

180.3

170. i

4.9

October
November
December

1.17
1.16
-0.18

235.5
243.7
247.5

2.27
1.35
0.38

0.12
1.08
1.56

237.36
245.09
248.61

134.0

122.7

167.1

156.0

5.1

0.35
0.26
0.88

252.8
247.2
246.3

0.76
-0.57
0.19

1.08
0.51
0.16

264.51
280.93
292.47

129.0

ne!i

165.9

153!3

4.6

-0.26
2.52
1.78

253.8
272.6
276.4

0.85
H>3.00
1.00

0.14
0.75
1.48

289.32
289.12
301.38

134.5

120.5

162.6

148.8

4.*8

July
August
September

1.92
1.55
3.38

284.2
288.3
292.4

1.53
0.98
1.58

D1.73
1.51
1.27

310.09
JH>329.36
318.66

141.9

126.8

172.0

157.7

s!i

October
November
December

2.57
1.44
rO.07

294.6
292.0
293.1

1.13
0.26
rO.17

1.30
1.11
rO.76

280.16
245.01
240.96

145.6

129.5

173.0

157.3

4^9

January
February
March

rO.30
0.07
1.49

292.5
288.9
292.3

rO.09
-0.34
0.85

rO.35
0.07
rO.09

250.48
258.13
265.74

p!46.4

p!30.0

p!75.6

April
May
June

-0.59

0)297.3
5
301.4

0.25

0.23

January
February
March
April
May
June

1987

January
February
March
April
May
June

1988

5

p!59.8

P5.2

262.61
254.68

July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
x
The following series reached their high values before 1986: series 98 (3.55) in July 1983; series 16 (152.5), series 18 (149.4), and
series 22 (6.9) in 1st quarter 1984; and series 79 (192.3) and series 80 (186.6) in 3d quarter 1985. 2This is a copyrighted series used by
permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 3See footnote 2 on page 68.
"See
5
6
footnote 1 on page 70.
A.verage for May 2 through 26.
Average for May 4, 11, 18, and 25.

MAY 1988




69

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

gj PRICES, COSTS, AND PROFITS-Continued

Minor Economic
Process
Timing Class

IU.L

L, L, L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income 1 2

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

(Percent)

Year
and
month

Cash Flows

Profits and Profit Margins— Continued

(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

LL, L

Corporate net cash flow
34. Current
dollars

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

35. Constant
(1982) dollars

(1977 = 100)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1977 = 100)

Lg, Lg, Lg

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

Lg, Lg, Lg

Lg, Lg, Lg

62. Index of labor cost per unit
of output, manufacturing 2
Actual data

(1977 = 100)

Actual data
as a percent
of trend
(Percent)

64. Compensation of employees as a
percent of national income 2

(Percent)

1986

January
February
March

J'.Z

Z.I

99.5

364.6

365.8

165!6

0.709

137.3
137.6
139.3

100.1
100.3
101.5

73.'i

April
May
June

7'.6

4^3

99.3

363.3

363.2

166.2

0.714

137.6
138.1
138.0

100.3
100.7
100.6

72^9

July
August
September

7 '.3

3.4

99.'4

37CL9

37l!6

167.5

0.717

137.2
137.8
137.8

100.0
100.4
100.4

73!l

October
November
December

6.7

ZA

98!4

376!)

375.9

169.0

0.720

138.8
137.6
136.4

101.2
100.3

73*.5

99.4

1987

January
February
March

e'.i

99!l

378.7

378^6

169.4

0.724

137.4
136.8
136.0

100.1

4.5

April
May
June

6.2

4.8

99^4

384!6

384.3

170.2

0.728

135.9
135.7
135.0

99.1
98.9
98.4

73.0

July
August
September

6.5

Dsie

Dioo'.2

392^2

391.5

169.8

0.727

133.6
134.5
135.8

97.4
98.0
99.0

72*.8

October
November
December

6.2

p4.3

r99.5

E>397.9

[H>397'.8

r!71.8

0.735

135.0
135.1
134.5

98.4
98.5
98.0

72.'5

p6*.5

(NA)

p99!2

p397*.4

p396.8

[H)pl73.0

H>P0.735

r!34.5
r!34.9
r!36.5

r98.3
r99.5

p!34.2

p97.8

99.7
99.1

73^0

1988

January
February
March
April
May
June

98.0

p72.9

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
The following series reached their high values before 1986: series 81 (8.4) in 3d quarter 1985, series 62 (139.8 actual data and 101.9
as percent of trend) in October 1985, and series 64 (73.6) in 4th quarter 1985.

70




MAY 1988

ItO

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^^ MONEY AND CREDIT

Minor Economic
Process
Timing Class

Year
and

Money

L,L,L

85. Change
in money
supply Ml

L,C,U

102. Change
in money
supply M21

(Percent)

(Percent)

L, L, L

104. Change
in total liquid
assets1

(Percent)

Velocity of Money

L, L, L

L, L, L

105. Money
supply Ml in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Bil. dol.)

(Bil. dol.)

C,C,C

107. Ratio,
gross national
product to
money supply
Ml1

(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
companies1
(Ann. rate,
bit. dol.)

112. Net change
in business loans

(Ann. rate,
bil. dol.)

1986

January
February
March

0.26
0.56
1.41

0.35
0.44
0.79

0.69
0.62
0.63

546.8
551.3
562.1

2,261.7
2,277.7
2,307.9

6.658

1.339
1.341
1.338

-23.17
57.40
43.56

67.82
-37.57
-15.70

April
May
June

1.14
1.64
1.47

0.93
0.95
0.94

0.68
0.70
0.63

569.4
577.7
583.2

2,333.5
2,351.4
2,361.0

6.465

1.342
1.329
1.318

52.58
30.83

-64.72
24.78
-9.78

July
August
September

1.44
1.45
1.01

0.95
0.84
0.66

0.78
0.66
0.70

591.5
599.0
603.5

2,383.5
2,399.3
2,408.8

6.277

1.310
1.304
1.300

-0.35
45.86
-22.81

October
November
December

1.09
1.65

0.48
0.52

609.0
618.0
633.0

2,424.3
2,434.6
2,450.1

6.049

E)2.69

0.82
0.60
0.90

1.293
1.290
1.287

20.66
20.03
83.57

January
February
March

0.83
-0.01
0.40

0.71
0.05
0.18

2,450.4
2,441.2
2,435.0

5.978

-0.04

633.8
631.0
630.8

1.284
1.298
1.300

E)135.72
-24.54
-32.38

April
May
June

1.43
0.24
-0.59

0.46
0.06
0.09

rO.67
rO.35

D637.0
636.4
631.0

2,435.8
2,428.9
2,424.9

5.971

1.300
1.302
1.303

-7.34
-7.34

July
August
September

0.20
0.39
0.13

0.22
0.40
0.40

rO.07
rO.54

2,424.2
2,423.6
2,425.0

6.065

0.60

630.7
630.5
629.2

1.308
1.311
1.313

-55.27
-31.85
22.09

October
November
December

1.16
-0.46

0.48
0.07
0.16

0.68
0.27
0.03

634.4
629.9
r627.2

2,428.4
2,423.8
2,423.6

1.332
1.326
1.334

37.16

r6.117

631.9
631.4
r631.2

r2,435.4
r2, 449.0
r2,454.7

r6.i39

1.324
1.322

rl.327

r-121.64
r66.70
r5.35

p633.9

I)p2, 463.1

pi. 318

p68.09

rO.72

(NA)

1987

r-0.25

0.70
0.29

0.37

2.14

5.46

69.25

1988

January
February
March

rl.08

rO.82

0.09

0.72

rO.46

rO.73

rO.88
rO.81
pO.66

April
May
June

pO.93
2
0.71

pO.84

(NA)

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 1986: series 102 (2.66) in January 1983, series 104 (1.20) in March 1984, series
107 (7.035) in 4th quarter 1984, series 108 (1.373) in March 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended May 2, 9, and 16.

MAY 1988




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

R MONEY AND CREDIT-Continued
l

Minor Economic
Process
Timing Class

Year

l,L,L

113. Net change
in consumer
installment
i
credit

L, L, L

111. Change in
business and
consumer credit
outstanding1

and

L, L, L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets 1

L, L, L

14. Current
liabilities of
business
failures1©

month
(Ann. rate,
bil. dot.)

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows— Continued

(Ann. rate,
mil. dol.)

(Mil. dol.)

L, L, L

39. Percent
of consumer
installment
loans delinquent 30 days
and over 1
(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 rate1©

(Percent)

C, Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills1©

(Percent)

1986

3,238.9
3,252.2
3,278.8

2.27

1,766.8
3,572.8
3,467.6

2.44

January
February
March

75.25
78.84
35.45

12.4
5.3
4.5

411,284

April

1.7
7.8
3.6

575,340

June

60.43
59.93
51.44

July
August
September

62.69
54.25
73.09

6.8
7.2
3.0

738,552

October
November
December

75.35
21.72
0.50

8.3
4.6
12.2

777,632

-10.39
31.74
22.08

7.6
1.7
2.2

378,972

June

55.44
13.93
79,74

6.3
5.1
8.2

612,328

July
August
September

67.61
56.14
57.46

rl.l
4.1
r8.4

582,660

October
November
December

47.39
21.59
51.54

rll.4
r6.0
rll.6

p613,780

74.83
r60.42
P53.53

r-0.6
rlO.6
P 3.7

p4,101.8
p4,093.3
p3,370.9

(NA)

(NA)

(NA)

May

7,464.6
2,748.4
.5,126.7
2,870.8
2,170.2
4,326.8

2.29
2.41

2.52
2.53
2.22

341
213
135

770
884
761

8.14
7.86
7.48

7.04
7.03
6.59

-92
-38
128

893
876
803

6.99
6.85
6.92

6.06
6.12
6.21

169

741
872
1,008

6.56
6.17
5.89

5.84
5.57
5.19

-95
226
542

841
752
827

5.85
6.04
6.91

5.18
5.35
5.49

488
655
389

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

993
1,035
776

6.37
6.85
6.73

5.76
5.75
5.69

672
647
940

6.58
6.73
7.22

5.78
6.00
6.32

186
298
252

943
625
777

7.29
6.69
6.77

6.40
5.81
5.80

213
737
r-823

1,082
396
1,752

6.83
6.58
6.58

5.90
5.69
5.69

p-2,134

p2,993

2.33

-132

2.24

-282

2.25
2.34
2.26

1987

January
February
March
April
May

r3,351.9
r3,636.6
r3,357.6

2.43
2.40
2.28

p2,024.8
p2,872.4
p2,742.3

2.43
2.35

44
414

p2,142.7

2.34

pi, 907. 4

2.37

89
385

p2,026.2

2.35

p3,151.6

2.66

pi, 610. 6
p5,512.2

2.36

2.54
2.47

-166

-147

1988

January
February
March
April
May

(NA)

(NA)

2

6.87
7.00

3

5.92
6.26

June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
1
The following series reached their high values before 1986: series 113 (132.08) in September 1985; series 111 (22.7) in June 1984; series 110 (948,376) in 4th quarter 1985; series 14 (829.2) in July 1983; series 39 (1.78) in February 1984; and series 93 (-7,328), series
94 (8,017), series 119 (11.64), and series 114 (10.49) in August 1984. 2 Average for weeks ended May 4, 11, 18, and 25. 3Average for week
ended May 5, 12, 19, and 26.

72




MAY 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^J 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
bonds1©

(Percent)

C, Lg, Lg

U, Lg, Lg

115. Yield on
long-term
Treasury
bonds1©

117. Yield on
municipal
bonds, 20bond average1©

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
on FHA
mortgagesx©

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)

1986

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!29

9.50
9.50
9.10

524,025
530,595
533,549

357,232
354,101
352,793

346,155
348,182
351,738

15.21
15.32
15.32

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

8.13

8.83
8.50
8.50

538,585
543,579
547,866

347,400
349,465
348,650

348,795
349,465
348,999

15.28
15.42
15.53

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

553,090
557,611
563,702

348,621
352,443
350,542

350,725
354,927
352,658

15.62
15.69
15.80

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

569,981
571,791
571,833

352,264
353,933
360,897

353,324
354,642
361,983

15.93
15.93
15.83

January
February
March

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*.46

7.50
7.50
7.50

570,967
573,612
575,452

0)385,036
382,991
380,293

0)383,120
379,199
375,784

15.72
15.62
15.62

April
May
June

9.36
9.95
9.64

8.31
8.79
8.63

7.55
8.00
7.79

10.02
10.61
10.33

s!24

7.75
8.14
8.25

580,072
581,233
587,878

380,471
379,859
379,247

373,377
370,233
368,201

15.67
15.67
15.82

July
August
September

9.70
10.09
10.63

8.70
8.97
9.58

7.72
7.82
8.26

10.38
10.55
11.22

8.20

8.25
8.25
8.70

593,512
598,190
602,978

374,641
371,987
373,828

361,972
358,369
360,490

15.87
15.91
15.94

October
November
December

10.80
10.09
10.22

9.61
8.99
9.12

8.70
7.95
7.96

10.90
10.76
10.63

8.47

9.07
8.78
8.75

606,927
608,726
613,021

376,925
377,380
383,151

362,080
362,169
r367.707

15.75
15.85
15.84

9.81
9.43
9.68

8.82
8.41
8.61

7.69
7.49
7.74

10.17
9.86
10.28

Q.37

8.75
8.51
8.50

619,258
r624,294
0)p628,754

r373,014
r378,572
r379,0!8

r356,951
r361,924
r361,314

15.99
0>rl6.03
p!5.96

7.81
7.90

10.46

p384,692

p363,603

January
February
March

1987

1988
January
February
March
April
May
June

2

9.92
10.27

2

8.91
9.24

3

8.50
"8.81

(NA)

(NA)

July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
lr
The following series reached their high values before 1986:
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter
6, 13, 20, and 27. 3Average for weeks ended May 5, 12, 19, and

MAY 1988



116
series n (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
2
1984; and series 109 (13.00) in August 1984. "Average for weeks ended Ma>
™''
26. A Ave ;rage for May 1 through

73

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE

Qj DIFFUSION INDEXES

Year
and
month

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

1-month
span

6-month
span

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

1-month
span

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

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

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

1986

January
February
March

59.1
45.5
59.1

59.1
50.0
54.5

75.0
75.0
50.0

100.0
75.0
75.0

58.3
75.0
66.7

50.0
66.7
50.0

20.0
17.5
85.0

80.0
55.0
30.0

58.8
52.9
64.7

49.0
39.2
51.0

53.2
48.1
48.1

47.6
47.6
43.0

April
May
June

63.6
50.0
59.1

54.5
63.6
63.6

100.0
25.0
37.5

75.0
75.0
100.0

0.0
66.7
33.3

41.7
50.0
33.3

40.0
50.0
52.5

57.5
32.5
52.5

25.5
74.5
56.9

56.9
56.9
67.6

53.5
52.4
46.8

43.2
45.4
48.4

July
August
September

59.1
50.0
50.0

68.2
72.7
90.9

87.5
100.0
75.0

75.0
100.0
100.0

50.0
50.0
41.7

50.0
41.7
50.0

37.5
77.5
65.0

87.5
60.0
82.5

34.3
78.4
17.6

92.2
45.1
90.2

52.4
56.2
55.1

47.3
53.0
59.2

October
November
December

54.5
81.8
81.8

72.7
81.8
90.9

75.0
87.5
100.0

75.0
100.0
100.0

91.7
41.7
25.0

75.0
33.3
58.3

57.5
75.0
52.5

87.5
70.0
52.5

71.6
80.4
7.8

70.6
70.6
94.1

53.2
59.7
59.7

58.9
57.8
58.9

January
February
March

36.4
45.5
63.6

72.7
72.7
63.6

25.0
100.0
50.0

100.0
100.0
50.0

66.7
25.0
25.0

50.0
58.3
66.7

67.5
60.0
32.5

72.5
70.0
75.0

88.2
35.3
52.0

69.6
82.4
78.4

53.5
56.8
58.6

61.9
62.7
58.9

April
May
June

40.9
45.5
68.2

72.7
63.6
r63.6

62.5
50.0
87^5

100.0
100.0
100.0

75.0
50. 0
58*.3

50 0
58 .'3
50.0

7.5
95.0
50.0

62.5
32.5
85.0

73.5
78.4
15.7

80.4
94.1
90.2

58.4
58.6
55.7

67.3
67.6
71.1

July
August
September

50.0
45.5
r54.5

63.6
63.6
59.1

100.0
100.0
75.0

100.0
100.0
100.0

41.7
41.7
91.7

50.0
58.3
r58.3

55.0
60.0
22.5

55.0
70.0
95.0

64.7
84.3
37.3

92.2
59.8
r64.7

68.6
54.6
65.4

76.2
78.6
80.3

October
November
December

r81.8
18.2
50.0

r54.5
59.1
50.0

75.0
50.0
100.0

100.0
100.0
100.0

66.7
75.0
25.0

66.7
83.3
83.3

85.0
40.0
32.5

r35.0
r37.5
p55.0

86.3
23.5
5.9

31.4
r60.8
p76.5

65.4
71.9
63.2

75.7
r76.8
r73.8

January
February
March

r36.4
54.5
68.2

3

75.0
87.5
100.0

"100.0

50.0
r58.3
33.3

50.0

45.0
r30.0
r57.5

r80.4
r31.4
r54.9

60.0
r62.7
r58.1

p70.3

April
May
June

3

p67.5

p92.2

p56.5

1987

1988

55.6

33.3

"66.7

5

62.5

5

July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by ©, that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current 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 1988

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Qj DIFFUSION INDEXES-Continued

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries

1-quarter
span

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

967. Spot market
prices, 13 raw
industrial materials @

6-month
span

1-month
span

9-month
span

968. Stock prices, 500
common stocks 1@

1-month
span

960. Net profits,
manufacturing, about
600 companies2©

9-month
span

(4-quarter span)

1986

32.4
67.6
52.9

50.0
44.1
63.2

67.6
79.4

47.9
50.0
58.3

53.8
61.5
65.4

42.3
50.0
50.0

61.9
50.0
77.4

88.1
90.5
81.0

*70

58.3
47.9
31.2

47.9
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

74

70.8
70.8
75.0

72.9
87.5
87.5

73.1
61.5
65.4

65.4
80.8
76.9

34.5
76.2
50.0

100.0

31.2
64.6
60.4

91.7
89.6
75.0

84.6
42.3
30.8

88.5
96.2
80.8

98.8
95.2
83.3

87.8
92.7
92.5

*74

50.0
70.8
70.8

75.0
87.5
83.3

61.5
88.5
57.7

73.1
96.2
80.8

39.3
46.3
93.9

97.5
97.5
62.5

76

70.8
62.5
50.0

91.7
91.7
95.8

73.1
76.9
61.5

88.5
88.5
76.9

81.3
95.0

10.0
12.5
10.0

75.0
79.2
66.7

r83.3

53.8
46.2
50.0

53.8
69.2
69.2

r52.1
54.2

p81.3

59

October
November
December

75.0
35.4
52.1

p62

44.1
39.7
64.7

90.5
90.5
88.1

24

July
August
September

60.5
81.0
94.0

62

47.1
51.5
50.0

46.2
50.0
57.7

'62

58.8
26.5
55.9

61.5
38.5
34.6

36

April
May
June

75.0
41.7
58.3

'is

38.2
44.1
44.1

85.4
37.5
16.7

'46

55.9
47.1
44.1

70

'43

January
February
March

65

r73.5

95.2

*74

92.9

1987

50.0
67.6

January
February
March

r52.9

72.1
79.4

April
May
June

r44.1
42.6
64.7

82.4
79.4
79.4

83

July
August
September

67.6
39.7
58.8

70.6
70.6

59

r70.6

October
November
December

52.9
47.1
55.9

r82.4
r75.0
p76.5

r79.4

42

(NA)

p65

75.0
83.3

8.8
0.0
0.0
53.8

(NA)

17.5

8.0
12.8

1988

January
February
March

44.1

(NA)

r52.9
r55.9

r66.7

p52.9

April
May
June

42.3
34.6
65.4

p91.7

57.7
3

3

69.2

75.0
88.8
37.0
37.2

69.2

July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 43 industries through January 1986, on 42 industries through April 1987, on 41 industries through June 1987, on 40 industries
through March 1988, and on 39 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 6 Bradstreet, Inc.
3
Based on average for May 3, 10, 17, and 24.

MAY 1988



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Qj DIFFUSION INDEXES-Continued

Year
and
quarter

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

b. Later
projections

c. Early
projections

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade ' (u)
Actual

Anticipated

Actual

Anticipated

Actual

(1-Q span)

(1-Q span)

972. Net profits, manufacturing
and trade ' (u)

971. New orders, manufacturing '(u)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

1985

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

66.7
73.8
61.9
52.4

61.9
76.2
66.7
42.9

66.7
71.4
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
52.4
42.9
81.0

47.6
66.7
42.9
85.7

64.3
66.7
38.1
52.4

76
76
74
75

82
83
84
78

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

40.5
61.9
85.7
64.3

42.9
78.6
85.7
85.7

50.0
71.4
66.7
61.9

78
83
82
82

80
83
85
86

74
74
75
76

78
81
83
82

78
80
82
83

82
83
85
86

(NA)

85.7

61.9
57.1

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

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

(NA)

(NA)

84
84

(NA)

82
82

85
84

Qj DIFFUSION INDEXES-Continued

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 (u)

975. Level of inventories,
manufacturing and trade 1 (u)

976. Selling prices, manufacturing 1 (u)

Actual

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

978. Selling prices, retail
trade '(u)

977. Selling prices, wholesale
trade 1 ©

Anticipated

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)

1985

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

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

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

60
61
64
64

60
59
62
62

64
65
66
68

60
60
61
62

64
64
68
70

60
66
67
66

63
70
72
70

63
68
66
69

67
67
72
72

64
64
68
70

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

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

(NA)

63
62

(NA)

62
64

(NA)

70
69

(NA)

72
72

(NA)

68
71

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 thosi
indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
lr
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 1988

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1987

September

October

1988

November

December

January

February1"

March r

April* 3

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

All manufacturing industries

40.6

Percent rising of 20 components

(22)

41.3

41.2

41.0

(85)

+

(40)

+

o

+

41.2

41.0

(32)

(45)

(30)

(58)

40.4
39.8

40.1
39.4

+
+

40.4
39.7

40.1
39.3

+
o

40.3
39.3

42.5
43.6

42.0
43.5

+

42.4
43.2

+
o

42.5
43.2

+

42.4
43.4

41.0

41.2
(68)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

39.4
39.3

+
+

40.4
40.0

+
o

40.8
40.0

Stone, clay, and glass products
Primary metal industries

41.9
43.4

+
+

42.6
43.7

o

42.5
43.7

Fabricated metal products
Machinery, except electrical

40.8
41.6

+
+

42.0
42.6

+
+

42.1
42.7

41.7
42.5

+
+

41.9
42.8

41.5
42.6

o

41.5
42.5

+
+

42.0
42.8

Electric and electronic equipment
Transportation equipment

40.4
41.3

+
+

41.1
42.5

41.0
42.4

40.9
41.4

+
+

41.2
42.3

40.9
42.1

+
+

41.0
42.3

+
+

41.2
43.0

Instruments and related products
Miscellaneous manufacturing

41.1
39.0

+
+

42.1
40.0

41.7
39.6

41.3
39.8

+

41.9
38.9

41.3
38.8

+
+

41.4
39.1

+

41.8
38.8

40.2
38.9

+
+

40.5
41.2

40.6
40.5

+

40.8
39.2

40.4
38.7

40.0
39.8

+

+

40.2
38.1

41.3
36.3

+
+

41.9
37.4

41.7
37.2

o

43.2
37.9

o

+

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers

+

Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing

+
+

43.8
38.2

Chemicals and allied products
Petroleum and coal products

+

42.8
43.2

Rubber and miscellaneous plastics products
Leather and leather products

o

41.4
37.7

+

40.6
41.0
41.8
37.1

o

+

43.7
38.0

o

43.5
38.0

+

42.7
43.5

o
+

42.7
43.6

o
+

42.7
44.3

+
+

41.9
38.7

+

42.1
38.3

+
+

+ 109,345

Percent rising of 34 components

+

(59)

Primary metals
Fabricated metal products

+
+
+
+

18,806
19,994

Transportation equipment
Other durable goods industries

+

26,493
22,117

111,095

-

110,949

+

(47)

(53)

10,735
11,200

Machinery, except electrical
Electrical machinery

+
+

41.9
37.0

+

41.4
37.1

+
+

41.7
37.2

+
+

43.6
38.0

43.3
38.1

o

43.1
38.1

+

+

43.3
38.0

o

42.7
44.2

42.6
43.6

+

42.5
43.7

41.8
37.7

41.4
36.9

+
+

41.6
37.5

+

41.7
36.7

114,319

+

115,305

+

116,279

42.5
38.5

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)

All durable goods industries

41.7
36.9

115,620

+

42.4
44.2

2

-

114,196

+

(44)

(56)

(53)

(56)

(53)

10,437
11,077

+
+

10,903
11,290

+
+

11,997
11,472

-

10,254
11,142

+
+

10,377
11,758

+

10,943
11,749

+
+

10,969
11,932

+
o

18,953
19,999

18,024
20,288

+
-

19,195
19,762

+
+

20,552
20,716

-

19,720
19,452

+

+

20,205
18,735

+

19,946
19,568

+

28,573
22,056

+
-

28,603
21,841

+
+

31,155
22,039

28,946
22,586

+

+

30,525
22,487

+
-

31,373
22,300

+

31,278
22,586

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.
1Data 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 1988




77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

Diffusion index components

1987

September

1988

November

October

966. INDEX OF INDUSTRIAL PRODUCTION
(1977 = 100)

131.0

All industrial production

+

(50)

Percent rising of 24 components '

132.5

+

133.2

+

February1"

March r

April P

1

133.9

+

(67)

(79)

(75)

January r

December

134.4

o

(52)

134.4

+

(54)

134.7

+

135.6

(67)

(92)

137.1
159.2

(NA)
(NA)

Durable manufactures:
126.9
155.9

+
+

129.8
156.0

+
+

134.0
158.5

133.6
159.4

+

+

118.6
84.5

+
+

118.9
90.6

+

120.5
90.2

120.1
90.6

+

+

111.1
156.6

+
+

113.5
158.0

+

113.6
157.2

+
+

115.8
161.0

Electrical machinery
Transportation equipment

173.4
125.5

+
+

175.5
132.0

+

175.6
130.4

+

Instruments
Miscellaneous manufactures

145.6
102.1

+
+

146.7
104.6

+

139.5
101.7

+

138.0
103.7

118.2
107.6

+

Lumber and products
Furniture and fixtures

+

Clay, glass, and stone products
Primary metals

+

Fabricated metal products
Nonelectrical machinery

+
+

136.3
158.0

+
+

139.4
158.5

120.4
86.5

+

121.6
85.3

+

+
+

117.1
162.9

+
+

117.8
163.5

175.9
128.1

+
+

177.4
128.6

+

177.6
128.4

147.8
104.5

145.5
105.6

+

+

148.2
105.0

+
+

149.2
106.1

+
+

138.9
106.5

+
+

140.1
110.5

+

141.2
105.8

+

+
+

117.3
109.4

+

118.2
107.8

+

116.2
108.7

121.9
84.9

+

(NA)
86.0

+
+

118.8
164.6

+
+

119.5
166.2

+

177.0
130.0

+
+

179.3
131.3

149.9
105.5

+

150.8
(NA)

142.0
105.3

116.8
108.0

+

+

Nondurable manufactures:
Foods
Tobacco products

+

Textile mill products
Apparel products
Paper and products
Printing and publishing

+

147.4
174.9

+

146.0
175.2

+
+

148.3
175.7

+
+

150.6
176.9

+

149.9
177.5

Chemicals and products
Petroleum products

+
+

142.4
93.5

141.5
94.6

+

+

144.4
93.3

+
+

147.9
96.1

o
+

+

165.2
60.7

166.7
59.6

+
+

169.9
60.7

+

170.6
57.5

+

170.5
58.3

+

+

(NA)
(NA)
(NA)
(NA)

115.3
108.0

+

+
+

+

116.0
(NA)

148.0
179.6

+

149.6
179.5

+

(NA)
179.7

145.8
95.6

147.9
96.3

Rubber and plastics products
Leather and products

141.4
(NA)

+
+

146.2
97.6

+

(NA)
98.7

172.3
59.7

+
+

172.5
59.9

(NA)
(NA)

Mining:
Metal mining
Coal

+
+

86.5
133.3

+

85.6
140.3

+
+

90.4
142.9

Oil and gas extraction
Stone and earth minerals

+

93.3
130.0

+
+

94.1
131.0

+
+

94.2
134.1

+

96.5
140.6

91.5
140.2

94.1
135.6

93.1
132.1

84.2
133.7

+

92.6
134.5

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( f - ) = rising, (o) = unchanged, and (-) = falling.
preliminary; and "NA", not available.
1
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




(NA)
129.1

+
+

94.5
135.1

+
+

(NA)
131.5
95.6
(NA)

The "r" indicates revised; "p",

MAY 1988

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

Diffusion index components

1988

1987

October

September

967.

Raw industrials price index (1967 = 100) . . . .

+

Percent rising of 13 components

292.4

November

January

December

INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS

+

(62)

294.6

-

(54)

292.0

+

(46)

293.1

-

(50)

May1

April

March

February

2

292.5

-

(42)

288.9

+

(35)

- 292.3

+

297.3

+

(58)

(65)

301.4
(69)

Dollars

Copper scrap

(pound) . .
(kilogram) . .

+

0.644
1.420

+

0.646
1.424

+

0.825
1.819

+

0.934
2.059

+

0.938
2.068

-

0.785
1.731

-

0.770
1.698

Lead scrap

(pound) . .
(kilogram) . .

o

0.280
0.617

o

0.280
0.617

-

0.276
0.608

-

0.272
0.600

-

0.252
0.556

-

0.230
0.507

-

Steel scrap

(U.S. ton) . .
(metric ton) . .

+

95.000
104.719

+ 117.000
128.969

- 115.750
127.591

-

104.000
114.639

- 100.000
110.230

+ 115.000
126.765

Tin

(pound) . .
(kilogram) . .

+

3.812
8.404

+

3.848
8.483

+

3.928
8.660

-

3.878
8.549

-

3.860
8.510

-

Zmc

(pound) . .
(kilogram) . .

-

0.455
1.003

-

0.449
0.990

+

0.451
0.994

+

0.454
1.001

+

0.4581.010

Burlap

(yard) . .
(meter) . .

-

0.238
0.260

+

0.256
0.280

+

0.270
0.295

+

0.275
0.301

o

Cotton

(pound) . .
(kilogram) . .

-

0.712
1.570

-

0.636
1.402

+

0.645
1.422

-

0.622
1.371

Print cloth

(yard) . .
(meter) . .

-

0.946
1.035

-

0.905
0.990

-

0.655
0.716

-

Wool tops

(pound) . .
(kilogram) . .

+

4.080
8.995

+

4.100
9.039

o

4.100
9.039

Hides

(pound) . .
(kilogram) . .

+

0.987
2.176

+

1.000
2.205

-

o

50.000
110.230

o

50.000
110.230

Rosin

(100 pounds) . .
(100 kilograms)..

-

0.748
1.649

+

0.770
1.698

0.214
0.472

0.210
0.463

+

0.215
0.474

-

109.000
120.151

- 108.750
119.875

3.792
8.360

+

3.836
8.457

3.828
8.439

+

3.832
8.448

+

0.469
1.034

+

0.492
1.085

+

0.542
1.195

+

0.576
1.270

0.275
0.301

+

0.276
0.302

+

0.277
0.303

+

0.281 +
0.307

0.282
0.308

-

0.595
1.312

-

0.574
1.265

+

0.594
1.310

+

0.597
1.316

+

0.616
1.358

0.630
0.689

-

0.620
0.678

-

0.590
0.645

-

0.536
0.586

+

0.550
0.601

-

0.535
0.585

+

4.380
9.656

+

4.750
10.472

+

5.000
11.023

+

5.420
11.949

+

6.208
13.686

+

7.100
15.653

0.952
2.099

-

0.942
2.077

-

0.928
2.046

o

0.928
2.046

+

1.065
2.348

+

1.100
2.425

o

1.100
2.425

o

50.000
110.230

o

50.000
110.230

-

48.125
106.096

-

47.500
104.719

o

47.500
104.719

o

47.500
104.719

o

47.500
104.719

- 103.750
114.364

Rubber

(pound) . .
(kilogram) . .

+

0.542
1.195

-

0.538
1.186

-

0.532
1.173

+

0.540
1.190

+

0.547
1.206

-

0.536
1.182

+

0.549
1.210

+

0.555
1.224

+

0.576
1.270

Tallow

(pound) . .
(kilogram) . .

+

0.152
0.335

-

0.150
0.331

-

0.146
0.322

+

0.148
0.326

+

0.173
0.381

-

0.168
0.370

+

0.170
0.375

-

0.165
0.364

-

0.157
0.346

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( » )
rising, (o) -~ unchanged, and ( - ) = falling.
The "r" indicates revised: "p".
preliminary; and "NA", not available.
1
The index is the average for May 2 through 26; component prices are averages for May 3, 10, 17, and 24.
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 1988



79

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT

Vfl GNP AND PERSONAL INCOME

Year

217. Per capita
gross national
product in 1982
dollars

quarter

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

213. Final sales
in 1982 dollars

(Ann. rate,
dollars)

50. Gross national product in 1982 dollars

200. Gross national product in current dollars

and

(Ann. rate,
bil. dol.)

1985

3,921.1
3,973.6
4,042.0
4,104.4

69.3
52.5
68.4
62.4

7.4
5.5
7.1
6.3

3,568.7
3,587.1
3,623.0
3,650.9

33.5
18.4
35.9
27.9

3.8
2.1
4.1
3.1

14,966
15,010
15,120
15,197

3,549.2
3,569.9
3,628.7
3,652.5

4,174.4
4,211.6
4,265.9
4,288.1

70.0
37.2
54.3
22.2

7.0
3.6
5.3
2.1

3,698.8
3,704.7
3,718.0
3,731.5

47.9
5.9
13.3
13.5

5.4
0.6
1.4
1.5

15,362
15,352
15,370
15,388

3,663.4
3,676.7
3,711.9
3,745.8

4,377.7
4,445.1
4,524.0
4,607.4

89.6
67.4
78.9
83.4

8.6
6.3
7.3
7.6

3,772.2
3,795.3
3,835.9
3,880.8

40.7
23.1
40.6
44.9

4.4
2.5
4.3
4.8

15,525
15,588
15,715
15,859

3,724.5
3,756.3
3,811.4
3,820.3

r4,668.7

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

r61.3

r5.4

r3, 918.0

r37.2

r3.9

r!5,973

r3,862.6

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q GNP AND PERSONAL INCOME-Continued

Year
and
quarter

Qj PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224. Current dollars

225. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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.)

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

2,762.2
2,848.4
2,847.2
2,906.6

2,506.8
2,558.4
2,538.2
2,565.5

10,513
10,705
10,592
10,679

2,549.9
2,602.0
2,665.4
2,700.1

2,314.1
2,337.0
2,376.1
2,383.2

358.2
362.4
383.7
370.5

342.4
346.6
366.8
355.1

2,966.0
3,022.4
3,038.2
3,061.6

2,610.5
2,660.2
2,653.2
2,656.7

10,842
11,024
10,968
10,956

2,737.9
2,765.8
2,837.1
2,858.6

2,409.7
2,434.3
2,477.5
2,480.5

375.9
386.4
427.6
419.8

359.8
369.6
405.5
399.0

3,125.9
3,130.6
3,195.3
3,275.0

2,674.6
2,645.5
2,674.7
2,713.8

11,008
10,865
10,958
11,090

2,893.8
2,943.7
3,011.3
3,022.6

2,475.9
2,487.5
2,520.7
2,504.6

396.1
409.0
436.8
413.0

375.9
385.4
406.9
384.5

r3,325.5

r2,739.8

rll,169

r3,071.9

r2,530.9

r426.4

r396.7

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

NOTE: 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 ordei
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 1988

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Qj PERSONAL CONSUMPTION EXPENDITURES-Continued

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

Hi

237. Services in
current dollars

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars

(Ann. rate,
bil. dol.)

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

1985

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

894.4
910.4
918.4
929.3

841.2
847.6
853.5
855.7

1,297.3
1,329.2
1,363.3
1,400.3

1,130.5
1,142.8
1,155.7
1,172.5

638.6
648.4
628.6
650.8

632.1
645.7
623.2
643.3

617.3
629.9
631.0
648.3

612.7
628.4
628.9
644.9

936.8
934.3
940.0
946.3

868.8
880.0
879.8
880.3

1,425.2
1,445.1
1,469.5
1,492.4

1,181.2
1,184.7
1,192.2
1,201.1

683.4
679.4
660.8
660.2

674.4
665.6
645.0
631.0

645.1
651.9
657.3
656.6

639.1
637.6
638.8
645.4

969.9
982.1
986.4
993.1

883.2
879.0
875.7
874.6

1,527.7
1,552.6
1,588.1
1,616.5

1,216.9
1,223.1
1,238.1
1,245.6

699.9
702.6
707.4
760.2

671.8
673.7
681.9
723.1

648.2
662.3
684.5
690.8

624.2
634.7
657.3
662.6

r998.8

r878.4

rl,646.8

rl,255.7

r756.7

r735.7

r704.3

r680.3

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

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

B

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.)

Qj 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

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1982 dollars

(Ann. rate,
bil. dol.)

1985
21.4
18.5
-2.4
2.5

19.5
17.3
-5.7
-1.6

784.1
800.5
832.8
857.0

703.4
712.1
738.6
753.7

336.3
339.4
361.9
378.0

308.4
310.7
332.5
345.3

447.8
461.1
470.9
479.0

395.0
401.4
406.1
408.4

38.3
27.5
3.5
-6.4

35.3
28.1
6.1
-14.4

846.9
867.2
878.5
886.3

737.6
751.6
757.2
771.8

356.7
368.4
371.2
368.6

322.1
330.6
332.6
344.6

490.2
498.8
507.3
517.7

415.5
421.0
424.6
427.1

51.6
40.3
22.9
69.4

47.6
39.0
24.6
60.5

896.2
917.1
929.0
948.8

759.6
766.7
771.7
788.9

366.9
379.6
382.1
388.9

327.3
332.6
336.3
347.6

529.3
537.6
546.9
559.9

432.3
434.1
435.4
441.3

r52.4

r55.4

r949.5

r770.5

r379.7

r327.5

r569.8

H43.0

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 . . . .
1988

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

See note on |
Graphs of these series are shown on pages 41, 42, and 43.

ItO

MAY 1988



81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

D

Qj FOREIGN TRADE

Year
and
quarter

Net exports of goods and services

Exports of goods and services

255. Constant
(1982) dollars

250. Current
dollars
(Ann. rate,
bil. dol.)

253. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

220. National income in current
dollars

Imports of goods and services

256. Constant
(1982) dollars

252. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS
280. Compensation of
employees

257. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1985
-51.5
-77.3
-84.7
-103.5

-81.0
-107.7
-114.9
-129.3

376.3
370.6
364.2
368.7

369.7
364.7
360.5
366.5

427.7
447.8
448.9
472.2

450.7
472.4
475.4
495.8

3,156.5
3,204.4
3,254.4
3,304.4

2,314.9
2,351.5
2,386.3
2,430.5

-93.8
-100.8
-110.5
-116.9

-123.0
-146.8
-161.6
-151.8

373.5
371.3
376.6
383.3

371.5
370.2
379.6
388.3

467.3
472.1
487.1
500.2

494.4
517.0
541.2
540.1

3,364.2
3,414.1
3,438.7
3,471.0

2,464.8
2,487.6
2,515.1
2,552.0

-112.2
-118.4
-123.7
-124.3

-135.2
-132.7
-138.4
-135.8

397.3
416.5
439.2
458.1

397.8
414.5
437.1
453.5

509.5
534.8
562.9
582.4

533.0
547.2
575.6
589.3

3,548.3
3,593.3
3,659.0
3,743.5

2,589.9
2,623.4
2,663.5
2,713.5

r-109.4

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

r-119.1

r482.7

r475.3

r592.1

r594.3

p3,792.8

p2,764.5

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

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

E
Year
and
quarter

282. Proprietors'
income with IVA
and CCAdj '

(Ann. rate,
bil. dol.)

1

Q SAVING

NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
CCAdj 1

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with IVA and
CCAdj 1

288. Net interest

290. Gross saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

295. Business
saving

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

1985

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

252.1
256.4
252.4
268.0

7.3
9.1
9.3
10.1

265.6
274.2
292.8
277.8

316.5
313.2
313.7
317.9

552.0
547.7
514.7
510.7

518.6
533.0
552.7
544.3

131.2
162.8
95.7
118.5

270.8
298.1
292.5
297.8

14.0
17.4
17.2
18.4

288.0
282.3
285.4
281.1

326.6
328.7
327.5
321.7

557.8
538.7
516.2
515.3

553.4
547.7
551.5
544.4

138.4
166.0
108.9
109.0

320.9
323.1
322.7
342.7

20.0
18.9
17.3
20.9

294.0
296.8
314.9
313.0

323.6
331.1
340.6
353.3

554.3
551.3
559.3
595.9

545.3
546.7
559.8
562.6

138.4
93.2
88.8
155.7

r22.1

p309.9

r357.8

p618.1

p568.9

r!55.2

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

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

r338.5

See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82




MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
[A

I

NATIONAL INCOME AND PRODUCT—Continued

Q SAVING-Continued

Year
and
quarter

298. Government
surplus or deficit

(Ann. rate,
bil. dol.)

Q SHARES OF GNP AND NATIONAL INCOME
|

293. Personal
saving rate

Percent of gross national product
235. Personal consumption expenditures
(Percent)

(Percent)

248. Nonresidential
fixed investment

247. Change in
business inventories

249. Residential
fixed investment

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1985

-97.8
-148.1
-133.7
-152.1

4.8
5.7
3.4
4.1

65.0
65.5
65.9
65.8

11.0
11.2
10.9
11.0

4.7
4.6
4.7
4.8

-134.0
-175.0
-144.1
-138.1

4.7
5.5
3.6
3.6

65.6
65.7
66.5
66.7

10.6
10.3
10.2
10.3

4.9
5.2
5.2
5.3

-129.5
-88.6
-89.3
-122.3

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

4.4
3.0
2.8
4.8

66.1
66.2
66.6
65.6

10.1
10.0

5.1
5.1
5.0
5.0

65.8

10.2

4.9

0.5
0.5
-0.1

0.1

-1.3
-1.9
-2.1
-2.5

1986

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

0.9
0.7
0.1
-0.1

-2.2
-2.4
-2.6
-2.7

1987

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

9.7
9.8

1.2
0.9
0.5
1.5

-2.6
-2.7
-2.7
-2.7

1988

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

p-106.0

r4.7

rl.l

r-2.3

p SHARES OF GNP AND NATIONAL INCOME-Continued
i
Year
and
quarter

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 CCAdj 1

285. Rental income
of persons with
CCAdj x
(Percent)

(Percent)

287. Corporate profits
before tax with
l
IVA and CCAdj

289. Net interest

(Percent)

(Percent)

1985

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

8.6
8.5
9.0
9.2

11.4
11.6
11.7
11.7

73.3
73.4
73.3
73.6

8.0
8.0
7.8
8.1

0.2
0.3
0.3
0.3

8.4
8.6
9.0
8.4

10.0

8.5
8.7
8.7
8.6

11.7
11.8
11.9
12.1

73.3
72.9
73.1
73.5

8.0
8.7
8.5
8.6

0.4
0.5
0.5
0.5

8.6
8.3
8.3
8.1

9.7
9.6
9.5
9.3

8.4
8.5
8.4
8.4

12.1
12.1
12.1
12.2

73.0
73.0
72.8
72.5

9.0
9.0
8.8
9.2

0.6
0.5
0.5
0.6

8.3
8.3
8.6
8.4

9.1
9.2
9.3
9.4

8.1

12.2

p72.9

p8.9

pO.6

p8.2

9.8
9.6
9.6

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

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

p9.4

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

X

MAY 1988



83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Q PRICE MOVEMENTS
Implicit price deflator for
gross national product
Year

and

310. Index

month

(1982 = 100)

31 Oc. Change
over 1-quarter
spans x

(Ann. rate,
percent)

Consumer price index
for all urban consumers

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

(1982 = 100)

311c. Change
over 1-quarter
spans l

(Ann. rate,
percent)

320. Index ©

(1982-84 = 100)

320c. Change
over 1-month
spans x

(Percent)

Consumer price index for
all urban consumers, food

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

322. Index

(1982-84 = 100)

322c. Change
over 1-month
spans *

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1986

1.9

1.8

January
February
March

112.9

April
May
June

113.7

July
August
September

114.7

October
November
December

114.*9

112!9

109.6
109.3
108.8

0.3
-0.3
-0.4

108.6
108.9
109.5

-0.3
0.2
0.5

109.5
109.7

0.6
-0.2

0.0

107.4
107.0
107.3

0.2
0.3

3.0
2.6
1.9

-0.4

0.4
1.7

107.6
108.0
108.2

0.3
0.4
0.2

3.4
5.9
6.1

110.2

0.0
0.2
0.3

2.6
2.8
2.2

109.2
110.1
110.5

0.9
0.8
0.4

5.8
5.8
5.8

1.8

110.3
110.4
110.5

0.2
0.3
0.2

3.7
4.1
4.4

110.7
111.1
111.3

0.2
0.4
0.2

5.0
3.7
3.3

4.2

111.2
111.6
112.1

0.7
0.4
0.4

5.0
5.1
5.3

111.9
112.1
112.3

0.5
0.2
0.2

3.6
4.0
4.7

4.0

112.7
113.1
113.5

0.4
0.4
0.3

4.4
4.5
4.1

112.7
113.3
113.9

0.4
0.5
0.5

3.4
3.2
4.0

3.2

113.8
114.4
115.0

0.3
0.4
0.3

3.9
3.7
3.6

113.8
113.9
114.5

-0.1
0.1
0.5

3.6
2.7
2.5

3.3

115.3
115.4
115.4

0.3
0.3
0.2

3.7
3.2
3.7

114.7
114.8
115.3

0.2
0.1
0.4

3.2
2.5
2.1

2.9

115.7
116.0
116.5

0.3
0.2
0.5

3.9

115.6
115.3
115.7

0.3

3.2

-0.3

117.1

0.4

116.5

0.7

1.9

2.9

113.4

2.3

3.6

114.1

0.7

114.6

-0.5

1987

4.2

January
February
March

116.1

April
May
June

117!l

July
August
September

U7\B

October
November
December

118.7

115.8

3.5

116.9

2.8

117.9

2.7

ns.'s

1988

January
February
March

rl.7
rl!9.2

April
May
June

119.7

0.3

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

Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.




MAY 1988

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Qj PRICE MOVEMENTS-Continued

Year
and
month

330. Index ©

(1982 = 100)

330c. Change
over 6-month
spans l@

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

335. Index ©

(1982 = 100)

335c. Change
over 1-month
spans1©

335c. Change
over 6-month
spans1©

(Ann. rate,
percent)

(Percent)

331. Index

331c. Change
over 1-month
spans 1

(1982=100)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

(Percent)

1986
January
February
March

103.2
101.7
100.3

-0.4
-1.5
-1.4

-6.3
-6.5
-7.0

103.7
102.1
100.5

-0.4
-1.5
-1.6

-7.6
-7.9
-8.1

94.2
90.4
88.3

-1.2
-4.0
-2.3

-17.8
-17.4
-18.2

April
May
June

99.6
100.0
99.9

-0.7
0.4
-0.1

-7.2
-4.7
-1.8

99.8
99.8
99.8

-0.7
0.0
0.0

-9.2
-6.7
-3.4

85.4
86.8
86.2

-3.3
1.6
-0.7

-15.9
-8.2
-4.0

July
August
September

99.4
99.3
99.4

-0.5
-0.1
0.1

0.2
-0.4
-0.4

98.8
98.6
98.8

-1.0
-0.2
0.2

-1.4
-1.2
-1.2

86.4
86.6
86.5

0.2
0.2
-0.1

5.0
1.4
0.9

October
November
December

99.7
99.8
99.7

0.3
0.1
-0.1

2.2
3.5
3.7

99.1
99.2
99.2

0.3
0.1
0.0

3.3
4.5
4.7

87.5
87.4
86.6

1.2
-0.1
-0.9

6.3
7.8
9.7

January
February
March

100.5
101.0
101.2

0.8
0.5
0.2

4.5
5.7
6.7

100.4
100.8
101.1

1.2
0.4
0.3

5.1
5.5
6.6

89.1
89.9
90.6

2.9
0.9
0.8

11.3
16.4
19.3

April
May
June

101.9
102.6
103.0

0.7
0.7
0.4

6.1
5.6
5.0

101.6
101.9
102.4

0.5
0.3
0.5

5.5
5.8
4.8

92.3
94.3
94.6

1.9
2.2
0.3

15.1
15.7
12.3

July
August
September

103.5
103.8
103.7

0.5
0.3
-0.1

4.4
3.1
r2.3

103.1
103.7
103.5

0.7
0.6
-0.2

4.8
4.6
r3.5

95.6
96.7
96.0

1.1
1.2
-0.7

8.4
1.3
rO.2

October
November
December

104.1
104.2
r!04.2

0.4
0.1
rO.O

1.9
1.5
2.3

104.0
104.2
r!04.2

0.5
0.2
rO.O

2.3
1.4
2.3

96.1
94.9
r94.7

0.1
-1.2
r-0.2

-4.1
-4.5
-3.9

January
February
March

104.5
104.6
104.9

rO.3
0.1
0.3

3.3

104.3
104.4
104.7

rO.l
0.1
0.3

3.1

93.6
94.5
94.1

r-1.2
1.0
-0.4

-1.7

April
May
June

105.8

0.9

105.6

0.9

95.3

1.3

1987

1988

July
August
September
October
November
December
See note on [
Graphs of these series are shown on page 48.
Changes are centered within the spans:

1

MAY 1988




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

85

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Ql PRICE MOVEMENTS-Continued
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

332c. Change
over 6-month
spans1

332c. Change
over 1-month
spans 1

(1982 = 100)

Producer price index, capital equipment

(Ann. rate,
percent)

(Percent)

333, Index

333c. Change
over 1-month
spans 1

(1982 = 100)

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334c. Change
over 1-month
spans1

334. Index

(1982 = 100)

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1986

99.9

-0.6
-1.2
-1.2

-6.5
-7.3
-8.0

108.6
108.7
108.9

0.1
0.1
0.2

1.9
1.7
2.0

104.5
102.6
101.2

-0.8
-1.8
-1.4

-6.8
-6.9
-7.8

April
May
June

99.0
98.8
98.7

-0.9
-0.2
-0.1

-8.2
-6.0
-2.6

109.2
109.3
109.6

0.3
0.1
0.3

2.0
1.8
2.0

100.4
101.0
101.1

-0.8

-8.1
-3.7
-0.2

July
August
September

98.0
98.0
98.6

-0.7

-1.6
-1.0
-0.6

109.7
109.7
110.0

0.1
0.0
0.3

2.4
2.8
2.2

100.2
100.7
101.1

-0.9

October
November
December

98.2
98.3
98.4

-0.4

0.5
0.3
0.0

2.8
2.4
2.0

0.4

102.3
101.1

January
February
March

0.0
0.6

0.6
0.1
0.5
0.4

2.0
0.8
0.6

101.4
101.4
101.4

0.3
0.0
0.0

3.2
2.8
3.0

1.6
1.3
1.1

101.8
102.1
102.6

0.4
0.3
0.5

3.8
4.4
4.6

103.3
103.6
103.7

0.7
0.3
0.1

4.6
4.4
4.1

0.4
0.2
0.4

2.3
1.7

0.1
0.1

2.1
3.3
2.4

110.5
110.8
110.8

99.0
99.6
99.8

0.6
0.6
0.2

4.1
5.2
6.0

111.2
111.0
111.1

April
May
June

100.2
100.8
101.3

0.4
0.6
0.5

5.9
5.7
5.9

111.4
111.5
111.4

-0.1

0.7
1.6
2.5

July
August
September

101.9
102.4
102.7

0.6
0.5
0.3

6.1
5.6

111.6
111.9
112.5

0.2
0.3
0.5

1.1
1.1
1.6

104.1
104.3
104.7

October
November
December

103.2
103.6
r!03.8

0.5
0.4

1.6
1.4
1.2

104.5
104.5
r!04.0

2.5

104.3
103.9
104.6

rO.3
-0.4

105.1

0.5

1987

January
February
March

r5.0

-0.2

0,1
0.3
0.1

rO.2

4.6
3.5
4.1

112.0
112.1
112.3

rO.4

4.7

0.0
0.6

112.5
112.7
113.2

0.2
0.2
0.4

0.8

113.4

0.2

-0.4

0.1
0.2

-0.2

0.0
r-0.5

rO.6

0.4
-0.8
-0.2

1988

January
February
March

104.2
104.2
104.8

April
May
June

105.6

0.7

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 1988

1.2

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

Q WAGES AND PRODUCTIVITY
|
Average hourly earnings of production or nonsupervisory
workers on private nonagncultural payrolls1
Year
and
month

Current-dollar earnings
340. Index

340c. Change
over 1-month
spans 2

(1977 = 100)

(Percent)

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

Real earnings
340c. Change
over 6-month
spans 2
(Ann. rate,
percent)

341. Index

341c. Change
over 1-month
spans 2

(1977 = 100)

(Percent)

341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans 2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1986

January
February
March

167.5
168.2
168.5

-0.2
0.4
0.2

2.8
2.4
1.7

93.6
94.3
95.1

-0.5
0.7
0.8

2.8
3.1
2.2

179.3

April
May
June

168.5
168.9
169.2

0.0
0.2
0.2

1.8
1.5
1.5

95.4
95.4
95.2

0.4
0.0
-0.2

3.2
1.9
0.1

180.5

July
August
September

169.1
169.5
169.8

-0.1
0.3
0.1

2.0
2.8
2.2

95.1
95.2
95.1

0.0
0.1
-0.1

-0.4
0.3
0.1

isi.'s

October
November
December

170.2
171.2
171.1

0.3
0.6
-0.1

2.6
2.7
2.9

95.2
95.5
95.2

0.1
0.3
-0.3

-1.0
-1.3
-1.5

183!e

January
February
March

171.2
171.8
172.2

0.1
0.3
0.2

2.9
2.0
2.2

94.6
94.6
94.4

-0.6
-0.1
-0.2

-2.1
-3.2
-3.1

184!l

April
May
June

172.6
172.9
172.9

0.3
0.1
0.0

2.3
2.7
2.9

94.2
94.0
93.8

-0.2
-0.2
-0.2

-2.1
-1.9
-1.3

185.5

July
August
September

173.2
174.1
174.6

0.2
0.5
0.3

2.7
3.4
3.2

93.7
93.7
93.8

-0.1
0.0
0.1

-1.2
-0.3
-0.3

187 .'l

October
November
December

174.9
175.8
175.7

0.2
0.5
-0.1

3.8
r2.7
r2.5

93.6
93.8
93.6

-0.2
0.3
-0.2

0.0
-0.3
r-0.8

rl88.*7

January
February
March

176.4
176.5
r!76.8

0.4
rO.O
rO.2

p3.1

93.7
93.6
r93.4

0.0
-0.1
r-0.2

p-0.5

April
May
June

p!77.6

pO.5

p93.4

pO.O

3.9
3.6

2.8
3ii

2.9

2.1
4.0
2',Q

1987
1.1

2.*9

3.0

r2.8

3.5

p3'. 3

r3.4

1988
p3.4

p!90.2

July
August
September
October
November
December
See note on page 80.
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 1988




87

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

J
R WAGES AND PRODUCTIVITY-Continued
Negotiated wage and
benefit decisions

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

348. Average
first-year
changes (u)

Real compensation
346c. Change
over 1-quarter
spans 1

346. Index

(1977 = 100)

346c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract (u)

(Ann. rate,
percent)

370c. Change
over 1-quarter
spans1

370. Index

(1977 = 100)

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977 = 100)

1986

2.3

January
February
March

li!

99.3
4.2

April
May
June

100.4

July
August
September

100.5

October
November
December

io6!s

0.6

1.2

0.7

1.6

2.1

°i

2.4

'!:?

i:5

107:7
107^5

0.4

lo*

1.6

107.6

rl.3

108.0

pl'.3

I09.-I

-0.3

109.6

2.7

107.7

CL2

0.6

1.2

4

1.3

1.3

109.7

0.7

0.5

5.8
109.5

10 6

-0.1

':

1987

January
February
March

99.8

April
May
June

99.3

July
August
September

99*. 3

October
November
December

99.2

-4.1

12

1.1

2.1

-:

4.1

-1.7

3.9

-!:?
2.5

-0.3

2.1

p-0.6
r-0.3

0.5

109.7

3.4

no!i

ni.'s

2.4

1.4

4.7

r-1.5
rllO.9

r!08.8

1988

January
February
March

pO.O

p99.2

pi. 7

pO.8

pi. 8
plll.l

p!09.1

April
May
June
July
August
September
October
November
December
See note on |
Graphs of these series are shown on pages 49 and 50
1
Changes are centered within the spans:
1-quarter
placed on the middle month of the 3d quarter.




anges are placed on the 1st month of the 2d quarter, and 4-quarter changes are

MAY 1988

licit

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
451. Males
20 years
and over

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

(Percent)

(Percent)

(Percent)

(Thous.)

(Thous.)

January
February
March

116,751
116,951
117,183

108,904
108,524
108,853

7,847
8,427
8,330

3,521
3,766
3,778

2,920
3,180
3,109

1,406
1,481
1,443

6,447
6,825
6,861

5,301
5,209
5,307

78.3
78.1
78.1

55.0
55.1
55.1

53.4
54.5
54.9

April
May
June

117,334
117,481
118,112

108,961
109,037
109,671

8,373
8,444
8,441

3,724
3,836
3,791

3,102
3,116
3,133

1,547
1,492
1,517

6,814
6,926
6,792

5,564
5,600
5,381

78.0
78.0
78.2

55.2
55.3
55.7

55.5
55.1
55.4

July
August
September

118,115
118,150
118,345

109,837
110,035
110,047

8,278
8,115
8,298

3,820
3,661
3,831

3,025
3,005
2,991

1,433
1,449
1,476

6,691
6,553
6,792

5,149
5,288
5,337

78.1
77.9
78.1

55.7
55.8
55.7

54.6
54.9
54.9

October
November
December

118,424
118,671
118,576

110,194
110,457
110,657

8,230
8,214
7,919

3,817
3,807
3,728

3,007
2,971
2,826

1,406
1,436
1,365

6,704
6,672
6,481

5,438
5,270
5,324

77.9
78.2
78.3

55.8
55.8
55.6

54.9
54.4
53.4

January
February
March

118,978
119,230
119,246

111,014
111,344
111,455

7,964
7,886
7,791

3,691
3,606
3,553

2,877
2,858
2,832

1,396
1,422
1,406

6,473
6,397
6,248

5,211
5,458
5,180

78.2
78.2
78.1

55.8
55.9
55.9

54.3
54.7
54.3

April
May
June

119,363
119,907
119,608

111,806
112,334
112,300

7,557
7,573
7,308

3,454
3,456
3,422

2,733
2,700
2,634

1,370
1,417
1,252

6,083
6,053
6,000

5,104
5,058
4,979

78.1
78.2
78.0

56.0
56.2
56.2

54.2
55.2
53.6

July
August
September

119,890
120,306
119,963

112,639
113,050
112,872

7,251
7,256
7,091

3,323
3,258
3,118

2,680
2,661
2,671

1,248
1,337
1,302

5,852
5,812
5,636

5,154
5,016
4,986

78.0
77.9
77.9

56.3
56.3
56.2

54.0
56.3
54.4

October
November
December

120,387
120,594
120,722

113,210
113,504
113,744

7,177
7,090
6,978

3,174
3,135
3,063

2,615
2,620
2,611

1,388
1,335
1,304

5,725
5,684
5,601

5,067
5,241
5,004

78.0
78.0
77.8

56.4
56.5
56.6

55.1
54.8
55.5

January
February
March

121,175
121,348
120,903

114,129
114,409
114,103

7,046
6,938
6,801

3,154
3,071
3,089

2,581
2,635
2,411

1,312
1,232
1,301

5,603
5,549
5,498

5,145
5,254
5,106

77.9
78.2
77.9

56.7
56.8
56.6

56.0
54.9
53.9

April
May
June

121,323

114,713

6,610

2,909

2,442

1,259

5,302

4,924

78.2

56.7

54.2

1986

1987

1988

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

MAY 1988




OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Of RECEIPTS AND EXPENDITURES
Federal Government 1
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

Q DEFENSE INDICATORS
|

State and local government *

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.)

1986

January
February
March

-196.1

807.6

1,003.7

62.1

608.1

54e!i

28,411
30,247
30,969

12,843
9,715
13,822

185,822
188,008
190,756

8,502
9,193
12,214

April
May
June

-230.2

816.'9

l,047!l

55.1

611.5

556!4

29,758
30,267
33,056

13,136
11,052
12,949

188,903
189,004
193,207

8,071
9,036
8,314

July
August
September

-203.7

832.4

i,o3e!i

59.6

626.2

566!7

31,199
29,968
30,678

13,810
11,432
12,315

196,185
198,635
199,295

10,062
7,900
10,304

October
November
December

-IBB. 7

852.5

1,041.2

5CL6

629.1

578.5

28,383
30,341
26,583

9,450
11,866
11,581

198,408
198,337
197,769

7,827
10,031
7,738

January
February
March

-17CL5

879.3

1,049.8

4l!o

632!1

59l!i

25,911
34,669
28,986

10,617
12,546
12,167

196,585
199,440
199,308

5,813
7,344
r9,658

April
May
June

-139*.2

922.9

1,062.1

5ole

65l'.3

600.7

33,794
32,801
30,475

12,138
12,103
12,748

200,411
202,504
204,177

rll,258
r8,479
10,577

July
August
September

-135.8

923.0

1,058.8

46.'5

657^6

611.1

31,867
32,619
34,065

13,667
12,881
13,609

207,148
209,556
215,074

9,923
9,521
9,112

October
November
December

-160.2

937.6

1,097.'8

37.9

663.5

625.*6

29,233
30,794
24,532

10,613
9,383
11,912

212,355
212,086
205,974

10,001
9,739
9,048

p-151.8

p951.6

rl,103.4

p45.8

p682.4

r636.6

31,157
33,243
p31,595

7,871
11,080
pll,901

208,366
210,637
p212,335

9,104
r8,556
r9,849

1987

1988

January
February
March
April
May
June

(NA)

(NA)

(NA)

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

90




MAY 1988

p9,990

OTHER IMPORTANT ECONOMIC MEASURES
£) I GOVERNMENT ACTIVITIES-Continued

Q DEFENSE INDICATORS-Continued

National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1977 = 100)

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(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)

1986

January
February
March

178.9
178.0
178.6

31,787
31,471
32,467

160,175
161,009
164,969

20,152
21,586
23,342

7,779
8,359
8,254

1,570
1,572
1,572

2,157
2,160
2,160

1,103
1,087
1,084

266.6

eii

April
May
June

179.8
180.2
180.7

32,962
33,329
33,549

164,580
164,951
164,147

22,101
22,921
21,954

8,460
8,665
9,118

1,582
1,589
1,566

2,150
2,150
2,143

1,081
1,072
1,060

27s!2

eie

July
August
September

182.4
183.7
184.6

33,618
33,810
34,206

165,201
164,505
165,918

22,538
21,714
23,886

9,008
8,596
8,891

1,594
1,592
1,595

2,150
2,161
2,169

1,059
1,052
1,072

287.6

6.'?

October
November
December

185.6
185.5
186.2

34,482
34,330
34,005

164,584
164,887
162,098

22,324
21,168
22,512

9,161
9,728
10,527

1,597
1,597
1,597

2,177
2,181
2,178

1,069
1,063
1,059

279^6

e!s

January
February
March

187.3
188.9
188.6

34,240
34,332
r34,197

159,557
158,477
r!58,532

22,243
24,096
23,259

8,354
8,424
r9,603

1,600
1,599
1,597

2,179
2,172
2,168

1,061
1,067
1,070

287!5

eie

April
May
June

189.2
189.3
188.6

34,716
34,866
34,849

r!60,946
160,188
161,328

23,593
22,760
24,046

r8,844
9,237
9,437

1,594
1,596
1,594

2,158
2,153
2,151

1,072
1,068
1,070

294 '.5

e!e

July
August
September

188.7
189.1
189.8

35,599
36,065
36,311

162,345
163,071
162,659

22,858
24,340
21,513

8,906
8,795
9,524

1,596
1,598
1,597

2,158
2,167
2,174

1,074
1,076
1,090

299!6

6.' 6

October
November
December

190.3
188.7
188.9

36,868
37,609
37,026

163,526
164,025
162,979

25,816
21,276
26,329

9,134
9,240
10,094

1,599
1,598
1,600

2,172
2,174
2,167

1,090
1,087
1,083

299.8

e'.s

January
February
March

r!90.6
r!91.5
r!90.9

37,103
r37,305
p37,295

163,650
r!63,706
r!64,035

20,786
23,441
r23,752

8,433
8,500
r9,520

1,606
rl,603
pi, 596

2,166
2,162
r2,142

1,077
1,071
pi, 067

r301.5

re.'s

April
May
June

p!90.6

p!65,441

p26,551

p8,584

1987

1988

(NA)

(NA)

p2,113

(NA)

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on pages 54 and 55.

MAY 1988




91

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS

Q MERCHANDISE TRADE
|
602. Exports, excluding
military aid shipments (u)

604. Exports of domestic
agricultural products

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.)

616. Imports of automobiles and parts

(Mil. dol.)

1986

January
February
March

17,041
17,401
18,557

2,320
2,283
2,135

3,854
4,294
3,740

30,090
27,521
29,403

4,978
4,254
3,578

5,044
5,378
5,018

April
May
June

18,001
18,270
19,092

2,043
1,960
1,819

3,981
3,644
3,582

30,898
30,034
30,942

2,084
2,718
2,731

5,044
5,054
5,535

July
August
September

17,346
16,895
17,530

2,062
2,231
2,111

3,585
4,091
3,812

31,848
29,482
30,808

2,483
2,225
2,435

6,242
6,280
4,909

October
November
December

19,562
18,411
18,523

2,447
2,204
2,352

3,932
4,138
4,227

32,771
32,413
29,854

2,155
2,788
2,299

5,790
7,156
5,483

January
February
March

16,753
19,359
21,775

1,926
2,047
2,157

3,452
4,404
4,098

27,466
32,307
33,197

2,269
3,598
3,513

4,882
6,322
5,329

April
May
June

20,496
20,781
21,126

2,234
2,410
2,445

4,122
4,176
4,338

31,983
33,313
35,266

2,842
3,685
3,375

5,516
6,093
5,823

July
August
September

21,005
20,221
20,985

2,956
2,520
2,625

4,260
4,420
4,717

35,844
34,320
33,573

4,125
4,574
3,439

5,800
6,008
5,307

October
November
December

21,752
23,798
24,801

2,593
2,409
2,472

4,407
5,371
5,371

37,714
35,474
35,444

3,780
3,292
3,158

6,776
6,342
6,560

22,330
23,559
28,971

2,634
2,936
3,030

(NA)

33,218
35,818
37,112

(NA)

(NA)

1987

1988

January
February
March
April
May
June

(NA)

(NA)

(NA)

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.

92




MAY 1988

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

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

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

622. Balance

669. Imports

668. Exports

(Mil. dol.)

(Mil. dol.)

Revised

1986

620. Imports

618. Exports

(Mil. dol.)

Revised

651. U.S. investment abroad

(Mil. dol.)

(Mil. dol.)
2

Income on investment

2

Revised

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

2

January
February
March

-30,oi9

92,134

122,153

-35,433

"54,113

89,546

24,076

17,65i

April
May
June

-29,588

93,540

123,128

-33,861

56,946

90,807

22,013

17,426

July
August
September

-32,249

93,241

125,490

-36,721

56,268

92,989

21,333

15,994

October
November
December

-33,839

93,891

127,730

-38,532

56,642

95,174

20,787

16,295

January
February
March

-33,834

98,728

132,562

-39,871

56,791

96,662

24,963

19,450

April
May
June

-38,274

100,070

138,344

-39,552

59,864

99,416

22,464

20,875

July
August
September

-40,517

105,662

146,179

-39,665

64,902

104,567

22,689

22,395

October
November
December

p-34,589

pl!5,662

p!50,25i

-41,192

68,013

109,205

p29,657

p22,569

p-35,945

p74,672

pllO,617

1987

1988

January
February
March

(NA)

(NA)

(NA)

(NA)

(NA)

April
May
June
July
August
September
October
November
December
See note on
Graphs of these series are shown on page 57.
1
Balance of payments basis: Exeludes 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 1988




93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

' Qj INDUSTRIAL PRODUCTION

Year
and
month

47. United States,
index of industrial production

(1977-100)

721. OECD 1
European countries, index of
industrial
production

728. Japan,
index of industrial production

(1977 = 100)

(1977 = 100)

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

(1977 = 100)

722. United
Kingdom, index
of industrial
production

(1977 = 100)

727. Italy, index
of industrial
production

(1977 = 100)

723. Canada,
index of industrial production

(1977 = 100)

(1977 = 100)

1986

January
February
March

126.4
125.5
123.9

112
113
112

144.6
144.8
144.8

113
113
113

107
105
105

108
110
109

108.4
110.9
113.8

127.6
128.1
125.5

April
May
June

124.7
124.3
124.1

115
111
114

144.4
144.2
144.5

117
112
116

109
104
108

111
109
109

114.9
108.7
113.9

128.9
126.9
125.5

July
August
September

124.8
124.9
124.5

115
114
114

144.2
141.9
145.8

117
114
114

109
109
109

111
111
111

111.1
110.0
109.8

126.8
125.6
126.3

October
November
December

125.3
125.7
126.8

114
11*
113

143.8
141.9
142.0

114
114
112

109
107
107

111
111
110

111.0
112.2
111.1

126.2
126.2
128.5

January
February
March

126.2
127.1
127.4

112
115
115

r!41.3
r!39.7
r!42.1

111
114
113

105
109
109

110
112
112

111.8
115.2
117.6

128.0
129.2
129.9

April
May
June

127.4
128.2
129.1

115
116
116

r!40.9
r!38.6
r!44.6

114
116
114

108
110
111

112
113
113

115.5
119.7
116.2

129.9
130.7
132.0

July
August
September

130.6
131.2
131.0

115
rl!5
116

r!46.3
r!44.1
r!48.4

112
118
116

110
110
111

113
115
114

115.6
111.0
115.1

131.8
134.2
135.0

October
November
December

132.5
133.2
133.9

117
117
117

r!50.8
r!49.9
r!52.9

116
116
117

110
111
112

115
115
115

120.1
118.7
114.0

135.8
r!36.5
r!37.0

January
February
March

134.4
134.4
r!34.7

pl!8
(NA)

r!53.7
p!57.2
(NA)

pl!7
(NA)

rill
pill
(NA)

115
pl!2
(NA)

r!24.2
p!18.5
(NA)

r!37.2
p!36.6
(NA)

April
May
June

p!35.6

1987

1988

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 1988

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q CONSUMER PRICES

United States
Year
and
month

320. Index ©

(1982-84 = 100)

Japan

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738. Index ©

(1982-84=100)

West Germany

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

735. Index ©

(1982-84=100)

United Kingdom

France

735c. Change
over 6-month
spans 1

(Ann. rate,
percent)

736. Index ©

(1982-84 = 100)

736c. Change
over 6-month
spans 1

(Ann. rate,
percent)

732. Index ©

(1982-84 = 100)

732c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1986

January
February
March

109.6
109.3
108.8

0.6
-0.2
0.0

105.0
104.9
104.8

1.2
0.4
0.0

105.5
105.2
104.9

-0.4
-0.8
-1.3

116.1
115.9
116.1

1.4
1.2
1.2

113.1
113.5
113.7

3.2
2.9
1.8

April
May
June

108.6
108.9
109.5

-0.5
0.4
1.7

105.1
105.4
104.9

-0.6
0.0
-0.6

104.9
104.9
105.0

-1.9
-1.1
-0.6

116.6
116.9
117.2

1.6
2.4
3.3

114.8
115.0
114.9

1.1
1.1
2.1

July
August
September

109.5
109.7
110.2

2.6
2.8
2.2

104.6
104.4
104.9

-1.7
-0.4
-0.6

104.5
104.2
104.4

-1.1
-1.5
-0.8

117.4
117.5
118.0

2.9
2.9
3.1

114.6
114.9
115.5

2.8
4.2
5.9

October
November
December

110.3
110.4
110.5

3.7
4.1
4.4

105.0
104.5
104.3

-1.9
-2.3
-0.2

104.1
104.0
104.2

0.0
0.2
0.0

118.2
118.4
118.5

4.5
4.3
3.6

115.7
116.7
117.1

6.8
6.9
5.6

January
February
March

111.2
111.6
112.1

5.0
5.1
5.3

103.9
103.9
104.3

2.3
0.4
1.3

104.6
104.7
104.7

1.2
1.5
1.2

119.6
119.8
120.0

4.1
4.1
3.4

117.5
118.0
118.2

5.4
3.8
2.4

April
May
June

112.7
113.1
113.5

4.4
4.5
4.1

105.2
105.4
105.2

2.1
3.3
1.9

104.9
105.0
105.2

1.7
1.7
1.0

120.6
120.9
121.1

2.4
2.7
2.5

119.6
119.7
119.7

2.2
2.0
2.7

July
August
September

113.8
114.4
115.0

3.9
3.7
3.6

104.7
104.8
105.7

-0.9
1.0
0.0

105.2
105.1
104.9

0.8
0.4
0.8

121.4
121.7
121.7

2.3
2.3
2.8

119.6
120.0
120.3

3.7
4.6
4.8

October
November
December

115.3
115.4
115.4

3.7
3.2
3.7

105.7
105.2
105.1

0.0
-1.7
-0.4

105.0
105.0
105.2

-0.2
0.0
1.0

122.0
122.2
122.2

2.2
2.1
2.5

120.9
121.5
121.4

4.2
4.2
4.0

January
February
March

115.7
116.0
116.5

3.9

104.8
104.6
105.0

(NA)

105.4
105.6
105.7

1.1

121.4
121.9
122.3

3.8

April
May
June

117.1

1987

1988

(NA)

106.0

122.4
122.7
123.0
(NA)

(NA)

124.3

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

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

MAY 1988




95

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Continued

Q STOCK PRICES
|

Q CONSUMER PRICES-Continued

Italy
Year
and
month

737. Index©

(1982-84=100)

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

737c. Change
over 6-month
spans1

(Ann. rate,
percent)

733. Index ©

(1982-84 = 100)

1986
January
February
March

125.9
126.8
127.2

6.8
6.6
5.3

111.4
111.8
112.1

4.4
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

127.6
128.1
128.6

5.5
5.5
4.8

112.2
112.8
112.9

3.2
3.6
3.6

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

128.6
128.8
129.2

4.0
3.3
3.4

113.8
114.1
114.1

4.5
4.5
5.4

261.3
266.5
259.2

1,262.7
1,354.5
1,361.4

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

129.9
130.4
130.8

3.9
3.0
3.7

114.7
115.3
115.5

4.3
4.1
4.8

258.2
266.6
270.4

1,280.3
1,297.0
1,406.4

322.1
325.2
331.9

609.7
616.6
652.2

750.7
774.1
779.4

557.1
546.3
514.8

343.4
344.3
346.5

January
February
March

131.6
132.1
132.6

4.2
4.7
4.5

115.8
116.3
116.8

4.4
4.7
4.2

287.7
305.6
318.1

1,492.7
1,577.3
1,675.5

308.8
285.2
288.5

642.1
660.1
708.1

841.0
917.9
973.1

526.7
502.9
501.9

378.4
395.4
422.5

April
May
June

132.9
133.4
133.9

4.8
5.9
6.5

117.3
118.0
118.3

5.1
5.2
4.7

314.7
314.5
327.8

1,856.7
1,937.3
1,965.7

304.2
302.3
313.7

725.9
703.6
664.6

957.2
1,042.0
1,098.5

533.2
533.4
P521.5

420.0
416.4
422.6

July
August
September

134.3
134.6
135.6

6.8
6.4
5.5

119.2
119.3
119.3

4.5
3.8
4.1

337.3
358.3
346.6

1,806.9
1,902.6
1,888.0

327.7
340.7
330.0

691.9
704.9
729.8

1,155.7
1,102.2
1,121.9

p508.1
p469.8
p459.6

455.4
451.3
440.9

October
November
December

136.8
137.2
137.4

5.1
4.0
3.4

119.7
120.2
120.3

3.1
2.9
3.5

304.8
266.5
262.1

1,831.8
1,676.8
1,654.9

306.1
234.2
224.2

632.8
508.5
423.5

1,028.6
795.0
810.9

p460.1
p379.8
p375.0

341.2
336.5
357.1

January
February
March

138.1
138.5
139.1

3.5

120.5
121.0
121.6

3.5

272.5
280.8
289.1

1,654.9
1,797.4
rpl,901.8

213.0
223.3
p237.4

465.0
pSOl.l
p520.0

864.2
859.2
p889.0

p534.5
p509.2
p569.5

345.4
362.1
374.4

April
May
June

139.6

285.7
p277.0

rpl, 984.1

rp234.7
p224.9

rp520.5
p536.0

rp878.7
p877.5

rp573.8
p543.6

377.4
p365.7

1987

1988

122.0

p2,031.6

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.

96




MAY 1988

C. Historical Data for Selected Series
Jan.

Year

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

1 9 5 4 . ..
1955 ...
1956. ..
1957...
1958. ..
1 9 5 9 . ..
I960.. .
1961. . .
1962. ..
1963. ..
1964. . .
1965...
1966...
1967. ..
1968...
1969.. .
1970...
1971...
1972...
1973...
1974. . .
1975...
1 9 7 6 . ..
1977 . . .
1978...
1979. . .
1980...
1981 . . .
1982...
1983. . .
1984. ..
1985...
1986. . .
1987...
1988. . .

Dec.

1 Q

II Q

III Q

IV Q

Annual

SPACE

26 . 7 4
33.22
34.76
40.17
30.39
32.56
37 .27
37.16
39.52
43.38
49.78
53.13
65.64
51.27
63.08
84.15
82 .65
53.75
63.71
90.73
75.89
53.68

21.53
35.03
36.05
40.05
29 .34
32.03
36.73
35.61
42. 13
43.49
47.91
55.32
70.67
57 .84
59.78
70.98
81.53
51.66
65.86
88.09
84.49
49.74

24.73
32.68
44.30
37.68
30.25
35.63
35.01
35.99
45.32
38.55
50.14
55.83
66 .54
54.68
66.95
67.37
71.78
67.01
68.12
88.28
77.05
42.90

27 .39
31.86

31 .40
32.91

27 .99
32.84

26 .09
37 .00

27 .56
35.16

26.31
38.91

31 .06
35.25

28.33
36.94

32 .2 1
35.83

73.00
00.93

86.78
97.61

79.96
111.07

91.60
108.02

331.34
417.63

34.31
26 . 12
41.02
39.59
35.42
41 . 9 0
39.67
47 .48
57 .89
69.82
60.36
54.03
71.45
66.91

34.85
28.73
37 .36
39.72
35.60
43.66
45.62
46.38
60.06
66.79
54.67
62.20
82 .47
55 .79

41.68
27.62
38.43
38.50
35 .97
42 .49
52.13
52.53
55.64
61.59
61.55
64.66
81.66
58.91

34.29
29.48
36.91
38.94

32.59
33.22
34.33
40.59

31 .32
31.60
37.52
39.30

30.09
31.42
40.36
40.17

32 .82
30.01
36.51
39.28

32 .97
29.20
37.74
38.28

41.52
46.34
51.16
56 .84
63.24
57.71
71.99
70.30
65.39

42.19
47.01
51.03
53.73
65.05
61.17
67.83
72.35
64.81

41.04
45.95
50.01
60.50
64.09
62.89
65.91
73.69
58.80

41.08
48.34
54.00
60.55
57.82
58.87
75.31
78.65
52.68

43.41
45 . 19
52.69
63.43
60.43
60.06
69 .40
61.78
53.37

43.78
46.26
55.80
60.42
58.02
60.85
7 1 .06
84. 18
53.53

65.59
84.53
85 .92
54.06

85.60
81.81
75.91
45 . 17

69.61
84.05
72.49
50. 17

66.67
93. 16
73.37
47 .89

70.71
89.80
85.19
43.86

71.36
80.88
73.48
51.36

77.00
91.60
58.95
50.61

76.52
87.38
57.97
42 .38

80.83
73.02
56.95
52.37

54.91
80.68
85.78
99 .43
83.72
58.18
61.13
72.72
81.14
72.89
80.75

53.92

63.42

55.88

63.02

58.53

59.64

73.25

66.59

66.05

68.58

72.79

17.90
89.98
00.22
09.01
08.76
26.97
25 . 4 2
47.83
64.28
02.85
63.79
89.81
22.50
35.96
72.42
97.69
67.10
37.43
46.32
47 .31
72.25

110.84
82 .47
116.81
117.81
106.99
128.05
137.42
146.39
173.59
198.20
176 .58
180.89
235.58
181.61
183.56
20.80
50.39
34.32
49 .40
57 .00
77 .43

98.20
94.30
108.76
118.83
116.86
124.75
139.30
152.20
171.07
192.38
181.77
205.73
216.34
189.00
180.31
208.74
263.84
232.04
143. 11
151.69
199.48

95.88
90.63
114.61
117.73
116.65
128.27
139.79
162 .49
184.40
176.27
179.78
215.77
224.61
159.58
197.66
234.35
252.00
173.87
145 .36
160.44
207.42

422.82
357.38
440.40
463.38
449.26
508.04
541.93
608.91
693.34
769.70
701.92
792.20
899.03
766.15
733.95
861.58
1033.33
877.66
5 8 4 . 19
616 .44
756.58

104.38
82 .08
83.86
63.29
58.88
64.41
82.48

94.15
78.31
83.79
61.15
55.37
74.95
87.41

96 . 0 6
72.76
79.64
58.93
57.11
79.78
91.95

89.32
67.35
84.75
53.71
57.60
82.49
83.99

86.61
71.59
81.01
64.87

92.79
74.62
73.46
57 .80

84.75
71.41
78.67
59.78

91.05
64.15
68. 12
55.95

95.23
73.46
74.26
54.65

81.97
90.80
70.77
50.69

84. 18
87.75
70.65
49.55

284.31
259.82
251.37
182.62

71.99
11.70
45.40
77.51

74.90
69.68

79.55
91.89

82 .65
91.41

75.84
93.19

73.72

77.18

78.14

76.74

84.28

84.76

84.70

85.96

79.04
92 . 0 0
73.54
82.21

83.75
92 .6 1
83.00
75.90

86 .73
79.23
76.45
84.37

212.08
251.03
228.55
231.65

37 . 17
45.62
36.80
39 . 16

268.59
210.18
220.25
173.53
197.14
238.04
276.49
226.42
255 . 4 2

261.38
252.01
215.68
154.89
212.36
249 .52
263.84
232.99
242 .48

1086.27
933.71
932.70
688.55
762.72
936.81
1036.98
924.76
968.71

10.
1954...
1 9 5 5 . ..
1956 . . .
1957...
1 9 5 8 . ..
1959...
1960...
1961. . .
1962...
1963. . .
1964...
1965 . . .
1966...
1967 . . .
1968. ..
1969 . . .
1970. . .
197 1 ...
1972...
1973.. .
1974. . .
1975...
1 9 7 6 . ..
1977. ..
1978.. .
1 9 7 9 . ..
1980. . .
1981...
1982 . . .
1983...
1984...
1985...
1986. . .
1987...
1988. ..

Nov.

Oct.

9 . C O N S T R U C T I O N CONTRACTS AWARDED FOR COMMERCIAL AND I N D U S T R I A L B U I L D I N G S , FLOOR
( M I L L I O N SQUARE FEET)

CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT
( B I L L I O N S OF DOLLARS)

2.20
2.50
3.35
3.65
2.77
3.09
3.27
3.48
3.62
3.80

2.24
2.72
3.26
3.55
2 .67
3.19
3.35
3.40
3.94
3.91

1.91
3.15
3.28
3.52
2 .66
3.73
3.27
3.25
3.65
3.88

1.96
2.93
3.40
3.15
2 .69
3.35
3.52
3.27
3.85
3.98

2 . 00
2.80
3.56
3.29
2.72
3.46
3.51
3.22
3.68
4.36

4.89
5.81
5.30
7.74
8 .98
9.20
8.21
8.75
11.26
13.88
13.38
14.47
16.65
20.00
25 .37
28.08
28.64
29 . 3 4
24.43
30.36
29. 12
29.45
31.27

4.93

5.22

5.25

5.18

5.69
7.81
9 .33
8.86
8.94
9.23
11.95
14.27
12.45
14.15
16.76
22.71
27.75
26.33
26 .7 1
30.44
23.33
30.21
33.44
32.82
31.93

5.81

5.70

5 .88

8.69
8.37
9 .02
9.94
12.01
14.64
12.03
14.90
15.98
20.61
29 .93
25.95
28.02
27 .83
24.01
31.22
32.62
30.91

9.93
8.00
8.89
9.81
12.16
13.93
13.77
14.81
17.49
20.59
27.54
26 . 0 9
30.34
26.59
25.32
29 . 7 6
29.87
30.13

9.35
8. 10
8.65
10.79
12.85
15.34
14.34
13.66
19.19
22.95
24.70
23.06
28. 18
23.78
25 .82
32 .97
30.48
29.86

8.85
7 . 80
9.73
9 .39
12.73
14.17
14.15
15.97
18.88
21.35
26 . 3 7
25.22
28.59
23.55
26 . 5 9
31.29
31 .92
30.53

20.

IN CURRENT

TOTAL FOR P E R I O D

5 .08

2.31
3.33
3.33
2.83
3.14
3.63
3.44
3.43
3.64
4.20
4.75
5.49

3.20
3 .34
2.89
3.04
3.50
3.34
3.51
3.73
4.28
4.79
5.51

3.45
3.79
2.89
3.00
3.30
3.20
3.72
4.00
4.50
5.10
5.45

6.26

6.09

6.19

6.22

8.75
7 .72
8.88
9.69
13.11
15.12
14.63
15.32
18.91
24.07
25.36
26.26
28.08
23.26
26.29
30.37
31.65
29.83

9.93
7.94
9.39
11 .07
13.02
15.61
12.53
16.55
20.34
24.86
26 .34
26.52
27 .86
24.26
27 .64
30.87
33.35
31.86

8.84
7 .04
8.49
10.65
14.41
14.94
12.52
16.98
18.33
28.01
26 .08
26 .26
26 . 9 0
24.75
29.50
31.01
33.94
32.00

8.81
8.11
9.25
10.98
14.55
13.52
12.76
16.23
18.95
25 .26
27 .93
27.08
27 .37
23.76
27.47
30.78
29.86
31.99
34.60

2.15
2 .97
3.43
3.06
2.75
3.6 1
3.41
3.49
3.65
3.96

2.15
3.15
3 .41
3.13
3.13
3.22
3.41
3.67
3.66
4.07

5.10

5.27

6.11

6.05
8.83
8.15
8.00
10.47
13.04
16.64
13.24
17.16
16.80
22 .90
26 .67
26.97
28.84
24.55
24.82
32 .40
31 .44
30.97

2.05
2 .99
3.60
3.13
2.85
3.54
3.41
3.41
3.61
3.99

C O N T R A C T S AND ORD E R S F O R P L A N T A N D

DOLLARS

E Q U I P M E NT I N 1982

27.51
23.81
26.27
31.23
39.17

7
10.10
10.7 1
8.52
8.95
10.29
10.03
10.66
11.81
13.34
15.06
16.78
18.48
18.81
26 . 0 2
26 . 6 0
24.05
27.28
32.84
42.86

26.05
36.64
41.33
37.83
34.33
41.11
40.62
41.28
45.11
49.49
56.74
6 3 . 19
75.32
71.70
98. 19
109.24
98.19
106.99
121.98
154.99

40.40
49 .03
56 .05
71.83
78.37
79.75
84.78
72.07
78.75
93.64
96 .44
92 .66
106. 12

37.32
49.70
58.24
76.23
81.82
81.88
80.56
73.98
84.84
93.15
98.26
98.28
108.64

157.84
186.69
219.23
276.27
321.85
316.36
335.82
307.58
313.09
372.60
382 .15
374.64
413.22

8.37
9.89
10.72
8.10
10.01
9.89
10. 13
11.21
11.59
13.37
15.04
18.23
16.80

8.72
10.56
9.57
8.26
10.35
10.44
9.90
11.14
12 .33
14.23
15.53
18.96
17.69

9.45
10.17
9 .02
9.02
10.46
10.26
10.59
10.95
12 .23
14.08
15.84
19.65
18.40

8.95
8.90
9.54
11.21
13.90
14.71
12.04
16.49
20.96
22.96
27 .81
28.54
26 . 2 9
25 .47
27.87
31 .36
34.46
34.29
38.81

27 .00
26 .43
26.17
27 . 9 2
35.22

28.13
23.90
27.27
29.99
37.74

37.86
43.52
49.39
63.32
83.05
80.36
83.37
87.61
71.77
91.79
95.18
9 3 . 18
95.93

42.26
44.44
55.56
64.89
78.61
74.37
87.11
73.92
77.73
94.02
92 . 2 7
90.52
102.53

3.45
3.58
2.74
2.91
3.49
3.49
3.43
4.08
4.56
5 . 17
5.82
6.14
6 .40

DOLLARS
TOTAL FOR P E R I O D

1954. . .
1955 . . .
1956...
1957...
1958...
1 9 5 9 . ..
1960...
1961...
1962. ..
1963...
1964. . .
1965 ...
1966. ..
1967. ..
1968. . .
1969. ..
1970...
1971...
1972...
1973. . .
1974. . .
1975. ..
1976. . .
1977.. .
1978...
1 9 7 9 . ..
1980...
1981...
1982 . . .
1983. . .
1984. ..
1985...
1986...
1987. . .
1988...

8.38
9.46
11.90
11.99
8.70
9.59
10.01
10.83
11.09
11.57
14.31
14.69
17.23
14.98
21.13
24.05
23.50
20.10
20.45
25.98
30.29
23.33
23.62

8.50
10.25
11.56
11.55
8.40
9.87
10.23
10.50
12.11
11.94
12.93
14.86
18.53
16.09
21.30
24.61
22.60
22.03
21.39
27 .Id
30.92
21.53
22.70

7.25
11.84
11.50
11.46
8.35
11.61
9.95
9.91
11.28
11.82
13.43
15.66
18.03
16.47
26. 12
22.86
21.08
22.23
22 .99
27.82
31.71
20.48
24.51

7.41
11.10
11 .81
10. 18
8.42
10.40
10.80
10.07
11.78
12 . 14
13.55
15.78
18.74
16 .04
21.38
25.89

7 .62
10.52
12 .24
10.65
8.50
10.66
10.81
9 .93
11.29
13.41
14.56

7 .83
11.12
12 .36
10.10
8.96
10.86
10.44
10.49
11 .07
12. 16
14.96

8. 17
11.01
11.80
9.82
8.60
1 1.06
10.53
10.68
11.21
12.02
14.06

8.21
11 .59
11.59
10.02
9.88
9.81
10.50
11.26
11.25
12.35
14.2 1

8.78
12 .20
11.10
8.95
9.86
11.14
10.64
10.50
11.13
12.72
14.42

9.32
11.55
11 .04
9.21
9.55
10.75
10.33
10.75
11.38
12 .99
14.50

8.60
12 .44
12 .44
9.19
9.32
10.11
9.91
11.47
12 .22
13.82
15.52

9.13
12 .29
11 .69
8.76
9.02
10.67
10.76
10.52
12 .61
13.94
15.73

24.13
31.55
34.96
35.00
25 .45
31.07
30.19

22.86
32.74
36.41
30.93
25 .88

25.16
34.80
34.49
28.79
28.34

27.05
36.28
35.17
27.16
27 .89

99.20
135.37
141.03
121.88
107 .56

32.05

31.67

31.00

124.91

34. 8
35. 3
40. 7

34.14
37.71
43.07

33.59
37.09
42.69

36.21
40.75
45.75

18.35
16.53
19.87
24.56

17.89
17 . 19
19 .66
23.08

19.13
16.91
22 .41
22.93

17.90
17.50
22.78
22 . 6 7

19 .62
17 .06
20.91
25 .49

17 .62
17.31
24.89
22.7 4

17.43
17 .29
21.20
22.46

17.33
17.63
23.25
22.83

53.
47 .
68.
71.

54.98
49.76
60.91
73.53

21.68
22.61
28.10
29.71
23.45
23.73

20.88
25 . 12
29.38
31.57
24.19
22 . 0 3

23.54
21.56
28.66
28.64
23.77
25.70

19.09
24.23
29.43
32.79
22 . 3 0
27 .41

21.22
22 . 6 4
29.47
28.89
24.49
24.30

22.51
25.77
29.12
29.06
20.84
26 .06

20.18
24.79
32.30
27 .06
20.78
26.40

22.02
25.50
32.26
24. 18
21.05
25.38

29.03
33.33
33.50
31.17
29.68
24.39
31.38
30.08
30.95
33.62

32.63
36.18
31 .35
28.82
30.65
23.26
31 .05
37.25
36.40
34.79

29.35
37.86
30.70
30.00
27.97
24.26
32.23
34.76
33.36
35.87

28.98
35.65
30.48
32.28
26.68
25.68
30.60
31.29
32.28
36.78

32.00
31.75
26 . 5 8
29.84
23.83
26.06
34.05
32.71
32.74
37. 19

29.49
33.57
28.63
30.10
23.49
27.08
32.46
34.04
33.78
38.40

31.41
33.84
30.13
30.10
24.48
25.42
33.38
33.79
34.68
40.63

32.74
32.17
29.62
29.13
23.14
26.74
31.63
34.41
33.60
38.25

33.67
33.09
29.69
28.72
24. 15
28.48
32.22
35.84
34.59
38.28

37.61
32.23
29.28
27.50
24.61
30.12
32.25
36.97
34.83
39.12

33.79
34.04
30.07
27.90
23.58
28.01
32.46
32.59
35.23
37.53

22.67
26 . 12
30.78
26 . 17
19.64
25.51
30.52
30.47
33.79
31.31
26.69
25.35
28.74
32 .44
37.00
37.59
41.76

56 .65
51.47
66. 10
71.09
59 .47
62.82
72.64
88.02
90.74
67 . 6 3
77.77
83.09
97.82
99.10
89.44
87.95
71.77
80.64
97.23
104.04
102 .87
117.16

52.38
52.23
69.34
68.03
59.56
64.87
76.41
95.34
77 .41
61.47
77 . 2 9
84.95
101.87
100.06
90.66
82.09
73.54
86 .87
97.15
106.56
107 .65
118.41

138.42
150.88
172.18
188.49
217.80
201.00
264.90
2 8 4 . 17
246 .30
258.15
283.17
351 .06
350.99
265.85
297 .35
327.98
381.17
407.50
361.34
352.25
307.61
318.24
386.15
410.73
410.03
452 .22

NOTE: These series contain revisions beginning with 1986.




9
4
5
2

64.36
64.83
81.56
92.92
65.34
70.83
75.91
91.01
107.37
95.55
89.99
88.30
71.91
94.66
102.09
100.7 1
104.28

66. 10
69.29
86 . 14
89.92
71.41
7 1.46
84.03
90.47
100.97
85.69
92.22
74.00
78.82
97.11
98.04
98.80
112.37

(MAY 1988)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Apr.

Mar.
28.

May

June

Aug.

Juiy

II Q

,395
,702

,448
,714

, 164
, 128
,648
,357
,240
,361
,411
,647

,165
,194
,530
,269
, 59
, 70
, 39
, 88

1,580
1,612
1,279
1 , 192
1,387
1 ,506
1,213
1,359
1 ,430
1,672
1 ,529

,430

,730
,434
,212
, 162
,593
,416

1,807
1,431
1,184
1 , 146
1,598
1,601

1,335
1,450
1,61
1,56

, 312
,517
,639
,569

1 ,429
1,324
1,763
1,455

1 ,415
1,533
1,779
1,524

,385
,622
,622
,486

1,365
1,564
1,491
1,484

1,08
1,36
1,512

, H9

1,046

843

961

990

,495
,358
,399
, 158
,382
,051
,142

1,556
1,507
1,534
2 ,041
2,481

1,569
1,381
1,580
2,128
2,485

,630
,229
,647
,182
,421

1,548
1,327
1,893
2,295
2,366

,381
,082
,455
,678
,236
,826
,406

,270
,2 14
,456
,545
,313
,020
,241

1,150

1,070

,026

,515
,071
,450
,919
, 114
,846
,058
, 182
948
1,660
1,823
1,726
1,880
1 ,606

1,417

1,411

,433

1,412

1,498

1,559

,441
,151
,170
,657

1,444
1,168
1 , 107
1,667

1 ,401
1,173
1 , 108
1,620

,408
,147

1,375
1,174

1,325
1,175

1 ,289
1,191

,563
,625
,313
, 193

,590

1,498

1, 5 0 3

1,547

1961.. .
1962...
1963...
1964. . .
1965...
1966...
1967...
1968. ..

,183
,361
,244
,603

1,226
1,278
1,456
1,820

1,312
1,443

, 166
,524

1 ,228
1,483

1,382
1,404

1,517

,448

1,467

,370
,067
,380

1,378
1,123
1,520

1,394
1,056
1 ,466

,352
,091
,554

1,265
1,304
1,408

1,550
1,488
1,194
1,248
1,405

1970...
1971...
1972. ..
1973. . .
1974. . .
1975...
1976...
1977...
1978. . .
1979...
1980. . .
1981...
1982...
1983...
1984. . .
1985...
1986...
1987...
1988...

,085
,828
,494
,481
,451
,032
,367
,527
,718
,630
,341
,547
843
,586
,897
,711

1,305
1,741
2,390
2,289
1,752
904
1,538
1,943
1,738
1,520
1,350
1,246
866
1,699
2,260
1 ,632

1,319
1,910
2 ,334
2 ,365
1,555
993
1,421
2,063
2 ,032
1,847
1 ,047
1,306
931
1,606
1, 6 6 3
1 ,800

,264
,986
,249
,084
,607
,005
,395
,892
,197
,748
,051
,360
917
,472
,851
,82 1

1,290
2 ,049
2,221
2,266
1 ,426
1,121
1,459
1,971
2, 0 7 5
1 ,876
927
1,140
1,025
1,776
1,774
1, 6 8 0

1 ,385
2 ,026
2, 2 5 4
2,067
1,513
1,087
1,495
1,893
2, 0 7 0
1,913
1,196
1 ,045
902
1,733
1,843
1 ,676

1,517
2,083
2,252
2,123
1,316
1,226

,804

1,809

1,723

,635

1,599

1,583

1,594

INDEX OF NEW PRIVATE HOUSING

2,058
2,092
1,760
1,269
1 ,041
1,166
1,785
1,732
1,684

UNITS AUTHORIZED
( 1967 = 100)

1954...
1955...
1956...
1957 ...
1958. . .
1959. . .
1960...
1961...

101.9
136.4
109.8
86.5
91.5
114.7
102.8
91.2

100.4
151.0
106.8
90.9
78.7
119.6
102.4
90.4

105.8
129.3
109.8
91.7
87.2
125 .0
89.8
94.0

106.9
132.9
109.5
86.7
91.9
119.4
95.6
94.2

108.8
133.6
101.9
90.5
96 .2
117.4
99.0
96 .6

1963...
1964...
1965...
1966...
1967...
1968. . .
1969...
1970. ..
1971...
1972...
1973. . .
1974...
1975...
1976...
1977...
1978...
1979. . .
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
1988...

113.0
117.4
114.5
120.0
87.2
103.3
127.9
93.1
144.0
192.9
195.7
114.7
62.6
103.0
124.6
140.6
118.0
103.4
98.6
64.1
115.2
144.8
132.4
147.3
134.9

109.7
130.6
107.3
104.9
79.5
117.6
131.0
98.0
139.2
186.9
91.9
17.2
62.8
02.6
34.5
40.2
20.5
96.9
96.9
65.3
118.8
158.5
132.5
140.9
134.6

113.9
118.8
109.6
111.8
83.7
120.0
126.0
99.2
154.2
81 .4
77 .7
24. 1
61.2
00.3
43. 1
45.3
38.9
79.8
95.6
72.0
119.2
137.6
137.7
141.9
134.1

16 .6
14.5
05.2
03.7
90.8
112.8

107.3
153.0
184.3
164.5
108.1
74.6
97.6
143.1
157.4
129.0
65 .3
96.1
71.7
126.5
141 .6
132.7
148.2
127 .3

,020
,996
,778
,436
940
,046
,910
,586
,743
,804
,583

BY LOCAL

1,949
1,9 0
1,82
1,4 1
9 1
1,14
1,70
1,698
1 ,676

2,042
1,981
1,681
1,523
873
1,173
1,715
1,590
1, 8 3 4

1,679

1,538

975

,586

,641
,042
,094
,524
,510
837
,372
, 85
,89
, 98
, 30
, 61

1,804
2,142
2,044
1,498
1,482
910
1,303
1,688
1,612
1,942
1,837
1,399

,442
,844
,829
,666
,246
,366
880
,630
,940
1,714
1,893
1,779

126 .2
117 .9
93.1
91.1
118.2
105.3
91.4
105.6
111.1
128.1
111.5
115.8
66.9
112.2
124.6

135.9
107.5
93.7
88.5
134. 1
100.7
92.1
108.3

132.1
107.0
92.8
89.3
115.8
108.2
89.3
109.2

102 .7
138.9
108.8
89.7
85.8
119.8
98.3
91.9

122.9
113.5
118.3
66.6
113.7
125 .9

128.8
105.3
119.1
67.2
115.3
121.8

112.2
122.3
110.5
112.2
83.5
113.6

110.9
130.9
103.8
89.9
96 .
117.
94.
97.
110.
120.
116.0
109.0
96.0
95.9
113.5

116.1
181 .4
189.2
156.8
86.4
87 .9
107.3
145.4
144.3
123.9
101.7
75.5
84.3

125.0
175.0
206.2
146.9
72.4
91.7
127.6
144.3
141.4
132.3
119.9
68.4
84.2

137.2
177.6
202.9
121.7
71.0
94.4
122.8
151.5
143.9
119.6
110.3
59.1
92.8

128.0
135.3
141 .9
120.4

122.0
144.2
137.6
120.7

121.5
152.8
134.4
119.7

118.8
139.0
133.6
115.9

131.7
182.2
192.6
120.8
67.5
95.6
132.0
152.7
145.0
103.1
111.7
60.4
99.3
134.7
131 .0
134.9
131.1
116.3

154.9
186.9
208.5
111.0
74.9
94.0
130.2
151.2
146.9
101.3
100.9
64.3
109. 1
131.4
129.7
143.1
151.8
109.4

96 .8
145.8
187 . 1
188.4
118.7
62.2
102 .0
134.1
142 .0
125.8
93.4
97.0
67.1
117.7
147.0
134.2
143.4
134.5

113.2
164.2
183.5
169.2
99.9
78.3
101.0
146.0
153.4
132.5
75.1
89.9
74.2
134.7
141.7
135.3
144.7
123.3

5.6
3.1
3.3

5.0
3.1
3.4

4.5
3.2
3.4

5.6
5.5

5.3
4.8

122 .2
117.6
109.3
97 .7
94.3
113.7

116.5
172 .9
178.1
166 .4
98.1
78.8
102.9
143.8
142.7
136.0
69.6
94.8
77.0

115.8
166 .8
188.1
176.7
93.6
81.5
102.4
151.0
160.2
132.5
90.3
78.8
73.8

138.8
136.3
143 .3
119 .9

144.7
136.8
142 .7
122 .7

AVERAGE WEEKLY I N S U R E D UNEMPLOYMENT RATE, STATE PROGRAMS3
(PERCENT)

1,532
1,627
,325
,175
,314
,517
,252
,313
,463
,603
,529
,473
,165
,292
,508
,467
,434
,052
,357

1,203
1,250
1,557
2 ,009
2,019
1,790
1 ,392
964
1,119
1 ,802
1,672
1,701
1,759
1,619

1,024
1 ,342
1,691
2, 0 7 5
2,040
1,568
1 ,505
873
1,283
1 ,729
1,630
1 ,825
1,717
1,533

,338
, 160
,538
,987
,020
,745
,292
,084
,062
,703
,750
,742
,805
,620

5.4
3.3

5.0
3. 1

3.5
.0
.6
.3
.3
.5

3.3
7 .0
3.7
4.3
5.6
3.9

3.6
6 .5
4.0
5. 1
5.2
4.3

4.8
5 .6
5.0
6.1
5.0
4.6

3.4
2.6
2.3
2.4
2.1
2.4
4.1
3.8
3.1
2.8
5.0
4.7

3.3
2.5
2 .5
2.3
2 .2
2.7
3.9
3.6
2.8
3.2
5.9

3.8
3.0
2.1
2 .6
2.2
2.0
3.4
4.0
3.5
2 .6
3.2
6.7

3.5
3.0
2.3
2 .4
2.1
2 .0
3.6
4.0
3.4
2 .6
3.3
5 .9

3.6
3.1
3.2
3.5
4.0
4.8
3.1
2.8
2.8
2.6
2.1

4.1
3.6
3.1
3.3
3.4
4.2
4.5
2.9
2 .9
2.8
2.6

3.8
3.?
2.9
4. 1
3.3
4.6
4.1
2.7
2 .8
2 .8
2.4

3.7
3.2
2.8
4.3
3.3
4.8
3.6
2 .7
2.8
2 .8
2.3

5 .0
3.8
3.3
3 .4
6 .6
4.3

5.3
3.6
3.2
3.3
7.1
4.0

5.5

5.5

3.3
3.3

3.4
3.4

3.6

3.5

1961...
1962...
1963...
1964. . .
1965...
1966...
1967. ..
1968. . .
1969. . .
1970...
1971. . .
1972...
1973. ..
1974...
1975...
1976...
1977 . . .
1978...
1979. ..
1980...
1981 . . .
1982...
1983...
1984. . .
1985...
1986. . .
1987...
1988. ..

6.2

6.3

6.3

5 .9

5 .6

5 .3

5.3

5.2

5.1

5.0

5.1

4.8

4.0
3.3
2.6
2.4
2.4
2.2
2.6
3.9
3.6
2.8
3.1
5.5

3.9
3.3
2.6
2.5
2.3
2.2
2.7
3.9
3.6
2.8
3.2
5.9

3.9
3.2
2.3
2 .6
2 .3
2 .1
2.8
4.0
3.6
2 .7
3.2

3.8
3.1
2.1
2.7
2.2
2.0
3.2
4.0
3.5
2 .6
3.2

3.8
3.0
2.1
2.6
2.2
2.0
3.5
4.0
3.5
2 .6
3.2
6.8

3.7
2.9
2 .2
2.5
2.1
2.0
3.5
4.0
3.5
2 .6
3.2

3.6
3.0
2.4
2 .6
2.1
2.1
3.5
3.9
3.6
2.6
3.2

3.5
3.0
2 .4
2 .4
2.1
2 .0
3.6
4. 1
3.3
2.7
3.3
5.8

2.9
2.1
2.3
2.0
2.0
3.8
4.1
3.3
2.6
3.5
5.7

2.7
2.0
2.3
2.0
2.1
4.1
4.0
3.1
2.6
3.7
5.5

3.4
2.6
2.1
2.3
2.0
2.2
4.2
3.9
3.1
2.7
4.3
5.1

4.2
3.6
3.1
3.3
3.5
4.1
4.5
3.0
2.9
2.8
2.6

4.2
3.7
3.1
3.3
3.4
4.1
4.5
2.9
2.9
2.8
2.6

4.0
3.6
3. 1
3.4
3.4
.3
.4
.9
.9
.8
.6

3.9
3.3
3.0
3.7
3.3
4.5
4.3
2.8
2.8
2.8
2.5

3.8
3.1
2.8
4.2
3.3
4.5
4.1
2.7
2.8
2.8
2 .4

3.8
3. 1
2.8
4.5
3.3
4.7
3.9
2.7
2.8
2.8
2 .4

3.7
3.2
2 .8
4.4
3.2
4.6
3.7
2.7
2 .8
2.8
2.3

3.3
2.9
4.3
3.3
4.8
3.6
2 .7
2.8
2 .8
2.3

3.1
2.8
4.2
3.3
5.0
3.4
2.7
2.8
2.8
2.2

7.9
2.9
4.0
3.5
5.1
3.2
2.7
2.7
2.7
2.1

3.7
3.0
3.1
3.7
3.8
5.1
3.1
2.8
2.8
2.7
2.1

'This series contains revisions beginning with 1985. 2 This series contains revisions begii
series contains no revisions but is reprinted for the convenience of the user.

5.6
3.2
3.5

131.4
110.8
93.2
89.6
122 .7
104.7
90.9
107.7
114.5
126.6
110.1
117.7
66.9
113.7
124. 1
104. 1
141.3
182 .2
201.3
117.8
71.1
94.7
128.3
151.8
145.3
108.0
107.6
61.3
100.4
134.9
126.5
139.0
138.8
113.9

116.3
125.9
100.7
89.9
104.5
113.5
94.4
100.4
111.7
120.3
116.3
112.3
88.3
100.2
118.2
116.4
118.1
167 .4
192.2
157.2
92.2
80.9
111.8
144.9
145.4
123.6
96.7
80.0
80.7
131.1
134.8
138.1
141.2
123.0

AVERAGE FOR PERIOD

.7
. 1
.3
.5
.0
4.7

5.4
3.3
3.5
3.5

120.2
123.1
97 .0
90.2
112.7
111.9
93.3
104.7
113.3
122.1
117.0
112.1
78.0
107 .7
121.7
112.7
121.1
177 .4
196.8
153.2
79.3
88.4
115.9
147.7
140.8
128.2
110.7
71.9
81.1
137.1
123.8
144. 1
138.0
120.3

5.4
3.4

4.4
4.2
3.2
3.5
5.5
4.9




1,084
1 ,397
1,521
1,411
1,483
2,094
2,372

1,716
1,452
1,221
1,171
1,554
1,457
1 , 185
1,388
1,573
1,631
1,498
1,523
931
1 ,446
1,582
1,312
1,707
2 ,202
2,424

4.7
4.0

1954...
1955...
1956. . .
1957 . . .
1958. ..
1959...

5.3
3.3
3.5
3.5

A nnual

AVER AGE FOR PERIOD
121.9
120.4
94.5
92.4
114.5
109.5
92.6
103.2
115.0
128.0
114.5
111.1
70.2
112.1
128.4

119.9
126 .7
99.4
86 .2
111.9
112.6
93.9
101.9
111.9
119.6
118.1
112.0
84.4
103.2
117.9

IV Q

BUILDING PERMITS2

118.9
122 .2
97 .0
92 . 1
111.7
113.7
93.5
109.0
112.9
118.6
118.3
113.1
79.4
107 .8
118.9
115.4
122.2
175.7
195 . 1
155.9
79.0
85.7
112.9
153.4
136.6
128.5
110.4
71.8
74.8

116.9
126 .2
100.1
92.5
102.7
115.5
90.1
100.7
108.5
121.8
115.8
1 12 .4
86.6
102.5
114.0

III Q

AVERAGE FOR PERIOD
1,610
1 ,490
1,266
1,204
1,472
1,355

1 ,358

45 .

I Q

1,618
1 , 580
1,234
1,191
1,451
1 , 540

1954...
1955...
1956. . .
1957...
1958. . .
1959...

29.

Nov. Dec.

Sept. Oct.

^EW P R I V A T E H O U S I N G U N I T S S T A R T E D
(ANNUAL RATE, THOUSANDS)

nth 1986.

J

This

2.6
2.1
2 .3
2.0
2 .2
4. 1
3.9
3.1
2 .7
4.3
5.1
4.5
3.7
3.0
3. 1
3.7
3.8
5.0
3. 1
2 .8
2.8
2.7
2. 1

5.2
3.5
3.4
3.8
6 .3
4.3
5.0
5.5
4.3
4.2
3.6
3.0
2.3
2 .5
2.2
2 .1
3.5
4.0
3.4
2.7
3.5
5.9
4.4
3.8
3.2
3.0
3.9
3.4
4.6
3.8
2.8
2.8
2 .8
2.4

(MAY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

54.

1 9 5 4 . ..
1955...
1956. . .
1957...
1958. . .
1959 ...
1960. . .
1961. . .
1962. . .
1963...
1964. . .
1965...
1966...
1967. ..
1 9 6 8 . ..
1969. ..
1970. . .
1971...
1972...
1973...
1974...
1975...
1976 . . .
1977 . ..
1 9 7 8 . ..
1 9 7 9 . ..
1980.. .
1981 . . .
1982 . ..
1983...
1984...
1985 . . .
1986...
1987 . ..
1988...

13,712
14,765
15,495
16,329
16,659
17,583
18 , 0 9 2
17,953
19 , 0 0 9
20,301
21 ,046
22,918
24,919
24, 165
25,818
28, 784
30,449
32,893
35,762
41 , 5 4 2
43,211
46,505
52,886
56 , 9 9 9
61,240
71,174
79 ,407
84,943
85,786
91,550
104, 725
109 , 8 6 2
117 , 5 2 4
117 , 2 4 6

14,055
14,896
15,370
16,635
16 , 3 7 4
17,712
18, 159
17 , 8 8 9
19,011
20,148
21,143
23,063
24,993
23,918
26,117
2 9 , 010
30 , 6 0 7
33,235
36,053

Apr.

Mar.

SALES

May

June

Aug.

July

Sept.

Oct.

Nov.

Dec.

IQ

O F R E T A I L S T O R E S IN C U R R E N T D O L L A R S
( M I L L I O N S OF DOLLARS)

ll Q

III Q

Annual

TOTAL FOR P E R I O D

14,020
15 , 0 0 5
15,663

13,991
15,255
15,516

13,957
15,260

14,272
15,126

13,991
5,404

13,996
15,418

14,073
15,677

15,715

15,652

15,531

44,666

45 , 6 4 1

46 , 4 9 9

16,319
17,860
18,139
18,078
19,331
20,309
21,296
22,834
25,430
24,133
26,756
28,782
30,306
33,285
36,987
42,452

16,535
17,871
18,615
17,758
19,436
2 0 , 397

16,517
18,011
18,337
18, 0 2 5
19,568
20,268

16,476
18,175
18,312
18,159
19,317
20,419

6 ,746
8, 169
18,128
18,145
19,623
20,656

16,853
18,285
18,190
18,345
19,745
20,630

16,745
18, 046
18,173
18,377
19 , 8 0 4
20,579

16 , 6 6 2
18,178
18,333
18,708
20,115
20,937

17 , 0 4 8
17 , 6 9 9
18,07 1
18,840
20,220
20,701

17 , 6 0 5
17,617

49,352
53,155

18,847
2 0 , 2 16
21,156

53,920
57,351
60,758

2 3 , 026
25 ,084
24,221
26,700
28,931
30,673
33,877
37,085
42,156
4 4 , 7 16
46,775
53,914
59,765
65,867
72,799
76,658
85 , 9 4 9
87,589
94,493
105 , 6 7 9
113,277
116,905
124,792

23,383
24,653
24, 103

23 ,243
25 , 2 2 2
24,813

23 ,622
25,328
24 , 6 6 2

23,697
25 , 6 1 5
24,651

23,760
25 , 6 6 7
25 , 3 7 7

24,373
25 ,557
24,976

24,667
25,566
25 , 5 6 0

24,755
25 , 3 8 4
26 , 3 0 0

29,212
31 , 124
33,703
37,589
42,140

29,020
31,305

29,037
31 , 5 7 3

29,386
31,564

29 , 7 8 0
31,654

30,110
31,914

30,093
31,200

30,365
32,105

68,815
75,342
72,216
78,691
86,576

49,528
54,057
55,264
53 ,942
58,321
61,084
65,013
69,652
74,959
73,137
80,882
87,163

50,344
54,500
54,491
54,867
59,172
61 , 8 6 5
66 , 4 8 6
71,079
76 ,6 10
74,690
83,103
88,203

37,801
42,545

38,033
42,542

38,373
42,667

39,131
43,254

39,647
43,497

39,931
43 , 8 2 0

40,839
42,697

99,413
08,802
26,137

101,902
112 , 4 7 5
126,841

48,934
53,493
59,331
66,467
73,525
76,613
85,335
88,843
95,939
106 , 4 6 0
113,547
118,259
124,775

48,858
54,582
59,600
67,304
74,081
77 , 5 8 6
86 , 3 1 2
87 , 4 7 5
97,972
108 , 144
112,974
118,314
126,511

49,618
54,991
60,342
6 7 , 136
73,667
79,311
86 , 8 0 6
88,988
98,568
106 , 3 6 3
113,856
118,82 1
127 , 2 3 0

50,189
54,672
60,502
67 , 9 3 3
76,333
80,180
88,449
88,696
97,718
105,901
115,368
120,308
129,981

50,261
54,689
60,418
68, 339
77,026
80,439
87,916
89,597
98,777
106,984
117 , 8 8 7
127,115
127 , 8 1 5

39 , 8 2 9
58,246
173,946
188,191
215 ,808
235,879
2 5 7, 5 2 0
261 ,705
2 7 7, 4 2 4
313,211
332,505
350,307
364,218

144,567
161,989
178,696
199 , 6 3 8
220,405

104,252
115,537
128 , 4 6 3
139,642
150,068
164,352
181,262
203,408
227 ,026

257, 5 9 6
263,907
288,404
320,283
339,798
353 , 4 7 8
376 , 0 7 8

263,171
267 ,281
295, 0 6 3
319,248
347,111
366,244
385,026

202,877

122,178
134, 0 9 6
137 , 6 8 5
141,032
135 , 0 6 3
147,695
150,037
146,713
155,799
161,740
169,453
179,823
189,767
181,027
192 , 8 8 0
199 , 0 0 6
204,917

122 , 6 6 2
136 , 7 7 7
137,227
141,948
137 , 9 0 6
148,637
148 , 0 7 3
148,023
157,934
162 , 8 0 2
173 , 2 8 8
183,509
192,647
183,061
195,999
199 , 8 5 1
207,270

726,982
252,103
235 ,570
229,862

233,187
247 ,899
236 , 7 4 0
234,796

258,839
278,815

46,137
47 , 1 8 7
52 , 8 6 6
52,494
58 , 6 8 9
58,258
64,184
62,767
73,032
71,602
77,685
78,787
86,518
86,059
87,714
88,205
94,133
91,741
104,655 103,831
110,970 111,673
116,599 116,184
123 , 2 9 2 1 2 3 , 6 8 0

IV Q

51,616
50,824
50,587
55,746
57,345
55,523
62 , 4 9 3
62,335
61,801
71,354
70,446
69 , 3 8 5
7 ,500
77 , 8 3 9
76,723
83,132
8 ,950
82',076
86,818
8 ,525
86 , 6 7 9
91,889
9 ,519
90,535
1 0 0 , 5 8 4 10 , 1 5 0 102 , 3 3 8
1 0 8 , 0 0 3 1 0 9 , 5 5 7 109 , 106
120,778
126,808

120,470
127 , 2 4 8

126,011
128 , 6 1 5

41,275
46,172
45,737
47,089
45,641
49,263
49 , 8 1 8
50,426
53,497
54,809

42,225
46 , 0 4 0
46,233
46,700
46,450
48,490
48,973
50,782
53,777
54,476
56,911

43,002
45,631
46 , 3 7 6
46 , 4 5 0
47,841
48, 003
48,747
50,801
53 ,909
55,528
58,940

63,756
62,190
67 , 4 0 3
67,473
67,679
75,595
81 , 4 9 2

63 , 302
63,835
66 , 3 8 5
67,779
69, 192
75,062
83 , 0 0 6

75,859
79,661

74,240
80 , 5 2 4

43 , 158
46 , 8 9 8

169,135
183 ,851

51,315
53 , 4 9 4
54,343
56,395
60,551
62,794
66,029
73,795
76 , 5 0 7
76,836
85,587
90,568
95,219
107 , 7 4 8
120,417
130,014
136,215
153 , 0 2 7
168,614
186,629
211 , 185
232 ,062
248,158
260,022
274,943
305 , 0 7 2
326,666
346 , 8 2 3
367,259
382,671

200,353
215,413
219,529
218,992
235 , 5 6 3
246 , 6 6 6
261,870
284,128
303,956
297,093
329,438
352,681
375,173
414, 156
458,510
511,895
542,005
5 8 8 , 124
656,382
722,489
804,210
896 ,841
957,350
1,038,698
1,069,278
, 168,372
,282,589
,367 ,322
,437,497
,510,579

237,398
246,573
238, 179
238,707

126,502
137 , 8 4 3
138,346
140,239
139,932
145,756
147 , 5 3 8
152 , 0 0 9
161,183
164,813
172,530
189,540
190,950
186,942
199,657
203 ,067
206,099
225,414
245,576
243,363
226,916
239,975

491,987
539,483
550,335
563,883
548,609
588,385
593 ,852
593 , 0 0 2
628,946
650S802
680,884
731,149
765,397
730,970
777,994
802 , 0 2 4
821,163
873,045
943,143
989,938
937,405
943,340

262,405

262,320

266 ,867

276,776

277,858

277,476

272,796
2 6 4 , 17 1
275,131
300,685
313,287

268,609
2 6 5, 3 3 2

270,843
265,863

264,789
272,398

3 0 6 , 198
3 1 8 , 163

333,713

339,930

304,045
324,503
342,359
345,006

309,635
322,523
341,617
340,454

,050,431
,093 ,854
,110,925
,070,495
,077 ,037
,067,764
, 141 , 3 4 0
,220,563
,278,476
,343,812
, 3 5 9 , 103

L S T O R E S IN 1 9 8 2 D O L L A R S
( M I L L I O N S OF D O L L A R S )
1954...
1955. . .
1956...
1957 . . ,
1 9 5 8 . ..
1959. . .
I960.. .
1961...
1962. ..
1963. . .
1964. . .

39,588
43 , 2 2 7
45 , 6 3 1
46 , 6 5 7
46,174
48,572
9,163
8,785
1 ,099

40,580
43 , 6 1 0
45,317
47,262
45,008
48,659
49,345
48,480
51 , 105
53,585

1966. . .
1967. ..
1968...
1969. ..
1970...
197 1. . .
1972...
1973. . .
1974...
1975 . ..
1976 . . .
1 9 7 7 . ..
1978. ..
1 9 7 9 . ..
1980. . .
1981 ...
1982...
1983. ..
1984. . .
1985 . . .
1986 . . .
1987...
1988. . .

63 ,895
60,262
62 , 362
66 , 7 8 4
67,815
70 586

63 ,595
59,795
62,933
66 , 9 9 8
67,715
7 1 015

78,852
76,741
82 , 5 0 5
85,584
86 , 8 6 5
92,795
93,091
90,848
86,565
90,644
103,938
108 ,6 17
107,961

78,357
77,610
81 , 7 6 6
86,565
88,654
92,629
91,613
91 , 0 6 8
89,006
91,194
104,590
108,768
113,008

40,477
43,930
46 , 129
46 , 7 4 5
44,526
49 , 0 6 6
49,696
48,992
51 , 8 2 6

40,441
4 4 , 7 15
45 , 5 8 8
46 , 7 5 3
44,922
48,962
50,447
48,387
51,968

66.

45,352
45 , 7 9 7
47,501
46 , 2 2 7
49,823
49 , 4 2 9
49 , 5 8 1
52,794
54,289

46,061
45,922
47,202
45 ,807
49,172
49 , 3 8 3
49 , 4 0 1
52,531
54,298

60,265
62,571
59 , 8 0 9
63,964

59,905
63,692
6 1 , 116
65,040

60,881
63,960
60,744
65,392

61,233
64,359
60,27 1
66,085

61,395
64,328
62 ,046
64,522

68,404
71,556
77,824

68,802

69,239

68,917

78,263

78,419

78,957

69,114
73,977
80,022

62,817
63,892
60,917
65 , 8 6 9
67,815
69 ,228
74,757
81 , 0 7 8

79,004
76,555
83,717
88,019

104,759
109 , 2 9 8
112 , 7 4 4

45 , 3 6 4
45,508
47 , 2 4 5
45 ,872
49 , 6 4 2
49 , 2 6 1
49 , 0 4 1
52,609

67,711
7 1 ,926
77,100

78,361
75,511
82 , 3 4 6
86,690
90,020
93,391
89 , 0 8 8
90,880
88,600
93,293

44,545
45,979
47 , 4 6 4
45,178
49 , 5 2 3
49 , 7 6 1
49,345
51 , 6 5 0

59,653
63,504
60, 102
63,876

55,603
59,155
64,543
59,883
64,163
66,318
67,347
70,970
77 ,056

40,389
44,836
46 , 118
46 , 8 1 5
44,963
49 , 2 10
49 , 8 2 9
48,981
52 , 181

79 , 047
79,438
82,679
87,251

78,689
78,803

79,417
79,262

80 , 8 3 1
79,792

77,931
79,653

76,817
79,790

87,135

87 , 7 0 6

87,431

87,183

92,267
87 , 310
89 , 9 0 5
88,653
93 , 097
101,032
106 , 0 6 5
110,601
113,344

92 , 3 6 8
86,764
88,983
89,379
94,150
101,778
106 , 3 1 7
111,355
112,715

92 , 141
87,569
89,721
87 , 3 0 0
95,957
103,388
105 , 7 8 1
111,197
113,871

93,592
93 , 4 3 1
90,835
88,297
88,891
88,914
90,078
90,997
89,768
89,151
88,255
88,457
96,087
95,242
96,352
101,491 1 0 0 , 8 5 8 101 , 6 9 6
106,507 107,821 110,175
111,569
1 1 4 , 4 1 5 116 , 4 7 0 114, K l

CONSUMER INSTALLMENT CREDIT

89,177
88,895
88,795
93 , 8 8 7
93,183
92,513
92 , 3 3 6
92,703
92,437
89,603
8 8 , 140
88, 111
8 8 , 538
91,603
90,979
89,816
98,877
98,887
97,560
102 , 4 7 0 1 0 3 , 8 4 5 1 0 3 , 3 2 0
107 , 0 5 6 107 , 5 1 1 1 0 7 , 9 5 6
112,919

113,109

114,426

130,767
137 , 0 7 7
140,664
135 , 7 0 8
146,297
148,204
146,257
154,030
161,447
165 , 6 1 3
178,277
192,033
179,940
189,458

OUTSTANDING1
END OF P E R I O D

23,770
27 ,337

23,837
27,756

23 , 8 7 8
28,302

34,324

34,317

34,277

43,055

43,325
44,352

43,550

1954...
1955...
1 9 5 6 ...
1957 . . .
1958. . .
1 9 5 9 . ..
1960...
1961. . .
1962...
1963. . .

23,809
24,777
30,093

23,821
25,151
30,399

23,744
25,732
30,798

35 135
40,863

35 499
41,255

35 891
41,825

45,590
50,878

46,007
51 , 4 9 9

46,184
51 , 8 5 7

52,466

52,974

53,530

1965. . .
1966 . . .
1967 . . .
1968. . .
1969. ..
1 9 7 0 . ..
1971. . .
1972...
1973. . .
1974...
1 9 7 5 . ..
1 9 7 6 . ..
1977. ..
1 9 7 8 . ..

65 , 4 0 6
73 ,468
78,506
81,774
90,987
99,973
106 , 7 1 6
116,870
134,989
154,058
1 6 0 , 187
168,564
1 9 0 , 183
223,682

66,281
74,195
78,930
81 , 9 0 4

66,760
74,604
78,969
83,331

67,677
74,953
78,967
84,030

68,458
75,292
79,034
84 , 7 2 4

69,081
75,660
79,367
85 , 4 4 2

69 , 7 8 0
76,187
79,587
86,170

70,444
76 , 6 0 8
79 ,976
86,782

100,468
107 , 4 2 4
116,751
136 , 9 9 8
155,245
161 , 0 2 7
169,451
192 , 3 9 2
226,179

100,515
107 , 9 0 1
118,947
138,615
155,514
160,246
171,137
195 , 8 0 2
229,830

100,473
108 , 4 8 0
120,345
140,197
156 , 4 9 8
160,067
173 , 0 4 2
198,936

1 0 0 , 7 1 7 101 , 3 4 6
109 , 105 109 , 8 2 5
121 , 6 9 2
142,229 143,995
157 , 8 8 0 159 , 0 5 8
160,034 160,074
1 7 4 , 339 176 , 015
201,559 204,481

102 , 1 7 9
110,771

1980...
1981 . . .
1982...
1983 . . .
1984...
1985...
1986.. .
1987...
1988. . .

302,197
297 , 9 6 0
313,418
326,002
373,655
448 , 0 7 6
524,025

304,216
299 , 0 6 8
314,078
327 ,424
380,790
454,727
530,595

304,083
301 , 2 4 9
314,506
330,685
386,830
462 ,839
533,549

274,933
302 , 7 2 4
302 , 6 5 3
315,511
332 , 3 8 0
391,712
470,372

278,444
300,398
304,192
316,770
333,921
401 , 0 8 4
476,087

102 , 7 14
111,823
125,896
147 , 4 2 5
161 , 4 3 8
162,337
179,190
2 10,005
249 ,086
286 , 6 0 2
295 ,875
306,287
318,612
347 ,57 1
420,605
490,381
557 ,611
5 9 8 , 190

23,743
26 , 2 4 3

23,725
26,773

34,540
42,691
44,270

29,130
32,187
34,653

281,167
296 ,559
305,224
317 , 8 5 1
338,429
409 , 4 2 0
480,950

5 8 0 , 0 7 2 5 8 1 , 2 3 3 587 , 8 7 8

29,451
32,479
34,804

49,862

48,866
54,736

145,927
160,221
161,589
177,831
207 , 0 2 0
283 , 6 5 0
295 ,539
305,880
317 , 8 6 0
342 , 6 6 9
413,849
483,019
553,090
593,512

NOTE: Unless otherwise noted, these series contain revisions beginning with 1978.
'This series contains revisions beginning with 1980.




28 , 8 3 8
31,987
34,476
34,364

71 , 108
76,950
80,395
87 , 4 4 0

1 ,602
7 ,268
80,571
88,347

72,212
77,690
81,136
89 , 189

103 , 3 2 2
112,956
127,130
148,806
162,245

103 , 4 5 8
113,885
128,339
150,481
162,501

181,171
212 ,677
251,924
289 ,546
295,732
310,003
320,089
351,306
424,988
501 , 3 8 8
563,702
602 , 9 7 8

182,882
215,370
254,749
292,690
296,305
310,271
320,008
356,457
431,131
507,852
569,981
606,927

103,268
115 , 143
129,685
152,017
162,376
165,531
184,658
218,443
258,421
295,423
296,336
310,751
321,959
362,006
436,747
512,634
571,791
608,726

29, 8 0 9
32 , 6 6 0
34,914

24,470
29 ,809
32,660
34,914

55,304

45,438
50,375
57,056

45,438
50,375
57 , 0 5 6

69,081
75 ,660
79,367
85,442

71,108
76 , 9 5 0
80,395
87 ,440

72 ,814
78,162
81,783
90,112

101 , 3 4 6
109,825
123,347
143,995
159,058
160,074
176 , 0 1 5
204,481
242 ,304
281,167
296 ,559
305,224
317,851
338,429
409 , 4 2 0
480,950
547 , 8 6 6
587,878

103 , 322
112,956
127,130
148,806
162,245
163,265
181,171
212 ,677
251 ,924
289,546
295,732
310,003
320,089
351,306
424,988
501,388
563,702
602,978

103,905
116,434
131 , 2 5 8
152,910
162,203
167,043
187,782
221 ,475
261,976
296,483
297,566
310,682
323,536
367 , 8 6 9
442,538
517,754
571,833
613,021

72,814
78,162
81,783
90,112
99,381
103,905
116 , 4 3 4
131,258
152,910
162,203
167,043
187,782
221,475
261,976
296,483
297,566
310,682
323,536
367 , 8 6 9
442,538
517,754
571,833
613,021

29 , 8 0 9
32,660
34,914

25,732
30,798
33,232
34,679

27 , 3 3 7

28 , 8 3 8

33,814
34,324

34,476
34,364

44,335
45,438
50,375
57 , 0 5 6

41,825

43,055
44,310

43,826
44,669

51,857

53,530

72,814
78, 162
81,783
90,112

66,760
74,604
78,969
83,331

103,905
116 , 4 3 4
131 , 2 5 8
152,910
162 , 2 0 3
167,043
187 , 7 8 2
221,475
261 ,976
296 ,483
297 ,566
310,682
323,536
367 ,869
442 ,538
517,754
571,833
613,021

100,515
107 , 9 0 1
118,947
138,615
155 ,5 14
160,246
17 1, 137
195 , 8 0 2
229 ,830
271,238
304,083
301 , 2 4 9
314,506
330,685
386 , 8 3 0
462,839
533,549
575,452

(MAY 1988)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
Mar.

June

A p r . May
85.

July

Aug.

Sept.

0.31
0.00
-0.15
0.07
0.52
0.14
0.78
0.35
0.07
0.26
0.64
0.37
0.29
0.90
0.68
0.05
0.91
0.31
0.88
0.12
0.30
0.53
0.64

0. 16
0.15
0.30
-0.22
0.29
-0.63
-0.07
0.21
-0.20
0.13
0.57
0.73
0.64
0.50
0.47
0.20
0.90
0.35
0.95
0.04
0.37
0.28
0.20

Oct.

Nov.

Dec.

I Q

II Q

0.47
-0.23
0.23
-0.15
0.58
-0.07
-0.07
0.42
0.34
0.72
0.44
0.48
0.12
0.39
1.03
0.30
0.38
0.22
0.57
0.77
0.51
0.95
0.20

0.16
0.23
0.22
-0.30
0.15
-0.28
-0. 14
0.28
0.41
-0.20
0.25
0.66
0.41
0.49
0.71
0.20
0.37
0.26
1.22
0.73
0.22
-0. 10
0.96

0.11
0.33
0.13
0.00
0.15
0.48
-0.05
0.28
0.19
0.29
0.24
0.23
0.51
0.54
0.40
0.44
0.30
0.66
0.87
0.31
0.48
0.28
0.54

0. 19
0.21
0.05
0.00
0.47
0.34
-0.05
0.23
0.14
0.29
0.26
0.16
0.22
0.42
0.71
0.22
0.29
0.71
0.34
0.68
0.22
0.72
0.41

0.86
0.87
-0.09
0.34
0.33
0.91
0.54
0.99
1.42
0.36

CHANGE IN MONEY SUPPLY Ml
(PERCENT)

0.16
0.54
0.23
0.00
-0.23
0.80
0.00
0.28
0.07
0.27
0.26
0.25
0.71
-0.12
0.65
0.61
1.23
0.65
0.88
0.92
0.42
-0.11
0.45

0.08
0.69
0.00
-0.07
0.45
0.36
-0.07
0.35
0.28
0.40
0.33
0.12
0.35
0.64
0.16
0.35
-0.68
0.74
0.87
0.20
0.49
0.26
0.76

0.08
-0.23
0.15
0.07
0.23
0.29
-0.07
0.21
0.21
0.20
0.13
0.31
0.47
1.10
0.38
0.35
0.34
0.60
0.86
-0.20
0.53
0.69
0.41

-0.48
0.23
0.15
0.00
0.38
-0.07
-0.14
0.21
0.27
0.34
0.19
0.37
0.82
-0.34
0.65
0.35
0.44
0.59
0.51
0.40
0.11
-0.22
0.65

0.88
0.54
-0.15
0.07
0.37
0.72
0.00
0.35
0.34
0.47
0.39
-0.19
-0.29
0.80
0.75
0.05
0.34
0.91
0.13
0.87
0.22
1.01
0.65

0.16
-0. 15
0.15
-0.07
0.67
0.36
0.00
0.14
-0.20
0.07
0.19
0.31
0. 12
0.80
0.74
0.25
0. 10
0.63
0.38
0.78
0.34
1.36
-0.07

0.32
0.30
0.00
0.07
0.00
0.35
0.43
0.07
-0.07
0.60
0.77
0.49
-0.70
0.62
0.58
0.15
0.24
0.67
0.84
0.27
0.30
0.21
0.41

1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985 . . .
1986...
1987...
1988. ..

1.06
0.20
0.03
-0.12
0.96
0.19
0.50
0.72
0.26
0.83

0.15
0.45
1.11
0.92
-0.27
1.40
0.61
1.28
0.56
-0.01

0.48
0.19
-0.72
0.53
-0.20
1.03
0.64
0.59
1.41
0.40

1.01
0.86
-2.12
1.20
0.48
0.49
0.34
0.62
1.14
1.43

0.91
0.27
0.34
-0.26
0.25
1.38
0.51
0.93
1.64
0.24

0.67

0.58

0.46

1 . 14

0.28

1.52
0.09
0.27
0.86
0.78
1.41
1.47
-0.59

1.45
0.83
0.40
1.19
0.15
0.98
1.44
0.20

2.37
0.96
1 .34
0.65
0.13
1.36
1.45
0.39

1.89
0.58
1.65
0.70
0.66
1.24
1.01
0.13

0.32
-0.62
1.13
0.54
-0.28
0.48
1 .09
1.16

1 .24
1.14
1.50
0.35
0.64
0.82
1 .65
-0.46

-0.79
1.11
0.70
0.40
0.88
1.29
2.69
-0.25

0.14
0.44
0. 16
0.87
0.58
0.86
0.74
0.41

RATIO, CONSUMER INSTALLMENT

0.39
0.15
0.08
-0.22
0.37
-0.35
-0.14
0.28
0.34
0.39
0.31
0.67
-0.47
0.55
0.67
0.40
0.47
0.35
0.74
0.43
0.44
-0.14
1.13

0.70

CREDIT OUTSTANDING TO PERSONAL INCOME1
(PERCENT)

0.26
0.15
0.05
-0.03
0.27
-0.05
0.38
0.21
-0.07
0.33
0.66
0.53
0.08
0.67
0.58
0. 13
0.68
0.44
0.89
0. 14
0.32
0.34
0.42
0.73
1.14
1.90
0.79
1.13
0.85
0.31
1 . 19
1.30
0.24

Annual

0.34
0.05
0. 18
-0.22
0.37
-0.23
-0. 12
0.33
0.36
0.30
0.33
0.60
0.02
0.48
0.80
0.30
0.41
0.28
0.84
0.64
0.39
0.24
0.76

0.22
0.18
0.10
-0.06
0.32
0.14
0.04
0.26
0.16
0.30
0.37
0.38
0.21
0.53
0.62
0.27
0.42
0.52
0.74
0.44
0.35
0.39
0.53

0.50
0.17
0.26
0.54
1.11
0.43
0.41
0.86
1.81
0.15

0.66
0.62
0.55
0.53
0.68
0.76
0.46
0.98
1.32
0.29

AVERAGE FOR PERIOD

1954. . .
1955...
1956...
1957 ...

8.19
8.22
9.20
9.43

8.17
8.30
9.24
9.41

8.17
8.42
9.32
9.43

8.20
8.50
9.31
9.45

8.17
8.60
9.37
9.48

8. 18
8.75
9.36
9.46

8.19
8.75
9.42
9.49

8. 16
8.91
9.37
9.50

8. 14
9.01
9.34
9.58

8.13
9.05
9.31
9.63

8.10
9 .08
9.39

8.16
9.13
9.39
9.72

8. 18
8.31
9.25
9.42

8.18
8.62
9.35

8.16
8.89
9.38
9.52

1959...
1960...
1961...
1962...
1963. ..
1964. . .
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973. . .
1974...
1975,..
1976...
1977...
1978...
1979...
1980...

9.26
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
13.94

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
13.95

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
13.86

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
13.81

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
13.66

10.49
10.40
10.51
11.26
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
13.38

10.54
10.36
10.57
11.37
2.05
2.64

10.59
10.38
10.63
11.44
12.07
12 .72

9.98
0.64
0.40
0.67
1.49
2.15
2.50

10.11
10.64
10.35
10.74
11.55
12.25
12 .65

10.10
10.71
10.31
10.80
11.62
12.24
12 .64

10.04
10.80
10.32
10.86
11.62
12.23
12 .64

2.31
2.11
2.39
2.23
2.36
2.74
3.26
3. 14
2.28
2.22
2 .81
3.45
3.85
3. 12

2.31
2. 10
2.39
2 .22
2.46
2.75
3.24
3.11
2.13
2.28
2 .92
3.56
3.93
2 .83

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 .65

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
12.49

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
12.39

9.42
10.42
10.50
10.44
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
13.62

9.82
10.59
10.38
10.62
11.43
12.09
12 .62
12.62
12 . 3 0
12 . 10
12.38
12.23
12 .40
12 .74
13.24
13.13
12.19
12 .24
12 .87
13.51
13.89
12.98

1982...
1983...

12.05
11.86

12.01
11.92

11.98
11.97

11.94
11.91

11.91
11.85

11.93
11.96

1.86
2.07

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
12.99
11.91
11.88
12.25

9.29
10.22
10.72
10.35
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
13.92

1.90
2.26

11 .82
12.25

1 1*. 7 8
12.30

11.78
12.37

12.01
11.92

11.93
11.91

1985...
1986...
1987...
1988. . .

13.85
15.21
15.72

13.94
15.32
15.62

14.11
15.32
15.62

14.23
15.28
15.67

14.45
15.42
15.67

14.52
15.53
15.82

4.52
5.62
5.87

14.70
15.69
15.91

4.96
5.80
5.94

15.02
15 .93
15.75

15.10
15.93
15.85

15.04
15 .83
15.84

13.97
15.28
15.65

14'.40
15.41
15.72

1K88
12 . 19
13.38
14.73
15.70
15.91

102.

IV Q

A V E II A G E F O R P E R I O D

1954...
1955...
1956 . . .
1957 ...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966. . .
1967...
1968. . .
1969...
1 9 7 0 . ..
1971...
1972...
1973. . .
1974...
1975...
1976...

95.

III Q

C H A N G E IN M O N E Y S U P P L Y M2
(PERCENT)

8.13
9.09
9 .36
9.67
9.17
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
12.51
11.99
11.79
12.31
13.70
15.05
15.90
15.81

8. 16
8.73
9 .34
9.52
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
13.26
12.12
11.90
12 .08
13.16
14.54
15.57
15.77

AVERAGE FOR PERIOD

1954...
1955...
1956...
1957...
1958...
1959 . . .

0.29
0.52
0.08
0.39
-0.11
0.99

0.29
0.60
0.00
0.19
1.21
0.38

0.29
-0.12
0.24
0.38
0.82
0.45

-0.08
0.28
0.27
0.15
0.74
0.38

0.87
0.40
-0.08
0.30
0.66
0.72

0.29
0.00
0.27
0. 11
0.91
0.58

0.49
0.24
0.12
0.30
0.40
0.44

0.49
0.00
0.00
0.26
0.65
0.37

0.20
0.28
0.43
0.04
0.29
0.03

0.45
0. 16
0.12
0.11
0.36
0.03

0.36
-0.04
0.27
0.11
0.53
0.20

0. 16
0.24
0.19
0.00
0.18
0.20

0.29
0.33
0.11
0.32
0.64
0.61

0.36
0.23
0.15
0. 19
0.77
0.56

0.39
0.17
0.18
0.20
0.45
0.28

0.32
0.12
0. 19
0.07
0.36
0. 14

0.34
0.21
0. 16
0.20
0.55
0.40

1961 ...
1962...
1963. . .
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971. . .
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
1988...

0.58
0.66
0.74
0.56
0.71
0.65
0.42
0.65
0.53
0.32
1.00
1.02
1.04
0.53
0.42
1.06
1.15
0.73
0.47
0.47
0.38
0.86
2.66
0.56
1.09
0.35
0.71

0.76
0.77
0.71
0.56
0.63
0.48
0.62
0.44
0.40
-0.52
1.28
1.11
0.50
0.54
0.85
1.33
0.95
0.39
0.50
0.91
0.77
0.24
1.94
0.88
1.08
0.44
0.05

0.51
0.79
0.68
0.48
0.60
0.52
0.89
0.51
0.40
0.15
1.35
1.07
0.12
0.72
1.23
0.87
0.93
0.56
0.59
0.28
0.98
0.55
0.86
0.57
0.41
0.79
0.18

0.57
0.76
0.78
0.55
0.58
0.51
0.59
0.58
0.35
0.27
1.52
0.80
0.59
0.30
1.06
1.07
0.98
0.63
0.84
-0.42
1.04
0.56
0.66
0.56
0.10
0.93
0.46

0.72
0.55
0.72
0.62
0.34
0.13
1.02
0.58
0.10
0.54
1.24
0.63
0.86
0.27
1.39
1.28
0.86
0.65
0.58
0.65
0.40
0.69
0.79
0.54
0.71
0.95
0.06

0.59
0.46
0.58
0.64
0.64
0.21
0.95
0.67
0.33
0.50
0.82
0.84
0.79
0.35
1.56
0.39
0.70
0.56
1.04
1.34
0.56
0.63
0.67
0.54
1.15
0.94
0.09

0.46
0.54
0.77
0.81
0.68
-0.02
0.94
0.63
0.24
0.55
0.96
1.29
0.45
0.40
1.23
0.86
0.89
0.65
0.91
1.41
0.85
0.72
0.63
0.48
0.65
0.95
0.22

0.58
0.54
0.66
0.78
0.63
0.38
0.89
0.71
0.12
0.95
0.90
1.23
0.30
0.33
0.88
1.22
0.73
0.61
0.85
1.24
1.13
1.11
0.48
0.47
0.72
0.84
0.40

0.55
0.51
0.55
0.77
0.79
0.55
0.72
0.71
0.29
1.04
1 .02
1 . 18
0.12
0.45
0.87
1.08
0.82
1.00
0.94
1.02
0.75
0.92
0.64
0.69
0.62
0.66
0.40

0.55
0.73
0.70
0.65
0.80
0.17
0.74
0.78
0.27
0.85
0.88
1 .10
0.45
0.56
0.63
1.37
0.77
0.68
0. 18
0.59
0.62
0.64
0.85
0.49
0.35
0.82
0.48

0.69
0.73
0.82
0.72
0.71
0.29
0.50
0.73
0.53
0.76
0.91
0.90
0.72
0.60
1.02
1.10
0.65
0.53
0.34
0.95
1.11
0.80
0.62
1 .06
0.55
0.60
0.07

0.60
0.78
0.41
0.59
0.75
0.52
0.61
0.75
0.44
0.93
0.82
1.09
0.76
0.33
0.82
1.31
0.66
0.68
0.50
0.08
0.94
0.76
0.45
1 .03
0.68
0.90
0.16

0.62
0.74
0.71
0.53
0.65
0.55
0.64
0.53
0.44
-0.02
1.21
1.07
0.55
0.60
0.83
1.09
1.01
0.56
0.52
0.55
0.71
0.55
1 .82
0.67
0.86
0.53
0.31

0.63
0.59
0.69
0.60
0.52
0.28
0.85
0.61
0.26
0.44
1. 19
0.76
0.75
0.31
1.34
0.91
0.85
0.61
0.82
0.52
0.67
0.63
0.71
0.55
0.65
0.94
0.20

0.53
0.53
0.66
0.79
0.70
0.30
0.85
0.68
0.22
0.85
0.96
1.23
0.29
0.39
0.99
1.05
0.81
0.75
0.90
1.22
0.91
0.92
0.58
0.55
0.66
0.82
0.34

0.61
0.75
0.64
0.65
0.75
0.33
0.62
0.75
0.41
0.85
0.87
1.03
0.64
0.50
0.82
1 .26
0.69
0.63
0.34
0.54
0.89
0.73
0.64
0.86
0.53
0.77
0.24

0.60
0.65
0.68
0.64
0.66
0.37
0.74
0.64
0.33
0.53
1.06
1 .02
0.56
0.45
1 .00
1 .08
0.84
0.64
0.64
0.71
0.79
0.71
0.94
0.66
0.68
0.76
0.27

NOTE: Unless otherwise noted, these series contain revisions beginning with 1947.
^his series contains revisions beginning with 1980.

100



(MAY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

Aug.

July

104. C H A N G E I N T O T A L L I Q U I D A S S E T S
(PERCENT)

1954. , .
1955. . .
1956 ...
1957 , . .
1958. ..

0.36
0.72
0.79
0.90
1.05
0.26

0.67
0.91
0.76
0.60
0.96
0.45

0.53
0.84
0.73
0.85
1 .09
0.84

0.37

0.67

0.35

0.46
0.66
0.55
0.46
-0.05
0.92
1.06
1.11
1. 14

0.49
0.84
0.61
0.52
0.37
0.88
0.94
0.88
0.86

0.94
0.90
1.04

1.02
1.02
0.76

0.73
1.20
1.00
1,11
0.85
0.71

1 .07
1.03
0.88
1.03
1.01
1.00

0.70

0.29

1986 . . .
1987.. .

1.15
1.08
0.93
0.81
0.70
0.76
0.66
0.54

0.47
0.37
0.65
0.69
1.20
0.69

0.68
0.55
0.87
0.56
0.34
0.87
0.90
1.08
0.91

1985...

0.70
1.04
0.78
0.94
1.12
0.54
0.78
0.07

0.68
0.94
0.70

1966. . .
1967. . .
1968. . ,
1969. ..
1970. . .

1980. . .
1981 . . .
1982 . . .
1983. . .
1984. . .

0.85
1.02
0.88

0.30
0.70
0,90
0,33
0.76
0.81
1.09
0.79
0.63
0.80
1 .05
1.00
0.95
0.56
0.71
0.88
0.95
0.43
0.59
0.56
0.48
0.68

0.97
0.92
0.89

0.75
0.57
0.53

1978. ..

0.50
0.74
0.79
0.44
0.74
0.70
1.04
0.73
0.75
0.93
0.59
0.93
1.03
1.32
0.85
1.09
0.62
0.73
1.08
0.82
0.70
0.60

0.88
0.99
0.97

0.82
0.61
0.41

1976...
1977...

0.27
0.90
0.91
0.11
0.90
0.71
1.17
0.96
0.60
0.81
0.74
1.01
0.91

0.06
0.79
0.15
0.25
0.73
0.98
0.93
0.60
0.69
0.43
0.58
0.64
0. 8
0. 6
0. 8
1. 8
0. 3
0.44
1.09
0.87
1.10
1.25
0.26
1.28
1 . 12
0.57
1.03
0.63
0.90
0.52
0.27

0.75
0.93
0.84

0.65
0.77
0.51

1974. . .

0.03
0.55
0.08
0.35
0.64
0.42
0.49
0.70

0.08
0.67
0.92
0.00
0.92
1.15
1.10
1.00
0.61

0.70
0.62
0.50

1973...

0.14
0.47
0.10
0.50
0.40
0.53
0.77
0.86

0. 8
0. 6
0.83
0.32
0.36
0.77
0.95
1.01
0.78

1962. . .
1963. . .
1964. . .

1972, . .

0.34
0.64
0.52
0.43
0.43
0,62
0.82
0.50

0.32
0.65
0.66
0.08
0.49
0.74
0.80
1.08
0.83

0.50
0.89
0.24
0.32
0.31
0.79
0.10

1971...

0.40

0.72
0.40
0.62
0.47
0.60
0.93
0.97
0.99
0.92

0.03
0.61
0.00
0.29
0.20
0.37
0.15

-0.04

Dec.

I Q

II Q

III Q

IV Q

Annual

AVERAGE FOR P E R I O D
0.55

0.52
0.73
0.68

1959...
1960...

0. 17
0.03
0. 15
0.64
0.25
0.37
0.23

Nov.

0.50

0.33
0.72
0.03
0.43
0.14
0.68
0.56
0.55
0.45
0.58
0.56

0.27
0.51
0.51
0.50
0.42
0.11
0.23

Oct.

0.39
0.74

0. 10
0.57
0.2 1
0.26
0.36
0.66
0.41
0. 8
0. 8
0. 8
0. 0

0.27
0.48
0.36
0.47
0.08
0.83
0.31

Sept.

1

0.43
0.34
0.54
-0.08
0.27
0.61
0.89
0.44
0.50
0.64
0.54
0.66
0.69
0.57
0.69
0.89
1.23
0.75
0.58
0.64
1.08
1.21
0.51
0.89
0.79
0.69
0.97
0.7 1
0.84
0.72
0.03

0.3
0.3
0.5
0,2
0.4
0.2
0.49
0.72
0.67
0.47
0.61
0.54
0.68
0.68
0.51
0.22
0.89
0.97
1.02
0.97
0.48
0.90

0.21
0.69
0.15
0.29
0.29
0.61
0.22
0.56
0.62
0. 9
0. 4
0. 3
0. 4
0. 0
0. 0
0. 9
0. 8
0.81
0.91
1.0
0.8
0.8
0.8

0.38
0.65
0.26
0.30
0. 2
0. 3
0. 0
0. 6
0. 3
0. 2
0. 4
0. 9
0. 8
0. 7
0.87
0.18
0.85
0.85
1.10
0.90
0.65
0.84
0.73

0.40
0.46
0.35
0.14
0.63
0.05
0.29
0.66
0.76
0.62
0.60
0.7 1
0.42
0.65
0.74
0.56
0.67
0.83
1.20
0.76
0.55
0.84
1 .00

0.88
0.84
0.76
0.87
0.84
0.94
1.02
0.80
0.65
0.32

0,85
1.11
0.52
0.82
0.76
0.78
1.03
0.52
0.67
0.46

0.94
1.07
0.90
1.07
0.78
0.83
0.97
0.71
0.71
0.40

1, 14
0.44
0.96
0.93
0.7
0.8
0.6
0.7
0.5
0.33

0.31
0.54
0.28
0.32
0.40
0.38
0.32
0.54
0.66
0.65
0.59
0.66
0.42
0.68
0.75
0.39
0.56
0.85
1.04
0.93
0.75
0.75
0.87
0.98
0.95
0.87
0.78
0.92
0.78
0.84
0.92
0.70
0.65
0.38

1988. . .
105. M O N E Y S U P P L Y M l I N 1982 D O L L A R S
( B I L L I O N S OF DOLLARS)

1955 . . .

469.0
476.3
467.5

470.5
474.6
463.9

475.3
462.6

474.3
462.6

1960...
1961...

461.5
460.5
456.6

463.1
458.7
458.3

467.6
458.4
459.2

464.1
456 .2
460.2

1963. . .
1964. . .

470.8
480.6

482 .2

482.8

1966. . .

5 12.4
504.1
522.7
53S.5
523 . 4
522.8
539.6
569.5
545.7
505.7
499.8
508.7
515.2

511.1
505.8

478.0
455.4
453.3
496 .4
508. 1
546.8
633.8

1956...
1957...

1958. . .
1959. ..

1967.. .
1968...

1969. ..
1970. . .
1971...

1972. . .
1973...

1974. . ,
1975. . .
1976. . .
1 9 7 7 . ..
1978...

1979. . .
1980. . .
1981...
1982...
1983...
1984...

1985 . . .
1986...

1987. . .

468.6

468.3

467.0

468.1
452.7

467.5
451.4

475.4
464.7

472 .9
461.2

474.6
468.7
457.1

474.3
467.5
453.0

472.9
47 1.2
459.0

460.3

463.8
459.9

460.7
456 .3

460.3
456 .0

459.0
455.3

464.1
459.2

455.7

467.1
459 .5

455.9

488.8
500.3
507.1
516.5

477.4
491 .9
500.6
504.1
518.2

478.0
493 .2
504.3
507.4
519.3

478.4
494.7
506 . 1
502 . 1
520.6

481 .8
495.4
508.5
502 .6
521.1
534.3

479.4
496.6
508.8
504.7
522.2
536.7

471.9
481.9
498.3
511.8
507. 1
521.9

474,8
484.8
497.6
511.8
510.8
525.4

477 .7
491.3
501.7
506.2
518.0
528.3

529.4
516 .4
533.2
551.5
562.4
527 .2
505.0
502.7
508.2
512 .2

519.8
533.6
553.8
553.4
522 .6
506.8
503.4
509.0
511.6

521.9
535 .5
557 .8
552.5
518.5
504.6
501.8
511.0
513.7

521.8
536.1
559 .4
547.8
514.0
5 0 1 .2
505 .0
513.3
509.9

52 1.2
537.3
561.3
548.5
512.7
502 .4
504.3
512.8
509 .6

451.6

458.2

465.8

470.8

466.9

468.4

520.6
536.2
566.8
549.1
509.1
499.3
506.6
513.0
509.5
485.1
460.6

443 .4
487.9
502 .8
523.5

443.4
491 .8
501.7
527.7
591.5

448.5
493,5
500.5
533.9
599.0

455.4
495.6
502.4
540.0
603.5

458.3
495.9
499.2
540.2
609.0

465 .6
496 .2
501.9
542.7
618.0

470.8
497.2
505 .4
546.8
633.0

521.4
524.7
542.6
565.2
542.1
505.3
502 .2
508.1
513.7
503.3
474.0
455.3
451.2
475.8
497 .5
511.0
553.4

518.1
530.8
547 .8
560. 1
532.8
506.8
505.5
507,7
514.1
496.1
451 ,2
453.7
447 . 1
484.3
500.4
518.2
576 .8

519.4
534.1
554.4
556 . 1
522.8
505.5
502 .6
509.4
512.5
497.2
464.9
448.9
449.1
493.6
501.5
533.9
598.0

457.6
461.8
467.5
476.1
488.4
501.4
508.2
514.3
527 .4
530.0
520.0
531.5
551.8
557.5
527 .4
504.6
503.9
509.6
512.5
496 . 1
463.8
451.3
453.1
487.5
500.4
526.6
587.0
631.8

470.9
459.5

469.3

56.2
61.8
69.3

467.5
454.7
462.5
468.4

469.2
458.2
461 .3
468.1

483.7

85.6

485.0

512.0
511.4
522.5
535.0
519.7
527 .2
546.4
560.6
539.0
505.9
504.0
507 .4
512.2

513.1
508.2
524.4
534.0
518.0
529.1
547.9
559.1
537.4
503.8
506.4
508.2
514.2

11 .6
510.8
525.4
532.9
518.5
531.3
547.3
560.2
531.2
506.2
507.0
507 .4
515.0

510.7
513.3
526.4
531.4
517.7
532.1
548.1
560.9
529.8
510.3
503.2
507 .5
513.1

477 . 4

466.5

452 .3

449.6

450.7

449 .7

497.1
512.3
551.3
631.0

498.9
512.5
562.1
630.8

50.5
80.4
98.7
13.8
69,4
37.0

447 .5
484.6
499.8
517.2
577.7

536.0
519.2
524. 1
541.7
565.5
541.6
504.2
502 .8
508.3
513.6

473.6

A V E R A G E FOR P E R I O D

479.9
495.6
507 .8
503.1
521.3
533.8
523.2
521.2
536.5
562.5
548.5
511.9
501.0
505.3
513.0
509.7
487.6
465.3
447 . 1
464.9
496 .4
502.2
543.2
620.0

1988...
106. M O N E Y S U P P L Y M2 IN 1982 D O L L A R S
( B I L L I O N S OF D O L L A R S )

A V E R A G E FOR P E R I O D

1954. ..

856.6

856 . 1

858.6

860.9

868.5

871.0

878.4

882.7

884.5

891 .7

891.7

896.4

857.1

866 .8

881.9

1956...
1957...

916.9

913.6

915.8

915.0

914.3

910.3

908. 1

908. 1
904.8

908.8
905.1

906.7
906.1

909. 1
90 .1

907.7
904. 1

915.4
908.2

913.2
907.3

908.3
905.1

1958. . .

897.0
932.5
931.2
1016.8
1085 .9
1 160.0

904.7
956.1
979.0
1024.6
1090.7
1168.3

909. 1
966.9
981.3
1029.8
1099.4
1172.5

912.7
964. 1
980.7
1035.6
1 104.2
1181.6

918.7
971.1

973.5

977 .8

978.2

975.3

977.1

1056 .8
1123.9

1059.2
1126.0

.4
.5
.3
.5

969.6

1050.6
1121.4

97
100
107
114

958.5

1049.2
1115.3
1193.4

972.5
1001.9
1065 .0
1 134.3

976.4

043.0
110.2
190.2

1078.8
1151.4

1023.7
1092.0

1042.6
1109,9

1055.5
1123.8

1324.5
1401.2
1413.5
1495.2
1543.1

1332.8
1399.4
1418.1
1493.2
1536,8

1336.7
1402 .4
1430.7
1500.8
1534.8

1340.3
1401 .2
1435 .0
1505.3
1531.9

344.9
403.0
445.3
505.6
529.4

1345.3
1401.8
1454.8
1507.2
1526.4

1277.9
1358.6
1401.5
1468.4
1508.3
1522 .0

1287.9
1363.0
1394.4
1472.9
1514.9
1515.9

1293.8
1373.7
1402 . 1
1479.3
1521.4
1516.4

1302 .2
1380.5
1396.2
1486 .0
1524.9
1508.8

1307 .4
1390.2
1400.3
1489. 1
1531.9
1509,0

1315.2
1392.1
1407 .6
1494.0
1539.1
1507 .9

1242.5
1331.3
1401.0
1420.8
1496.4
1538.2

1262.2
1343.5
1402.0
1445.0
506.0
529.2

286.5
365.1
399.3
473.5
514.9
518.1

1536.1
1686.2
1841 .0
1788.4
1683.2
1788.9
1936.0
1994.0

1548.2
1697.0
1833.6
1776.1
1688.3
1809.7
1938.5
1992.6

1569.2
1715.2
1823.6
1770.9
1702 .7
1822.2
1940.6
1988.6

1589.2
1724.9
1822.1
1769.0
1717.7
1838.6
1946 .9
1989.1

601 .2
731.8
825 .7
749.2
732.1

1606.7
1742.4
1828.2
1745.0
1749.6

1614.5
1760.7
1836.5
1738.2
1749.0

1625.1
1774.3
1810.3
1723.6
1761.2

1641.6
1791 . 1

1652.1
1802.5

1667.2
1814.6

1673.0
1830.2

1551,2
1699.5

1711.5
1764.0

1957 .4

1961 .6

1966.6

1974.7

1929.8
1835.5
1810.0
1856 .6
2050.2
2112.3
2230.5
2383.5
2424.2

1925 .8
1845.4
1817.1
1873.5
2054.1
2114.5
2242.5
2399.3
2423.6

1984.6
1981.1
1923.7
1849.3
1813.6
1888.9
2 0 6 1 .3
2123.1
2254.3
2408.8
2 4 2 5 .0

1695 .7
1771 .2
1908.0
1991 ,0
1973.7
1894.4

1685.5
1776.4
1923.5
1991.8
1973.0
1884.7

1805.0
1819.5
1861.3
2035.5
2102 .6
2198.7
2351 .4
2428.9

1932.9
1809.9
1814.0
1850.7
2045.2
2110.1
2220.1
2 3 6 1 .0
2424.9

1698.3
1765.7
1893.5
1990.4
1974.5
1909.8
1839-.0
1819.2
1891.6
2068.9
2125.7
2252.1
2424.3
2428.4

1829.9
1908.7
2075.8
2146 .2
2256.5
2434.6
2423.8

1841.5
1930.8
2081.1
2164.5
2259.8
2450.1
2423.6

1778.5
1691.4
1806,9
1938,4
1991.7
1957.7
1853.5
1813.9
1854.3
2005.6
2086.6
2192.2
2282,4
2442,2

599.0
733.0
825.3
754.4
733.1
846 .1
955.3
984.5
1935.8
1808.4
1819.8
1859.1
2036.7
2103.3
2 2 0 2 .7
2348.6
2429.9

627 , 1
1775.4
1818.5
1724.4
1758.1
1865.9
1975.3
1977.4
1926.4
1843.4
1813.6
1873.0
2055.2
2116.6
2242.4
2397.2
2424.3

1959...

1960. . .
1961 ...
1962. . .
1963. ..
1965. . .
1966.. .

1967. . .
1968. . .
1969...
1970.. .
1971...
1972...

1973. ..
1974. . .
1975...
1976...

1977 . . .
1978...
1980...
1981...

1982 . . .
1983. . .
1984. . .
1985...

1986. . .
1987 . . .
1988. . .

1865.5
1813.4
1851.7
1976.3
2079.0
2184.1
2261.7
2450.4

1859.4
1811.3
1850.5
2012.6
2087 .4
2 1 9 7 .7
2277 .7
2441 .2

1835.5
1817.1
1860.7
2 0 2 7 .9
2093.4
2194.8
2307 .9
2435.0

1810.4
1826 .0
865.4
2029.4
2 0 9 7 .2
2189.2
2333.5
2 4 3 5 .8

NOTE: I n l e s s otherwise noted, these series c o n t a i n r e v i s o n s b e g i n n i n g w i t h 1947.
' T h i s < eries c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1959.




893.3
913.8
907 .8
904.8
974.4
1006.5
1072.0
1142.7
1225.0
1308.3
1387.6
1401.4
1489.7
1532.0
1508.6
1518.7
1664. 1
1815.8
1795.5
1693.2
1771.1
1908.3
1991.1
1973.7
1896.3
1834.5
1830.2
1910.4
2075.3
2145.5
2256.1
2436.3
2425.3

874.8
909.4
911.2
906.4
925.8
969.9
992.3
1048.5
1117.1
1196.9
1274.9
1356.9
400.9
457.3
512.3
523.5
499.4
610.3
755 .9
1818.0
1737 ,6
1738.4
1856.8
1965.0
1981 .8
1929.0
1834.9
1819 .4
1874.2
2043.2
2113.0
2223.4
2366.2
2430.4
(MAY

1988)

101

C. Historical Data for Selected Series—Continued
Year

Jan. Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Nov.

Oct.

Dec.

I Q

1 .208
1.282
1 .340
1.352
1.335
1.353
1.314
1.313
1.278

1.214
1.211
1.289
1.342
1.341
1.327
1.354
1.315
1 .304

1.200
1.232
1 .305
1.350

.194
.257
.317
.359
324

.205
.275
.338
.354
.329

1.203
1.244
1.312
.351
.328

.360
.310
.299

.342
.309
.293

.326
.311
.282

108. R A T I O , P E R S O N A L I N C O M E TO MONEY S U P P L Y M2 !
(RATIO)
1954...
1 9 5 5 ...
1956...

1958

1 .217
1 .208
1 .283

1.217
1.207
1.290

1.209
1.219
1.293

1 .205
1.227
.301

1 .199
1.233
1.304
1.348

1 . 196
1.237
.309
.356

1 Q

1II Q

Arinual

AVERAGE FOR PERIOD

1 . 192
1.254
1 .304
.358
329
.334
.350
.314
.295
1.249
1.247
1.246
1.277

1.193
1.255
1.322
1.361
1 320
1.320
1.340
1.308
1.291
1.247
1.247
1.243
1 .284

.198
.261
.326
.357
324

.200
.266
.338
.355
.322

.337
.304
.292

.335
.309
.285

1 .206
1.276
1.335
1 .356
1.331
1.336
1 .328
1.312
1.283

.266
.288

.250

.253

1.254

.249
.241

.251
.244

.246
.252

.240
.252

1.303
1.341
1.391
1.315

1 .305
1.351

.305
.355

.304
.359

.303

1 .302

.282

.298

.304

.268
.303
.360

. 346
.311
.294
.255
.246
.247
.274
.280
.297
.334

.331
.288
.305
.351
.353
.327
.297
.350
.395
1.437

.312
.280
.321
.378
.346
.323
.305
.363
.402
.433
.418
.336
1.370
1.332
1. 3 0 5
1.311

.299
.293
.348
.383
.350
.307
.310
.378
.419
.458
.457
.408
.353
.363
.338
.290
.331

.322
.290
1.317
1.364
1.354
1.325
1 .302
1.352
1 .402
1 .441
1 .47 1
1.426
1 .346
1.367
1.343
1.316
1.309

354

1 336

1 333

1960. . .
1961...
1962. . .
1963. ..
1 9 6 4 . ..
1965. . .
1966 . . .
1967 ...
1 9 6 8 . ..
1969. ..
1970...
1971. ..
1972...
1973. . .
1974...
1975...
1976...

.355
.318
.304
.280

1.354
1.315
1.303
1.266

.352
.312
.304
.262

.361
.308
.303
.257

1 .362
1 .308
1.298
1.254

.246
.251
.301
.273
.299
.360
.359
.301
.287
.349
.377
.350

1.238
1.257
1.295
1.282
1.303
1.374
1.348
1.301
1.293
1.345
1.369
1.342

.238
.259

.239
.258

1.246
1.262

.338
.358
.314
.297
1.257
1.250
1.248
1.270

1.291
1.310
1.379
1 .340
1.295
1 .303
1.337
1.357
1.337

.294
.316
.408
.328

1.299
1 .326
1 .394
1.322

1.300
1.332
1 .388
1 .342

.301
.341
.351
1.33

1.306
1.353
1.347
1.324

1.309
1.360

.308
.373

1.323
1.379

.331
.383

.343
.389

.351
.379

1.351
1 .380

1978...
1979. ..
1980. . .
1981 . . .
1982 . . .
1983...
1984...
1985 ...

.308
.387
.439

1.317
1.392
1.434

1.330
1.400
1.438

1 .34
1 .39
1 .44

1.350
1 .397
1.439

1 .326
1.298
1.356
1 .393
1.430

.329
.302
.362
.404

1.322
1.305
1.365
1.403

.317
.307
.363
.399

.307
.307
.373
.412

.310
.311
.378
.420

1.305
1.311
1 .384
1 .425

.349
.299
.294
.344
.368
.343
.297
1.318
1.393

1.439
1.340
1.373
1.352

1.482
1.416

.479
.407

.458

1.441
1.343
1.370
1.351

.482
.431

.470

.436
1 .370
1 .367
1 .354

1.344
1.367
1.362

1.346
1.361
1.347

1.343
1.364
1.340

1.284

1.298

1.300

1.300

1.302

1.303

.372
.329
.300
.313

.346
.367
.336
.293
.332

.352
.361
.334
.290
.326

1.360
1.360
1 .343
1.287
1.334

1.476
1.439
1.351
1.370
1.352
1.339
1 .294

1.438
1 .344
1 .364
1 .350
1 .330
1.302

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
1 . 14
3.77
2. 06
4.06
5.33
1.72
4.59
7.72
4.82
2.60
1 2.08
3.09

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
6.88
3.22
-0.97
61.81
73.72
77.57
75.35

1.46
.85
.50
.81
.51
.08
.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
32.80
0.37
5 .76
23.41
6 .59
6 .39
5 .38
2 .72

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
14.76
-0.83
18.92
70.36
69.49
61.44
0.50

-0.50
5.05
3.96
2.29
-0.94
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
30.40
14.73
15.30
28.59
75.84
81.20
63.18

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
30.10
15.90
13.38
30.98
90.36
72.45
57 . 2 7

1987...
1988. . .

1V Q

.369
1.336
1.310
1.308

.298

1.314

1.370
1.331
1. 3 0 4
1.311

113. N E T C H A N G E I N C O N S U M E R I N S T A L L M E N T C R E D I T 2
AVERAGE FOR PERIOD
1954...
1955...
1956...
1957...
1958...
1959. . .
1960...
1961...
1 9 6 2 . ..
1963...
1964. . .
1965...
1966. . .
1967...
1968. ..
1969...
1970...
197 1...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...

-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
68.57
4.73
32.83
29.59
69.43
66.46
75.25

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
24.23
13.30
7.92
17.06
85.62
79.81
78.84

-0.92
6.97
4.79
2.15
-2.00
4.70

-0.01
6.13
3.00
1.75
-1 .67
5.10

-0.22
6 .36
2 .88
3. 17
-1.01
5.83

0.54
6.77
1.86
2.06
-1.58
6.23

-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
-1.60
26.17
5.14
39.13
72.48
97 .34
35.45

-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
16.31
16.85
12 .06
20.34
58.58
90.40
60.43

-0.64
5 .41
6.10
8.64
9.37
4.07
0.80
8.33
11.40
2.93
7.50
16. 16
24.38
16.58
-0.40
15.56
31.48
51.92
42.13
-27 .91
18.47
15.11
18.49
112 .46
68.58
59.93

0.48
5.40
6.67
7.49
7 .48
4.42
4.00
8.62
9.97
7.55
8.64
19 .86
21.19
14. 14
0.48
20.11
35.06
56 .80
32.68
-46.07
12.38
12 .97
54.10
100.03
58.36
5 1.44

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
29.80
-12.24
7.87
0.11
50.88
53.15
24.83
62.69

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
12.62
18. 16
17 .98
14.60
8.98
16.31
35.82
4 .10
35 .42
4. 03
4.88
9.02
58.82
81 . 07
88.34
54.25

0.85
6.00
2.18
2.65
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. 8
38. 8
33. 2
-3. 1
19 . 1
8. 5
51.51
62.27
81.75
63.34
60.40

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
10.69
6.65
2.33
13.91
16.51
16.42
-0.17
15.11
26 .44
35.19
40.21
27.75
7.34
2 .72
13.79
66.25
70.20
65 .46
32.52
40.17

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
34.5 1
1 .08
13.12
12 .85
44.33
74.67
75.22
54.08
41.19

1988. . .
LS 3

114

©

AVERAGE FOR PERIOD

( PERCENT)
1954. . .
1955...
1956...
1957...
1958...
1 9 5 9 . ..
1 9 6 0 . ..
1961. ..
1962...
1963...
1964...
1965...
1966. ..
1967...
1968. . .
1969...
1970. . .
1971...
1972...
1973...
1974...
1975...
1976...
1977. ..
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986. . .
1987. . .
1988...

1.21
1.26
2.46
3.21
2.60
2.84

0.98
1.18
2.37
3.16
1.56
2.71

1 .05
1.34
2.31
3. 14
1.35
2.85

1.01
1.62
2.61
3.11
1.13
2.96

0.78
1 .49
2 .65
3.04
1.05
2 .85

0.65
1.43
2.53
3.32
0.88
3.25

0.71
1.62
2.33
3.16
0.96
3.24

0.89
1 .88
2.61
3.40
1.69
3.36

1.01
2 .09
2.85
3.58
2 .48
4.00

0.99
2 .26
2 .9
3.5
2 .7
4. 1

0.95
2.22
3.00
3.34
2.76
4.21

1.17
.56
.23
. 10
.81
.57

1.08
1.26
2.38
3.17
1 .84
2.80

2.30
2.75
2.91
3.53
3.83

2.41
2.75
2.92
3.53
3.93

2.42
2.72
2.90
3.55
3.94

2.33
2 .74
2.91
3.48
3.93

2 .29
2.69
2.92
3.48
3.90

2.36
2 .72
3.00
3.48
3.81

2 .40
.84
.32
.51
.84
.93

4.29
5.14
6.08
6.71

3.85
5.36
6.15
6 .48

3.64
5 .62
6.08
7.04

3.48
5 .54
6 .49
6.74

.10
.01
.41

2.35
2.75
3.45
3.58
4.03
5 .39
4.59
5.33

2.62
2.86
3.52
3 .86
4.36
5.01

4.55
4.97
6.16
7.16

2 .30
2.79
3.38
3.53
3.91
5.36
4.45
5.20
7.13
6 .24

2.46
2 .80
3.52
3.62
.08
.34

4.76
5.08
6.18
7.91

2 .27
2 .94
3. 14
3.48
.83
.86
4.31
.38
.00
6.50

.49

5 .92

2.38
2.74
2.91
3.54
3.90
4.63
4.53
5 .06

0.81
1.51
2.60
3.16
1.02
3.02
3.09
2.33
2 .72
2 .94
3 .48
3.88
4.60
3.66
5.51

5.93

5.29

4.86

7 .26

3.40
5.31
7.76
6.49
4.96
4.60
6.45
9.35
12.04
14.72
12.41
7.81
8.93
7.76
7.04
5.45

3.18
5.56
7.06
5.58
4.85
4.66
6.46
9.27
12.81
14.90
13.78
8.13
9.03
8.22
7.03
5.59

3.72
6.05
7.99
5.54
5.05
4.61
6.32
9 .46
15.53
13.48
12.49
8.30
9 .44
8.57
6.59
5.56

3.72
6.29
8.23
5.69
4.88
4.54
6.31
9.49
14.00
13.63
12.82
8.25
9.69
8.00
6 .06
5.76

3.65
6 .35
8.43
5.32
5.18
4.94
6.43
9.58
9.15
16.30
12.15
8.19
9.90
7.56
6 . 12
5.75

3.87
7.19
8. 14
5 . 19
5 .44
5 .00
6.71
9.05
7 .00
14.56
12.11
8.82
9 .94
7.01
6.21
5.69

4.06
8.02
7.75
6 . 16
5.28
5.15
7.07
9.26
8.13
14.70
11.91
9.12
10.13
7 .05
5.84
5.78

.01
.67
.74
.46
.15
5.50
7.04
9.45
9.26
15.61
9.01
9.39
10.49
7.18
5.57
6.00

4.65
8.48
8.36
6.38
5.08
5.77
7.84
10.18
10.32
14.95
8.20
9.05
10.41
7.08
5.19
6 .32

4.72
7.16
7 .24
6.08
4.93
6.19
8.13
11.47
11.58
13.87
7.75
8.71
9.97
7. 7
5.18
6 .40

4.77
7.87
7.58
5.47
4.81
6 . 16
8.79
11.87
13.89
11.27
8.04
8.71
8.79
7.20
5.35
5.81

5.06
7.36
7 . 18
5.50
.35
.06
. 12
1 .07
1 .66
10.93
8.01
8.96
8.16
7 .07
5 .49
5.80

3.43
5 .64
7.60
5.87
4.95
4.62
6 .41
9.36
13.46
14.37
12.89
8.08
9.13
8. 18
6 .89
5 .53

'This series contains revisions beginning with 1947. This series contains revisions beginning nth 1980.
contains no revisions but is reprinted for the convenience of the user.

102



3

This ser

6.75

0.87
1.86
2.60
3.38
1.71
3.53
2.39
2.32
2 .86
3.28
3.51
3.86
5.05
4.35
5.23
7.05
6.38

1.04
2.35
3.06
3.34
2.79
4.30
2.36
2.48
2 .80
3.50
3.69
4. 16
5 .25
4.79
5.58
7.32
5.36

0.95
1.75
2 .66
3.26
1.84
3.41
2.95
2.38
2.78
3.16
3.55
3.95
4.88
4.33
5 .34
6.69
6.44

3.75
6.61
8.27
5 .40
5.17
4.83
6 .48
9.37
10.05
14.83
12.36
8.42
9.84
7.52
6.13
5.73

4.24
8.39
8.28
6 .33
5 . 17
5.47
7.32
9.63
9 .24
15.09
9.71
9.19
10.34
7.10
5.53
6.03

.85
.46
.33
.68
4.70
6.14
8.68
11.80
13.71
12.02
7.93
8.79
8.97
7.15
5.34
6 .00

4.07
7 .03
7.87
5.82
5. 00
5.26
7 .22
10.04
11.61
14.08
10.72
8.62
9.57
7.49
5.97
5.83

(MAY 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.
115.

1954...
1955...

1 9 5 6 . ..
1958...

1 9 5 9 . ..
1960. . .
1961 . . .
1962...

1963. . .
1964. . .
1965...

1966. . .
1967. ..
1968...

1 9 6 9 . ..
1970. . .
1971...

1972 . . .
1 9 7 3 . ..
1974. ..
1975...
1976...

1977. . .
1978. . .
1979. ..
1980...

1981 . . .
1982 . . .
1983...

1984. ..
1985...
1986...
1987...

2.69
2.68
2.88
3.24
3.91
4.37
.89
.08
.89
.15
. 14
.43
.40
. 18
. 74
.86
5.92
5.62
5.96
6 .56
6.68
6.93
6.68
7.51
8.43
10.03
11.65
13.73
10.37
11.29
11.15
9.51
7.60

2.62
2.78
2.85

June

May

BONDS

Sept.

Oct.

Nov.

III Q

IV Q

Dec.

IQ

2 .59
2.91
3.40
3.30
3.80
4.27
3.88
4.06
3.87
4.14

2 .61
2.75
2 .89
3.27
3.26
3.92
4.22
3.83
4.06

2.52
2.82
2 .99
3.43
3.15
4.06
4.11
3.80
3.89
3.98

2.49
2 .93
3.13
3.63
3.57
4. 16
3.83
3.97
3.98
4.01

4.43
4.65
5.36
5.66

4. 14
4.58
4.71
5.30
5.91
6 .82
5.88
5.66

4.20
4.78
4.93
5.07
6.14
6 .65
5.75
5.63

2.57
2.89
3.30
3.53
3.75
4. 17
3.91
4.01
3.88
4.11
4.14
4.35
4.70
5.33
5 .42
6.53
6.27
5.52
5.61

li Q

AVERAGE FOR PERIOD

2 .48
2.95
3 . 17

2 .52
2.92
3.21

2.54
2 .87
3.20

.20
.09
.98
.88
.90
.00
.13
.14
.63
.86
5.23

3.36
4.11
.86
.90
.02
.01

3.60
4.10
3.79
4.00
3.98

3.75
4.26
3.84
4.02
3.94

3.76
4.11
3.91
3.98
3.89

.15
.75
.86
.09

4.19
4.80
4.95
5.04

4.25
4.79
4.99
5.09

4.16
4.28
4.70
5.19
5 .24

2 .57
2 .89
3.30
3.57
3.70
4. 12
3.93
3.98
3.87
4.11
4.12
4.34
4.74
5.44
5.36

6 .99
5.94
5 .59

6 .57
5.91
5 .59

6.75
5.78
5.59

6.63
5.56
5.70

6.59
5.46
5 .69

6.24
5.48
5.51

5.97
5 .62
5.63

4.15
4.56
4.44
5.24
5.88
6.56
5.82
5.65

7 .02
6 .86
6.92
6 .99
7 .94
8.32
9,40
12 .39

7 . 18
6.89
6.85
6 .98
8. 10
8. 35
9.83
13.05

7 .33
7.11
6.82
7 .01
7 .88
8.42
10.53
13.61

7.05
6.97

7.27
7 .09

6.97
7.22

7.24
8.36
9.58
11.89
12.88
10.33
11 .44
11.21
9.60
7.67
9. 12

7.01
7.58

7.10

6.98
7 .93

7.16
8.20

11.42
12.23
10.59
7.72
8.97

.93
.21
.62
.16
8. 16
9 .80
11.83
12 .68
10. 18
11.32
11.25
10.08
7.81
8.99

6 .64
6.70

11.10
12.82
10.51
7.86
8.70

7 .22
7 .29
6.65
7 .08
8.07
9.44
11.20
14.13
10.51
11.21
11.66
10.56
8.04
9.61

6.77
7.17

10.64
13.00
10.36
8.23
8.63

7.30
7 .28
6.70
6 .94
7.82
8.68
10.94
14. 14
11 .48
11.26
11.97
10.67
8.08
9.58

11.15
12.01
13.45
10.44
11.54
11.43
8.90
7.64

10.02
12.66
12 .94
10.35
12.69
10.91
7.95
8.58

10.43
13.60
12.20
11.26
12.34
10.59
7.89
9.08

11.64
13.23
10.34
11.32
11.37
10.08
7.84
9.24

2 .84
3.15
3.94
4.71

2 .94
3.17
4.29
4.56

2.87
3.27
4.26
4.04

2.87
3.07
3.17
4.20

2.90
3.12
3.53
4.48

2.96
3.27
3.85
4.68

. 2.88
3.20
4.16
4.44

5 .37
4.75
4.60

5 . 14
4.82
4.52

5 .27
4.94
4.58

4.57
5.19
4.48

5.0
4.6

5.26
4.84
4.57

4.37
4.49
4.70
6 .04
6 .53
6.88
8.46
9.14
7.72

4.42

4.49

4.25

4.84
4.94
4.69
4.33
4 . 34

4.3
4.3

4.43

4.75
6.11
6.87
7.00
8.94
8.97
7.67

4.92
5.98
6 .93
7.28
9.22
8. 13
7.54

4.46
5.12
5.48
6.65
7 .46
8.95
7.60

4.52
5.53
5 .85
6.94
7.73
9.44
8.05

4.65
6.00
6.23
6.71
8. 16
9.06
8.09

4.79
6 .04
6.78
7.05
8.87
8.75
7.64

8.09
9.47
9.59
7.90
8.39
9 .30
11.30
14.38
15.55

7.68
8.38
9.16
8.80
8.16
8.70
9.55
12.99
14.37

7.71
9.34
9.61
8.86
8.25
9.01
9 ,67
12.03
15.22
11.57
14. 18
11.88

8.17
10.31
9.72
8.57
8.10
8.96
9 .64
12 . 18
16.33
14.72
12 .68
13.72
11.52

8.00
9 .66
9.54
8.11
8.29
9.25
11.33
13.88
16.01
12 .22
12 .76
12.63
11.04

9 .65

10. 14

10.37

2.48
2.82
3.07

2 .54
2.81
2 .97

2.55

3.25
3.92
.08
.78
.01
.93
. 18
.15
.63
.45
5.39
6 .05
6.39
5.71
5 .66
6.20
6.81
6.77
6.88
7.20
7.63
8.45
11.87
12.15
12.98
10.34
11.90
11.78
8.13
7.62

3. 12
4.01
4. 18
.80
.89
.97
.20
.15
.55
.51
.28

3. 14
4.08
4.16
3.73
3.88
3.97
4. 16
4. 14
4.57
4.76
5 .40

.53
.75
5.74
6.11
7.04
7.05
6.73
7.13
7.74
8.44
10.83
12 .62

6.94
5.96
5.64
6.25
7 .09
7.01
7.01
7.17
7 .87
8.55
9.82
12 .96

10.19
12.17
11.42
7.59
8.31

10.21
12.89
10.96
8.02
8.79

.93

Annual

(u)

2 .47
2.91
3.00

2.53
2.78
2 .93

3.28
3.92
4.22
3.81
4.09
.92
. 14
.16
.61
.47
. 16
.86
.4
5.8
5 .6
6.1
6.5
6.6
6.9
7.1
7.60
8.43
1.55
2.23
3.63
0.60
1 .44
1 .35
9 .07
7.69

Aug.

July

Y I E L D ON L O N G - T E R M T R E A S U R Y
(PERCENT)

2.55
2.84
3.08
3.47
3.43
4.08
4.02
3.90
3.95
4.00
4.15
4.21
4.65
4.85
5 .26
6.12
6.58
5.74
5.64
6.31
6 .98
7 .00
6.78
7 .06
7.89
8.74
10.81
12.87
12.23
10.84
11.99
10.75
8.14
8.63

1988. ..
116.

1954...
1955...
1956...
1957...

1958. ..
1959. ..
1960...

1961. ..
1962. ..
1963...
1964...
1965...

1966. ..
1 9 6 7 . ..
1968...

1969. ..
1970. . .
1971...

1972. . .
1973. . .
1974...

1975. ..
1976. ..
1977 . . .
1 9 7 8 . ..
1979. ..
1980. . .
1981...

1982 . . .
1983...

1984. . .
1985 . . .
1986...
1987...

Y I E L D O N N E W I S S U E S O F H I G H - G FI A D E C O R P O R A T E B O N D S
(PERCENT)

@
AVERAGE FOR PERIOD

3.00
2.99
3.20
4.28
3.62
4.58
5.34
4.63
4.56
4.22

.88
.09
.07
.13
.73
.60
.24
.43
.53
.25

2.74
3. 14
3.25
4.18
3.88
4.53
4.98
4.37
4.41
4.28

2.88
3.11
3.55
4.23
3.67
4.60
4.97
4.57
4.37
4.35

2 .90
3.15
3.48
4.41
3.66
4.92
4.95
4.67
4.32
4.36

2.91
3.11
3.56
4.81
3.61
5 .00
4.91
4.82
4.30
4.32

2.94
3. 14
3.56
4.59
3.85
4.95
4.79
4.81
4.41
4.34

2.94
3.41
4.02
.78
.39
.90
.65
.79
.39
.34

4.45
4.93
5.53
6 .57
7.29
9.00
7.63

4.45
5 .09
5.35
6,57
7.33
8.84
7.54

4.49
5 .33
5.55
6 .80
7 .76
9.00
7 .62

4.48
5.38
5.59
6.79
7.54
9.09
7 .76

4.52
5.55
5.90
7 .00
7.62
9.53
8.25

4.57
5.67
6.06
7 .02
8.04
9.70
8.15

4.57
5.81
6.06
6.91
8. 06
9.09
8.24

4.66
6 .04
6.30
6.54
8.05
9.08
8.14

3.01
3.27
3.96
.68
.56
.28
.64
.72
.28
.40
.49
.71
6.14
6.33
6.69
8.36
9.00
7 .90

7.61
8.32
9 . 17
8.97
7 .96
8.70
9 .47
11.65
14.01
16.34
12.04
12.65
12.46
10.33
8.59

7.67
8.21
8.84
8.71
8.18
8.70
9.52
13.23
14.60
16.35
12.11
12.80
12.39
9.76
8.58

7.75
8.60
9.48
8.73
8.33
8.70
9.65
14.08
14.49
15.72
11.81
13.36
12.85
8.95
8.68

7.70
9.04
9.81
8.68
8.30
8.88
9.69
13.36
15.00
15 .62
11.58
13.64
12.45
8.71
9.36

7 .69
9.39
9.76
9.00
8. 38
9.00
9.82
11.61
15.68
15.37
11 .24

7.73
9.59
9,27
8.90
8.08
9.15
9.51
11.12
14.97
15 .96
11.90

7.97
10.18
9.56
8.76
8. 12
9.27
9.47

8.45
10.30
9.71
8.59
8.06
8.83
9.57

8. 10
10.44
9.89
8.37
8.11
8.78
9.87

7 .97
10.29
9.54
8.25
8.21
9. 14
11.17

7.95
9.22
9.48
8.17
8.26
9.30
11.52

15.67
15.75
12 .46

6.34
4.64
2 .89

16.97
13.78
12.68

16.96
12 .63
12.54

15.53
11.89
12.86

12.87

11.99

11.85
9.09
9.95

11.33
9.39
9 .64

1 1.28
9.11
9.70

1.61
9.03
10.09

11.66
9.28
10.63

11.51
9.29
10.80

11.19
8.99
10.09

10.42
8.87
10.22

12.57
9.68
8.62

2.32

2.36

2.44

2.48

2.30

2 .34

3.22
3.04
3.34
3.68
3.40
3.47
3.07
3.27
3.13
3.54

2.50
3.09
3.00
3.36
3.63
3.39
3.23
3.10
3.21
3.11

2 .64
3.27
2.95
3.56
3.57
3.48
3.14
3. 14
3.23
3.19

2 .80
3.49
3.33
3.69
3.42
3.52
3.21
3. 18
3.20
3.29

3.11
3.28
3.37
3.62
3.44
3.43
3.04
3.26
3.19
3.47
4.36
4.64
6.40
5 .93
5 . 16
5.08
5.12
6.74
7.38
6.18
5.57
6.27
7.20
9.62
12.54
9.90
9.77
10.12
8.68
6.93
8.20

2.90
3. 17
3.68
4.45
4.02
4.93
4.92
4.34
4.47
4.61
5.67
6 .08
6.84
8.06
9.05
7.85
7.89
9.42
9.51
8.59
8.20
8.98
10.05
12.77
15.48
14.68
12.25
13.37
11.75
9 .23
9.69

1988. ..

117.

©

(PERCENT)

AVERAGE FOR PERIOD

1954...
1956.. .

1957 . . .
1958. ..
1 9 5 9 . ..
1960. ..
1961...
1962...

1963. ..
1964. ..
1965...

1966. . .
1967. ..
1968. . .
1969...
1970...
1971...
1972...

1973. ..
1974. . .
1975 . . .
1976. . .
1977.,.

1978. . .
1979...
1980...

1981 . . .
1982. . .

2.50
3.18
2.91

2 .44
3.00
3.02

3.72
3.40
3.34
3.10
3.22
3.06
3.52
3.54

2 .54

2.65

2.80

2.94

2.95

3.16

3.60
3.43
3.11
3.11
3.20
3.17
3.65
3.89

2.97
3.72
3.55
3.52
3.26
3.21
3.20
3.24
3.77
3.96

3.09
3.71
3.50
3.52
3.28
3.22
3.18
3.27
3.95
4.02

3.36
3.58
3.34
3.52
3.23
3.13
3.19
3.24

3.54
3.78
3.42
3.53
3.11
3.20
3.23
3.35

3.45
3.62
3.53
3.42
3.02
3.20
3.25
3.40

3.32
3.55
3.40
3.41
3 .04
3.30
3. 18
3.46

3.99

4.12

4.30

4.34

4.43

3.54

3.82

4.04

5 . 19
6.49
5.37
5.43
5.15
5.73
6.95
6.60
5.73
5.80
6.29
8.63
10.62
12.59

5 .33
7 .00
5.90
5.30
5.14
6 .02
6.97
6 .87
5.75
6 .03
6.25
7.59
10.78
11.95

5 .76
6 .96
5.95
5.34
5.18
6.13
6.95
6.87
5.62
6.22
6.13
7.63
10.67
12.45

5.75
6.53
6 .06
5.41
5 .40
6.68
7 .07
6.79
5.63
6 .28
6.13
8.13
11. 14
12 .28

6.00
6.20
5.82
5.30
5.48
6.71
7.17
6.61
5.62
6. 12
6.20
8.67
12.26
11.23

6.26
6.25
5.37
5.36
5. 10
6.76
7 .44
6.51
5.51
6.09
6.52
8.94
12.92
10.66

6.09
6.39
5.06
5.18
5.05
6,57
7.39
6 .30
5.64
6.13
7 . 08
9.11
12.83
9.69

9.96
9 .42
7.20
7.55

10.49
9.01
7.54
8.00

10.67
8.69
7.87
7.79

10.42
8.81
7.51
7 .72

9.99
9.08
7.21
7.82

10.10
9.27
7.11
8.26

10.25
9.08
7.08
8.70

.30
.93
.20
.02
.18
6 .61
7.43
6.29
5.49
6.19
7.30
9.56
11.89
10.06
9.75
10.17
8.54
6.85
7.95

6 .82
5.46
5 .21
5.05
5.12
7.05
7.31
5.94
5.57
6.50
7.22
10.20
12.91
9.96
9.89
9.95
8.43
6.86
7.96

5.03
6.35
5.25
5 .24
5.16
5.27
6.65
6 .98
5.88
5.65
6.37
8.23
9.98
13.02
9.43
9.73
9.64
7.53
6.63

5 .43
6 .82
5.74
5.36
5 . 16
5 .96
6.96
6.78
5.70
6 .02
6.22
7.9
10.6
12 .3
9.2
10.3
9.0
7.5
7.78

6.00
6.33
5.75
5.36
5.33
6.72
7.23
6.64
5.59
6. 16
6.28
8.58
12.11
11.39
9.61
10.17
9.05
7.28
7.93

2.5
3.1
3.0

2 .70
3.13
2 .96

2.68
3.27
2.92

3.60
3.31
3.21
3.15
3.14
3.09
3.64
3.52

3.4
3.1
3.05
3.28
3.18
3.72
3.55

3.56
3.50
3.06
3.10
3.28
3.15
3.56
3.60

4.85
6.65
5.36
5 . 12
5.05
5.22
6.82
7.07
5.87
5.71
6 .47
7.35
9.68
13.28

4.98
6 .36
5.23
5 .28
5.13
5.20
6.39
6 .94
5.89
5.62
6.31
8.16
10. 10
12.97

5 .26
6.03
5.17
5.31
5.29
5.40
6.74
6.92
5.89
5.61
6.33
9.17
10. 16
12.82

9.63
9.51
8.08
6.6 1

9.64
9,65
7 .44
6 .61

9.93
9.77
7.08
6 .66

1984. . .
1985...

1986. ..
1987...

2 .39
2 .48
2 .76
3.28
3. 16
3.56
3.52
3.46
3.16
3. 17
3.21
3.26
3.81
3.94
4.45
5.72
6.35
5.48
5.26
5.19
6.17
7 .05
6.64
5 .68
6.02
6.52
8.60
11.33
11.66
9.51
10.10
9.10
7.32
7 .64

1988. . .

NOTE: These series contain no revisions but are reprinted for the convenience of the user




(MAY 1988)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
920.

Apr.

COMPOSITE

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

I Q

II Q

II Q

1 9 5 4 . ..
1955. . .
1956. ..
1957...
1958...
1959...
1960...
1961. . .
1962. ..
1963...
1964. . .
1965...
1966...
1967. . .
1968. ..
1 9 6 9 . ..
1970...
1971...
1972. . .
1 9 7 3 . ..
1974...
1975. . .
1976. . .
1977 . . .
1978. . .
1 9 7 9 . ..
1980. . .
1981 . . .
1982 . . .
1983...
1984...
1985 . . .

60.0
61 .9
68.3
69.6
64.3
67. 0
71.9
67 .0
72.0
74.5
78.6
85.4
93.6
99.4
102.8
109. 1
110.8
108.6
114.0
125.5
128.7
116.2
121.4
128.3
137.1
149 .3
150.7
146.8
138.4
134.3
149.5
158.4

60.0
62.3
68.2
70.0
63.0
67.7
71.6
66.8
72.7
75.1
79.4
86.0
94.3
98.8
103.5
109.9
110.8
108.5
114.4
127.0
128.0
114.6
122 .9
129.2
138.3
149.4
149.6
147.2
139.9
133.5
150.6
159.0

59.4
3.5
8.2
9.9
2.1
8.8
1.0
7.3
3.2
75.4
79.5
86 .8
95.4
98.9
104.0
110.5
110.8
108.8
115 .6
127.4
127.8
113.0
123.6
130.9
140.0
151.2
148. 1
147.2
139 .2
134.6
151.1
159.3

59.1
64.3
68.8
69.3
61.0
69.8
71.3
67.5
73.7
76.0
80.4
87.3
95.5
99 . 1
104.4
110.8
110.5
109.1
116 .6
127.2
127.6
113.3
124.3
131.6
143.0
149. 1
145.1
147 . 1
138.0
135.6
152.6
160.5

58.9
65.2
68.4
68.9
61.2
70.6
70.9
68.3
73.7
76.3
81 .0
87.9
96.0
99.0
105.2
110.8
110.1
109.6
117 .2
127.5
128.2
114.1
124.6
132.5
143.1
150.6
142.4

58.9
65.6

58.7
66.2

58.7
66.2

59.0
66 .7

59.4
67,4

60.4
67.8

6 1.2
68.2

59 .8
62.6

59 .0
65.0

58.8
66.4

69.1
62. 1
70.8
70.4
69.3
73.6
76 .6
81.2
88.5
97.1
99.2
106.0
111.4
109 .7
109.8
116.9
127 .8
128.3
114.9
124.8
133.6
144.2
150.6
141.1

69.1
63.1
70.2
70.0
69.4
74.0
76 .8
81.9
89.4
97.3
99.5
06.6
12 .1
09 .8
09.6
17.8

69.1
63.6
68. 1
69.7
70. 1

68.4
64.2
67.9
69.3
70.2

67.7
64.6
67.6
69.1
71.0

66 .6
66.2
68.3
68. 1
72.0

65.4
65.9
70.9
67.2
72.4

69 .8
63.1
67.8
71.5
67.0

69 . 1
61.4
70.4
70.9
68.4

76 .9
82.5
89 .6
97 .6
100.3
106.8
12.5
09 . 3
09. 3
19.3

77.4
83 . 1
90.2

78.0
82 . 1
91.2

77.7
83 .7
92.1

28.2
15.6
25 .3
34.3
45 .0
51.0
40.8

76 .3
80.9
87 .9
96.2
99. 1
105.2
111.0
10.1
09.5
16,9
27.5
28.0

138.8
137.9
153.9
160.2

137.3
139.8
155.4
159.5

1987...
1988. . .

165.6

168.2

168.0

168.0

167.6

168.0

-14.7
14.6
1.8
-5.0
-18.4
22.0
18.3
-3.5
-6.4
1.6
4.7
4.3
8.0
10.2
-5.7
2 .2
-12.1
11.7
21.0
10.1
-9.7
-20.2
20.8
4.8
-8.4
-3.2
5.7
5.9
-19.3
16.5
17.5
-3.0
-0.7
-12.2
-2 .7

0.0
8.0
-1.7
7.1
-21.7
13.3
-4.9
-3.5
12.3
10.1
12.9
8.8
9.4
-7.0
8.5
9.2
0.0
-1.1
4.3
15.3
-6.3
-15.3
15.9
8.8
11.0
0.8
-8.4
3.3
13.8
-6.9
9 .2
4.6
3.7
20.6
8.6

-11.4
25.7
0.0
-1.7
-15.9
21.3
-9.6
9.4
8.6
4.9
1.5
11.8
14.9
1.2
6.0
6 .8
0 0
3.4
13.3
3.8
-1.9
-15.5
7. 1
17.0
15.8
5.5
-11.4
0.0
-5.8
10.3
4. 1
2.3
-3.6
-1.4
7 .1

78.0
83.6
92.1
98.4
101.9
108.4
112.3
106.7
111.1
123.2
130.1
121.9
119.0
126.6
137.3
148.5
150.1
145 .2
132.7
146 . 1
157.7
161.8
166.2
172 .6

76 .6
81.5
89.0
96 .6
100.0
06 .0
11 .
09.
09 .
18.
28.
26 .
16.
24.8
33.6
44.0
50.2
44.8
46 .0
36.3
39.9
54.5
60.3
64.7
169.4

100.4
107 . 1
112.6
109 .0
110.1
119.9

100.3
107 .7
112.9
106 .7
110.2
121.8

102.0
108.5
111.9
105.8
111.0
123.2

27.3
17 .3
25.5
34.6
45.9
50.6
41.2

126.5
118.1
125.6
135.8
146.1
150.4
142 .7

125.2
118.5
125.3
136.6
147 .4
150.3
144.2

122.2

1 18.4

126.8
137 .2
148.4
149.9
145.3

127.8
138. 1
149.7
150.0
146 . 1

122 .6
129.5
138.5
150.0
149.5

24.6
32.6
43.4
50.1
42.9

77.0
82.5
89.7
97.5
00. 1
06 .8
12 .4
09 .4
09.7
19.0
28.4
27 .3
17.0
25.5
34.9
45.7
50.7
41 .6

36.4
40.7
55.7
59.7

35.2
40.8
56 .0
160.9

134.5
143.3
156 .5
160.9

132.9
145 .0
156.5
160.8

132.7
145.9
157.7
161.6

132.6
147.5
158.8
163.0

69.4

70.0

170.1

172.5

172 .0

173.4

139.2
134.1
150.4
158.9
163.1
167.3

138.0
137.8
154.0
160. 1
164.5
167.9

35.4
41.6
56.1
60.5
65.0
169.8

-8.7
16. 1
0.0
0.1
-18.7
18.9
1.3
0.8
4.8

-3.3
14.0
1 .4
-4.3
1.3
12.4
-3.1
12 .6
2.3
6.5
8.9
8.1
7.5
1.3
7.9
3.3
-3.9
3. 7
4.8
1.3
1.6
6 .9

AVERAGE FOR P E R I O D

-5.9
16.2
11.1
-9.8
-19.3

-4.0
18.2
-6.8
-6 .7
4.0

0.0
7 .6
0.0
3.5
19 . 1

-4.0
11.5
-36.0
0.0
21.1

0.0
0.0
50.9
0.0
9 .9

6.3
9.4
13.0
-11.5
11.9

8.4
13.3
12.9
-11.6
7.7

22.2
7 .4
-3.4
-17.8
34.1

17.1
7.3
9.0
-19.6
-5.3

5.2
3.6
8.5
10.0
14.5
7.1
1.3
2.5
4.7
3.3
3 2
3.4
10.9
-1.9
-1.9
3.2
7.0
6.6
29.0
-15.5
-21.8
-0.8
-9.9
9.3
12.6
9.4
21.8
0.0
0.0

-6.5
15 .2
0.0
4.8
9.3
8.6
6.5
-1.2
9.6
0.0
4.3
5 .6
6.4
2.9
5.8
8.8
2 .9
8.5
0.8
12.8
-20.2
-1.6
7 .2
22.4
10.7
-2.2
-9.0
-2.8

-8.1
19 . 1
-1.6
4.8
3.0
8.5
14.7
2.5
9.5
6 .7
-4.3
2.2
-3.0
2 .9
0.9
8.7
1.9
10.4
9.6
0.0
-10.4
5.0
-12.2
17.8
12 .3
-5 .1
-4.3
2 .9

-6.6
1 .7
6.7
3.2
10.8
12.9
2.5
3.7
7.0
7.8
1.1
-2.2
9 .6
8.8
-0.9
7.6
4.9
6.5
6.9
3.2
-2 .5
0.8
-7.6
8.0
2.3
1.5
5 .3
10.5

-5.0
12.8
3.3

-6.7
1.7
0.0

-3.4
14.6

-16.0
18.3

-14.8
6.9

14.1
7 .6
-1 .2

12 .5
0.0
22 .3

22.0
12 .4
3.7
16.4

3.2
-22 .6
1.1
20.8
9.7
-11.7
4.1
-2.8
7.3
11.2
-0.8
13.4
-15 .2
-13.4
15.2
0.0
-0.7
-2.9

-10.1
-9.7
9.1
14.7
9.7
-25.3
4. 1

1.1
22.4
13.8
13.4
-8.0
-31 .6
6 .2

6 .4
8.3
10.8
1.5
2.9
6.1
-4.0
4.7
12.9
9.7
-6.0
-17.0

5.4
8.5
-3.1
9.5
-11.8
-1.8
7 .7
9.6
6.1
2 .9

8.2
11.0
0.8
6.8
-16.3
-0.9
14.0
8. 7
10.9
12 .2

10.2
6.1
4.4
-4.7
3.1
-3.8
6.6
10.3
1.3
-0.2

9.1
8.3
1.2
1 .2

2.7
3.8
10. 1
2.3
4.4
-5.3
-3.2
16.4
-8. 1
-8. 1
19.1
1.9
2.7
7 .7
-3.1
3.5
-2 .4
-10.1
0.9
2.3
9.4
3 .0
4.3

1.1
-3.2
9.1
6.2
8.8
-7 .3
8.5
1.0
11.2
1.7
-1.6
13.5
-6 .3
-6.0
23.5
3.9
0.0
7 .5
0.7

8.5
13.1
-0.9
-17.5
0.9
-5 .0
16.5
11.9
0.7
2.8
0.0

0.8
7 .0
9 .3
-3.8
14.3
-14.6
-6.1
5 .4
3.3
4.3
9.7
8.0
2.5
5.0
4.2
4.4
-2.5
1 .2
10.7
3.2
-5.4
11.7
2.6
6.8
5.4
-0.5
4.8
-2.6
-7 .9
10.8
2.8
3.6
5.3
5.2

15.9
9 .3
6.2
-16.3
12.2
21.5
-11.4
13.3
1.2
5.0
11.5
13.0
3.8
12.5
6 .9
-1.9
-3.3
8.0
16.3
3.8
-22.9
4.8
7.5
7.0
10.2
-1.0
9.9
-14.4
-5 .4
12.3
6.1
5.4
4. 1
8.4

1.2
1 1.6
4.2
-6 . 1
2.3
9.6
-4.8
8.0
2 .9
5.3
9.1
9 .3
6. 1
5.1
5.5
3.0
-3.4
4.4
11.2
4.5
-8.2
1.6
7 .2
8.1
8.7
0.5
-1.9
-3.3
-5.5
11.6
7.8
2.8
3.0
4.0

4.3

1954...

-11.7

-8.9

-5.9

-7.1

-3.3

-2 .7

1956 ...
1957 . . .
1958...
1959 . . .
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968. ..
1969 . . .
1970...
197 1. . .
1972...
1 9 7 3 . ..
1974...
1975 ...
1976. ..
1977 . . .
1978...
1979. ..
1980. . .
1981...
1982 . . .
1983. . .
1984. ..
1985. . .
1986. . .
1987...
1988...

2.4
3.5
-19.9
9.4
20.8
-7.4
3.9
2.2
9.0
11.5
9.9
2.1
6.0
5.3
-3.9

0.0
0.0
-18.7
18.8
0.6
0.6
4.5
5.5
6.3
8.2
10.7
1.2
2.7
6.0
-4.2

.0
- .7
-1 .0
1 .8

1 .1
-6.1
-10.9

1 .2
-4.5
0.0

-15.8
-1.1
14.5

12.8
12.9
-8.0
-22.7
14.2
7 .8
3.2
2 .7
-0.8
5.3
-8.4
2.4
13.5
3.3
4.5
5 .9
5.2

12.7
9.6
-6 .0
-17.0
14.4
10.1
5.6
4. 1
-5.0
3.0
-4.7
6 .2
10.1
1.3
-0.2
1 .4
4.2

-1.4
6.3
-1.2
1 .2
16.6

0.7
6.9
3.0
-4.0
14.2

4.9
7 .5
24.4
-7.9
9.9

-5.0
9.5
2 .2

-3.9

-3.3

-7. 1

9 .8

5.6

2 .2

1.6

-6.6
11.0
2.7

-6.1
5.3
3.3

9.5
9.2
8.4
-1.2
6.4
6.4
- .1

8.3
9.1
7.4
0.8
6.7
3.3
-2.5

8.8
8.1
7.3
1.2
7.9
3.3
-3.9

10.2
1.6
0.6
-1.7
5.6
10.6
14.6
3.3
-17.9
-0.8
-3. 1
13.8
9.1
3. 1
2.2
-1.4

4.6
1 .3
1.6
6.9
3.9
8.5
12.6
-1.6
-17.6
0.8
-5.3
16.4
11.9
0.5
2 .0
0.0

7.6
8.0
6.8
5.4
6.2
6.3
-2.9
-1.1
7 .4
0.9
-2.8
11.7
2.9
6.5
8. 1
0.0
-3.3
1. 1
-10.0
8.7
5.6
1.8
1.2
5.9

9.
7.
2.
4.

9.4
5.5
-3.4
-9.6
9.9
10.7
18.4
-0.5
-14. 1
0.8
-1.2
3.9
8.6
5.4
6.8
5.9
5.2

7.7
10.0
7.8
1.6
8.7
4.8
-2.5
1 .8
4.2
4.8
1.9
8.4
3.3
8.5
5.7
5.2
-11.3
1 .4
-4.6
15.9
8.4
-2.0
-2 .9
3.4

4.4
-2.5
1.1
10.7
2.8
-5 .5
11.6
2.6
6 .8
5.4
-0.5
4.6
-2.7
-7 .9
10.4
2.9
3.6
5.2
5.1

1.0
8.3

SPANS
AVERAGE FOR PERIOD

12 . 1
10.0
7 .2
-13.7
17 .4
1.2
-8.9
11.3
2 .7

5.9
11.6

3.3

7.0

2.9
-10.8
2.2
14.3
3.1
-9 .0
10.4
0.0
7.0
6.8
-1.8
10.0
-8.1
-9.9
12 .8
2.1
2 .8
2.5
7 .5

-2.1
- 12 .
6.
13.
9.
-15.
5.
4.

NOTE: These series contain no r e v i s i o n s but are reprinted for the c o n v e n i e n c e of the u s e r .




68.9
63.6
68.7
69.7
69.9

59.5
65.4
68.5
68.6
63.4
69.0
70.0
69.3

75.0
79.2
86. 1
94.4
99 .0
103.4
109.8
110.8
108.6
114.7
126.6
128.2

9 2 0 C . CHA 1GE IN C O M P O S I T E I N D E X O F 4 R O U G H L Y C O I N C I D E N T I N D I C A T O R S O V E R 3 - M O N T H
(ANNUAL RATE, PERCENT)

104

Arinual

60.3
67.8
69 .6
66 .6
65 .6
68.9
68.1
71.8

78.3
85.1
93 .0
98.6
103.3
108.9
11 .0
10 .6
11 .2
12 .5

9 2 0 C . CHANGE IN C O M P O S I T E I N D E X OF 4 R O U G H L Y C O I N C I D E N T I N D I C A T O R S O V E R 1-MONTH SPANS
( A N N U A L RA
1954...
1955...
1956 . . .
1957 . . .
1958. ..
1959 . ..
1960...
1961. . .
1962...
1963...
1964. . .
1965...
1966. . .
1967...
1968...
1969...
1970. . .
197 1. . .
1 9 7 2 . ..
1973...
1974...
1975...
1976. ..
1977. ..
1978...
1979. ..
1980. . .
1981...
1982 . . .
1983...
1984. . .
1985...
1986...
1987...
1988...

IV Q

INDEX OF 4 ROUGHLY C O I N C I D E N T I N D I C A T O R S
(1967=100)

7*.0
- 1.8
12 . 1
-11.2
-7 .2
15.3
4.4
1.8
2 .4
4.8

15.8

17.9

-8.8

-4.4

5 .9
-16.4
11.0
18.9
-11.6
13.1
1.1
4.7
10.0
13.0

0.0
-18.6
15.7
28.0
-11.6
5.8
0.5
3.1
17.1
10.9

1.8
0.6
-19.2
15.3
6 .0
-1.3
6.1
5.3
8.3
9.6

-4.5
-3.9
1.2
10.9
-4.8
11.1
3.1
5.8
8.3
9. 1
7.5
1.2
7.8
3.8
-3.0
3.2
6 .3
2 .6
1 .4
4.5
4.3
9 .2
11.0
2 .3
-15.6
0.5
-4.3
15.4
9 .8
0.5
0.4
0.7

12.1

10.3

-2 . 1
-5.0
7.9
16.3
3.5
-23.3
4.8
7 .2
6 .9
10.2
-1.1
9 .9
-14.4
-5.5
12.2
6 .0
5.3
3.9
8.0

-7.2
7 .3
14.5
12 .7
-3.0
-25.8
10.2
9 .9
1.5
5.3
1. 1
7 .4
-15.8
4.3
13.0
4.9
5.3
0.5
1.2

Percent changes are cent -red

0.7
5 .0
5.9
-3.1
5.7
11.6
9.3
-5.8
-16.4
1 .8
.5
. 1
.1
- .6
.0
- .8
.2
10.7
3.3
3.7
4.4
4.9

1 .4
8.
-3.
13.
-14.
-5.9
8.6
2 .7
4.6
6.1
8.1
.5
.5
.9
.5
- .4
1 .8
.3
- .8
1 .2
.8
.8
6.8

3.8
-3.2
-9.3
10.6
3.5
2.7
3.0
6.2

15.3
8.2
4.4
-16.2
14.7
16.0
-10.7
10.1
1.4
4.0
11.0
11.8
3.7
9 .8
6 .2
-3.8
-3.3
9.6
14.2
3.3
-2 1.4
6.9
7 .1
5.5
7.5
-0.6
9.8
-13.8
-2.8
13.5
5. 1
4.1
2.3
4 .7

0.9
11.4
2 .6
-5 .8
2 .6
7.0
-3.8
7.1
3.3
4.9
8.4
9.6
6 .4
4. 1
6 .0
2 .6
-3.7
4.8
10.8
4.4
-7.9
1 .6
6.5
7 .7
8.6
0.8
-2 .2
-3 .4
-5.3
10.9
7 .3
2 .7
2.3
4.0

(MAY 1988)

C. Historical Data for Selected Series—Continued
Year

HQ

1Q

IV Q

III Q

Annual

Year

1 , 000

TOTAL

1954
1955
1956
1957
1958
1959
I960
196 1
1962
1963
1964
1965
1966
1967
1968
1969
1970
197 1
1972
....
1973
1974
1975
1976
1977
1978
1979
1980 .
1981
1982
1983 . .
1984
1985
1986
1987
1988
107.

RATIO,

1954
1955
1956
1957 .
1958
1959
I960
196 1
1962
1963
1964
1965
1966
1967
1968.
1969
1970
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 ... .
1984
1985 . . .
1986
1987
1988
965.

.86
.69
.04
.61
.95
.69
.87
.39
.99
.76
.12
.08
.54
6.03
5.95
6.80
6.68
5.70
6.57
9.72
12.86
11.39
11.38
14.58
17.06
21.45
27.50
27.70
25 . 18
20. 07
26.92
29 .94
23.39
2 1.44

1.84
3.26
3.71
3.20
1.94
2.94
2.52
2 .46
2.52
3.27
4.66
5.54
6.77
5.98
5.72
7.75
6.48
5.52
7.09
10.92
14.98
10.98
12.22
15 .00
15.06
21.03
25.81
28.06
20.02
20.87
34. 12
27 .56
19.99
32.26

.87
.90
.38
.43
.20
.13
.27
.72
.82
.66
.91
.58
.96
.89
.35
.60
.32
.92
.21
1 .67
1 .38
10.18
11.83
17 .44
16.09
22.47
24. 12
26.71
18.44
22.78
27.31
24. 17
20.20
29.81

2.28
4.01
3.43
2 .33
2.23
3.13
2.71
2.70
3.15
3.94
4.34
6.15
6 .02
5.95
6 .64
7 .44
5 .86
5 .94
8.43
12.20
12 .68
12.87
14.36
16 .89
18.67
23.08
26.15
23.04
2 1.49
24.26
29.10
27 . 19
22.10
33.98

GROSS NATIONAL PRODUCT TO MONEY SUPPLY M l 1
(RATIO)

AVERAGE

.9 18
.021
. 166
.346
.340
.480
.689
.657
.874
.979
.130
.238
.445
.615
.667
.721
.831

2.912
3. 066
3.203
3.361
3.333
3.543
3.686
3.702
3.903
3.997
4.157
4.287
4.456
4.587
4.714
4.754
4.869

2 .922
3.115
3.237
3.412
3.395
3.519
3.674
3.755
3.954
4.042
4.155
4.336
4.545
4.582
4.711
4.831
4.895

.957
.158
.286
.390
.451
.581
.641
.811
.957
.061
.131
.386
.609
.587
.683
.833
.824

.019
.207
.374
.540
.952
.097
.288
.711
.887
.178
. 039
.756
.960
.981
.658
5.978

5.071
5.270
5 .448
5 .600
5.964
6.211
6 .499
6.737
6.990
7 . 149
7.110
6.770
7.000
6.899
6 .465
5.971

5 .078
5.312
5.509
5.718
6.010
6.300
6.538
6.702
6.820
7.223
7. 005
6.728
7 .019
6.774
6.277
6 .065

. 1 17
.413
.546
.849
.057
.261
.643
.749
.902
. 17 1
.808
.818
.035
.693
6.049
6.117

D I F F U S I O N INDEX OF NEWLY APPROVED CAPITAL APPROPRIATIONS
P E R C E N T R I S I N G OVER 1-QUARTER S P A N S )

1954
1955
1956
1957
1958
1959
I960. .
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

36
89
59
48
39
53
36
53
56
42
53
1
4
8
9
53
50
65
83
48
24
53
48
59
53
65
59
53
45
71
50
36
42

56
62
30
42
48
33
59
45
65
74
77
53
48
48
56
42
36
71
53
48
48
62
83
30
42
18
50
24
53
59
42
24
83

39
80
36
24
74
68
11
74
62
68
56
65
30
45
65
39
36
77
48
59
48
30
42
56
59
42
27
36
45
53
42
59
59
59

NOTE: Unless otherwise noted, these series contain no
^his series contains revisions beginning with 1947.




7.85
13.86
14.56
11.57
8.32
11.89
10.37
10.27
11.48
13.63
18.03
22.35
25 .29
2 .85
2 .66
2 .59
2 .34
2 .08
2 .30
4 .51
5 .90
45.42
49.79
63.91
66.88
88.03
103.58
105.51
85.13
87.98
117.45
108.86
85.68
117.49

2 .927
3.090
3.223
3.377
3.380
3.531
3.672
3.731
3.922
4.020
4. 143
4.312
4.514
4.593
4.694
4.785
4.855
4.940
5.071
5.300
5.469
5 .677
5 .996
6.217
6 .492
6.725
6.900
7 . 180
6 .990
6.768
7. 004
6.837
6 .362
6.033

AVERAGE
62
48
53
53
59
36
11
3
1
8
9
8
8
5
8
2
9
8
5
9
0
5
9
2
53
53
59
30
74
59
65
53
65
65

48
70
44
42
55
60
40
60
58
61
56
65
51
52
51
49
42
53
62
64
44
42
54
57
50
48
42
44
49
52
59
51
46
62

1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966 . ...
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984. . . .
1985
1986
1987
1988

5.25
.46
1 . 15
1 .95
.94
.52
9.50
8.13
8.31
8.56
11.33
14.83
19.00
19.98
20.03
2 1.40
23.13
20.20
19 .42
26.03
39.84
49. 10
46 .07
49 .28
59.71
67.52
82.36
93.44
90.20
69 .60
78.46
99.35
92.22
69.17

Annual

IV Q

III Q

II Q

I Q

1,000
( B I L L I O N S OF DOLLARS)

97.
MANUFACTURING CORPORATIONS

4.88
6.62
11.82
11 .48
7 .24
8.13
9 .09
7.96
8.19
9 .05
12.41
15.91
20.21
9.83
9.93
2.71
2.50
9 .48
0.40
9.62
4.80
47 .59
46.39
0.68
59.95
69.80
86.38
96.18
82.88
70.58
89.18
99.88
85.77
74.64

4.65
8.26
11.97
10.30
7 .09
8.81
8.50
8.07
8. 16
9 .66
13. 9
16. 8
20.8
19 . 9
20.8
23. 3
21 . 1
19 . 9
21. 0
33. 6
50.01
45 .34
45.89
53.94
60.78
73 .25
88. 12
97 .07
74.15
72.57
92.06
97.18
80.71
74.71

END OF P E R I O D

4.82
9.85
11 .9
9.1
7.0
9.4
8.4
8.0
8.5
10.48
13.96
17 .92
20.21
19.86
20.85
23.44
20.86
18.89
23.28
37.11
49. 9
46. 5
47 . 3
56. 9
63. 7
76 . 7
90. 3
92 . 6
70. 6
73.50
94.37
94.58
69.72
76.81

960. DIFFUSION INDEX OF NET PROFITS, MANUFACTURING-ABOUT 600 COMPANIES ©
( P E R C E N T RISING OVER 4-Q SPANS)

1954
1955
1956
1957
1958
1959
1960
196 1
1962
1963
1964
1965
1966
1967
1968
1969
1970
1 9 7 2 ....
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

52
77
70
50
76
56
63
72
72
79
84
80
64
68
68
52
64
78
77
73
59
74
72
78
71
56
60
50
71
76
70
70
74

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

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

76
71
61
44
80
62
54
74
68
79
81
83
66
72
76
55
62
77
80
76
52
77
76
78
74
54
64
48
66
81
68
70
74

965. D I F F U S I O N INDEX OF NEWLY APPROVED CAPITAL APPROPRIATIONS
(PERCENT RISING, 4-QUARTER MOVING AVERAGE)

1954
1955
1956
1957
1958
1959
I960
1961
1962
1963 .
1964.
1965
1966
1967 .
1968
1969. .
1970..
197 1
1972 . .
1973
1974
1975 . .
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

2
3
3
2
3
6
31
64
54
62
63
63
51
47
55
50
43
50
58
65
50
33
56
62
48
48
41
51
38
56
58
54
43
62

isions but are reprinted for the convenience of the user.

8
0
5
2
5
0
0
0
59
61
56
65
51
51
50
49
42
53
62
64
43
42
54
57
50
48
42
44
49
53
59
51
46
62

62
62
42
39
59
56
45
61
55
64
60
66
45
50
55
48
42
56
67
55
37
49
53
60
49
50
41
42
47
59
54
48
48

4.82
9 .85
11 .92
9.13
7.07
9.41
8.41
8. 07
8.54
10.48
13.96
17 .92
20.21
19.86
20.85
23.44
20.86
18.89
23. 8
37. 1
49 . 9
46 . 5
47. 3
56 . 9
63.37
76.47
90.73
92. 6
70. 6
73 . 0
94. 7
94. 8
69. 2
76 .81

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

AVERAGE
3
4
5
1
7
3
1
57
60
66
61
60
43
50
57
44
40
65
62
53
37
53
58
47
52
45
49
36
54
61
50
43
62

54
65
44
41
58
56
42
60
57
63
60
64
48
50
54
48
42
56
62
59
42
44
55
56
50
48
43
43
47
57
55
49
50

(MAY 1988)

105

G. Experimental Data and Analyses

Year
and
month

Japan

France

(D. mark)

(Yen)

West
Germany

(Franc)

in

1 II

Foreign currency per U . S . dollar
United
Kingdom
(Pound)

III III

II

154.83
153.41
151.43
143.00
140.48
144.55
150.29
147.33
143.29
143.32
135.40
128.24

1.8596
1.8239
1.8355
1.8125
1.7881
1.8189
1.8482
1.8553
1.8134
1.8006
1.6821
1.6335

6.2007
6.0760
6.1091
6.0332
5.9748
6.0739
6.1530
6.1934
6.0555
6.0160
5.7099
5.5375

0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
0.6252
0.6081
0.6017
0.5633
0.5468

. .
..
..
..
..
June . .
July ..
Aug.
..
Sept ..
Oct. ..
Nov.
..
Dec.
..

127.69
129.17
127.11
124.90
2
124.85

1.6537
1.6965
1.6770
1.6710
2
1.6866

5.5808
5.7323
5.6893
5.6704
2
5.7209

Japan (yen)

// \

\

Aug.

Sept
Oct.
Nov.
Dec.

V
V

* "\ f^J

Apr. . . .

May
June. . .
July...
Aug
Sept. . .
Oct
Nov
Dec. . . .

\r
Italy

Canada

Exchange value
of the U . S .
dollar 1

(Dollar)

(March 1973=100)

1317.17
1297.74
1305.90
1292.96
1290.80
1316.50
1337.96
1344.18
1310.86
1302.58
1238.89
1203.74

1.3605
1.3340
1.3194
1.3183
1.3411
1.3387
1.3262
1.3256
1.3154
1.3097
1.3167
1.3075

101.13
99.46
98.99
97.09
96.05
97.78
99.36
99.43
97.23
96.65
91.49
88.70

1988
Jan. . . .

Feb
Mar
Apr. . . .

May....
June. . .
July...
Aug
Sept...
Oct....
Nov. . . .
Dec

V

A s* S

200

V

160

\A>

\

X

/^

—"W

H
-^ f*+
>

"
/
y

A

A

/

' V

/
'V,/

1.2855
1.2682
1.2492
1.2353
2
1.2363

89.29
91.09
89.73
88.95
2
89.51

/

V

Ital)/ (lira

/

iN"
j

r

9
8

^

B

'***'* ^•ww/

\\
\

5
0.9
0.8

\s

0.7

^\

B

V-*-

0.5
2000
1800

\A m

s~ /*****

s^ —-^v f*^*

Exchange value of the U.S. dollar
(index: March 1973 = 100)
A

j'
in
75

--N

"\
T

III III

III

•S\.S\

III

A
/\+/J
|

106



1400
1200

1.2
1.0
180

A
|

r
r

\\

f\
V \

^

120

\.

r

||

140

^
II

MI

B

100

N
.

III ^
III

60
Ill

76 77 78 79 80 81 82 83 84 85 86 87 88

1
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 2 through 20.

Source: Board of Governors of the Federal Reserve System.

1600

1.4

^•^

/\

s~*~

0.6

800
1.6

Canada (dollar)

rS ^

7

K/\
*^

^v "•*V> fiJ

^r

1.6

1000

yv

1216.88
1249.62
1240.67
1240.99
2
1254.47

'

/

Unit edKi igdoni (po
und)

/
f

J

\ ^srJ

2.0

10

y/

J

120
2.8
2.4

I

1987

Feb
Mar

*

Fr ance (fran

/*-

(Lira)

Jan. . . .

240

^

J "•N

^

280

A

Foreign currency per U . S . dollar
Year
and
month

III III

A
r ^vv v/*

Wf>stGe rman y ( d . mark

1988
Jan.
Feb.
Mar.
Apr.
May.

in

Ratio scale

'

0.5553
0.5688
0.5456
0.5324
2
0.5337

June
July

III

III

320

\

"-NX

^

f\

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

III

II

horeign currency per U.S. dollar—

1987
Jan.
Feb.
Mar.
Apr.
May.

II III

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series t i t l e
(and u n i t of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, m a n u f a c t u r i n g ( h o u r s ) . .
5. Average weekly i n i t i a l c l a i m s for unemployment i n s u r a n c e , State programs 1 ( t h o u s . ) . . .
8. M f r s . 1 new orders in 1982 d o l l a r s , consumer
goods and m a t e r i a l s i n d u s t r i e s ( b i l . d o ! . ) . .
32. Vendor performance, percent of companies
receiving slower d e l i v e r i e s (percent) .
20. Contracts and orders for p l a n t and equipment
in 1982 d o l l a r s ( b i l . do! . )
29. New private h o u s i n g u n i t s authorized by
local b u i l d i n g permits ( i n d e x : 1967=100). . .
36. Change in i n v e n t o r i e s on hand and on order in
1982 do!., smoothed 2 ( a n n . rate, b i l . dol . )
99. Change in 2 s e n s i t i v e m a t e r i a l s prices,
smoothed (percent)
. . .
19. Stock p r i c e s , 500 common stocks
( i n d e x : 1941-43=10)
106. Money s u p p l y M2 in 1982 d o l l a r s
(bil. dol.)
111. Change in b u s i n e s s and consumer credit
o u t s t a n d i n g ( a n n . rate, percent)
910. Composite index of l e a d i n g i n d i c a t o r s 3
( i n d e x : 1967=100)
ROUGHLY C O I N C I D E N T INDICATORS
41. Employees on n o n a g r i c u l tural payrolls
(thous )
51. Personal income less transfer payments in
1982 d o l l a r s ( a n n . rate, b i l . d o l . )
47. I n d u s t r i a l production
( i n d e x : 1977=100)
57. M a n u f a c t u r i n g and trade sales in 1982
d o l l a r s ( m i l dol )
920. Composite index of roughly c o i n c i d e n t
indicators 3 ( i n d e x * 1967=100)

Jan.
1988

.

Feb.
1988

41.2

Net c o n t r i b u t i o n to index

Mar.
1988

41.0

Jan.
to
Feb.
1988

Apr.
1988

r41.0

Feb.
to
Mar.
1988

Mar.
to
Apr.
1988

p41.2

-0. 16

0.00

0.20

.

351

321

304

296

0.27

0.16

0.10

.

84.85

r86.27

r86.46

p86.39

0.09

0.01

-0.01

68

66

69

62

-0.09

0.13

-0.37

43.45

r42.78

r40.92

p40.95

-0.04

-0.11

0.00

r99.5

rl!4.0

rl!7.7

115.6

0.44

0.10

-0.07

r40.47

r37.57

p32.77

NA

-0.08

-0.13

NA

rO.35

0.07

rO.09

0.23

-0.12

0.01

0.07

250.48

258.13

265.74

262.61

0.20

0.20

-0.10

r2 ,435.4

r2, 449.0

r2,454.7

P 2 , 463.1

0.19

0.08

0.14

r-0.6

rlO.6

P3.7

NA

0.64

-0.39

.
. .
.

NA

r!88.7

r!91.5

r!91.9

p!92.2

1.48

0.21

0.16

103,827

r!04,365

r!04,661

p!04,835

0.43

0.23

0.18

r2,728.4

r2,745.6

r2.762.7

P2,751,2

0.31

0.31

-0.27

134.4

134.4

r!34.7

pi35.6

0.00

0.06

0.24

r437,577

r440,495

p443,413

NA

0.15

0.15

NA

173.0

r!74.2

r!75.2

p!75.2

0.69

0.57

0.00

14.4

13.7

13.4

0.00

0.36

0.23

rl.53

p i . 52

NA

-0.13

-0.13

NA

r98.3

r99.5

p97.8

0.11

0.44

-0.91

8.51

8.50

8.50

-0.17

-0.01

0.00

r361,924

r361,314

p363,603

0.37

-0.04

0.24

r!6.03

p!5.96

NA

0.15

-0.27

NA

r!43.7

r!44.2

p!43.6

0.35

0.35

-0.42

LAGGING INDICATORS
91. Average duration of unemployment 1
14.4
(weeks) . . .
.
. . . . .
77. Ratio, m a n u f a c t u r i n g and trade inventories
1.54
to sales in 1982 d o l l a r s ( r a t i o )
62. Labor cost per u n i t of o u t p u t , m a n u f a c t u r i n g - 98.0
actual data as a percent of trend (percent) . .
109. Average prime rate charged by banks
8.75
(percent)
101. Commercial and i n d u s t r i a l loans outstanding
in 1982 d o l l a r s ( m i l . d o l . )
r356,951
95. Ratio, consumer installment credit
outstanding to personal income (percent). . . .
15.99
930. Composite index of l a g g i n g i n d i c a t o r s 3
r!43.2
( i n d e x : 1967=100)

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It 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, preliminary, r, revised, e, estimated.
x
This series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
2
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.




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns

32. Vendor performance, percent of companies
receiving slower deliveries

Actual
data

MONTHS
FROM
REF.
TROUGH

CURRENT
ACTUAL
DATA

SERIES 32
PERCENT
REPORTING
54
60
55
57
56
62
57
58
59
60

80

70

L.L.L

60
69
70
66

61
62
63
64

90

32. Vendor performance, percent of companies
receiving slower deliveries

71
68
66
69

MONTHS
DEVIFROM ATIONS CURRENT
SPEC.
FROM ACTUAL
TROUGH
5/82
DATA

50

SERIES 32
PERCENT
REPORTING
60
30
60

40

61
62
63
64

20

27
32
30
39

57
62
60
69

65
66
67
68

30

40
36
41
38

70
66
71
68

10
69
36
66
70
39
69
71
32
62
MONTHS DEVIFROM ATIONS CURRENT
REF.
FROM ACTUAL
TROUGH
7/81
DATA

SERIES 40
THOUSANDS

40. Employees in goods-producing industries

54
55
56

+4
+2
•2 . 0
600

0

-3.7 24752
-3.6 24761
-3.3 24850

57
58
59
60

-3.2
-3.0
-2.5
-2.1

24886
24917
25064
25169

61
62
63
64

-1.7
-1.9
-1.3
-1.0

25259
25205
25354
25449

-0.8

• 27,000

40. Employees in goods-producing industries

25506

-2
-4

• 25.000 MONTHS DEVIFROM ATIONS CURRENT
SPEC.
FROM ACTUAL
TROUGH
3/83
DATA

-6
•2 . 0
400

-8

SERIES 40
THOUSANDS

-12

HIII imiliimliimliiiiilimiiiuii Illinium mill mill In
0 + 6 +12+18+24+30+36+42+48+54+60

• 23.000

8.5
8.6
9.0

24752
24761
24850

53
54
55
56

9.1
9.3
9.9
10.4

24886
24917
25064
25169

57
58
59
60

-10

50
51
52

10.8
10.5
11.2
11.6

25259
25205
25354
25449

11.8

25506

• 24.000

• 23.000

-• -2
0 + 6 +12+18+24+30+36+42+48+54+60+66

Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on page 107 of the January 1988 issue.

108



Months from specific troughs

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
Actual
data

43. Unemployment rate, total (inverted)

MONTHS
FROM
REP.
TROUGH

CURRENT
ACTUAL
DATA

43. Unemployment rate, total (inverted)

SERIES 43
PERCENT
54
55
56
57
58
59
60

6.0
5.9
6.0
5.9

61
62
63
64

5.8
5.8
5.7
5.6

65

1970

6.3
6.1
6.0

Deviations
from
specific
troughs

5.4

Actual

-I -6

•7

•8

SERIES 43
PERCENT

•9

53
54
55
56

82. Capacity utilization rate, manufacturing

-4.5
-4.7
-4.8
-4.8

6.3
6.1
6.0
6.0

57
58
59
60

-» 11

-4.9
-4.8
-4.9
-5.0

5.9
6.0
5.9
5.8

61
62
63
64

-5.0
-5.1
-5.2
-5.4

5.8
5.7
5.6
5.4

MONTHS
FROM
REF.
TROUGH

• 10

+1

• 12

+2

CURRENT
ACTUAL
DATA

• 13

SERIES 82
PERCENT

85

54
55
56

80.4
80.8
81.5

57
58
59
60

81.5
81.3
82.0
82.2

61
62
63
64

90

82.6
82.7
82.6
82.6

82. Capacity utilization rate, manufacturing

Actual
-r+20

• 85

3/?5
+15

• 80

83.0

75

MONTHS DEVIFROM ATIONS CURRENT
SPEC.
FROM ACTUAL
TROUGH 12/82
DATA

+ 10
• 75

SERIES 82
PERCENT

-I 65

53
54
55
56

12.4
12.8
13.5
13.5

57
58
59
60

13.3
14.0
14.2
14.6

81.3
82.0
82.2
82.6

14.7
14.6
14.6
15.0

+5

80.4
80.8
81.5
81.5

61
62
63
64

70

0 + 6 +12+18 + 24+30+36+42+48+54+60

•5

•6

MONTHS PEVIFROM ATIONS CURRENT
SPEC.
FROM ACTUAL
TROUGH
12/82
DATA

10

Actual
data
for
current
cycle

82.7
82.6
82.6
83.0

Months from reference troughs

• 70

• 65
-5

0 + 6 +12 + 18 + 24+30+36 + 42+48+54+60
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on page 107 of the January 1988 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Current issue
Series . (page numbers)
number Charts Tables

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Historical
data
(issue date)

Series
description
(*)

56

10/87

56

A
Agricultural products exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl.
Inventories, manufacturing and trade, 01
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

..

58
974
975
971
100
61
970
976
978
977
972
973
616
55

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
C
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.
Eleven leaders, index
Eleven leaders, rate of change
Inventory investment and purchasing
Money and financial flows
Profitability ..
See notes at end of index.

110



604

93
94

22
38
38
38
24
24
38
38
38
38
38
38
56
22

33
33

92
65
76
76
76
67
67
76
76
76
76
76
76
92
65

72
72

6/87
8/87
8/87
8/87

11/87
11/87
11/87
8/87
8/87
8/87
8/87
8/87

10/87
9/87

2/88
2/88

20
37
37
37
'23'

23
37
37
37
37
37
56
39

35
35

29
76

13,25
24

67
67

12/87

24
12

14
12
13

33
23
23

72
65
65

6/87
1/88
1/88

34
21
21

5/88

101
72
112
295

20
20

64
64

11/87
11/87

14
14

97
11
965
333

24
24
37
48

66
66
75
86

5/88
5/88
5/88
3/88

22
22
22
51

'29'

29

60
70
70

1/86
9/87
9/87

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

2/88
2/88
2/88
2/88

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

60

5/88
5/88

5

74'
60
66

12/87
11/87
5/88

5
5
21

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

345
280

49
45

87
82

10/87
1/88

46
46

64

30,47

70,83

9/87

46

346

49

88

10/87

46

340

.

32
32
32
26

101
72
112

..

5/87
5/87
5/87
1/88

914
35
34

..

73
73
71
82

82
84

..

15,35
35
32
46

49

87

8/87

5

341
348
349

49
50
50

87
88
88

4/88
7/87
7/87

5
53
53

53

19

63

4/88

11

920
920c
940

10
39
11

60

5/88
5/88

'60'

11/87

5
"5"

930
930c

10
39

60

10/87
10/87

5

914
910

'10'

60
60

1/86
4/87
4/87
1/88
1/88
1/88

5
5
"5"

910c

915
917
916

39
11
11
11

'eo'
60
60

5
5

Current issue
Series (page numbers)
number Charts Tables

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
„
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

Historical
data
(issue date)

Series
description
(*)

29

67

5/88

24

23
24

66
67

5/88
8/87

21
17

86
248
87
89
249
28
334
8
75

25
47
25
25
47
25
48
12,21
22

67
83
67
67
83
67
86
64
65

9/87

12/87

40
40
40
40
40
24
51
15
12

66
113
95
39

35
32
15,35
33

73
72
73
72

5/88
5/88
5/88
2/88

33
33
33
34

320
322
58

49
49
22

84,95
84
65

3/88
3/88
6/87

49
49
20

525

53

90

7/87

55

20
..

13,25

9
69

12,23

66

5/88

21

10
116

23
34

66
73

5/88
5/88

21
35

110

32

72

10/87

34

101
72
112

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

66
113
95
39
111
33

35
32
15,35
33
13,32
32

73
72
73
72
72
71

5/88
5/88
5/88
2/88
5/87
9/86

33
33
33
34
31
31

98
331

28
48

69
85

4/88
3/88

51
50

12/87
9/87
9/87

12/87
5/88
3/88
4/88

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 nonagricultural payrolls
Industrial production
Industrial production, components .
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing....
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

54

91

12/87

13

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

7/87

55
55
56
56
56
55

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

10/87
10/87

17
15
17
15
5
43
43

39
32

33
12,21

72
64

2/88
1/88

34
17

965
951
974
963
966

37
36
38
36
37

5/88

22
5
37
5
12

962
975
952
950
964

36
38
36
36
37

971
970
960
972
967

38
38
37
38
37

973
976
978
977
968
961

38
38
38
38
37
36

75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

10/87
10/87
7/87
7/87
7/87
6/87
5/87
6/87
6/87
8/87

12/87
8/87

10/87
12/87

6/87
9/87

8
37
5
5
15

8/87

'37'

11/87
5/88
8/87
1/88

23
37
37
25

8/87
8/87
8/87
8/87
2/87
8/87

'37
37
37
37
25
5

2/88
8/87

12/87

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series (PaSe numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change

Total

Employees in goods-producing industries
Employees, manufacturing and trade, Dl.
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl
Employment, civilian
Employment, defense products industries.
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, 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 nonagricultural activities
Unemployed, both sexes 16-19 years of age.
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total.
Workweek, manufacturing.
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from...
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts...
Federal surplus or deficit
State and local expenditures.
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP.
National defense..
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted

441
578
577

51
55
55

48c
48
40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
44
45
43
1

39
17
17
38
14,17
36
51
55
17
16
16
12,16
36
16
51
51
51
51
17
51
51
51
51
15,18
18,51
18
18
18
12,16

96l'

'36'

119

33
40
11

2/88
7/87
7/87

61
62
76
62
74
89
91
62
61
61
61
74
61

9/87
9/87
8/87
8/87
8/87
10/87
2/88
8/87
2/88
12/87
2/88
2/88
2/88
8/87
2/88

89
62

62
62,89
62
62
62
61
77
74

9
56
56
5
5
37
5
5
9
5
9
9
9

2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
5/88
2/88
8/87

72
80
60

8/87

2/88
10/87
1/88

35
38
5

9/87

311

2/88
9/87
502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/87
9/87
9/87
9/87
9/87
9/87
1/88

53
53
53
53
53
53
48

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

81
81
83
91
91
81
81
83
81
81

1/88
1/88
1/88
10/87
10/87
1/88
1/88
1/88
1/88
1/88

43
43
43
43
43
43
43
43
43
43

311

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.

48
30

84
70

9/87
9/87

49
28

50
50b
50c
200
200b
200c
107
49
310
217

19,40

63,80

31
20
48

71
63

9/87
9/87
9/87
10/87
10/87
10/87
5/88
9/87
9/87
10/87

38
38
38
38
38
38
30
14
38
38

46
60

16
16

61
61

12/87

12,16

61
77
74
61

8/87

39
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

961
21

36
16

8/87
8/87

Housing
Housing starts
Housing units authorized by local building permits..
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm

business sector

Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad

Interest, net

3/87

34

94
213
917

89
91
91

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

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

Current issue
Series (pagenumbers)
number Charts Tables

28
29
249

25
13,25
25
47

67
67
67
83

310

Historical
data
(issue date)

5/88
5/88
9/87
12/87

Series
description
(*)

24
24
40
40

9/87

345
280

49
45

87
82

70,83

64

30,47

346
95
286

49
15,35
45

287
225
224

10/87
1/88

46
46

9/87

10/87
5/88

46
33
26

47
40
40

10/87
10/87

26
11
11

227

40

10/87

340

49

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

4/88
7/87
7/87
1/88
1/88
10/87
9/87
9/87

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63
71
82

9/87
9/87
5/88
1/88

11
30
47

283
284

47
45

83
82

1/88
1/88

47
47

285
348
349

47
50
50

83
88
88

1/88
7/87
7/87

47
53
53

53
13
335

19
23
48

63
65
85

4/88
1/88
3/88

11
21
51

12/87
12/87
12/87
12/87
12/87
12/87

12
12
13
12
12
12

73
82

8/87

24
67
76
75
22
65
557
54
91
73
20
63
74
20
63
47 14,20,58 63,94
78
966
37
75
47c
39

12/87
12/87

967
23

37
28

79
75
69

1/88
1/88

25
25

5
962
45

12,16
36
18
45
47

61
74
62
82
83

2/88
2/88
5/88
1/88
1/88

47
47

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

1/88
5/88
3/87
3/87
5/88
2/88
5/88
5/88
3/88

35
35
35
35
35
35
35
35
50

733
736
737
738
732
320
735

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

4/88
4/88
4/88
4/88
4/88
3/88

60
61
61
61
60
49
61

94
58
723
94
58
726
94
727
58
94
58
728
94
721
58
94
722
58
47 14,20,58 63,94
725
58
94

11/87
6/87
6/87
6/87
6/87
6/87
12/87
6/87

59
59
59
59
58
58
12
59

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.

Current issue
Series (Page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

7/87
7/87
7/87
7/87
7/87
7/87
7/87

63
63
63
63
63
25
63

667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

7/87
7/87
10/87
7/87
10/87
12/87
12/87
7/87
10/87
10/87
7/87
10/87
7/87
12/87
12/87
10/87
7/87
7/87

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

250
251

44
47

82
83

12/87
12/87

44
44

30
245
247
559
65
77
915
71
31
70
975

26,42
42
47
54
27
15,27
11
27
26
27
38

68,81
81
83
91

9/87
12/87
12/87
6/87
5/87
11/87
1/88
11/87
6/87
11/87
8/87

40
40
40
17
17
17
5
17
17
17
37

13,26

4/88

17

27

5/87

17

26

5/87

17

5/88
5/88
5/88
1/86
5/88

22
22
22
5
21

12/87

255

97
11
965
914
9

24
24
37

'23'

68
76

66
66
75
60
66

8/87

24

243
242
86
248

42
42
25
47

81
81
67
83

11/87
11/87
9/87
12/87

40
40
40
40

249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/87
9/87
9/87
12/87
11/87
11/87

40
40
40
40
40
40

11/87

15

11/87

15

20
10
100
61
970

12,23
23
24
24
38

66
66
67
67
76

5/88
5/88
11/87
11/87
11/87

21
21

652
651

57
57

93
93

7/87
7/87

57
57

23

23
23

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



30
30

70
70

9/87
10/87

28
28

62
62
26

30
15
29

70
70
70

10/87
10/87
10/87

28
28
28

930
930c
952

10
39
36

10/87
10/87
12/87

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators, eleven
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

(p«rs)
Series (page numbers)
number Charts Tables

Hlstorical

Series

data
(issue date)

description
(*)

910
910c
950
14
104

10
39
36
33
31

4/87
4/87
6/87
6/87
5/88

78

27

60
74
72
71

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 Ml, constant dollars
Money supply Ml, percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields
N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars..
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars.
Durable goods industries, current dollars.
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP

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

38
26
84
20
8 12,21

5/87
68
64
64

5/87
11/87

917

11

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

5/88
5/88
5/88
5/88
5/88
5/88
5/88
9/86
3/87
5/88

29
29
29
30
29
30
30
31
35
35

27
24

23
23
12,21

66
66
64

11/87
11/87
4/88

15
15
15

1/88

20 12,23
10
548
7
6

23
53
21
21

964
971

5/88
5/88
5/87
4/88
4/88

21
15
15
15

37'
38

66
90
64
64
77
75
76

9/87
8/87

15
37

87
86
248

25
25
25
47

67
67
67
83

9/87
9/87
9/87
12/87

40
40
40
40

517
543
721

53
53
58

90
90
94

7/87
10/87
6/87

55
55
58

580

54

62
62
370
358
82

30
15
50
50
20
20
16

453
452
451

51
51
51

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

292
293
614

46
46
56

10/87
9/87

64
64
61

10/87
10/87
10/87
10/87
11/87
11/87
8/87

52
52
14
14
5

89
89

2/88
2/88
2/88

9
9
9

9/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87

39
39
39
39
39
39
39
39
39
39

70
70

81
81
81
81
80

82
83
92

1/88
1/88
10/87

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

Current issue
(page numbers)
Series
number Charts Tables

20
10
100
61
970
90

12,23
23
24
24
38
17

66
66
67
67
76
62

320
322

49
49

84,95

311
310
26

48
48
29

84
84
70

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

967
23

'37'

28

98
99

Historical
data
(issue date)

Series
description

5/88
5/88

21
21

11/87
11/87
11/87

'23'

(*)

2/88

23
9

3/88
3/88

49
49

9/87
9/87

10/87

49
38
28

3/88
3/88
3/88
3/88
3/88
3/88
4/88

50
51
50
51
51
50
51

79
75
69

1/88
1/88

'25'

28
13,28

69
69

4/88
4/88

51
25

19
968
26

13,28
37
29

69
75
70

7/87
2/87

10/87

25
25
28

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

8/87
8/87
8/87
7/87
2/88

37
37
37
55
35

88

25

67

9/87

40

370
358
916

50
50
11

88
88
60

10/87
10/87
1/88

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

9/87
9/87
9/87
9/87

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

1/88
1/88
8/87
5/88
1/88
1/88
9/87

26
26
37
37
27
5
26

81
282

29
45

70
82

9/87
1/88

26
47

283

47

83

1/88

47

84

25

Current issue
(page numbers)
Series
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

249

47

83

12/87

40

59
54

22
22

65
65

5/88
5/88

20
20

213

40

80

10/87

38

69
57
56
973
77
59
54

24
14.22
22
38
15,27
22
22

67
65
65
76
68
65
65

8/87

5/88
5/88

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

1/88
1/88
1/88
1/88
1/88

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

4/88
4/88
6/87

51
25
17

967
23

'37'

79
75
69

i/88
1/88

'25'

28

19
968

13,28
37

69
75

7/87
2/87

25
25

114
115

Residential fixed investment, percent of GNP
Residential structures— See Housing.
Retail sales constant dollars
Retail sales, current dollars

34
34

72
73

5/88
5/88

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

2/88
2/88
2/88
2/88

9
9
8
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

2/88
2/88
2/88
2/88
2/88

9
9
9
9
9

44
45
43

18
18
18

62
62
62

2/88
5/88
2/88

9
8
9

561
96
25

54
21
21

91
64
64

6/87
4/87
4/87

15
15
15

107
108
32

31
31
12,21

71
71
64

5/88
5/88
1/88

30
30
17

1

12,16
'36'

61
77
74

8/87

96l'

5
"5"

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.

11/87
11/87
8/87

11/87

25

T
Treasury bill rate
Treasury bond yields

U

R
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free ..
Residential fixed investment, constant dollars

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

967'

'37'

28
45

79
75
69
82

1/88
1/88
1/88

'25'

23
284
285
93
89

47
33
25

83
72
67

1/88
2/88
9/87

47
35
40

25
47

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.

V
Velocity of money
GNP to money supply Ml, ratio ....
Personal income to money supply M2, ratio .
Vendor performance, slower deliveries

W
Wages and salaries— See Compensation.
West Germany— See International comparisons.
Wholesale (producer) prices— See Price indexes.
Workweek, manufacturing
Average weekly hours .
Components
Diffusion index

8/87

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. "M" following a series title
indicates monthly data; "Q" indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide" also lists chart and table page numbers
for each series.

I-A. Composite Indexes
910. Composite index of eleven leading indicators (includes series 1, 5, 8, 19, 20, 29, 32, 36, 99, 106,
111) (M).-Source 1
(10,39,60)

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(23,65)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
Sources 1; 4; American Council of Life Insurance;
Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
35. Corporate net cash flow in 1982 dollars (Q).-Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).-Sources 1
and 2
(13,26,68)

14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

37. Number of persons unemployed (M).—Source 3
(18,51,62,89)

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source
2
(26,68)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

39. Percent of consumer installment loans delinquent
30 days and over ( E O M ) . — A m e r i c a n Bankers
Association
(33,72)

18. Corporate profits after tax in 1982 dollars (Q).—
Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Source 3
(17,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).-Source3
(17,62)

917. Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

20. Contracts and orders for plant and equipment in
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).—
Source3
(16,61)

930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3
(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis
(12,16,61)

23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)
(28,69,79)
24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3
(29,70)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

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)

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)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).—McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114



30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories
(M).-Sourcesl and 2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

43. Unemployment rate (M).-Source 3

(18,62)

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
(14,20,39,58,63,78,94)
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
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
(19,63)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1
(19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Sourcel
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sources land 2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sourcesland2
(14,22,65)
58. 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)

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). -Sources 1 and 4
(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

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)

1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)
dollars (Q).-Source 1

(25,67)

ing age (M).—Sources 1 and 3
Source 3

(17,62)
(15,18,62)

(M).-Source4
personal income (M).—Sources 1 and 4
tries (EOM).-Source2

(33,72)
(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 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)

70. Manufacturing and trade inventories in 1982 dollars (EOM). -Sources 1 and 2
(27,68)

100. New plant and equipment expenditures by business

71. Manufacturing and trade inventories in current
dollars (EOM). -Sources 1 and 2
(27,68)

101. Commercial and industrial loans outstanding in 1982

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). -Source 4
(20,63)
75. Index of industrial production, consumer goods
(M). -Source 4
(22,65)
76. Index of industrial production, business equipment
(M). -Source 4
(24,67)
77. Ratio, 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)

in 1982 dollars (Q).-Source 1

(24,67)

dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)

102. Change in money supply M2 (M).-Source 4

(31,71)

104. Change in total liquid assets (M).—Sources 1 and
4

(31,71)

105. Money supply Ml 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 Ml
(Q).-Sourcesland4

(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)

111. 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)

112. Net change in business loans (M).—Sources 1, 4,

81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)

(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)
and The Federal Reserve Bank of New York

(32,71)

113. Net change in consumer installment credit (M).—
Source 4

(32,72)

114. Discount rate on new issues of 91-day Treasury
bills (M).-Source 4

(34,72)

115. Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury

(34,73)

82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)

116. Yield on new issues of high-grade corporate bonds

84. Capacity utilization rate, materials (M).— Source
4
(20,64)

(M).—Citibank and U.S. Department of the Treasury
(34,73)

85. Change in money supply Ml (M).-Source 4

(31,71)

86. Gross private nonresidential fixed investment in

1982 dollars (Q). -Sou r e e l

(25,67)

87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)




117. Yield on municipal bonds, 20-bond average (M)-The
Bond Buyer

(34,73)

118. Secondary market yields on FHA mortgages (MILLS. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)
119. Federal funds rate (M).-Source 4

(34,72)

I-C. Diffusion Indexes
950. Diffusion index of eleven leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(35,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas (M).—Source
1 and U.S. Department of Labor, Employment and
Training Administration; seasonal adjustment by
Bureau of Economic Analysis
(36,74)
963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).-Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
40-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).-Source 1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
973. Diffusion index of net sales, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)

115

TITLES AND SOURCES OF SERIES-Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1982
dollars (Q).-Source 1

(42,81)

245. Change in business inventories in current dollars
(Q).-Source 1

(42,81)

247. Change in business inventories as a percent of
gross national product (Q).-Source 1

(47,83)

248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)

978. Diffusion index of selling prices, retail trade—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)

249. Gross private residential fixed investment as a

II-A. National Income and Product

251. Net exports of goods and services as a percent of

percent of gross national product (Q).—Source
1
(47,83)

250. Net exports of goods and services in current dollars
(Q).-Source 1
gross national product (Q).—Source 1

(44,82)
(47,83)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
290. Gross saving (Q).-Source 1

(46,82)

292. Personal saving (Q).-Sou reel

(46,82)

293. Personal saving rate (Q).—Source 1

(46,83)

295. Business saving (Q).—Source 1

(46,82)

298. Government surplus or deficit (Q).—Source 1
(46,83)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).-Source 1
(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)

30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)

252. Exports of goods and services in current dollars

50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)

253. Imports of goods and services in current dollars

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

200. Gross national product in current dollars (Q).—
Source 1
(40,80)

256. Exports of goods and services in 1982 dollars

213. Final sales in 1982 dollars (Q).-Source 1

(40,80)

257. Imports of goods and services in 1982 dollars

217. Per capita gross national product in 1982 dollars
(Q).-Sources 1 and 2
(40,80)

260. Government purchases of goods and services in

220. National income in current dollars (Q).—Source
1
(45,82)

261. Government purchases of goods and services in

223. Personal income in current dollars (M).—Source
1
(40,63)

262. Federal Government purchases of goods and ser-

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

263. Federal Government purchases of goods and ser-

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

265. Federal Government purchases of goods and ser- 341. Index of real average hourly earnings of production

(Q).-Source 1
(Q).-Source 1
(Q).-Source 1
(Q).-Source 1
(Q).-Source 1
current dollars (Q).-Source 1
1982 dollars (Q).-Source 1
vices in current dollars (Q).-Source 1
vices in 1982 dollars (Q).-Source 1

(44,82)
(44,82)
(44,82)
(44,82)
(44,82)
(43,81)
(43,81)
(43,81)
(43,81)

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).—
Source3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source3
(48,86)
335. Producer price index, industrial commodities
(M).-Source 3
(48,85)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)

vices as a percent of gross national product (Q).—
Source 1
(47,83)

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

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

232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1
(41,80)

268. State and local government purchases of goods and

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

services as a percent of gross national product
(Q).—Source 1
(47,83)

348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)

227. Per capita disposable personal income in 1982 dollars (Q).-Sources land 2
(40,80)

services in current dollars (Q).-Source 1
services in 1982 dollars (Q).-Source 1

(43,81)
(43,81)

233. Personal consumption expenditures in 1982 dol280. Compensation of employees (Q).—Source 1 (45,82)
lars, durable goods (Q).-Source 1
(41,80)
282. Proprietors' income with inventory valuation and
235. Personal consumption expenditures as a percent of
capital consumption adjustments (Q).—Source
gross national product (Q).—Source 1
(47,83)
1
(45,82)
236. Personal consumption expenditures in current dol- 283. Proprietors' income with inventory valuation and
lars, nondurable goods (Q).—Source 1
(41,81)
capital consumption adjustments as a percent of
237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)

national income (Q).-Source 1

(47,83)

284. Rental income of persons with capital consumption

adjustment (Q).-Source 1
(45,82)
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).-Source 1
(41,81) 285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
239. Personal consumption expenditures in 1982 dolSource 1
(47,83)
lars, services (Q).-Source 1
(41,81)
286. Corporate profits before tax with inventory valua240. Gross private domestic investment in current doltion and capital consumption adjustments (Q).—
lars (Q).-Source 1
(42,81)
Source 1
(45,82)
241. Gross private domestic investment in 1982 dollars 287. Corporate profits before tax with inventory valua(Q).-Source 1
(42,81)
tion and capital consumption adjustments as a
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)

percent of national income (Q).—Source 1

288. Net interest (Q).-Source 1

(47,83)
(45,82)

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).-Source3
(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).—Source3

(51,89)

444. Number unemployed, males 20 years and over
(M).-Source3
(51,89)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)

116



G . P . O . 1988-201-7^9:80005

TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers (M).—
Source 3
(51,89)
448. Number of persons employed part time for economic 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)

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

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).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

501. Federal Government receipts ( Q ) . — S o u r c e 1
(52,90)

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).—Istituto
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)

512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(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
(53,90)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Depart
ment of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Sourcel
(57,93)

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)

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)




622. Balance on merchandise trade (Q).—Source 1
(57,93)

(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
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(59,95)

736. France, consumer price index (M).—Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).—Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—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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