Full text of Business Conditions Digest : November 1969
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NOVEMBER 1969 DATA THROUGH OCTOBER U.S. DEPARTMENT OF COMMERCE BUREAU OF THE CENSUS This report was prepared in the Statistical Analysis Division, Technical staff and their responsibilities for the publication are— FeliksTamm—Technical supervision and review, Barry A. Beckman—Specificationsfor computer processing, Gerald F. Donahoe—-New projects, Morton Somer—-Selection of seasonal adjustment methods, Betty F. Tunstall—Collection and compilation of basic data. (Telephone 440-1596) Editorial supervision is provided by Maureen Padgett of the Administrative and Publications Services Division. The cooperation of various government and private agencies which provide data is gratefully acknowledged. The agencies furnishing data are indicated in the list of series and sources at the back of this report. U.S. DEPARTMENT OF COMMERCE Maurice H. Stans, Secretary Rocco C. Siciliano, Under Secretary Harold C. Passer, Assistant Secretary for Economic Affairs This publication is prepared under the general guidance of a technical committee established by the Bureau of the Budget, This committee consists of the following persons: BUREAU OF THE CENSUS Julius Shiskin, Bureau of the Budget Chairman George Hay Brown, Director Robert F. Drury, Deputy Director William H. Branson, Council of Economic Advisers A. Ross Eckler, Bureau of the Census George Jaszi, Office of Business Economics Geoffrey H. Moore, Bureau of Labor Statistics Kenneth Williams, Federal Reserve Board EDWIN D. GOLDFIELD, Assistant Director ABOUT THE REPORT NATIONAL INCOME AND PRODUCT accounts summarize both receipts and final expenditures for the persona/, business, foreign, and government sectors of the economy and provide useful measures of total economic activity. The total of the final expenditures, which equals the total of the receipts, is known as gross national product, the most comprehensive single measure of aggregate economic output. GNP is defined as the total market value of the final output of goods and services produced by the Nation's economy. CYCLiCAL INDICATORS are economic time series which have been singled out as leaders, coineiders, or /aggers in refatten to movements in aggregate economic activity. In this report, the series on the NBER's list of cyclical indicators are classified by economic process and by cyclical timing. These indicators were selected primarily on the basis of their cyclical behavior, but they have a/so proven useful in forecasting, measuring, and interpreting other short-term fluctuations in aggregate economic activity. ANTICIPATIONS AND INTENTIONS data provide information on the plans of businessmen and consumers regarding their major economic activities in the near future. This information is considered to be a valuable aid to economic forecasting either directly or as an indication of the state of confidence concerning the economic outlook. A number of surveys by various organizations and government agencies have been developed in recent years to ascertain anticipations and intentions. The results of some of these surveys, expressed as time series, are presented in this report. Subscription price, including supplements, is $16 a year ($4 additional for foreign mailing). Single issues are $1.50. Airmail delivery is available at an additional charge. For information about domestic or foreign airmail delivery, write to the Superintendent of Documents (address below), enclosing a copy of your This monthly report brings together many of the economic time series found most useful by business analysts and forecasters. Its predecessor, Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions and was based largely on the list of leading, roughly coincident and lagging indicators maintained by the National Bureau of Economic Research, Inc. Some other approaches commonly used by students of economic conditions include econometric models and anticipations and intentions data. The econometric model concept utilizes historical and mathematical relationships among consumption, private investment government, and various components of the major aggregates to generate forecasts of gross national product and its composition. Anticipations and intentions data express the expectations of businessmen and the intentions of consumers. Most of the content of Bus/ness Cycle Developments has been retained in this new report: and additional data reflecting the emphasis of other approaches have been added to to make it more generally useful to those concerned with an evaluation of current business conditions and prospects. The use of the National Bureau's list of indicators and business cycle turning dates in the cyclical indicators section of this report, as well as the use of other concepts, is not to be taken as implying endorsement by the Bureau of the Census or any other government agency of any particular approach to economic analysis. This report is intended only to provide statistical information so arranged as to facilitate the analysis of the course of the Nation's economy. Almost all of the basic data presented in this report have been published by their source agencies. A series finding guide, as well as a complete list of series titles and data sources, is shown at the back of this report. address label. Make checks payable to the Superintendent of Documents. Semi to U.S. Government Printing Office, Washington, D.C. 20402, or to any U.S. Department of Commerce Field Office. New Features and Changes for This Issue.. BCII METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Section A. National Income and Product Section B, Cyclical Indicators Section C. Anticipations and Intentions Section D. Other Key Indicators Section E. Analytical Measures Section F. International Comparisons How to Read Charts.^ Summary of Recent Data and Current Changes BUSINESS CONDITIONS DIGEST NOVEMBER 1969 Data Through October Series ESI No. 69-11 i i i 1 2 3 3 3 3 4 5 PART I. CHARTS •H •• NATIONAL INCOME AND PRODUCT I Al A2 A3 A4_ AS A6 ,[ A7 AS. A9j Gross National Product National and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Foreign Trade Government Purchases of Goods and Services... Final Sales and Inventories National Income Components Saving t 9 10 11 12 13 14 15 16 17 •j CYCLICAL INDICATORS Bl B2 B3 B4 B5 B6 Economic Process and Cyclical Timing Employment and Unemployment Production, Income, Consumption, and Trade Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit 18 21 23 26 28 30 B7 BS] Selected Indicators by Timing Composite Indexes NBER Short List 34 36 ANTICIPATIONS AND INTENTIONS Aggregate Series Diffusion Indexes 40 43 OTHER KEY INDICATORS PI D2 P3 I D4 I Foreign Trade Balance of Payments and Major Components Federal Government Activities Price Movements •• ANALYTICAL MEASURES d Actual and Potential Gross National Product Analytical Ratios Diffusion Indexes Rates of Change 46 47 52 54 56 57 59 61 INTERNATIONAL COMPARISONS Consumer Prices..........................................................................................62 F2 F3 Industrial Production ....................................................................... ............ 63 Stock Prices................................................................................. ................ 64 PART II. TABLES NATIONAL INCOME AND PRODUCT A2 A3 A4 A5 A6 A7 A8 A9 Gross National Product.......................................................................... ..... 65 National and Personal Income ........................... ...... ................................... 65 Personal Consumption Expenditures............................................................ 66 Gross Private Domestic Investment ................. .............. ................ .. .......... 66 Foreign Trade...............................................................................................67 Government Purchases of Goods and Services............................................ 67 Final Sales and Inventories.......................................................... ................ 67 National Income Components................................................................ ...... 67 Saving..........................................................................................................68 CYCLICAL INDICATORS Economic Process and Cyclical Timing Employment and Unemployment ................... .. ........................ ...... ............. 69 Production, Income, Consumption, and Trade.. .................... .... .............. .... 71 Fixed Capital Investment..............................................................................72 Inventories and Inventory Investment—.. ........ .......... ............ .. ............ .. ....... 74 Prices, Costs, and Profits............................................................................75 Money and Credit........................................................................................ 76 Selected Indicators by Timing Composite Indexes......................................................................................78 ANTICIPATIONS AND INTENTIONS Aggregate Series.................................................................................-, ...... 79 Diffusion Indexes.............................................................................. .......... 80 OTHER KEY INDICATORS Foreign Trade................................................................................... ............ 82 Balance of Payments and Major Components..,..., ....... ............ .......... ........ 83 Federal Government Activities...... ............. .................. ............ ........ .......... 85 Price Movements ............ .. ........................ ....... ..... ........................ ............. 86 ANALYTICAL MEASURES Actual and Potential GNP... ............................................................... ....... 87 Analytical Ratios...... ............... ............... ....... .......................... ...... ...... ...... 88 Diffusion Indexes............................................................................. ......... 89 Selected Diffusion Index Components .......... ....................................... ...... 92 INTERNATIONAL COMPARISONS Consumer Prices................................................................................. ...... 98 Industrial Production..... ....._ ....... ..... ........ ............................................... 99 Stock Prices.............................................................................................100 APPENDIXES A. MCD and Related Measures of Variability (See September issue) QCD and Related Measures of Variability (See August issue) B. Current Adjustment Factors.....—.......................... ............... .............. 101 C. Historical Data for Selected Series ................ ............ ............... ..... ...... 102 D. Descriptions and Sources of Series (Not shown this month) E. Business Cycle Expansions and Contractions in the United States: 1854 to 1961 (See October issue) Technical Paper— Seasonal and Related Adjustments in Census Housing Starts and Permits Series...................................................................105 Index—Series Finding Guide......................................................................113 Titles and Sources for Series....................................................,................115 ii NEW FEATURES AND CHANGES FOR THIS ISSUE Changes in this issue are as follows: A limited number of changes are made from time to time to incorporate recent findings of economic research, newly available time series, and revisions made by source agencies in concept, composition, comparability, coverage, 1. The series on total private Dorrowing (series 110) has been revised from 1952 to date. Revis I data for the period 1967 to seasonal adjustment methods, benchmark data, etc. Changes may result in revisions of iate are shown in this issue (see lage 76). Revised data for the data, additions or deletions of series, period prior to 1967 will be publ bed in appendix C of a subsequent issue. Information concern g this revision may be obtained changes in placement ot series in relation to other series, changes From the Board of Governors of th Federal Reserve System, Flow of in composition of indexes, etc. Funds Section. 2. A paper entitled "Seasonal i 1 Related Adjustments in Census lousing Starts and Permits Series, by John C. Musgrave, is .ncluded in this issue. examines some causes of This pape ^regularity in economic series ar presents the results of re- search on seasonal and related adj stments for the series on lousing starts (series 7) and perm ;s (series 29). 3. Appendix C presents historic . data for diffusion indexes 11, D41, and D54. he December issue of BUSINESS CON] TIONS DIGEST is scheduled for •elease on December 31 • iii 4 CENSUS PROJECTS on economic fluctuations BUSINESS CONDITIONS DIGEST LONG TERM ECONOMIC GROWTH DEFENSE INDICATORS COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS A monthly report for analyzing economic fluctuations over a short span of years. This report brings together approximate/y 400 monthly and quarterly economic time series in a form which is convenient for analysts whether their approach to the study of current bus/ness conditions and prospects is the national income model, the leading indicators, anticipations and intentions, or a combination of these. Other types of data such as foreign trade, Federal government activities, and international comparisons of consumer prices, stock prices, and industrial production are included to facilitate a more complete analysis. Data are presented in charts and tables, and appendixes are included which provide historical data, series descriptions, seasonal adjustment factors, and measures of variability. Also, a computer tape containing data for most of the series in the report is available for purchase. A report for the study of economic fluctuations over a long span of years, 1860-1965. A monthly report for analyzing the current and prospective impact of defense activity on the national economy. This report has been developed from available statistics to provide a comprehensive, long-range view of the U.S. economy, it has been planned, prepared, and published as a basic research document for economists, historians, investors, teachers, and students. It brings together for the first time under one cover, in meaningful and convenient form, the complete statistical basis for a study of long-term economic trends. It is a unique presentation of the full range of factors required for an understanding of our country's economic development Some of the statistical series go back to 1860. A computer tape file of the time series included in the report is available for purchase. This report brings together the principal time series on defense activities which influence short-term changes in the national economy. These include series on obligations, contracts, orders, shipments, inventories, expenditures, employment, and earnings. The approximately 50 time series included are grouped in accordance with the time at which the activities they measure occur in the defense order-production-delivery process. Most are monthly series, although a few are quarterly. This publication provides original and seasonally adjusted basic data in monthly, quarterly, and annual form. Charts and analytical tables are included to facilitate interpretation. IV The source statements for FORTRAN IV programs which are used by the Bureau in its analysis of time series are available from the Bureau on a single computer tape. SEASONAL ADJUSTMENT PROGRAMS.—Two variants of the Census computer program for measuring and analyzing seasonal, tradingday, cyclical, and irregular fluctuations and the relations among them. They are particularly useful in analyzing economic fluctuations which take place within a year. The X—11 variant is used for adjusting monthiy data and the X-11Q for quarterly data. These programs can make additive as well as multiplicative adjustments and compute many summary and analytical measures of the behavior of each series. DIFFUSION INDEX PROGRAM.—A computer program for computing diffusion indexes, cumulated diffusion indexes, and summary measures of the properties of each index. METHOD OF PRESENTATION THIS REPORT is organized Into six ma subject sections, as follows: A. B. C. D. E. F. National Income and Product Cyclical indicators Anticipations and Intentions Other Key indicators Analytical Measures International Companions Each of these sections is described brief in this introduction. Data for each of tf* above sections are shown both in Part (charts) and in Part II (tabDas) of the r< port. The charts begin with 1943 (exce* in section C where they begin with 1957, the tables contain data for only the las few years. Except for section F, the chart contain shading which indicates periods c recession in generaD business activity. in addition t© the charts amd tables de scribed above, each issue contains a sum mary table which shows the current be havior of many of the series, and severa appendixes which present historical data series descriptions, seasonal adjustmenl factors, and measures of variability. Ar index appears at the back of each issue, St should be noted that the series numbers used are for identification purposes only and do not reflect relationships or order, 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 Moving Averages Month-to-month changes in a series are often dominated by erratic movements. lytCD (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, MOD 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 for sections B and D include centered MCD moving averages for all series with an MCD greater than 4. The seasonally adjusted data are also plotted :o indicate their variation about the movng averages and to provide observations or the most recent months. Reference Turning Dates The historical business cycle turning dates used in this report are those designated by the National Bureau of Economic Research, Inc. (NBER). They mark the approximate dates when, according to the NBER, aggregate economic activity reached its cyclical high or low levels. As a matter of general practice, neither new reference turning dates nor the shading for recessions will be entered on the charts until after both the new reference peak and the new reference trough bounding the shaded area have been designated. This policy is followed because of the conceptual and empirical difficulties of designating a current recession and the practical difficulties of terminating the shading of a current recession without including part of a new expansion. SECTION A NATIONAL INCOME AND PRODUCT The national income and product accounts, compiled by the Office of Business Economics (OBE), summarize both receipts and final expenditures for the personal, Business, foreign, and government sectors Of the economy and provide useful measures of total economic activity. The total jf the final expenditures (including additions to business inventories), which iquals the total of the receipts (mainly ncomes), is known as gross national »roduct (GNP). GNP is defined as the otal market value of the final output of ;oods and services produced by the Naion's economy. It is the most compreensive single measure of aggregate ecoomic output. ross national product consists of four lajor components: (1) Personal consump7n expenditures, (2) gross private domestic investment, (3) net exports of goods and services, and (4) government purchases of goods and services. Persona/ consumption expenditures is the market value of goods (durable and nondurable) and services purchased by individuals and nonprofit institutions and the value of food, clothing, housing, and finan- cial services received by them as income in kind. The total purchase cost is covered, including sales taxes. Home purchases are excluded, but the estimated rental value of owner-occupied homes is included. Gross private domestic investment combines gross fixed investment and net changes in business inventories. Fixed investment consists of producers' durable equipment and private (as opposed to government) structures, including owneroccupied residential units. The estimates are gross in the sense that there is no deduction for capital consumption. The inventory component measures the change in the physical volume of inventories valued at current replacement cost. Net exports of goods and serw'ces measures the excess of exports over imports of goods and services. Exports include both domestic output sold abroad and the contribution to production abroad made by U.S.owned resources. Imports include both U.S. purchases of foreign output and the contribution made to production in the United States by foreign-owned resources. More detail on U.S. balance of payments is provided in section D. Government purchases of goods and services includes general government expenditures for compensation of employees, net purchases from business and from abroad, payments to private nonprofit institutions for research and development, and the gross fixed investment of government enterprises. Not included are current outlays of government enterprises, acquisitions of land, transfer payments, subsidies, loans, and interest payments to domestic creditors. A breakdown of the goods portion of GNP, covering durable and nondurable goods and both final sales and changes in business inventories, is also included in section A. Other major aggregates taken from the national income and product accounts are described below, National income is the total earnings arising from the current production of goods and services and accruing to the labor and property employed in production. The components of national income are compensation of employees, proprietors' income, rental income of persons, corporate profits and the inventory valuation adjustment, and net interest. Persona/ income measures the current income of individuals, owners of unincorporated businesses, nonprofit institutions, private trust funds, and private health and welfare funds. It consists of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, dividends, personal interest income, and transfer payments to persons, less personal contributions for social insurance. Disposable personal income is the personal income available for spending or saving. It consists of personal income less personal taxes and other nontax payments to general government. Gross saving represents the difference between income and spending during an ac- counting period. It is the total of personal saving, undistributed corporate profits, corporate inventory valuation adjustment, the excess of wage accruals over disbursements (usually negligible), government surplus or deficit, and capital consumption allowances. Most of the series in this section are on a current-dollar basis, but some are shown on a constant (1958) dollar basis so that the effects of price changes are eliminated. The implicit price deflator (computed by dividing the current-dollar data by the constant-dollar data) for total GNP is also shown. SECTION B CYCLICAL INDICATORS The business cycle is generally described as consisting of alternating periods of expansion and contraction in aggregate economic activity; that is, the complex of activities represented by such concepts as total production, employment, income, consumption, trade, and the flow of funds. Although a recurrent pattern has been characteristic of American economic history, many economists do not consider it inevitable. One of the techniques developed in business cycle research is widely used as a tool for analyzing current economic conditions and prospects. This is the cyclical indicators concept, which singles out certain economic time series as being leaders, coinciders, or (aggers in relation to movements in aggregate economic activity. The NBER has, since 1938, maintained a list of such indicators and has periodically subjected the list to extensive review. Their most recent (1966) list of 72 cyclical indicators is the basis for this section of BCD. These indicators were selected primarily for their cyclical behavior, but they have also proven useful in forecasting, measuring, and interpreting other short-term fluctuations in aggregate economic activity. The NBER employs a dual classification scheme which groups the indicators by cyclical timing and by economic process, and this report uses th3 same classification groupings. The diagram below summarizes the cross-classification system used in this section. The 72 cyclical indicators are presented with economic process as the principal basis of classification and cyclical timing as the secondary basis. The major processes are divided into minor processes which exhibit rather distinct differences in cyclical timing. The timing classification takes into account a series' historical record of timing at business cycle peaks and troughs. Leading indicators are those which usually reach peaks or troughs before the corresponding turns in aggregate economic activity; roughly coincident indicators are direct measures of aggregate economic activity or move roughly together with it; lagging »indicators usually reach their turning points after the turns in aggregate economic activity. The NBER has also specified a "short list" of indicators. This more selective and substantially unduplicated group of principal indicators is drawn from the full list and provides a convenient: summary of the current situation. The short list consists of 26 series: 12 leading, eight roughly coincident, and six lagging. Only five of these are quarterly series; the rest are monthly. The short list is classified only by timing and is shown separately in chart B8. Included in this section are a number of composite indexes which provide simple summary measures of the average behavior of selected groups of indicators. Each component of an index is weighted according to its value in forecasting or identifying short-term movements; in aggregate economic activity. The components are standardized so that each has, aside from its weight, an equal opportunity to influence the index. Each index is standardized so that its average month-to-month percent change is 1 (without regard to sign). The composite indexes presented in this report are based on groups of indicators selected by timing. Thus, there is an index of leading indicators, another of coincident indicators, and a third of lagging indicators. In addition, there are five indexes based on leading indicators which have been grouped by economic process. These indexes indicate the underlying cyclical trends of each group of indicators and the relative magnitude of their short-term changes. The index of 12 leading indicators has been "reverse trend adjusted" so that its long-run trend parallels that of the coincident index. This facilitates compari- Econonnic Process and Cyclical Timini 1. EMPLOYMENT AND UNEMPLOYMENT (14 series) Marginal employment adjustments I (5 series) LEADING INDICATORS (36 series) ROUGHLY COINCIDENT INDICATORS (25 series) Job vacancies (2 series) Comprehensive employment (3 series) Comprehensive unemployment (3 series) Long-duration unemployment (1 series) II. PRODUCTION, INCOME, CONSUMPTION, AND TRADE (8 series) III. FIXED CAPITAL INVESTMENT (14 series) ! IV. INVENTORIES V. PRICES, COSTS, AND PROFITS (10 series) VI. MONEY AND CREDIT (17 series) Formation of business Inventory investment Sensitive commodity prices and purchasing : enterprises (1 series) (7 series) (2 series) Stock prices New investment commitments } (1 series) (8 series) Profits and profit ; margins (4 series) •.-.- . ••- .., - ,-.*- .-. , - . •• . ..... . . . . . , . . . . _ . . . .. Flows of money and credit (6 series) Credit difficulties (2 series) AND INVENTORY INVESTMENT (9 series) Comprehensive Backlog of investment production commitments (3 series) (2 series) Comprehensive income (2 series) Comprehensive consumption and trade (3 series) Investment expenditures (2 series) Comprehensive wholesale prices (2 series) Inventories (2 series) | Unit labor costs j (2 series) LAGGING INDICATORS (11 series) t * Bank reserves (1 series) Money market interest rates (4 series) Outstanding debt (2 series) Interest rates on business loans and mortgages (2 series) sons among the leading, coincident, and lagging indexes and tends to shorten the leads of the leading index at business cycle peaks while lengthening them at troughs; it also reduces the variability of the leads and lags. SECTION C ANTICIPATIONS AND INTENTIONS Most businessmen and many individual consumers have some type of plans as to their major economic activities in the near future. Information on these plans is regarded as a valuable aid to economic forecasting either directly or as an indication of the state of confidence concerning the economic outlook. In recent years, much progress has been made in compiling such information, and a number of surveys by various organizations and government agencies ascertain anticipations and intentions of businessmen and consumers. The results of some of these surveys, expressed as time series, are presented in this section of the report. The business analyst who uses these series should be aware of their limitations. These data reflect only the respondents' anticipations (what they expect others to do) or intentions (what they plan to do), not firm commitments. Among both businessmen and consumers, some responses may not be very reliable; that is, the plans may be conjectural or the respondent may make little effort to reply accurately to the survey questions. Also, many plans are subject to modification or even complete abandonment due to unforeseen and uncontrollable developments. In some cases, the anticipations (or intentions) may have a systematic bias; for example, the anticipations (or intentions) data may tend to be lower than the subsequent actual data under certain economic conditions and higher under other conditions. Sometimes they merely project what has already occurred and hence appear to lag behind actual changes. Actual data are included in this section to indicate their historical relationship to the anticipations and intentions. Some of the series are diffusion indexes, a concept explained in the description for section E. SECTION D (Vlany economic series are available which, although not included in the three main Sections of the report, are nevertheless important for an overall view of the economy. This section presents a number of such series, though by no means a com prehensive selection. In general, these series reflect processes which are not direct measures of economic activity but which do have a significant bearing on business conditions, The foreign trade and payments series include data on imports and exports and their balance, export orders, and the balance of payments, Many of the components of the balance-of-payments accounts are shown. Some are charted in a manner which emphasizes the balance between receipts and expenditures for each component; for example, comparisons of exports of goods and services with imports of goods and services, and income on U.S. investments abroad with payments on foreign investments in the United States. In addition, balances are shown for U.S. Government grants and capital transactions and for capital transactions of the private sector (banks and U.S. residents other than banks). Finally, cumulative changes are shown for other components; for example, U.S. liquid liabilities to all foreigners and U.S. official reserve assets. Because these data are influenced by foreign as well as domestic conditions, the cyclical shading has been omitted from the balance-of-payments charts. The Federal Government activities series include Federal receipts and expenditures and their balance, and selected Federal defense activities. The receipts and expenditures data are from the national income and product accounts, but are not shown in section A of this report. The defense series included are only a few of the many available. For a more comprehensive picture of defense activities, see Defense Indicators, a monthly Bureau of the Census publication. per unit of output). There are, however, additional analytical ratios which have proven useful in evaluating business conditions and prospects. A number of such ratios are shown in the second part of this section. The third part presents a selection of diffusion indexes. Many series in this report are aggregates compiled from a number of components,, A diffusion index is a summary measure expressing, for a particular aggregate, the percentage of components rising over a given timespan (half of the unchanged components are considered rising). Cyclical changes in diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, long-term (6- or 9-month span) indexes are used to indicate underlying trends and short-term (1month span) indexes are used to show recent developments. Most of the indexes are constructed from components of series shown in section B, and these indexes have the same identification numbers as the corresponding aggregates. The diffusion indexes are classified by the cyclical timing of the aggregates to which they relate. Recent data and directions of change for many of the components are shown in table E4, The final part (E5) presents, in chart form, rates of change for a selected group of economic series. Percent changes at annual rate are shown for 1- and 3-month spans or for 1-quarter spans. SECTION F The price movements series consist of consumer and wholesale price indexes and their major components. Additional data on prices and costs are shown in several other sections. SECTION E ANALYTSCAL MEASURES This section begins Dy comparing gross national product in constant dollars with a measure of potential GNP. In effect, these two series reflect the relationship between the economy's productive capacity and total demand, the excess of potential over actual GNP indicating the degree to which potentially productive resources are not fully utilized. The measure of potential GNP, developed by the Council of Economic Advisers in the early 1960's, takes into account increases in both available man-hours and output per man-hour. The NBER list of cyclical indicators includes some series which measure the relationship between different economic variables (for example, the series on labor cost Because this report is designed as an aid to the analysis of U.S. business conditions, all previous sections are based on data which relate directly to that purpose. But many business analysts examine economic developments in other important countries with a view to their impact on the United States. This section is provided to facilitate a quick review of basic economic conditions in six of the nations with which we have important trade relationships. Data on consumer prices, industrial production, and stock prices are shown for Canada, the United Kingdom, France, West Germany, Japan, and Italy and 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. The industrial production series provide a comprehensive measure of output and the consumer price indexes measure an important sector of prices, while stock prices tend to be important as leading indicators. In this section, the U.S. business cycle shading has been omitted from the charts. HOW TO READ CHARTS Peak (P) of cycle indicates end of expansion and beginning of Recession (shaded areas) as designated by NBER. Series numbers are for identification only and do not reflect series relationships or order. Solid line indicates monthly data. (Data may be actual monthly figures or MCD moving averages.*) Basic Data Trough (T) of cycle indicates end of recession and beginning of Expansion as designated by NBER, Arabic number indicates latest ™0^ f°r which data are plotted. ("6" = June) Roman number indicates latest quarter for which data are plotted. ("IV" ^ fourth quarter) Dotted line indicates anticipated data. Broken line indicates actual monthly data for series where an MCD moving average* is plotted. Parallel lines indicate a break in continuity (data not available, changes in series definitions, extreme values, etc,) Solid line with plotting points indicates quarterly data. Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L-l" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with 2 cycles in that distance, etc. The scales should be carefully noted because they show whether the plotted lines for various series are directly comparable. Scale shows percent of components rising. Solid line indicates monthly data over 6- or 9-month spans, Broken line indicates monthly data over 1-month spans. Solid line with plotting points indicates quarterly data over various spans. *Many of the more irregular series are shown in terms of their MCD moving averages as well as their actual monthly data. In such cases, the 4-, 5-, or 6-term moving averages are plotted iy2, 2, or 2y2 months, respectively, behind the actual data. See appendix A for a description of MCD moving averages. Arabic number indicates latest month for which data are used in computing the indexes. ("6" = June) Roman number indicates latest quarter for which data are used in computing the indexes. ("I" = first quarter) Broken line with plotting points indicates quarterly data over various spans. NOTE: Some of the charts of anticipations and intentions data (section C) and balance of payments data (section D) do not conform to the above method of presentation. Deviations are adequately explained as they occur. HOW TO LOCATE A SERIES To locate a series in BCD, consult the "Index—Series Finding Guide" in the back of the book where series are arranged into six sections and various subsections. Also, in the list of "Titles and Sources of Series" which follows the Finding Guide, series are listed in numerical order within each of the six sections, and the charts and tables in which they appear are indicated. Basic data1 Unit of measure Sines title 1966 1967 1968 2dQ 1968 3dQ 1968 Percent change 4th Q 1968 IstQ 1969 2dQ 1969 3dQ 1969 4th Q to IstQ 1969 IstQ to 2dQ 1969 2dQ to 3dQ 1969 Series number | Table 1. Summary of Recent Data and Current Changes for Principal Indicators A. NATIONAL INCOME AND PRODUCT Al. Groci National Product 200. 205 210. 215 217 793.5 674.6 117.6 3t984 3t388 865.7 707.6 122.3 4*302 3i517 858.7 705.8 121.7 4t274 3*513 876.4 712.8 122.9 4*350 3*538 892.5 718.5 12^.2 4t418 3,557 908,7 723,1 125.7 4*488 3*571 924.8 726.7 127.3 4*556 3*580 942.8 730.6 129.0 4*633 3*590 1.8 0.6 1.2 1.6 0.4 1.8 0.5 1,3 1,5 0.3 1.9 0.5 1.3 1.7 0.3 200 205 210 215 217 620.6 587.2 511.9 458.9 654.0 629.4 546.5 477.7 714.4 687,9 590,0 497.6 707.4 680.1 587.4 497.4 724.1 696.1 593.4 498.9 737.3 711.2 604.3 502.1 751.3 724.4 610.2 502,6 765.7 740.5 622.0 506.2 780.5 756.5 639.0 514,1 1.9 1.9 1*0 0,1 1.9 2.2 1.9 0.7 1.9 2.2 2.7 1.6 220 222 224 225 2*599 2*745 2 f 933 2i924 2*946 2t991 3*014 3*065 3*140 0*8 1.7 2.4 226 2*494 2*526 -0.1 0.5 1.3 227 Ann.rate,bll.dol.. 750.0 GNP in current dollars do GNP in 1958 dollars. .., 658.1 1958=100 Implicit price deflator 113.9 Per capita GNP in current dollars ....... Ann. rate, dol. . , 3*807 do Per capita GNP in 1958 dollars 3*341 720 National income, current dollars Amuate.bil.do!., do 224 Disposable personal income current dol . 225 Disposable personal income, constant dol 226. Per capita disposable personal income, current dollars 227. Per capita disposable personal income, . . .do do Ann. rate, dol ... 2i331 2f399 2*474 2i476 2t477 2.485 2*482 466.3 418.1 70.8 45.4 25,3 206.9 188.6 492.3 430.3 73.0 48.1 24.9 215.1 204.2 536.6 452,6 83.3 53,2 30.2 230*6 222.8 530.3 449.0 81.8 52.6 29.2 228,5 220.0 544.9 458.2 85.8 54.1 31,7 233,3 225,8 550.7 457.6 86.3 54.9 31,4 234.3 230.1 562.0 462.9 88.4 57,5 30,9 238,6 235,0 572.8 466.2 90.6 59.2 31.4 242.1 240.1 579.8 466.5 89.8 57.7 32.1 245.1 244,9 2.1 1.2 2.4 4.7 -1.6 1.6 2.1 1.9 0,7 2.5 3.0 1.6 1.5 2.2 1.2 0.1 -0.9 -2.5 2.2 1.2 2.0 230 231 232 233 234 236 237 121.4 81.6 28.5 53.1 25.0 14.8 116.0 83.7 27.9 55.7 25.0 7.4 126.3 88.8 29.3 59.5 30.2 7,3 126.6 86.4 28.3 58.1 30.3 9.9 125.2 88.1 29,0 59,1 29,9 7.2 133.9 91.5 30.1 61.4 31.9 135.2 95.3 32.3 63.0 33.3 137.4 97.8 32.1 65.7 32.7 143.3 101.1 34.7 66*4 31.4 1«0 4,2 7.3 2.6 4.4 1*6 2.6 -0.6 4.3 -1.8 4.3 3.4 8.1 1.1 -4,0 240 241 242 243 244 245 do do do 5,3 43.4 38.1 5.2 46,2 41.0 2,5 50,6 48,1 3.4 50.7 47.3 3.6 53.4 49.7 1.2 50.6 49.4 1.5 47.6 46.1 1.6 57.1 55.5 2,7 57,8 55,2 0.3 -5.9 *6.7 0.1 20.0 20.4 1.1 1.2 -0.5 250 252 253 do do do do 156.6 77.8 60.7 79.0 180.1 90,7 72,4 89.3 200,3 99.5 78.0 100,7 198.4 99.0 77.9 99.4 202.5 100.9 78.8 101.7 206.7 101.9 79.3 104.8 210,0 101*6 79.0 108,5 212.9 100,6 78.5 112.3 217,0 103.2 80.3 113.8 1.6 »0.3 3.5 1.4 -1.0 -0.6 3.5 1.9 2.6 2.3 1,3 260 262 264 266 do 146.2 157.0 171.4 168,9 173.7 176,6 181.6 185.5 187.8 2.8 2.1 1.2 270 do do 10.5 222.3 3.9 234.1 5.3 252.3 6.8 250.4 5.1 256.1 7,4 256.4 4.8 259.7 4.9 264.1 7.6 267.4 -2.6 1.3 0.1 1.7 2,7 1.2 271 274 do 4.3 3.5 2,0 3.1 2.1 3.1 1.8 2.1 3.1 -1.3 0.3 1.0 275 do do do do do 435,5 61.3 20.0 82.4 21,4 467,4 61.9 20.8 79.2 24.7 513,6 63.8 21,2 87,9 27,9 507.0 63.6 21.2 88.2 27.5 519.8 64.1 21.2 90.6 28.4 532.3 64.1 21-4 90.3 29.3 546.0 64.6 21.5 89.5 29.8 558.2 66.5 21.6 89.2 30.3 571.9 67.3 21.7 88.7 30.9 2.6 0.8 0.5 -0,9 1.7 2.2 2.9 0.5 -0.3 1.7 2.5 1.2 0.5 -0.6 2.0 280 282 284 286 286 ... .do do 124.9 32.5 119.2 40.4 128.4 38.4 128.8 42.3 129,1 33.2 135.4 38.0 138.5 32.5 142.7 33.3 150.0 43.1 2.3 -14,5 3,0 2.5 5.1 29.4 290 292 24.8 68.6 -14.5 23.4 73,3 -6.7 24.1 73.0 -10.8 25.6 73.7 -3.5 23.6 74.6 -0.9 22.3 75.9 7.8 21.3 77.2 10.9 21.4 78.6 7.0 -5.5 1.7 8,7 -4.5 1.7 3.1 0.5 1.8 -3.9 294 296 296 -1.7 -7,7 -9.4 -9.5 -8.3 -5.9 -2.4 0.8 2.4 3.5 3.2 207 do A3. Personal Consumption Expenditure 230 231 232 233 234. 236 237 Ann.rate.bil.dol. . Total current dollars do Total constant dollars. . do Durable goods, current dollars do Durable goods, exc, autos, current dollars. . . .do Automobiles, current dollars do Nondurable goods, current dollars do Services current dollars A4. Gross Private Domestic Investment 240 241. 242. 243 244, do Gross private domestic investment, total do Fixed investment, total nonrtsidential. do Fixed investment, nonresident! al structures. Fixed investment, producers' dur. equip. . . . ... .do do Fixed investment, residential structur|s . . . do ... A5. Foreign Trade 252 Exports • A6. Government Purchases of Goods and Services 260. Total 262 Federal 264 National defense -o.<~ A7. Finol Soles and Inventories 270 Final sales durable goods 271. Change in business inventories, durable goods 2 274 Final sales nondurable goods 275. Change in business inventories, nondurable goods A8. Notional Income Component* 286. Corp. profits and inventory valuation adj. . . 288 Net interest A9. Soving 294. Undistributed corporate profits plus inventory valuation adjustment 296. Capital consumption allowances do do do 27.4 63.9 1.1 El. Actual and Potential GNP 207. GNP eao Potential less actual) 2 do -11.0 Table 1. Summary of Recent Data and Current Changes for Principal Indicators-Con. Basic data1 Series title Unit of measure 1967 1968 IstQ 1969 2dQ 1969 Percent change Oct. 1969 Aug. to Sept. 1969 -0.5 194*7 152.4 172.3 195.2 NA 116.8 106.7 116.1 NA 3dQ 1969 Aug. 1969 Sept. 153.6 171.5 1969 Sept. to Oct. 1969 IstQ to ® fi 2dQ to 3dQ 1969 1 & B. CYCLICAL INDICATORS 87. Composite Indexes 810. 12 leading indicators, reverse trend adj. . 1963-100 820, 5 coincident indicators ...,..do do 830. 6 lagging indicators ,, . . . LEADING INDICATOR SECTORS 813. 814. 815. 816. 817. Marginal employment adjustments . , Capital investment commitments Inventory investment and purchasing Profitability Sensitive financial flows. , do do do do do 129,5 143.2 150.9 141*4 156*6 164*8 149*9 165.8 178.9 152*4 169*1 184.9 152.5 171.6 192.7 151-7 172.3 193.6 104,3 107,1 101,0 114,6 106*4 114*2 101*8 116*6 101*9 107.0 118*9 103.6 118.7 101.0 107*7 118.5 105.4 118.7 101.7 106.5 117,9 106,7 115.9 106.3 117*5 106.2 115.4 98.6 97.6 106.6 118.4 107,2 115*5 100.0 40*7 5t716 4.6 40*5 5t352 4.7 40.7 40.7 40.5 5tl96 4.7 40*6 5,124 4.5 40.8 5.356 4.9 5tll2 4.8 4.860 NA 194 1*2 183 1.1 186 1.1 198 1*2 196 1.1 201 1.2 202 NA 373 206 365 228 383 231 346 229 345 224 346 235 329 227 131,4 134*6 137.5 140,2 140*0 67.8 72.1 139.0 70*0 139.9 65,8 70.5 70.4 74.5 70.5 74.6 70,5 74,7 139.2 70*7 98.3 1*3 0.6 0.3 0.8 0*9 0*1 2.5 -0 * <J 0«!5 o.:s NA -1.4 -0.5 1.7 2.0 3,4 0,7 -0.3 0*1 1.5 4.2 -1.1 -0.5 810 820 830 813 814 815 816 817 0*5 NA 1.7 0.0 0.7 -2.4 -3.0 «0«7 «4«9 NA 0*5 0*1 0.2 -3.0 -0.2 1 4 2 1.2 B1. Employment ond Untmploymtnl LEAD/KG INDICATORS Marginal Employment Adjustments: 40.6 *1. Average workweek, prod, workers, mfg. . . , Hours 4, Nonagri, placements, all Industries Ann, rate, thous. . 5t817 4,4 2, Accession rate, manufacturing* Per 100 employ , . *5. Avg, weekly Initial claims, State 3 unemployment Insurance (inverted ) .... Thousands . . . 225 3. Layoff rate, manufacturing (Inverted3)8, . . Per 100 employ . . 1*4 0,5 -0,2 0*3 -2.6 -0.1 0.0 NA 0.0 -6.5 -0.1 5 3 •^4.9 4*9 1.3 -9,7 -0.9 49 46 -0,5 -1.6 ROUGHLY COINCIDENT INDICATORS Job Vacancies: 49. Nonagri. job openings unfilled 4 46. Help-wanted advertising Thous., EOP-... 1957-59=100 .... Comprehensive Employment: 48, Man-hours in nonagricultural Ann. rate, billion establishments, man-hours *41. Employees on nonagri, payrolls Millions do 42, Persons engaged in nonagri activities , . . Comprehensive Unemployment: *43. Unemployment rate, total (inverted3 )2. . . .Percent 45, Avg. weekly insured unemployment do ratefinverted 3 ) 2 40, Unemployment rate, married males 3 a (inverted ) do 348 186 69.5 73*8 73.8 75.0 0.3 4.9 -0.1 0*0 0*1 -3.4 »G.6 0.3 0.4 1.1 0.7 0.0 0*6 0*6 0*9 48 41 42 3.8 3*6 3.3 3.5 3.7 3.5 4,0 3.9 -0.5 0.1 2.5 2.2 2.1 2.0 2,2 2.1 2,2 2.2 -0.1 0.0 1,8 1.6 1.4 1*5 1,6 1.5 1,7 1.7 -0.2 0.0 -0.1 0.6 0*5 0.4 0.5 0,5 0.5 0.5 0.5 0*0 -0.1 0.0 44 Ann. rate, bi Uriel . . 793,5 do 674.6 1957-5^100 .... 158.1 865*7 707.6 165.4 908.7 723*1 170.2 924.6 726.7 172.6 942,8 730.6 174.3 174.3 173,9 173.3 ..0,3 1.8 0.5 1*4 1.9 0.5 1.0 200 205 47 2.2 2.1 52 53 1.6 1.5 56 57 54 «0.2 0.1 -0.2 43 -0.2 45 -0.1 40 LAGGING INDICATORS Long Duration Unemployment: * 44. Unemployment rate, 15 weeks and over (inverted3)2 do 0.0 B2, Production, Income, Consumption, ond Trade ROUGHLY COINCIDENT INDICATORS Comprehensive Production: *200. GNP in current dollars *205, GNP in 1958 dollars *47, Industrial production -0.2 Comprehensive Income: *52, Personal Income Ann. rate, bil.dol. 53. Wages, salaries in mining, mfg., constr . . , do 629,4 163,8 687*9 178.6 724.4 188*5 740.5 193.5 756,5 197,6 757.5 198.1 760,7 198,6 763.1 198.7 0,4 0,3 0*3 0.1 2. a Comprehensive Consumption and Trade: *56, Manufacturing and trade sales 57. Final sales . *54. Sales of retail stores It 066 786,2 314.0 It 162 858.4 338.4 It212 902.1 348*8 If 239 917.9 352.8 It 259 932.0 350.7 1,256 It 270 NA 1.1 NA 2.2 352.2 351.0 352.5 107,7 207.8 117.8 233.2 124.7 256.5 123.5 281.6 124.0 281.2 124.2 277.9 123.1 280.6 NA NA 334.5 176 85*0 24*8 359.4 197 360.4 193 374.8 190 365.8 216 381.0 195 5, (4 -19.9 93.3 97.6 13.3 12.7 -6,0 76.5 96.0 31.1 79,8 91.2 69.7 96.5 30.0 80.2 385,7 173 103.8 74.9 88,2 79.0 17.8 -10.4 4.8 793 Ii498 112.9 912 It 692 119*8 927 It 496 116*0 846 It411 102.3 864 1,370 104.0 790 It5l3 100.4 It029 It 329 -8*6 10.4 -3.5 30.3 -12.2 1*6 -11.6 -8.7 -5.7 -3.2 -11.8 9 7 29 84.07 20.02 85*16 20.48 85.91 21.52 86.38 22.26 85.98 86.38 86.26 0.5 3.4 96 97 do . .do do -0,3 0*4 2.7 1.3 1.1 -0.6 B3. Fixtd Copilot Investment LEADING INDICATORS Formation of Business Enterprises: *12, Index of net business formation 13, New business incorporations 1957-59=100.... Ann, rate, thous, . New Investment Commitments: *6, New orders, durable goods industries . . , Ann. . rate, bil.dol . . 302,3 8. Construction contracts, total value 1957-59-100,... 155 *10, Contracts and orders, plant, equipment , , . Ann.rate, bil.dol. . 75.4 11. New capital appropriations, manufacturing, do 23,0 24, New orders, mach, and equip, industries , . do 63.0 9. Construction contracts, commercial Ann.rate.mil.sq. and industrial buildings. ft. floor space , . 703 7, Private nonfarm housing starts Ann, rate, thous. . It 273 *29, New bldg, permits, private housing 1957-59=100 .... 95.6 26*6 -0,9 1.0 NA NA •»i.a -1.0 9,8 0,3 -2.0 3.4 12.8 93.5 ^6.9 0.4 -0.1 4.0 -1.6 -0.5 3.7 -0-5 12 13 6 8 10 11 24 ROUGHLY COINCIDENT INDICATORS Backlog of Investment Commitments: 96. Unfilled orders, durable goods industries4. Bit, do!., EOP... 97. BacklOR of capital approp.,mfg,4 do 80.58 20*41 0*5 -0.1 0,9 5.1 Basic data1 Unit of measure Series title 1967 IstQ 1968 1969 2dQ 1969 Percent change 3dQ 1969 Sept. Aug. 1969 1969 Oct. 1969 Aug. to Sept. 1969 Sept. to Oct. 1969 IstQ to 2dQ 1969 2dQ to 3dQ 1969 Series number Table 1. Summary of Recent Data and Current Changes for Principal Indicators-Con. B, CYCLICAL INDICATORS-Con. 63. Fixed Capital Investment-Con. LAGGING M0/CATOftS Investment Expenditures: *61. Business expend., new plant and equip • • • Ann. rate, bil. dol. 61.69 69. Machinery and equipment sales and business construction expenditures , . . .., . ,.do 76.90 64.11 68,90 70.20 a72.25 82.69 90.58 90.18 94.67 1.9 94.20 98.64 2*9 61 5.0 69 245 NA 4.7 NA 0.3 3.8 NA 0.1 NA 0.6 2.3 31 5 4 0 37 -0.1 -0.4 B4. Inventories and Invtntory |nv««tmefit LEAD/NO INDICATORS Inventory Investment and Purchasing: 245. Change in business inventories, all industries2' *31. Change in book value, manufacturing and trade inventories2 37, Purchased materials, percent reporting Ann. rate, billion dollars 7.4 do 6.5 Percent 20. Change in book value, manufacturers' Ann. rate, billion inventories of materials, supplies2. dollars 26. Buying policy, production mate rials, 9 commitments SO days or longer <p) , . . .Ffercent 32, Vendor performance, percent reporting do Ann. rate billion 25. Change in unfilled offers, durable good) dollars industries * 7.3 10.1 6.6 10.6 6.9 11.4 10.7 13.7 44 51 46 50 50 0.1 1.4 1.1 1.0 0.4 65 64 59 65 62 44 53 61 69 67 2.6 3.5 4.3 3,0 1.9 Inventories: *71. Book value, mfg. and trade inventories *. . Bil. dol., EOP... 143.7 65. Book value, manufacturers' inventories do of finished goods* 26.81 153.8 156.4 159,3 12.3 51 -0.5 63 68 .4.6 12.4 48 53 -3 0.7 NA 1.2 NA 65 63 2 -2 66 65 -2 4.7 -1.4 9.3 6 -1 -6.1 8 -1.3 -0.6 -3 -2 -1.1 20 26 32 25 LAGC/NG WO/CATOW 162.7 161«7 162.7 NA 0.6 NA 1.9 2,1 71 31.10 NA 0.5 NA 2.8 2.1 65 4.6 4.1 23 29.13 29.61 30,45 31.10 30-96 65. Prices, Co«U, and Profit* LEAD/NO /NO/CATOffS Sensitive Commodity Prices: *23, Industrial materials prices® 1957-59=100 .... 100.4 97.8 105.5 110.4 114.9 U5.0 117.4 115.6 2.1 Stock Prices: *19. Stock prices, 500 common stocks® 1941-43-10 91.9 98.7 100.9 101.7 94.5 94,2 94.5 95.5 0.3 Profits and Profit Margins: *16 Corporate profits after taxes 22. Ratio, profits to income originating, Ann. rate, bil. dol. 47.3 49.8 52.2 51.8 50.0 -0,8 -3.5 16 10.5 -0.2 -0.1 -0,6 22 15 17 Percent . ... 11,9 15. Profits (after taxes) per do), of sales, mfg, Cents 5,0 *17. Ratio, price to unit labor cost, mfg : 1957-59=100 .... 100.7 11.4 5.1 11.3 5.0 11.1 4.9 -1.5 1*1 NA 0.8 -7*1 NA 19 99.2 99.8 99.9 99,4 99.0 99.0 99.2 0.0 0.2 0.1 109.0 109.4 111.4 111.7 112.2 112.8 112.8 112.8 113.6 113,2 113.9 113.8 114,6 0*4 0.3 0.5 0*6 0.7 1.0 0.5 0.8 55 58 0.3 0.3 1.3 0.9 1.5 1.2 68 62 -0.5 ROUGHLY COINCIDENT INDICATORS Comprehensive Wholesale Prices: 55, Wholesale prices, indus. commodities <g> , 1957-59=100 .... 106,3 do 58. Wholesale prices, manufactured goods § , 106.7 U3.7 LAGGING /WD/CATOKJ Unit Labor Costs: 68, Labor cost per unit of gross product, *62, Labor cost per unit of output, mfg Dnllarc 0.706 0,723 0.745 0.755 0.766 1957-59=100 .... 106,0 110.3 112.0 113.0 114.3 114,7 115.1 115.5 9.0 7.0 -0.6 0,7 4,4 -6.7 -10.6 -1.2 -1.6 -1.8 21.1 20.9 B6, Money and Credit LEADING /NO/CATOW Flows of Money and Credit: 98. Change in 2money supply and time deposits , 33, *113. 112. 110. Ann. rate, percent do Change in mortgage debt , . . .Ann. rate, bill dol. Change in consumer installment debt ... do Change in business loans 3 do Total private borrowing 3 Credit Difficulties: do 14. Liabilities of business failures (inv?)<§). 39. Delinquency 2rate, installment loans Percent, EOP ... (inverted^ 4 10.6 6.4 16.7 3.2 4.4 20.0 8.9 7.6 4.1 0.0 21.6 21,4 10.8 99.3 80.6 19.5 2.2 0.0 8.4 9.0 0.6 NA NA 7.6 65,4 80.8 10.3 91*0 1.27 0.94 1.00 1,21 1.00 0.75 1.74 1.71 1.51 1.64 1.70 1.70 NA NA -207 -592 -1?003 -950 -946 -831 -It 006 -5.3 0.88 1.40 9.4 1,8 -0.2 1.2 14*3 -0.4 0.6 NA NA -1*4 -17.3 -59.1 NA NA 1.3 0.3 -0.2 1.3 0*5 9.1 -7,4 -4,4 -1.9 -1.9 -8.6 -18.8 98 85 33 113 112 110 -21.0 17.4 14 -0.13 -0,06 39 -53 93 ROUGHLY COWODENT INDICATORS Bank Reserves: 93. Free reserves (inverted ^)2 @ Million dollars... Money 114. 116, 115 117. Percent do do do Market Interest Rates: Treasury bill rate 2 ®2 Corporate bond yields <§) Treasury bond yields22(g> Municioal bond yields <a 194 4.33 6.08 4.85 3.94 -115 175 411 5,34 6.14 6,24 7.05 7.01 7.13 7.04 0.12 -0.09 0.10 0.81 6.84 5.26 4.45 7.46 5.88 5.03 7.73 5.91 5.43 8.16 6.14 6.00 8.05 6.02 6.00 8.36 6.32 6.26 8.46 0.31 0.30 0.26 0.10 0.27 0.03 0.40 0.43 0.23 0.57 ,6.27 6.09 -0.05 -0.17 114 116 115 117 Table 1. Summary of Recent Data and Current Changes for Principal Indicators-Con, Basic data1 Unit of Series title 1967 Aug. 1969 Sept. 19B9 3dQ 1969 1969 Oct. 1969 90.2 74.7 92.6 77,0 94.5 78.0 93,8 77.4 94,5 78.0 NA 78.3 7.32 8.02 7.86 8.16 8,82 8,37 8.36 8.40 8,43 2.3 2.5 IstQ 2dQ 1969 72*3 6.68 7.19 1968 Percent change Aug. to Sept. 1969 Sept, to Oct. 1969 IstQ to 2dQ 1969 s 2(1 Q to 3dQ 1969 c .8 & B. CYCLICAL WDICATORS-Con. 66, Monty and Crtdtt-Con. UGGJWG JNWCATORS Outstanding Debt: 66. Consumer installment debt4 Bil, dol., EOF, , . 79,2 *72. Com, and industrial loans outstanding *» , . .... do 65.1 Interest Rates on Business Loans and Mortgages'. *67, Bank rates on short-term bus, loans 2®. . . Ppfrpnt do 118. Mortgage yields, residential 2 ® 6*00 6*56 88.1 0.7 0.8 0,04 NA 0,4 0*08 a. 7 3.1 2,1 1.3 66 72 0.54 0*14 0.96 0.21 67 118 1.2 1.4 500 0,3 502 6.3 3.8 -3.6 506 508 512 5.27 520 522 D. OTHER KEY INDICATORS D1, Foreign Trade 500, Merchandise trade balance2 Ann. rate, bil. dot.. do 506. Export orders, durable goods except motor do vehicles 508. Export orders, nonelectrical machinery — 1957-59=100.... 512, General imports Ann. rate, bil. dol. . 4.1 1*0 -0.3 0.9 3,3 1.9 0.8 -4.4 31.0 34.1 30.3 39.4 39,5 40,6 39,9 40*5 -1.7 1.5 30.0 10.8 230 26.9 12.3 241 33.1 13.4 241 14,2 262 38.6 15.1 272 37.2 14.9 248 38.2 15.9 278 36.7 NA NA 38.7 6.7 12.1 -3.9 NA NA 5.4 6.0 8.7 26*1 30*6 02, U.S. Botonce of Payments 520, Liquidity balance basis2 522, Official settlements basis2 , . ,, , do do -3.54 -3.42 0.17 1.64 -6.67 4.57 -15,40 -10.13 4,94 -8.73 0.37 -3.73 »8.67 D3, Federal Government Activities 600, Federal surplus or deficit, national income and product accounts 2 601. Federal receipts, national income and product accounts 602. Federal expenditures, national income and product accounts 264, National defense purchases 616, Defense Dept. obligations, total 621. Defense Dept. obligations, procurement . . . 647. New orders, defense products industries, . . 648, New orders, defense products 625, Military contract awards in U.S ,. do -12.7 7.3 3.4 -5.7 600 do 151.1 176.3 198.1 202.3 200.9 2.1 -0,7 601 do do do do do do .do 163.8 72,4 81.0 26.1 42.5 NA 42.3 181*5 78.0 188.5 79.0 85.5 24.2 48.9 25.2 39.6 189,3 78,5 74.4 17.0 42.8 193.6 80.3 80.5 19.4 47.8 21.0 35.5 77,2 15,3 45.2 17.5 38.1 78,0 25.2 49,4 17,0 33.0 NA NA 57.2 22.6 NA 1.0 64.7 9.3 -2.9 -13.4 NA NA 15,6 32.9 NA 0,4 -0.6 -13,0 -29.8 -12.5 -18.3 -19.9 2.3 2.3 8.2 14.1 11.7 1.9 12.0 602 264 616 621 647 648 625 124.8 111.2 126.9 112.6 128.7 113.4 128.7 U3.4 129.3 113.6 129.8 11,4.0 0*5 0*2 0*4 0.4 1.7 1*3 1.4 0-7 781 750 84.5 84.5 -5.2 86*6 28.9 47.5 NA 42*3 9.6 13,0 20*6 31.7 D4, Price Movements 781, Consumer prices, all items ® 1957-59=100 .... 116.3 750, Wholesale prices, all commodities <§)..,. do 106.1 121.2 108.7 E. ANALYTICAL MEASURES E2. Analytical Ratios 850, Ratio, output to capacity, manufacturing2. . 851. Ratio, inventories to sales, manufacturing and trade 852. Ratio, unfilled orders to shipments, mfrs.' durable goods industries 853. Ratio, production of business equipment to consumer goods 854. Ratio, personal savings to disposable personal income 855. Ratio, nonagri cultural job openings unfilled to persons unemployed 858, Output per man-hour, total private nonfarm. . 856. Real average hourly earnings, production Percent. * • « » * * Ratio do ... 85.3 84.5 0.0 84.1 1.58 1.54 1.54 1.54 1.54 1*54 1.54 NA 3.48 3.31 3.20 3.22 3,14 3*15 3.07 NA 1957-59=100.... 123.3 Ratio 0.074 118.4 118.7 121,3 120.9 0.065 0,053 0.053 0.067 do 0,121 1957-59=100 .... 129.9 0.133 134.2 0.139 135.0 0.137 134.5 0*117 134.3 2.51 1957-59 dollars.. 2.43 859. Real spendable average weekly earnings, nonagri. production or nonsupv. workers. . 78.08 do 857, Vacancy rate in total rental housing 2 ® . . Percent * « * * » » • 6.2 2.48 2.50 2.48 78.53 78,29 78.24 78.30 5.4 5*0 5.1 5,0 120.1 122.9 123.5 0.0 -2.5 2.3 $.51 78*34 0.107 0.104 -10*8 2.51 2.50 0.0 78.53 78.00 0.2 0.0 850 851 NA 0*0 NA 0.6 -2.5 852 2.2 -0.3 853 0.5 0.0 0*120 -0.4 -2,8 -1.4 -0.4 "0.4 -0.8 «-0.7 -0*1 0.1 26.4 -14,6 -0,1 854 855 858 1,2 856 0.1 -0.1 859 857 NOTE; Series are seasonall indicated by®, which appear to contain no seasonal movement. *Series included in the 1966 NBER "short list" of indicators, NA - not available, a - anticipated. EOP * end of period. x ln many cases, data shovn here are rounded to fever digits or are in different units than those shown in the tables in part II. Where available, annual figures are those published by the source agencies or they are rounded from published figures; otherwise they (and the quarterly figure e for monthly oorics) are 2 averages or totals of the data as shewn in part II. Differenees rather than percent changes are shewn for this series. Inverted series. Since this aeries tends to move counter to movements in general business activity, aigna of the changes are reversed. 4 End -of -period aeries. The annual figures (and quarterly figures for monthly series) are the last figures for the period. NATIONAL INC0IVIE AND Chart Al GROSS NATIONAL PRODUCT 200. GNP in current dollars, Q (am. rate, bit. doi.) 210. implicit price deflator, Q (index: 1958=100) 215. Per capita GNP in current dollars, Q (aim. rate, thous. dol.j 217. ]Per capita GNP in 1958 dollars, Q (arm. rate, thous. do!.) Current data for these series are shown on page 65. BCI» NOVEMBER 1969 Section A I Chart A2 J NATIONAL AND PERSONAL INCOME «) (Pw.) ist I? ? (tog.) 220. National Income, current fetors* Q (am, rate, bit. doll 222. Personal income, current dollars, Q {am. rate, W. del.) 224. Disposable personal income, current deters, Q (ant, rate, bR doll 225. Disposable personal income, 1958 doHars, Q (ana rate, b* do),] 226. Per capita disposable personal income, current doNars Q (am. rate, tfwtts, dot.) 227. Per capita disposable personal income, 1958 dollars Q (arm. rate, ttwus. doL) si es Current data for those series arc shown on page 65. 10 NOVEMBER 1969 ItCII Section A NATIONAL AND PRODUCT PERSONAL CONSUMPTION EXPENDITURES Annual rate, billion dollars Personal consumption expenditures230. Total, current dollars, 0 231. Total, 1958 dollars, Q 232. Durable goods, total, current dollars, Q 233. Durable goods, total excluding automobiles, current dollars, Q ! 234. Automobiles, current dollars, Q 236. Nondurable goods, total, current dollars, Q 237. Serviced, total, current dollars, Q Current data for these series are shown on page 66. NOVEMBER 1969 11 Section A NATIONAL INCOME AND PRODUCT Chart A4 I GROSS PRIVATE DOMESTIC INVESTMENT 1 (Apr.) I (May) (Fek) P If Annual rate, billion dollars [current] \ Smss private domestic investment240. Total, Q 241. Nonresidential fixed investment, total, Q J 40 243. Producers' durable equipment, Q 245. Change in business inventories, Q Current data for these series arc shown on page 66. 12 NOVEMBER 1969 !!€!» Section A NATIONAL INCOME AND PRODUCT Chart A5 FOREIGN TRADE (My) P (Aug.) T (July) (flpr.) IP T (May) (Feb.) P T 250. Net exports of goods and services, 0 _: v v 252. Exports of goods and services, Q 253. Imports of goods and services, Q Current data for these series are shown on page 67. BtJI NOVEMBER 1969 13 Section A NATIONAL INCOME AND PRODUCT Chart AeT] GOVERNMENT PURCHASES OF GOODS AND SERVICES Annuat rate, billion dollars (current) Government purchases of goods and sarvices- 260. Federal, State, and local governments 262. Federal Government, Q 264. National defense, Q 266, State and tocal governments, Q li Current data for those series are shown on page 67. 14 NOVEMBER 1969 !!€!» Section A Chart A7 FINAL SALES AND INVENTORIES Annual rateiJnHion Mfrsjoirrejitl 270. Final sales, durable goods, Q 271. Change in business inventories, durable goods, Q 274, Final sales, nondurable goods, Q 275. Change in business inventories, nondurable goods, Q Current data for these series are shown on page 67. BM) NOVEMBER 1969 15 Section A NATIONAL INCOME AND PRODUCT NATIONAL INCOME COMPONENTS (Oct.) I (July) P (Aug.) T fluly) (Apr.) P T (May) (Feb.) P T Annual rate, pillion dollars (current) 280, Compensation of employees, Q 282. Proprietors' income, Q 284. Rental income of persons, Q 286. Corporate profits and inventory valuation adjustment, Q 288. Net interest Q Current data for theso series are shown on pages 67 and 68. 16 NOVEMBER 1969 BCII NATIONAL INCOME AND PRODUCT Section A SAVING (Nov.) (Qet) P T (July) P i' 5 1j ' , (Aug.) T (July) (Apr.) P (May) (Feb.) T I - !f i i P T >\ ' Annual ratfi hill'OH rinilar<i [mirrent) li , s s*\ *s^ E33 .. i[ , . , . . . 1 . .' • . ^ i ' . A. '!. A y "x if -X 120100- 290. Gross saving {private and government), Q ! . \ lou160140 = *~~s +• 80- 292. Personal saving. Q 294 Undistributed corporate profits plus inventory valuation adjustment, Q 296. Capital consumption allow 9f)ft Government suralus or deficit. Q 1948 49 50 51 52 i3 54 55 56 57 58 59 60 61 62 63 64 65 @@ 67 6S 69 1970 Current data for these series ore shown on page 68. NOVEMBER 1969 17 CYCLICAL INDICATORS Economic Process and Cyclical Timing Chart Bl EMPLOYMENT AND UNEMPLOYMENT Leading Indicators (G@ IF *t.lAverage workweek, production workers, manufacturing (hours) s 2. Accesswn rat»7raaouf3cturing (per 100 employees) Average weekly initial clams, State unemptoywefit insurance (thousands -inverted scale) Layoff rate, manufacturing (fX» 100 employees-inverted sscate) ~~ ' * " '^ li " ~""" " f" - * - ~- Current data for those series are shown on page 69. 18 NOVEMBER 1969 ItCII Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing EMPLOYMENT AND UNEMPLOYMENT—Con. Roughly Coincident Indicators (Nov.) (Oct.) I (J«W P (Aug.) T (July) (Apr.) P T (May) (Feb.) 49, Nonagncultural job openings unfitted [thousands], 46. Help-wanted advertising (index: 1957-59=100) 48, Man-hours in nonagricultural establishments (arm. rate, bit. man-hours] *41. Employees on nonagricultural payrolls (millions) 42. Persons engaged in nonagricultural activities (millions) Current data for these series are shown on pages 69 and 70. BCD NOVEMBER 1969 19 Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing Chart EMPLOYMENT AND UNEMPLOYMENT—Con. Bl Roughly Coincident Indicators—Con. (Nov.) (tot.) P T (July) (Aug.) P I (July) (Apr.) P T (May) (Feb.) P T Comprehensive Unemploymen 3• Unemployment rati, total (percent-inverted scale) 1 45, Average weekly insured unemployment rate (percent-inverted scale) 40. Unemployment rate, married males (percent-inverted scale) Lagg ng Indicators Long - Duration Unemployment *44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale) Current data for those series are shown on page 70. 20 NOVEMBER 1969 a• Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing Chart B2 PRODUCTION, INCOME, CONSUMPTION, AND TRADE Roughly Coincident Indicators (Nov.) (Oct.) P (July) P T (Aug.) T (July) (Apr.) P T (May) (Feb.; 13 T *8ft"GNP jiTcurrenffcHwsTB faSiTrate, ITdE] *205. GNP in 1958 dollars, QlanOJteTlinW.1 *47. Industrial production (index: 1957-59=100) *52, Personal income (ann. rate, bil. dol.) 53. Wages and salaries in mining, manufacturing, construction |ann. NOTE: For this economic process (I.e., Production, Income, Consumption, and Trade), no leading or lagging indicators have as yet been selected. Current data for these series are shown on page 71. KCII NOVEMBER 1969 21 Section B CYCLICAL INDICATORS Chart PRODUCTION, INCOME, CONSUMPTION, AND TRADE—Con. B2 Economic Process and Cyclical Timing Roughly Coincident Indicators—Con. (Nov.) (Oet.) P I (July) P (Aug.) I (July) (Apr.) P I (May) (M.) F T Comprehensive Consumption and Trade *S6. Manufacturing and trade sales (hit. dot.) 57. Final sates (series 200 minus series 245), Q (am. rate, bil. dot.) *54. Sales of retail stores (bit dot.) NOTE: For this economic process (I.e., Production, Income, Consumption, and Trade), no leading or lagging Indicators have a$ yet been selected. Current data for these series are shown on page 71. 22 NOVEMBER 1969 ItCII Economic Process and Cyclical Timing Section B FIXED CAPITAL INVESTMENT Leading Indicators Formation of Business Enterprises *12. Net business formation {index: 1957-59=100] 13. New business incorporations (thousands} *6. New orders, durable goods industries {bil. dol.) 8. Construction contracts; total value (index: 1957-59=100 MCO moving avg.-5-term)1 *10. Contracts and orders, plant and equipment jbil. dol.) '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 page 72. ltd* NOVEMBER 1969 23 idmmj CYCLICAL INDICATORS Economic Process and Cyclical Timing Chart B3 | FIXED CAPITAL INVESTMENT—Con. Leading Indicators—Con. (July) (Aug.) (Nov.) pet) P T P (July) (Apr.) P T T (May) (Feb.) P f 11. New capital approociations, manufacturing, Q bit. do). 24. New orders, machinery and equipment industries (oil, dol.) 9. Construction contracts, commercial and industrial (mil. sq. ft of floor area; MCD moving avg.-6-tetm)1 I Private nonfarm housing starts (arm, rate, miiofKjJHrojnqvjng_avg>.--5-terml ~*Sf New buttdirtg permits^ private housing unft 1948 49 SO SI 52 53 54 55 56 57 58 60 61 62 63 64 65 66 67 6!J *'fhis Is u tsc^yrlghted ^orJe-s vftoti by fMrmlislon; It may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Current d«M fer these series ar*j shown on pages 72 and 73. 24 NOVEMBER 1969 ItCII Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing FIXED CAPITAL INVESTMENT—Con. Roughly Coincident Indicators (July) P (Aug.) T (July) (Apr,) P T (May) (Feb.) P T Manufacturers' unfilled orders, durable goods Industries (bit. dol.j 97. Backlog of capital appropriations, manufacturing, Q (bit, dol.l Lagging Indicators investment Expenditures Machinery and equipment sales and business construction expenditures (ann. rate, tail dol. Current data for these series are shown on page 73. NOVEMBER 1969 25 Section B CYCLICAL INDICATORS Chart INVENTORIES AND INVENTORY INVESTMENT Economic Process and Cyclical Timing Leading Indicators 245.; Change in business inventones, aH industries, Q (ann. rate, bit. dol.) Change in book vakie, manufacturing and trade inventories aiui. lite, oil. dol; MCD moving avg.-5-term) Purchased materials, percent of companies reporting higher inventories Ctiange in book value, manufacturers' inventories of materials and supplies ann. rate, 1C dol; MOD moving avi-6-term) materials, percent of companies reporting commitments 60 days or longer Current data for those series are shown on page 74, 26 NOVEMBER 1969 BCII Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing Chart B4 INVENTORIES AND INVENTORY INVESTMENT—Con. Leading Indicators—Con. (Nov.) (Oct) T (July) P (Aug.) (July) (Apr.) 32. Vendor performance, percent of companies reporting slower deliveries 25. Change in unfilled orders, durable goods industries (oil. do I.; MCD moving avg.-4-term) :..... Ji Lagging Indicators *71. Book value, manufacturing and trade inventories (bil. dot.) 65. Book value of manufacturers' inventories, finished goods (tail, dol.) NOTE: For this economic process (i.e., Inventories and Inventory Investment), no roughly coincident indicators have as yet been selected. Current data for these series are shown on page 74. NOVEMBER 1969 27 Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing Chart 85 PRICES, COSTS, AND PROFITS Leading Indicators (July) (Apr.) P I (Nov.) (Get) P T (Map) (Fete.) P I Sensitive Commodity Prices *23.Jndw|trial materials prices jlndex: 1957-59=100] *19. Stock prices, 500 common stocks (index: 1941-43-10) 22. Ratio, profits (after taxes) to income originating, -4§. Profit^ (?ftpr tavpg) pftf dolly of sflfos, manufacturing, Q [rants] *17. Ratio, price to unit labor cost, manufacturing (imtex: 1957-59 100) 1S§ Current data for these series are shown on page 75. 28 NOVEMBER 1969 Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing PRICES, COSTS, AND PROFITS—Con. Roughly Coincident Indicators (Nov.) (Oct.) P T P T (July) (Apr.) P T (Ma?) (Feb.) P T 58. Wholesale prices, manufactured goods (index: 1957-59=100) Lagging Indicators 6& tajwcost Jcttr.jtolJjgninrtof *62. Ubi^r costjg^tBftjat_«rtputt manufacturing {index Current data for these series are shown on page 75. ItU) NOVEMBER 1969 29 Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing MONEY AND CREDIT Leading Indicators (Nov.) (Oet.) P T (July) P (Aug.) T (My) (Apr.) P I {May}(Feb.) P I Flows of Money and Credit 98. Change in money suppty and time deposits (ann. rate, percent; MCD moving avg.-6-term) 85, Change in money supply (ann. rate, percent; MCD moving avg.-6-term) 33. Change in mortgage debt (ann. rate, biL do).] *113. Change In consumer installment debt (arm. rate, bit dol.) 112, Change in business loans (ann. rate, bit. dot; MCD moving avg.-6-tefjmJ Current data for those series are shown on page 76, 30 NOVEMBER 1969 ItCII Economic Process and Cyclical Timing Section B Chart B6 MONEY AND CREDIT—Con. Leading Indicators—Con. 110. Total private borrowing, Q (ann. rate, bit, dot) KffiRRIBRIHHIHI 14. liabilities of business failures (mil. do).-inverted scale; foCD moving avg.-6-term) 39. Delinquency rate, 30 days and over, total installment loans | percent-inverted scale) Current data for these series are shown on page 76. BCII NOVEMBER 1969 31 Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing MONEY AND CREDIT—Con. Roughly Coincident Indicators (July) (Apr.) P T (May) (Feb.) P T 93. Free reserves (bil, dol.~inverted scale) V 114. Treasury tell rate [percent] Corporate bond yields (percent] Treasury bond yields (percent) 117. Municipal toad yields (percent) Current data for these series are shown on page 77. 32 NOVEMBER 1969 BCII Section B CYCLICAL INDICATORS Economic Process and Cyclical Timing MONEY AND CREDIT—Con. Lagging Indicators (Nov.) (Oct.) P T (July) P (July) (Apr.) P T (Aug.) T (May) (Feb.) P T 66. Consumer installment debt (bil. dot.) Commercial and industrial toans outstanding weekly reporting large *67. Bank rates on short-term business; loans, Q (percent) , residential (percent) .,, lUJ'-fl. 1948 49 50 §1 52 54 55 56 57 58 59 60 61 62 63 64 65 67 68 69 1970 Current doto for these series are shown on page 77. NOVEMBER 1969 33 Section B CYCLICAL INDICATORS Selected Indicators by Timing COMPOSITE INDEXES (July) (Aug.) (July) (Apr.) P I (May) (Feb.) P I [index: 1963-100] 810. Twelve leading indicators, reverse trend adjusted (series 1,|;5, 6,10( 12,16,17,18, 23, 29, 31,113] 820. Five coincWent indwators, estimated aggregate ecofaimic activity IseSs 41, 43,47, 52, 561 830, Six lagging indicates (series 44, 61, 62, 67, 71, 72) Current data for these series are shown on page 78. Numbers entered on the chart Indicate length of leads (-) and lags (+1 In months from reference turning dates. 1 Reverse trend adjusted Index of 12 leaders contains the same trend as the Index of 5 coincident Indicators. 34 NOVEMBER 1969 BCII Section B CYCLICAL INDICATORS Selected Indicators by Timing COMPOSITE INDEXES—Con. (Nov.) (Oct.) P T (July) P (Aug.) T (July) (Apr.) P T (May} (Feb.) P T 813. Marginal employment adjustments (series 1, 2T 3, 5] /'VVA Capital investment commitments {series 6,10,12,29] 815. toventory investment and purchasing (series 23, 25, 31, 37) 816. PfofitatxKy (series 16J7 817. Sensitive financial flows (series 33, 85,112,113) Current data for these series are shown on page 78. IM.JP NOVEMBER 1969 35 Section B CYCLICAL INDICATORS Selected Indicators by Timing Chart B8 NBER SHORT LIST Leading Indicators (Nov.) (Oct.) (July) P (Aug.) I (July) (Apr.) P I (May) (Fab.) P I 42 *1. Average workweek, production workers, manufacturing [hours] 4H 40 *5. Average weekly initial claims, State unemployment insurance (thousands-inverted scale] *12. Net business formation (index: 1957-59=100] *6. New orders, durable goods industries (bit. dol.) *10 Contracts and orders, plant and equipment [bil. dol.] . New tjuUfflnf isemrtts, private turasinf units ttndBx: 1957-»100) Current data for those series arc shown on pages 69, 72, and 73, 36 NOVEMBER 1969 Section B CYCLICAL INDICATORS Selected Indicators by Timing Chart B8 NBER SHORT LIST—Con. Leading Indicators—Con. (Nov.) (Del) P I (luly) P (Aug.) T (July) (Apr.) P I (May) (Feb.) P T *31. Change in book value, manufacturing and trade inventories ^ 23. Industrial materials pnces (into 1957-5^100) *I9. Stock prices, 500 common stocks (Nex: 1941-43=10) *16, Corporate profits after taxes, Q (ann. rate, bit. dot.) *17. Ratio, price to unit labor cost, manufacturing (index: 1957-59=100] Change in consumer installment debt (ann. rate, bit. dol.) Current data for these series are shown on pages 74, 75, and 76. IICII NOVEMBER 1969 37 Section B L Chart B8 CYCLICAL INDICATORS Selected Indicators by Timing NBER SHORT LIST—Con. Roughly Coincident Indicators (Nov.) (Oct.) P T am (Aug.) P T (luly) (Apr,) P T (May) {Fell.} P I current dollars, 0 am rate, ML dot.) 205. tHf in 1958 totters, Q (aon. rate, bit dot] 47. Industrial production (index: 1957-59=100) Perso^ income (arm. rate, W. tot) *56. Manufacturing and trade *54, Sates ofretail$tores k doL) *41. Employees on nonagricuftufal payrote (mrions Unempkmnem rate, total {percent-jnverted scale] Current data for these series are shown on pages 70 and 71. 38 NOVEMBER 1969 ItCII Selected Indicators by Timing Section B NBER SHORT LIST—Con. Lagging Indicators (Nov.) (Oct.) p *44. I rate, persons unemployed 15 weeks and over (percent-inverted scale) *61. Business expenditures, new plant and equipment, Q (ann. rate, bit. dol.) *71. Book value, manufacturing and trade inventories (bil. dol.) *62. Labor cost per unit of output, manufacture (index: 1957-59=1001 111= *72. Commercial and industrial loans outstanding, weekly reporting large commercial banksTfbil. dol.) ^ *67.Bank rates on short-term business loans, 0 (percent) Current data for these series are shown on pages 70, 73, 74, 75, and 77. | NOVEMBER 1969 39 ANTICIPATIONS AND INTENTIONS Chart Cl duly) P AGGREGATE SERIES (May) P (Apr,) T (Feb.) T expwdferes for new plant all industries, Q | 70 80- (a) Actual expenditures (ami, rate, bil. ttol.) 80- 11(01 (b) Secoml anticipatkMis as .aerctnt o^ actual (p«rcwtl Il 110 T (el-First anticipations as pffl^Of^alhWentl Hi IU _Ji_Jl 'i 1; 1 i S8 '< .K 5© .'I. ... il _JL_JL.Jl_ 60 ill TTW 105- »?•!? 100- i 61 62 63 64 6S 67 68 69 70 Currant data for these sorlos are shown on page 79, 40 NOVEMBER 1969 Section C ANTICIPATIONS AND INTENTIONS Chart Cl AGGREGATE SERIES—Con. (July) («pr.) 412. Manufacturers' inventories, total book value, Q [bil. dol 414. Condition of manufacturers' inventories: percent considered high less percent considered low, Q (percent) 416. Adequacy of manufacturers' capacity: percent considered inadequate less percent considered excessive, Q (percent) 4. Current data for these series are shown on page 79. ltd* NOVEMBER 1969 41 Section C ANTICIPATIONS AW INTENTION! Chart AGGREGATE SERIES-Con. Cl Actu — Anticipated • - * j , Ctrrnmtlncome of botr$irwt!te§compamtfto Incomes year agfl, 0 (a) Percent of households reporting no change in family income (percent) (b) Percent of households reporting higher family income (percent) (c) Percent of households reporting tower family income (percent) 421 Mean probability of substantial changes in income of households, Q I (a) Mean probability of increase in family income (pwcentj |i ;| (b) Increase less decrease (percent) li (c) Mean probability of decrease in family income (percent) !;43<0. Number of new cars purchased by households, Q i (am rate, mil. cars) I (a) Actual [quarterly] (b) Actual. 2-quarter moving avg. (d) Anticipations as percent of actual data (percent) i rA 435. Index of consumer sentiment, 0 V ©3 ©4 \ ; x.,-""\ *..*>. »...-....-•..K -x dD ?© Current data for these series aro shown on page 79. 42 NOVEMBER 1969 BCII Section C ANT1QPAT80NS AND INTENTIONS Chart C2 DIFFUSION INDEXES Diffusion indexes: peccant rising (plotted at terminal quarter) "*"'"• ~ " ~ i ' 0440. New orders, manufacturing (4-Q span]1 Actual Anticipated* D442. Net! profits, manufacturing and trade (4-Q span)1 D444. Net sales, manufacturing and trade [4-Q span]1 D446. Number of employees, manufacturing and trade (4-Q span)1 Current data for these series are shown on page 80. 'This is o copyrighted series used by permission; It may not be reproduced without written permission from Dun & Bradstreet, Inc. NOVEMBER 1969 43 Section C ANTICIPATIONS AND INTENTIONS Chart DIFFUSION INDEXES—Con. C2 (May) (Fete.) (plotted at terminal qwrtef) j. Level of inventories, manufacturing and trade [4-Q span]1 , Selling prices, manufacturing and trade (4-Q span)1 t>4«2. Selling prices, manufacturing (4-Q span]1 ... ,0464, Selling prices, wholesale trade (4-Q span)1 0466, Selling prices, retail trade (4-Q span)1 Current data for those series aro shown on page 80. 'This is a copyrighted series used by permission; It may not be reproduced without written permission from Dun & Bradstreet, Inc. 44 NOVEMBER 1969 Section C Chart C2 ANTICIPATIONS AND INTENTIONS DIFFUSION INDEXES—Con. (Fab.) T Diffusion indexes: percent rising jlptotted at terminal quarter) !j Actual Anticipated * 061. Business expenditures for new plant and equipment, all industries [1-Q span] D480.;< Freight carloadings (4-Q span] 480. Change in freight carloadings (4-Q span] (millions of cars) i§ SD i© il 64 65 Current data for these series are shown on page 81. ItCII NOVEMBER 1969 45 OTHER KEY INDICATORS (Hay) (Feb.) 500, Merchandise trade balance (bi (W.; MCD 'moving avg.~6-term) 502. Exports, except mifitary aid (fail, dol; MCO moving avg,-6-temij 506. Export wders, durables except motor vehicles (bil. dot.; MCO moving avg.- 6-termj 508. Export orders, nonelectrical machinery jind$x: 1957-59-100; MCD moving avg.-4-termJ 512, General imports |bl, dot; MCD moving avg.-4-term) ill g: Current data for these series are shown on pago 82. 46 NOVEMBER 1969 KCII Section D Chart D2 BALANCE OF PAYMENTS AND MAJOR COMPONENTS U.S. Balance of Payments, Q 520. Liquidity balance basis [Change jn U.S. official reserve assets and change [Change in U.S. official reserve assets, and change - ln^ut(ttlabiimerpws^TtalrTffliiit|u to foreign monetaty official agencies Annual rate, billion dollars Excess of receipts [inflow) EH Excess of payments (outflow) 525. Net capital movements, liquidity balance basis' (outflow (-) left scale) A-..* 250. Balance on goods and services {surplus (+) right scale) 520. Liquidity balance 527. Net capital movements, official settlements basis1 t-fieflTsTafe) 522. Official settlements balance 250. Balance on goods and services (surplus (+) right scale) Current data for these series are shown on page 83. Annual totals are used prior to 1960 except for series 520. 1 1ncludes unilateral transfers and errors and omissions. BCII NOVEMBER 1969 47 Section D OTHER KEY INDICATORS BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con. 40- Major Components, Except Military Grants of Goods and Services-Con. [Bilion dollars 530. Liquid liabilities to all foreigners, outstanding at end of period \ 532. Liquid and certain nonliquid liabilities to foreign official agencies, outstanding at end of period 534, U.S. official reserve assets-reserve position at end of period Current data for those series are shown on page 83. End of year figures are used prior to 1960. NOVEMBER 1969 BCII Section D OTHER KEY INDICATORS Chart D2 BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con. 56-1 Goods and Services Movements, Except Transfers Under Military Grants Annual rate, billion dollars 52- 48- Excess of receipts Excess of payments 44* Goods and services- 250. Balance on goods and services Merchandise, adjusted536. Exports investment income, military sales and expenditures, and other services- Current data for these series are shown on page 83. Annual totals are used prior to 1960. ltd) NOVEMBER 1969 49 Section D Chart OTHER KEY INDICATORS D2^] BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con. Investment Income, Military Sales and Expenditures, and Other Services [Annual rate, bikm dollars Excess of receipts (inflow) E~3 Excess of payments (outflow) Investment income— m 542. Income on U.S. investments abroad 543. Income on foreign investments Travel545. Payments by U.S. travelers abroad 544. Receipts from foreign travelers in the U.S. Military sales and expendrtures- 547. U.S. military expenditures abroad JL- 546. Military sales to foreigners Transportation and other services- 549. Payments Current data for these series are shown on page 84. Annual totals are used prior to 1960. 50 NOVEMBER 1969 Section D OTHER KEY INDICATORS Chart D2 BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con. ipital Movements Plus Government Nonmilitary Unilateral Transfers Annual rate, billion dollars 1 Excess of receipts (inflow) Excess of payments (outflow) Direct investments- 561. U.S. investments abroad +Q* 560. Foreign investments in the U.S. Securities investmentsc3 565. U.S. purchases of foreign ^ 564. Foreign purchases of U.S. securities 570. Government grants and capita! transactions, net 575. Banking and other capital transactions, net 2.S4S 4S) i© Si ii i3 i^= SI Si W/ i§ Current data for these series are shown on page 84. Annual totals are used prior to I960. D NOVEMBER 1969 51 Section D OTHER KEY INDICATORS FEDERAL GOVERNMENT ACTIVITIES (July) P (Aug.) I (July) (Apr.) F T (May) (Feb.) P T Receipts and Expenditures 600, Federal surplus or deficit, national income and product accounts, Q (ann. rate, bit. dot.) 601. Federal receipts, national income and product accounts, Q (ann. rate, bil. dot.) 602. Federal expenditures, national income and product accounts, Q (ann. rate, btl. dol.) Current data for those series are shown on page 65. 52 NOVEMBER 1969 Section D KEY FEDERAL GOVERNMENT ACTIVITIES—Con. (July) (Apr.) IP T IF T (Map) (Feb.) ( F T 264. National defense purchases, Q (ann. rate, bit, dol.j 616. Defense Department obligations, total (bil. do).; MCD moving avg.-6-term) 621. Defense Department obligations, procurement (bil. dol.; MCD moving avg.-6-term) 647. New orders, defense products industries (bil. dot.; MCD moving avg.-6-term] 648. New orders, defense ^ products (bil. dol.) 625. Military contract awards in U.S. (bil. dot; MCD moving avg.-6-termj Current data for these serfes are shown on page 85. BCD NOVEMBER 1969 53 Section D OTHER KEY INDICATORS FcharT D4 PRICE MOVEMENTS (Nov.) (Oct.) P T (July) P (Aug.) I (July) (Apr.) P T (May) (Fob.) C3 T Current data for these series are shown on page 86. 54 NOVEMBER 1969 IICII Section D PRICE MOVEMENTS—Con. •a Current data for these series are shown on page 86. ltd) NOVEMBER 1969 55 ANALYTICAL MEASURES Chart El ACTUAL AND POTENTIAL GROSS NATIONAL PRODUCT (Nov.) (Oct.) P T (July) P T (July) (Apr.) P T (May) (Feb.) P T 7801 760 ?40 720-* 206. PotmtMGNP' 205. Actual GNP 207, Gap Current data for those series are shown on page 87. 'Trend lino of 3-1/2 porcont por year through middle of 1955 from 1st quarter 1952 to 4th quarter 1962, 3-3/4 percent from 4th quetrter 1962 to 4th quarter 1965, and 4 percent thereafter. 56 NOVEMBER 1969 BCII Section E ANALYTICAL MEASURES ANALYTICAL RATIOS (Nov.) (Oct) $ T (luly) P (Aug.) T (July) (Apr.) P T (Mai?) (Fit) P T 850. Ratio, output to capacity, manufacturing, Q [percent] __^ ^L. „„, 852. Ratio, unfilled orders to shipments, manufacturers' durable goods industries 853. Ratio, production of business equipment to consumer goods (index: 1957-59=100) > Current data for these series are shown on page 88. BCD NOVEMBER 1969 57 ANALYTICAL MEASURES Section E ["chart Chart E2 E2 1 ANALYTICAL RATIOS—Con. II— I i (flpr.) (May) (FQfo.) 854. Ratio, personal saving to disposable personal income, Q 855. Ratio, nonagrtcuttural job openings unfilled to number of persons unemployed 858, Output per man-hour, total private rtonfarm, Q (index: 1957-59=100] 856. Real average hourly earnings, production workers, manufacturing (1957-59 MM) 859. Real spendable average weekly earnings, nonagricuftural production or nonsupenrtsbry workers (1957-59 dollars 857. Vacancy rate in total rental housing, Q percent Current data for these series are shown on page SB, 58 NOVEMBER 1969 ltd* Section E ANALYTICAL MEASURES DIFFUSION INDEXES Leading Indicators (Oct) f (July) P (Mag.) I (July) (Apr.) P T P I Percent rising D1. Average workweek, production workers, manufacturing- 21 industries (9-mo. span— , 1-mo. span—-) 06. New orders, durable goods industries-36 industries (9-mo. span—, 1-mo. span- Oil. Newly approved capita! appropriations-17 industries, NIC6 (3-Q span*~, 1-Q span*~) 034. Prof its, FNCB of NY, percent reporting higher prof its-about 1,000 manufacturing corporations (1-Q span] 019. Stock prices, 500 common stocks -77 industries (9-mo. span—, 1-mo. span—-] 023. Industrial materials prices-13 industrial materials (9-mo. span— , 1-mo. span...-) 05. Initial claims, State unemployment insurance-47 areas {percent declining; 9-mo. span—, 1-mo. span-—) JLD^S 4J.<D S© S2, 1)^1 1)3 l)^ Current data for these series are shown on pages 89 and 90. NOVEMBER 1969 59 Section E ANALYTICAL DIFFUSION INDEXES—Con. Roughly Coincident Indicators Percent rising D41. Employees on nonagricultural payrolls-30 industries (6-mo. span—, 1-mo. span D47. Industrial production-24 industries (6-mo. span—, 1-mo. span—) D58. Wholesale prices, manufactured goods-22 industries (6-mo. span—, 1-mo. span----] D54. Sales of retail stores-23 types of stores (9-mo. span—, 1-mo. span- Current data for those series are shown on page 91. 60 NOVEMBER 1969 ItCII Section E ANALYTICAL MEASURES RATES OF CHANGE Percent change, annual rate200. (c) GNP in current dollars [1-Q span] 205. (c) GNP in constant dollars (1-Q span) 820. Composite index of 5 coincident indicators (series 41, 43, 47, 52, 56) 48. Man-hours in nonagrtcultural establishments 54. Sales of retail stores 52. Personal income 47. Index of industrial production 55. Index of wholesale prices, industrial commodities *Jc 781. Index of consumer prices, all items To locate baste data for these rates of change, consult 'Index—Series Finding Guide,* pp, 113 and 114 RU) NOVEMBER 1969 61 Section DM Fp - £ 'Lit. F INTERNATIONAL COMPARISONS CONSUMER PRICES » T (My) (Apr.) P T Consumer juicess 8© Sil 781. United States Si Currant data (or tha*e carlo* or« (town on page 96. 62 NOVEMBER 1969 BCII Section F Chart F2 INDUSTRIAL PRODUCTION Current data for these series are shown on page 99. NOVEMBER 1969 63 Section F INTERNATIONAL COMPARISONS Chart F3 STOCK PRICES 49 i© SE it 13 ! Current data for those series arc shown on page 100. 64 NOVEMBER 1969 BCII NATIONAL INCOME AND PRODUCT GROSS NATIONAL PRODUCT Year and quarter 200. Current dollars a. Total (Ann. rate, bil. dot.) b. Difference (Ann. rate, bil. doi.) 205, Constant (1958) dollars c. Percent change at annual rate a. Total 210. Implicit price deflator b. Difference c. Percent change at annual (Ann. rate, rate bil. dol.) (Ann. rate, bil. dol.) a. Total b. Difference (Index: 1958-100) (Index: 1958=100) c. Percent change at annual rate 1966 First quarter... Second quarter.. Third quarter... Fourth quarter.. 729.5 743.3 755.9 770.7 +19.5 +13.8 +12.6 +14.8 +10.8 +7.6 +6.8 +8.0 649.1 655.0 660,2 668.1 +12.5 +5.9 +5.2 +7.9 +8.0 +3.6 +3.2 +4.8 112.4 113.5 114.5 115.4 +1.1 +1.0 +0.9 +3.2 +4.0 +3.6 +3.2 774.2 783,5 800.4 816 ,,1 +3.5 +9.3 +16.9 +15.7 +2.0 +4.8 +8.8 +8.0 666.5 670.5 678.0 683.5 -1.6 +4.0 +7.5 +5.5 -0.8 +2.4 +4.4 +3.2 116.2 116.9 118.1 119-4 +0.8 +0.7 +1.2 +1.3 +2.8 +2.4 +4.0 +4.4 835.3 358.7 876.4 892.5 +19.2 +23.4 +17.7 +16.1 +9.6 693.3 705.8 712.8 718.5 +9.8 +11.2 +8.4 +7.2 +12.5 +7.0 +5.7 +5.6 +7.2 +4.0 +3.2 120.5 121.7 122.9 124.2 +1.1 +1.2 +1.2 +1.3 +3.6 +4.0 +4.0 +4.4 908,7 924.8 r942.8 +16.2 +16.1 r+lB.O +7.2 +7.2 +7.6 723.1 726.7 r?30.6 +4.6 +3.6 14-3.9 +2.4 +2.0 +2.0 125.7 127.3 129.0 +1.5 +1.6 +1.7 +4.8 +5.2 +5.2 +0.9 1967 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1968 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1969 First quarter... Second quarter . Third quarter... Fourth quarter.. 1 Year and quarter GROSS NATIONAL PRODUCT»Con. NATIONAL AND PERSONAL INCOME 215. Per capita 217. Per capita GNP, constant GNP, current (1958) dollars dollars (Ann. rate, dollars) (Ann. rate, dollars) 220. National income in current dollars (Ann. rate, bil. dol.) 222. Personal income in current dollars (Ann. rate, bil. dol.) Disposable personal income 224. Current dollars (Ann. rate, bil. dol.) 225. Constant (1958) dollars (Ann. rate, bil. dol.) 226. Per capita, Current dollars (Ann. rate, dollars) ; 227. Per capita, constant (1958) dollars (Ann. rate, dol.) 1966 First quarter... Second quarter. Third quarter.. Fourth quarter.. 1967 First quarter... Second quarter. Third quarter .. Fourth quarter.. 1968 First quarter... Second quarter. Third quarter.. Fourth quarter . 1969 First quarter... Second quarter, Third quarter .. Fourth quarter.. 3,720 3,780 3,833 3,895 3,310 3,331 3,347 3,377 603.2 615.0 626.9 637.3 570.3 580.7 592.9 605.0 499.9 506.0 515.9 525.6 453.5 454.7 461.2 466.1 2,549 2,574 2,616 2,656 2,313 2,313 2,339 2,356 3,903 3,940 4,014 4,080 3,360 3,372 3,400 3,418 639.3 646.2 658.5 672.0 615.2 622.2 634.5 645.9 534.4 541.6 550.3 559-8 471.6 476.0 479.4 483.7 2,694 2,724 2,760 2,799 2,378 2,394 2,404 2,419 4,168 4,274 4,350 4,418 3,459 3,513 3,538 3,557 688.8 707.4 724.1 737.3 664.3 680.1 696.1 711.2 575.0 587.4 593.4 604.3 492.1 497.4 498.9 2,869 2,924 2,946 2,991 2,455 2,476 2,477 2,485 4,488 4,556 r4,633 3,571 3,580 r3,590 751.3 765.7 P780.5 724.4 740.5 r756.5 610.2 622.0 r639.0 502.6 506.2 r514.1 3,014 3,065 2,482 2,494 r2,526 502.1 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers are for identification only and dp not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. ItUI NOVEMBER 1969 65 NATIONAL INCOME AND PRODUCT PERSONAL CONSUMPTION EXPENDITURES Year and quarter 1966 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1967 First quarter... Second quarter,. Third quarter.., Fourth quarter.. 1968 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1969 First quarter... Second quarter . Third quarter... Fourth quarter.. 230, Total in current dollars 231. Total in constant (1958) dollars (Ann. rate, bil. dot.) (Ann, rate, bil. dol.) 232. Durable goods, 233. Durable goods, 234. Automobiles total except autos, in current dollars total in current in current dollars dollars 237. Services in current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 236. Nondurable goods in current dollars 457.6 461.9 471.2 474.5 415.3 415.1 421.3 420.7 71.2 68.5 71.3 71.9 44.4 44.5 46.2 46.5 26.8 24.0 25.1 25.4 202.6 206.4 209.6 209.1 183.9 186.9 190.2 193.5 480.9 489. 8 495.7 502.6 424.4 430.5 431.9 434.3 70.0 73.5 73.3 75.2 46.9 47.6 47.9 50.0 23.1 25.9 25.4 25.2 2X3.2 2U.4 215.8 216. a 197.7 201.8 206.6 210.6 520.6 530.3 544.9 550.7 445.6 449.0 458.2 457.6 79.5 81.8 85.8 86.3 51.1 52.6 54.1 54.9 28.4 29.2 31.7 31.4 226,1 228,5 233.3 234.3 215.1 220.0 225.8 230.1 562.0 572.3 r579,8 462.9 466.2 P466.5 88.4 90.6 r89.8 57.5 30.9 31-4 P32.1 238,6 -242 (>1 235.0 240.1 244.9 59.2 P57.7 GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS Year and quarter 1966 First quarter... Second quarter. Third quarter .. Fourth quarter,. 1967 First quarter... Second quarter. Third quarter ., Fourth quarter.. 1968 First quarter... Second quarter. Third quarter .. Fourth quarter . 1969 First quarter... Second quarter. Third quarter.. Fourth quarter.. 240. Total 241. Nonresidential fixed investment 242. Nonresidential structures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 243. Producers' durable equipment (Ann. rate, bil. dol.) 244. Residential structures 245. Change in business inventories (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 117.5 122.4 119.6 126.2 78.8 80.3 83.0 84.2 28.6 28.2 29.0 28.2 50.2 52.1 54.0 56.0 27.4 26.0 24.7 22.1 +11.3 +16.2 +11.9 +19.9 113.6 109.4 117-7 123.3 83.3 83.0 83.5 85.0 29.0 27.2 27.8 27.8 54.2 55.8 55.7 57.2 21.4 23-1 26.5 +9.0 119.4 126.6 125.2 133.9 89.1 86.4 88.1 91.5 29.8 28.3 29.0 30.1 59.4 58.1 59.1 61.4 28.6 30.3 29.9 31.9 135.2 137.4 95.3 32.3 32.1 r34,7 63.0 65,7 r66.4 33.3 32.7 r3l.4 97.8 rlOl.l +3.4 +7.8 +9.5 +1.6 +9.9 +7.2 +10.5 +6.6 +6.9 rflO.7 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised' V. preliminary; V, estimated; "a", anticipated; and "NA", not available. 66 NOVEMBER 1969 NATIONAL INCOME AND PRODUCT H Qj FOREIGN TRADE IN CURRENT DOLLARS Year and quarter GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS 250. Net exports of goods and services 252. Exports of goods and services 253. Imports of goods and services 260. Total 262. Federal 264. National defense 266. State and local (Ann. rate, bil. dol.) (Ann. rate, bil. dol.); (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. fate, bil. dol.) (Ann. rate, bil. dol.) 1966 First quarter Second quarter. .... Third quarter. Fourth quarter +6.2 +5.6 +4.4 +4.9 42.2 42.7 43.7 44.8 36.0 37.1 39.3 39.9 148.0 153.4 160.7 165.2 72.8 75.6 80.5 82.1 55.3 58.5 63.3 65.6 75.2 77.7 80.1 83.0 +5.4 +5.8 +5.6 +3.8 45.8 45.9 46.3 46.7 40.4 40.1 40.7 42.8 174.2 178.5 181.3 186.4 87.8 90.3 91.3 93.5 69.9 71.9 73.0 74.6 86.4 88.1 90.0 92.9 +1.9 +3.4 +3.6 +1.2 47.7 50.7 53.4 50.6 45.9 47.3 49.7 49.4 193.4 198.4 202.5 206.7 96.3 99.0 100.9 101.9 76.1 77.9 78.8 79.3 97.1 99.4 101.7 104.8 +1.5 +1.6 rr2.7 47.6 57.1 r57.8 46.1 55-5 r55.2 210.0 212.9 r. 217.0 101.6 .100.6 rl03.2 79.0 78.5 r80.3 108.5 112.3 rl!3.8 1967 First quarter Second quarter. .... Third quarter Fourth quarter 1968 First quarter Second quarter. .... Third quarter Fourth quarter 1969 First quarter Second quarter Third quarter Fourth quarter Q FINAL SALES AND INVENTORIES IN C U R R E N T DOLLARS Year and quarter Durable goods 270. Final sales (Ann. rate, bil. dol.) 1966 First quarter Second quarter Third quarter Fourth quarter. .... Nondurable goods 271. Change in business inventories (Ann, rate, bil. do).) 274. Final sales 275. Change in business inventories (Ann. rate, (Ann. rate, bil. dol.) bi!. dol.) H NATIONAL INCOME COMPONENTS IN CURRENT DOLLARS 280. Compensation of employees 282. Proprietors1 income 284. Rental income of persons (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) +13.2 217.6 220.9 225.3 225.4 +3.1 +5.6 +1.7 +6.7 420.1 430.9 441.4 449.7 62.1 61.2 61.1 60.8 19.6 19.8 20.1 20.3 151.9 158.3 157.7 160.0 +4.2 +1.5 +4.4 +5.6 230.7 234.2 235.5 235.9 +4.7 +1.8 +3.4 +3.9 456.2 461.1 470.7 481.7 60.8 61.7 62.6 62.3 20.6 20.8 20.9 21.0 First quarter Second quarter Third quarter Fourth quarter 1969 166.4 168.9 173.7 176.6 +1.9 +6.8 +5.1 +7.4 246.5 250.4 256.1 256.4 -0.3 +3.1 +2.1 +3.1 495.1 507.0 519.8 532.3 63,2 63.6 64.1 64.1 21.1 21.2 21.2 21.4 First quarter Second quarter Third quarter Fourth quarter. 181.6 185.5 p!87.8 +4.8 +4.9 P+-7.6 259.7 264.1 p267.4 +1.8 +2.1 p+3.1 546.0 558.2 r571.9 64.6 66.5 67.3 21.5 21.6 21.7 H2.2 U2.6 148.1 151.8 +8.2 +10.6 +10.2 1967 First quarter Second quarter Third quarter Fourth quarter 1968 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers arefor identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. NOVEMBER 1969 67 NATIONAL INCOME AND PRODUCT B NATIONAL INCOME COMPONENTS IN CURRENT DOLLARS-Con. Year and quarter Qj SAVING IN CURRENT DOLLARS 286. Corporate profits and inventory valuation adjustment 288. Net interest 290. Gross saving 292. Personal saving (Ann. rate, bil. dol) (Ann. rate, bit. dol) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 294. Undistributed corporate profits plus inventory valuation adjustment (Ann. rate, bil. dol.) 296. Capital consumption allowances 298. Government surplus or deficit (Ann. rate, bil. dol.) (Ann. rate, bil. do!.) 1966 First quarter Second quarter. .... Third quarter. Fourth quarter 81.5 82.1 82.5 83.7 19.9 21.0 21.8 22.8 121.0 126.3 123.5 128.8 29.6 31.2 31.6 37.7 26.2 26.8 26.9 29.6 62,5 63,5 64,4 65,3 +2.7 44.7 78.3 78.3 79.1 81.1 23-5 24.3 25.1 25.9 117.5 113.6 119.9 125.6 40.0 37.7 40.7 43.1 24. a 24.1 24.6 25.5 66., a 67.9 69.2 70.4 -U.I -16.0 -14.6 -13.4 82.5 88.2 90.6 90.3 26.7 27.5 28.4 29.3 120.5 128.8 129.1 135.4 39.9 42.3 33.2 38.0 20.4 24.1 25.6 23.6 71,7 73.0 73.7 74,6 -11.5 89.5 89.2 29.8 30.3 30.9 138.5 142.7 pl50.0 32.5 33.3 rltf.l 22,3 21.3 75.9 77.2 78.6 40.6 -3. a 1967 First quarter Second quarter Third quarter Fourth quarter 1968 First quarter Second quarter. .... Third quarter Fourth quarter 1969 First quarter Second quarter Third quarter Fourth quarter p88.7 rai.4 -10. a -3.5 -0.9 47. a +10.9 1*7.0 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by©. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised;" pw, preliminary; V, estimated; "a", anticipated; and "NA", not available. 68 NOVEMBER 1969 KCII CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS. TIMING CLASS U EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process. .. . Year and month LEADING INDICATORS ROUGHLY COINCIDENT INDICATORS Marginal Employment Adjustments Job Vacancies .... *1. Average work- 4. Nonagricultural week of production placements,1 all workers,1 manufac* industries turing (Hours) (Thous.) 2. Accession rate, manufacturing 1 *5. Average weekly initial claims for unemployment insurance, State programs 2 (Per 100 employees) (Thous.) 3, Layoff rate, manufacturing (Per 100 employees) 49. Nonagriculturai job openings unfilled1 46. Index of helpwanted advertising in newspapers (Thous.) (1957-59=100) 1967 January February March 41.0 40.3 40.5 512 500 492 4.6 4.3 4.1 196 231 256 1.3 1.5 1.7 395 379 366 191 April May June 40.5 40.4 40.4 485 481 483 4.2 4.6 4.5 259 236 231 1.5 1.4 1.4 353 351 352 185 184 184 A.O 5 478 4 4 231 212 017 14 ^50 ;.£>1 i i qcy, i e>7 T ^ ^61 1£7 220 209 204 1.3 358 1.2 35A. "3A.A 1 A7 187 188 July August September i,n 7 October November December i.r\ & /.ao L It L 1 40.7 40 7 476 4.5 471 L 5 L. L 12 /iO 7 A.7^ 1968 January. February March 40.2 40 7 40 8 478 471 481 4.5 206 196 194 1.3 L ^ 4 1 April May June 40.1 40.9 40.9 487 475 486 4.7 4.6 4.5 July August September 40.9 40.7 41.0 520 477 478 October November 40.9 40.8 40.8 January February March 189 184 191 1.3 359 363 371 193 195 194 1.1 1.3 1.1 380 394 386 197 197 197 4.7 4.6 4.7 189 199 194 1.2 1.2 1.2 375 367 376 204 208 218 466 454 443 4.8 4.6 4.7 188 190 190 1.2 1.1 1.1 374 372 373 223 222 225 40.6 40.1 40.9 448 459 431 4.9 4.6 4.6 179 186 184 1.1 1.1 1.2 372 375 365 224 230 231 April May June 40.8 40.7 40.7 452 427 460 4.9 4.8 E> 176 E> i.o 1.1 1.1 377 387 383 233 232 228 July August LO 7 ore* *U7 December 13 194 1969 September October November December 5..0 40.6 r40 8 446 427 L # 4 5 P40.5 180 201 r426 D/J. 8 1Q7 196 201 TD405 (NA) pno -] o 1 1 qi r ooy <,<.!+ nl 2 v.QJ A rjifO [R)r23 5 (m ^im ^; r\QOQ pj<>y p227 NOTE- Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @ . Current high values are indicated'by IR)- for series that move counter to movements in general business activity (series 3, 5 f 14P 39, 40, 43, 44, 45, and 93)r current low values are indicated by |R> Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk{*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated; 1 Series that reached their high values prior to 1967 are as follows; Series 1, high value (41.6) reached in Feb. 1966: Series 4, high value (586), in May 1962; Series 2, high value (5.2), in Mar. 1966; Series 49, high value (437), in July 1966. Data exclude Puerto Rico which is included in figures published ty source agency. BCII NOVEMBER 1969 69 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS Q| EMPLOYMENT AND UNEMPLOYMENT-Con. TIMING CLASS .... Minor Economic Process Year and month LAGGING INDICATORS ROUGHLY COINCIDENT INDICATORS-Con. Comprehensive Employment 48. Man-hours in nonagricultural establishments (Ann. rate, bil. man-hours) *41. Number of employees on nonagricultural payrolls, establishment survey (Thous.) Long-Duration Unemployment Comprehensive Unemployment 42. Persons engaged in nonagricultural activities, labor force survey (Thous.) *43. Unemployment rate, total (Percent) 45. Average weekly insured unemployment rate, State programs1 (Percent) 40. Unemployment rate, married males (Percent) *44. Unemployment rate, persons unemployed 15 weeks and over (Percent) 1967 January February , , March 131.38 130.64 130.73 65,342 65,379 65,459 70, 137 70,188 69,935 3.7 3.7 3.7 2.3 2.4 1.8 1.7 2.6 1.0 0.6 0.6 0.6 April May June 130.36 130.74 131.10 65,469 65,563 65,747 70,144 69,804 70,407 3.8 3-9 3.9 2.6 2.6 1.9 1.9 1.9 0.6 0.6 0.6 July., . August September 131.16 131.77 131.98 65,799 66,016 66,003 70,649 70,721 70,929 3.9 3.8 4.0 2.8 2.6 2.4 1.8 1.9 1.8 0.6 0.6 0.6 October November December 131.75 133.02 132.79 66,083 66,600 66,734 71,023 71,135 71,293 4.2 3.8 3.7 2.3 2.3 2.2 1.8 1.8 1.7 0.6 0.6 0.6 January February March 131 60 133 . 29 133 . 53 66 720 67,165 67,286 71 124 71,566 71, 786 3 6 2 3 17 0 6 3.7 3*7 2.3 2.2 1.7 1.7 0.6 April May June 133.54 134.21 134.75 67,466 67,550 67,816 71, 737 72,027 72,156 3.5 3.6 3.7 2.1 2.2 2.2 1.6 1.6 1.7 0.5 0.5 0.5 July August September 135.24 135.57 135.75 67,945 68,088 68,195 72,195 72,222 72,349 3.7 3.5 3.6 2.3 2.3 2.1 1.6 1.6 1.6 0.6 October November December 1969 January 135.89 135.83 136.19 68,427 68,664 68,875 72,477 72,682 72,923 3.6 3.4 3.3 2.0 2.0 2.0 1.6 1.6 1.4 0.5 0.4 0.4 137.07 137.08 138.44 69,199 69,487 69,710 73,477 73,848 74,035 3.3 M> 3-3 1.4 1.4 i>i.4 0.4 0.4 3.4 2.1 2.1 2.0 [H> 0.4 3.5 3.5 3-4 2.0 [H> 2.0 2 1 1.5 1.5 1.5 0.5 0.5 2 0 2 1 16 1 C' O R O • 5e 2.7 1968 February March April May June, July August. ... September October November December 138.42 139.15 139.43 69,789 70,013 70,300 73,941 73,460 73,966 IQQ J.A 70 2A.7 v»7O ^nn 7/i "32 ^ Q rjt 3O frj\ „•} 1 r\ i rt W) rX4<J . JLo vij.n rft Tji-ao -jA r«7n ArtA fuS 67^ (n/ n7O PfUjOf-? CCO /4,2?J> rji ££.Q fit, ooy rn\ 7 A QQ^ 6 C 4f\ .u 2 n 1 Q n2 2 0 6 0.5 0.5 X .r,/f 17 0.5 O c •3 0 ^ NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Current high values are indicated by [H) ; for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93)p current low values are indicated by ID, Series^nu'mbcrs are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book, Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p\ preliminary; V, estimated; "a", anticipated; and "NA", not available. 1 Data exclude Puerto Rico which is included in figures published by source agency. 70 NOVEMBER 1969 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS QU PRODUCTION, INCOME, CONSUMPTION, AND TRADE TIMING CLASS .... ROUGHLY COINCIDENT INDICATORS Minor Economic Process Year and month Comprehensive Production *200. Gross na- *205. Gross national product tional product in 1958 dollars in current dollars (Ann. rate, bil.dol.) 1967 January February March (Ann. rate, bil.dol.) Comprehensive Income *47. Index of industrial production (1957-59-100) *52. Personal income (Ann. rate, bil. dol.) Comprehensive Consumption and Trade 53. Wages and *56. Manufacsalaries in min- turing and trade ing, manufactur- sales ing, and construction (Ann. rate, bil.dol.) (Mil. dol.) 57. Final sales *54. Sales of (series 200 retail stores minus series 245) (Ann. rate, bil.dol.) (Mil. dol.) 774.2 666.5 158.3 156.7 156.6 612.8 614.9 617.9 162.7 161.4 161.2 88,078 37,323 87,632 765.2 April May June 763.5 156 7 155 6 155*7 619 3 670.5 621 2 626 i 161 2 160 9 161.7 87 656 88 016 89 184 780 2 July August September 800.4 678.0 156.4 158.3 156.8 630.4 635.2 637.8 163.2 165.0 165.1 88, 508 89,967 90,113 792.6 26 325 26,298 26,899 October November December 8]6.1 683.5 157.2 159.8 162.1 639.0 645 . 6 653.0 165.0 168.4 170.2 89,072 90,770 92,147 806.6 26,129 26,396 26,545 January February March 835.3 693-3 161.2 162.0 163.0 656.3 664.6 671.9 170.4 173.6 174.3 93,184 93,758 94,463 833.6 27,043 27,449 27,996 April May June 858.7 705.8 162.5 164.2 165.8 674.2 680.2 685.9 174.3 177.1 177.9 94, 552 96,069 97,423 848 ,,8 27,791 28,158 28,320 July August September 876.4 712.8 166.0 164.6 165.1 691.0 696.1 701.1 179.0 179.7 181.8 98,368 97,083 r98,549 869-2 28,674 28,760 r28,3l6 a 66 o 892.5 718.5 167.5 168.7 706 2 711.5 716.0 183.3 184.6 186.7 99,675 100,142 98,671 882.0 28 697 28 806 28,347 908.7 723.1 169.1 170.1 171.4 718.7 723.9 730.7 187.1 187.6 190.7 100,137 101,390 101,510 902.1 28,989 29,289 28, 916 924.8 726.7 . 171.7 172.5 173.7 735.3 740.0 746.1 192.1 193.1 195.3 102,352 103,232 104,127 917.9 29,386 29,371 [H}r942 8 H)r730.6 0)174.6 174.3 rl73.9 751.4 757.5 r?60.7 196.0 198.1 r!98.6 r!04,201 r 104, 644 [H)pl05,859 H>r932.0 29,090 r29,346 r29,249 P173.3 (H>P763.1 H)pl98.7 25,828 25,478 25,758 95 PAD 2*5 Q66 26 488 1968 October November December 1969 January February March April May June July August September October November December (NA) E> 29,442 p29,371 NOTE1 Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated'byEV for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44 t 45, and 93), current low values are indicated by fFJ) Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; V, preliminary; V, estimated; "a", anticipated; and "NA", not available. KCII NOVEMBER 1969 71 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS Qj FIXED CAPITAL INVESTMENT TIMING CLASS .... Minor Economic Process LEADING INDICATORS F °rmap^«neSS *12. Index of net business formation Year and month (1957-59-100) New Investment Commitments 13. Number of new *6. Value of business incorpora- manufacturers' new orders, tions durable goods industries (Number) 8. Index of construction contracts, total value1 (1957-59-100) (Bil.dol.) *10. Contracts and orders for plant and equipment {Bil.dol.) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Bil.dol.) 24. Value of manufacturers' new orders, machinery and equipment industries (Bil. dol.) 1967 5.92 6.13 6.16 5.72 23.54 126 U3 1A9 5.07 5.02 4.9£ 16,760 17,627 17,799 24.04 25.30 25.77 138 154 164 6.00 6.03 6.40 5.72 5.08 5.09 5.38 108 4 110 7 110 3 16 ^oo 17 674 18,118 2A Q2 1L9 165 6 24 6.57 6.43 5.82 110.6 112.7 113.8 18,000 18,403 18,168 25.68 25.85 28.06 168 166 6.66 6.42 6.43 5.74 5.31 5.37 5.50 January February March ,. 113.5 114.7 113.8 17,223 18,014 17,974 26.84 rl66 r!52 rl69 6.50 6.51 6.67 5. BO 5.47 5.38 5.38 April 18,659 18,796 19,197 27-37 26.70 rl64 172 160 6.20 6.62 7.20 5.74 June 112.8 112.7 1H.5 5.49 5.45 5.97 July August September 119.0 119.1 121 2 20, on 19,530 26.92 27.33 187 192 6.96 7.85 ?0 QAA 28 38 1 A3 7 20 October November December 12^ 9 21 ^9/L 21 155 20 2Q2 30 28 29 32 2*9 ^8 200 183 179 8 18 7.29 20 ^78 22, 199 29 68 21,353 29 70 r204 20*> rl82 123.9 123.1 123.6 23,467 23,230 23,711 30.94 30.00 1 oy. £ rjj\ v.oq 771 o2^ 1SS January February March 102.2 103.2 103.3 16,703 15,987 16,244 23.94 April June 103.7 105.0 108.1 juiy August September October November December May 24,15 25 88 25.18 168 171 5 i& 5.47 5.35 1968 May 123 4 12*; ^ 26.81 28.00 27.17 5.71 6.03 6.'i9 5 92 6 15 6 63 6.09 6 24 7 79 1969 January February March April May June July August September October November December 125 2 [H>125.8 123 2 •nlSfii 2 pU23 1 (NA) p23 ,383 (m) 30.48 29.17 on ryj ?O LA [H> r32 . 14 p31 75 183 210 r!86 r?.49 7.10 6.43 6.53 8.26 8.01 r7.85 y»7 7& 7 60 173 H> r8.*6S 195 p8.X3 vl AO 6 20 6.51 6.41 7.50 fuXsn 1A 0 in/*" - 6.65 7 98 7.84 fuS-n? [M/ P f - 7^ U 6 15 6 34 fu\ J«7 qe In/ f *^3 p6.58 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Currant high values are indicated by (H); for series that move counter to movements in general business activity (series 3, 5, 14r 39, 40, 43, 44, 45, and 93), current low values are indicated by |j). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at tho back of the book, Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). TheV indicates revised; V, preliminary; "8", estimated; "a", anticipated; and "NA", not available. 1 This ia a copyright@d series used by permission; It may not be reproduced without written permission from MeDraw-Hill Information Systems Company, F. W. Dodge Division. 72 NOVEMBER 1969 ItCII CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS TIMING CLASS 0 FIXED CAPITAL INVESTMENT-Con. .... Minor Economic Process Year and month LEADING INDICATORS-Con. ROUGHLY COINCIDENT INDICATORS LAGGING INDICATORS New Investment Commitments-Con. Backlog of Investment Commitments Investment Expenditures 9. Construction contracts, commercial and industrial buildings1 (Mil. sq.ft. floor space) 7. New private nonfarm housing units started (Ann. rate, thous.) *29. Index of new private housing units authorized by local building permits (1957-59=100) 96. Manufacturers' unfilled orders, durable goods industries (Bil.dol.) 97. Backlog of capital appropriations, manufacturing (Bil.dol.) *61. Business expenditures on new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures (Ann* rate, bit. dol.) (Ann, rate, bit. dol.) (3) 1967 January February March 49.09 57.84 56.14 1,079 1,132 1,067 83.1 78.9 81.9 77-36 77.02 76.04 April May June 58.27 54.72 62.30 1,099 1,254 1,214. 90.7 91.1 97.9 75.88 76.52 77.31 July August September 56.72 61.66 60.45 1,356 1,381 1,415 96.4 99.4 102.3 77.82 77.94 77.94 October November December 58.42 63.17 64 08 1,478 1,567 1,235 106.9 102.2 116.7 78.82 79.13 80.58 January February March £>L $1 61.39 66 61 1 J.QO 07 y AO A Q 1,499 1 A.7Q 120.0 1?1 4 80.59 81 75 April May June 66 96 66 35 1 ^6? 1 ILS 113 7 106 9 July August September October November December 61.65 76.75 76.90 75.53 61.50 74.67 74.92 76.28 60.90 76.64 77.90 78.58 62.70 76.79 77.92 79.94 20.42 20.25 20.42 20.41 1968 1 3A.& 107 o 82 24 81 90 80 97 71 65 66 15 61 59 1 507 1 L.Q6 1 570 107.7 107 8 116 4 79.68 80 IB 80 57 79 63 69 70 71.47 1,541 1 705 1,492 115.2 119.1 122.3 81.89 82.43 84.07 H) 94.41 69.98 63.50 E> 1, 845 1,664 1,567 117.2 123.4 118.7 84.43 84.99 85.16 April May June 65 82 85.60 r80.37 1,548 1,495 1,446 IH> 125-5 110.6 112.0 86.46 [H>86.88 85.91 July August September r73 70 n Q& 65.87 1,349 rl, 370 rl, 513 102.6 104.0 rlOO.4 86.37 85 . 98 r86.38 October November December 85 75 pi, 329 P93.5 p86.26 A 7 OQ £0 77 19 01 64.75 80.79 80 59 62 60 SI SQ 80 32 80 86 18 93 63 20 80.09 82 40 85.08 65.90 86.15 $8.21 85.46 68.90 90.00 91.42 90.31 E> 70.20 88.84 89.84 91.86 a72.25 91.18 r94.20 [H>p98.64 19 44 20.02 1969 January February March 20.48 1*21.52 fu>p22.26 (H/0 a?2.10 NOTE- Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated'by H> • for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93), current low values are indicated by |H> Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The "r" indicates revised; "p", preliminary; V, estimated; "a", anticipated; 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. 2 Data for 1st quarter 1968 to date are not comparable with earlier data. See "New Features and Changes for This Issue/1 page iii, August 1969 issue. NOVEMBER 1969 73 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS ffl INVENTORIES AND INVENTORY INVESTMENT ^^M TIMING CLASS .... Minor Economic Process Year and month 1967 January February March 245. Change in *31. Change in business 1 book value of inventories mfg. and trade inventories, total1 (Ann. rate, (Ann. rate, bil.dol.) bil. dol.) LAGGING INDICATORS Inventory Investment and Purchasing Inventories 37. Purchased materials, companies reporting higher inventories1 (Percent reporting) 20. Change in book value of mfrs.' inventories of mtls.1 and supplies (Ann. rate, bil. dol.) 26. Production materials, companies reporting commitments 60 l daysorlonger(gy (Percent reporting) 32. Vendor performance, Companies reporting slower deliveries®1 (Percent reporting) 25. Change in unfit led orders, durable goods industriesl *71. Manufacturing and trade inventories, book value 65. Manufacturers' inventories of finished goods, book value {Bil. dol.) (Bil.dol.) (Bii.dol.) +5.7 +5.0 48 45 46 +2.6 +0.4 +0.6 72 67 68 48 51 38 -0.63 -0.34 -0.98 138 .IB 138.66 239.07 25.43 25.68 25.82 X39.62 139.87 26.22 26.41 26.36 140.27 140.84 26.43 ux.ia 26.64 + 12.0 -t=9.0 LEADING INDICATORS April May June +3.4 +6.6 +3.0 -0.7 37 40 43 -1.6 -0.4 -0.9 67 66 68 39 36 38 -0.17 +0.65 +0.79 July August September +5.6 +6.8 +4.0 40 42 44 +1.4 +0.2 -2.2 61 66 61 41 43 44 +0.50 +7.8 October November December +9.5 +2.5 +13.1 +U.6 45 46 54 +0.1 +0.6 +0.3 62 63 64 50 51 48 +0.88 +0.31 +1.45 +1.6 +4.0 +8.5 •+4,1 55 53 52 -0.5 +1.2 +0.9 64 61 64 50 55 54 +9.9 +15.9 +15.9 +8.5 51 55 59 +4.0 +4-7 +1.7 68 64 67 +7.2 +6.4 +10.2 +9.9 59 55 40 +3-5 +2.0 -0.9 +16.4 +9 8 +11.2 42 44 43 +1.9 +10 5 +3-9 +15.0 +12.8 43 47 49 -0.4 -0.4 +12.9 +13-5 +7.9 49 52 50 +1.3 +16 4 14-12 3 51 51 48 +1 1 -0 5 +0 7 53 (NO 1968 January February March April May June July August September October November December 1969 January February March April May June July August September October November December +6.6 +6.9 tH-10 7 -a.no A (m) -2 2 +0.6 +4.0 +2.8 -1.1 +0.12 +0.01 :39.ai 26.61 141.39 :42.48 143.69' 26.63 26.70 +0.10 +1.16 144.03 144.74 145.08 26.97 27.09 27-21 52 52 52 +0.48 -0.34 -0.93 U6.40 147.73 148.44 27.35 27.59 27.64 68 66 60 56 46 46 -1.29 +0.49 27.79 +0.40 148.97 H9.82 150.65 62 60 60 52 60 56 +1.32 +0.54 +1.64 152.02 152.83 153.76 28.64 28.92 57 58 63 62 61 6l +0.36 +0.56 +0.16 154.09 155.34 156*40 29.08 65 64 66 68 69 70 +1.30 +0.42 -0.97 157.48 158.60 XS9*^6 29.98 30.45 59 63 fa 66 68 66 +0 46 -0 38 r+0 39 160.63 r'l6l.66 fy^til62 69 30 66 ^0 96 [H\ 31 10 63 65 p-0.12 (NO (NO -0.09 26.81 28.15 28.44 29.13 29.41 29.61 30.41 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movernent. Unadjusted series are indicated by © Current high values are indicated by [H> ; for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93), current low values are indicated by (B> Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised "p", preliminary; V, estimated; "a", anticipated; and "NA", not available. 1 Serles that reached their high values prior to 1967 are as follows: Series 245, high value (+19.8) reached 2n 4th quarter 1966; Series 31, high value (+20.0), in June 1966; Series 37, high value (63), in Nov. 1964; Series 20, high value (^.7), in Aug. 1966; Series 26, high value (75), in Oct. 1966; Series 32, high value (86), in Mar. 1966; Series 25, high value (+1.&0, in Sept. 1966. 74 NOVEMBER 1969 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS Qj PRICES, COSTS, AND PROFITS TIMING CLASS .... Minor Economic Process LEADING INDICATORS Sensitive ComStock Prices modity Prices *23. Index of *19. Index of stock prices, industrial materials 500 common 1 stocks® prices© Year and month (1957-59-100) (1941-43=10) Profits and Profit Margins (Ann. rate, bil.dol.) 22. Ratio of profits to income originating, corporate, all indus.1 (Percent) *16. Corporate profits after taxes1 15. Profits (after taxes) per dollar of sales, all mfg. corp.1 (Cents) ROUGHLY COINCIDENT INDICATORS LAGGING INDICATORS Comprehensive Wholesale Prices Unit Labor Costs 58. Index of wholesale prices, mfd. goods ® 68. Labor cost (cur. dol.) per unit of gross prod. (1958 dol.), nonfin. corp. (1957-59-100) 1957-59=100) (1957-59=100) (Dollars) *17, Ratio, price to unit labor cost index, mfg.1 55. Index of wholesale prices, indus. commod.® *62. Index of labor cost per unit of output, mfg. (1957-59-100) 1967 January February March 106.8 105.2 102.5 84.45 87.36 89.42 46!l li!9 5^6 102.1 101.9 101.2 105.8 106.0 106.0 106.4 106.4 106.3 0.701 104.2 104.4 105.0 April May June 100.1 99.6 99.8 90.96 92.59 91.43 46^4 11^9 5.*6 101.4 100.8 100.3 106,0 106.0 106.0 106.2 106.3 106.6 0.702 104.7 105.5 106.3 July August September 98.3 98.1 97.8 93.01 94.49 95.81 47!6 ll!? 4^9 100.3 100.2 99.6 106.0 106.3 106.5 106.8 106.8 107.1 0.769 106.5 106.6 107.5 October November December 97.7 99.1 100.1 95.66 92.66 95.30 49^9 12!! sii 100.0 100.2 100.9 106.8 107.1 107.4 107.1 107.3 107.6 0.712 107.1 107.1 106.6 99.8 99.5 100.1 95.04 90.75 89.09 47^9 Ill 5 5!! 99.8 99.7 100.0 107.8 108.3 108.6 108.1 108.7 108.9 0.719 108.3 109.0 108.9 April May June 98.3 96.1 95.6 95.67 97.87 100.53 49.7 llii 5^6 100.0 99.5 99.8 108.8 108.6 108.8 109.1 109.1 109.4 0.718 109.1 109.7 109.6 July August September 94.4 94.8 96.1 100.30 98.11 101.34 50.0 11.2 5!! 99.8 98.3 98.1 108.8 108.9 109.2 109.7 109.5 109.9 0.722 109.9 111.4 112.0 October November December 97.5 100.3 100.7 103.76 105.40 E>106.48 51^6 11.4 5.1 98.5 98.8 98.7 109.7 109.9 110.2 110.0 110.3 110.5 0.732 103.4 106.3 106.9 102.04 101.46 99.30 E>52!2 11*3 5^0 99.2 100.2 100.0 110.9 111.4 112.0 111.3 111.7 112.2 0.745 113.2 111.5 112.2 April May June 109.3 110.4 111.6 101.26 104.62 99.14 ii!i 4*9 99.6 100.0 100.0 112.1 112.2 112. 2 112.4 112.8 113.2 0.755 112.9 112.8 113.2 July August September 112.4 115.0 117.4 94.71 94.18 94.51 (NA) rlOO.3 r99.0 99.0 112.4 112.8 113.2 113.5 113.6 113.9 i>pO,766 rl!3.2 rlU.7 115.1 1968 January February March 111.7 in. 6 112.0 1969 January February March October November December ... . . . 115.6 -115.8 3 95.52 95-73 5!! 8 P5616 pio!5 P99.2 113.8 H)piu.o in. 6 ®pU5.5 [H>P11A.7 NOTE 1 Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are indicated by [fi>- for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93)f current low values are indicated by H> Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated; and."NA", not available. ^-Series that reached their high values prior to 1967 are as follows: Series 23, high value (123.5) reached in Mar. 1966; Series 22, high value (13.9), in 1st quarter 1966; Series 15, high value (5.8), in 1st quarter 1966; Series 17, high value (105.2), in July 1966. 3Average for November,3, 10, and 18. 3 Average for November 18, 19, and 20. NOVEMBER 1969 75 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS 0 MONEY AND CREDIT LEADING INDICATORS TIMING CLASS .... Minor Economic Process Year and Credit Difficulties Flows of Money and Credit 98. Change in money supply and time deposits 85. Change in U.S. money supply (Ann. rate, percent) (Ann. rate, percent) month 33. Net change in mortgage debt held by fin. inst. and life insurance companies (Ann. rate, oil. dot.) 110. Total pri*113. Net change 112. Change in business loans1 vate borrowing in consumer installment debt (Ann. rate, (Ann, rate, bil. dol.) bil. dol.) mil, dol.) (Mil. dol.) (Percent) Revised s 1967 January February March (Ann. ratet 14. Current lia- 39. Delinquency bilities of bus- rate, 30 days ness failures© and over, total installment loans +3.40 [ft) +16. 68 +02.84 +11.28 +9.72 +12.42 +10.69 +2.42 +1.42 +2.84 +7.04 -0.55 +6.83 56,756 108.1? 113.45 119. 3^ June +6.00 +13.32 +13.56 -3.48 [H> +11.76 +11.04 +12.67 +15.31 +16.97 +1.08 +2.28 +3.84 +9.25 +1.63 +8.09 58,652 103.83 93.37 104.64 July.. August. . September +13.44 +10.20 +9.12 +10.20 +8.76 +5-40 +17.75 +21.61 +21.20 +3.08 +4.78 +3.76 +16.09 -9.19 -2.15 66,796 72.55 108.90 93.94 October November December +7.6S +8.28 +7.32 +5.40 +5.28 +3.36 +19.82 +21.32 +20.33 +3.79 +4.69 +4.31 +5.36 +2.66 +8.39 79,384 81.63 69.98 195.45 l.*74 January February March, +4.32 +7.80 +7.44 +6.00 +4.56 +5.88 +20.30 +19.27 +19.72 +4.79 +8.83 +7.46 +11.47 -2.39 +3.78 69,608 104.49 79.60 i!si April +4.56 +7.08 +5.76 +5.88 +11.04 +9.00 +19.07 +21.62 +18.14, +7.69 +8.78 +8.59 +19.57 +2.09 +5.78 70,236 July August September +12.48 +12.96 +9.36 +8.88 +8.88 +2.52 +17.75 +18.24 r+18.84 +10.28 +11.21 +8.58 +14.02 -4.25 +4.55 85,772 90.2? 65.7? ^.8.65 l'.56 October November December +10.56 +13.80 +20.39 +21.68 SD+25.37 D +11.36 +10.01 +9-30 +10.70 +11.27 +14.10 65.38 |fl> §a.6s [H)1.47 97,748 +12.12 +2.52 +11.28 +7.44 January February March -2.16 -0.96 +1.20 +6.12 +3-12 +3.00 +20.90 +23.66 +20.09 +7.69 +9.58 +7.75 +17.10 +8.39 +5.35 April May June +3.96 -1.20 -0.60 +7.92 +1.20 +4.20 +21.96 +19.40 +22.78 +9.12 +10.15 +9.54 +16.16 +9.08 +7.25 July August September -8.40 r-10. 56 -1.20 +1.80 r-1.80 0.00 +16.56 r+21.07 pt-20.88 +7.46 +7.20 +8.38 +2.74 r-5.26 1*8.96 October November December P-l-56 IH-0.60 WO (NO Ph7.6l April May -1.44 +9.77 l.'ea 1.90 l.*72 l.*65 1.66 1968 May June as. 59 ao.ii 1.59 91.41 74.66 1.57 &3.41 i.'n 90/956 75.03 S9.99 g>4.1£ i!si D 99/288 118.76 92. 6G 91.92 F&0,552 112.73 62.83 73.70 l'.7Q L16.44 (M) 1969 1.60 1.64 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Currant high values are indicated by (H); for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93), currant low values are indicated by (H). Series"numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated; and "NA", not available. ^•This series reached its high value (+21.11) in July 1966. See "New Features and Changes for This Issue," page iii. 3 76 NOVEMBER 1969 CYCLICAL INDICATORS-Economic Process and Cyclical Timing MAJOR ECONOMIC PROCESS Q| MONEY AND CREDIT-Con. ROUGHLY COINCIDENT INDICATORS TIMING CLASS .... Minor Economic Process Resets 93. Free reserves © Year and month (Mil. dol.) LAGGING INDICATORS Outstanding Debt Money Market Interest Rates 114. Treasury bill rate© (Percent) 116. Corporate 115. Treasury bond yields© bond yields© (Percent) (Percent) 117. Municipal 66. Consumer bond yields© installment debt (Percent) (Mil. dol,) *72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (Mil. dol.) Interest Rates on Business Loans and Mortgages *67. Bank rates on shortterm business loans, 35 cities© 118. Mortgage yields, residential © (Percent) (Percent) 1967 4.76 January February March. --16 -4 +236 4.55 4.29 5.53 5.35 5.55 4 40 4.47 4.45 3 54 3.52 3.55 7A 1 91 76 309 76 546 60 936 61, 138 6l *S92 April . May June +175 +269 +297 3 85 3.64 3-48 5 59 5.90 6.06 4 51 4.76 4.86 3 60 3.89 3.96 76 636 76 826 77 14-6 62 209 62 580 July August September +272 +298 L 31 4 28 4 45 6 06 6 30 6 33 4 86 4 02 L 95 L 99 3 99 4 12 77 /,O3 77 80T 7ft 11 A A? fti 7 A3 2Z.,6 October November December +160 +270 +107 4 59 4 76 5 01 6 53 6 87 6 93 5 19 5 44 5 36 /L 30 L 3A. /L A.3 7ft A.30 78 821 79 180 January February March +1M +38 -315 5.08 4.97 5.14 6.57 6.57 6.80 5.18 5.16 5.39 4.29 4.31 4.54 79,579 80 315 80, 937 65,363 April May June -413 -326 5.36 6.79 5.28 c £2 7 no c Afi 4.34 4 CJ en 4 ou 81,578 ft? 3~i n 67 446 A7 ^nA ftQ flOA A*? t HCYJ Of (\)£ oq 4 OJ 4 oi ), qs rt^j , ftft^ o t5o j Aft 7ft DCS, "1JLfo Aft AQC; Oo^oyp A9 99^ oy, *£<:;) ftA /i 79 ft7 ^13 O f , .7-IO +268 A 62 6.13 A 20 62 3A.5 5 95 A 1,1. 6 51 A9 Q1 1 c oc A c.'} o.pjj 6 60 6 63 6 65 63 59? 6A. 0*53 6 46 6 35 5 96 6 77 6 81 65 102 1968 OJ 1 ~Ji+±. July August September 226 19O -1 12 October November December -167 9J.c; 5 CI O4 c od C -If) C r>O 5 33 -3io G. i.Q c op -480 6 18 596 6 16 6 08 7 (Y) ,\J£ 5 O'3 •<2 A Ql A c/, no 5 .uy 6 69 c f)9 6 88 7 on /. J.Q 7 9ft c p/. 5 3A 5 66 7 ?9 7 33 7 76 c 7;, 5 86 6 05 4 C Al 4 60 4 82 fty tSi^jfti O.L7^ ft^ cor) o!>,.3^<- 65 734 66,063 6 36 6 94 A fty 71 ^A r-L,;>-pc> 88 088 ftft 7^9 ftQ ^^7 07,P*tr 70 /, i fj fVM WA A ;^ 7{-fj o< A 'ftQ 1o 7 .4^ 0C 7 OP 7^ft 70 2A/i 70 O J . A A 81 6 78 6 83 A AT OQ 7 .^7 QA f OO 7 7 Cf) 1969 January February March -701 July August September October November December 5 26 ^ 19 90 933 7A A^O 5 33 5 76 91 779 77 176 77 008 6 07 c 7C 6 07 6 no QQ ±yo -i q^. y,}, Q3 79A fu\ QJ, AQ/, 7A Aft7 -,77 i pij- (NO [H>P78,275 8 04 1 rV7A 7 OO 8 06 -y4o r 831 7 m ft 05 8 36 (u\ A 3? H>8.46 6.27 Ql L p-1,006 fu\7 IT 7.04 7 5A. 7.62 7/i AQft on 173 6 15 6.08 6.49 -844 in\ _i_ 102 -1 064 April May June f*c ;, QtJ 5 ftA. 5 85 6 05 fuS A ?A 6.09 92 S7A. 7/i A7A r ( o4U5 77 990 00 7 o< CMA^ {NA) 7O Q • 77 SAC 8 06 7 ftA 8 flA 8 OP 0C 8 .30 8qA 0 t fu\ £> Oi [H/ 8.82 8 40 (H}8.48 .... NOTE' Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Current high values are indicated by H>- for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93), current low values are indicated by H> Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. ItCII NOVEMBER 1969 77 CYCLICAL INDICATORS-Selected Indicators by Timing Q COMPOSITE INDEXES Year and month 810. Twelve leaders, reverse trend adjusted 1 (series 1,5, 6, 10, 12, 16, 17, 19,23,29,31, 113) 820. Five coinciders, estimated aggregate economic activity (series 41 ,43, 830. Six laggers (series 44,61,62,67, 71,72) 47, 52, 56) Leading Indicator Subgroups 813. Marginal employment adjustments (series 1,2, 3, 5)2 (1963-100) 814. Capital investment commitments (series 6, 10, 12, 29) (1963^100) 815. Inventory investment and purchasing (series 23, 25, 31,37) 2 (1963-100) 816. Profitabil- 817. Sensitive financial flows ity (series 16, 17, 19)a (series 33, 85, 112, 113) (1983=100) (1963-100) (1963-100) (1963-100) January , February March 126.3 124.9 125.0 Hl.2 1A0.9 1A1.5 150.0 149.5 149.7 106.4 103.0 101.8 103.1 103.3 103.4 103.2 101.6 100.7 113.8 113.6 1X3.8 95.8 97.1 97.9 April June 125.6 127.0 128.7 141.4 141.3 U2.3 149.8 149.6 150.3 102.3 103-8 103.8 104.5 105.5 107.9 99.5 100.2 100.2 114.3 114.4 1J3.8 95.5 93. 4 99.8 July August September 129.0 131.5 131.6 U3.1 144.5 143. 7 150.6 150.4 151.4 103.8 105.0 104.9 107.4 109.3 108.9 99.9 100.3 99.5 114.5 1U.7 115.0 100.3 98.7 97.6 October November December 132.7 134.4 136.8 143.2 146.8 149.0 152.0 152.9 154.8 104.9 105.7 105.7 109.8 110.1 112.5 100,9 102.0 104.2 i;5.6 115.6 116.5 99.7 100.0 99.3 January.. . February March 134.6 137.3 137.8 149.9 151.7 152.9 157.2 159.0 159.7 104.6 105.8 105.3 110.4 112.6 113.0 102.0 102.3 102.8 115.4 114.0 i:4.1 100.5 100.4 100.6 April June 137.9 139.1 140.1 153.7 154.9 156.3 162.4 163.7 164.4 105.9 106.3 106.8 111.3 111.1 U2.2 102.7 101.8 100.9 1X6.0 116.5 117.4 102.6 102.8 101.7 July August September 141.6 U2.0 143.6 157.3 157.8 159.0 164.1 166.7 167.7 107.1 106.2 107.0 113.8 114.9 116.1 100.1 101.6 100.1 117.4 115.8 116.7 [6)104.3 October , . November December U7.3 U7.2 148.6 160.2 162.1 163.0 168.6 170.7 173.7 107.3 107.1 107.2 118.8 117.6 119.1 102.1 101.9 102.9 117.8 1X8.7 119.0 102.1 103.2 103.4 January February March U8.6 150.7 150.3 164.3 166.0 167.0 176.4 179.1 181.2 107.7 106.1 107.1 119.0 119.9 117.9 102.0 104.5 104.3 U8.5 119.2 118.5 101.6 101.7 99.6 April . . 152.7 152.8 151.7 167.6 168.9 170.9 182,8 184.7 387.3 108.5 107.6 107.1 D 119.9 117.9 110.6 119.6 rH8.0 102.8 100.8 101.5 July August September r 152.1 r!51.7 H> 153.6 rl70.9 rl?2.3 rl?1.5 r!89.9 rl93.6 r!94.7 106.6 106.3 p!06.6 117.9 117.5 rll6.9 rn.5.4 rU8.4 105.9 105.9 104.3 106.6 r!06.2 rl07.2 98.2 r97.6 plOO.O October November December P152.4 ®p!72.3 .H>P3.95.2 (N/0 pU6.8 p!06.7 (1963-100) 1967 May .... 1968 May 101.5 99.6 1969 May June rll7.7 ms.s pn6.i «O NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement, Unadjusted series are indicated by © . Current high values are indicated by [R>; for series that move counter to movements in general business activity (series 3, 5,14, 39, 40, 43,44, 45, and 93), current low values are indicated by (H) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series preceded by an asterisk (*)are included in the 1966 NBER "short list" of indicators (chart 88). The V indicates revised; "p", preliminary: ue", estimated; "a", anticipated; and *NA", not available. '•Reverse trend adjusted index of 12 leaders contains the same trend as the index of 5 coincident indicators, For historical data prior to reverse trend adjustment, see series 811 in appendix C of the September 1969 issue. s Series that reached their high values prior to 1967 are as follows: Series 813, high value (109.4) reached in March 1966; Series 815, high value (H0.1) reached in March 1966; Series 816, high value (120.1) reached in February 1966, 78 NOVEMBER 1969 ltd* ANTICIPATIONS AND INTENTIONS AGGREGATE SERIES Year and quarter 61. Business expenditures for new plant and equipment a. Actual expenditures 410. Manufacturers' sales, total value b. Second c. First anticipations as anticipations as percent of actual percent of actual (Ann. rate, bil.dol.) (Percent) (Bil. dol.) (Percent) 412, Manufactur- 414. Condition ers' inventories, of manufacturers' total book value inventories: percent considered high less percent considered low (Bil. dol.) (Percent) 416. Adequacy 435. Index of of mfrs.' capac- consumer sentiment ity: percent considered inadequate less percent considered (First quarter excessive (Percent) 1966=100) 1966 First quarter... Second quarter.. Third quarter... Fourth quarter.. 58.00 60.10 61.25 62.80 98.6 99.2 100.6 99.7 98.0 100.7 101.2 131.2 134.0 135.3 137.5 70.0 72.7 75.5 78.1 11 14 19 26 47 45 46 42 100.0 95.7 91.2 88.3 61.65 61.50 60.90 62.70 101.5 100.1 102.6 99.0 102.9 101.2 103.1 99.9 135.0 135.6 137.4 140.7 80.1 81.1 81.7 82.8 30 29 23 22 40 40 41 38 92.2 94.9 96.5 92.9 64.75 62.60 6.3.20 65.90 100.1 103.2 102.7 102.0 100.5 102.7 104.5 98.9 145-2 149. 152, 156, $3.8 85.6 87.1 88.6 22 22 21 16 35 35 40 42 95-0 92.4 92.9 92.1 68.90 70.20 a72.25 a72.10 104.0 102.6 (NO 103.3 100.9 159.2 161.8 al66.2 al67.2 90.3 92.2 a94.5 a96.8 18 19 43 38 95.1 91.6 86.4 97.8 1967 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1968 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1969 First quarter... Second quarter . Third quarter... Fourth quarter.. (NO (NA) AGGREGATE SERIES»Con. Year and quarter 420. Family income of households compared to a year ago, households reporting- 430, Household purchases of new cars 425. Mean probability of substantial changes in family income of households a. Actual a. No change b. Higher income in income (Percent) (Percent) c. Lower income (Percent) a. Increase in income (Percent) b. Increase c. Decrease (quarterly) less decrease in income (Percent) (Percent) (Ann. rate, mil. cars) 2-quarter moving average b. Actual (Ann. rate, mil, cars) c. Anticipated (Ann. rate, mil, cars) d. Anticipated as percent of actual (Percent) 7.4 7.6 7.6 96 92 92 7-8 7.6 7.9 8.3 99 92 9,6 1967 First quarter... Second quarter. Third quarter .. Fourth quarter.. 52.4 55.2 53.9 54.2 35.4 32.9 34.2 33.3 11.2 11.0 11.0 11.6 52.3 47.5 48.1 51.2 36.0 40.9 40.3 38.0 11.1 10.9 11.0 10.1 16.0 15.8 17.4 16.2 10.1 9.9 11.2 10.2 52.9 53.0 50.8 50.7 36.4 35.9 37.3 37.4 10.0 10.5 10.8 11.1 19.3 18.3 18.4 16.7 16.5 18.1 18.6 17.6 7.3 7-5 6.8 6.8 7.4 7.4 7.1 6.8 5.9 5.9 6.2 6.0 7.4 7.9 8.7 7.8 7.1 7.7 8.3 8.3 13.8 12.5 1.1.9 11.2 5.5 5.8 6.5 5.5 8.1 8.4 8.1 7.9 8.3 8.2 11.3 1.2.0 13.Q •11.6 5.2 6.1 5.6 6.0 1968 First quarter... Second quarter. Third quarter .. Fourth quarter.. 1969 First quarter... Second quarter. Third quarter .. Fourth quarter . 1970 First quarter... Second quarter, Third quarter .. Fourth quarter.. 8.0 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The Y indicates revised; V, preliminary; V, estimated; V, anticipated; and "NA", not available. ltd* NOVEMBER 1969 79 ANTICIPATIONS AND INTENTIONS DIFFUSION INDEXES Year and quarter D440. New orders, manufacturing1 Anticipated Actual (4-Q span) 0442. Net profits, manufacturing and trade1 (4-Q span) (4-Q span) (4-Q span) (4-Q span) Anticipated Actual Anticipated Actual Anticipated Actual D446« Number of employees, manufacturing and trade1 D444. Net sales, manufacturing and trade1 (4-Q span) (4-Q span) (4-Q span) 1967 First quarter... Second quarter.. Third quarter... Fourth quarter.. 71 72 69 73 82 82 80 81 65 65 64 69 75 74 76 76 71 70 72 74 80 82 82 82 78 78 79 80 80 83 82 81 70 73 72 74 74 80 78 73 79 82 82 84 82 86 86 84 57 60 81 80 76 82 85 83 80 70 74 68 78 79 77 76 80 84 78 86 88 86 83 59 60 60 60 60 60 1968 First quarter,.. Second quarter.. Third quarter... Fourth quarter.. 60 60 5S 60 60 ^ 1969 First quarter... Second quarter.. Third quarter... Fourth quarter.. 60 60 60 59 1970 First quarter... Second quarter . Third quarter... Fourth quarter.. 74 70 76 DIFFUSION INDEXES--Con. Year and quarter D450. Level of inventories, manufacturing and trade1 Actual Anticipated Selling prices D460. Manufacturing and trade1 Actual Anticipated D462. Manufacturing1 Actual Anticipated D464. Wholesale trade1 Actual Anticipated D4S6. Retail trade 1 Anticipated Actual (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) 68 66 65 64 65 66 63 62 72 72 76 78 75 72 70 72 70 70 72 73 74 72 68 70 74 74 80 82 76 73 69 74 74 80 84 76 76 72 78 68 68 70 70 63 66 67 66 78 80 81 84 76 79 78 78 74 76 78 80 74 76 75 76 81 82 82 85 78 82 78 78 m 81 84 86 92 a? 71 70 70 66 68 66 66 84 84 85 78 80 80 81 82 80 82 75 79 78 80 85 85 86 79 80 80 80 91 90 90 84 84 84 86 1967 First quarter... Second quarter. Third quarter .. Fourth quarter.. a? 1968 First quarter... Second quarter. Third quarter ,. Fourth quarter.. 1969 First quarter... Second quarter. Third quarter.. Fourth quarter , 1970 First quarter... Second quarter. Third quarter .. Fourth quarter.. 62 78 79 77 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement Unadjusted series are indicated by© Series numbers are for identification only and dp not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The " r" indicates revised; "p\ preliminary; "e", estimated; "a", anticipated; and "NA", not available. a lhis is a copyrighted aeries used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Ine. 80 NOVEMBER 1969 BCD ANTICIPATIONS AND INTENTIONS Qj DIFFUSION INDEXES-Con. Year and quarter D61. Business expenditures for new plant and equipment, all industries a. Actual expenditures (1-Q span) (1-Q span) (1-Q span) 480. Change in freight carloadings© b. Anticipations a. Actual carloadings c. First anticipations b. Second anticipations D480. Freight carloadings ® (4-Q span) (4-Q span) (Thous.of cars-4-Q span) 1966 First Quarter Second Quarter Third quarter Fourth quarter 83.3 83.3 55.6 75.0 62.5 71.9 37.5 65.6 56.2 71.9 71.9 75.0 73.7 73.7 57.9 52.6 73.7 89.5 84.2 78.9 +28 +18 +21 +1 55.6 30.6 33.3 61.1 50.0 41.7 44.4 50.0 53.1 52.8 58.3 44.4 42.1 31.6 10.5 42.1 78.9 52.6 78.9 73.7 -51 -88 -130 -88 66.7 38.9 55.6 55.6 63.9 55.6 69.4 83.3 63.9 47.2 80.6 55.6 31.6 68.4 68.4 57.9 73.7 63.2 73.7 68.4 -16 +29 +52 -9 83.3 66.7 (NA) 83.3 75.0 63.9 72.2 50.0 69.4 50.0 (NA) 78.9 89.5 84.2 84.2 -9 -10 -5 1967 First quarter. Second quarter. Third quarter. ..... Fourth Quarter . 1968 First quarter Second quarter. .... Third quarter Fourth quarter . . 1969 First quarter Second quarter Third quarter Fourth quarter NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "pn, preliminary; "e", estimated; °an, anticipated; and "NA", not available. ItCII NOVEMBER 1969 81 OTHER KEY INDICATORS Qj FOREIGN TRADE Year and month 500. Merchandise trade balance (series 502 minus series 512) 502. Exports, excluding military aid shipments, total 508. Index of export orders, 512. General imports, total nonelectrical machinery (Mil. dol.) (1957-59-100) (Mil. dol.) (Mil. dol.) (Mil. dol.) 506. Manufacturers' new orders for export, durable goods except motor vehi* cles and parts 1967 January February March +322 +366 +359 2,639 920 855 904 235 2,317 2,582 2,524 196 252 2,166 April May June +410 +432 +398 2,608 2,549 2,582 793 1,005 961 215 220 218 2,118 2,184 July August September +357 +421 +399 2,601 2,566 2,597 907 807 924 219 230 231 2,245 2,145 2,190 October November December 1968 January February March +161 2 415 9 671 2 677 S29 A71 2>cA 9 ofijj, on/, 2 j^yy 99*} peq +128 +184 -150 2 814 909 21 q 2 775 2 439 1 00? 1,314 260 252 April May June +251 -15 +78 2,855 2,740 2,870 917 244 y 60^ 1,047 989 237 223 2 7'5I5 2,792 July August September +133 +78 +260 2,858 2,950 3,211 914 988 923 246 240 256 2,872 2,951 October.... November December . . . 1969 January . . February March -105 +89 +70 2 6^1 2 972 2 977 1 268 9?*; i noo 5>>J, 9^5* 9*^9 2Q AA ,yuo +215 2 09? 2 297 ? 196 1 "391 1 11 A 2»Ap 260 222 2 OTA ? Ae;*; 9 QA1 +178 +16 +25 ^ ^SS 3 292 "3 21*3 1 HO 1 222 1 211 248 •a 177 +105 +205 o 175 April May June July . .. August September October November December 4-27 5 +184 4-7 % WQ +271 i 1 KfJ + J-Pf 0 OdC ri QO£ q 070 J )3 (O fi^L ~\ a,ai6 2,190 p-ay. 9 9 ^1*7 ^Q9 2 2 Sftft 2 725 9 7*aA *£j r^o 2 ,oe^ sda ^ 2*7^ ^ iftft 2^/L 28? q nAA ^,Uoo "21 £ J.,*-ip 1 2^0 •ppj.ft rfl ^2^ P-LjJ>*i? n?7A (MA \ (NA "i V,im ; \™^ / J.QQ ^>j*4-7c? 1 rtrt 3 ,1©U -3 Aee Jj<«O> o 090 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only.and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. 82 NOVEMBER 1969 BUI OTHER KEY INDICATORS BALANCE OF PAYMENTS AND MAJOR COMPONENTS Year and quarter 250. Balance on goods and services, excluding military grants U.S. balance of payments 520. Liquidity balance basis 522. Official settlements basis {Mil. dol.) Net capital movements plus unilateral transfers and errors and omissions 525. 1Liquidity balance basis (Mil. dol.) (Mil. dol.) 527. Official settlements basis2 (Mil, dol.) (Mil, dol.) 1966 First quarter... Second quarter.. Third quarter... Fourth quarter.. -600 -24 -426 »307 -344 -110 +481 +239 1,558 1,398 1,100 1,223 -2,158 -1,422 -1,526 -1,530 -1,902 -1,508 -619 -495 -330 -1,031 -1,688 -1,711 -719 -71 -917 1,361 1,451 1,404 961 -1,856 -1,781 -2,435 -2,649 -3,072 -2,170 -1,475 -1,878 -564 +9 -139 t-862 -379 +1,553 -1,035 -832 -1,048 +561 -850 +712 -812 +367 471 841 909 301 r-1,668 r-3,850 p-2,533 +1,143 r+1,234 p-933 363 p283 (NA) -2,016 p-3,994 (NA) +780 p+960 -984 1967 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1968 First quarter... Second quarter.. Third quarter... Fourth quarter.. +97 1969 First quarter... Second quarter . Third quarter... Fourth quarter.. (NA) BALANCE OF PAYMENTS AND MAJOR COMPONENTS--Con. Year and quarter 530. Liquid liabilities to to all foreigners 3 ® (Mil. dol.) 534. U.S. 532. Liquid official and certain npniiquid liareserve bilities to assets* © foreign official agencies3® (Mil, dol.) (Mil. dol.) Goods and Services Movements, Excluding Transfers Under Military Grants Income on investment military Goods and services Merchandise, adjusted 5 transact!ons, other serv., total 252. Exports 253. Imports 536. Exports 537. Imports (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) 540. Exports (Mi!, dol.) 541. Imports (MiI. dol.) 1966 28,738 28,819 29,432 29,779 16,004 16,305 15,797 16,043 15,026 34,958 04,876 14,882 10,562 10,667 10,936 11,196 9,004 9,269 9,836 9,973 7,218 7,194 7,413 7,564 6,027 6,165 6,595 6,676 3,344 3,473 3,523 3,632 2,977 3,104 3,241 3,297 28,990 29,620 31,211 33,119 16,295 17,424 17,819 19,402 13,855 14,274 14,649 14,830 11,461 11,484 11,577 11,667 10,100 10,033 10,173 10,706 7,688 7,723 7,669 7,601 6,660 6,465 6,542 7,154 3,773 3,761 3,908 4,066 3,440 3,568 3,631 3,552 32,482 32,514 33,493 33,617 18,407 16,994 17,493 18,576 13,926 14,063 14,634 15,710 11,934 12,668 13,344 12,653 11,463 11,827 12,435 12,352 7,941 8,395 8,879 8,383 7,817 8,131 8,566 8,458 3,993 4,273 4,465 4,270 3,646 3,696 3,869 3,894 34,923 p38,869 (NA) 16,914 p!5,999 (NA) 15,758 pl6,057 (NA) 11,913 p!4,184 (NA) 11,550 Pl3,901 7,469 9,588 P9,56? 7,572 '•9,59P P9,231 4,444 P4,596 (NA) 3,978 P4,306 (NA) First quarter... Second quarter. Third quarter .. Fourth quarter.. 1967 First quarter.., Second quarter. Third quarter .. Fourth quarter,. 1968 First quarter... Second quarter. Third quarter.. Fourth quarter . 1969 First quarter... Second quarter. Third quarter .. Fourth quarter,. (NA) NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; V, estimated; "a", anticipated; and "MA", not available; 2 3 4 •"•Series 520 minus series 250. Series 522 minus series 250. Reserve JAmount outstanding at the end of quarter. 5 position at the end of quarter. Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). ltd* NOVEMBER 1969 83 OTHER KEY INDICATORS BALANCE OF PAYMENTS AND MAJOR COMPONENTS--Con. Income on Investment, Military Transactions and Other Services (components of series 540 and 541) Year and quarter Income on investments 542. U.S. invest- 543. Foreign ments abroad investments in the U.S. (Mil.dol.) (Mil.dol.) Transportation and other services Military transactions Travel 544. Receipts 546. Sales under 547. Military 545. Payments expenditures from foreign trav- by U.S. travelers military contracts abroad elers in the U.S. abroad (Mil.dol.) (Mit.dol.) (Mil.dol.) (Mil.dol.) 548. Receipts from (MiJ.dol.) 549. Payments for (Mil.dol.) 1966 First quarter... Second quarter.. Third quarter.., Fourth quarter.. 1,482 1,557 1,573 1,640 479 503 569 591 379 389 411 411 644 676 666 671 198 219 202 210 877 925 975 987 1,205 1,308 1,337 1,371 977 1,000 1,031 1,048 1,612 1,580 1,801 1,879 584 591 580 607 416 391 416 423 701 841 9U 739 333 335 239 332 1,085 1,075 1,106 1,102 1,412 1,455 1,452 1,432 1,070 3,061 1,031 1,094 1,771 1,973 2,040 1,917 671 742 770 749 440 424 450 456 763 732 792 735 305 353 406 364 1,102 1,116 1,143 1,169 1,477 1,523 1,569 1,533 1,110 1,106 1,164 1,241 2,120 892 pl,078 (NA) 503 P515 (NA) 810 418 P331 (NA) 1,204 pl,217 (MA) 1,403 pi,615 1,072 pi,181 (NA) 1967 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1968 First quarter... Second quarter.. Third quarter... Fourth quarter.. 1969 First quarter... Second quarter . Third quarter... Fourth quarter.. p2,135 (NA) (NA) (NA) BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con. Capital Movements plus Government Nonmilitary Unilateral Transfers Year and quarter Direct investments 560. Foreign investments in the U.S. (Mil.dol.) Securities investments 561. U.S. investments abroad (Mil.dol.) 564. Foreign purchases 565. U.S. purchases of foreign securities of U.S. securities (Mil.dol.) (Mil.dol.) 570. Government grants and capital transactions, net 575. Banking and other capital transactions, net (Mil.dol.) (Mil. do!.) 1966 First quarter... Second quarter Third quarter .. Fourth quarter.. 52 38 -113 110 728 934 917 1,060 173 520 107 109 322 80 87 -7 -1,063 -1,054 -789 -825 118 446 325 64 70 12 112 717 533 947 956 133 329 520 34 223 266 476 301 -1,121 -955 -961 -1,174 462 46? -329 -199 251 5 23 41 472 1,009 1,262 283 839 1,116 1,115 1,290 164 337 455 -977 -359 -788 -366 230 245 96 577 237 P119 (NA) 928 pi,101 (NA) 1,373 329 P378 323 426 P583 -891 p-1,289 (NA) p-604 1967 First quarter... Second quarter. Third quarter .. Fourth quarter.. 1968 First quarter... Second quarter. Third quarter .. Fourth quarter . 1969 First quarter... Second quarter. Third quarter .. Fourth quarter.. -72 (NA) NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and °NA", not available. 84 NOVEMBER 1969 OTHER KEY INDICATORS Q FEDERAL GOVERNMENT ACTIVITIES Rece pts and Expenditures Year and month 601. Federal 600. Federal surplus (+)or receipts, nadeficit (-) , na- tional income and product tional income accounts and product accounts (Ann. rate, (Ann, rate, bil.dol.) bil.doLV Defense Indicators 602. Federal 264. National expenditures, defense purnational income chases and product accounts (Ann, rate, bii. dol,) (Ann, rate, bil.dol.) 616. Defense Department obligations, total, excluding military assistance (Mil. dol.) 621. Defense Department obligations, procurement 647. New or648. New orders, defense ders, defense products indus- products tries (Mil. dol.) (Bil.dol.) (Bil.dol.) 625. Military prime contract awards to U.S. business firms and institutions (Mil. dol.) 1967 January February March -12.0 147.5 159.5 69.9 6,518 6,595 6,343 2,296 2,140 1,903 3.01 3.32 3.07 3,364 3,930 3,034 April . . . May June 148.3 161.4 71.9 6,211 7,732 6,891 1,754 -13.2 2,480 2,290 3.17 4.04 3.93 3,026 4,040 3,566 July August September -13 !i 152! 8 165- *3 73.'6 5,928 7,003 7,479 1,633 1,925 2,958 3.60 2.99 3.36 3,545 3,690 3,720 October November December -12.3 156 !i 168^8 74.*6 7,449 6,565 6,331 2,173 1,846 3.98 3.64 4.36 3,626 3,308 3,479 -a!i 165!? 174ii 76!l 7,033 7,615 6,208 -9.*5 lyois 180 .'3 77.*9 6,765 7,441 6,929 -2.B i8i.*4 184^2 78^8 -6!i 18?!3 187.*4 79.*3 . .. 1968 January February March April May June .. July August September October November December 2,735 2,360 2,865 3.51 3.86 5.07 1*60 1.31 2,887 3,445 3,124 2,299 2,077 4.43 4.01 2.96. 1.47 2.27 2.06 3,488 4,203 3,067 7,544 7,659 7,989 2,323 2,804 3,234 3.67 3.91 3.55 1.91 2.36 1.92 3,937 3,173 3,836 7,520 7,286 6,603 2,298 2,520 4.41 3.89 4.20 2.38 1.95 2.31 3,903 3,378 3,821 7,852 7,216 6,303 2,307 2,207 4.02 4.39 3.81 1.84 2.31 2.15 3,468 3,658 2,777 6,340 6,279 5,993 1,442 1,304 •1,507 4.02 3.81 .2.87 2.08 1.79 1.27 2,639 2,673 2,618 7,198 6,434 6,497 1,462 1,276 2,101 4.05 3.77 r4.12 2.38 1.46 rl.42 r2,962 r3,172 2,748 (NA) (NO P^.77 pi. 88 (NA) 1,985 2,161 1,959 1969 January February March +9.6 April May June +13* .'6 July August September P<-7.3 October November December . ,. 198 !i 202 .'3* p200.9 188." 5 189*3 r!93.*'6 79.*6 78." 5 r.80.3 1,542 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for identification only.and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; V, estimated; "a", anticipated; and "NA", not available. NOVEMBER 1969 85 OTHER KEY INDICATORS Qj PRICE MOVEMENTS Year and month Wholesale price indexes Consumer price indexes 781. All items® 782. Food (1957-59=100) 783. Commodities less foods 784. Services© 750. All commod- 58. Manufactured goods ® ities© 751. Processed foods and feeds 752. Farm products (1957-59-100) (1957-59-100) (1957-59-100) (1957-59=100) (1957-59-100) (1957-59-100) (1957-59-100) 1967 January February March 114.7 114. a 115.0 114.9 114.3 114.5 107.4 107.8 108.0 125.5 125.9 126.3 106.2 106.0 105.7 106.4 106.4 106.3 111.5 111.2 102.5 100.5 99.3 April May Juno 115.3 115-6 116.0 114.0 114.4 115.1 108.4 108.7 108.9 126.6 127.0 127.4 105.3 105.8 106.3 106.2 106.3 106.6 111.0 111.6 112. 3 97.2 100.1 102.7 July August September 116.5 116.9 117.1 115.2 115.8 115.6 109.2 109.6 110.1 127.7 128.2 128.7 106.5 3.06.1 0.06.2 106. a 106.8 107.1 1U2.0 1L1.9 101.1 99.1 98.0 October November December 1968 January February . , . March 117.5 117.8 118.2 115.7 116.1 116.6 110.4 110.9 129.1 129.6 130.1 106.1 106.2 106.8 107.1 107.3 107.6 118.6 119.0 119.5 117.2 117.5 118.2 111.3 111.7 112.1 130.8 131.3 132.1 107.2 108.0 108.2 108.1 108.7 108.9 112.X i:L3.1 1U.6 101. a April May June 119.9 120.3 120.9 118.7 119.3 119.1 112.2 112.5 113.0 132.5 133.0 133.9 108.3 108.5 108.7 109.1 109.1 109.4 1U.1 114.4 113-9 101.7 102,8 102.6 July August September 121.5 121.9 122.2 119.2 119.5 120.0 113.3 113.7 114.0 134.9 135.5 136.0 109.1 108.7 109.1 109.7 109.5 109.9 114.6 U4.6 1M.5 102.1 101.2 102.7 October November December 1969 January February March 122.9 123.4 123.7 120.8 121.0 121.6 114.4 114.8 115.0 136.6 137.4 138.1 109.1 109.6 109.8 no.o 110.3 no. 5 114.5 115.3 114.9 102.7 104.7 103.9 124.1 124.6 125.6 122.2 122.0 122.8 115.1 115.9 117.0 139.0 139.7 140.9 110.7 111.1 111.7 111.3 111.7 112.2 115.7 116.1 117.1 105.3 104.5 106.2 126.4 126.8 127.6 123.6 124.2 125.5 117.2 117.5 111.9 112.8 113.2 1.12.4 112.8 113.6 120.2 118.0 142.0 142.7 143.3 120,7 105.1 109.6 111.3 128.2 128.7 129.3 125.8 126.4 127.1 118.2 118.4 118.8 144.0 145.0 146. 0 113.3 U3.4 113.6 113.5 113.6 n3.9 120.? 12,1.1 120,5 108.5 108.7 108.3 129.8 127.1 119.4 146.5 U4.0 plOA.5 114.6 P1I4.7 121,7 109.5 April May June July August September October November . , . December no. 7 n3.2 112,2 in. 9 in. 7 in. 5 111.7 98.3 97.6 99.7 99.3 100. 8 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for identification only.and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. 86 NOVEMBER 1969 KCII ANALYTICAL MEASURES U ACTUAL AND POTENTIAL GNP Year and quarter 207. Gap (potential less actual) Gross national product in constant (1958) dollars 206. Potential level x 205. Actual value (Ann. rate, bit. dol.) 1966 First quarter Second quarter. Third quarter Fourth quarter 1967 (Ann. rate, bit. dol.) (Ann. rate, bil. dol.) 649.1 655.0 660.2 668.1 637.6 643.9 650.2 656.6 -11.5 -ll.l -10.0 -11.5 First quarter Second quarter. Third quarter Fourth quarter 1968 666.5 670.5 678.0 683.5 663.1 669.6 676.2 682.9 -3.4 -0.9 -1.8 -0.6 First quarter Second quarter. Third quarter Fourth quarter 1969 First quarter Second quarter .... Third quarter Fourth quarter 693.3 705.8 712.8 718.5 689.6 696.4 703.3 710.2 -3.7 -9.4 -9.5 -8.3 723.1 726.7 r730.6 717.2 724.3 731.4 -2.4 -5.9 r+0.8 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; °p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. 1 Based on a trend line of 3-1/2 percent per year through middle of 1955 from 1st quarter 1952 to 4th quarter 1962, 3-3/4 percent from 4th quarter 1962 to 4th quarter 1965, and 4 percent from 4th quarter 1965 to date. ItCII NOVEMBER 1969 87 ANALYTICAL MEASURES |3 ANALYTICAL RATIOS Year and month 1967 January February March.. . 850. Ratio, output to capacity, manufacturing 851, Ratio, inventories to sales, manufacturing and trade 852. Ratio, unfilled orders to shipments, manufacturers' durable goods 853. Ratio, production of business equipment to consumer goods 854. Ratio, personal saving todisposable personal income 855. Ratio, nonagricultural job openings unfilled to persons unemployed (Percent) (Ratio) (Ratio) (1957-59-100) (Ratio) (Ratio) 858. Output per man-hour, total private nonfarm 856. Real avg. hourly earnings, prod, workers, mfg. 859. Real spendable avg. wkly, earnings, nonagri. prod, or nonsupv. workers 857. Vacancy rate in total rental housing® (1957-59=100 (1957-59 dol.) (1957-59 doL) (Percent) ?a.sa 8?!i 1.57 1.59 1.59 3.51 3.50 3.46 126.0 127.6 125.6 0.075 0.138 0.133 0.127 12B\3 2.41 2.42 2.43 77.91 77.89 April May June 85*.6 1.59 1.59 1.57 3.53 3.50 3.48 124.3 124.6 123.3 0.076 0.121 0.118 0.117 129*6 2.42 2.42 2.43 77.72 77.79 77. £4 July August September . 84*.3 1.58 1.57 1.57 3.54 3.40 3.48 123.1 121.7 122.3 0.674 0.117 0.020 O.U5 136'. 6 2.43 2.44 2.43 October November December aZla 1.59 1.57 1.56 3.54 3.44 3.39 119.4 122.2 119-9 0.077 0.109 O.U8 O.U9 131^1 2.43 2.44 2.45 77.94 70.49 78.16 5.*6 p84^9 1.55 1.54 1.54 3.37 3.36 3.39 121.2 119.6 118.3 0.069 0.128 0.124 0.129 132 ".6 2.47 2.46 2.48 78.17 78.71 78.57 5.'$ April May June. p84.'i 1.55 1.54 1.52 3.41 3.36 3.28 117.9 118.0 117.5 0.672 0.137 0.1AO 0.132 134 !i 2.47 2.48 2,48 78.29 73.55 78.63 5^7 July August September p84.0 1.51 1.54 rl.53 3.17 3.38 3.24 117.3 116.3 U7.7 0.056 0.129 0.132 0.132 134*.4 2.48 2.49 2.49 7S.39 78.53 78.94 5.*4 p84.2 1.53 1.53 1.56 3.19 3.22 3.38 117.0 120.1 119.4 0.063 0.134 O.UO O.H3 135^8 2.49 2.50 2.51 78.64 78.31 78.66 4.*9 p84^5 1.54 1.53 1.54 3.22 3.18 3.21 118.9 118.7 118.5 0.053 0.1A3 0.134 135.' 6 2.51 2.50 2.49 ?e.os pB4*5 1.54 1.54 1.53 3.24 3.26 3.17 120.0 121.8 122.0 0.053 0.133 0.138 0.139 rl34*5 2.48 2.48 2.48 78. 20 78,25 78.27 s.'i rl.54 1.54 pl.54 3.20 3.15 3.07 rl!9.8 r!20.1 r!22.9 rO.067 0.134 0.120 rO.107 2.50 p84.*i p034*3 r2.5l r2.51 70.03 78.34 78.53 5*6 (NO (NA) P123.5 p2.50 P7S.OO 1968 January February March October.... November December 1969 January February . .. March April . May June July August September October November December o.ui pO.104 78. u. 7^.23 7S.36 78.52 6.6 6.3 6.1 s!6 78.31 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for identification only,and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a" t anticipated; and "NA", not available. 88 NOVEMBER 1969 ANALYTICAL MEASURES Q DIFFUSION INDEXES: Leading Indicators Year and month Dl. Average workweek of production workers, manufacturing (21 industries) 1-month span 9-month span D6. Value of manufacturers' new orders, durable goods industries (35 industries) 1-month span 9-month span Oil. Newly approved capital appropriations, NICB(17 industries) 1-quarter span 3-quarter span 1967 69.0 7.1 r?6.2 January.. February March r9.5 rll.9 rll.9 40.0 54.3 32.9 34.3 34.3 38.6 47 53 48.6 54.3 64.3 65.7 61.4 65.7 53 41 40.0 72.9 42.9 74.3 91.4 70.0 53 59 71.4 71.4 68.6 41 41 r45.2 r23.8 r50.0 r!9.0 July August September r73.8 59.5 76.2 61.9 r6l.9 138.1 October November December r35.7 r?6.2 r73.8 r38.1 r.21.4 60.0 54.3 74.3 14.3 51.4 55.7 50.0 57.1 71.4 68.6 47 53 21.4 r64.3 r69.0 r69.0 April May . . June r!4.3 r88.1 r35.7 r?6.2 59 88.1 68.6 68.6 80.0 65 r66.7 40.0 54.3 51.4 July August September 33.3 38.1 83.3 51.4 44.3 78.6 71.4 88.6 82.9 71 62 r50.0 r69.0 October.... November December 47.6 16.7 52.4 rja.4 60.0 44.3 55.7 88.6 77.1 85.7 47 76 42.9 50.0 January 52.4 March 57.1 62.9 40.0 82.9 68.6 60.0 65 28.6 90.5 40.5 19.0 23.8 53 February April May June 47.6 42.9 47.6 38.1 33.3 54.3 45.7 40.0 51.4 r82.9 P77.1 r59 p65 Juiy August . September 28.6 April May June . r35.7 r28.6 69.0 1968 January February March r88.1 35.7 1969 .... October November December P35.7 r54.8 60.0 41.4 r81.4 p28.6 P37.1 45.2 F47 NOTE: Figures are the percent of series components rising (half of the unchanged components are considered rising). Data are centered within spans: 1-month indexes are placed on latest month and 9-month indexes are placed on the 6th month of span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 3-quarter indexes are placed on the 1st month of the 3d quarter. Seasonally adjusted components are used. Table E4 identifies the components for most of the indexes shown. The "r" indicates revised; "p", preliminary; and "NA", not available. ItCII NOVEMBER 1969 89 ANALYTICAL MEASURES Qj DIFFUSION INDEXES: Leading Indicators-Con, Year and month D34. Profits, manufacturing, FNCB (about 1,000 corporations) D19. Index of stock prices, 500 common stocks (77 industries)©1 D23. Index of industrial materials prices (13 industrial materials) 9-month span D5. Initial claims for unemployment insurance, State programs, week including the 12th (47 areas) 1 -month span 9-month span 1-month span 9-month span 1 -month span 48 90.9 92.2 61.0 85.7 90.3 97.4 46.2 53.8 23.1 0.0 15.4 26.9 35.3 17.0 46.0 27.7 8.5 8,5 April May June 46 76.0 74.0 51.3 93.4 92.1 86.2 23.1 61.5 69.2 30.8 23.1 23.1 55.3 54.3 55.3 31.9 44.7 29.8 July August September 52 81.6 77.6 57.2 68.4 65.8 71.1 30.8 53.8 19.2 23.1 30.8 46.2 34. C 72.3 60.6 78,7 78.7 66.0 October. November . December 5£ 32.2 7.9 71.1 52.6 46.1 50.0 46.2 46.2 61.5 38.5 30.8 30.8 38.3 74.5 46.8 80.9 70.2 78.7 55 64.5 10.5 21.1 61.8 63.2 71.1 46.2 46.2 53.8 30.8 46.2 46.2 25.5 80.9 25.5 57.4 51.1 61.7 April May June 45 94.7 83.6 80.3 76.3 82.7 85.3 46.2 53.8 50.0 53.8 61.5 73.1 63.8 51.1 53.2 38.3 51.1 74.5 July August September 56 48.7 17.8 86.7 93.3 97.3 81.3 46.2 65.4 57.7 76.9 57.7 76.9 5V. 4 40.4 63.8 36.2 66.0 76.6 October November December 1969 January , . February March 53 82.7 77.3 72.7 71.3 52.0 56.0 69.2 69.2 38.5 92.3 92.3 84.6 66,0 31.9 61.7 63.8 78.7 59.6 53 12.0 43.3 13.3 73.3 40.0 14.7 53.8 61.5 46.2 84.6 80.8 76,9 72.3 38.3 55.3 46,8 40,4 12.0 6.7 21.3 65.4 57.7 76.9 69.2 76.9 92.3 48.9 57.4 23.4 58.5 34.0 25.5 76. 9 51.1 59.6 38.3 1 -quarter span 1967 January February March 1968 January February March April May , . June 52 54.0 74.7 1.3 July August September 49 4.0 34.7 61.3 October . November December 72.7 61.5 76.9 57.7 3 46.2 A6.2 S 70. a 45.7 NOTE: Figures are the percent of series components rising (half of the unchanged components are considered rising). Data are centered within spans: 1-mpnth indexes are placed on latest month and 9-month indexes are placed on the 6th month of span; 1-quarter indexes are placed on the 1st month of the 2d quarter. Seasonally adjusted components are used except in index D19 which requires no adjustment and index D34 which is adjusted only for the index. Table E4 identifies the components for most of the indexes shown. The V indicates revised; "p", preliminary; and "NA", not available. Unadjusted series are indicated by®. 1 Based 2 on 77 components through June 1967; on 76 components, July 1967 through August 1968; and on 75 Average for November 3, 10, and 18. 90 us thereafter. NOVEMBER 1969 ANALYTICAL MEASURES Qj DIFFUSION INDEXES: Roughly Coincident Indicators Year and month D41. Number of employees on nonagri cultural payrolls (30 industries) 1-month span 1967 January February March 6-month span D47. Index of industrial production (24 industries) 1-month span 6-month span D58. Index of wholesale prices (22 manufacturing industries)© D54. Sales of retail stores (23 types of stores) 1-month span 6-month span 1-month span 9-month span rSO.O 35.0 40.0 50.0 P41.7 r43.3 29.2 20.8 43.8 45.8 29.2 27.1 77.3 72.7 56.8 63.6 68.2 65.9 87.0 39.1 43.5 69.6 91.3 95.7 April May June 40.0 36.7 65.0 36.7 40.0 40.0 52.1 16.7 50.0 29.2 41.7 41.7 47.7 54.5 47-7 63.6 63.6 63.6 60.9 34.8 82.6 87.0 91.3 56.5 July August September 41.7 66.7 46.7 51.7 r78.3 66.7 47.9 75.0 41.7 54.2 66.7 75.0 63.6 63.6 75.0 72.7 81.8 81.8 43.5 60.9 76.1 82.6 78.3 82.6 October November December 65.0 93.3 73.3 68.3 83.3 85.0 56.2 87.5 83.3 75.0 77.1 83.3 72.7 77.3 90.9 81.8 90.9 95.5 37.0 67.4 47.8 95.7 95.7 73.9 1968 January February March 68.3 75.0 65.0 96.7 86.7 86.7 37.5 70.8 75.0 77.1 83.3 75.0 90.9 84.1 68.2 90.9 95.5 90.9 73.9 65.2 82.6 82.6 91.3 91.3 April May June 66.7 66.7 85.0 86.7 85.0 76.7 41.7 70.8 79.2 83.3 70.8 79.2 72.7 63.6 61.4 75.0 84.1 81.8 26.1 60.9 65.2 87.0 91.3 87.0 July August September 63.3 81.7 58.3 78.3 81.7 75.0 58.3 64.6 66.7 75.0 75.0 70.8 68.2 70.5 72.7 84.1 81.8 86.4 63.0 58.7 r30.4 78.3 47.8 71.7 80.0 73.3 81.7 80.0 80,0 68.8 75.0 64.6 66.7 70.8 79.2 79.5 79.5 61.4 81.8 81.8 90.9 52.2 54.3 21.7 82.6 65.2 65.2 90.0 70.0 70.0 83.3 75.0 76.7 54.2 62.5 91.7 81.2 75.0 77.1 68.2 72.7 75.0 81.8 79.5 84.1 73.9 60.9 21.7 r82.6 41.7 61.7 70.0 66.7 r65.0 r56.7 45.8 66.7 70.8 r?5.0 r72.9 r54.2 84.1 79.5 84.1 90.9 90.9 88.6 73.9 U.3 54.3 r67.4 r69.6 P47.8 July August September 36.7 r58.3 r38.3 P58.3 r45.8 r50.0 r35.4 P45.8 77.3 68.2 77.3 86.4 45.7 r50.0 r34.8 October November December P41.7 October November December 1969 January February March April May June P33.3 68.2 78.3 73.9 71.7 p60.9 NOTE: Figures are the percent of series components rising (half of the unchanged components are considered rising). Data are centered within spans: 1-month indexes are placed on latest month, 6-month indexes are placed on the 4th month, and 9-month indexes are placed on the 6th month of span. Seasonally adjusted components are used except in index D58 which requires no adjustment. Table E4 identifies the components for the indexes shown. The "r" indicates revised; "p". preliminary;and"NA", not available. Unadjusted series are indicated by <g>. BCII NOVEMBER 1969 91 ANALYTICAL MEASURES E4 Selected Diffusion Index Components: Basic Data and Direction of Change 1969 Diffusion index components April March July June May August September Octoberp r40.8 - 40.5 Dl. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING x (Average weekly hours) + 40.9 (90) All manufacturing industries Durable goods industries: Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery, except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries Nondurable goods industries: Food and kindred products Tobacco manufactures Textile mill products Apparel and related products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and related products Rubber and plastic products Leather and leather products 40.8 40.7 (48) (43) o 40.7 o (48) 40,7 40.6 (29) (45) 4+ + 4 + 4 4 + o 4 + 40.8 40.9 40.7 42.3 41.9 41.9 42.7 40.7 41.6 40.7 39.0 40.2 40.6 4 40.9 + 40.9 40.2 - 39.7 40.2 4 40.3 40.1 4 40.9 o 40.9 - 40.7 42.0 4 42.1 41.9 - 41.7 41.8 - 41.7 o 41.7 - 41.5 41.6 41.6 4 41.8 41.8 42.2 42.6 o 42.6 - 42.5 40.6 o 40.6 - 40.3 4 40.9 U.I 4 41.6 4 42.3 - 41.5 4 40.8 o 40.8 4 40.9 o 40.9 + 3 9 . 5 - 39.1 4 39.2 - 39.1 4 4 4 + 40.9 36.5 40.9 36.0 43.2 40.8 40.9 36.4 4 38.1 41.0 41.1 36.0 4 36.1 43.0 43.4 o 38.3 4 38.4 41.6 4 41.8 42.9 4 43.0 o 41.4 o 41.4 + 37.7 - 37.6 + 38.3 o 41.7 + 43.2 4 41.4 + 37.6 o 4o 4 40.7 4 39.5 4 41.2 + 36.2 42.9 o 38.4 o 41.8 42.2 41.3 3?.4 4- (29) (55) 4 r40.4 © r40.4 4 P39.8 + r40.0 4 r40.3 - r40.1 4 r42.1 - r42.0 4 r42.0 + r42.2 o r41.6 - p/il.4 4 r42.6 4 r42.7 4 40.4 4 r40.6 41.2 f r41.7 o r40.9 4 P41.1 - r39.0 o 39.0 40.6 4 40.9 4 38.2 - 37.2 4 o 41.2 - r40.9 36.0 - r35.9 o 42.8 o 4 43.0 4 40.5 - 39.5 39.9 41.7 © 42.2 G 41.4 - 42.5 - 40.3 - 41.6 40.8 38. 8 P41.1 4 41.3 4 37.9 40.5 - 35.6 42.6 P37.4 40.7 35.9 r42.3 30.3 p41.6 r&2.4 40.9 P37.1 - 38.2 o 41.6 o 42.4 40.6 4 37.3 - 39,482 + r32,135 (41) (01) - 31,747 (37) o 4 38.5 4 41.9 4 42.9 41.2 - 37.0 - 38.4 r41.9 r42.8 o 40.9 36.8 4 D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES1 (Millions of dollars) All durable goods industries Primary metals Blast furnaces steel mills Nonferrous metals Iron and steel foundries Other primary metals, Fabricated metal products Metal cans barrels and drums Hardware, structural metal and wire products Other fabricated meto! products - 29,697 4 30,944 (40) (54) 4,614 4 2,110 + 4,806 2,307 - 29,998 - 29,171 4 31,069 (60) (46) (40) - 4,772 2,246 4 4 + _ 44 + 4 2,980 4 5,161 4,825 2,308 4 2,510 + 4 ... 3,158 3,157 3,119 4 4 4 5,001 r5,313 2,370 + 2,592 44 ... 4 3,091 3,197 - ., . 4 5,6S7 5,579 5,650 585 ;} A15 + 4 + (NO 6,132 501 t} 869 664 314 4 704 ... 4 501 4 56! - 274 4 4 4 (wO 3,340 ;} (NO 4 716 303 + 735 361 4 439 4 + 5,5W t) 500 t) 540 ;} 4 685 429 5,433 + 4 4 4 5,538 Machinery, except electrical Steam engines and turbines* t) *77 t> Internal combustion engines* Farm machinery and equipment* ...4 Construction, mining, and material handling*. 676 4 Metalworking machinery* + 350 4 Miscel laneous equipment* + Machine shops. 4Special industry machinery* 4 ... General industrial machinery* 504 Office and store machines* Service industry machinery* /. . .4 5,351 (NO 4 0 469 + + 736 338 - (NO (HO 4 4 ... 4 584 544 4 (NO + 4 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (4) = rising, (o) - unchanged, ant; (-) •-- falling. Only the directions of change are shown when numbers are held confidential by the source agency. NA - not available, p = preliminary, r ~ revised. *Deiotes machinery and equipment industries that comprise series 24, •"•Data are seasonally adjusted by source agency. 92 NOVEMBER 1969 HOI ANALYTICAL MEASURES E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con. 1969 Diffusion index components April March June May July August September October D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES1-Continued (Millions of dollars) 3,746 Electricdl machinery Electrical transmission distr. equipment* Electrical industrial apparatus* Household appliances Radio and TV Communication equipmentf Electronic components. Other electrical machinery* ;} + 723 +} ;} + 961 92 + - 1,003 + 1,165 4- !!. 7,107 + 3,664 6 837 t} 4- Motor vehicles and parts, total 3,710 3,928 4 7i1 ... + 6,341 7,228 7,695 4- + 3,707 752 6 l) *7 1,242 + + 1,082 + 7,554 7,657 4.... 4+ .... + ... 842 + + + (M) P7,656 r7,885 + + + + 4- 4- 4- 4 4+ + 4- + + 4 4- 4- ;} (») + 4- Furniture total Stone clay and glass total w + .* . + 44- (N/0 + + 4- +°) 3,688 + 4- + + + t) + + 800 + 4,079 + D19. INDEX OF STOCK PRICES, 500 COMMON STOCKS2 (1941-43 - 10) - Index of 500 stock prices 99.30 + 101.26 + 104.62 (13) Coal, bituminous Food composite Tobacco (cigarette manufacturers) Texti le products Paper Publishing Chemicals Drugs Oi 1 composite Building materials composite Steel Metal fabricating Automobi les Radio 3n<1 tplpui^inn hrnjifirs^tpr^ - (1) (75) 94.71 - 94.18 (4) (35) + + + + „ Office and business equipment (54) 99.14 ;;; 4 4 Teleohone companies + + + 4 + + + + + + + 4+ + 4 4 + 4+ - 4- + 4 4 + + + 4 + + 95.52 (73) 44+ + . . 4- ... + (61) 4- . . ' '* \\\ + O 4- + + + ... + 4- + + 4+ + 4 94.51 4- 4 + 4- + . . . . . . . . ... + 4+ + ... 4+ 4 + Retail stores composite Life insurance 4 - + + ... - ... 4- + + + 4- NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. Only the directions of change are shown when numbers areheld confidential by the source agency. NA = not available, p = preliminary, r = revised. *Denotes machinery and equipment industries that comprise series 24. t These industries plus ordnance comprise series 647. x Data are seasonally adjusted by the source agency. Data are not seasonally adjusted. The components shown here ijiclude 18 of the more Important industries and 5 composites representing an additional 23 of the industries used in computing the diffusion index in table £3. 2 BCII NOVEMBER 1969 93 ANALYTICAL MEASURES E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con. 1969 Diffusion index components April March September August July June May November1 October 023. INDEX OF INDUSTRIAL MATERIALS PRICES 2 Industrial materials price index (1957-59^100) • + 106.9 + 109.3 + 110.4 + 111.6 + U2.4 + H5.0 + 117.4 - X15.6 4 115.8 (Dollars) (46) Percent rising of J3 components Copper scrap (Ib.) . . , Lead scrap (Ib,). Steel scrap (ton) Tinflb.) Zincflb.) Burlap (yd.) Cotton (Ib.), 12-market average Print cloth (yd.), average Wool tops (Ib.) Hides (Ib,). Rosin (100 Ib.) Rubber (Ib.) Tallow (Ib,) + .480 + o .066 + - 25.407 + - 1.584 o .144 + - .154 .255 + .213 + - 1.575 - .163 + + 11.891 o + .260 + + .056 + (65) .534 .070 25.536 1.567 .146 .143 .254 .217 1.572 .193 11.893 .265 .059 (58) + .545 + .073 + 30.644 - 1.565 + .150 - .136 + + + + + + - .250 + .224 + 1.584 .190 + 11.964 - .255 0 .059 o + o + + (62) (77) .561 + .074 + 31.283 1.594 + .151 o .140 + ,577 + «0?8 + 29,774 + 1.617 + .151 o .145 (77) .604 .079 31.408 1.663 -151 .143 .250 .221 o 1.597 .179 n.964 + .260 + .064 + .249 + .221 o 1.572 + .172 12.410 + .278 + .068 + .257 .221 1.578 .168 12.550 .304 .076 (58) + + + .601 .076 34.073 1.654 .16© .152 (46) .602 .073 - 33,298 + 1.665 o .160 + 4- .162 (46) .535 o .073 - 30.090 + 1.706 o .160 + .170 o .261 .257 4.255 .218 .220 .220 o + 1.583 - 1.546 4L572 + .202 .192 + .195 + 12.823 + 12.978 - 12.939 .266 .285 .245 .076 .073 4+ .079 D5, INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PROGRAMS 3 (Thousands) Avg. weekly initial claims ... + (55) Percent rising of 47 components Northeast region; Boston (7) Buffalo (20) Newark (11) New York (1) Paterson(21) Philadelphia (4) Pittsburgh (9) Providence (25) North Central region: Chicago (2) Cincinnati (22) Cleveland (10) Columbus (26). Detroit (5) Indianapolis (23) Kansas City (19). Milwaukee (18) Minneapolis (13) St, Louis (8) South region: Atlanta (17) Baltimore (12) Dallas (15) Houston (14) West region: Los Angeles (3) Portland (24) San Francisco (6) Seattle (16) 184 + + + + + + + + + + + + + 201 f 180 176 (49) (23) (57) + f + !. ! + •t+ ... + + + + + + + + (5D + + +• + + - + + + 4+• + +•*- •h + + f + 4+ f + + f f + f •f + +- . ». 4- + +• . t . 4- + f ... + + f + + f f f ^ 44. -H .«« 4+ + + ... ... 4f 4- + (46) 4+ f 4- + 202 (38) + + + + 201 196 (60) f + + , 197 + 4+ + NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) - unchanged, and (•) ; falling. Only the directions of change are shown when numbers are held confidential by the source agency, NA = not available, p = preliminary, r - revised, 1 Average for November 3, 10, and 18. ^Series componenta are seasonally adjusted by the Bureau of the Census. The industrial materials price fLndcx :U> not seasonally adjusted. 3 The signs are reversed because this series usually rises when general business activity falls and falls when bug^nese rises: (-) - rising, (o) " unchanged, and (+) = falling. Series components are seasonally adjusted by the Bureau of tho Census before the direction of change is determined. Data used are for the week including th© 12th of the month. Directions ©f change are shown separately for only the 26 largest labor market areas. The number following the area designation indicates its siac rank. 94 NOVEMBtR 1969 ItCII ANALYTICAL MEASURES E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con. 1969 Diffusion index components March April May June Augustr September + 70,500 o r?0,486 July October p 041. NUMBER OF EMPLOYEES ON NONAGRICULTURAL PAYROLLS 1 (Thousands of employees) + 69,710 All nonagricultural payrolls (70) Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery Electrical equipment Transportation equipment Instruments and related products Miscellaneous manufacturing industries + + o + + + + + + o Food and kindred products Tobacco manufactures Textile mill products Apparel and related products . Paper and allied products. Printing and publishing Chemicals and allied products Petroleum and related products Rubber and plastic products Leather and leather products Mining Contract construction Transportation and public utilities Wholesale trade Retai I trade Finance, insurance, real estate . „ Servke and miscellaneous Federal government State and local government + o + o + + , 197 523 410 535 1,063 1,121 1,363 1,364 1,432 292 349 1,203 69 880 1,246 555 673 620 116 449 301 626 + 3,374 + 4,399 + 3,726 + 10,782 + 3,515 + 11,034 - 2,759 + 9,373 + 70,013 (62) + 70,300 192 193 530 525 + 412 + 413 526 529 - 1,057 + 1,062 - 1,118 + 1,121 + 1,370 - 1,366 + 1,369 + 1,381 - 1,420 - 1,399 o 292 + 294 348 347 - 1,205 + 1,206 68 + 69 871 875 + 1,252 + 1,255 554 549 + 672 669 o 617 617 118 + 118 o o 449 + 451 300 300 o 188 528 411 + 532 + 1,076 + 1,122 + 1,377 - 1,379 + 1,434 292 + 348 - 1,201 0 69 + 873 o 1,255 + 556 + 674 + 623 + 119 + 455 299 o 622 + 3,466 + 4,467 + 3,774 + 10,891 + 3,557 o 11,066 + 2,790 + 9,469 + 69,789 (42) 624 - 3,363 + 4,439 + 3,737 + 10,796 + 3,531 + 11,044 o 2,758 + 9,386 622 + 3,407 + 4,444 + 3,758 + 10,851 + 3,541 + 11.065 - 2,754 + 9,453 - 70,247 (70) + o + + 187 520 408 526 1,077 1,122 1,369 1,388 1,430 291 350 - 1,197 68 o 873 - 1,248 555 + 675 620 o 119 o 455 294 + 629 - 3,434 + 4,483 o 3,773 + 10,898 + 3,568 o 11,067 - 2,777 - 9,454 (38) (58) (37) + + + + + + + + + + + + 70,673 (42) 181 170 r!74 518 - r515 513 r408 410 407 529 527 + r529 o 1,087 + rl,107 + 1,111 1,128 - rl,124 - 1,121 1,366 + rl,303 + 1,390 1,387 - rl,382 + 1,389 1,582 - rl,450 - 1,436 288 292 r289 r342 341 345 1,204 - rl,202 - 1,201 70 r6? 65 r862 863 859 1,242 - r'1,240 - 1,239 556 + 559 557 681 676 + r679 + 612 619 613 rl!8 + 118 o 119 r452 454 451 296 285 r287 + 631 o r631 - 3,410 + r3,414 o 4,484 o r4,482 + 3,776 + :r3,788 + 10,926 + no, 943 + 3,581 + r3,590 + 11,120 + rll,153 - 2,752 " r2,'749 + 9,486 + r9,535 + 633 - 3,406 - 4,476 + 3,805 + 11,006 + 3,601 + 11,251 - 2,741 + 9,564 047. INDEX OF INDUSTRIAL PRODUCTION1 (1957-59-100) All industrial production Percent rising of 24 components Durable goods: Primary and fabricated metals Primary metal products Fabricated metal products Machinery and related products Machinery, except electrical . Electrical machinery Transportation equipment Instruments and related products Clay, glass, and lumber Clay, glass, and stone products Lumber and products Furniture and miscellaneous Furniture and fixtures Miscellaneous + 171.4 (92) + 171.7 (46) + 172.5 (67) + 173.7 (71) + 174.6 (46) - 174.3 (50) - r!73.9 (35) - 173.3 (33) + 146'.2 + 178.5 + 147*9 - 178.3 + Utf! 3 + 179.2 + 153!i + 180.6 - 1-152! 4 - 151 l5 - ri.79.1+ 180.7 - r!49.6 - r!78.0 + + 150 179 + 196! 2 + 200.7 + 174.1 + 192.8 + 196! 8 - 199.5 - 172.4 + 195-4 + 193*1 + 201.8 - 171.8 - 195.3 + 195*3 - 199.6 + 176.6 + 195.7 + 196.0 - 195*5 + 200.8 + 203.8 + r181.1 - 179.1 - 194.7 + 194.9 + + + - 153^4 + 130.8 + 155*1 - 122.6 + 156 .'9 - 120.7 - - + 187.0 + 165.7 + 188.9 + 167.6 + 190.2 - 167.5 - 189.9 + 168.1 155*2 H5.5 152!? H3.4 + 155*3 - 108.9 + rl5?'3 + P112.2 199 198 178 194 140 156 (MO - 185.0 - 167.4 + 186.5 - 165.8 - r!85.1 -- rl65.0 184 164 rl98*7 203.5 r!79.0 r!95.4 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. Only the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p = preliminary, r = revised. x Data are seasonally adjusted by the source agency. Where actual data for separate industries are not available, estimates are used to compute the percent rising. Directions of change for the most recent spans are computed "before figures for the current month are rounded. 2 ItCII NOVEMBER 1969 95 ANALYTICAL MEASURES E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con. 1969 Diffusion index components March Jun$ May April July August September October D47. INDEX OF INDUSTRIAL PRODUCTIOI^-CQntinued (1957-59-100) Nondurable goods: Textiles apparel 3nd leather Textile mill products. ..* Apparel products Leather and products + 152.9 + 154.2 + 156.5 + 157.8 - 157 .'o - r!54.0 + 150.2 - 147.8 + 150.0 - 149.2 + r!50.7 - P148.7 + 105.6- 103.4 + 107.6 - 104.7 - r98.4 + plOO.O Paper and printing Paper and products Printing and publishing p342 (N/0 - r!42.5 ™ pl53.2 (M) (MA) (NA) + 175^0 + 175^ - 174^9 + 175^3 + 176.4+ rl7?;$ + 153.0 - 152.7 + 155.9 + 156,5 + 158.3 - r!58.2 -- 157.4 pwis pl63 (N/U pl56 Chemicals, petroleum, and rubber Chemicals and products Petroleum products Rubber and plastics products + 235^2 + 142.7 + 236.2 + - Foods, beverages, and tobacco Foods and beverages Tobacco products +- 118.7 141 is Minerals: Coal Crude oil and natural gas Metal, stone, and earth minerals Metal mining Stone and earth minerals (KA) 239^1 + 1A2.2 + 234.2 + 239^5 U3.5 237.0 + + + 239^7 145*4 237*3 + r243^i - 143.5 + r238.3 - r239.i + r!44.5 + p240.0 - ^222 . 1 + - P238!5 + P147-5 (N/0 p223 (N/0 (MO (N/0 - 140.5 - 110.5 + 13s!6 115-4 - weli 121.9 + rl39.9 - 120.3 + rH3ii - pl!4.8 o rlAl.o o 1)143.1 (N/0 p!40 (MO (N/0 + 1U. 3 + 123.5 •h 120.2 + 126.9 + 123.9 + 129.6 + 124.8 + 134.8 + r!30.0 - 132.1 - r!22.1 - r!30.2 *• 131. a + + - 146.6 - 141.4 - 13415 - 141.2 + 137.4 + 142.6 + i3s!i + ruali - puil 149*1 150. 5 + - 142.2 - Ilk. 7 f + r!42.8 + pl44.o + 113.6 - pll6 p!32 P136 (N/0 (NA) D58. INDEX OF WHOLESALE PRICES, MANUFACTURING INDUSTRIES 2 (1957-59-100) All manufacturing industries + 112.2 + 112.4 (75) Durable goods: Lumber and wood products Furniture and other household durables Nonmetallic mineral products . . . . » Iron and steel Nonferrous metals Fabricated structural metal products Miscellaneous metal products General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles and equipment Miscellaneous products Nondurable goods: Processed foods and feeds Cotton products Wool products Manmade fiber textile products Apparel Pulp, paper, and allied products Chemicals and allied products Petroleum products, refined Rubber and rubber products Hides, skins, leather, and related products (84) + 112.8 (80) + 113.2 (84) + H3.5 (77) (68) U3.9 + .114.6 (68) (77) - :_23 . 2 122.6 + 106.4 + 106.5 103.8 + 013.5 + + 111.2 + 113.7 149.5 105.7 111.9 108.8 - 143.3 + 105.8 + 112.3 + 108.9 - 138.0 + 105.9 + 112.6 + 109.9 - 129-$ o 105.9 + 112. a + 110.3 - 125.3 - 124.0 + 106.1 + 106.2 + 129.9 + 109.6 o 120.4 + U9.8 4- 132.4 + 110,2 o 120,4 + 120.0 + 134.2 + 110.8 + 320.5 + 120.3 + 135.5 + 111.0 + 120.7 + 121.2 + 136.1 + 139.5 + 112. 0 + 112. 6 + 121.3 + 123.2 + 121.5 + 121.8 + 143.5 •+ 112.8 + 124.2 + 122.6 + 144.8 •*' 113.4 + 124.4 + 123.4 + 116.5 + 116.6 + 117.6 + 104.2 + 104.3 + 104.5 - 106.3 + 106.4 + 106.5 o 112.5 + 112.7 + 112.8 + 117.8 + 104.7 + 106.6 + 115.1 + 113.1 + 104.8 o 106.6 + H5.5 + 118.5 - 104.7 - 106.0 + 115.9 + 119.2 + 105,4 + 106.1 + 116.4 + 120.0 + 105.6 + 108.7 + 116.7 + 116.4 - 104.6 - 104.2 - 92.1 + 112.8 + H7.3 - 104.5 + 104.3 + 92.4 + 113.0 + 121.4 - 104.5 + 105.0 + 92.7 + 103.3 + 122.0 + 105.3 o 105.0 - 92.6 + H3.9 - 121.5 - 121.3 + 105.7 + 105.9 - 104.8 + 105.0 + 92.7 - 92.1 + 115.8 + 03.6.2 + 121.6 105.8 - 104.5 91.6 + 107.4 + 98.0 + 101.7 + 100.9 o 123.4 + + + + + 108.4 - 98.2 - 103.2 + 102.5 + 126.4 + 108.7 + 108.8 + 98.7 ">• 98.9 - 102.5 - 101.8 + 103.0 - 102.7 o 126.4 + 128.2 + + + + + + 119.4 + 104.6 o 104.3 + 92.6 - 112.9 108,0 + 108.1 + 98.1 97.9 102.5 - 102.4 101.2 - 101.1 126.0 •*- 126.1 + 108.3 + 98.3 + 103.3 + 101.2 - 125.7 + H3.o + 111.1 o 113.0 + 012.7 + n6.s 109.0 98.6 101.6 + 103.5 - 127.4 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) ^ unchanged, and (-) ^ falling. Only the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p = preliminary, r == revised. are seasonally adjusted by the source agency. are not seasonally adjusted. 96 NOVEMBER 1969 IICII ANALYTICAL MEASURES E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con. 1969 Diffusion index components April March May July June August r October P September D54. SALES OF RETAIL STORES 1 (Mil I ions of dollars) All retail sales - Percent rising of 23 components (22) Grocery stores Eating and drinking places Department stores Mail-order houses (department store merchandise) . . Variety stores Men's and boys' wear stores Women's apparel, accessory stores Shoe stores + Household appliance, TV, radio stores Lumber yards, building materials dealers Hardware stores Passenger car and other automotive dealers Tire, battery, accessory dealers Gasoline service stations Drug and proprietary stores Liquor stores 28,916 + + + 29,442 (74) 29,386 - + + 29,090 + (46) (54) (41) 29,346 - r29,249 + (50) 5,868 2,191 2,991 + 294 5,863 + 2,110 + 3,143 287 6,006 2,150 3,117 285 29,371 (61) (35) 5,883 2,107 + 2,895 + 296 5,839 + 2,133 + 3,080 294 517 + 393 + 615 + 245 + 558 414 649 266 o 546 + 399 633 + 266 + 552 375 640 296 + o + + 560 375 + 658 306 + 554 400 653 332 P530 + P387 + p637 P325 (NA) (NA) (NA) (NA) 922 400 + 992 269 + 903 436 + 974 28? 902 455 + 943 + 281 + 895 478 951 283 + 852 445 899 + 291 841 424 905 + 280 p839 p410 + P927 p274 + (NA) (NA) (NA) (NA) 5,013 + P5,279 P387 399 2,075 + p2,083 + 1,013 + pi, 022 + 640 P618 + (NA) (NA) (NA) (NA) (NA) 5,099 419 2,132 960 601 + + + + 5,145 427 2,106 + 963 + 619 5,906 2,186 3,011 285 29,371 - 5,102 414 2,119 996 615 + o + 5,220 414 2,086 975 627 - + + 5,011 o 408 2,080 994 + 642 - P5,873 + p2,l66 - P3,027 - ' p278 + + + + (NA) (NA) (NA) (NA) NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. Only the directions of change are shown when numbers are held confidential by the source agency. NA - not available, p = preliminary, r = revised. 1 Data are seasonally adjusted by the source agency. The diffusion index includes estimates for six types of stores not shown separately. 2 ItCII NOVEMBER 1969 97 INTERNATIONAL COMPARISONS Q| CONSUMER PRICES Year and month 133. Canada, 781. United index of consumer States, index of consumer prices® prices© (1957-59=100) (1957-59=100) 1967 January February . . March 115 115 115 117 117 118 April May June 115 116 116 July August September October November December . 1968 January February March 132. United King- 135. West Germany, 136. France, index of consumer index of consumer dom, index of prices® consumer prices© prices© 138. Japan, index of consumer prices© 137. Italy, index of consumer prices® (1957-59=100) (1957-59-100) (1957-59-100) (1957-59=100) (1957-59=100) 123 123 123 141 141 342 153 154 154 137 138 138 119 119 120 129 129 129 130 130 130 124 124 124 142 142 142 154 153 152 138 138 139 116 117 117 121 121 121 130 130 129 124 ' 123 123 142 U3 143 152 153 156 139 139 140 118 118 118 121 121 122 129 131 131 123 123 123 344 145 145 159 159 160 140 140 140 119 119 120 123 123 123 132 133 133 125 125 125 147 347 147 161 161 162 140 140 140 April May June iao 120 121 124 124 124 136 136 136 125 125 126 147 148 148 162 163 161 141 041 141 July August September 122 122 122 125 125 126 136 137 137 126 125 125 149 149 150 162 162 168 340 140 141 October , . November . December 1969 January.,.. February March 123 123 124 126 127 127 137 138 140 126 3J26 127 152 152 153 166 167 166 041 141 141 124 125 126 127 1*7 128 140 141 142 128 128 129 155 155 156 167 167 169 142 142 343 April May June July August September . 126 L27 128 129 130 131 143 143 r!44 129 129 129 156 157 158 171 171 171 143 043 144 128 129 129 131 132 131 r042 143 144 130 r!29 r!29 158 159 160 r!75 H5 145 October November December 130 132 (M) 130 (NA) (m) (NA) NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only.and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; V, preliminary; "e", estimated; "a", anticipated; and "NA", not available. 98 NOVEMBER 1969 ItCII INTERNATIONAL COMPARISONS Q INDUSTRIAL PRODUCTION 47. United States, index of industrial production Year and month (1957-59=100) 123. Canada, index of industrial production (1957-59-100) 122. United Kingdom, index of industrial production (1957-59=100) 126. France, index of industrial production (1957-59-100) 125. West Germany, index of industrial production (1957-59-100) 128. Japan, index of industrial production 121. OECD,1 European countries, index of industrial production (1957-59-100) (1957-59=100) (1957-59=100) 127. Italy, index of industrial production Revised 1967 January. . February March 158 157 157 166 166 166 129 129 130 156 154 156 151 150 150 298 295 304 155 154 rl55 206 208 207 April May June 157 156 156 168 167 168 131 130 130 153 152 156 '150 150 148 305 312 317 155 154 155 210 211 211 July August. September 156 158 157 169 170 170 130 130 131 157 157 159 154 152 155 321 327 336 157 156 158 211 208 212 October November December 157 160 162 169 173 174 133 134 136 159 161 164 157 157 170 338' 346 349 159 160 165 216 216 215 1968 January February . March 161 162 163 172 172 173 135 136 138 164 165 169 159 161 166 348 354 351 162 163 1.66 218 220 221 April May June 162 164 166 175 176 179 136 138 138 167 116 136 165 167 180 362 372 373 165 157 165 222 222 223 July August. September 166 165 165 178 178 180 138 140 Ul 171 171 171 167 178 177 382 382 389 168 171 173 223 217 234 166 168 169 182 184 185 141 142 143 179 182 184 176 185 187 397 407 401 175 178 180 235 226 233 169 170 171 185 187 191 141 Ul 143 183 180 180 186 189 190 403 410 405 180 180 238 233 240 April May June 172 172 174 187 186 186 U3 143 144 185 185 183 189 195 197 428 429 435 183 184 r!86 •242 juiv August September 175 174 174 186 p!83 (MA) 144 plM (A) 184 p!84 (MO 190 r!97 p!92 446 443 243 233 P459 186 p!86 (MO October November December p!73 (NO (NO . .. October November December 1969 January February March . ... 182 236 243 p226 (MA) . . NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for identification only.and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. •"•Organization for Economic Cooperation and Development. NOVEMBER 1969 99 INTERNATIONAL COMPARISONS \ jj STOCK PRICES Year and month 143. Canada, index 19. United States, of stock prices ® index of stock prices, 500 common stocks © (1957-59=100) (1957-59=100) 142. United Kingdom, index of stock prices ® 146. France, index of stock prices © 145. West Germany, 148. Japan, index of stock prices; © index of stock prices® (1957-59-100) (1957-59-100) (1957-59=100) 99 103 98 148 156 159 223 229 (1957-59-100) 147. Italy, index of stock prices ® (1957-59-100) 1967 January February March 177 181 182 157 156 159 April May June 134 188 185 185 186 186 167 171 172 96 99 93 158 155 154 22^1 233. 231 129 132 130 July August September 189 192 194 189 194 198 176 177 187 94 99 110 156 175 182 231 215 209 129 133 139 October November December 1968 January February March 194 188 193 192 188 109 196 203 200 109 106 103 182 192 194 213 206 198 143 139 135 193 184 181 189 177 171 202 208 213 10? 104 113 205 209 207 203 208 209 134 130 133 194 183 216 -LOp 236 oj, A 117 1QA April May June 1?1 204 July August September 175 180 ~\&c April May June , July August September October November December 220 136 99Q 226 5>Qe i^ -LJ? 1 33 2*i9 26* TO3 ?^0 o;,q T QQ •J-77 T QO iy<; O7O £(<, T rje -LU> OOT <?Ju oei fe>H 2O*; 1 Qft 97Q PP/, o^A 2^O 270 970 10/j. 228 27? Tf)C pp;. 9&/. 131 1 97 TOO yiQ 266 137, ^J'4- 1 ^^ iJP 133 203 9fU 216 210 207 pi L 2Q1 m 228 97Q 206 201 213 208 282 270 121 130 2^0 231 282 279 205 212 201 213 224 209 266 253 235 128 136 124 233 243 247 293 302 304 1 Q9 1Q1 TQQ 1QQ 204 927 P?A 22Q TOT 0-3 £> i yy yj,7 Til 97 vOcp 192 194 Wl QA pj-yif 136 »kpo 1 3& •kpo T^A •A>J« Tfje yi L 210 141 12? 91 Q 1£7 pm October November December 1969 January February March 107 22tt 142 *•( J5 070 206 29C r>9~\L _.ooc P^O y»n1 *^A _T O C pljjp s>A? --070 P*^ ^nri 136 1*>2 153 150 M & JUU OQQ ^?J "\cn L*)& JXU rS\Kt p.L>4 01 n vnVaQT rpjjsj, i-iQ J A p^40 «1 A; pjlo4 «T £/ ploo NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for identification only,and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. 100 NOVEMBER 1969 APPENDIXES B. Current Adjustment Factors 1969 Series Jan. 4. Nonagricultural placements, all industries1 5. Average weekly initial claims, State unemployment insurance. . . . 13 New business incorporations 1 15. Profits (after taxes) per dollar of sales mfg 2 33. Net change in mortgage debt held by financial institutions and life insurance companies 1 3 37. Purchased materials, percent of companies reporting higher inventories .... 39. Delinquency rate, 30 days and over, total installment loans^ 49. Nonagricultural job openings unfilled . ..... 72. Commercial and industrial loans outstanding . . 5 112 Change in business loans 508. Index of export orders, nonelectrical machinery 616. Defense Department obligations, tota 1 621. Defense Department obligations, 625. Military contract awards in U.S — D34. Profits, manufacturing (FNCB) 6 . . . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ftn e 81 3 92 2 100 4 102 3 111 3 105 2 110 2 118 i 114 2 94 6 151.3 114.5 92.5 93.3 78.4 79.3 122.0 84.9 70.7 80.0 97.8 135.0 118 2 93 7 108 1 105 3 102 0 101 8 101 0 91 3 92 9 101 5 84 0 100 1 87 4 97.8 -272 102.3 -448 101.0 96.2 103.9 -111 107.0 109.8 + 59 106.5 +93 103.4 + 215 103.1 +107 101.3 84.7 94.5 99.3 98.7 100.5 100.0 99.3 101.8 101.2 100.2 99.0 100.1 100.1 99.9 100.6 100.8 99.1 99.7 99.6 83.4 106.0 101.7 111.3 109.0 120.1 103.0 +157 +18 +126 -169 +238 102.2 95.6 88.1 91.7 97.7 99.0 91.9 93.6 102 0 98.0 98.3 111.1 115.6 106.5 106,2 94.1 79.8 99.0 100.1 99.2 99.5 101.1 100.0 99.4 99.7 99.6 100.3 92.3 93.2 94.3 99.0 100.7 103.0 91.2 80.6 95.6 97.9 94.4 151.1 94.5 102.3 112.3 100.1 85.6 94.7 77.2 71.0 96.0 99.0 96.9 204.9 58.2 102.6 122.3 100.5 76.3 95.9 81.0 rtrt rj 00. / 86.4 +16 96.6 185.7 101.7 -9 87.9 115.0 98.7 +8 79.4 92.2 87.1 -15 NOTE": These series are not published by the source agency in seasonally adjusted form. Seasonal adjustments were made by the Bureau of the Census or the National Bureau of Economic Research, Inc. They are kept current by the Bureau of the Census. Seasonally adjusted data prepared by the source agency will be substituted whenever they are published. For a description of the method used to compute these factors, see Bureau of the Census Technical Paper No. IS.Tne X-ll Variant of the Census Method [I Seasonal Adjustment Program. 1 Factors are products of seasonal and trading-day factors. Seasonally adjusted data resulting from the application of these combined factors may differ slightly from those obtained by separate applications of seasonal and trading-day factors due to rounding. 2 Quarterly series; figures are placed in middle month of quarter. 3 These quantities, in millions of dollars, are to be subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. They were computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program. ^Bimonthly series. Factors are for even-numbered months (February, April, June, etc.). 5 Factors apply to monthly totals before month-to-month changes are computed. 6 l-quarter diffusion index: Figures are placed in the 1st month of the quarter. The unadjusted diffusion index is computed and the factors, computed bythe additive version of the X-ll variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index. 101 C. Historical Data for Selected Series This appendix contains historical data for BCD series extending back to 1945 or to the earliest date thereafter for which data are available. Data are published in this appendix for (a) new series which have been added to the report, (b) series which have been revised recently, and (c) series which have not been shown historically for a long period of time. See the "Index-Series Finding Guide" for the latest issue in which historical data for each series were published. Current data are shown in the basic tables of the report. Data are seasonally adjusted unless the symbol ® (indicating unadjusted data) follows the series title. Official source agency quarterly and/or annual totals are presented in this table wherever possible. These figures are often calculated from data with more digits or from data which have notbeen seasonally adjusted; therefore, they may differ slightly from totals and averages computed from data shown in the report. Quarterly Monthly Year Jan. Feb. 01. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ DIFFUSION INDEX FOR AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING — 21 INDUSTRIES { 1-MONTH SPAN) ... 33.3 47.6 64.3 42.9 45.2 26.2 14,3 90.5 64.3 71.4 69.0 ... 1948.. 1949. , 1950.. 28.6 40.5 81.0 26.2 64.3 64.3 71.4 26.2 71.4 52.4 9.5 81.0 42.9 69.0 66.7 45.2 47.6 85.7 38.1 64.3 81.0 73.8 42.9 64.3 9.5 31.0 28.6 50.0 59.5 59.5 38.1 19.0 57.1 14.3 59.5 38.1 1951.. 1952., 1953.. 54.8 73.8 28.6 54.8 42.9 42.9 71.4 26.2 83.3 78.6 14.3 42.9 19.0 83.3 31.0 38.1 57.1 16.7 38.1 16.7 33.1 21.4 85.7 31.0 71.4 95.2 9.5 16.7 61.9 81.0 69.0 31.0 23.8 1954.. 1955. . 1956. , 21.4 90.5 40.5 69.0 81.0 26.2 31.0 83.3 23.8 28.6 45.2 71.4 69.0 90.5 4.8 78,6 40.5 28.6 64.3 21.4 81.0 52.4 66.7 21.4 19.0 73.8 73.8 76.2 69.0 64.3 1957.. 1958. . 1959.. 38.1 35.7 92.9 73.8 9,5 61.9 21.4 69.0 69.0 42.9 42.9 71.4 9.5 64.3 69.0 40.5 95,2 33.3 42.9 78.6 45.2 40.5 78.6 33.3 57.1 73.8 23.8 I960.. 1961.. 1962.. 45.2 95.2 28.6 14.3 57.1 61.9 35.7 57.1 81.0 35.7 76.2 81.0 7B.6 42.9 19.0 23.8 95.2 42.9 38.1 64.3 33.3 28.6 61.9 42.9 1963.. 1964. , 1965. . 76.2 0.0 61.9 45.2 85.7 64.3 52.4 45. 2 76.2 23.3 78.6 16.7 85.7 33.3 81.0 71.4 45,2 35.7 59.5 57,1 54.8 1966.. 1967.. 61.9 69.0 78.6 7.1 40.5 76,2 47.6 45.2 54.3 23.8 38.1 50.0 23.8 73.8 IVQ Annual ... 50.8 43.7 68.2 42.1 43.7 72.2 46. S 42.0 77.8 40.5 62.7 §0.0 34.1 46,0 51,6 40.9 48.6 64.9 73.8 59.5 35.7 60.3 47.6 51.6 45.2 51.6 30.2 *3.6 6S.9 ,26.2 53.2 50.8 46.8 50.6 54.0 38.7 92.9 66.7 16.7 40.5 33.3 66.7 40.5 84.9 30.2 58.7 58.7 34.9 45.2 !>4.0 I»8.7 69.9 56.3 49.2 53.6 63.5 43.3 4.3 40.5 52.4 35.7 90.5 50.0 35.7 52.4 69.0 44.4 38.1 74.6 31.0 67.5 57.9 46.8 77.0 3,4.1 25.4 61.1 57.1 36.9 60.9 55.9 23.8 40.5 85.7 83.3 85.7 4.8 19.0 69.0 64.3 7.1 14.3 26.2 31.7 69.8 57.2 46.0 71.4 47.6 30.2 55.6 54,0 36.5 56.3 31.8 36.1 63.3 47.6 38.1 64.3 40.5 73.8 14.3 26.2 52.4 69.0 73.8 26.2 64.3 73.8 73.8 95.2 78.6 57.9 43.6 67.5 60.3 52.4 44.5 57.1 45*2 40 . 5 50.8 76.2 75.4 56.5 54.4 57.0 61.9 59.5 42.9 61.9 50.0 35.7 40.5 76.2 26.2 38,1 60.3 50.8 46.8 39.7 4,2.9 6 ( 5.1 36.9 50.0 47.2 51.4 DIFFUSION INDEX FOR AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING — 21 INDUSTRIES (9-MONTH SPAN) 1949. » 1946. * 1947. * N Q AVERAGE 1947. . 01. HQ AVERAGE 26.2 50.0 59.5 33.3 23.8 4T.6 66.7 47.6 46.0 1948.. 1949. . 1950. . 76.2 4.8 90.5 61.9 14.3 95.2 42.9 14.3 97.6 45.2 19.0 100.0 4.8 50.0 95.2 21.4 47.6 90.5 16,7 42.9 95.2 0.0 50.0 95.2 14.3 90.5 78.6 4.8 78.6 81.0 2.4 85.7 73.8 0.0 92.9 73.8 60.3 11,1 94.4 23.8 38.9 95.2 10.3 61.1 89.7 2.4 85.7 76.2 24.2 49.2 88.9 1951.. 1952.. 195?.. 45.2 40.5 31.0 42.9 47.6 14,3 31.0 42.9 9.5 21.4 52.4 7.1 23.8 71.4 4.8 19.0 71.4 9.5 35.7 66.7 9.5 26.2 73.8 0.0 26.2 90.5 0.0 42.9 64.3 0.0 38.1 85.7 4.8 23.8 83.3 0.0 39.7 43.7 34.9 21.4 65.1 7.1 29.4 77.0 3.2 34.9 77.8 1.6 31, <* 65.9 11.7 1954,. 1955.. 1956. . 2.4 100.0 31.0 50.0 100.0 14.3 33.3 95.7 4.8 42,9 81.0 9.S 38.1 85,7 16.7 59.5 90.5 21.4 73.3 92.9 19,0 78,6 31.0 35.7 92,9 85.7 21.4 92.9 38.1 54.8 95.2 33.3 57.1 90.5 61.9 28.6 23.6 95.2 16.7 46. 3 85.7 15.9 81,8 86. S 25.4 92.9 44,4 46.8 62.5 78.0 26,2 19S7.. 1958.. 1959. . 21.4 14.3 92.9 11.9 19.0 93.2 16.7 45.2 90. 5 21.4 69.0 88.1 14.3 83.3 71.4 4.8 90.5 40.5 0.0 100.0 38.1 2.4 95.2 42.9 4.8 92.9 33.3 7.1 100.0 11.9, 11.9 95.2 16.7 11.9 95.2 19.0 16.7 26.2 92.9 13.5 30.9 66.7 2<»4 96 «,0 38,1 10.3 96.8 15,9 10.7 75.0 53.4 i960, , 1961.. 1962.. 26.2 42.9 83.3 31.0 83.3 81.0 28.6 73.8 §9.5 21.4 95.2 28.6 14.3 90.5 69.0 11.9 97.6 52.4 14.3 95,2 52.4 7.1 90.5 26.2 35.7 64.3 26.2 11.9 92. 9; 23.8 19. 0 83.3 35.7 28.6 95.2 23.8 28.6 66.7 74.6 15.9 94.4 50.0 19.0 83.3 34.9 19.3 90.5 27.8 20.8 83.7 46. B 1963.. 1964.. 1965. . 61.9 69.0 83.3 42.9 61.9 81.0 92.9 64.3 81.0 66.7 85.7 73.8 83.3 47.6 31.0 73.8 38.1 50.0 71.4 71.4 64.3 61.9 97.6 69.0 50.0 83.3 88*1 61.9 85,7 97.6 52.4 92.9 92.9 78,6 59.5 83.3 65,9 65.1 81.6 74.6 73.8 51.6 61.1 84.1 73.8 64.3 79.4 91.3 66.5 75.6 74.6 1966. . 1967.. 90.5 9.5 33.1 11.9 59.5 11.9 45.2 19.0 35.7 35,7 33.3 28.6 16.7 76,2 14.3 61.9 21.4 38.1 7.1 73,8 14.3 69.0 9.5 21.4 79.4 11.1 38.1 27.8 17.5 58. T 10.3 54.7 36.3 38.1 Noto: Data for these series contain revisions beginning in 1958. (NOVEMBER 1969) 102 C. Historical Data for Selected Series-Continued This appendix contains historical data for BCD series extending back to 1945 or to the earliest date thereafter for which data are available. Data are published in this appendix for (a) new series which have been added to the report, (b) series which have been revised recently, and (c) series which have not been shown historically for a long period of time. See the "Index-Series Finding Guide" for the latest issue in which historical data for each series were published. Current data are shown in the basic tables of the report. Data are seasonally adjusted unless the symbol © (indicating unadjusted data) follows the series title. Official source agency quarterly and/or annual totals are presented in this table wherever possible. These figures are often calculated from data with more digits or from data which have notbeen seasonally adjusted; therefore, they may differ slightly from totals and averages computed from data shown in the report. Quarterly Monthly Year Jan. Feb. 041. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ II Q DIFFUSION INDEX FOR NUMBER OF EMPLOYEES ON NONAGR ICULTURAL PAYROLLS — 30 INDUSTRIES ( 1 -MONTH SPAN) III Q Annual IV Q AVERAGE ... 1947.. ... 61.7 56.7 56.7 45.0 55.0 48.3 68.3 71.7 75.0 58.3 70.0 ... 52.2 62.8 67.6 1948.. 1949.. 1950.. 51.7 5.0 53.3 33.3 20.0 68.3 55.0 26.7 83.3 38.3 36.7 85.0 68.3 25.0 83.3 80.0 20.0 81.7 68.3 23.3 91.7 46.7 53.3 96,7 48.3 70.0 76.7 35. 0 53.3 75.0 40.0 43.3 66.7 28,3 60.0 71,7 46,7 17,2 68.3 62.2 27.2 83.3 54,4 48,9 68.4 34.4 52.2 71.1 49.4 36.4 77.8 1951.. 1952.. 1953.. 90.0 61.7 75.0 86.7 58.3 71.7 71.7 56.7 78.3 71.7 58.3 63.3 46.7 53.3 60,0 61.7 66.7 46.7 45.0 51.7 45,0 36.7 73.3 26.7 35.0 81.7 25.0 46.7 86.7 21.7 68.3 88.3 25.0 68.3 80.0 23.3 82.8 58.9 75.0 60.0 59.4 56,7 38,9 68.9 32.2 61.1 85.0 23.3 60.7 68.1 46.8 1954.. 1955.. 1956.. 20.0 71.7 68.3 28.3 80.0 66.7 28.3 96.7 46.7 23.3 76.7 63.3 28.3 88.3 40.0 26.7 91.7 31.7 41.7 51.7 25.0 43.3 63.3 80.0 60.0 71.7 33.3 61.7 76.7 78.3 83.3 68.3 41.7 61.7 75.0 66.7 25.5 82.8 60.6 26.1 85.6 45,0 48.3 62.2 46.1 68.9 73.3 62.2 42.2 76.0 53.5 1957.. 1958.. 1959. . 41.7 20.0 96.7 50.0 8.3 75.0 48,3 16.7 91.7 35.0 20.0 88.3 26.7 40.0 83.3 35.0 63,3 66.7 40.0 63.3 65.0 45.0 85.0 46.7 3'6.7 90.0 68.3 30.0 70.0 33.3 20.0 86.7 60.0 20.0 81.7 75.0 46,7 15.0 87.8 32.2 41.1 79.4 40,6 79.4 60.0 23.3 79.5 56.1 35.7 53.8 70.8 i960.. 1961., 1962.. 75.0 46.7 58.3 75.0 30.0 75.0 36.7 58.3 68.3 51.7 61.7 83.3 28.3 78.3 66.7 25.0 88.3 58.3 36.7 66.7 56.7 41.7 78.3 66.7 25.0 56.7 53.3 21.7 81.7 50.0 23.3 81.7 36.7 16,7 68,3 43.3 62.2 45.0 67.2 35.0 76.1 69.4 34.5 67.2 58.9 20.6 77.2 43.3 38.1 66*4 59.7 1963. . 1964. . 1965.. 63.3 51.7 68.3 41.7 73.3 81.7 73.3 66.7 81.7 68.3 75.0 60.0 68.3 65.0 63.3 56.7 68.3 75.0 66.7 75.0 90.0 61.7 68.3 75.0 65.0 90.0 81.7 70.0 53.3 88.3 40.0 73.3 90.0 63.3 71.7 85,0 59.4 63.9 77.2 64.4 69.4 66.1 64.5 77.8 82.2 57.8 66.1 87.8 61.5 69.3 78.3 1966. . 1967.. 86.7 80.0 81.7 35.0 93.3 40.0 83.3 40.0 76.7 36.7 90.0 65.0 63.3 41.7 75.0 66.7 46.7 46.7 73.3 65.0 66.7 93.3 58.3 73,3 87.2 51.7 83.3 47.2 61.7 51.7 66.1 77.2 74,6 57.0 om. DIFFUSION INDEX FOR NUMBER OF EMPLOYEES ON NONAGR ICULTURAL PAYROLLS — 30 INDUSTRIES (6-MONTH SPAN) 1945. . 1946, , 1947. * AVERAGE 43.3 46.7 56.7 65.0 73.3 83*3 81.7 75.0 71.7 48.9 73.9 76.1 1948. . 1949,. 1950.. 43.3 16.7 73.3 43.3 10.0 93.3 51.7 11.7 83.3 53,3 15.0 93.3 55.0 20.0 98.3 53,3 20.0 100.0 70.0 33.3 100.0 68.3 33.3 93.3 4 3 ,,3 96«7 25.0 55.0 96.7 16.7 56.7 90.0 15.0 60.0 80.0 47.8 12.8 83.3 53.9 18.3 97.2 60.5 38.9 96.7 18.9 57.2 88.9 45.3 31.8 91.5 1951.. 1952.. 1953.. 76.7 66.7 86.7 76.7 63.3 71.7 73.3 58.3 70.0 63.3 55.0 68.3 46.7 63.3 55.0 40.0 83.3 33.3 38.3 85.0 26.7 48.3 96.7 30.0 48.3 93.3 20.0 50.0 90.0 16.7 50.0 86.7 20.0 73.3 85.0 20.0 75.6 62.8 76.1 50.0 67,2 52.2 45.0 91.7 25.6 57.8 67.2 18.9 57.1 77,2 43.2 1954.. 1955.. 1956.. 16.7 88.3 71.7 15.0 83.3 63.3 13.3 93.3 56.7 23.3 93.3 36.7 16.7 95.0 46.7 18.3 81.7 45.0 40.0 80.0 41.7 56.7 78.3 51.7 60.0 76.7 55.0 71.7 80.0 68.3 83.3 83.3 60.0 90.0 76.7 61.7 15.0 88.3 63.9 19.4 90.0 42.8 52.2 78.3 49.5 81.7 80.0 63.3 42.1 84,2 54,9 1957.. 1958. . 1959.. 48.3 13.3 95.0 38.3 15.0 91.7 26.7 15.0 95.0 26.7 13.3 88.3 25.0 21.7 88.3 20.0 65.0 73.3 16.7 68.3 61.7 16.7 85.0 51.7 11.7 91.7 58.3 18.3 93.3 65.0 13.3 96.7 73.3 13,3 95.0 70.0 37.8 14.4 93.9 23.9 33.3 83.3 15.0 81.7 57.2 15.0 95.0 69.4 22.9 56.1 76.0 I960.. 1961.. 1962. . 78.3 20.0 86.7 80.0 28.3 88.3 48.3 65.0 88.3 38.3 76.7 75.0 26.7 83.3 80.0 30.0 88.3 76.7 20.0 80.0 58.3 16.7 88.3 46.7 21.7 81.7 36,7 20.0 81.7 45. O 21.7 85.0 43.3 20.0 80.0 56.7 68.9 37.8 87.8 31.7 82.8 77.2 19.5 83.3 47.2 20*6 82.2 46.3 35.1 71.5 65.1 1963. . 1964.. 1965.. 56.7 63,3 78.3 68,3 70.0 78.3 65.0 70.0 76.7 65.0 86.7 90.0 68.3 81.7 90.0 70.0 90.0 85.0 70.0 80.0 93.3 51.7 93.3 93.3 56.7 91.7 93.3 48.3 81,7 93.3 66.7 88.3 9,1.7 60.0 90.0 93.3 63.3 67.8 77.8 67.8 86.1 88.3 59.5 88.3 93.3 58.3 86.7 92.8 62.2 82.2 88.0 1966. . 1967. . 93.3 50.0 93.3 41.7 88.3 43.3 83.3 36.7 83.3 40.0 73.3 40.0 73.3 51.7 71,7 78.3 70.0 66.7 73.3 68.3 65.0 83.3 53.3 85.0 91.6 45.0 80.0 36.9 71.7 65.6 63.9 78.9 76.8 57.1 Note: SOeO Data for these series contain revisions beginning in 1958 for the 1-month index and 1957 for the 6-month index. (NOVEMBER 1969) 103 C. Historical Data for Selected Series-Continued This appendix contains historical data for BCD series extending back to 1945 or to the earliest date thereafter for which data are available. Data are published in this appendix for (a) new series which have been added to the report, (b) series which have been revised recently, and (c) series which have not been shown historically for a long period of time. See the "Index-Series Finding Guide" for the latest issue in which historical data for each series were published. Current data are shown in the basic tables of the report. Data are seasonally adjusted unless the symbol ® {indicating unadjusted data) follows the series title. Official source agency Quarterly and/or annual totals are presented in this table wherever possible. These figures are often calculated from data with more digits or from data whish have notbeen seasonally adjusted; therefore, they may differ slightly from totals and averages computed from data shown in the report. Monthly Year Jan. Feb. Mar. 054. Apr. May June Quarterly July Aug. Sept. Oct. NOV. Dec. IQ II Q DIFFUSION INDEX FOR SALES OF RETAIL^TORES—23 TYPES OF STORES ( 1-MONTH SPAN) IIQ IV Q Annual AVERAGE .** ... 1947. . 1948. . 1949.. 1950.. 16!} 50.0 56.2 29.2 75.0 62.5 37.5 62.5 58.3 60.4 50.0 37.5 54.2 60.4 81.2 25.0 79.2 60.4 16.7 89.6 52.1 60.4 66.7 39.6 89.6 12.5 41.7 35.4 20.8 37.5 83.3 35.4 79.2 43.7 91.7 27^8 62.5 59.0 46.5 63.2 50.7 55. ft 56.3 52.8 54.1 49.3 46.0 57.8 1951.. 1952.. 1953.. 91.7 60.4 29.2 25.0 47.9 54.2 18.7 18.7 66.7 31.2 60.4 20.8 50.0 66.7 31.2 33.3 75.0 39.6 58.3 43.7 31.2 79.2 58.3 79,2 37.5 41.7 35.4 70.8 79.2 33.3 79.2 33.3 50.0 37.5 79.2 45.8 45.1 42.3 50.0 38.2 67.4 30.5 58.3 47.9 48.6 62,5 63.9 43.0 51.0 55.4 43.0 1954., 1955.. 1956., 52.1 72.9 62.5 93.7 43.7 37.5 22.9 60.4 85.4 43.7 91.7 27.1 50.0 43.7 81.2 75.0 29.2 70.8 56.2 85.4 31.2 27.1 50.0 77.1 79.2 75.0 70.8 75.0 83.3 54.2 60.4 47.9 77.1 64.6 39.6 50.0 56.2 S9.0 61.8 56.2 54,9 59.7 54.2 70.1 59.7 66.7 56,9 60.4 58.3 60.2 60.4 1957. . 1958.. 1959.. 37.5 50.0 58. 3 95.8 31.2 70,8 31.2 35.4 60.4 45.8 77.1 43.7 52.1 52.1 64.6 93.7 29.2 68,7 81.2 91.7 41.7 66.7 62.5 43.7 27.1 45.8 70.8 45.8 75.0 41.7 37.5 58.3 56.2 58.3 79.2 52.1 64.8 38.9 63.2 63.9 52.8 59.0 58.3 66.7 52,1 47.2 70.8 50,0 56.1 57.3 56.1 I960.. 1961.. 1962., 47.9 58.3 58.3 43.7 41.7 50.0 45. a 60.4 70.8 89.6 22.9 68.7 4.2 79.2 58.3 66,7 77.1 18.7 45.8 60.4 83.3 45.8 68.7 75.0 45.8 39.6 64.6 79.2 63.3 39.6 22.9 87.5 87.5 37.5 60.4 66.7 45.8 53.5 59.7 53.5 59,. 7 48.6 '+S.8 56.2 74*3 46.5 77.1 64,6 47.9 61.6 61.8 1963. . 1964.. 1965. . 50.0 43.8 63.0 54,2 70.8 65.2 52,1 52.1 30.4 41.7 52.1 54.3 52.1 66.7 87.0 75.0 66.7 43.5 66.7 39.1 80.4 64.6 71.7 47.8 25.0 34.8 73.9 58.3 78.3 76.3 54.2 56.5 78.3 77.1 60.9 37.0 52.1 55.6 52.9 56.3 61.3 61.6 !>2.1 43.5 67.4 63.2 65.2 64.5 55.9 57.8 61.6 1966. . 1967.. 76.1 87.0 65. a 60.9 43. S 43,5 60.9 30.4 34.8 95.7 32.6 47.8 43.5 47.8 60.9 60.9 76*1 43.5 37.0 69.6 67.4 41.3 47.8 67.4 56.5 56.5 59.4 S2.2 60.2 51.5 50.7 56.9 56.7 39.1 D54. DIFFUSION INDEX FOR SALES OF RETAIL STORES — 23 T Y P E S OF STORES (9-MONTH SPAN) 2 AVERAGE: 1 9 4 5, . 1946, * 1948 . . 1949, , 1950.. 20.8 95,8 14.6 85.4 12.5 97.9 12.5 100.0 12.5 100.0 66.7 25.0 97.9 64.6 27.1 68,7 62.5 47.9 91.7 33.3 43.7 100.0 39,6 54.2 100.0 29.2 52.1 91.7 33.3 87.5 47.9 16.0 93,0 16.7 99.3 53,5 39.6 86.8 34.0 64.6 79.9 34!2 89.8 1951.. 1952.. 1953.. 45.8 87,5 70.8 58.3 9S.9 70.8 66.7 75.0 §8,3 83.3 70.8 54.2 54.2 66.7 31.2 37.5 79.2 37.5 56.2 72.9 29,2 62.5 87,5 29.2 85.4 70.8 33.3 79.2 83.3 45.8 77.1 72.9 43.7 83.3 56.2 50.0 56.9 86.1 66.6 58.3 72.2 41,0 61). 0 7-f.l 30.6 79.9 70. S 46.5 65.8 76.6 46.2 1954. . 1955.. 1956.. 37.5 95,8 79,2 52.1 97.9 87. S 64,6 95,8 62.5 58.3 85.4 79.2 62.5 91.7 83.3 75.0 87.5 87.5 52.1 89.6 91.7 77.1 83.3 87.5 79.2 72.9 83.3 91.7 77.1 91.7 83.3 87.5 66.7 93.7 66.7 79.2 51.4 96.5 76.4 65.3 88.2 83.3 69.5 81 .9 8T.5 89.6 77.1 79.2 63.9 85.9 81.6 1957. . 1958.. 1959. . 62.5 4U7 91,7 75.0 47.9 95.8 75.0 66.7 97.9 75.0 79.2 89.6 62.5 70.8 87.5 62.5 64.6 83.3 47,9 87.5 70.8 66.7 93.7 75.0 70.8 79.2 79.2 43.7 91.7 62.5 33.3 91.7 58.3 37.5 89.6 75.0 70 . 8 52«1 95 ., 1 66.7 71.5 86.8 61.8 86.3 75. 0 38.2 91,0 65.3 59,4 75.4 80.6 I960.. 1961.. 1962.. 52.1 41.7 87.5 52.1 58.3 -91.7 §2.1 62.5 91.7 41.7 68,7 89.6 43.7 79,2 89.6 52.1 85.4 72.9 43.7 87.5 95.8 43.7 87.5 95.8 22.9 95.8 87.5 54.2 91.7 87.5 45.8 87.5 91.7 43.7 89.6 83.3 52.1 54.2 90.3 45.8 77.8 84.0 36.8 90.3 93.0 47.9 89.6 87.5 45.6 78.0 88.7 1963.. 1964. . 1965.. 70.8 79.2 80.4 79,2 100.0 87.0 85.4 85.4 87.0 77.1 83.3 73.9 60.4 83.3 87.0 52.1 83.3 87.0 62.5 73.9 95.7 87.5 78,3 91.3 70.8 73.9 95.7 91.7 76.1 95.7 83.3 54.3 95.7 77.1 78.3 91.3 76.5 88.2 84.8 63.2 83.3 82.6 73.6 75.4 94.2 84.0 69.6 94.2 74.8 79,1 89.0 1966.. 1967.. 82.6 69.6 84.3 91.3 78.3 95.7 78.3 87.0 82.6 91.3 78.3 56.5 76.1 82.6 65.2 78.3 32.6 82.6 87.0 95.7 78.3 95.7 82.6 73.9 81.9 85.5 79.7 78.3 74,,6 Blu2 82.6 68.4 79.7 83.4 '•Data contain revisions beginning in 1962. Data for this oorios have not previously been shown. 2 104 (NOVEMBER 1969) TECHNICAL PAPER Seasonal and Related Adjustments in Census Housing Starts and Permits Series John C. Musgrave Bureau of the Census ABSTRACT In order to enable the user to observe the underlying trend-cycle movements in economic time series, many of these series are published in seasonally adjusted form. However, after appropriate seasonal adjustments, a number of series also contain erratic month-to-month changes which obscure current cyclical trends. To the extent that these changes are caused by measurable factors, such as working-day patterns, it should be possible to estimate and remove them to provide a smoother series for analytical purposes. This paper examines some causes of irregularity in economic series and presents the results of research on seasonal and related adjustments for the Bureau of the Census series on housing starts and permits. INTRODUCTION AND CONCLUSIONS The seasonally adjusted series on number of housing units authorized by building permits and number of housing units started are considered to be important leading indicators both of the volume of residential construction activity and of aggregate economic activity. Since construction of new housing units currently accounts for about 30 percent of total new construction activity, which in turn represents about 10 percent of total current-dollar gross national product (GNP), these series are indicators of a substantial part of the Nation's economic activity. (The value of construction of new housing units was estimated at about $23 billion in 1968.) Leading indicators of residential construction activity are especially important, since housing construction is often a substantial contributor to cyclical instability in the economy. In addition to the economic impact which residential building represents, the supply of new housing units has important social implications because of the Nation's critical needs for adequate shelter, both present and future. Clearly, reliable indicators of residential construction are of the utmost importance for both public and private users. The monthly patterns of housing starts and permit authorizations contain many real-world irregularities which cause the seasonally adjusted series on starts and permits to be highly erratic on a month-to-month basis.1 The erratic movements in these series restrict their usefulness as short-term economic indicators. Thus, smoother indicators are needed to supplement the starts and permits series for analytical purposes. Research directed toward producing smoother indicators of residential construction, as outlined in this paper, has attempted to: Definitions and compilation procedures for housing starts and permits are given on page 109. a. Reduce the irregularity in the present monthly seasonally adjusted series on housing starts and permits and b. Develop new indicators of residential construction activity. Research to date has suggested that some data may be available to produce supplementary leading indicators of housing construction which are smoother than the present series on housing starts and permits. Such supplementary indicators would serve to indicate turning points in housing activity rather than measure the levels of starts or authorizations. Also evident is the need for additional series, such as expectations of homebuilders and flow of funds to homebuilding construction. More research on residential construction indicators and a program to collect the new statistics indicated in this paper would be highly desirable. The major conclusions which may be drawn from the research to date are as follows: 1. Seasonally adjusted monthly series on number of new privately-owned housing units started (Series 7 in Business Conditions Digest (BCD), reference 9) can be smoothed slightly by working-day and weather adjustments. However, any monthly series based on the actual number of units started is likely to be relatively irregular because of the nature of residential starts. Supplementary series based on the value or floor area of units started or an index based on the number of residential buildings started might prove to be smoother monthly indicators than the This paper was presented at the Annual Meeting of the American Statistical Association, August 19-22, 1969, New York City. The author is indebted to Bernard Freedman of the Federal Reserve Board and Benjamin D. Kaplan of the Bureau of the Census for helpful suggestions in preparing this paper. 105 number of units started. A monthly series is currently available on estimated value of units started, but it is of questionable accuracy. Data on number of residential buildings started and floor area of units started are collected but are not presently tabulated on a monthly basis. supreme interest. For many economic time series, seasonal and irregular fluctuations tend to obscure movements in the trend cycle on a month-to-month (or quarter~to-quarter) basis. Thus, these series are often presented in seasonally adjusted form in order to facilitate such analysis.2 2. The seasonally adjusted monthly series on number of new privately-owned housing units authorized by building permits (Series 29 in BCD), while not as irregular as the corresponding series on starts, contains enough real-world erratic movements to make meaningful analysis of monthly changes difficult. Experimental results have shown that smoother indicators based on permits include a series on permit value of new private housing units authorized and a series based on the number of new private residential buildings authorized. A monthly series on the square foot area of new private housing units authorized might also provide a smoother indicator, although the basic data would need to be collected to produce such a series. With the aid of electronic computers and computer programs for seasonal adjustment, it is a fairly simple matter to seasonally adjust economic time series. TheX-11 variant of the Census Method II seasonal adjustment program, for example, provides seasonal adjustment factors for the period under consideration and estimates factors 12 months ahead. However, many series show a substantial amount of irregularity in month-to-month changes after appropriate seasonal adjustments. In these cases, some kind of adjustment in addition to the standard seasonal adjustment is necessary if the monthly changes in the series are to be useful for short-term trend-cycle analysis. 3. A total measure of the supply of new housing would include mobile homes, which are not included in the definition of housing starts, a series designed to cover only new housing resulting from the construction process. Mobile home shipments, as reported by the Mobile Homes Manufacturers Association, presently are estimated to be running at a level equal to about one-third of all new singlefamily housing starts. Thus, a monthly series representing the sum of housing starts and mobile home shipments might provide a useful leading indicator of almost all of the new units which will be entering the housing inventory, even though there are differences in timing and concepts between the two series. Tests have indicated that this "composite" series is smoother than BCD Series 7. 4. A survey of short-term building expectations of homebuilders (one or two quarters ahead) might provide the basis for a good indicator of the turning points in housing construction (although not necessarily of the level of such construction). However, such a survey would not necessarily be straightforward, since a good deal of homebuilding is done by intermittent builders and by homeowners. More work is clearly needed in this area. 5. Comprehensive series on the flow of funds data for homebuilding construction may represent very reliable monthly indicators of homebuilding activity. While some limited flow-of-funds data are currently available, extensive work in this area is clearly needed. The work of the Department of Housing and Urban Development on financial commitments and flows may provide the basis for important indicators of residential construction activity. There are basically two methods for dealing with irregularities in seasonally adjusted series. The most general method is to smooth the series with some sort of moving average. An unweighted moving average with number of months equal to MCD (months for cyclical dominance) has been widely used for this purpose. This MCD moving average has the advantage of being generally powerful enough to smooth out short-term irregularities in the series. On the other hand, this gain in smoothness is offset by a loss in currency. Thus, a five-term moving average results in a loss of 2 months at the end of the series (e.g., an average of January-May data would be centered on March). Another method for reducing the irregularity in a series is to ferret out those causes of irregularities which can be identified and removed. Irregularities may generally be classified as due to measurable phenomena or random phenomena. Random occurrences, which cannot be measured or predicted, are a nuisance with which the analyst may have to live. If these random influences are finally determined to be so large as to make timely and meaningful analysis of short-term cyclical trends impossible, the series should be discarded as an indicator of short-term changes in favor of more reliable indicators. Another class of fluctuations contained in the irregular component consists of those which are attributable to measurable phenomena. To the extent that these influences can be identified and measured, they can be eliminated from the irregular component and, hence, from the seasonally adjusted series. Examples of such measurable fluctuations are as follows: 1. Working-Day Variation IRREGULARITIES IN ECONOMIC TIME SERIES Economic time series are generally regarded as consisting of three major components: 1. Trend-cycle--long-term trend and business-cycle influences underlying the series; 2. Seasonal--repetitive intrayear fluctuations occurring in a constant or slowly changing manner from year to year; 3. Irregular--random disturbances and erratic shortterm movements which cannot be explained as seasonal, cyclical, or trend movements. For purposes of business-cycle analysis and short-term forecasting, it is the trend-cycle component which is of 106 Working-day (or trad ing-day) variation refers to monthto-month changes caused by differing numbers of working (or trading) days in a month. Thus, series such as housing starts would be expected to be higher in an April with five Mondays and five Tuesdays than an April with five Saturdays and five Sundays, ceteris paribus. (In outdoor work, however, ceteris paribus may be the exception rather than the rule.) 2. Weather Variation Variation due to month-to-month changes in averse weather conditions is taken into account in the seasonal factors. However, fluctuations due to changes from year to year about 2 For discussions of time series analysis and seasonal adjustment techniques, see references 5, 6^ and 7. the average temperature or precipitation for a particular month may introduce a substantial amount of month-to-month variability which cannot be adjusted for as part of the standard seasonal adjustment process. Thus, change sin the amount of snowfall from one January to the next may contribute to irregularities in housing starts and other series by varying the number of effective working days. To the extent that the relevant weather data are available, the influence of weather factors may be estimated and appropriate adjustments made. Results of research on measuring the influence of weather on housing starts are given later in this paper and in more detail in reference 4. Research on weather adjustments for Finnish foreign trade and U.S. retail sales series are described in references 1 and 8, respectively. 3. Holiday Variation The seasonal component for certain series may include some variation due to the incidence of certain holidays. For instance, a substantial part of the seasonality in monthly retail sales is caused by the Christmas trade. However, the seasonal component does not take account of fluctuations caused by holidays with variable dates. Thus, apparel sales for the months of March and April may vary considerably depending on the date of Easter in a particular year. Adjustments for holiday variation are usually possible, since the date on which a holiday falls in a particular year is always known in advance. 4. Model-Year Variation Irregularities in a series may also be due to shifts in dates of model-year changeovers (automobiles), fiscal years, or changes in bookkeeping practices or tax laws. To the extent that the dates of these changes are known, it is usually possible to measure and adjust for these variations. Examples of series in which problems of irregularities are especially acute are housing starts and permits. The usefulness of these series as economic indicators and attempts to increase their usefulness through seasonal and related adjustments are discussed in the following sections. LEADING INDICATORS OF RESIDENTIAL CONSTRUCTION ACTIVITY Seasonally adjusted series on private housing starts and permits (e.g., Series 7 and 29 in BCD) have been used as National Bureau of Economic Research (NBER) leading indicators for many years. The series received scores of 63 and 67, respectively, out of a possible score of 100, on the six-criterion scoring system developed by Moore andShiskin (reference 3). This scoring system rates each indicator on the basis of six criteria (economic significance, statistical adequacy, timing, conformity, smoothness, and currency). While the two series have reasonably good records of timing and conformity to the NBER reference cycles and a good score for currency (they are both available about 15 days after the end of the reference month), month-to-month irregularities in these seasonally adjusted series restrict their usefulness as indicators. The monthly seasonally adjusted series on the number of private nonfarm housing units started (BCD Series 7) provides a directly-measured estimate of construction starts of the major portion of the new units which will be entering the housing inventory in the near future. Its usefulness as a monthly indicator of short-term cyclical trends is hampered by its irregularity. There are felt to be several causes of this irregularity, as outlined below: 1. The present housing starts series (BCD Series 7) is not adjusted for the number of working days or abnormal weather conditions, which could account for substantial month-to-month changes in starts. Attempts to measure and adjust for these effects are described in the next section. 2. Any monthly figure on housing starts represents a very heterogeneous group of housing units. Month-tomonth irregular movements in these starts may be due to changes in the mix of units by value, size, region, and other factors. 3. The current definition of housing starts counts all units in a multifamily building as started in the month when work is started on the foundation of the building. When several large buildings are started in one month, this can contribute to irregularity in the starts series. Since multifamily starts are becoming a larger portion of total starts, this effect could become more serious in the future. Attempts to produce a smoother monthly starts series have yielded series which are only slightly less irregular than the current series. In no case has a series with MCD less than 5 been derived for the period under consideration (1960-1968). This seems to indicate that more work is needed on related series, such as building permits, builders' expectations, and flow of funds, which could provide supplementary monthly indicators of the direction of change in housing activity. The monthly index of number of new private housing units authorized by local building permit systems (BCD Series 29) provides a directly-measured estimate of housing construction authorized in permit-issuing jurisdictions. These jurisdiction currently account for about 85 percent of the housing starts which are represented in BCD Series 7. While some units are started in these places without obtaining building permits and some of the permits issued are never used, there is a very close relation between starts and permit authorizations in these places, with a large percentage of the units authorized being started within 1 month of authorization. The series on housing permits is smoother than the corresponding starts series for several reasons. First, the issuance of a building permit is not so directly dependent on weather or other factors which can impede construction starts. Also, local permit offices are generally operated on a 5-day week, so that a straightforward working-day adjustment may be applied. However, there are several other factors which are felt to cause irregularity in the permits series: 1. Similar to the case of starts, all units in a multifamily building enter the permit statistics in the month in which the building is authorized. If permits are obtained for four buildings of 400 units each in the same month, the impact of all 1,600 units is felt in that month in the permits series. This effect probably contributes to relatively more irregularity in permits than in starts, since multifamily housing makes up a larger percentage of the permits series. Also, permits for several buildings may be taken out in the same month, whereas the buildings are likely to be started over a period of several months. 2. Changes in local building codes and rezoning actions in jurisdictions with a large volume of residential construction may result in builders obtaining permits authorizing a large number of housing units prior to the change with a subsequent substantial decrease in permit applications after the change (or vice versa),. 107 Some experimentation has been possible to measure and adjust for some of the above causes of irregularities in starts and permits within the current framework of available data, and this research is described in the following section. RESEARCH IN ADJUSTING HOUSING STARTS AND PERMITS Several theories for possible causes of irregularities in housing starts were advanced in the preceding section. Where data were available to test these theories, the appropriate tests have been made. At this time, there is no way of determining whether series based on the value of units started, square foot area of units started, and the number of buildings started are smoother indicators than the present series on .number of housing units started (BCD Series 7). A monthly series is currently available on estimated value of units started, but it is of questionable accuracy. Data on number of residential buildings started and floor area of units started are collected but are not presently tabulated on a monthly basis. Tests for the existence of working-day variation in the present starts series have indicated that a working-day pattern can be successfully estimated from the single-family starts data. This working-day adjustment does improve the series somewhat (MCD is reduced from 6 to 5). The estimated daily weights are given in table 2, line 1, and summary measures of variability before and after the working-day adjustment are given in table 3, line 4. The procedure by which the working-day pattern is estimated from the single-family starts data is a regression routine included as an option in the Census X-ll seasonal adjustment program, which is described in detail in reference 1 ? The program computes preliminary estimates of the seasonal, trend-cycle, and irregular components of the series. The preliminary estimates of the irregular values, which are assumed to contain the work ing-day variation in the series (if any), are regressed upon independent "daily weight" variables representing the number of times each day of the week occurs in each month under consideration. These estimated daily weights, if statistically significant, are then used to adjust the original series for working-day variation. This procedure makes possible an adjustment for such variation without any a priori knowledge of working-day patterns. Another factor which undoubtedly causes month-to-month irregularities in housing starts is unusual weather. While the seasonal adjustment process allows for differences in average weather conditions from month to month, it cannot take account of variations about these monthly averages. Thus, an unusually snowy or rainy month could depress starts considerably, and this could result in a sharp drop in the seasonally adjusted starts series for that month. Experiments to adjust for this type of affect us ing monthly data on rainfall, snowfall, and freezing weather have shown that this irregularity is small relative to the total amount of irregularity in the series. Hence, a "weather" adjustment for the present starts series produced only a slight improvement (see table 3, lines 5 and 6). The research on adjusting for unusual weather is detailed in reference 4. The method used to measure weather influences is similar to the method used to estimate working-day variation, which is described above. A preliminary estimate of the irregular component, which was assumed to contain weather-induced irregularities, was derived using the X-ll 3 The nature and estimation of working-day discussed more fully in reference 13. 108 variation are seasonal program. The monthly irregular values were then regressed on three independent variables representing number of days with measurable percipitatiion, number of days when the temperature did not rise above 32*' F, and total inches of sleet and snow for the appropriate months. The results were used to combine the weather data into monthly adjustment factors. The effect of adding estimates of "starts" of new mobile homes to the present housing starts estimates was tested by using the Mobile Homes Manufacturers Association's monthly estimates of mobile home shipments. The shipments series was adjusted for seasonal and working-day influences using the X-ll program. (The estimated working-day pattern is given in table 2, line 2, and the estimated seasonal pattern in table 3, line 2.) The seasonally adjusted mobile homes shipments series was then added to the seasonally adjusted housing starts series (BCD Series 7) to produce a "composite" series. As expected, this composite is smoother than BCD Series 7 (see table 3, lines 1, 2, and 3). The two monthly series in this composite are not starictly comparable, since the mobile homes shipments estimates are based on reports from a panel of manufacturers, while the starts estimates are developed from sample field surveys of the issuance and use of building permits in jurisdictions where permits are required and of housing construction started in places where building permits are not required. Further work on the relation of mobile homes to housing units provided through the construction process and the implication of both of these components of the new housing supply for cyclical analysis and other uses is definitely needed. The building permit data currently available provided the basis for more detailed experimentation Chan the starts data mentioned above. On a priori grounds, working-day variation was expected to approximate a 5-day-week pattern, and internally-computed working-day weights confirmed this. Also, as expected, the series on number of multifamily units authorized was considerably more irregular than the series on number of single-family units authorized. Since data on the number of multifamily buildings authorized (those with 5 or more units) were available for several years, it was possible to derive a series OR permit authorizations adjusted for variation in the number of units in a building in the form of an index based on the number of privately-owned residential buildings authorized. The number of multifamily buildings was multiplied by 18 (the average number of units in a multifamily building for the past several years) and added to the series on 1-family and 2- to 4-family authorizations. The result is a series which is smoother than the present BCD Series 29 on number of units authorized (see table 3, lines 9 and 9A). It has been theorized that there are economic forces at work which tend to make a series on the current-dollar value of housing units authorized or started smoother on a month-to-month basis than the corresponding series on the number of units authorized or started. The only comprehensive data currently available on value of authorizations are the value figures given on building permit applications. While these figures are known to have a downward bias which is probably becoming more serious over time and which may not be consistent from month to month, a series based on permit values is likely to behave about the same way around business cycle turning points as a series based on actual values of units authorized. As shown in table 3, lines 7a and 8a, this permit value series is smoother than the current series on number of units authorized (BCD Series 29). This gain in smoothness is probably due to two effects. 1, Single-family units, which are inherently smoother in their pattern of authorizations than multifarnily units, are proportionately more important in total value than in total number of units authorized. 2. The behavior of value figures is smoother than figures on number of units authorized for both singlefamily and multifarnily units (see table 3, lines 7b and 8b and lines 7c and 8c). Another theory which was tested was that the monthly pattern of commitments of funds to housing starts behaves in a smoother manner than the monthly pattern of units started. Two ideal series to measure this flow-of-funds concept would consist of monthly data on the dollar amount of construction loans closed and the dollar amount of funds disbursed for construction of housing by all sources of financing. The only series available for testing were the Federal Home Loan Bank Board's series on loans closed by savings and loan associations for construction and purchase of 1- to 4-family houses, which seem to provide reliable signals of turning points in housing construction. Thus, work to develop comparable series for other financial sources, including equity sources, seems highly desirable. In summary, further statistical adjustments to the present series on housing starts and permits (3CD Series 7 and 29) do smooth these series somewhat, although the gains in smoothness are relatively small. Monthly data are available, however, on housing permits and, to some extent, on financial flows to housing construction which are not as irregular as the present BCD Series 7 and 29. Hence, it is possible to produce supplementary series which are smoother monthly indicators of housing construction. It is obvious that there are data gaps which should be filled to provide additional needed indicators of housing construction. Thus, it would be highly desirable to continue work to determine the usefulness of the kinds of data discussed in this paper and the feasibility of collecting such data. DEFINITIONS AND COMPILATION PROCEDURES FOR HOUSING STARTS AND PERMITS" Housing Starts Building Permits A housing start consists of the start of construction on a new housing unit, when located within a new building which is intended primarily as a housekeeping residential building designed for nontransient occupancy. Start of construction for private housing units is defined as the beginning of excavation for the foundation of a building. All housing units in a multifarnily building are counted as being started when excavation for the building is started. A housing unit is a single room or group of rooms intended for occupancy as separate living quarters by a family, by a group of unrelated persons living together, or by a person living alone. A housekeeping residential building is one consisting primarily of housing units. Housing starts exclude group quarters (such as dormitories and rooming houses) and transient accommodations (such as transient hotels, motels, and tourist courts) and mobile homes (trailers). The local jurisdictions with building permit systems for which figures on units authorized are currently available account for a major portion of residential building in the United States. For the country as a whole, about 85 percent of all private housing units are currently constructed in permit-issuing places. Beginning with January 1967, the index of number of housing units authorized by building permits (BCD Series 29) pertains to all of the approximately 13,000 places in the United States which were identified in 1967 as having local building permit systems. Coverage from 1963 to 1967 was based on about 12,000 places which were identified as permitissuing jurisdictions in 1962. From 1959 to 1963, the series relates to the roughly 10,000 places identified as permitissuing jurisdictions in 1959. From 1954 to 1959, BCD Series 29 relates to about 6,600 places; and prior to 1954, it relates to about 4,000 places. A continuous series is derived by adjusting the levels of the various sections of the series on the basis of periods of overlap. The procedure followed in arriving at the monthly building permit authorization estimates involves the cumulating of monthly data from: 1. All permit- issuing places that authorized 50 or more housing units (20 or more in some States) in a recent year and 2. Estimates for the less active permit-issuing places, based on a sample of these places. Compilation of the housing starts series in a four-step procedure. First, an estimate is made of the number of housing units for which building permits have been issued in about 13,000 perm it-issuing places each month. Second, a survey is made each month in a sample of these places to determine actual starts (i.e., the rates of usage of these permits). Third, having produced an estimate of the number of units started in each month with permit authorization, an upward adjustment of 3.3 percent is next made to the number of one-family houses started to account for those units started in permit-issuing jurisdictions without perm it authorization. The fourth step is to estimate the number of units started in jurisdictions where building permit systems do not exist. This is accomplished by sample field surveys of land areas and information from sources knowledgeable about housing starts. ^Condensed from appendix B of reference 10. See also the April 1969 issue of BCD for descriptions of these series and the May and June 1968 issues of BCD for historical data. 109 Table 1. Estimated Seasonal Factors for Indicators of New Housing Activity Series Period covered 1. Number of privately-owned housing units started Jan. '60-Dec. '66.. (BCD Series 7) Jan. '60-Oct. '68.. 2. Manufacturers1 shipments of mobile homes. 3. Index of number of privately-owned housing units authorized by building permits (BCD Series 29). . .Jan. '59-Dec. '65. . Jan. '63-Dec. '68. . 4. Number of new 1-family houses sold 5. Face value of loans closed by savings and loan associations for construction of 1- to 4-family Jan. '55-Nov. '68. . houses 6. Face value of loans closed by savings and loan associations for purchase of 1- to 4-family houses Jan. '55-Nov. '68. . Jan. Feb. Apr. Mar. May June July Aug. Sept. Oct. Nov. Dec. 66.3 71,2 66.1 81.5 100.5 122.1 123.8 121.2 109.6 108.0 101 . ?107 . 6 8B.Q 105.8 106,5 109.4 117.1 100.8 118.0 113. £J 111.7 89.6 76.8 74.7 74.9 84.8 81.4 91.8 101.4 114.1 116.7 112.1 105.6 101. a 106.0 102.5 114.3 114.7 121.4 108.7 108.5 110.3 9 *i . 8 97.9 97.8 79.? 79.3 72.5 71.6 77.9 107.8 114.3 120.2 117.4 102.9 96. B 100.3 87.9 97.9 71.6 74.4 88.1 85.3 100.0 107.1 124.1 116.9 93.5 104.6 128.1 109.2 101.2 Note: These factors represent 1969 seasonal patterns estimated using the X-ll variant of the Census Method II aaasonal adjustment program (reference 7), except for lines 1 and 3. The factors for line 1 (BCD Series 7) and line 3 (BCD Scries 29) are implicit 1968 factors derived by seasonally adjusting private housing starts and permits estimates by four geographic regions by type of structure (one-family versus multifamily). The seasonally adjusted components are summed to produce soaoonally adjusted total estimates of private housing starts and permits; and the implicit seasonal factors shown, in lines 1 and 3 are derived as the ratios of the total unadjusted estimates to the total seasonally adjusted estimates for 1968. The seasonal factors applied to the components of private housing starts and permits are given in reference 10. The working-day adjustments applied to these series before seasonal adjustment are as follows: Line 1. No working-day adjustment. Lin© 2. See table 2, line 2. Line 3. See table 2, line 3. Line 4. See table 2, line 4. Line 5. See table 2, line 5. Line 6. See table 2, line 6. Basic Data Sources: Line Line Line Line Line Line 1. 2. 3. 4, 5. 6. Bureau of the Census (references 9 and 10), also published in reference 11. Mobile Homes Manufacturers Association (reference 2), also published in reference 11. Bureau of the Census (reference 9). Bureau of the Census, published in reference 11. Federal Home Loan Bank Board (reference 12). (Same as lino 5.) Table 2. Estimated Working-Day Weights for Indicators of New Housing Activity Series 1. Number of privately-owned 1-family housing units started (component of BCD Series 7) Jan 2. Manufacterers' shipments of mobile homes Jan 3. Index of number of privately-owned housing units authorized by building permits (BCD Series 29) . . 4. Number of new 1-family houses sold Jan 5. Face value of loans closed by savings and loan associations for construction of 1- to 4-family Jan 6. Face value of loans closed by savings and loan associations for purchase of 1- to 4-family houses* ••• Jan Period covered '60-Sep '68.. '60-Oct '68.. Mon. Tues. Wed. Thur. Fri. Sat. 1 900 778 1 474 1 094 1 664 1 239 379 1 572 1 4?8 207 l 443 210 031 1 400 1 400 1.409 1 400 .677 1 400 876 1 400 1 139 OOP 772 QQO 531 1.033 1.838 1 414 - 249 608 1.373 1 185 1 527 367 181 '63-Nov '68.. 1.596 ' 55-Nov '68.. 1,378 '55-Nov '68. . 1.085 .978 1 282 Note: Working-day factors were estimated using the X-ll variant of the Census Method II seasonal adjustment program (reference 7). X A priori weights. Basic Data Sources: Line Line Line Line Line Line 1. 2. 3. 4. 5. 6. Bureau or the Census (reference 10), also published in reference 11. Mobile Homes Manufacturers Association (reference 2), also published in reference 11. Bureau of the Census (reference 9). Bureau of the Census, published in reference 11. Federal Home Loan Bank Board (reference 12). (Same as line 5.) 110 Sun. Table 3. Summary Measures of Variability in Indicators of New Housing Series 1. Number of privately-owned nonfarm housing units started (no working-day adjustment) (£QQ Series 7) 2. Manufacturers' shipments of mobile homes (internal working-day adjustment-see table 2, line 2) 3. Housing starts plus shipments of mobile homes (sum of 4. Number of privately-owned 1-family housing units started: a No working-day adjustment • b. Internal working-day adjustment (see table 2, line 1). 5. Number of privately-owned housing units started, Northeast region (no working-day adjustment): a No weather adjustment* » b Weather-adjusted ...... 6. Number of privately-owned housing units started, North Central region (no working-day adjustment): a. No weather adjustment . . «. 7. Index of number of privately-owned housing units authorized by building permits (a priori working-day adjustment-see table 2, line 3): a. Total (BCD Series 29) 8. Permit value of privately-owned housing units authorized by building permits (a priori working-day adjustmentsee table 2, line 3): a. Total c Multifamily (2 or more) units* • • 9. Index based on number of privately-owned residential buildings authorized by building permits (a priori working-day adjustment-see table 2, line 3) 9A. BCD Series 29 (see also 1 ine 7 a) 10. Face amount of loans closed by savings and loan associations for construction of 1- to 4-fairnly houses (internal working-day adjustment—see table 2 line 5) ••• 11. Face amount of loans closed by savings and loan associations for purchase of 1- to 4-family houses (internal working-day adjustment-see table 2, line 6) Period covered Cl T C T/C MCD Jan. '60-Oct. '68.. 7.36 7.O4 1.50 Jan. '60-Oct. '68.. 3.88 3.24 1.76 1.84 2 Jan '60-Oct '68- • 6.65 6.32 1.41 4.47 5 Jan, '60-Sept '68*. Jan.'60-Sept/68.. 6.79 6.16 6.79 5.80 1.32 1.30 5.14 4.48 6 5 Mar '60-July '65 . Mar '60-July '65*. 17.67 14.09 17.46 13.92 1.21 0.92 14.43 15.18 6 6 Mar '60-July '65 Mar '60-July '65 . 12.53 11.19 12.29 11.09 1.48 1.62 8.30 6.85 6 6 Jan.'60-Dec. '68.. Jan. f60-Dec. '68.. Jan. '60-Dec. '68 4.23 3.73 3.77 3.14 11.98 11.48 1.68 1.58 3.17 2.24 1.99 3.63 3 3 4 Jan. '60-Nov. '68 Jan '60-Nov '68 Jan '60-Nov '68.. 4.05 3.77 7.79 3.18 2.99 7.18 1.74 1.61 2.77 1.84 1.86 2.59 2 2 3 Oct. '62-Dec. '68- • Oct. '62-Dec. '68- - 4.48 4.53 3.42 3.88 2.55 1.99 1.34 1.95 2 2 Jan '55-Nov '68- • 4.39 3.79 1.99 1.90 Jan.'55-Nov. '68.- 2.75 1.63 2.02 0.81 5 4.68 X 3 1 Note: Summary measures are computed using seasonal adjustments from the X-ll variant of the Census Method II seasonal adjustment program and working-day adjustments as noted above. These measures are explained in detail in reference 5. CI, I, and C represent the average absolute month-to-month percent changes in the seasonally adjusted series and irregular and trend-cycle components, respectively. MCD (months for cyclical dominance) is the shortest monthly span for which I/C becomes less than 1 and remains so. The seasonal adjustments applied to these series are explained in table 1. 1 f/C~= 1.00 for 2-month span. Basic Data Sources: Line Line Line Line Line Line Line Line Linfe Line Line Line 1. 2. 3. 4. 5. 6. 7. 8. 9. 9A. 10. 11. Bureau of the Census (references 9 and 10); also published "in reference 11. Mobile Homes Manufacturers Association (reference 2); also published in reference 11. (Sum of lines 1 and 2.) Bureau of the Census (reference 10); also published in reference 11. (Same as line 4.) (Same as line 4.) (Same as line 1.) (Same as line 4.) Bureau of the Census, published in reference 11. (Same as line 1.) Federal Home Loan Bank Board (reference 12). (Same as line 10.) Ill REFERENCES 1. Kukkonen, Pertti, Analysis of Seasonal and Other ShortTerm Variations With Applications to Finnish Economic Time Series,, 1968. 2. 8. Shor, Max, "Exploratory Work in Measurement of the Effect of Weather on Retail Sales/ 1963 Proceedings of the Business and Economics Section of the American Statistical Association, 1964. Mobile Homes Manufacturers Association,Mobile Homes Sales: Purchases, Stocks and Shipments (monthly). 9. U.S. Bureau of the Census, Business Conditions Digest (monthly). Moore, Geoffrey H. and Shiskin, Julius, Indicators of Business Expansions and Contractions, National Bureau of Economic Research Occasional Paper 103, 1967. 10. U.S. Bureau of the Census, Construction Report C20; Housing Starts (monthly). 4. Musgrave, John C., "Measuring the Influence of Weather on Housing Starts," Construction Review, August 1968. 11. U.S. Business and Defense Services Administration, Construction Review (monthly). 5. Shiskin, Julius, "Electronic Computers and Business Indicators," Journal of Business, October 1957, republished as National Bureau of Economic Research Occasional Paper 57, 1957. 12. U.S. Federal Home Loan Bank Board, Journal of the Federal Home Loan Bank Board (monthly). 3. 6. Shiskin, Julius, "Time Series: Seasonal Adjustment," International Encyclopedia of the Social Sciences, 1968. 7. Shiskin, Julius; Young, Allan H.; and Musgrave, John C.; The X-ll Variant of the Census Method II Seasonal Adjustment Program, U.S. Bureau of the Census Technical Paper 15, revised February 1967. 112 13. Young, Allan H., Estimating Trading-Day Variation in Monthly Economic TimeSeries,{J.St Bureau of the Census Technical Paper 12, 1965. INDEX Series Finding Guide (See table of contents (page i) for chart and table titles) Current issue (page numbers) Series titles (shown in chart/table sequence) (See complete titles in "Titles and Sources of Series," following this index) Charts Tables Historical Series data descriptions (issue date) (issue date) 9flR RNP in IQ^R dnllar^ 9,21,38 5,65,71 ^ July' 68# 9,21,38,56 5,65,71,87 V Jan. '69 . . ZLu. mipiic i price aen a to 217 Per capita GNP in 1958 dollars Aug. Aug. '69 '69 Oct. Oct. Oct. Oct. 5,65 Aug. '69 Oct. 12 12 12 12 12 12,26 5,65 J Aug. '69 July '69 July '69 July '69 July '69 Aug. 13,47 ...... 13,49 13,49 14 14 14,53 14 270 Final sales durable goods . « 271. Change in business inventories, durable ponds . ... 274 Final sales nondurable poods 275. Change in business inventories, A8. National Income Components 280 Compensation of employees 294. Undistributed corporate profits plus inventory valuation adjustment 296. Capital consumption allowances Oct. '69 Aug. Aug. Aug. Aug. Aug. Aug. Aug. '69 '69 '69 '69 '69 '69 '69 Oct. Oct. Oct. Oct. Oct. Oct. Oct. '69 '69 '69 '69 '69 '69 '69 5,66 5,66 5,66 5,66 5,66 5,66,74 Aug. Aug. Aug. Aug. Aug. Aug. '69 '69 '69 '69 '69 ' 69 Oct. Oct. Oct. Oct. Oct. Oct. '69 '69 '69 '69 '69 '69 5,67 5,67 5,67 Aug. Aug. Aug. '69 '69 '69 May '69 May '69 May '69 5,67 5,67 5,67,85 5,67 Aug. Aug. '69 '69 Oct. Oct. Oct. Oct. July '68# 5,67 Oct. '69 '69 '69 '69 '69 15 15 5,67 5,67 Oct. Oct. '69 '69 15 5,67 Oct. '69 16 16 16 16 5,67 5.67 5,67 5,68 5,68 Oct. Oct. Oct. Oct. Oct. '69 '69 '69 '69 '69 17 17 5,68 5,68 Oct. Oct. '69 '69 17 17 17 5,68 5,68 5,68 Oct. Oct. Oct. '69 '69 '69 , . . . 16 284 Rental income of persons 286. Corp. profits and inventory valuation adj 288 Net interest A9. Saving 290. Gross saving, private and government 15 '69 5,66 5,66 5,66 5,66 5,66 5,66 5,66 A5. Foreign Trade A6. Gov. Purchases, Goods and Services 260- Federal, State, and local governments 262. Federal Government 264 National defense 266 State and local governments '69 5,65 5,65 5,65 5,65 11 11 11 Durable goods, current dollars Durable goods, exc. autos, current dollars. . . 11 11 Automobiles, current dollars 11 Nondurable goods, current dollars 11 7S2 Exports of soods and services • > 253 Imports of goods and services '69 '69 '69 '69 10 10 10 10 A3. Personal Consumption Expenditures 230. Total, current dollars 244 Residential structures '69 '69 '69 '69 '69 5,65 5,65 5,65 224. Disposable personal income, current dol 225. Disposable personal income, constant dol ... 226. Per capita disposable personal income, 10 current dollars 227. Per capita disposable personal income, constant dollars. .... 10 A4. Gross Private Domestic Investment 240. Gross private domestic investment, total 241 Nonresideritial fixed investment Oct. Oct. Oct. Oct. Oct. 9 9 9 A2. National and Personal Income 232. 233. 234, 236. B. CYCLICAL INDICATORS Bl. Employment and Unemployment *1. Average workweek, prod, workers, mfg 18,36 18 18 *5. Initial claims, State unemploy. insurance . . . 18,36 18 6,69 6,69 6,69 6,69 6,69 Oct. '69 Mar. '69 Oct. '69 Mar. '69 Oct. '69 Aug. 19 19 19 19,38 19 6,69 6,69 6,70 6,70 6,70 6,70 6,70 6,70 6,70 Mar. '69 Oct. '69 Aug. '68# Oct. '69 Mar. '69 Mar. '69 Oct. '69 Mar. '69 Mar. '69 June '69 49. Nonagricultural job openings unfilled 4fi Helo-wanted advertising 48. Man-hours in nonagri. establishments 42. Persons engaged in nonagri. activities *43 Unemployment rate total 45 Avg weekly insured unemploy. rate 20,38 20 20 20,39 *Series preceded by an asterisk (*) are on the 1966 NBER "short list" of indicators. Charts Tables Historical Series descriptions data (issue date) (issue date) B. CYCLICAL INDlCATORS-Con. A. NATIONAL INCOME AND PRODUCT Al. Gross National Product 200 GNP in current dollars Current issue (page numbers) Series titles (shown in chart/table sequence) (See complete titles in "Titles and Sources of Series," following this index) '68 June '69 Aug. '68 B2. Production, Income, Consumption, Trade *20Q. GNP in current dollars *205. GNP in 1958 dollars *47. Industrial production *52 Personal income 53. Wages, salaries in mining, mfg,, constr , . *56 Manufacturing and trade sales *54 Sales of retail stores • « * 9,21,38 6,65,71 July '6B# Oet. 9,21,38,56 6,65,71,87 July '68$ Oct. 21,38,63 6,71,99 Dec. '68 Nov. 21,38 6,71 July '69 July 6,71 July '69 July . 21 22,38 6,71 May '69 Feb. 22 6,71 July '69 July 22,38 6,71 May '69 '69 '69 '68 '68 '68 '69 '68 B3. Fixed Capital Investment 23,36 6,72 6,72 6,72 6,72 6,72 Apr. '68$ Mar. '68 Sep. '68 Sep. 6,72 6,72 6,73 6,73 6,73 Aug. '67 Sep. '68 Sep. '68 May '67 Apr. '69 May '68 June '68 Apr. '69 13 *6 8 *10. New business incorporations New orders durable goods industries. .... Construction contracts total value Contracts and orders, plant, equipment . . 11. 24. 9. 7. *29. New capital appropriations • manufacturing . New orders, mach. and equip, industries . Constr. contracts, com. and indus Private nonfarm housing starts New bldg. permits, private housing 96. 97. *61. 69. 6,73 Unfilled orders, durable goods industries . 25 6,73 Backlog of capital approp., manufacturing • 25 7,73,79 Business expend., new plant and equip . . 25,39,40 Machinery and equipment sales and 25 7,73 business construction expenditures B4. Inventories and Inventory Investment 245. Change in bus, inventories, all indus 23 23,36 23 .23,36 24 .24 24 24 24,36 Jan. Sep. Jan . Sep. '68 '68 ' 69 '68 28,37 28,37,64 28,37 7,75 7,75 7,75 Apr. '69 Apr. '69 June '69 May '69 July '69 July '68 28 28 7,75 7,75 7,75 July '69 July '68 Mar. '69 Mar. '69 Nov. '68 Nov. '68 7,75 7,75,86 June '69 June '69 June '69 June '69 7,75 7,75 July '69 Dec. '68 July '68 Nov. '68 30,37 7,76 7,76 7,76 7,76 Oct. Oct. Mar. Jan. "69 Aug. '68 '69 Aug. '68 '69 ;69 July '64 30 31 31 31 7,76 7,76 7,76 7,76 June Mar. Feb. June '69 '68 '69 '69 32 32 32 . . 32 7,77 7,77 7,77 7,77 Jan. Apr. June Jan. '68 '68 ' 68 '68 7,77 8,77 8,77 8,77 8,77 Jan. Jan. Apr. Jan. Jan. '68 '69 '69 '68 '68 July '64 6,78 Sep. '69 Nov. '68 6,78 6,78 6,78 6,78 6,78 6,78 6,78 Sep. Jan. Jan. Sep. Jan. Jan. Jan. Jan. Sep. '69 Nov. '68 Nov. '68 15. Profits per dollar of sales, mfg *17. Ratio, price to unit labor cost, mfg 28,37 55. Wholesale prices, indus. commodities .... 29 29,55 58. Wholesale prices, manufactured goods 68. Labor cost per unit of gross product, 29 29,39 66. Money and Credit 98. Change in money supply and time deposits 117 66 *72. *67. 118. •• ' * .... Sep. '68# Sep. '68* 7,74 7,74 7,74 7,74 22. Ratio, profits to income originating, iid T 6 [^f|S • • • * • • 11R* P t h ri elrfs 115 Treasury bond yields Nov. '68 69 : Oct. '69 '68 Feb. '69 '68 '68 Sep. '68 '68 B5. Prices, Costs, and Profits *23 Industrial materials prices *19 Stock orices 500 common stocks 110 Total private borrowing 14 Liabilities of business failures Sep, '68 Aug. Dee. Mar. Sep. Mar. Vendor performance, slower deliveries . . .27 27 Change in unfilled orders, dur. goods 27,39 Book value, mfg. and trade inventories . . . Book value, mfrs.' inven., finished goods . 27 *113. Change in consumer installment debt Sep. '68 Aug. '67 Nov. '68 '68 Sep. '60 7,66,74 7,74 7,74 7,74 7,74 12,26 26,37 37. Purchased materials, higher inventories . . 26 20. Change in materials, supplies inventories . 26 26 26. Buying policy, production materials 32. 25. *71. 65. Sep. '68 30 30 30 32 Municipal bond yields .. 33 Consumer installment debt .* 33,39 Com. and industrial loans outstanding , . . 33,39 Bank rates on short-term bus. loans 33 Mortgage yields, residential Sep. '68 Feb. '69 Sep, '68 July '64 July '64 July '64 July '64 July '64 July '64 June '69 Aug. Aug. Aug. '68 '68f '68 June '69 B7. Composite Indexes 810. 12 leading indicators, reverse trend adj . .34 811. 12 leading indicators, prior to reverse trend adjustment . , 34 820. 5 coincident indicators 34 830 6 lagging indicators 35 814. 815. 816 817 35 Capital investment commitments Inventory investment and purchasing .... 35 35 Profitability 35 Sensitive financial flows '69 '69 '69 '69 '69 '69 '69 '69 #The "number" for this series title was changed since the publication date shown. 113 Series Finding Guide-Continued (See table of contents (page i) for chart and table titles) Current issue (page numbers) Series titles (shown in chart/table sequence) (See complete titles in "Titles and Sources of Series," following this index) Tables Charts Historical Series data descriptions (issue date] (issue date) C. ANTICIPATIONS AND INTENTIONS 420. 425, 430 435. Charts Tables Historical Series , data descriptions (issue date) (issue date) D. OTHER KEY INDICATORS-Con. Cl. Aggregate Series 81. 410, 412. 414. Current issue (page numbers) Series titles (shown in chart/table sequence) (See complete titles in "Titles and Sources of Series," following this index) Bus. expend, new plant and equip Manufacturers' sales total Mfrs ' inventories book value Condition of mfrs.' inventories ...» 25,39/0 73,79 41 41 41 41 79 79 79 79 Household income compared to year ago — 42 Probability of change, household income . . . 42 New cars ourchaseu bv households * * 42 Index of consumer sentiment 42 79 79 79 79 Nov. Nov. Nov. Nov. Nov. Mar. Nov. '68 '68 '68 '68 '68 '69 '68 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. '68 '68 '68 '68 '68 '68 '68 '68 '68 04. Price Movements 781, Consumer price index, all items. . 782 Consumer price index food 783 Consumer price index commodities 784 Consumer price index services . •. 750. 58 751. 752. Wholesale price index, all commodities . . Wholesale price index mfd goods Wholesale price index, proc. foods, feeds. . Wholesale price index, farm products 54,62 tifm 54 54 54 tfii B6 May '69 M:ty '69 Ma/ '69 May '69 May May Kay Hay V't> JWIP '69 Junn Juni1 Jun(> .Trnit' m» . 55 29,55 55 55 «V/A JWH A ,*ti JUi'H- 'Cj9 JWH> 'f»9 ' b' J <09 '69 '69 '69 '69 'tj^ '69 '69 E. ANALYTICAL MEASURES C2. Diffusion Indexes D440. New orders, manufacturing D442, Net profits, manufacturing and trade D444, Net sales, manufacturing and trade 0446. Number of employees, mfg. and trade D450, Level of inventories, mfg. and trade 0460. Selling prices mfg. and trade 0464. Selling prices, wholesale trade 0466, Selling prices, retail trade 43 43 43 43 80 80 80 80 Feb. Feb. Feb. 44 44 44 44 44 30 SO 80 BO 80 Feb. Feb. Fob. Fob. Feb. 45 45 45 D61. Bus, expend,, new plant and equip 0480. Freight carloadings 480. Change in freight carloadings 81 81 81 '69 '69 '69 Fob , ' 69 Feb. Fob. Feb. '69 '69 '69 '69 '69 '69 '69 '69 Nov. Nov. Nov. Nov. '68 '68 '68 '68 Nov. Nov. Nov. Nov. Nov. '68 '68 '68 '68 '68 Nov. Nov. Nov. '68 '68 '68 D. OTHER KEY INDICATORS Dl, Foreign Trode 500 Merchandise trade balance « 46 46 8,82 8,82 May '69 May '69 May '69 May '69 46 46 46 8,82 8,82 8,82 Aug.'GS// Aug. Apr. 506, Export orders, dur. goods exc. motor 508. Export orders, nonelectrical machinery 512 General imports • • « • • « • »» D2. Balance of Payments and Components 520, U.S. bal, of pmts., liquidity bat. basis 522. U,S, bal. of pmts., official settlements . 47 530. Liquid liabilities to foreigners 532. Liquid and non liquid liabilities to foreign official agencies 534 U S official reserve assets 252 Exoorts of soods and services 536 Merchandise exoorts adjusted (i37 MprrhinrtiQp imnnrK iriiiKt(»H '69 May '69 '68// May '69 545 Pavments bv U S travelers abroad 549, 561, 560. §65, 564. 570. 575. Payments, transportation and services U.S. direct investments abroad Foreign direct investments in U.S U.S, purchases of foreign securities Foreign purchases of U.S. securities GovL grants and capital transactions Banking and other capital transactions Average workweek, prod, workers, mfg — New orders durable goods industries New capital appropriations mfg Profits manufacturing . Stock prices 500 common stocks Industrial materials prices Initial claims, State unemploy. insurance. . 8,83 July '69 July '69 May '69 May '69 D41. Employees on nonagri. payrolls 47 13,47 83 83 July '69 July '69 May '69 May '69 D58. Wholesale prices, manufactured goods D54. Sales of retail stores «... 48 33 July '69 May '69 48 48 13,49 13,49 83 83 83 03 July July July July May May May May 49 49 83 83 July '69 July '69 May '69 May '69 49 83 July '69 May '69 '69 '69 '69 '69 '69 '69 '69 '69 t t f t . '69 f,7 1 ,^V 56 56 •VM f V? fuly '(>V nay T/) 57 8,f I* tVi,. 'CiP rep. 'OB 57 #,PM PIV. 'Git %w. ' C H SB rt , rj ' July 'fiM July U)R 58 58 58 a/^ a,«u «,nn Mir. 'b9 A.UI% r 6 £ J Awjt. U)M ,Tun^ '(»8 June H\l 58 58 K ,n} rt,w Au% '(><) 1'Vb. 'i»H r r 59 59 59 59 59 59 59 60 60 60 60 M <? firj\,;. <v* J 'V. M'f. '*y 1 fat*. '<>Y 'b4 <K) <n oyn "Vv. ' * i «r,«H 90/H 'ty* 'f)M M'ly '69 Apr. '69 4/J Juno U)** { 'U/*'* IJIH'. 91,9V ^lov. *( J *u,% Jxinr 'J)rt 'N , tVt. AI*\ Apr. dpr. 90 Kcb. '69 'flM .Hmr ' t i * .Turn- M/J E5* Rates of Change 205. 820. 48. 54 GNP in constant dollars Composite index of 5 coincident indicators. Man-hours in nonagri. establishments Sales of retail stores . . . . 55- Index of whsle. prices, indus. commodities 781. Index of consumer prices, all items 61 61 61 61 61 61 61 61 61 f l m . *W iVji. 'M ilcp. '6 ( * Cvy. '69 r»p. 'fj'i Up. "&) tVp. *6M »(*t. 'c.y Nov. 'b,l Au/% 'ti«# July '()H Nov. <t,rt Jxmt 1 '69 May 'b^ F. INTERNATIONAL COMPARISONS 49 50 50 83 84 84 July '69 July '69 July '69 May '69 May '69 May '69 50 30 50 50 50 50 84 84 84 84 84 84 July July July July July July '69 '69 '69 '69 '69 '69 May May May May May May '69 '69 '69 '69 '69 '69 51 51 51 51 51 51 84 84 84 84 84 04 July July July July July July '69 '69 '69 '69 '69 '69 May May May May May May '69 '69 '69 '69 '69 '69 14,53 S3 53 J3 53 53 8,85 a, 85 8,65 8,67,85 Tuly '69 July '69 July '69 Tuly'68// 8,85' Jet. '69 Oct. '69 Sep. '68// «,K5 8,85 Aug. '67// 8,85 8,85 #The "number" for this series title was changed since the publication date shown. 114 Dl. D6. Dll D34, D19, D23 05. 83 600. Fed, balance, nat'l income and prod. acct. . .52 601, Fed. receipts, nat'l income and prod, acct . . 52 602, fed. expend., nat'l income and prod. acct. . . 32 Defense Dept. obligations, total Defense Dept. obligations, procurement New orders, defense products industries New orders, defense products Military contract awards in U.S 855, Ratio, nonagrtcultural job openings unfii'ed to persons unemployed 858. Output per man-hour, total private nonfarm . 856. Real avg. hourly earnings, prod, workers . . 859. Real spendable average weekly earnings, nonagri. production or nonsupv. workers. . 857. Vacancy rate total rental housing May '69 D3. Federal Government Activities 616, 621. 647. 648, 625 853, Ratio, prod, of bus. equip, to consumer goods ...... • .... 854. Ratio, personal saving to disposable July '69 540. Investment income, military sales, and 541, Foreigners' investment income, military expend and services imports. . ...... 542 Income on U S investments abroad * . 543 income on foreign investments in U S 9,2L,JB/4 i ,rV/' <&< •Tuly'ft*'/ E2. Analytical Ratios 850. Ratio, output to capacity, manufacturing. . . 57 851. Ratio, inventories to sales, mfg. and trade . 57 852. Ratio, unfilled orders to shipments, 8,83 47 t}9§JS 207. GNP gap (potential less actual). E3. Diffusion Indexes 525. Net capital movements, liquidity bal, basis. . 47 527, Net capital movements, official settlements 250 Balance on soods and services El. Actual and Potential GNP 205. Actual GNP in 1958 dollars 206. Potential GNP in 1958 dollars July '68// July '68// Tuly '68// Oct. '69 Sep. '68// F1. Consumer Price Indexes 781. United States 133. Canada 132. United Kingdom 135. West Germany. 136. France 138. Japan 137. Italy 54,62 1(1 63 62 62 62 62 62 98 ')M W MS 'tf »g ( M'iy tht. i CVt. Otst. ' Oct. tvi. OH,. 'ti'? 'nV 't»7 H>7 '07 u>? u,v May '69 F2. Industriol Production Indexes 47 123, 122, 126 125. 128. 121. 127. United States Canada United Kingdom France ... West Germany Japan OECD European countries Italy F3. Stock Price Indexes 19. United States 143. Canada * 142 United Kingdom » 146. France » 145. West Germany , 148 Japan . «• 147. Italy 21,38,63 63 63 63 63 63 63 63 28, i?,64 64 64 64 64 64 64 f 9 W W W f 9J> 93 t).j f )9 ion i no 100 A no H'O ito HO IVi*. ' I t f ^ ly UV Nov. 'y^ :Jcv, 'f>v %»v. u»v ,a«it^ u,1! Apr, 'UV Juno ' 6 ! Nov. 't*V )c-i. u»V '6V '6V •>!,. '0V f)u1». '6V i lot,. '6V Oct. '67 a-t. *>t. May '69 Titles and Sources of Series Within each of the six sections, series are listed in numerical order. The numbers assigned to the series are for identification purposes only and do not reflect series relationships or order. "M" indicates monthly series; "Q" indicates quarterly series. Data apply to the whole period except for series designated by "EOM" (end of the month) or "EOQ" (end of the quarter). The alphabetic-numeric delations following the series titles indicate all charts and tables in which the series may be found. See the table of contents for chart and table titles and Series Finding Guide for page numbers. The series in section B preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators, chart B8. Unless otherwise indicated, all series which require seasonal adjustment have been adjusted by their source. The "D" preceding a number indicates a diffusion index. Diffusion indexes and corresponding aggregate series bear the same number and are obtained from the same sources. 244. Gross private domestic fixed investment, residential structures (Q). -- Department of Commerce, Office of Business Economics (A4) 245. Gross private domestic investment, change in business inventories after valuation adjustment, all industries (Q). -- Department of Commerce, Office of Business Economics (A4, B4) 250. Balance on goods and services, excluding transfers under military giants (Q). -- Department of Commerce, Office of Business Economics (A5, D2) 252. Exports of goods and services, excluding transfers under military grants (Q). - Department of Commerce, Office of Business Economics (A5, D2) 253. Imports of goods and services (Q). -- Department of Commerce, Office of Business Economics (A5, D2) 260. Government purchases of goods and services, total (Q). -• Department of Commerce, Office of Business Economics (A6) A National Income and Product 200. Gross national product in current dollars (Q). -- Department of Commerce, Office of Business Economics (Al, B2, B8, E5) 205. Gross national product in 1958 dollars (Q). -- Department of Commerce, Office of Business Economics (Al, B2, B8, El, E5) 210. Implicit price deflator, gross national product (Q). •- Department of Commerce, Office of Business Economics (Al) 215. Per capita gross national product in current dollars (Q). -Department of Commerce, Office of Business Economics and Bureau of the Census (Al) 217. Per capita gross national product in 1958 dollars (Q). -- Department of Commerce, Office of Business Economics and Bureau of the Census (Al) 220. National income in current dollars (Q). -- Department of Commerce, Office of Business Economics (A2) 222. Personal income in current dollars (Q). -- Department of Commerce, Office of Business Economics (A2) 224. Disposable personal income in current dollars (Q). -- Department of Commerce, Office of Business Economics (A2) 225. Disposable personal income in 1958 dollars (Q). -- Department of Commerce, Office of Business Economics (A2) 226. Per capita disposable personal income in current dollars (Q). -Department of Commerce, Office of Business Economics (A2) 227. Per capita disposable personal income in 1958 dollars (Q). -Department of Commerce, Office of Business Economics (A2) 230. Personal consumption expenditures, total, in current dollars (Q). - Department of Commerce, Office of Business Economics (A3) 231. Personal consumption expenditures, total, in 1958 dollars (Q). Department of Commerce, Office of Business Economics (A3) 262. Federal Government purchases of goods and services, total (Q). -• Department of Commerce, Office of Business Economics (A6) 264. Federal Government purchases of goods and services, national defense (Q). -- Department of Commerce, Office of Business Economics (A6, D3) 266. State and local government purchases of goods and services, total (Q). -- Department of Commerce, Office of Business Economics (A6) 270. Final sales, durable goods (Q). -- Department of Commerce, Office of Business Economics (A7) 271. Change in business inventories, durable goods (Q). --Department of Commerce, Office of Business Economics (A?) 274. Final sales, nondurable goods (Q). •- Department of Commerce, Office of Business Economics (A7) 275. Change in business inventories, nondurable goods (Q).. Department of Commerce, Office of Business Economics (A7) 280. Compensation of employees (Q). -• Department of Commerce, Office of Business Economics (A8) 282. Proprietors' income (Q). -- Department of Commerce, Office of Business Economics (A8) 284. Rental income of persons (Q). --Department of Commerce, Office of Business Economics (A8) 286. Corporate profits and inventory valuation adjustment (Q). -Department of Commerce, Office of Business Economics (A8) 288. Net interest (Q). -- Department of Commerce, Office of Business Economics (A8) 290. Gross saving -- private saving plus government surplus or deficit (Q). -- Department of Commerce, Office of Business Economics (A9) 232. Personal consumption expenditures, durable goods, in current dollars (Q). -- Department of Commerce, Office of Business Economics (A3) 292. Personal saving (Q). -- Department of Commerce, Office of Business Economics (A9) 233. Personal consumption expenditures, durable goods except automobiles, in current dollars (Q). -- Department of Commerce, Office of Business Economics (A3) 294. Undistributed corporate profits plus inventory valuation adjustment (Q). -- Department of Commerce, Office of Business Economics (A9) 234. Personal consumption expenditures, automobiles, in current dollars (Q). -- Department of Commerce, Office of Business Economics (A3) 2%. Capital consumption allowances, corporate and noncorporate (Q). -- Department of Commerce, Office of Business Economics 236. Personal consumption expenditures, nondurable goods, in current dollars (Q). -- Department of Commerce, Office of Business Economics (A3) 298. Government surplus or deficit, total (Q). -- Department of Commerce, Office of Business Economics (A9) 237. Personal consumption expenditures, services, in current dollars (Q). -- Department of Commerce, Office of Business Economics (A3) 240. Gross private domestic investment, total (Q). -- Department of Commerce, Office of Business Economics (A4) 241. Gross private domestic fixed investment, total nonresidential (Q). -- Department of Commerce, Office of Business Economics 242. Gross private domestic fixed investment, nonresidential structures (Q). -- Department of Commerce, Office of Business Economics (A4) 243. Gross private domestic fixed investment, producers' durable equipment (Q). -- Department of Commerce, Office of Business Economics (A4) (A9) MO. Contracts and orders for plant and equipment (M). -- Department of Commerce, Bureau of the Census, and McGraw-Hill . Information Systems Company; seasonal adjustment by Bureau of the Census and National Bureau of Economic Research, Inc. (B3, 68) 11. Newly approved capital appropriations, 1,000 manufacturing corporations(Q).--National Industrial Conference Board (B3.E3) *12. Index of net business formation (M). -- Dun and Bradstreel, Inc., and Department of Commerce, Bureau of the Census; seasonal adjustment by Bureau of the Census and National Bureau of Economic Research, Inc. (B3, B8) 13. Number of new business incorporations (M). -- Dun and Bradstreet, Inc.; seasonal adjustment by Bureau of the Census and National Bureau of Economic Research, Inc. (83) 14. Current liabilities of business; failures (An). • street, Inc. Dun and Brad(B6) 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q). -- Federal Trade Commission and Securities and Exchange Commission; seasonal adjustment by Bureau of the Census (B5) *16. Corporate profits after taxes (Q) • Department of Commerce. Office of Business Economics (B5, B8) *17. Index of price per unit of labor cost - ratio, index of wholesale prices of manufactured goods (unadjusted) to seasonally adjusted index of compensation of employees (sum of wages, salaries, and supplements to wages and salaries) per unit of output (M). -- Department of Commerce, Office of Business Economics; Department of Labor, Bureau of Labor Statistics; and Board of Governors of the Federal Reserve System (85, 88) *19. Index of stock prices, 500 common stocks (M). - Standard and Poor's Corporation (B5, BB, E3, E4, F3) 20. Change in book value of manufacturers' inventories of materials and supplies (M). -- Department of Commerce, Bureau of the the Census (B4) 22. Ratio of profits (after taxes) to income originating, corporate, all industries (Q). •- Department of Commerce, Office of Business Economics (B5) *23. Index of industrial materials prices (M). - Department of Labor, Bureau of Labor Statistics (B5t 88, E3, E4) 24. Value of manufacturers' new orders, machinery and equipment industries (M). -- Department of Commerce, Bureau of the Census (B3) 25. Change in manufacturers' unfilled orders, durable goods industries (M). -- Department of Commerce, Bureau of the Census B Cyclical Indicators (84) *1. Average workweek of production workers, manufacturing (M). -Department of Labor, Bureau of Labor Statistics (Bl, B8, E3, E4) 2. Accession rate, manufacturing (M). Bureau of Labor Statistics *5. Average weekly initial claims for unemployment insurance, State programs (M). -- Department of Labor, Bureau of Employment Security; seasonal adjustment by Bureau of the Census (Bl, E3, E4) *6. Value of manufacturers' new orders, durable goods industries (M). --Department of Commerce, Bureau of the Census {B3, B8r-E3, E4) 7. New private nonfarm housing units started (M). -- Department of Commerce, Bureau of the Census (B3) 8. Index of construction contracts, total value (M). -- McGrawHill Information Systems Company. (Used by permission. This series may not be reproduced without written permission from the source,) (B3) 9. Construction contracts awarded for commercial and Industrial buildings, floor space (M). -- McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of the Census and National Bureau of Economic Research, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (B3) Department of Labor, (Bl) 3. Layoff rate, manufacturing (M). -- Department of Labor, Bureau of Labor Statistics (Bl) 4. Nonagricultural placements, all industries (M). - Department of Labor, Bureau of Employment Security; seasonal adjustment by Bureau of the Census (81, 88) 26. Buying policy - production materials, percent of companies reporting commitments 60 days or longer (M). - National Association of Purchasing Management (84) *29. Index of new private housing units authorized by local building permits (M). •- Department of Commerce, Bureau of the Census (B3, B8) *31. Change in book value of manufacturing and trade inventories, total (M). •- Department of Commerce, Office of Business Economics and Bureau of the Census (84, B8) Continued on reverse 115 Titles and Sources of Series (Continued from page 115) 32. Vendor performance, percent of companies reporting slower deliveries (M). » Chicago Purchasing Agents Association (B4) 33. Net change in mortgage debt held fay financial institutions and life insurance companies (M). -• Institute of Life Insurance, Department of Housing and Urban Development, Federal National Mortgage Association, National Association of Mutual Savings Banks, U.S. Savings and Loan League, and Board of Governors of the Federal Reserve System; seasonal adjustment by Bureau of the Census (B6) 37. Percent of companies reporting higher inventories of purchased materials (M). -• National Association of Purchasing Management; seasonal adjustment by Bureau of the Census (B4) 39. Percent of consumer installment loans delinquent 30 days and over (EOM). -- American Bankers Association; seasonal adjustment by Bureau of the Census and National Bureau of Economic Research, Inc. (Bimonthly since December 1964) (B6) 40. Unemployment rate, married males, spouse present (M). -Department of Labor, Bureau of Labor Statistics, and Department of Commerce, Bureau of the Census (Bl) *41. Number of employees on nonagricultural payrolls, establishment survey (M). -- Department of Labor, Bureau of Labor Statistics (Bl, B8, E3, E4) 42. Total number of persons engaged in nonagricultural activities, labor- force survey (M). - Department of Labor, Bureau of Labor Statistics, and Department of Commerce, Bureau of the Census (Bl) *43. Unemployment rate, total (M). •- Department of Labor, Bureau of Labor Statistics, and Department of Commerce, Bureau of the Census (Bl, B8) *44, Unemployment rate, 15 weeks and over (M). - Department of Labor, Bureau of Labor Statistics, and Department of Commerce, Bureau of the Census (Bl, B8) 45 Average weekly insured unemployment rate, State programs (M). •- Department of Labor, Bureau of Employment Security(Bl) 46. Index of,help-wanted advertising in newspapers (M). -- National Industrial Conference Board (Bl) *47 Index of industrial production (M). - Board of Governors of the Federal Reserve System (82, B8, E3, E4, E5, F2) 48. Man-hours in nonagr (cultural establishments (AW). --Department of Labor, Bureau of Labor Statistics (Bl, E5) 49. Nonagricultural job openings unfilled (EOM). •- Department of Labor, Bureau of Employment Security; seasonal adjustment by Bureau of the Census (Bl) *52. Persona) income (M). -- Department of Commerce, Office of Business Economics (B2, 88, E5) 53. Wage and salary income in mining, manufacturing, and construction (M). — Department of Commerce, Office of Business Economics (B2) *54. Sales of retail stores (M). -- Department of Commerce, Bureau of the Census (B2, B8, E3, E4, E5) 55. Index of wholesale prices, industrial commodities (M).- Department of Labor, Bureau of Labor Statistics (B5, E5) *56. Manufacturing and trade sales (M), - Department of Commerce, Office of Business Economics and Bureau of the Census (B2, B8) 57. Final sales (series 200 minus series 245) (Q). - Department of Commerce, Office of Business Economics (B2) 58. Index of wholesale prices, manufactured goods (M). - Department of Labor, Bureau of Labor Statistics (B5, D4, E3, E4) *61. Business expenditures for new plant and equipment, total (Q).-Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission (83, 88, Cl, C2) *62. Index of labor cost per unit of output, total manufacturing-ratio, index of compensation of employees in manufacturing (the sum of wages and salaries and supplements to wages and salaries) to index of industrial production, manufacturing (M). -- Department of Commerce, Office of Business Economics, and the Board of Governors of the Federal Reserve System (B5, B8) 65. Manufacturers' inventories of finished goods, book value, all manufacturing industries (EOM). — Department of Commerce, Bureau of the Census (B4) 66. Consumer installment debt (EOM). -* Board of Governors of the Federal Reserve System. FRS seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current figure (B6) *67. Bank rates on short-term business loans, 35 cities (Q). -Board of Governors of the Federal Reserve System {BS, B8) 116 68. Labor cost (current dollars) per unit of gross product (1958 dollars), nonfinancial corporations -• ratio of current-dollar compensation of employees to gross corporate product in 1958 dollars (Q). •- Department of Commerce, Office of Business Economics (B5) 69. Manufacturers' machinery and equipment sales and business construction expenditures (industrial and commercial construe* tion put in place) (M). -- Department of Commerce, Bureau of the Census (B3) *71. Manufacturing and trade inventories, total book value (EOM). -Department of Commerce, Office of Business Economics and Bureau of the Census (B4, B8) *72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (EOM). -- Board of Governors of the Federal Reserve System; seasonal adjustment by Bureau of the Census (B6, B8) 85. Percent change in total U.S. money supply (demand deposits plus currency) (M). -- Board of Governors of tie Federal Reserve System (B6) 93. Free reserves (member bank excess reserves minus borrowings) (M). -- Board of Governors of the Federal Reserve System (B6) 96. Manufacturers' unfilled orders, durable goods industries (EOM). -- Department o/ Commerce, Bureau of the Census (B3) 97. Backlog of capital appropriations, manufacturing (EOQ). -National Industrial Conference Board (B3) 98. Percent change in total U.S. money supply (demand deposits plus currency) and commercial bank time deposits (M). -Board of Governors of the Federal Reserve System (B6) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q). -- Board of Governors of the Federal Reserve System (86) 112. Net change in bank loans to businesses (M). -« Board of Governors of the Federal Reserve System; seasonal adjust ment by Bureau of the Census (B6) *113.Net change in consumer installment debt (M). -- Board of Governors of the Federal Reserve System (B6, B8) 114. Discount rate on new issues of 91-day Treasury bills (M). -Board of Governors of the Federal Reserve System (B6) 115. Yield on long-term Treasury bonds (M). -- Treasury Department (B6) 116. Yield on new issues of high-grade corporate bonds (M). - First National City Bank of New York and Treasury Department (B6) 117. Yield on municipal bonds, 20-bond average (M). • The Bond Buyer (B6) 118. Secondary market yields on FHA mortgages (M). - Department of Housing and Urban Development, Federal Housing Administration (86) *200. Gross national product in current dollars (Q). See in section A. *205. Gross national product in 1958 dollars (Q). See in section A. 245. Change in business inventories (GNP component) (Q). See in section A. 810. Twelve leading indicators - reverse trend adjusted composite index (includes series 1, 5, 6, 10, 12, 16, 17, 19, 23, 29, 31, and 113) (M). - Department of Commerce, Bureau of the Census (B7) 811. Twelve leading indicators -- composite index prior to reverse trend adjustment (includes series 1, 5, 6, 10, 12, 16, 17, 19, 23, 29, 31, and 113) (M). - Department of Commerce, Bureau of the Census (B7) 813. Marginal employment adjustments - leading composite index (includes series 1, 2, 3, and 5) (M). -- Department of Commerce, Bureau of the Census (87) 814. Capital investment commitments - leading composite index (includes series 6, 10, 12, and 29) (M). -- Department of Commerce, Bureau of the Census (B7) 815. Inventory investment and purchasing -- leading composite index (includes series 23, 25t 31, and 37) (M). •• Department of Commerce, Bureau of the Census (B7) 816. Profitability -- leading composite index (includes series 16, 17, and 19) (M). - Department of Commerce, Bureau of the Census (B7) 817. Sensitive financial flows « lead ing composite index (includes series 33, 85,112, and 113) (M). - Department of Commerce, Bureau of the Census (87) 820. Five coincident indicators -- composite index (includes series 41, 43, 47, 52, and 56) (M). -- Department of Commerce, Bureau of the Census (B7, E5) 830. Six lagging indicators -- composite index (includes series 44, 61, 62, 67, 71, 72) (M). -- Department of Commerce, Bureau of the Census (67) C Anticipations and Intentions 61. Business expenditures for new plant and equipment, all industries (Q). See in section B. 410. Manufacturers' sates, total value (Q). •- Department of Commerce, Bureau of the Census and Office of Business Economics (Cl) 412. Manufacturers' inventories, total book value (EOQ). - Department of Commarce, Bureau of the Census and Office of Business Economics (Cl) 414. Percent of total book value of inventories held by mwufachirers classifying fteir holdings as high, less percent classifying holdings as low (EOQ). - Department of Commerce, Off ice of Business Economics (Cl) 416. Percent of total gross capita) assets held by companies classifying their existing capacity as inadequate for prospective operations over the next 12 months, less percent classifying existing capacity as excessive'(EOQ)." Department of Commerce, Office d Business Economics (Cl) 420. Current income of households compared to income a year ago (percent higher, tower, and unchanged) (Q). - Department of Commerce, Bureau of the Census (Cl) 425. Wean probability (iwerage chances in 100) of substantial changes (increase, decrease, and increase less decrease) In income of households (Q). -- Department of Commerce, Bureau of the Census (Cl) 430. Number of new <;ars purchased by households (Q).-- Department of Commerce, Bureau of the Census (Cl) 435. Index of consumer sentiment (Q). -• University of Michigan, Survey Research Center (Cl) D440. New orders, manufacturing (Q). - Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) 0442. Net profits, manufacturing and trade (Q). -- Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) 0444. Net sales, manuJactuing and trade (Q). - Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) D446. Number of employees, manufacturing and trade (Q). - Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) 0450. Level of inventories, manufacturing and trade (Q). -- Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from) the source.) (C2) 0460. Selling prices, manufacturing and trade (Q). -- Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) 0462. Selling prices, manufacturing (Q). -- Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) 0464. Selling prices, wholesale trade (Q). - Dun and Bradstreet, Inc. .(Used by peimission This series may not be reproduced without written permission from the source.) (C2) 0466. Selling prices, retail trade (Q). -- Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (C2) 0480. Freight car loading! (Q), -- Association of American Railroads (C2) 480. Change in freight earnings (Q). railroads Association of American (C2) D Other Key Indicators 58. Index of wholesale prices, manufactured goods (M). section B. See in 250. Balance on goods and services, excluding transfers under military pants: U.S. balance of payments (Q). -• See in section A. 252. Exports of goods and set vices, excluding transfers under military grants; U.S. balance of payments (Q). - See in section A. 253. Imports of goods and s«vices: U.S. balance of payment! (Q).--See in section A. 264. Federal Government purchases of goods and services, national defense (Q). -- See in section A. 500. Merchandise trade balance (Series 502 minus series 512) (M).-Department of Commerce, Bureau of the Census (Dl) 502. Exports, excluding military aid shipments, total (M). •• Department of Commerce, Bureau d the Census (01) Titles and Sources of Series (Continued from page 116) 506. Manufacturers' new orders for export, durable goods except motor vehicles and parts (M). -- Department of Commerce, Bureau of the Census (01) 508. Index of export orders for nonelectrical machinery (M). McGraw-Hill, Department of Economics; seasonal adjustment by Bureau of the Census (Dl) 512. General imports, total (M). -- Department of Commerce, Bureau of the Census (Dl) 520. U.S. balance of payments on liquidity balance basis (change in U.S. official reserve assets and change in liquid liabilities to all foreigners) (Q). *- Department of Commerce, Office of Business Economics (02) 522. U.S. balance of payments on official settlements basis (change in U.S. official reserve assets, and change in liquid and certain nonliquid liabilities to foreign monetary official agencies) (Q). -r Department of Commerce, Office of Business Economics (D2)^ 525. Net capital movements (plus unilateral transfers -- except military grants -• and errors and omissions) on liquidity balance basis: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 527. Net capital movements (plus unilateral transfers •- except military grants - and errors and omissions) on official settlements basis: U.S. balance of payments (Q). - Department of Commerce, Office of Business Economics (D2) 530. Liquid liabilities (excluding military grants) to all foreigners, total outstanding: U.S. balance of payments (EOQ). -- Department of Commerce, Office of Business Economics (D2)° 532. Liquid and certain nonliquid liabilities (excluding military grants) to foreign official agencies, total outstanding: U.S. balance of payments (EOQ). -- Department of Commerce, Office of Business Economics (D2) 534. U.S. official reserve (assets) position, excluding military grants: U.S. balance of payments (EOQ), -- Department of Commerce, Office of Business Economics (D2) 536. Merchandise exports, adjusted, excluding military grants: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 537. Merchandise imports, adjusted, excluding military: U.S. balance of payments (Q).-- Department of Commerce, Office of Business Economics (D2) 540. U.S. .investment income, military sales, and other services exports, excluding military grants: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 541. Foreigners' investment income, military expenditures and other services imports: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 542. Income on U.S. investments abroad: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 543. Income on foreign investments in the U.S.: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 544. Receipts from foreign travelers in the U.S: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 545. Payments by U.S. travelers abroad: U.S. balance of payments (Q). •• Department of Commerce, Office of Business Economics (D2) 546. Military sales to foreigners: U.S. balance of payments (Q). -Department of Commerce, Office of Business Economics (D2) 547. U.S. military expenditures abroad: U.S. balance of payments (Q).-- Department of Commerce, Office of Business Economics (D2) 548. Receipts for transportation and other services: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 549. Payments for transportation and other services: U.S. balance of payments (Q).-- Department of Commerce, Office of Business Economics (D2) 560. Foreign direct investments in the U.S.: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 561. U.S. direct investments abroad: U.S. balance of payments (Q). -Department of Commerce, Office of Business Economics (D2) 564. Foreign purchases of U.S. securities: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 854. Ratio, personal saving to disposable personal income (series 292 divided by series 224) (Q). -- Department of Commerce, Office of Business Economics (E2) 565. U.S. purchases of foreign securities: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 855. Ratio, nonagricultural job openings unfilled (series 49) to number of persons unemployed (M). -• Department of Labor, Bureau of Employment Security and Bureau of Labor Statistics; and Department of Commerce, Bureau of the Census (E2) 570. Government grants and capital transactions, net: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 575. Banking and other capital transactions, net: U.S. balance of payments (Q). -- Department of Commerce, Office of Business Economics (D2) 600. Federal Government surplus or deficit, national income and product accounts (Q). -- Department of Commerce, Office of Business Economics (D3) 601. Federal Government receipts, national income and product accounts (Q).-- Department of Commerce, Office of Business Economics (D3) 602. Federal expenditures, national income and product accounts (Q). -- Department of Commerce, Office of Business Economics 856. Real average hourly earnings of production workers in manufacturing, 1957-59 dollars (M). - Department of Labor, Bureau of Labor Statistics (E2) 857. Vacancy rate in rental housing -- unoccupied rental housing units as a percent of total rental housing (Q). -- Department of Commerce, Bureau of the Census (E2) 858. Index of output per man-hour, total private nonfarm (Q). -Department of Labor, Bureau of Labor Statistics (E2) 859. Real spendable average weekly earnings of production or nonsupervisory workers (with 3 dependents) on private nonagricultural payrolls, 1957-59 dollars (M). •- Department of Labor, Bureau of Labor Statistics (E2) (03) 616. Defense Department obligations incurred, total, excluding military assistance (HI). -- Department of Defense, Fiscal Analysis Division; seasonal adjustment by Bureau of the Census (D3) 621. Defense Department obligations incurred, procurement (M). -Department of Defense, Fiscal Analysis Division; seasonal adjustment by Bureau of the Census (D3) 625. Military prime contract awards to U.S. business firms and institutions (M). -- Department of Defense, Directorate for Statistical Services; seasonal adjustment by Bureau of the Census (D3) 647. New orders, defense products industries (M). -- Department of Commerce, Bureau of the Census (D3) 648. New orders, defense products (M). -- Department of Commerce, Bureau of the Census (03) 750. Index of wholesale prices, all commodities (M). - Department of Labor, Bureau of Labor Statistics (D4) 751. Index of wholesale prices, processed foods and feeds (M). -Department of Labor, Bureau of Labor Statistics (D4) 752. Index of wholesale prices, farm products (M). - Department of Labor, Bureau of Labor Statistics (D4) The "D" preceding a number indicates a diffusion index. Diffusion indexes and corresponding aggregate series bear the same number and are obtained from the same sources. See section B for titles and sources of Dl, D5, D6, Dll, 1)19, D23, D41, D47, D54, D58, D61, and section C for D440, D442, D444, D446, D450, D460, D462, D464, D466, and D480. Sources for other diffusion indexes are as follows: D34. Profits, manufacturing, FNCB (Q). - First National City Bank of New York; seasonal adjustment by Bureau of the Census and National Bureau of Economic Research, Inc. (E3) F International Comparisons 19. United States, index of stock prices, 500 common stocks (M). See in section B. 47. United States, index of industrial production (M). See in section B. 121. Organization for Economic Cooperation and Development, European Countries, index of industrial production (M). -Organization for Economic Cooperation and Development (Paris) (F2) 122. United Kingdom, index of industrial production (M) -- Central Statistical Office (London) (F2) 123. Canada, index of industrial production (M). -• Dominion Bureau of Statistics (Ottawa) (F2) 781. Index of consumer prices (M). -- Department of Labor, Bureau of Labor Statistics. (D4, E5, Fl) 782. Index of consumer prices, food (M). -- Department of Labor, Bureau of Labor Statistics (D4) 783. Index of consumer prices, commodities less food (M). -- Department of Labor, Bureau of Labor Statistics (D4) 125. West Germany, index of industrial production (M). - Stattstisches Bundesamt (Wiesbaden); seasonal adjustment by OECD (F2) 126. France, index of industrial production (M). -• Institut National de la Statistique et des Etudes Economiques (Paris) (F2) 784. Index of consumer prices, services (M). -- Department of Labor, Bureau of Labor Statistics (D4) 127. Italy, index of industrial production (M). - Istituto Centrale di Statistica(Rome) (F2) 128. Japan, index of industrial production (M). • • Ministry of International Trade and Industry (Tokyo) (F2) E Analytical Measures 47. Index of industrial production (M), See in section B. 48. Man-hours in nonagr(cultural establishments (M). See in section B. 52. Persona) income (M). See in section B. 54. Sales of retail stores (TV)). See in section B. 55. Index of wholesale prices, industrial commodities (M). See in section B. 200. GNP in current dollars (Q). See in section A. 205. Gross national product in 1958 dollars (Q). See in section A. 206. Potential level of gross national product in 1958 dollars (Q). -Council of Economic Advisers (El) 207. Gap -- the potential GNP (series 206) less the actual GNP (Series205) (Q).--Council of Economic Advisers (El) 781. Index of consumer prices, all items (M). See in section D. 820. Five coincident indicators -- composite index (includes series 41, 43, 47, 52, and 56) (M). See in section B. 850. Ratio, output to capacity, manufacturing (Q). - Board of Governors of the Federal Reserve System, Department of Commerce, and McGraw-Hill Economics Department (E2) 851. Ratio, inventories (series 71) to sales (series 56), manufacturing and trade total (EOM). -- Department of Commerce, Office of Business Economics (E2) 852. Ratio, unfilled orders (series 96) to shipments, manufacturers' durable goods (EOM). -- Department of Commerce, Bureau of the Census (E2) 853. Ratio, production of business equipment to production of consumer goods (M). -- Board of Governors of the Federal Reserve System. (Based upon components of the Federal Reserve index of industrial production.) (E2) 132. United Kingdom, index of consumer prices (M). -- Ministry of Labour (London) (Fl) 133. Canada, index of consumer prices (M). • Dominion Bureau of Statistics (Ottawa) (Fl) 135. West Germany,, index of consumer prices (M). -- Statistisches Bundesamt(Wiesbaden) (Fl) 136. France, index of consumer prices (M). -- In si tut National de la Statistique et des Etudes Economiques (Paris) (Fl) 137, Italy, index of consumer prices (M). -• Istituto Centrale di Statistica(Rome) (Fl) 138. Japan, index of consumer prices (M). -- Office of the Prime Minister (Tokyo) (Fl) 142. United Kingdom, index of stock prices (M). • The Financial Times(London) (F3) 143. Canada, index of stock prices (M). •- Dominion Bureau of Statistics (Ottawa) (F3) 145. West Germany, index of stock prices (M). -- Statistisches Bundesamt(Wiesbaden) (F3) 146. France, index of stock prices (M). -- Institut National de la Statistique etdes Etudes Economiques (Paris) (F3) 147. Italy, index of stock prices (M). -- Istituto Centrale di Statistica(Rome) (F3) 148. Japan, index of stock prices (M). -- Tokyo Stock Exchange (Tokyo) (F3) 781. United States, index of consumer prices (M). See in section D. UNITED STATES GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON, o,c. 20402 OFFICIAL BUSINESS FIRST CLASS MAIL P O S T A G E AND FEES PAID U.S. G O V E R N M E N T P R I N T I N G O F F I C