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ss
TIONS

U.S. DEPARTMENT
OF COMMERCE
BUREAU OF
ECONOMIC ANALYSIS




U.S. DEPARTMENT OF COMMERCE
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System

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

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.

Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address

follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.

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

;USINESS CONDITIONS DIGEST

lew Features and Changes for This Issue

Seasonal Adjustments
/!CD Moving Averages
Reference Turning Dates
'art I. Cyclical Indicators
'art II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

iii

1
1
1
1
4
5
5
6

NOVEMBER 1979
Data Through October
Volume 19, Number 11

Chart

Table

A1
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

B1
B2
B3
B4
B5
B6
B7

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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

C1
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
77
_

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has
been approved by the Director of the Office of Management and Budget through September 1, 1980,






Chart

Table

A1
A2
A3
A4
A5
A6
A7
A8

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

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

B1
B2

Price Movements
Wages and Productivity

48
49

84
87

C1

Civilian Labor Force and Major Components

51

89

D1
D2

Receipts and Expenditures
Defense Indicators

52
53

90
90

E1
E2

Merchandise Trade
Goods and Services Movements

56
57

92
93

F1
F2
F3

Industrial Production
Consumer Prices
Stock Prices

58
59
59

94
95
96

A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 issue)
B. Current Adjustment Factors (October 1979 issue)
C. Historical Data for Selected Series

97

D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")

E. Business Cycle Expansions and Contractions: 1854 to 1975 (July 1979 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (October 1979 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

104
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

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

Changes in this issue are as follows:

1. Appendix C contains historical data for series 26,
110, 243, 245, 247-253, 255-257, 260-263, 265-268, 280,
282-290, 292, 293, 295, 298, 310, 311, 348, and 349 „
2, Appendix G contains cyclical comparisons for series
8, 20, 73, 74, 80, and 82.
The December issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on January 3.



BEA PROJECTS
for economic
analysis




BUSINESS CONDITIONS DIGEST A monthly report for analyzing economic fluctuations over a short span of years.
This report brings together many of the economic time series found most useful by
business analysts and forecasters. The dominant feature is the cyclical indicators
section in which approximately 110 business cycle indicators are each assigned a
three-way timing classification according to their cyclical behavior at peaks, at
troughs, and at all turns. This section also contains other valuable aids for the
analysis of business conditions and prospects, such as composite indexes of leading,
coincident, and lagging indicators and various diffusion indexes. A second section
contains other important economic measures such as prices, wages, productivity,
government activities, U.S. international transactions, and international comparisons.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability. A computer
tape containing data for most of the series is available for purchase.

LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years, 1860-1970.
This report has been developed from available statistics to provide a comprehensive,
long-range view of the U.S. economy. It is a basic research document for economists,
historians, investors, teachers, and students. It brings together under one cover, in
meaningful and convenient form, the complete statistical basis for a study of longterm economic trends. A computer tape file of the time series included in the report
is available for purchase.

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS

The source

statements for FORTRAN IV programs used by BEA in its analysis of
time series are available on a single computer tape.
SEASONAL ADJUSTMENT PROGRAMS.-Two variants of the Census computer
program for measuring and analyzing seasonal, trading-day, cyclical, and irregular
fluctuations. They are particularly useful in analyzing economic fluctuations which
take place within a year. The X - 1 1 variant is used for adjusting monthly data and
the X-11 Q for quarterly data. These programs make additive as well as multiplicative
adjustments and compute many summary and analytical measures.
DIFFUSION INDEX PROGRAM.-A computer program for computing diffusion
indexes, cumulated diffusion indexes, and summary measures of the properties of
each index.

SURVEY OF CURRENT BUSINESS
current economic developments.

A

monthly report for analyzing

This report provides a useful combination of current data for more than 2,500
statistical series and significant articles analyzing economic developments. These
data and analyses include such areas as the national income and product accounts,
the balance of payments accounts, plant and equipment expenditures, regional
personal income, and the input-output accounts.

A
BUSINESS STATISTICS
biennial reference volume containing statistical series reported currently in the Survey of Current Business.

This report provides historical data back to 1947 for nearly 2,500 time series. The
series are accompanied by concise descriptions as to their composition, methods of
compilation, comparability, revisions, and availability. Also listed are the names and
addresses of organizations which provide the basic data for the series.

IV

METHOD OF PRESENTATION

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

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

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



The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to periodic review by NBER and on occasion are
changed as a result of revisions in important
economic time series. The dates shown in this publication for the 1948-1970 time period are those
determined by a 1974 review. The turning dates for
the 1973-1975 period are detailed in NBER's 1976
Annual Report.

Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity-that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

A. Timing at Business Cycle Peaks
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
AND CREDIT
(26 series)

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

Capacity
utilization
(2 series)

New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)

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

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

Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)

Comprehensive
employment
(1 series)

Comprehensive
output and
real income
(4 series)
1 ndustrial
production
(4 series)

Consumption
and trade
(4 series)

Backlog of
investment
commitments
(1 series)
Business
investment
expenditures
(5 series)

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

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

Business
investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

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

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

1 nventories on
hand and on
order
(4 series)

1 nterest rates
(1 series)

B. Timing at Business Cycle Troughs
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS
(4 7 ser i es )

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

TIMING
UNCLASSIFIED
(U)
(1
FRASER series)

Digitized for


1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)

Inventory
investment
(4 series)

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

Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

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

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Profits
(2 series)

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

Unfilled orders
(1 series)

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

Unit labor costs
and labor share
(4 series)

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

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

1 nventories on
hand and on
order
(5 series)

VII.
MONEY
AND C R E D I T

(26 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The mam composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
w e l l - e s t a b l i s h e d d i f f e r e n c e s in t i m i n g .
Consequently, rough coincidences include short
leads (-) and lags (-h) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through 4-1 at peaks and from -1 through
f 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident



indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. "L" denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
i n c l u d i n g the 22 i n d i c a t o r s used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with s e l e c t f :
measures and scores, is provided in the 197?
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move ovei r
given timespan is summarized by a diffusion md-x
which indicates the percentage of components thn
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion index1.,
are highly erratic, they are computed from chan^ v
measured over 6- or 9-month (or 3- or 4-quarter
spans, as well as 1-month (or 1-quarter) spans
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and lor the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions, indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic a c t i v i t y : GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultura! establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case tor
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
This part is divided into six sections which cover
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
still others relate to U.S. international transactions (A4) is the compensation of government employees
or to selected foreign countries. The represented and purchases from business and from abroad. It
v a r i a b l e s i n c l u d e i n c o m e s , o u t p u t s , a n d excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
l a b o r r e s o u r c e s ; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts,
included in the components of GNP and are
compiled by BEA, summarize both receipts and t h e r e f o r e d e d u c t e d . More detail on U.S.
final expenditures for the personal, business,
international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product,
originate in the production of goods and services
final sales, and personal and disposable personal
attributable to labor and property supplied by
income. The four major components of the gross
residents of the United States. Thus, it measures
national product—personal consumption
the factor costs of the goods and services proexpenditures, gross private domestic investment,
duced. It consists of the compensation of
government purchases of goods and services, and
employees, proprietors' income, rental income of
net exports of goods and services—are presented in
persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts,
business saving (mainly undistributed corporate
briefly defined below, are described more fully in
profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market
major e x p e n d i t u r e components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the
percentages of GNP, and the major income
United States, before deduction of allowances for
components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and wholesale price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal
reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business product. Data on both levels and percent changes are
payments to government.
Personal consumption expenditures (A2) is presented for the period since 1968.
The group of series on wages and productivity
goods and services purchased by individuals,
consists of data on average hourly earnings and
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.

http://fraser.stlouisfed.org/
4
Federal Reserve Bank of St. Louis

Section C. Labor
Unemployment

Force, Employment, and

This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1968) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1968) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

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

Diffusion Indexes

Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman
number indicates
latest quarter used in computing the changes.

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

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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Bask data 1
Timing
classification 3

Series title

Percent change
1

Unit
of
measure

Average
Isf Q
1979

2d Q
1979

3d Q
1979

Aug.
1979

Sept.
1979

Sept.
to
Oct.
1979

Aug.
to
Sept.
1979

Oct.
1979

1st Q
to
2d Q
1979

2d Q
to
3dQ
1979

3

1977

1978

1967=100
do. . ..
do. . . .

136 4
131*3
125.4

141.8
140 !l
143.1

142 8
145.4
158.2

140 1
144.9
162.8

140 0
144.' 9
167.6

139 8
144.8
166.7

140 1
144.8
170.9

I O p 0
1J O . 0

0

145.3
179.3

0.0
2.5

n Q
—u. y
0.3
4.9

I
— iQ y
.
-0.3
2.9

— 0.1
0.0
2.9

91
92
93

L,L L

do.

L,'L]L
L,L,L

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

97.2
113*4
103.8
95.2
145*1

98.1
115.*7
106.2
93.2
149.0

98.3
114.' 6
108.0
92.5
146.* 5

96.2
114.0
107.0
91.9
14s!o

96.0
114*6
104.9
NA
146.7

95.4
114*2
105.1
92.0
14 6.' 9

96 2
11 5. * 7
104.0
NA
146.5

96 6
113.3
104.3
NA
145.5

0 8
1.3
-1.0
NA
-0.3

0 4
-2.1
0.3
NA
-0.7

—2 1
-0*5
-0.9

n 9
—u./
0.5
-2.0

Q 1
yi
91
91
91
91

Maiginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
i.i,i
21. Avg. weekly overtime, prod, workers, mfg. 2
L,C,L
2. Accession rate, per 100 employees, mfg. 2 . . . .
L,L,L
5. Avg. weekly initial claims (inverted 4 )
L,C,L
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 .. L,L,L
4. Quit rate, per 100 employees, mfg. 2
L,Lg,U

Hours
do. . . .
Percent
Thousands. .
Percent
do. . . .

40.3
3.5
4.0
371
1.1
1.8

40.4
3.6
4.1
339
0.9
2.1

40.6
3.7
4.2
346
0.9
2.2

39.8
3.2
4.0
393
1.1
2.0

40.1
3.2
3.8
392
1.3
1.9

40.1
3.2
3.7
395
1.5
1.9

40.1
3.2
3.8
382
1.2
1.9

40.1
3.2
4.1
399
1.1
2.0

0.0
0.0
0.1
3.3
0.3
0.0

0.0
0.0
0.3
-4.5
0.1
0.1

-2.0
-0.5
-0.2

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed 2
46. Help-wanted advertising

L,Lg,U
L,Lg,U

Ratio
1967-100...

0.518
118

0.738
149

0.802
158

0.780
154

0.777
156

0.750
155

0.791
159

0.799
166

0.041
2.6

0.008
4.4

u,c,c
u,c,c
C,C,C
L,C,U

A.r., bil. hrs..
Thousands. .
do. . . .
do. . . .

156.63
87,302
82,423
24,346

163.84
91,031
86,446
25,598

168.16
93,301
88,724
26,486

168.09
93,205
89,353
26,630

169.34
93,880
89,773
26,638

169.10
93,578
89,762
26,599

169.64
94,113
89,845
26,591

169.62
94,005
90,151
26,623

0.3
0.6
0.1
0.0

0.0
-0.1
0.3
0.1

U,Lg,U

Percent

57.10

58.60

59.39

59.06

59.31

59.12

59.42

59.16

0.30

6,855
7.0
3.9
14.3
2.0

6,047
6.0
3.2
11.9
1.4

5,878
5.7
3.0
11.4
1.2

5,880
5.7
3.0
10.8
1.2

5,994
5.8
2.9
10.4
1.1

6,149
6.0
3.0
10.5
1.2

5,985
5.8
2.9
10.6
1.1

6,182
6.0
2.9
10.5
1.2

2.7
0.2
0.1
-1.0
0.1

1340.5 1399.2 1430.6 1422.3 1434.4
1 0 9 3 . 0 1147.6 1176.5 1175.7 1181.0 1182.2 1177.8
9 9 7 . 8 1025.8 1024.3 1022.8 1023.5 1020.0
944.3

1180.6
1022.3

-0.4
-0.3

I. CYCLICAL INDICATORS
A. Composite Indexes
910 Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability. . .
917. Money and financial flows

L,L,L

c.c'c

i Lg,Lg,Lg
:

L,L,L

L,L!L .

9
./

_Q

g

-1.0

1.2

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age 2

Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
L,Lg,U Thousands . .
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U Percent
4 2
45. Avg. weekly insured unemploy- rate (inv. ) . . L,Lg,U
do. .. .
*91. Avg. duration of unemployment (inverted 4 ) . . Lg.Lg.Lg Weeks
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 . . Lg,Lg,Lg Percent

-13.6
-0.2
-0.2

-0.022

0.8
0.0
-0.2
0.3
-0.2
-0.1

2

-3.3
-0.2
0.0
0.9
-0.1

6
4

0 .7
0.7
0 .5
0.0

4
4
4
4

0.25

9

0.0
0.0
0.0
5.3
0.0

-1.9
-0.1
0 .1
3 .7
0.1

3
4
4
9
4

-0 . 6

-0.26

-0.003
1.3

-0.1
-0.1

0.9
0.5
-0.1

5
5
5

-2.5

0.0
-0.1

0.7
0.5

-0.33

B2. Production and Income
Comprehensive Output and Income:
50 GNP in 1972 dollars
52. Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars ..
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47. industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . .

C,C,C
C,C,C

c,c,c

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

c,c,c

do. . . .

C,C,C
C,C,C
C,L,L

c,c,c

L.C.U
L,C,U

1967=100..
do. . . .
do. . . .
A.r., bil. dol.

Percent
do. . . .
do.

0.2
0.2

231.9

243.5

250.7

247.8

244.0

243.1

242.8

242.4

-0.1

-0.2

-1.2

-1.5

5

138.2
130.0
150.5
615.6

146.1
139.7
156.9
639.5

152.2
147.5
161.9
658.6

151.9
146.6
162.5
647.3

152.2
145.7
164.3
652.2

151.6
144.2
164.4

152.3
145.8
164.3

152.5
145.5
164.8

0.5
1.1
-0.1

0.1
-0.2
0.3

-0.2
-0.6

0.2
-0.6
1.1
0 .8

4
7
7
4

82.0
83
82.7

84.4
84
85.6

85.9
83
87.3

85.4
NA
87.2

-0. 5
NA
-0.1

8
8
8

-1.9
-3.7
-2.9
-2.38
1.0
-19

2
9
3

86.7
84
88 . 0

0.4

-1 .7
-0.8

-1
-0.7

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6 New orders durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32 Vendor performance 2 ^^
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars ..
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores, 1972 dollars
55. Personal consumption expend., autos
58. Index of consumer sentiment ©
.

1 1 L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L

Bil. do!
do. . . .
do. . . .
Bil. dol., EOP
Percent

78 .01
76.32
74.86
74.03
74.76
70.16
81.35
59.58
39.42
41.46
41.34
39.79
41.17
38.92
45.20
38.35
35.94
37.54
36.04
36.29
36.26
39.51
37.11
35.36
3.20
0.82
-0.39
3.90
1.57
3.66
-0.83
6.88
184.32 228.18 2 4 8 . 8 4 2 5 8 . 4 6 260.92 2 5 7 . 0 3 260.92 260.09
74
55
55
51
50
64
75
55

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

Bil. dol
do. . . .
1967=100.. .
Mil. dol
do. . . .
A.r., bil. dol.
I Q 1966=100

224,53
147.61
145.3
60,335
42,644
61.7
86.8

254.10
156.21
149.1
64,972
44,208
68.0
79.4

277.75
161.11
151.7
71,341
44,935
74.0
71.5

282.15
158.95
151.0
71,694
44,003
68.2
66.6

292.84
160.10
149.6
74,636
44,939
67.2
63.9

292.89
160.23
148.3
74,794
45,084

L,L,L
L,L,L

1967=100 ..
Number. . . .

126.5
36,509

132.9
39,985

130.5
132.0
42,371 43,046

NA
NA

131.4
NA

c,c,c

64.5

5 .4
4.4
1.0
4.29
1.5
-4

-4 .2
-5.5
-0.1
-4.73
-0.3
-I

297.08
NA
160.77
NA
149.8
150.3
76,745 75,452
45,873 44,752

1.4
0.3
1.0
2.6
1.8

NA
NA
0.3
-1.7
-2.4

62.1

3.4

-6.9

NA
NA

NA
NA

66.7

-6.2
-8.5
-6.1

-3.68
3.9
-I

1.6
-1.3
-0.5

0.5
-2.1
-7.8
-6.9

3.8
0.7
-0.9
4.1
2.1
-1 . 5
-4.1

5
5
7
5
5
5
5

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
1 3. New business incorporations




NA
NA

MA
NA

-1.1

1.6

NA
NA

1
1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data 1
Series title

Timing
classification 3

Unit
of
measure

Percent change

Average
1977

1978

1st Q
1979

2d Q
1979

3d Q
1979

Aug.
1979

Sept.
1979

Aug.
to
Sept.
1979

Oct.
1979

Sept.
to
Oct.
1979

1st Q
to
2d Q
1979

2d Q
to
3d Q
1979

1
~,
c

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods Indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, f l o o r space
1 1. New capital appropriations, mfg
97. Backlog of capital appropriations, rnfg. 5 . . . .
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. fixed investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits', private housing
89. Fixed investment, residential, 1972 dol

13.04

22.01

26.10

24.31

24.05

23.53

25.11

23.25

6.7

-7.4

-6.9

-1.1

1

L,L,L
L.L.L

do. . . .
do. . . .

12.05
15.08

13.60
18.30

15.63
22.75

14.12
21.16

13.59
21.06

13.22
20.74

14.25
22.20

13.11
20.12

7.8
7.0

-8.0
-9.4

-9.7
-7.0

-3.8
-0.5

2
2

L,L,L

do. . . .

10.12

11.42

13.82

12.46

12.07

11.80

12.78

11.52

8.3

-9.9

-9.8

-3.1

2

L,C,U Mil. s q . f t . ..
U,Lg,U Bil. dol
C,Lg,Lg Bil.dol., EOP

62.96
15.99
56.50

80.73
16.78
63.43

98.92
22.58
68.68

88.25
21.03
70.15

88.17
22.52
73.73

83.85

92.17

93.15

9.9

-10.8
-6.9
2.1

-0.1
7.1
5.1

1
9

4.5

1.0

6

L,L,L

Bil.dol

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

135.80 153.82 165.94 173.48 175.29

do. . . .
C,Lg,Lg
C,Lg,U 1967-100...
C,Lg,C A.r., bil. dol.

194.45
147.8
129.3

230.22
160.3
140.1

L,L,L
L,L,L
L,L,L

A.r., thous. .
1967=100...
A.r., bil. dol.

1,987
144.9
57.7

2,018
145.4
60.1

L,L,L

do. . . .

13.1

14.1

12.3

18.1

7.9

L,L,L
L,L,L
L,L,L

do. . . .
. . . . . d o . .. .
Bil.dol

12.36
27.4
0.88

18.98
41.5
2.04

21.09
49.1
4.33

17.41
56.3
2.51

12.06
45.4
1.27

Lg,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg

Bil.dol., EOP
do, . . .
do. . . .

1.1

260.69
169.3
147.2

263.24
170.5
146.9

289.15
171.8
151.0

1,615
121.1
57.7

1,834
128.5
56.7

1,831
133.5
56.6

288.41 306.07
171.1
172.8

NA
170.6

6.1
1.0

NA
-1.3

1.0
0 .7
-0.2

9.8
0.8
2.8

6
7
8

1,760
124.6

6.6
7.3

-7.9
-13.1

13.6
6.1
-1.7

-0.2
3.9
-0.2

2
2
8

1,793
133.6

1,911
143.4

5.8

-10.2

3

13.82
37.6
2.63

7.33
4.8
1.20

NA
NA
NA

-6.49
-32.8
-1.43

NA
NA
NA

-3.68
7.2
-1.82

-5.35
-10.9
-1.24

3
3
3

3 3 8 . 1 0 3 7 9 . 6 3 3 9 1 . 8 9 4 0 5 . 9 7 4 1 7 . 3 1 416.91 417.31
2 3 6 . 8 2 2 4 9 . 5 9 2 5 2 . 2 4 256.18 2 5 7 . 8 5 2 5 9 . 3 8 2 5 7 . 8 5
58.88
63.80
65.67
68.26
69.00
69.92
69.92

NA
NA
NA

0.1
-0.6
1.3

NA
NA
NA

3.6
1.6
3.9

2.8
0.7
2.4

7
7
6

1.60

NA

-0.02

NA

0.05

0.01

7

1 4 3 . 5 0 1 6 7 . 9 5 1 8 0 . 9 3 1 8 8 . 4 6 1 9 2 . 2 8 191.08 1 9 2 . 2 8

NA

0.6

NA

4.2

2.0

7

2.16
307.7

-0.19
-0.3

0.38
3.5

0.13
7.6

-0.06
1.2

9
2

101.18 1 0 6 . 2 2 1 0 7 . 3 6 1 0 8 . 6 0 1 0 4 . 4 7

1.2

-3.8

1.8

5.0

1

1
1
7
8
1
2

B5. Inventories and Inventory Investment
Inventory Investment.
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Dig. in book value, mfg, and trade invent.2 ..
38. dig. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invert., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order 5

Lg,Lg,Lg Ratio

1.57

L,Lg,Lg Bil.dol., EOP

1.57

1.56

1.61

1.62

1.62

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Industrial materials prices®

L,L,L
U,L,L

Percent
1967=100...

0.69
210.4

1.22
231.0

1.84
273.4

Stock Prices:
*19. Stock prices, 500 common stocks®

L,L,L

1941-43-10-

98.20

96.02

99.35

Profits and Profit Margins:
1 6. Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars . . .
79. Corp. profits after taxes, with I VA and CCA . .
80
do
in 1972 dol
1 5. Profits (after taxes) per dol. of sales, mfg, 2 . . .
26. Ratio, price to unit labor cost, nonfarm bus

L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L

A.r., bil. dol.
.....do. ...
do. . . .
.....do. ...
Cents
1967=100...

104.5
72.6
77.3
54.0
5.3
96.9

121.5
78.5
83.1
54.2
5.4
95.6

142.0
87.3
87.6
54.4
6.0
94.7

139.3
83.7
87.9
53.4
5.6
94.4

147.9
86.8
86.4
51.4
NA
94.2

-1.9
-4.1
0.3
-1.8
-0.4
-0.3

6.2
3.7
-1.7
-3.7
NA
-0.2

Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars

L,L,L
L,L,L

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

171.7
115.4

194.1
121.5

216.0
129.8

217.3
127.4

228.0
130.4

0.6
-1.8

4.9
2.4

3
3

Lg,Lg,Lg 1967=100.. .

179.7

194.2

205.9

211.7

216.6

2.8

2.3

6

Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100...

0.951
154.3

1.020
164.1

1.075
171.5

1.104
174.2

1.125
176.0

2.7
1.6

1.9
1.0

6
6

75.8

75.7

75.5

75.9

75.9

0.4

0.0

6

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income 2

Lg,Lg,Lg Percent

1.97
294.1

1.91
297.6

1.97
298.1

176.3

1.78
29.7.3

176.8

178.4

0.3

0.9

B7. Money and Credit
Money:
85 Change in money sjpply (M1 ) 2
102. Change in money sjpply plus time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
105 Money supply (Ml) 1972 dollars
*106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply ( M l ) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
1 1 2.
113.
1 10.

Flows:
Change in mortgage debt 2
Change in business loans 2
Change in consumer installment debt 2
Total private borrowing




L,L,L

Percent. . . .

0.64

0.54

-0.21

0.92

0.79

0.59

0.94

0.21

0.35

-0.73

1.13

-0.13

8

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

do. . . .
do. . . .
Bil.dol. . . . .
do. . . .

0.74
0.91
225.9
538.0

0.66
0.86
226.1
542.5

0.14
0.86
216.9
529.9

0.94
0.79
214.1
524.3

1.00
0.89
212.7
523.8

0.92
0.89
212.5
523.7

1.02
0.87
212.2
523.4

0.72
0.84
210.6
522.0

0.10
-0.02
-0.1
-0.1

-0.30
-0.03
-0.8
-0.3

0.80
-0.07
-1.3
-1.1

0.06
0.10
-0.7
-0.1

10
10
10
10

c,c,c

Ratio. . . . . .
. . . ..do. . . .

5.802
1.964

6.028
2.028

6.383
2.112

6.367
2.112

6.393
2.109

2.109

2.102

2.104

-0.007

0.002

0.026
-0.016
0.0
-0.003

10
10

82.04
30.38
29.35

88.52
44.82
53.35

6.48
14.44
24.00

NA
-39.76
NA

-3.50
6.79
-2.54
7.4

3
11
11
11

C,Lg,C

L,L,L
L,L,L
L,L,L
L,L,L

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

dol.
.. .
...
...

80.10
90.83
89.44
87.67
85.94
7.46
14.27
21.97
31.79
38.58
34.96
44.35
41.02
39.88
37.34
281.76 3 4 6 . 6 3 3 4 6 . 4 1 372.41 3 9 9 . 9 2

NA
5.06
NA

1.77
9.82
-1.14
7.5

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

Basic data'
Timing
classification3

Series title

Unit
of
measure

Average
1977

1978

1st Q
1979

2d Q
1979

NA
2.45

1
^

1st Q
to
2d Q
1979

2d Q
to
3d Q
1979

NA
NA

NA
-0.12

NA
-0.14

1
3

343
248

350
677

455
368

-141
-150

9
9

13.77
11.47
9.44
11.17
7.08
12.94

0.49
0.73
0 .26
0.30
0.32
0.79

2.34
1.29
0.76
1.30
0.56
1.57

14.39

0.99

1.49

0.11
0.01
0.0
0.13
-0.15
NA
0.07
-0.03

0.77
0.26
0.04
-0.04
0.06
NA
-0.03
0.40

11
11
11
11
11
11
6
10

Aug.
to
Sept.
1979

3d Q
1979

Aug.
1979

Sept.
1979

NA
2.59

NA
2.47

NA
2.59

NA
NA

NA
-0.12

- 7 3 3 -1,188 - 1 , 0 4 7
989
1,357
1,207

-904
1,097

-1,247
1,345

-1,597
2,022

10.94
9.45
8.42
9.57
6.20
10.58

11.43
10.18
8.68
9.87
6.52
11.37

11.91

12.90

Oct.
1979

Sept.
to
Oct.
1979

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv. 4 )®
39. Delinquency rate, instal. loans (inv. 4 ) 2 5 . . . .

L,L,L
L,L,L

Mil.dol
Percent, EOP

Bank Reserves:
93 Free reserves (inverted 4 ) 2 ©
94. Borrowing from the Federal Reserve 2 ©

L,U,U
L,Lg,U

Mil.dol
do. . . .

-253
462

-679
872

L,Lg,Lg
C,Lg,Lg
C,Lg,Lg

Lg-Lg-Lg
u,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg

Percent
do.
do.
do.
do.
do.
do.
do.

5.54
5.26
7.06
8.20
5.68
8.72
7.84
6.82

7.94
7.22
7.89
8.98
6.02
9.75
9.80
9.06

Lg,Lg,Lg

Bil.dol., EOP

Interest Rates:
119. Federal funds rate 2 ®
114. Treasury bill rate 2 ©
1 1 5. Treasury bond yields 2 ®
116. Corporate bond yields 2 ®
117 Municipal bond yields 2 ©
118. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans 2 ®
*109. Average prime rate charged by banks 2 ®
Outstanding Debt:
66 Consumer installment debt 5
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
*95. Ratio, consumer install, debt to pers. income 2 .

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

Lg,Lg,Lg Bil. dol
Lg,Lg,Lg Percent

2 5 7 . 9 4 221.33 182.36
2.36
2.33
2.45

10.07
9.36
8.44
9.55
6.37
10.25
12.27
11.75

10.18
9.37
8.44
9.68
6.22
NA
12.34
11.72

NA

1.5

NA

3.6

3.2

6

1 4 2 . 9 4 151.46 151.06 1 5 4 . 7 9 1 5 5 . 2 2
15.04
15.06
15.08
15.17
NA

2.5
0.13

0.3
NA

5.1
0.26

6.0
0.02

7
9

223.28 267.63 277.88 287.85
113.13
13.46

126.31 1 3 5 . 9 4
14.34
14.80

10.95
9.63
8.48
9.64
6.28
10.80
12.31
12.12

297.19 292.74

297.19

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1 . Price Movements
310.
320.
320c.
322.
330.
331.
332.
333.
334.

1972-100.. .
1967-100...
Percent
1967=100...

141.7
181.5
0.5
192.2

152.0
195.4
0.7
211.4

160.2
207.0
1.0
227.7

163.8
214.1
1.1
233.9

167.0
221.1
1.1
235.7

221.1
1.1
235.0

223.4
1.1
237.1

225.4
1.0
238.9

1.0
0.0
0.9

0.9
-0.1
0.8

2.2
3.4
0.1
2.7

2.0
3.3
0.0
0.8

31
32
32
32

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

194.2
214.3
201.7
184.5
178.9

209.3
240.2
215.5
199.1
192.6

223.9
270.2
229.2
210.1
206.2

231.8
276.0
237.4
215.3
211.0

238.8
285.0
246.8
218.3
217.9

238.1
283.1
246.5
218.2
217.7

241.7
289.0
250.2
218.8
221.7

245.2
293.2
254.6
221.4
223.9

1.5
2.1
1.5
0.3
1.8

1.4
1 .5
1.8
1.2
1.0

3.5
2.1
3.6
2.5
2.3

3.0
3.3
4.0
1.4
3.3

33
33
33
33
33

do. . . .

196.8

212.9

223.9

227.8

232.4

232.2

234 .2

234.9

0.9

0.3

1.7

2.0

34

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

108.4
209.4
115.4
118.8

109.0
228.7
117.0
120.1

107.9
239.4
115.5
118.9

106.2
244 .1
114.0
118.2

105.2
249.1
112.9
118.0

105.1

104.8

104.2

-0.3

-0.6

-1.6
2.0
-1.3
-0.6

-0.9
2.0
-1.0
-0.2

34
34
34
37

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 1 6-19 years of age

Millions . . . .
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .

97.37
90.54
6,855
2,727
2,486
1,642

100.42 102.47 102.30 103.20 103.05
96.41
97.21
96.90
94.38
96.60
5,880
5,994
6,047
5,878
6,149
2,129
2,273
2,300
2,252
2,178
2,324
2,181
2,213
2,209
2,236
1,512
1,537
1,525
1,559
1,519

103.50
97.51
5,985
2,271
2,153
1,561

103.47
97.29
6,182
2,330
2,279
1,573

0.4
0.6
-2.7
-1.3
-7.4
2.4

0.0
-0.2
3.3
2 .6
5.9
0.8

-0.2
-0.2
0.0
-2.2
1.5
1.2

0.9
0.8
1.9
6.8
-0.2
-1.6

44
44
3
44
44
44

Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age 2

Percent
do. ..
do. . . .

79.7
48.1
56.2

79.8
49.6
58.0

80.2
50.3
58.7

79.7
50.2
57.9

79.8
50.9
57.5

79.8
51.0
58.1

79.6
50.9
57.8

0.1
0.0
1.7

-0.2
-0.1
-0.3

-0.5
-0.1
-0.8

0.1
0.7
-0.4

45
45
45

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

375.4
421.7
-46.3
298.8
271.9
26.8

432.1
459.8
-27.7
331.0
303.6
27.4

475.0
486.8
-11.7
343.9
316.3
27.6

485.8
492.9
-7.0
345.9
326.1
19.7

505.3
516.7
-11.3
360.0
334.3
25.7

2.3
1.3
4.7
0.6
3.1
-7.9

4.0
4.8
-4.3
4.1
2.5
6.0

50
50
50
51
51
51

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

9 , 8 7 9 10,372 10,948 10,293
4,548
4,580
5,115
5,545
3,109
3,468
3,247
2,755
106.0
103.4
93.7
99.0

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A 2
CPI, food
Producer prices (PPI), all commodities®
PPI, crude materials
PPI, intermediate materials
PPI, capital equipment
PPI, finished consumer goods

i

do.
do.
do.
do.
do.

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341 . Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector

do.
do.
do.
do.

C. Labor Force, Employment, and
Unemployment
441 .
442.
37.
444.
445.
446.
Labor
451 .
452.
453.

79.7
51.0
56.4

D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
511.
512.
510.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt. surplus or deficit 2

517.
525.
548.
564.

Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases

D2. Defense Indicators

NA
NA
4,293

NA
NA
2,352

NA
NA
41.5

NA
NA
-45.2

-6.0
-18.0
-4.2
2.5

NA
NA
3.2
2.8

51
52
54
56

10,117 11,959 1 3 , 6 9 7 1 4 , 2 6 1 1 5 , 7 7 4 15,821 1 5 , 8 3 2
3,141
3,059
2,635
3,101
2,481
1,985
2,483
3,241
3,153
2,866
3,139
2,810
1,852
2,500
1 2 , 3 0 8 1 4 , 3 3 7 1 5 , 4 3 7 1 6 , 4 3 8 1 7 , 8 7 3 18,177 18,666
4,856
5,570
4,011
5,060
3,462
3,264
3,593
1,926
2,113
1,849
1,846
1,725
1,753
1,323

NA
NA
NA
NA
NA
NA

0.1
-2.6
-2.7
2.7
14.7
-12.5

NA
NA
NA
NA
NA
NA

4.1
6.2
2.0
6.5
11.6
5.3

10.6
17.7
9.5
8.7
26.2
4.3

60
60
60
61
61
61

NA 11,116
NA
NA
3,210
3,033
109.0

E. U.S. International Transactions
E1. Merchandise Trade
602.
604.
606.
612.
614.
616.

Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts




,

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

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

Basic data 1
Series title

Unit
of
measure

Percent change

Average

2d Q
1978

3d Q
1978

4th Q
1978

1st Q
1979

2d Q
1979

3d Q
1979

4th Q
to
1st Q
1979

2d Q
to
3d Q
1979

1st Q
to
2d Q
1979

Series number

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

1976

1977

1978

28,686
31,013
-2,326
7,322
3,328
42,940
40,540
2,400

30,204
37,922
-7,718
8,147
3,650
46,149
48,505
-2,356

35,471
44,018
-8,547
10,866
5,455
55,212
57,416
-2,203

35,267
43,174
-7,907
10,256
5,402
54,225
56,338
-2,113

36,491
44,503
-8,012
10,526
5,574
56,222
58,216
-1,994

39,315
45,684
-6,369
12,907
6,308
61,317
60,316
1,001

41,348
47,463
-6,115
14,115
7,251
64,893
63,156
1,737

42,792 47,580
50,508 54,542
-7,716 - 6 , 9 6 2
NA
15,161
NA
7,763
NA
67,563
NA
67,146
NA
417

5.2
3.9
254
9.4
14.9
5.8
4.7
736

3.5
6.4
-1,601
7.4
7.1
4.1
6.3
-1,320

11.2
8.0
754
NA
NA
NA
NA
NA

618
620
622
651
652
668
669
667

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

1273.0
1702.2
1266.4
1184.5
891.8
5,915
4,144

1340.5
1899.5
1327.4
1305.1
929.5
6,180
4,285

1399.2
2127.6
1385.1
1458.4
972.6
6,401
4,449

1395.2
2104.2
1379.6
1437.3
966.1
6,390
4,426

1407.3
2159.6
1395.1
1476.5
976.2
6,431
4,462

1426.6
2235.2
1414.6
1524.8
991.5
6,506
4,522

1430.6
2292.1
1418.4
1572.2
996.6
6,512
4,536

1422.3
2329.8
1404.1
1601.7
993.0
6,460
4,510

1434.4
2395.4
1426.5
1639.4
993.5
6,499
4,501

0.3
2.5
0.3
3.1
0.5
0.1
0.3

-0.6
1.6
-1.0
1.9
-0.4
-0.8
-0.6

0.9
2.8
1.6
2.4
0.1
0.6
-0.2

50
200
213
224
225
217
227

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

925.9
820.6
861.7
894.8
905.3
915.0
900.8
920.3
921.8
146.7
147.8
147.5
152.1
146.3
126.6
138.2
150.2
144.8
339.4
344.7
344.1
349.0
332.7
321.5
343.3
351.9
348.1
430.6
410.8
407.6
426.1
372.5
390.8
413.1
416.3
423.5
1 0 8 9 . 9 1210.0 1 3 5 0 . 8 1331.2 1 3 6 9 . 3 1415.4 1 4 5 4 . 2 1 4 7 5 . 9 1 5 2 7 . 7
200.3
203.5
212.1
212.5
157.4
178.8
200.3
213.8
208.7
604.1
530.6
521.8
536.7
558.1
571.1
581.2
443.9
481.3
711.2
488.5
549.8
619.8
609.1
629.1
645.1
686.0
669.3

0.2
-1.2
-1.1
1.7
2.7
0.8
2.3
3.8

-0.7
-3.6
-1.1
0.6
1.5
-2.4
1.8
2.5

1.2
1.0
1.4
1.1
3.5
1.8
3.9
3.7

231
233
238
239
230
232
236
237

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

Merchandise sxports
Merchandise imports
Merchandise trade balance 2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
Imports of goods and services
....
Balance on goods and services 2

Mil. dol

do
do
.do
do
do
do
do

A. National Income and Product
A1. GNPand Personal Income
50.
200.
213.
224.
225.
217.
227.

G N P i n 1972 dollars
GNP in current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars . . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 dol. ..

A2. Personal Consumption Expenditures
231
233.
238.
239
230
232.
236.
237

Total 1972 dollars
Durable goods, 1972 dollars
Nondurable goods, 1972 dollars
Services 1972 dollars
Total current dollars
Durable goods, current dollars
Nondurable goods, current dollars
Services current dollars
A3. Gross Private Domestic Investment

241.
243.
30.
240.
242.
245.

do
do
do
do
do
do

173.4
166.8
6.6
243.0
233.0
10.0

200.1
186.9
13.1
303.3
281.3
21.9

214.3
200.2
14.1
351.5
329.1
22.3

216.8
201.2
15.6
352.3
326.5
25.8

214.0
201.8
12.2
356.2
336.1
20.0

217.4
205.5
12.0
370.5
349.8
20.6

217.2
204.9
12.3
373.8
354.6
19.1

221.7
203.5
18.1
395.4
361.9
33.4

215.5
207.6
7.9
393.7
378.4
15.3

-0.1
-0.3
0.3
0.9
1.4
-1.5

2.1
-0.7
5.8
5.8
2.1
14.3

-2.8
2.0
-10.2
-0.4
4.6
-18.1

241
243
30
240
242
245

do
do
do
do
do
do

Total, 1972 dollars
Total fixed investment, 1972 dollars
Change in business inventories, 1972 dol. 2 . . . .
Total, current dollars
Total f i x e d investment, current dollars
Chg. in bus. inventories, current dol. 2

263.3
96.4
166.9
361.3
129.7
231.6

268.5
100.6
167.9
396.2
144.4
251.8

273.2
98.6
174.6
435.6
152.6
283.0

271.3
96.6
174.7
428.3
148.2
280.1

274.7
98.5
176.2
440.9
152.3
288.6

276.0
99.3
176.6
453.8
159.0
294.8

274.7
101.1
173.6
460.1
163.6
296.5

272.4
98.1
174.3
466.6
161.7
304.9

273.3
97.8
175.6
477.5
162.7
314 .8

-0.5
1.8
-1.7
1.4
2.9
0.6

-0.8
-3.0
0.4
1.4
-1.2
2.8

0.3
-0.3
0.7
2.3
0.6
3.2

261
263
267
260
262
266

96.1
80.4
15.8
163.3
155.4
8.0

98.4
88.2
10.3
175.9
185.8
-9.9

108.9
97.9
11.0
207.2
217.5
-10.3

109.2
96.9
12.3
205.7
213.3
-7.6

111.9
98.5
13.3
213.8
220.6
-6.8

113.8
101.0
12.9
224.9
229.4
-4.5

117.0
100.0
17.0
238.5
234.4
4.0

116.0
102.9
13.2
243.7
251.9
-8.1

122.0
102.4
19.7
266.8
270.3
-3.5

2.8
-1.0
4.1
6.0
2.2
8.5

-0.9
2.9
-3.8
2.2
7.5
-12.1

5.2
-0.5
6.5
9.5
7.3
4.6

256
257
255
252
253
250

1 3 5 9 . 8 1 5 2 5 . 8 1 7 2 4 . 3 1 7 0 3 . 9 1 7 5 2 . 5 1 8 2 0 . 0 1 8 6 9 . 0 1 8 9 7 . 9 1941.6
1 0 3 7 . 8 1156.9 1 3 0 4 . 5 1 2 8 8 . 2 1321.1 1 3 6 4 . 8 1411.2 1 4 3 9 . 7 1 4 7 2 . 9
115.0
117.4
89.3
100.2
116.8
125.7
129.0
130.1
129.3
169.4
175.2
126.8
150.0
167.7
181.0
184.8
178.9
176.6
24.4
22.1
24.7
25.9
26.8
26.6
27.1
26.8
27.3
106.8
83.8
94.0
109.5
117.6
122.6
125.6
131.1
111.9

2.7
3.4
2.6
-3.2
0.7
4.3

1.5
2.0
0.2
-1.3
-1.8
2.4

2.3
2.3
0.6
2.5
-0.7
4 .4

220
280
282
286
284
288

4.4
0.5
10.8
5.0
0.3

3.3
3.2
8.5
-3.1
0.4

-1.8
2.5
-17.9
1.7
-1.1

290
295
292
298
293

A4. Government Purchases
of Goods and Services
261
263.
267.
260.
262.
266.

Total 1972 dollars
Federal Government, 1972 dollars
State and local governments, 1972 dollars
Total, current dollars
Federal Government, current dollars
State and local governments, current dollars . . .

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

E x p o r t s of goods and services, 1972 dollars ...
Imports of goods and services, 1972 dollars . . .
Net e x p o r t s of goods and serv., 1972 dol. 2
E x p o r t s of goods and services, current dol
Imports of goods and services, current dol
Net exports of goods and serv., current doi. 2 ..

.

A5. Foreign Trade

do
do
do
do
do
do

A6. National Income and Its Components
220
280.
282.
286.
284.
288.

290.
295
292
298.
293

Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate 2

do
do
do
do
do
do

National income
Compensation of employees
Proprietors' income with IVA and CCA
Corporate profits with IVA and CCA
Rental income of persons with CCA
Net interest
A7. Saving

do
do
do
do
Percent

236.2
203.3
68.6
-35.7
5.8

276.1
230.7
65.0
-19.5
5.0

324.6
253.0
72.0
-0.3
4.9

329.2
253.1
71.2
5.0
5.0

332.7
259.6
70.9
2.3
4.8

346.9
264.7
71.5
10.8
4.7

362.2
266.0
79.2
15.8
5.0

374.3
274.6
85.9
12.7
5.4

367.5
281.5
70.5
14.4
4.3

eres a r seasonally a u s
excep
r
ena
y , w c appe
NOTE:: Series aree seasonayadjusted except torothosesindicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series -titles ' (including compo
' " - • - - • - - - • - - • ••
jsition of the composite indexes) and sources,see "Titlesand Sources of Series" at the back of BCD. NA = not available, a = anticipated.
,
.
,
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U - unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.




A

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes

910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

-9

-11

-23

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

930. Index of six lagging indicators (series 62, 70, 72, 91, 95, 109)

NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
60.

Current data
 for these series are shown on page


10

Kill

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart Al. Composite Indexes—Con.

Index: 1967=100

913. Marginal employment adjustments (series 1, 2, 3, 5)

-11
914. Capital investment commitments (series 12, 20, 29)
-10

_

-30

-2

-3

-13

-2

915. Inventory investment and purchasing (series 8, 32, 36, 92)
-4

-23

-4

916. Profitability (series 19, 26, 80)

-5

917. Money and financial flows (series 104, 106, 110)

NOTE: Numbers
on the chart indicate length
enteredseries are shown on page 60.of leads (-) and lags ( + ) in months
Current data for these


940. Ratio, coincident index to lagging index

from refer

11

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components

Current data for these
 series are shown


1. Average workweek, production workers,
manufacturing (hours)
I L,L,L

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

8. New orders for consumer goods and materials, 1972 dollars (bil. dol.)

32. Vendor performance, percent of companies reporting slower deliveries (percent)

Ul

1Z Net business formation (index: 1967=100)
U
l

20. Contracts and orders for plant and equipment,

on pages 61, 64, 65, and 66.

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.

29. New building permits, private housing units (index: 1967=100)

36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.)

92. Change in sensitive prices, smoothed1 (percent)
LIT

104. Change in total liquid assets, smoothed1 (percent)

19. Stock prices, 500 common stocks
(index: 194143=10)

fuul

106. Money supply-M2-in 1972 dollars (bil. dol.)

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

Digitized for Current data for these series are shown on pages 67, 68, 69, and 71.
FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank NOVEMBER 1979
of St. Louis

ItCII

13

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A3. Coincident Index Components

359085bO-

41. Employees on nonagricultural payrolls (millions)

s_
51. Personal income
JES™D^L.
1972 dollars (ann. rate, bil. dol.)

_^
|C,C,C|

X

..^^.^.^.^...^....^..^^^X-—«-«j

~^^~1
y^
jo}J
ZZJ
_yjT ^y

~^r

„,

-Uffl^..™- -ju^<

•»

V

-^

47. Industrial production, total (in<J^J967=100)^^

^

..JL™ ,

..

ftjrr _

-.^Z^L?^"

57. Manufacturing and trade sales, 1972 dollars (bil. dol.) /*

|c,c,c|

_JIZ^±IJ
/•"* TT,

%

™-

W^-^V

/^~ -

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




14

NOVEMBER 1979

ltd)

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components

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

70. Manufacturing and trade inventories, 1972 dollarsM dolj

62. Labor cost per unit of output, manufacturing (index: 1967=100)
Lg,Lg,Lg

109. Average prime rate charged by banksJpercent)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (Ml. dotT™"*
Lg,Lg,Lg

95. Ratio, consumer installment debt to personal income (percent)
Lg,Lg,Lg

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


http://fraser.stlouisfed.org/
NOVEMBER
Federal Reserve Bank of St. Louis 1979

ltd!

15

CYCLICAL
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment

[Marginal Employment Adjustments]
1. Averagejjgjj^j^jro^ctjoniworkerSj manufacturing (hours)

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

2. Accession rate, manufacturing (per 100 employees)

5. Average weekly initial claims, State unemployment insurance (thousands—inverted scale)

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

DPu]

4. Quit rate, manufacturing (per 100 employees)

Current data for these series are shown on page 61.




16

NOVEMBER

1979

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

| Job Vacancies |
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)

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

I Comprehensive Employment [
48. Employee-hours in nonagricultural establishments
(ann. rate, bil. hours)
\\JCC

42. Persons engaged in nonagricultural activities (millions)

41. Employees on nonagricultural payrolls (millions)

40. Employees in goods-producing industries—mining,
manufacturing, construction (millions) h c y l

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




urn

17

CYCLICAL
Bj

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

[Comprehensive Employment—Con7|

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

^

I Comprehensive Unemployment |
37. Number unemployed, total (millions—inverted scale)

43. Unemployment rate, total (percent—inverted scale)

45. Average weekly insured unemployment rate (percent—inverted scale)

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

Current data for these series are shown on page 62.




18

NOVFMRFR 1 Q7Q

Itllfc

' v
B |

>

,;*ji ws

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income

[Comprehensive Output and Income]
50. GNP in 1972 dollars, Q (ann. rate, bTdoL

52. Personal income_in_1972 dollars (ann. rate, bil. dol.)

ttc

51. Personal income less transfer payments in 1972 dollars
(ann. rate, bil. dol.)

c,c,c

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

fowl


 1Q7Q
NOVFMRFR

Current data for these series are shown on page 63.

19

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income—Con.

Industrial Production

47. Industrial production, total (index: 1967=100)

74. Industrial production, nondurable manufactures
(index: 1967=100) FQ-[J[

73. Industrial production, durable manufactures

49. Value of goods output in 1972 dollars, Q
(ann. rate, bil. dol.)

I Capacity Utilization
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

82. Rate of capacity utilization, manufacturing (FRB), Q (percent)

|L,C,U|

84. Rate of capacity utilization, materials, Q (percent)



20

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

NOWFMRPR 1Q7Q

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries

Orders and Deliveries

7. New orders, durable goods industries, 1972 dollars
(bil. dol.)

6. New orders, durable goods industries
current dollars (bil. dol.)
New orders for consumer goods and materials
in 1972 dollars (bil. dol.)
L,L,L

25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg.—4-term)
L.LL

96. Manufacturers' unfilled orders, durable goods industries

32. Vendor performance, percent of companies
reporting slower deliveries (percent)

Current data for these series are shown on page 64.


http://fraser.stlouisfed.org/
Federal Reserve Bank ofir-imr»i-r» i r\-Jf\
St. Louis

itru

21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

[Consumption and Trade]

56. Manufacturing and trade sales in current dollars
(faiLdoL)
57. Manufacturing and trade sales
in 197Z dollars Tbil. dot.)

75. Industrial production, consumer goods
(index: 1967=100)
C,L,C

54. Sales of retail stores in current dollars (bil. dol.)
59. Sales of retail stores in 1972 dollars (bil. dol.)

/

X

55. Personal consumption expenditures, automobiles, Q
(ann. rate, bil. dol.)

58. Index of consumer sentiment (1st Q 1966=100)

Current data for these series are shown on page 65.




B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment

[Formation of Business Enterprises]
12. Net business formation (index: 1967=100) L,L,L

13. New business incorporations (thousands)
Lit

Business Investment Commitments |
20. Contracts and orders for plant and equipment
in 1972 dollars (til. dol.)
X

10. Contracts and orders for plant and equipment
in current dollars (bil. dol.)

27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.)

24. Manufacturers' jew PjderSjjggy^goigds industries,
nondefense, in current dollars (bil. dol)

9. ^Construction contracts, commercial and industrial buildings
(ml. sq. ft. of floor area; MCD moving av&—5-term)1

 for these series are shown on pages 65
Current data
http://fraser.stlouisfed.org/
Federal Reserve Bank of MrtWCIVJIDCD 1 Q~7Q
St. Louis

'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.
and 66.

urn

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

[Business Investment Commitments—Con.

11. New capital appropriations, manufacturing, Q (bil. dol.)

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

XLg,Lg

61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dol.) lc>Lg>Lg

Business Investment Expenditures

69. Machinery and equipment sales and business
construction expenditures (ann. rate, bil. dol.)

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

1.955

56

57

58

59

60

61

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




24

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.

| Business Investment Expenditures—Con^l
Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)

88. Producers' durable equipment, 0

I Residential Construction Commitments and Investment]
28. New private housing units started, total (ann. rate, millions)

ED

29. New building permits, private housing units (index: 1967=100)[
_.

89. Residential fixed investment, total, in 1972 dollars, Q
(ann. rate, bil. dol.)

Current data for these series are shown on page 67.




25

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment

| inventory investment|
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dol.)

36. Net change in inventories on hand and on order, 1972 dollar
(ann. rate, bil. dol.; moving avg.—4-term1)
hLL|

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.—5-term)

•T!,1 W

* L
I

VTT
J

38. Change in stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.; MCD moving avg.—4-term)
|LLL'

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




26

y

_

"

J

**'!i

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment—Con.

Inventories on Hand and on Order

70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)

71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.) i Lg,Lg,Lg

65. Book value of manufacturers' inventories
of finished goods (bil. dol.)

77. Ratio, deflated inventories to sales, manufacturing and trade
(ratio)

78. Stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.)
i, , ,
I L,lg,L

Current data for these series are shown on page 68.


http://fraser.stlouisfed.org/
Itllfc
Federal Reserve Bank of St. Louis

27

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

[Sensitive Commodity Prices[
; moving avg.—4-term1)

23. Industrial materials prices (index: 1967=100)

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

I Profits and Profit Margins
18. Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. dol.) v

TOT
16. Corporate profits after taxes, current dollars, Q
(ann. rate, bil. dol.)

80. Corporate profits after taxes with IVA and CCA,
1972 dollars, Q (ann. rate, bil. dol.)

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

Current
 data for these series are shown on page 69.


28

itnt

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits—Con.

I Profits and Profit Margins—Con. |

22, Ra^
income, Q (percent)

8L RatiOi corporate profits (after taxes) with inventory valuation a^^-^^w-v
capital consumption adjustments to total corporate domestic income,
Q (percent)
[TnTI

. J5,ȣmffe(afterJax^4M dollar otjsfe all manufadurin^ corporations, Q. (cents)

26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1967=100)

Cash Flows
35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)

34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.)
i. . . i

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


http://fraser.stlouisfed.org/
NOVEMBER 1979
Federal Reserve Bank of St. Louis

ItCII

29

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

I Unit Labor Costs and Labor Share]

63. Unit labor cost, _ _business , , . _
private _ , sector, Qjtjndec 1967=100)

68. Labor cost (current dollars) per unytffo^dQDieslijiproducl
(1972 dollars), nonfinancialjMffioratigns, Q (dollars)

62. Labor cost per unit of output, manufacturing (index: 1967=100)

64. Compensation of employees as a percent of national income, Q (percent)

Current data for these series are shown on page 70.




30

NOVEMBER 1979

B€l»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit

85. Change in money supply—demand deposits plus currepg. XMD
(percent; MCD moving avg.-6-term) ^ i
. |L,pl|
j
—T" " - -" ' *

• v~.

" ~.~r- hi1**-

rL/v-t -{~s&

'i*

*

102. Change in money supply plus time deposits at commercial banks (M2) ;
(percent; MCD moving avg.—6-term)
,
, ,
r——.

. ,v

.

A

104. Change in total liquid assets (percent; moving ayg.—4-term1)

.. — .-...

"''

.,rr^r:

_

J^«^

105. Money supply-Ml-in 1972 dollars (bil. dol.)
iLLLl

106. Money supply-M2-in 1972 dollars (bil. dol.)

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

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data
 for these series are shown on page 71.
http://fraser.stlouisfed.org/
Federal Reserve Bank of NOVEMBER 1979
St. Louis

KCII

31

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Flows |

33. Change in mortgage debt (ann. rate, bil. dol.)

[uJ

112. Change in bank loans to businesses (ann. rate, bil. dol.;
MCD moving avg—6-term)
1777]

113. Change in consumer installment debt (ann. rate, bil. dol.)

[UUl

110. Total private borrowing, Q (ann. rate, bil. dol.)

run

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




32

NOVEMBER 1979

KCIt

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

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

39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale)

93. Free reserves (bil. dol—inverted scale)

94. Member bank borrowing from the Federal Reserve (bil. dol.)

Current data for these series are shown on page 72.


http://fraser.stlouisfed.org/
NOVEMBER
Federal Reserve Bank of St. Louis 1979

KCII

33

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[interest Rates

119. Federal funds rate (percent) —

114. Treasury bill rate (percent)

116. Corporate bond yields (percent) -»-

115. Treasury bond yields (percent)

118. Secondary market yields on FHA mortgages
(percent)

ITO,

'~'""~

117. Municipal bond yields (percent)
U,Lg,Lg

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




34

NOVEMBER 1979

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.

Interest Rates—Con.

67. Bank rates on short-term business loans (percent)
X
|Lg,Lg,Lg|

109. Average prime rate charged by banks (percent)
|Lg,Lg,Lg|

| Outstanding Debt

66. Consumer installment debt (bil. dol.)
[Ig,lg,Lg |

72. Commercial and industrial loans outstanding,
weekly reporting large commercial
banks (bil. dol.)

Current data
 for these series are shown on page 73.
http://fraser.stlouisfed.org/
Federal Reservel ,11 St. Louis
I Bank of INinVFMRFR 1Q7Q
l

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

DIFFUSION INDEXES AND RATES OF CHANGE
Chart Cl. Diffusion Indexes

950. Twelve leading Indicator components (6-mo. span—, 1-mo. span—)

951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—)

""•'

~"~"

"

'"""

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

961. Average workweek, production workers, manufacturing—20 industries (9-mo. span—, 1-mospan—)

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

963. Employees on private nonagricuftural payrolls—172 industries

Current
 data for these series are shown on page


(6-mo. span—, 1-mo. span—)

74.

urn

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.

964. New orders, durable goods industries—35 industries (9-mo. span—, 1-mo. span—)

965. Newly approved capital appropriations, deflated-17 industries (4-Q moving avg.«-~, 1-Q span —•)

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

967. Industrial materials prices—13 industrial materials (9-mo. span—, 1-mo. span—)

968. Stock prices, 500 common stocks—54-82 industries (9-mo. span^—, 1-mo. span

960. Net profits, manufacturing—about 700 companies1

'This is
Digitized forCurrent a copyrighted series used shown on page it75. not be reproduced without
FRASER these series are by permission; may
data for


written permission from Dun & Bradstreet, Inc.

(4-Q span)

)

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.

Percent rising

970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
(a) Actual expenditures

974. Number of employees, manufacturing and trade (4-Q span)1

(b) Later anticipations
975. Level of inventories, manufacturing and trade (4-Q span)1

(a) Actual expenditures
\

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

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

972. Net profits, manufacturing and trade (4-Q span)1

977. Selling prices, wholesale trade (4-Q span)1

•••..

,••••./*••. .
». •* ^s. ^
.-x/y^A. *•••-..•%.

A. A /••••- 5.
/• "-.•• • v *..• >
*v**-«v •.

973. Net sales, manufacturing and trade (4-Q span)1

1

978. Selling prices, retail trade (4-Q span)1

This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based c

business executives.

Current data for these series are shown on page


76.

jeys of about 1,400

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart C3. Rates of Change

Percent changes at annual rate
910c. Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57) k

930c. Composite index of six lagging indicators
(series 62, 70 72, 91, 95, 109)

50c. GNP in constant (1972) dollars (1-Q span)

47c. Index of industrial production

48c. Employee-hours in nonagricultural establishments

51c. Personal income less transfer payments in 1972 dollars




itnt

A

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income

Current
 data for these series are shown on pages 63
http://fraser.stlouisfed.org/
/in
Federal Reserve Bank of St. Louis

200. GNP in current dollars, Q (ann. rate, bil. dol.)

223. Personal income in current dollars
(ann. rate, bil. dol.)

224. Disposable personal income in current
dollars, 0 (ann. rate, bil. dol.)

225. Disposable personal income in 1972
dollars, Q (ann. rate, bil. dol.)
217. Per capita GNP in 1972 dollars (ann. rate, thous. dol.)

227. Per capita disposable personal income in
1972 dollars, Q (ann. rate, thous. dol.)

and 80.

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)

Personal consumption expenditures-

Digitized forCurrent data for these series are shown
FRASER


Annual rate, billion dollars (1972)

on pages 80 and 81.

OTHER

MEASURr

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment

Annual rate, billion dollars (current)

Gross private domestic investment-

Current data for these series are shown on page 81.

A9

245. Change in business inventories, 0

Annual rate, billion dollars (1972)

30. Change in business inventories, Q

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A4. Government Purchases of Goods and Services

Annual rate, billion dollars (current)

Government purchases of goods and services—

260. Total, Q

266. State and local
governments, Q

262. Federal Government, Q

Annual rate, billion dollars (1972)

261. Total, Q

267. State and local governments, Q

V

Current data for these series are shown on page 81.


http://fraser.stlouisfed.org/
Federal Reserve Bank of NfWFMRFR
St. Louis

Kill

1Q7Q

43

- i 4 ':^
NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade

Annual rate, billion dollars (current)

252. Exports of goods and services, Q

Imports of goods and services, Q

250. Net exports of goods and services, Q

Annual rate, billion dollars (1972)

256. Exports of goods and services, Q

257. Imports of goods and services, Q

255. Net exports of goods and services, Q


http://fraser.stlouisfed.org/
Federal Reserve 44 of St. Louis
Bank

Current data for these series are shown on page 82.

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A6. National Income and Its Components

Annual rate, billion dollars (current)

280. Compensation of employees, Q

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

282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
288. Net interest, Q

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


http://fraser.stlouisfed.org/
NOVEMBER 1979
Federal Reserve Bank of St. Louis

KCII

45

A |

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving

Annual rate, billion dollars (current)

290. Gross saving (private and government), Q

298. Government surplus or deficit, Q

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




46

NOVEMBER 1979

KCII

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A8. Shares of GNP and National Income

Percent of GNP

235. Personal consumption expenditures, Q

265. Federal Government purchases of goods and services, Q

268. State and local government purchases
of goods and services, Q
y

248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q

251. Net exports of goods and services, Q

247. Change in business inventories, Q

[Percent of National Income|

64. Compensation of employees, Q

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

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

289. Net interest, Q
\
285. Rental income of persons with capital consumption adjustment, Q'

Current data for these series are shown on page 83.


http://fraser.stlouisfed.org/
Federal Reserve Bank NOVEMBER 1979
of St. Louis

ItCII

47

B

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

| Percent changes at annual rate |
310c. Implicit price deflator,
GNP (1-Q span)
310. Implicit price deflator, GNP, Q
3lie. Fixed weighted price index, gross business
product (1-Q span)

311. Fixed weighted price index,
gross business product, Q

Producer prices—
330c. All commodities

6-month spans |

fiol

335c. Industrial commodities

Producer prices—
330. All commodities

333. Capital equipment

334c. Finished consumer goods

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




NOVFMRFR 1 Q7Q

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart Bl. Price Movements—Con.

Consumer prices-

Percent changes at annual rate
320c. All items (6-month span)

Chart B2. Wages and Productivity

345. Average hourly compensation, all employees,.
nonfarm business sector, Q (current dollars)

340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
346. Real average hourly compensation, all employees,
nonfarm business sector, Q
N.

341. Real average hourly earnings of production workers,
private nonfarm economy1

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.

Current
 data for these series are shown on pages 84, 87, and 88.
http://fraser.stlouisfed.org/
NOVEMBER 1979
Federal Reserve Bank of St. Louis

ItCII

49

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.

I Wages—Con. [
Change in average hourly earnings of production
workers, private nonfarm economy1 —

6-month spans (ann. rate)

i

(ifTiWH i iHn
'.' " II
I

340c. Current-dollar earnings rt

1-month spans2

341c. Real earnings

«,

Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c. Current-dollar compensation
1-quarter spans (ann. rate)
X i
•»

^^v^^^^
.'

4-quarter spans

v

V

346c. Real compensation
1-quarter spans (ann. rate)

V'

4-quarter spans

Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann. rate)
349. Average changes over life of
contract, Q (ann. rate)

,

[Productivity
370. Output per hour, all persons,
private business sector, Q

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

,

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

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) so that they may be shown
against the background of the annualized changes over 6-month spans.
See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.




50

NOVEMBER 1979

Kill

C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components

441. Civilian labor force, total (millions)

442. Total employed (millions)

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

453. Both sexes 16-19 years of age

452. Females 20 years and over
Number unemployed (millions)—
37. Total unemployed

444. Males 20 years and over
445. Females 20 years
and over
446. Both sexes 16-19 years of

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

447. Number unemployed, full-time
workers (millions)

Current data for these series are shown on page 89.


http://fraser.stlouisfed.org/
NOVEMBER
Federal Reserve Bank of St. Louis 1979

ItCII

51

D

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures

Annual rate, billion dollars (current)

502. Federal Government expenditures, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

512. State and local government
expenditures, Q

510. State and locai government surplus or deficit, Q

Current data for these series are shown on page £




52

NOVEMBER

1979

ItCII

GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators

[Advance Measures of Defense Activity]
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)

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

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

548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.—6-term)




Current data for these series are shown on page 90.

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.

[intermediate and Final Measures of Defense Activity[
557. Output of defense and space equipment (index: 1967=100)

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

561. Manufacturers' unfilled orders, defense products (bil. dol.)

580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg.-4-term)

588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.-4-term)

Current data for these series are shown on page 91.




54

NOVEMBER 1979

KCII

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.

[intermediate and Final Measures of Defense Activity—Con.|
570. Employment in defense products industries (millions)

Defense Department personnel (millions)—
577. Military, active duty

578. Civilian, direct hire employment

|National Defense Purchases!
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bil. dol.)

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

Current data for these series are shown on page 91.


http://fraser.stlouisfed.org/
NOVEMBER 1979
Federal Reserve Bank of St. Louis

BCII

55

E

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

602. Exports, exduding military aid shipments
(bii. dol.; MCD moving avg.-5-term)

604. Exports of agricultural products,
total (bil. dol.)
' 606. Exports of nonelectrical machinery (bil. dol.)

612. General imports (bil. dol.; moving avg.-4-term)

614. Imports of petroleum and petroleum
products (bil. dol.)

616. Imports of automobiles and parts (bil. dol.)

Current data for these series are shown on page 92.




56

NOVEMBER 1979

E

U.S. INTERNATIONAL TRANSACTIONS-Con.

Chart E2. Goods and Services Movements

Annual rate, billion dollars

I Excess of receipts
I Excess of payments

Goods and services—

667. Balance on goods and services, Q

622. Merchandise trade balance, Q

651. income on U.S. investments abroad, 0

652. Income on foreign investments in the U.S., Q

NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.


NOVEMBER 1979


ItCII

57

l

FI

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production

Index: 1967=100

Industrial production—

728. Japan-*-/
721. OECD European countries \

725. West Germany-

Current data for these series are shown on page 94.




58

NOVEMBER 1979

ItCII

F

INTERNATIONAL COMPARISONS—Con.
Chart F3. Stock Prices

Chart F2. Consumer Prices

Percent changes at annual rate
Consumer prices—

6-month spans

Stock prices—
19. United States

320c. United States

748. Japan

735c. West Germany

736c. France

742. United Kingdom

737c. Italy

733c. Canada

Current data for th ^se series are shown on pages 95 and 96.


http://fraser.stlouisfed.org/
NOVEMBER
Federal Reserve Bank of St. Louis 1979

59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

KM
910. Index of
12 leading indicators (series
1,3,8, 12, 19,
20, 29, 32, 36,
92, 104, 106)

Year
and
month

(1967=100)

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

(1967=100)

930. Index of 6
lagging indicators (series
62, 70, 72,
91,95,109)

(1967=100)

COMPOSITE INDEXES
Leading Indicator Subgroups

913. Marginal
employment
adjustments
(series 1,2,3,
5)

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

915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)

(1967=100)

(1967=100)

(1967=100)

917. Money
and financial
flows (series
104, 106, 110)

916. Profitability (series
19, 26, 80)

(1967=100)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100)

1977

January
February
March

131.9
133.0
135.6

126.3
127.6
129.7

120.2
121.0
121.7

95.9
96.6
98.0

110.9
111.2
112.0

102.3
102.7
104.1

94.5
94.4
94.9

141.2
142.2
143.3

105.1
105.5
[0)106.6

April
May
June

136.0
135.8
135.5

130.0
130.6
131.3

122.3
123.1
125.0

97.3
97.1
97.2

111 .7
112.5
113.3

105.0
104.7
103.8

95.1
95.6
96.3

143.3
142.2
142.5

106.3
106.1
105.0

July
August
September

135.0
136.9
138.0

131.7
131.9
132.6

125.2
126.5
127.8

96.7
96.2
97.0

112.4
114.8
114.6

103.0
103.3
103.8

97.0
E>97.2
96.1

144.8
146.9
148.2

105.2
104.3
103.8

139.1
139.4
140.2

133.8
134.7
135.7

129.4
131.1
131.7

97.4
98.0
98.7

115.0
115.7
116.6

104.3
103.8
104.3

94.9
94.0
92.7

148.8
148.8
148.5

103.4
102.7
103.0

January
February
March . . .

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

90.9
89.4
90.4

148.5
148.0
147.4

99.9
99.3
99.8

April . .
May
June

141.5
141.8
142.5

139.3
139.5
140.1

137.8
140.0
142.0

99.0
98.0
97.8

114.9
115.0
116.1

106.9
107.2
106.9

92.1
93.8
94.1

1 47 . 5
147.8
148.5

101.1
99.6
98.7

July
August
September

141.2
142.0
142.9

140.5
141.4
141.4

143.5
144.5
146.4

97.4
97.3
98.5

115.5
115.4
116.0

105.2
105.8
105.8

94.2
95.4
95.4

148.9
149.1
149.9

97.9
97.9
96.6

[H}143.6
142.8
r 143.0

143.0
144.3
145.5

148.1
152.7
155.2

98.7
98.8
1)99.1

0)117,2
H16.1
H15.7

106.1
106.2
106.7

94.9
94.1
93.5

150.6
D151 .1
H50.2

96.6
94.5
93.8

142.5
142.7
143.2

144.8
144.9
33)146.6

157.5
158.5
158.5

98.5
98.4
98.0

113.9
H14.3
rll5.7

107.4
108.1
D108.6

93.2
92.2
92.2

r!48.3
r!46.3
rl44.8

91.9
91.4
92.5

r!39.7
140.1
H40.6

144.1
145.6
145.0

161.9
162.5
r!63.9

94,6
97.3
96.6

H13.9
113.6
rl!4.6

107.7
107.1
106.3

92.3
91.7
r91 .8

H44.8
144.3
H45.8

89.0
89.6
r88.5

July
August
September

140.1
139..8
M40.1

145.2
H44.8
144 ,.8

r-165.1
H66.7
170.9

96.3
95.4
r96.2

H13.9
H14.2
rl!5,7

105.5
H05.1
H04.0

r91 .7
rp92.0
(NA)

H46.8
H46.9
r!46.5

r87.9
r86.9
r84.7

October
November
December

2

3

E>179.3

P96.6

pi 13. 3

pi 04. 3

p!45.5

p81 .0

October
November
December

.

1978

October
November
December
1979

January
February
March
April
May
June

.

. . .

138.8

145.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity,current low values are indicated by fj). 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, "p", preliminary; "e", estimated, "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1
Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.




60

NOVEMBER 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

B EMPLOYMENT AND UNEMPLOYMENT
B

Minor Economic
Process
Timing Class

Year
and
month

L, L, L

1. Average
workweek of
production
workers,
manufacturing
(Hours)

L, C, L

L, C, L

L, L, L

2. Accession
21 . Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
(Hours)

(Per 100 employees)

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance 1

3. Layoff rate,
manufacturing

4. Quit rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, Lg, U

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

(Ratio)

L, Lg, U

46. Index of
help-wanted
advertising
in newspapers

(1967=100)

U, C, C

48. Employeehours in nonagricultural
establishments
(Ann. rate,
bil. hours)

1977
January
February
March

39.6
40.3
40.3

3.3
3.3
3.4

4.0
4.4
4.1

386
431
329

1 .3
1.5
1 .1

1 .8
1 .8
1 .8

0.439
0.434
0.450

105
106
108

152.25
154.82
154.81

April
May
June

40 3
40.4
40 5

3.4
3.5
3 6

3.9
4.0
4 0

358
378
363

1.1
1 .1
1 .1

1 .8
1 .9
1 .8

0.467
0.484
0.484

109
112
114

155.41
156.19
156.71

July
August
September

40 3
40*4
40 4

3 5
3 4
3 4

4 0
3 9
3 9

382
391
377

1 3
1.2
1 1

1 8
1 .8
1 9

0 537
0.535
0 539

121
122
120

157.16
157.32
158.02

October
November
December

40 5
40 5
40 4

3 5
3 6
3 5

4 0
4 1
4 3

372
349
331

1 l
1 0
1 0

1 9
1 9
2 0

0 573
0.597
0 674

128
133
140

158.77
159.05
159.06

39 6
40 0
40 5

3 5
3 7
3 5

4 1
3 9
4 0

331
370
[R\320

0 9
1 0
1 0

1 9
2 0
2 0

0 635
0 679
0 682

138
1 39
141

158.83
160.34
162.07

B/40 7
40 4
40 5

3 7
3 6
3 5

4 1
4 0
4 0

330
328
346

1 0
1 0
1 0

2 1
2 1
2 1

0 71 7
0 696
0 746

146
144
147

163.63
163 39
164 35

July
August
September

40.5
40 4
40 5

3.6
3 4

4.0
4 0
4 1

375
361
328

0.8
1 0

[H)O 8

2.0
2 1
? 1

0.718
0 752
0 759

149
1 50
1 52

164.43
164.54
164.81

October
November
December

40 5
40 6
40 6

3 6
3 7
3 7

4 3
4 4
R

325
334
325

0 9
0 9
n Q

2 2
2 2
2 2

[H}0 821
0 81 6
0 81 7

1 61
1 61
1 65

165.45
167.01
167.22

January
February
March

40.6
40.6
40.6

3.7
3.7
E>3.7

4.3
4.2
4.0

344
341
352

0.9
0.9
0.9

0)2.3
2.2
2.1

0.815
0.800
0.791

161
158
156

167.44
167.33
169.22

April
May
June .

39 1
40.2
40 1

2.7
3.5
3 4

3.9
4.0
4 0

438
352
390

1 1
1.0
1 1

2.1
2.0
2.0

0.777
0.773
0 789

155
154
153

166.62
168.46
169.20

July
August
September

40.2
40 1
r40,l

3.3
3 2
3 2

3.9
3 7
3 8

398
395
382

1.2
1 5
1 2

1 .9
1 9
1 9

0.789
0 750
0 791

155
155
159

169.27
r!69.10
[H>rl69.64

October
November
December

p40.1

P3.2

p399

pl.l

p2.0

pO.799

SJP166

p!69.62

1978
January
February
March
April
May
June

3 6

[HNd

1979

p4.1

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[M); for
series that move counter to movements in general business activity, current low values are indicated by|H>. Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 12, 16 and 17.
"Data exclude Puerto Rico which is included in figures published bv the source agency

IMJI


NOVEMBER 1979


61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS
.. .

^m EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process

Year
and
month

U,C, C

c, c,c

L, C, U

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

40. Employees
in goodsproducing industries (mining, mfg., construction)

(Thous.)

Timing Class

Comprehensive Unemployment

Comprehensive Employment-Con.

(Thous.)

(Thous.)

U, Lg,U

L, Lg, U

37. Number of
90. Ratio,
civilian employ- persons unemployed, civilian
ment to total
labor force
population of
working age
(Percent)

(Thous.)

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs 1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

L, Lg, U

(Percent)

(Weeks)

(Percent)

1977
January
February
March

85 529
85 860
86 312

80,565
80 794
81 233

23 652
23 796
24 016

56 33
56 51

7 ?fi8

cc

7 1m

April
May
June

86 544
86 817
87 209

81 622
81 986
82 369

24 1 91
24 326
24 433

cc p/i

C

QAA

cc no

C.

OQC.

R7 1 1

7 nnp

July
August
September

87 407

82 61 6

24 480

C.7 ip)

P7 co/i

DO

OA Q

9 A. A Q D

r 7 91

70.fi
70 C.

P7 qqq

po 9P7

6
6

9A. Cific;

c,7

c

co/i

October
November
December

88 136
88 839
89,257

83 549
83 908
84,125

24 635
24 740
24,750

57 35
57 80
57.95

6 654
6 635
6,187

6 8
6 7
6.3

January .
February
March

89 560
89 767
89 948

84,421
84,735
85,246

24,838
24,893
25,107

58 10
58 11
cp -i n

6 292
6 092
f\ l R^

6 3
6 1

Q
Q

C.

9

0

April
May
June

90 430
90,710

85 961
86,227
86 590

25 487
25,534
25 652

58 38
58.46

c. nzo

£

70

on

7115

1c 9
p

9

o p

U
H

r

9

1

o 7

H

r

2

pi

o 7

1 C pi

A

-\

7 c
7 A

4

1

7 9
7 i
7 9

o 7

H

o p

7 4

6 q

9 n

O

1

U
-| Q

Q

T

1

1 0. O
no Q

Q

1 .9

i o. y

1 n

A pi
3 8

1Q 7

1 p

13 5

3.7

13.7

1 8
1.7

C

1 0 pi

] 7

p.

n

1 9 fi
19 A

1 fi
1 c

]

0 1

19 A

1 c

3.0

12.2

1.4

0 1

19

pi

1

7 .n
/ U

r

"3

9 9

p

4 . pi
U
4 Pl

.U

i.y
Q

1 .0

1978

01

91 f.

6,156
c

PA/1

6.1
5 p

c o C-]

C

CO

01

o

July
August . .
September

91 069
91 ,372
91 ,604

86 686
86 880
87 032

25 71 0
25 71 6
25 767

"I -Jf.

c i

0 0

11

p

1 o

58 71
58 80

5 940
5 964

5 9
5 9

3 5
3 2

11 4
11 5

1 2
1 3

October
November
December

91 867
92,476
92,468

87,424
87,840
88,133

25 941
26,120
26,272

58 85
59 09
59 08

5 836
5 877
6 012

5 8
5 8
5 9

3 0
3 0
3 1

11 R
11 0
10 7

1 ^
1 2
1 2

January
February
March

93 068
93 335

88 433
88,700
89 039

26 382
26 448
26 627

cq op

c

ppo

C

Q

0

pi

59 43

c

op]

0

7

")

Pl

11 9
o

1 o

"~A R Q A S
H

c

p?]

5 7

pi

11 7

1 o

April
May
June

92 987
93 ] 34
93 494

89 036
on one?

26 565
CC1

on c p £

7f\

67d

59 00
59 00
59 1 9

5 937
5 929
ifi)5 774

5 8
5 8
•Tft5 6

3 1
[fft? 8
3 0

11 0
11 1
10 4

1 2

Of.

93,949
93,578
D94J13

89,713
r89 762
^89,845

[H)26,723
r26 599
r26,591

59 39
59.12
59 42

5,848
6,149
5 985

5,7
6 0
5 8

? 9
3 0
? 9

B)io.o

H>i .0

10 5
10 6

1 2
1 1

94 005

H>p90,151

p26,623

59.16

6,182

6.0

p2.9

10.5

1.2

1979

July
August
September .
October .
November
December

no

/i on

0

n

1 9

1 ?
1 1

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated b y ® . Current high values are indicated by [H};for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x

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




62

NOVEMBER 1979

KUI

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS

^M PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

C, C , C

Timing Class

50. Gross national product
in 1972 dollars

Year
and
month

Persona! income
223. Current
dollars

52. Constant
(1972) dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

C,C,C

51. Personal
income less
transfer payments in 1972
dollars

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

(Ann. rate,
bil.dol.)

C, C, C

C, L, L

C,C, C

C,C,C

C, C , C

C,C,C

73. Index of
industrial
production
durable manufactures

47. index of
industrial
production
total

(1967=100)

74. Index of
industrial
production
nondurable
manufactures

(1967=100)

(1967=100)

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

1977

January
February
March

1 315 7

1 ,455.2
1 472 0
1 490 3

1,066.1
1 070 5
1 079 1

918.2
923 0
930 9

224.6
226 7
229 6

133.7
134 5
136 3

124.6
125 0
127 5

146.5
147 3
149 1

605 0

April
May
June

1 331 2

1 ,499.3
1 509 2
1 518 6

1 ,081 .0
1 084 2
1 085 5

932.5
937 5
940 7

230.1
231 2
232 9

137.1
1 38 0
1 38 9

128.4
129 6
1 30 7

149.5
150 5
1 51 1

6106

July
August
September

1,353^9

1,537.0
1,547.7
1,560.7

1,094.7
1,097.7
1,102.2

945.1
947.7
952.3

233.4
232.8
234.5

139.0
139.3
139.6

131.3
131.5
132.1

151 .3
151 .6
151 .7

622.' 5

October
November
December

1,579.4
i C;Q£ Q
1 ,612.8

1,111.5

i "3A1 ^

961.6

235.9

152.3

or o pi

9o/r

974.1

235.4

140.1
i An Q
140.5

132.8

1

134.0

152.4

1,618.5

1,119.3

969.4

233.6

1

1

Q79 .H
y id. o

9 QC . 1
£OD 1

132.1
1 32 . 3
135.0

152.4
1 52 . 9
153.8

C 91 . 4
6 ^ 1 /I

1 Q7 C
1 61 .D

11 Q 1

1 ,124.7

o

1 q o pi

1r 9

/i

£9A 9

1978

January
February
March

1

April
May
June

1 ,395.2

July
August
September

1,407.'3

October
November
December

1 A9£ £

1,654.4

^£7

P,

1,130.1

980.9

240.3

140.0
i4Un. oi
1A
142.1

£"31

^

TOT

9

/i

1 C7c n

i i 07 /i

OOQ . C
yb>y b

9 /I j. O
c4 "2 y

m

1,687.3
1 7f\/l 9
1 , 704 . <L

1 ,136.2

988.7
no "3 i

yyj. I

144.8
1 46 , 1

137.9
13 9 . 0

1 55 . 5
155.8
1 57.0

637.*2

1

243.0
244. 0

1,730.0
1,741.3
1,756.1

1,151.8
1,154.7
1 ,156.9

1 ,000.5
1,002.9
1 ,006.1

245.3
244.5
245.1

147.1
148.0
148.6

141 .1
141.8
142.9

157.2
158.4
159.3

641 ! 8

1,781.0

1 ,165.6

246.4

144.6

159.5

250.9

149,7
i Rn £
151 .8

I on o

l , I oy . y

1,826.8

H)l ,183.9

1,015.0
i n97 /i
1)1,032.5

1

op|i

n

i

1 7/1 o

9/1 Q Q

1 /l r

r

146.8

-\ c pi /i

r r 7 o

161 .7

1979

January
February
March

1 ,430.6

1 ,834 3
1 ,851 .4
1,872.1

1 175 1
1 ,174 7
1,179.6

1 023 9
1 ,024.6
1,028.9

249 7
250 5
[H}251.9

1 51 5
1 52 0
[H)153.0

1 46 8
147 2
E)148.6

1607
162 0
163.0

[H) 658 6

April
May
June

1 ,422*.3

1,880.7
1,891.6
1 905 1

1,176.2
1,175.6
11753

1,024,6
1 ,024.1
1 024 3

248.6
248.0
246 8

150.8
152.4

144.6
147.6

161 .7
162.8

647.3

f.

1 ZL7 £

ICO

rl 024 9
rl 023 5
1 020 0

246 2
r243 1
r242 8

rlRl

nl

p242 4

nl R9 ^

July
August
September
October
November
December

rl

. ..

 NOVEMBER 1979


933 2

H

QAh Q

rl

[u\rl 4^4 4

958 6

rl 1 83 1
rl 182 2
1 1 77 8

H)pl 975 1

pi 1 80 6

D99

"3

ICO

1 52 8
£

1 R9 1

p,

1 ZL7 7

v~l A/1 1

HZLA 9

r~\ fiA ZL

v-1 A£ Q

v-1 A A

nl AR R

ii-T>nl £ A P

^ AR9

9

Q

63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process

P R O D U C T I O N AND
INCOME-Con.

Capacity Utilization

L, C, U

Timing Class

83. Rate of
capacity
utilization,
manufacturing
(BEA)

Year
and
month

|
Q CONSUMPTION, TRADE, O R D E R S , AND D E L I V E R I E S

(Percent)

82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)

Orders and Deliveries

L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L, L, L

Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)

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

L, L, L

8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)

L, L, L

L, Lg, U

L, L, L

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies reporting slower
deliveries©

(Bil.dol.)

(Bil. dol.)

(Percent
reporting)

1977
January
February
March

80 '.7

81\ 7

55.91
55.74
58,58

37.15
36.87
38.49

33.95
34.58
36.15

1 .35
0.46
0.60

166.86
167.32
167.92

44
55
56

82.1

83.2

57.98
58.27
59.01

37.92
37.94
38.27

34.96
34.96
35.39

1 .55
1 .27
1 .39

169.46
170.73
172.12

58
56
58

82 .'4

82.'8

56.94
59.56
60,70

36.57
38.04
38.44

34.76
35.93
35.64

-0.69
1 .18
1 .44

171 .43
172.61
174.05

59
58
56

82,'6

83!o

63,23
63.07
65.98

39,82
39,52
41 .14

35.82
35.89
36.34

3.01
2.91
4.35

177.06
179.97
184.32

56
50
56

82.'6

82^6

62.61
65.54
68.14

38.62
40.11
41 .45

35.14
36.71
37.28

2.76
2.99
4.38

187.08
190.06
194.44

55
64
67

83'.9

SB'.O

69.25
68.90
68.31

41 .69
41 .23
40.57

38.47
37.65
37,33

3.69
3.88
2.72

198.13
202.01
204.73

64
64
66

85*.2

86',4

65.94
70.59
72.40

38.85
41 .23
42.07

36.38
37.97
37.67

0.83
2.62
3.92

205.56
208.18
212.10

56
65
66

86^4

S)Q8.2

76.46
76.91
76.83

44.12
43.98
43.63

38.66
38.40
38.78

6.37
5.52
4.19

218.47
223.99
228.18

68
66
68

[H>86;7

88!6

79.65
81 .31
H>83.09

44.64
45.17
H)45.78

E>39.76
39.16
39,62

6.76
E>7.66
6.23

234.94
242.61
248.84

69
77
E>78

85^9

87^3

76.10
77.03
75.82

41.43
41 .73
r40.87

37.16
37.42
r36.75

5.11
1.32
3.18

253.95
255.27
258.46

76
76
70

r85!i

r87'.2

r72.54
r74.03
r78.01

r38.79
r39.42
r41.17

T35.90
r35.94
r36.29

-1 .04
r-0.39
r3.90

257.42
r257.03
[H}r260.92

60
55
51

p74.76

p38.92

p36.26

p-0.83

p260.09

50

*83

April
May
June

*84

July
August
September

'82

October
November
December

*82

1978
January
February
March
April
May
June

84

. .
*84

July
August
September
October
November
December

83

'84

1979
January
February
March
April
May
June
July
August
September

H>84

"83

(NA)

October
November
December

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, 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. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 20, and 21.

64




NOVEMBER 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS
Minor Economic
Process

C,C,C

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil.dol.)

57. Constant
(1972) dollars
(Mil.dol.)

C, L , C

C, L , U

U, L, U

75. Index of inSales of retail stores
dustrial production, consumer
goods
54. Current
59. Constant
dollars
(1972) dollars
(1967=100)

(Mil.dol.)

FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises

Consumption and trade

C,C, C

Timing Class

H

Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.
|

(Mil.dol.)

L,C, C

L, L, L

L, L, L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment ®

12. Index of
net business
formation

(Ann. rate,
tpl.dol.)

(1stQ
1966=100)

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

1977
January
February
March

213,574
217,003
221,956

143,799
145,055
147,331

141.4
142.1
144.5

57,405
58,474
58,917

41,598
42,098
42,265

62^4

87'5

122.7
122.2
123.6

34,519
33,173
35,300

April
May
June

221,241
222,422
223,249

146,165
146,463
147,128

144.6
145.2
146.3

59,254
59,367
59,203

42,294
42,284
42,043

6K3

JH>89J

121.7
122.6
125.1

33,394
34,442
37,229

July
August
September

223,686
225,400
226,879

147,250
147,992
148,272

146.8
146.5
146.4

60,176
60,566
60,973

42,618
42,742
42,909

60.9

87.6

125.7
129.6
128.7

35,749
39,525
37,812

October
November
December

229,543
232,586
236,790

149,412
150,316
152,117

147.1
146.6
146.2

61,979
62,862
62,480

43,525
43,929
43,419

62.2

83J

130.8
132.3
133.6

38,943
38,344
39,674

232,439
238,873
242,926

148,120
151 ,295
153,432

143.2
145.2
147*.5

61,892
62 ,898
64,075

42,655
43,051
43,'648

62. 3

83.7
84. 3
78*. 8

133.6
1 33. 7
130 .'5

36,547
39,253
37,'602

249,868
251,588
252,380

156,316
156,223
156,183

149.5
149.0
149.3

65,146
65,522
65,964

43,988
43,916
43,947

70.2

81.6
82.9
80.0

130.7
131.0
132.9

38,498
38,320
39,796

July
August
September

252,728
259,226
260,099

155,372
158,476
157,585

149.8
150.6
1 50. 8

66,224
67,303
68,085

43,944
44,454
44,675

68*.9

82.4
78.4
80.4

133.4
133.0
1 33.0

October
November
December

266,724
269,792
272,537

159,846
160,556
161J05

151 .2
1 51 . 3
151 '.5

68,971
70,1 58
70^918

44 ,991
45 ^493

70. 6

79.3
75.0
66.1

jH)135.5
1 33.6
133*5

January
February
March

273,304
274,579
285,372

160,181
159,086
[H}164,058

150.6
151 .5
[H)152.9

70,855
71 ,122
72,045

45,102
44,759
44,944

0)74.0

72.1
73.9
68.4

131 .4
132.4
1 32. 2

42,847
42,061
42, 206

April
May
June . .

275,936
287,139
283,388

157,136
161,575
158,140

149.1
152.0
151 .8

71 ,366
71,914
71 ,803

44,080
44,173
43,756

68.2

66.0
68.1
65.8

130.4
130.1
131.0

42,763
43,741
42,634

288,565
r292,892
L H)p297,075

159,296
r!60,227
p!60,768

H50.8
r!48.3
rl49.8

72,370
r74,794
(R)r76,745

43,861
r45,084
JH}45,873

r67.*2

60.4
64.5
66.7

1 32 . 3
el31.4
(NA)

[fi>45,049
(NA)

p!50.3

p75,452

p44,752

1978
January
February
March
April
May
June

,

45J24

r39,400
42,605
41 ,827

41 ,945
41 ,568
42^461

1979

July
August
September . . . . . . . . .
October
November
December

(NA)

(NA)

62.1

NOTE: Series arc seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[_H>; for
series that move counter to movements in general business activity, 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. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these sfiries are shown on pages 12, 14, 22, and 23.

IICII


NOVEMBER 1979


65

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

^H F I X E D CAPITAL INVESTMENT-Con.

Minor Economic
Process
Timing Class

Business Investment Commitments

L, L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars
(Bil.dol.)

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

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.)

L, C, U

U, Eg, U

C, Eg, Eg

9. Construction contracts for commercial and industrial buildings, floor
space 1

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

97. Backlog of
capital appropriations, manufacturing

(Bil.dol.)

(Bil.doi.)

L, L, L

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

Square feet

(Millions)

Square meters 2

(Millions)

1977
January
February
March

16.90
16.77
16.32

11.62
11 .49
11 .16

14.43
13.96
14.27

9.95
9.59
9.78

53.56
51.27
67.45

4.98
4.76
6.27

14^58

April
May
June

17.22
19.11
18.42

11.75
12.91
12.32

14.32
14.80
15.45

9.83
10.10
10.39

55.88
63.20
61.12

5.19
5.87
5.68

1 5 .' 00

July
August
September

16.13
18.38
20.22

10.76
12.26
13.24

14.05
14.62
16.13

9.40
9.83
10.60

58.48
71.07
67.79

5.43
6.60
6,30

17.'46

October
November .
December

17.68
18.59
20.74

11.64
12.06
13.34

15.84
16.18
16.94

10.46
10.54
10.96

63.06
70.62
72.04

5.86
6.56
6.69

16.'92

January
February
March

20.90
22.09
20.48

13.33
14.05
13.08

1 6 .1 7
17.19
17.18

10.36
10.97
11 .01

83.03
67.86
71.94

7.71
6.30
6.68

17JO

April
May
June

19.04
21.11
19.78

12.08
13.25
12.38

17.28
17.61
17.61

11.00
11.16
11.10

76.71
88.41
83.27

7.13
8.21
7.74

r!5J2

July
August
September

21.47
22.71
23,32

13.25
13.86
14.17

17.45
18.36
19.84

10.90
11.35
12.18

74.82
79.21
86.38

6.95
7.36
8.02

rie'.i)

October
November
December

r25.85
24.58
22.84

H5.50
14.75
13.53

21.03
20.75
19.13

12.81
12.64
11.50

84.55
91 .08
81 .48

7.85
8.46
7.57

rl8'.75

25.02
25.99
0)27.29

14.80
15.48
0)16.62

21 .41
22.87
0)23.98

12.83
13.79
0)14,84

88.51
0)105.49
102.77

8.22
0)9.80
9.55

0)22^58

25.38
22.50
25.06

14.79
13.04
14.52

20.77
20.96
21.75

12.33
12.24
12.81

93.59
87.09
84.08

8.69
8.09
7.81

r2l".03

July
August
September

23.50
r23,53
r25.ll

13.31
H3.22
H4.25

20.23
r20.74
r22.20

11.63
rll .80
r!2.78

88.48
83.85
92.17

8.22
7.79
8.56

p22'.52

October
November
December

p23.25

pi 3. 11

p20.12

pll .52

93.15

8.65

49.' 28

50^68

53.94

56. '50

1978

59,73

r59*.98

r60'.83

r63'.43

1979
January
February
March
April
May
June

r68'. 68

r7o'.15

0)p73.'73

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by0); for
series that move counter to movements in general business activity,current low values are indicated by0). 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, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
1
Graphs of these series are shown on pages 12, 23, and 24.
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.
Converted to metric units
by the Bureau of Economic Analysis.




66

NOVEMBER 1979

•to

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

Q FIXED CAPITAL INVESTMENT-Con.
|

Minor Economic
Process

C, Lg, Lg

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.dol.)

Year
and
month

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

(Ann. rate,
bil.dol.)

C,Lg, U

C, Lg, C

Lg, Lg, Lg

C, Lg,C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
equipment
87. Structures
88. Producers'
durable equip.
(1967=100)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

U L, L

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

U L, L

89. Residential
fixed investment, total, in
1972 dollars
(Ann. rate,
bil.dol.)

1977
January
February
March

130J6

181.50
183.15
188.92

142.1
142.8
143.2

126^3

373

88.8

1,519
1,856
2,064

124.6
134.5
143.1

533

April
May
June

134.'24

188.58
192.25
188.88

146,0
147.1
148.2

128 ] 3

39^6

89.3

1,883
1,985
1,907

143.1
143.8
151 .0

57^9

July
August
September

140.*38

195.08
198.96
201.12

149.1
149.9
151.0

130.8

39 .'9

90.'9

2,062
2,023
1,982

145.4
153.4
144.3

59.3

October
November
December

138J1

204.15
205.05
205.76

150.8
150.8
152.3

1 31 ! 7

40 !i

9K5

2,078
2,041
2,151

151 .5
152.7
151 .2

60.1

January
February
March

144.25

204.83
209.20
214.91

152.0.
153,6
156.5

133J

40^2

93.0

1,744
1,659
2,011

139.2
137.7
140.7

59.*4

April
May
June

150.'76

221.86
220.94
228.18

158.0
158.4
160.1

14CL3

43.9

96.4

1)2,176
2,037
2,093

154.6
141 .8
H>160.2

@>60.'9

July
August
September

155.'41

230.58
238.02
246.70

161 .7
163.4
163.8

i4i!e

4 5 . 'l

96.5

2,104
2,004
2,024

142.6
138.6
148.5

60^2

October
November
December

163]%

245.58
248.99
252.90

164.8
165.0
166.8

1453

46. ' 5

98 .*9

2,054
2,107
2,074

148.2
144.5
147.6

5o!6

165*.94

256.18
255.73
270.16

168.1
169.0
170.8

147 '.2

45l8

101 .3

1,679
1,381
1 ,786

117.2
115.1
130.9

57^7

(H)173.48

258.54
266.54
264.53

168.7
171 .4
171 .5

146 '.9

47^9

99.0

1 ,745
1 ,835
1 ,923

122.5
130.7
132.4

56.*7

a!75.29

272.96
r288.41
g>p306.07

171 .4
r!71 .1
0X172.8

DHSl.'o

[H)r48.'7

[H)rl02,3

1 ,788
rl ,793
rl ,911

123.4
133.6
143.4

r563

pi ,760

124.6

1978

1979
January
February
March
April
May
June
July
August
September
October
November
December

. . . .

(NA)

p!70.6

a!79.56

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H>; for
series that move counter to movements in general business activity, current low values are indicated by [H>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 24, and 25.

IICII

NOVEMBER 1979



67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—COP.

MAJOR E C O N O M I C
PROCESS

|
M INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment

L, L, L

Timing Class

L, L, L

L, L, L

36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data 1

Year
and
month

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Inventories on Hand and on Order

(Ann. rate,
bil.dol.)

L, L, L

31. Change
in book value
of mfg. and
trade inventories, total

38. Change
n stocks of
materials and
supplies on
land and on
order, mfg.

(Ann. rate,
bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars
(Bil.dol.)

Lg, Lg, Lg

70. Constant
(1972) dollars

65. Mfrs.'
inventories of
finished
goods, book
value

(Bil.dol.)

(Bil.dol.)

L, Lg, Lg

Lg, Lg, Lg

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade

78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil.dol.)

(Ratio)

1977

January
February
March

IKS

15.11
11.99
15.05

5.60
9.52
12.49

30.6
29.4
40.5

1.50
0.80
1.35

313.29
315.73
319.11

226.11
226.81
227.89

54.42
54.70
54.91

1.57
1.56
1.55

134.37
1 35 . 1 8
136.52

April
May
June

isii

15.76
8.77
9.78

14.16
13.73
12.31

39.8
.2.0
21.7

0.87
0.97
0.20

322.42
324.26
326.07

229.16
229.84
230.81

55.39
56.35
56.84

1.57
1.57
1.57

137.39
138.36
138.57

July
August
September

16\6

7.94
22.78
19.14

10.13
11.16
15.06

9.7
31.9
38.7

-0.63
1.13
1.23

326.88
329.54
332.76

231.68
233.01
234.49

57.42
57.46
57.83

1.57
1.57
1.58

137.94
139.07
140.30

October
November
December

1K3

3.02
20.26
17.06

15.80
14.56
13.79

7.4
32.1
24.5

0.58
0.88
1.74

333.38
336.06
338.10

234.60
235.77
236.82

58.45
59.02
58.88

1.57
1.57
1.56

140.88
141 .76
143.50

16'.5

23.21
13.62
[H>36.53

16.81
19.07
21.21

41.0
33.9
60.8

0.92
1.51
2.07

341.52
344.34
349.41

238.18
238.92
241.23

59.74
59.76
60.05

1.61
1.58
1.57

144.42
145.93
148.00

15^6

29.34
17.71
15.10

25.47
0)27.18
24.29

60.4
33.7
33.8

1.83
2.00
2.38

354.44
357.25
360.06

242.94
243.93
244.65

60.71
61.07
61.57

1.55
1.56
1.57

149.84
151.84
154.22

12^2

10.36
18.49
12.82

17.55
14.52
14.27

35.8
42.3
31.8

1.18
1.81
2.62

363.05
366.57
369.23

245.54
246.77
247.13

62.10
62.74
62.82

1.58
1.56
1.57

155.40
157.22
159.83

12.0

15.64
19.19
18.38

14.77
15.77
16.81

38.1
52.9
33.8

2.43
2.98
2.71

372.40
376.81
379.63

247.88
249.09
249.59

62.69
63.52
63.80

1.55
1.55
1.55

162.26
165.24
167.95

12.3

31.04
14.76
15.07

20.30
22.13
20.84

54.7
43.6
48.9

[H)5.71
3.96
3.31

384 . 1 9
387.82
391.89

250.98
251.38
252.24

64.67
65.48
65.67

1.57
1.58
1.54

173.66
177.62
180.93

E>18J

29.44
-2.04
r21.68

20.02
16.96
r!5.26

67.6
47.7
53.5

4.3i
0.52
2.70

397.53
401.50
405.97

253.80
254.71
256.18

67.10
67.28
68.26

1.62
1.58
1.62

185.24
185.76
188.46

rl'.9

r21.50
r-1.43
p-17.83

r!5.04
H3.82
P7.33

!fi>93.7
r37.6
p4.8

r-0.02
r?.63
pi .20

413,78
r416.91
H)p417.31

r259.10
0)259.38
p257.85

r68.95
r69.00
[H)69.92

E)l,63
1 .62
pi .60

r!88,45
r!91 .08
E>pl92,28

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1978

January
February
March . .

....

April
May
June
July
August
September

. .

October
November
December
1979

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

(NA)

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byjj); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary, "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 15, 26. and 27.
1
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.




NOVEMBER 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR E C O N O M I C
PROCESS

HRj PRICES, COSTS, AND PROFITS

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

L, L, L

Timing Class

U, L, L

92. Change in sensitive prices
Year
and
month

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

23. Index of
industrial
materials
prices(u)

(1967-100)

L, L, L

19. Index of
stock prices,
500 common
stocks @

(1941-43=10)

Profits and Profit Margins

L, L, L

L, L, L

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

L, C, L

L, C, L

Corporate profits after taxes
with IVA and CCA 1

18. Constant
(1972) dollars
(Ann. rate,
bil. dol.)

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

80. Constant
(1972) dollars
(Ann. rate,
bil. dol.)

L, L, L

22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)

1977

0.71
-0.14
0.69

210.2
216.4
222.8

103.81
100.96
100.57

99i2

7o.'e

67.'9

48!6

io!2

0.43
1.04
-1.35

1.77
1.58
0.53

221.9
218.1
206.4

99.05
98.76
99.29

103.'7

72^6

76!4

53.'8

lo.'s

July
August
September

0.22
1.44
0.67

0.01
0.04
0.44

204.1
202.7
202.9

100.18
97.75
96.23

107.*2

73^9

87 !l

H>60'3

1CL2

October
November
December

0.21
1.51
2.52

0.77
0.79
1.11

204.7
203.8
210.9

93.74
94.28
93.82

107\9

73J

77\9

53!2

i6!i

January
February
March

0.67
0.03
1.27

1.49
1.32
0.87

219.7
219.9
219.8

90.25
88.98
88.82

106\7

7\'.2

70.4

47.4

9.9

April
May
June

1.39
0.62
1.85

0.78
1.00
1.19

220.3
217.8
222.1

92.71
97.41
97.66

122!4

79\9

84!7

55^7

10.7

1.59
0.44
1.62

1.32
1.32
1.26

224.7
232.6
239.1

97.19
103.92
103.86

124.6

79'.7

87J

56.'?

1CL7

1.44
1.85
1.16

1.19
1.40
1.56

249.4
254.8
251.8

100.58
94.71
96.11

13213

83! 2

[H>89;7

56.*9

ii!6

1.85
2.57
3.43

1.55
1.74
2.24

258.3
273.5
288.5

99.71
98.23
100.11

142^6

0}87;3

87! 6

54! 4

[fl>ii!4

139.3

83J

87^9

53'.4

11 .0

p86.8

p86.4

p51 .4

pll .3

-1.76

January
February
March

EM. 40
1.57

April
May
June

1978

July
August
September

. .

.

October
November
December
1979

January
February
March
April
May
June . . .

-0.38
2.57
r2.98

D2.24
1 .87
rl ,80

294.5
293,8
293.9

102.07
99.73
101.73

July
August
September

rl.ll
1 .05
3.36

1 .97
1 .97
1.78

297.3
298.1
297.3

107.36
[H}108.60

October .
November
December

3.03

2.16

E>307.7
3
303.6

102.71

A

E)pl47.9

104.47
102.38

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by [H); for
series that move counter to movements in general business activity, 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. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
X
Graphsof these series are shown on pages 13, 28, and 29.
IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series
is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3Average for November 6, 13,
and 20. *Average for November 7, 14, and 21.

ItCII

NOVEMBER 1979




69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS
Minor Economic
Process

Q PRICES, COSTS, AND PROFITS-Con.
|
Profits and Profit Margins-Con.

Year
and
month

U,L, L

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income 1

15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations

(Percent)

Timing Class

(Cents)

Cash Flows

L, L, L

L, L, L

Unit Labor Costs and Labor Share

L,L, L

26. Ratio, price
Net cash flow, corporate
to unit labor
cost, nonfarm
35. Constant
business sector 2 34. Current
dollars
(1972) dollars
(1967-100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

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

68. Labor cost
63. Index of
unit labor cost, per unit of real
private business gross domestic
sector
prodjct, nonfinancial
corporations
(1967-100)

Lg, Lg, Lg

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

(1967-100)

(Dollars)

(Percent)

1977
January
February
March

6*. 6

5.3

96*.8

152.5

1 1 2 .' 4

175^2

0.928

150.4
152.2
151.9

76^2

April
May
June

7'.3

sis

97*0

170.5

115^8

178'8

0.945

152.3
152.8
153.6

75^8

July
August
September

H)8.'i

5.'6

97. '4

176.2

117.'5

180 '.2

0.954

154.2
154.8
155.7

75.'5

October
November
December

7J

5.4

96^5

177^6

neio

183i3

0.975

156.6
157.7
159.1

75!8

January
February
March

e'.2

5!6

94 "7

178.'l

114^4

189^4

1 .002

161 .5
163.9
164.4

76^7

April
May
June

7J

5.5

95.8

195 '.5

123.5

192.1

1 .009

163.1
163.2
163.3

75'.6

July
August
September

i\2

5^4

96'.6

197.3

122^5

195^2

1 .024

163.6
163.1
163.9

75*4

October
November
December

l'.2

5^7

96*6

20E>!7

125'.8

199!6

1 .042

164.9
166.6
167.8

75^6

1978

1979
January
February
March

6.6

0)6.0

94J

ZIG'.O

129.8

205.9

1 .075

170.6
171 .8
172.0

75^5

Ap.ril
May
June

6.6

5.^6

94 "4

217^3

127.4

211 .7

1 .104

175.2
173.3
174.0

75.9

p6.'i

(NA)

r94.2

E)p228.'o

DP130!4

Dr216.'6

H>pl.l25

r!75.0
r!76.3
r!76.8

July
August
September
October
November
December

p75.'9

Dpi 78. 4

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by [H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 29, and 30.
2
^VA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series 26 reached its high value (98.1) in 3d
quarter 1975; series 64 reached its high value (76.8) in 4th quarter 1976.

70




NOVEMBER 1979 l»4 Jl

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR E C O N O M I C
PROCESS

Q MONEY A N D C R E D I T

Minor Economic
Process

Velocity of Money

Money

L, L, L

Timing Class

85. Change in
money supply
(M1)

Year
and
month

(Percent)

102. Change
in money
supply plus
time deposits
at commercial
banks ( M 2 ) 1
(Percent)

L, L, L

L, L, L

L, C, U

104. Change in total liquid assets

Monthly
data

Smoothed
data2

(Percent)

(Percent)

L, L, L

105. Money
supply (M1)
in 1972
dollars

106. Money
supply (M2)
in 1972
dollars

(Bil.dol.)

(Bil.dol.)

Credit Flows

C, C , C

C, L g , C

L, L, L

107. Ratio,
gross national
product to
money supply
(M1)

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

(Ratio)

(Ratio)

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

1977
January
February
March

0.73
0.57
0.57

0.93
0.78
0.78

0.92
1 .09
0.78

0.79
0.83
0.91

225.4
224.5
224.4

533.1
532.1
532.9

5.726

1.947
1 .954
1 .963

51 .70
57.72
69.95

April
May
June

0.88
0.34
0.53

0.84
0.56
0.73

0.83
0.66
0.83

0.91
0.83
0.76

224.7
224.5
224.5

533.5
534.2
535.1

5.794

1 .958
1 .960
1 .958

79.81
82.10
94.26

July .
August
September

1.05
0.58
0.76

1.08
0.73
0.75

[0)1.14
1.07
0.91

0.82
0.94
1.03

226.0
226.4
227.2

539.1
540.6
542.6

5.836

1 .961
1.960
1 .962

74.11
83.71
96.79

October
November
December

0.69
0.33
0.65

0.72
0.50
0.52

1.12
1.12
0.85

1 .04
1 .04
D1.04

227.9
227.4
227.8

544.4
544.2
544.4

5.851

1 .971
1 .983
1 .993

87.62
87.00
96.48

January
February
March

0.94
0.15
0.23

0.82
0.42
0.39

1 .01
0.72
0.63

1 .01
0.93
0.82

0)228.4
227.2
226.0

[H}545.0
543.8
541.6

5.872

1 .983
1 .991
2.011

r76.51
r77.62
r91.01

April
May
June

1.37
0.80
0.51

0.94
0.77
0.71

1.03
0.91
0.76

0.79
0.82
0.88

227.2
227.1
226.3

542.1
541.8
540.9

6.005

2.019
2.017
2.023

r84.14
r96.41
r97.06

July
August
September

0.54
0.65
1.12

0.72
0.93
1 .06

0.79
0.75
1.11

0.86
0.79
0.82

226.2
226.3
226.9

541.7
543.4
544.5

6.044

2.039
2.033
2.029

r80.18
DrlOl.60
r94.16

October
November
December

0.14
-0.17
0 17

0.53
0.40
0.24

0.65
0.98
0.96

0.86
0.87
0.89

225.4
223.7
222.6

543.0
542.0
539.8

6.192

2.047
2.062
2.086

r97.54
r99.94
r93.80

-0.42
-0.31
0.11

-0.09
0.19
0.32

rO.85
0.73
rO.65

0.90
0.89
0.80

219.7
216.5
214.6

534.5
529.4
525.8

6.383

2.096
2.112
D2.129

r91 .63
84.80
r86.59

D1.48
0.05
1.23

1 .17
0.45
1.19

rO.92
rO.72
1.09

0.76
0.76
rO.84

215.4
213.2
213.8

526.2
522.8
523.9

6.367

2.114
2.116
2.106

r73.56
r94.03
rlOO.73

0.84
0.59
rO.94

1.07
0.92
1 .02

rO.86
rO.71
rO.97

rO.90
rO.89
rO.87

213.5
212.5
r212.2

524.4
523.7
523.4

E)r6,393

r2.115
r2 . 1 09
r2 . 1 02

r87.25
r82.04
p88.52

pO.21
3
0.26

pO.72
3
0.53

pO.83

pO.84

p210.6

p522.0

p2 . 1 04

(NA)

1978

1979
January
February
March
April
May
June
July
August
September
October
November
December

'.

NOTE: Series are seasonally ad|usted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values arp indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers arp lor identification only and do not r e f l e c t snrius relationships 01
order. Complete titles and sources are shown at the back of the b o o k . The "r" indicates revised, "p", preliminary; "e", estimated: "a", anticipated, and "NA", not available.

Graphsof these series are shown on pages 13. 31. and 32.
"Series 102 reached its high value (1.25) in February 1976. 2 Series is a w e i g h t e d
4-term moving average (with weights 1 , 2 , 2 . 1 ) p l a c e d at the t e r m i n a l month of the span. 3 Average for weeks ended November / ,md i - t .
NOVEMBER 1979



CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

MM MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Flows-Con.

Timing Class

Year
and
month

L, L, L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil.dol.)

Credit Difficulties

L, L, L

L, L, L

113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures®

(Mil. dol.)

Interest Rates

Bank Reserves

L, L, L

L, U, U

39. Delinquency 93. Free
rate, 30 days
reserves @
and over, consumer installment loans
(Percent)

(Mil. dol.)

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve ®

(Mil. dol.)

C, Lg, Lg

L, Lg, Lg

119. Federal
funds rate®

1 14. Treasury
bill rate®

(Percent)

(Percent)

1977

January
February
March

-5.36
11 .59
6.90

25.28
28.33
40.42

236,940

168.54
194.20
248.20

2.37
2.37
2.37

433
-114
155

61
79
110

4.61
4.68
4.69

4.60
4.66
4.61

April
May
June

0.54
4.16
11.33

37.07
34.80
30.77

267,068

207.27
473.89
305.86

2.40
2.43
2.38

-62
72
-149

73
200
262

4.73
5.35
5.39

4.54
4.94
5.00

July
August
September

6.59
13.61
7.81

28.88
35.22
34.14

310,644

577.82
338.25
H> 96.99

2.41
2.34
2.36

12
-872
-443

336
1,071
634

5.42
5.90
6.14

5.15
5.50
5.77

October
November
December

10.79
11.81
9.72

38.48
43.15
42.95

312,384

115.69
200.29
168.32

2.41
2.24
2.36

-980
-705
-384

1,319
840
558

6.47
6.51
6.56

6.19
6.16
6.06

January
February
March

9.76
17.21
19.97

29.24
34.34
48.91

309,956

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272
-38

481
405
344

6.70
6.78
6.79

6.45
6.46
6.32

April
May
June

18.10
26.24
21 .96

49.27
51.36
50.48

336,240

202.99
160.40
178.84

2.44
2.28
2.44

-475
-975
-974

539
1,227
1,111

6.89
7.36
7.60

6.31
6.43
6.71

July
August
September

13.61
11.78
13.92

41.59
43.58
44.16

345,91*6

231.82
206.40
127.02

2.42
2.37
2.42

-1,146
--885
-993

1,286
1,147
1,068

7.81
8.04
8.45

7.07
7.04
7.84

October
November
December

10.90
8.77
-0.94

40.51
45.98
52.79

394,412

r475.34
178.93
196.54

2.35
2.34
2.45

-1 ,049
-417
-749

1,261
722
874

8.96
9.76

10.03

8.13
8.79
9.12

r26.95
r32,68
6.29

36.80
42.76
43.50

r346,408

182.22
177.09
187.76

[H)2,12
2.31
2.33

-692
-764
-742

994
973
999

10.07
10.06
10.09

9.35
9.27
9.46

r39.56
r31.97
r23.83

49.26
39.67
30.70

r372,412

242.76
200.45
(NA)

2.43
2.37
2.45

-899
-1,490
-1,175

897
1,777
1,396

10.01
10.24
10.29

9.49
9.58
9.05

2.45
2.47
2.59

-989
-904
P-1,247

1 ,179
1 ,097
pi, 345

10.47
10.94
11 .43

9.26
9.45
10.18

Dp-1,597
2
-l,555

H)p2,022
2
1,884

D13.77
2
13.39

H>11.47
3
12.08

1978

1979

January
February
March

;
j
'

April
May
June
July
August
September
October
November
December

r40.54
r30.38
(H)r44.82

,

p5.06
M4.89

29.32
2 9 . 3 5 [H)p399,924
[H}53.35
(NA)

(NA)

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 byE); for
series that move counter to movements in general business activity, 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. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 32, 33, and 34.

Average for weeks ended November 7 and 14.
November 1, 8, 15, and 22.


72


2

Average for weeks ended November 7, 14, and 21.

3

Average for weeks ended

NOVEMBER 1979

ltd*

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Ql MONEY AND CREDIT-Con.

Minor Economic
Process

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

1 16. Corporate
bond yields®

Timing Class

1 15. Treasury
bond yields®

1 17. Municipal
bond yields®

11 8. Secondary
market yields
on FHA
mortgages®

Outstanding Debt

Year
and
month
(Percent)

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

67. Bank rates
on short-term
business loans

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks®

®

(Percent)

66. Consumer
installment
debt

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks
(Mil. dol.)

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

1977

8 45
8.55
8.65

7.50

6 25
6 25
6.25

190,426
192,787
196,155

109,531
110,497
111,072

13.09
13.10
13.16

8.64
(NA)
8.77

7.40

6 25
6 41
6.75

199,244
202 144
204,708

111 ,117
111 ,464
112,408

13 29
1 3 39
13.48

8,77
8 77
8 74

7 80

6.75
6 83
7.13

207,115
210 050
212 895

112,957
114,091
114,742

13.48
1 3 57

8.81
8.81
8 96

8.*64

7.52
7.75
7 75

216,102
219,698
223,277

115,641
116,625
11 7 435

13.68
13.76
P P.4

9 is
(NA)
9 35

7 en
8'.90

225 714
228,576
232 652

118,248
119,682
121 346

1 3 95
14.01
14 06

8 fin

OQC

0

122 854
125 041
126 871

H

241 038
245 245

256 023

128,005
128 987
130 147

14.38
1 4 49
14 58
14.56
14.61
14.65

January
February
March

7 96
8 18
8.33

6 68

April
May
June

8 30
8 38
8.08

7 13
7 17

5 73
5 75

6.99

5.62

July
August
September

8.12
8.06
8.11

6.98
7.01
6.94

5.63

October
November
December

8.21
8.26

7.08
7.16

5.64
5.49

8 39

7 24

5 57

January
February
March

8 70

7 51

5 71

8.70

7.60

5.62

8 70

7 53

April
May
June

8 88
9 00
g ]5

7 74
7 86
7 94

July
August
September

9.27

8.10

6.28

9.96

8 83
8 78

C.

Q 81

7 po

5 87
5 89

7.16
7.20

5.89

5 62
5.51

I Q C.A

1978

October
November
December

..

C

c

on

Q M

f. rn
6 22

7 gg

C1

n -JA

I 0

c. no.

8 96

( NA }

n no

9 81

8.00
p nn
o 07

CQ

7CO

9.00

248,711

Q
Q

OCO

fil
A1

0^0

I 0

14 29
14 39

6.19
6 50

9.98
10.04
10.23

11 .44

9.94
10.94
11.55

259,399
263,231
267,630

131 ,055
131 ,786
131 ,708

10 24
1 n ?d
10.26

12 27

11 75
1 1 75
11 .75

270 697
274 260
277,885

r!36 677
r 137, 201

14 76
14 81
14.84

11 .75

281 ,990
ooc one

r!40,498

14.99

1 1 7R

rl A "3

1 £9

1 R DP,

11.65

287,854

r!45,148

15.11

11,54
290,297
292,743
11.91
1 2 . 9 0 !H)297,189

r!48,526
r!51,058
r!54,793

9.14
9.30

8.07
8.16

9 30

8 36

9 47
9 52

8 43
8 43

9.65

8.45

6 46
6 31
6.33

9.69

8.44
8.55
8.32

6.28
6 25
6.13

(NA)
10 61
10.49

(H)12 34

g 47

8 35

9.57

8.42

6 13
6.20
6 52

1046
10.58
1 1 37

12'.31

E>7 08

ifl)l 9 QA.

6.13

1979

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

9 83
9.51

1

9 37

H>11 17

Ml 54

8 68
H)9 44
*g g]

2

7 ^n

[7j\ •} n o o
(n; 14. jy
15. 54

/ Mn\

(NA)

r

"] 00

QC/1

r!5 02
r!5.04
H)pl5 1 7

[H}P155,215
"153,974

(NA)

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[fi); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 34, and 35.

Average for weeks ended November 2, 9, 16, and 23.
Average for weeks ended November 1, 8, 15, and 22.
November 1 through 27. AAverage for weeks ended November 7 and 14.

 NOVEMBER 1979


Average for

73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Q DIFFUSION I N D E X E S

Year
and
month

950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
20,29,32,36,92, 104,
106)

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

952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)

961 . Average workweek
of production workers,
manufacturing (20
industries)

962. Initial claims for
State unemployment
insurance, week including the 12th
(51 areas)

1-month
span

6-month
span

9-month
span

1-month
span

10.0
97.5
32.5

80.0
90.0
80.0

39.2
25.5
49.0

74.5
70.6
68.6

73.0
67.2
72.4

86.3
84.6
84.0

100.0
100.0
100.0

52.5
57.5
72.5

82.5
82.5
90.0

68.6
23.5
37.3

57.8
53.9
74.5

71.5
70.3
65.1

82.3
79.1
77.6

75.0
91.7
83.3

100.0
100.0
100.0

22.5
55.0
67.5

45.0
72.5
10.0

80.4
24.5
82.4

65.7
82.4
68.6

70.3
57.8
67.2

75.3
76.7
79.7

100.0
100.0
100.0

91.7
100.0
75.0

100.0
100.0
100.0

80.0
40.0
45.0

25.0
67.5
90.0

76.5
41.2
90.2

70.6
78.4
86.3

64.2
73.3
75.3

80.5
84.0
82.3

25.0
75.0
100.0

100.0
100.0
100.0

100.0
100.0
91.7

100.0
100.0
100.0

0.0
77.5
92.5

82.5
70.0
55.0

33.3
47.1
54.9

76.5
56.9
47.1

68.3
69.2
69.5

83.1
79.1
77.6

54.2
50.0
58.3

100.0
50.0
75.0

100.0
100.0
100.0

66.7
100.0
91.7

100.0
83.3
83.3

75.0
15.0
52.5

45.0
65.0
95.0

82.4
11.8
58.8

52.9
60.8
60.8

68.0
57.8
66.6

73.5
72.7
71.2

45.8
50.0
62.5

62.5
83.3
66.7

75.0
100.0
62.5

100.0
100.0
100.0

83.3
83.3
83.3

100.0
100.0
100.0

50.0
42.5
65.0

87.5
50.0
42.5

49.0
42.2
94.1

51.0
76.5
17.6

64.5
60.5
62.5

73.0
77.3
79.7

54.2
37.5
66.7

66.7
66.7
50.0

100.0
100.0
100.0

100.0
100.0
100.0

66.7
100.0
83.3

100.0
100.0
83.3

47.5
70.0
52.5

60.0
65.0
5.0

25.5
29.4
86.3

51.0
66.7
29.4

73.0
75.9
74.4

82.3
82.3
80.5

January
February
March

58.3
50.0
58.3

33.3
33.3
33.3

25.0
75.0
100.0

75.0
100.0
50.0

83.3
75.0
75.0

100.0
83.3
100.0

55.0
37.5
60.0

20.0
7.5
15.0

13.7
72.5
68.6

46.1
27.5
25.5

70.3
65.1
60.5

74.1
67.4
61.9

April
May
June

20.8
41.7
50.0

r37.5
29.2
'27.3

12.5
75.0
62.5

75.0
50.0
25.0

91.7
58.3
83.3

83.3
100.0
100.0

0.0
90.0
32.5

10.0
r32.5
p32.5

7.8
66.7
66.7

54.9
p49.0
(NA)

44.8
54.7
57.0

58.1
r50.3
r46.8

66.7

66.7
83.3
66.7

"100.0

62.5
r35.0
r67.5

33.3
54.9
p86.3

61.6
r48.8
r47.7

p59.6

r50.0
75.0
100.0

"100.0

p40.0

(NA)

p74.7

1-month
span

6-month
span

1-month
span

6-month
span

1-month
span

6-month
span

45.8
50.0
83.3

91.7
79.2
70.8

25.0
100.0
100.0

100.0
100.0
100.0

66.7
75.0
91.7

83.3
83.3
100.0

April
May
June

50.0
41.7
58.3

58.3
83.3
54.2

75.0
75.0
100.0

100.0
100.0
100.0

75.0
83.3
100.0

July
August
September

45.8
70.3
54.2

62.5
58.3
70.8

75.0
75.0
75.0

100.0
100.0
100. 0

October
November
December

75.0
70.8
58.3

66.7
75.0
66.7

100.0
100.0
100.0

January
February
March

45.8
62.5
41.7

58.3
54.2
58.3

April
May
June

66.7
54.2
62.5

July
August
September
October
November
December

1-month
span

9-month
span

963. Number of employees on private
nonagricultural payrolls
(172 industries)

1977

January
February
March

....

1978

1979

July
August
September

50.0
29.2
^0.0

October
November
December

2

25.0

2

45.0

rlOO.O

3

3

3
NOTE: Figures are the |percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adiusted com1. and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available
ponents; indexes 950, 951,and 952 are nnmmitfid from the cnmonnents of the nnmnnsitfi indexes The "r" indicates revised: "n". nrfiliminarv: and "NA" not available
Graphs of these series are shown on page 36.
1
Excludes series 12 for which data are not yet available.
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
''Excludes series 70 and 95 for which data are not yet available.


74


NOVEMBER 1979

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

| B DIFFUSION INDEXES-Cun.
{
964. Value of manufacturers' new orders,
durable goods industries (35 industries)

Year
and
month

1 -month
span

9-month
span

965. Newly approved
capital appropriations,
deflated, The
Conference Board
(17 industries)

966. Index of industrial
production (24
industries)

967. Index of industrial
materials prices ©
(13 industria materials)

968. Index of stock
prices, 500 common
stocks l ©

960. Net profits,
manufacturing 2 (u)
(about 700 companies)

9-month
span

1-month
span

69.2
73.1
80.8

57.7
50.0
50.0

46.0
27.4
43.5

33.0
43.5
54.8

"72

83.3
87.5
83.3

34.6
34.6
15.4

50.0
46.2
46.2

49.2
37.0
46.0

54.8
29.0
17.7

78

68.8
75.0
66.7

89.6
87.5
83.3

34.6
50.0
50.0

45.8
29. 2
41.7

56.5
23.4
15.3

26.6
27.4
22.6

'74

*61

72.9
66.7
72.9

75.0
79.2
75.0

45.8
62.5
75.0

11.3
66.9
46.8

19.4
16.1
23.7

78

48

39.6
47.9
85.4

83.3
79.2
91 .7

69.2
34.6
46.2

66.7
66.7
3
58.3

8.1
30.6
50.0

"49.1
"62.1
"69.8

*78

'49

87.5
54.2
83.3

87.5
87.5
85.4

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

"82.8
"86.2
"87.7

*78

r50

70.8
83.3
70.8

87.5
87.5
91.7

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

"70.2
^67.5
"68.4

'so

48

66.7
79.2
87.5

87.5
77.1
81.3

88.5
80.8
42.3

88.5
88.5
92.3

8.6
0,0
69,0

39.1
47.3
67.3

*74

52

p46

1 -quarter
span

54.2
52.1
66.7

58.3
58.3
50.0

61 .5
76.9
76.9

96.2
96.2
88.5

94.8
35.5
85.5

18.2
32.7
57.4

16.7
64.6
66.7

r56.3
50.0
r45.8

69,2
42.3
53.8

80.8
84.6
91 .7

80.0
16.4
90.0

90.7
88.9
75.0

r45.8
r45.8
r43.8

p75.0

46.2
30.8
53.8

66.7

64.8
92.6
53.7

4-Q moving
avg.

1-month
span

60

58 . 3
72.9
68.8

83.3
91.7
91 .7

57

70.8
72.9
83.3

6-month
span

1 -mo nth
span

9-month
span

1 -quarter
span

4-quarter
span

1977
January
February
March

54.3
42.9
72.9

88.6
88.6
74.3

48

April
May
June .

38.6
71.4
57.1

80.0
80.0
82.9

77

July
August
September

31.4
74.3
62.9

88.6
85.7
74.3

56

October
November
December

57.1
68.6
65.7

88.6
92.9
91 .4

48

40.0
65.7
60.0

90.0
94.3
77.1

62

65.7
52,9
54.3

82.9
85.7
94.3

27

July
August
September

31.4
82.9
60.0

88.6
74,3
91,4

59

October
November
December

82.9
42.9
60.0

88.6
91.4
92.9

r50

January
February
March

57.1
45.7
65.7

80.0
80.0
52.9

r53

April
May . . .
June

25.7
62.9
48.6

r68.6
r58.6
p54.3

45

July
August
September

40.0
r65.7
r54.3

October
November
December

p47.1

3

50.0
37.5
57.7

3

3
3

3
3
3

1978
January
February
March
April .
May
June

.

.

.

3

3

1979

p36

p70.8

5

6

62.5
61.5

5

56

(NA)

3.7

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated b y ® . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
1
Based on 62 industries through March 1978, on 59 industries through September 1978, on 58 industries through January 1979,
on 55 industries through June 1979, and on 54 industries thereafter. Data for component industries are not shown in table C2
but are available from the source agency.
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet
Inc.
3
Based on 12 components (excluding print cloth).
"Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
5
Based on 12 components (excluding rosin).
6
Average for November 6, 13, and 20.


NOVEMBER 1979


75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

D I F F U S I O N INDEXES-Con.

Year
and
quarter

971. New orders, manufacturing 1 ©

970. Business expenditures for new plant and
equipment (18 industries)
a. Actual
expenditures

(1-Qspan)

c. Early
anticipations

b. Later
anticipations

(1-Qspan)

(1-Qspan)

972. Net profits, manufacturing
and trade 1 ®

973. Net sales, manufacturing
and trade 1 ©

Actual

Actual

Actual

(4-Qspan)

(4-Qspan)

(4-Q span)

(4-Qspan)

(4-Q span)

Anticipated

1976

66.7
80.6
72.2
47.2

61.1
77.8
72.2
63.9

75.0
61.1
66.7
83.3

80
80
78
78

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

66.7
66.7
66.7
72.2

83
82
82

86

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

61.1
66.7
61.1
69.4

83
86
86
86

82
83
88
86

66.7
77.8
(NA)

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

66.7
72.2
66.7

55.6
72.2
69.4
77.8

85

76
74
72
74

82
81
80
80

82
84
90
87

71
74
74
76

81
84
85

82
86
90
86

1977

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1978

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

73
76
78
78

84
87
92
90

1979

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

(NA)

(NA)

DIFFUSION

Year
and
quarter

975. Level of inventories,
manufacturing and trade 1 ®

Actual

Actual

Actual

(4-Qspan)

(4-Qspan)

(4-Qspan)

(NA)

78

(4-Qspan)

978. Selling prices, retail
trade 1 ©

Actual

Anticipated

(4-Qspan)

85
88
84

977. Selling prices, wholesale
trade 1 ©

976. Selling prices, manufacturing 1 @

Anticipated

87
84

INDEXES-Con.

974. Number of employees,
manufacturing and trade 1 ©
Anticipated

78
82
80
70

78
74

81

Actual

(4-Qspan)

(4-Qspan)

Anticipated

(4-Qspan)

(4-Qspan)

1976

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

57
58
58
58

56
60
62
60

62
65
68
69

60
59
61
62

59
60
61
59

74
72
74
75

62
64
64
63

59
60
62
62

62
60
(NA)

60
60
58
56

80
82
80
82

75
78

82
82

92
86

81
82
84

1977

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

65
87
87

78
81
86
82

76
76
76
78

87
88
90
91

82
84
87
87

80
76
(NA)

92
93
(NA)

86
88
88
86

87
90

84

92
93
94

90
87

90
86
92
92

86

91
94
94
93

90
88
92
92

94
95
(NA)

90
92
92
90

1978

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1979

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

96
95
(NA)

90
92
90

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by © , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.




76

NOVEMBER 1979

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

| 1 S E L E C T E D DIFFUSION INDEX COMPONENTS: B a s e Data and Direct c ns of Change
H

1979

D if fusion index components

April

March

June

May

August

July

September1"

October* 5

961. A V E R A G E W O R K W E E K OF PRODUCTION W O R K E R S , M A N U F A C T U R I N G '
(Average weekly hours)

All manufacturing industries

o

Percent rising of 20 components

39.1

40.6
(60)

(0)

40.2

40.1

(90)

+

+

(32)

-

40.2

40.1

o

(35)

(62)

40.1

o

(68)

40.1
(40)

Durable goods industries.
Lumber and wood products
Furniture and f i x t u r e s

+
+

40.0
39.1

39.1
38.1

+
+

39.4
38.5

Stone, clay, and glass products
Primary metal industries

+

42.0
42.0

41.2
41.8

+

41.7
41.4

Fabricated metal products
Machinery, except electrical

o

41.3
42.4

39.1
40.5

+
+

40.7
42.0

Electrical equipment and supplies
Transportation equipment

o

40.7
42.3

39.0
37.9

+
+

40.4
41.5

Instruments and related products
Miscellaneous manufacturing industries

o
o

41.2
39.0

40.3
37.6

+
+

40.8
38.6

Food and kindred products
Tobacco manufactures

+
+

40.0
38.0

39.6
37.6

+
+

39.8
38.9

Textile mill products
Apparel and other t e x t i l e products

+
o

40.3
35.4

' 38.8
34.2

+
+

Paper and allied products
Printing and publishing

+
o

42.8
37.7

41.8
37.1

Chemicals and allied products
Petroleum and coal products

+

41.9
44.0
41.3
36.3

o
o

39.4
38.5

-

39.3
38.4

+
-

r39.5
r38.3

+
+

39.7
38.6

41.6
41.2

+

41.4
41.3

-

r41.3
41.0

+

41.5
40.9

40.7
42.0

+
-

40.8
41.9

40.6
r41.6

+
+

40.8
41.8

o

-

40.8
41 .4

40.3
40.8

+

40.2
40.9

-

r39.8

+

40.2

+

r41.7

40 . 6

+
+

40.5
41.1

40.6
38.9

+
+

40.7
39.3

-

r40.5

-

r39.1

+
o

40.7
39,1

o

40 . 5
39.1

o

39.8
37.6

o
+

39.8
38.5

-

r39.7
r38.0

+
+

40.0
38.5

40.0
35.2

+
o

40.1
35.2

o
+

40.1
35.3

o
o

40.1
35.3

+
-

40.6
35.2

+

40.8
35.1

+
+

42.6
37.4

42.5
37.4

o
+

42.5
37.5

+
+

42.6
37.7

-

42.4
37.5

+

o

42.9
37.3

41.7
43.9

+

41.9
43.7

41.7
43.3

+
+

41.9
43.6

+
+

42.0
43.7

+

41.8
44.1

+
+

42.0
44.2

39.7
35.6

+
+

40.9
36.1

40.7
36.4

+

40.6
36.6

-

r40.2
r36.5

+
+

40.3
36.8

o
o

+

+

39.5
38.9
41.1
40.7

Nondurable goods industries:

Rubber and plastic products, n.e.c
Leather and leather products

+

-

+

964. VALUE OF M A N U F A C T U R E R S ' NEW O R D E R S , DURABLE GOODS I N D U S T R I E S 1
(Millions :if dollars)

All durable goods industries

+

Percent rising of 35 components
Primary metals
Fabricated metal products

83,088

-

76,099

+

(26)

(66)

77,027

-

(63)

75,820

(49)

-r72,545

(40)

39.8
38.1

40.1
36.3

2

+r74,029

(66)

+ 78,008

-

(54)

74,759

(47)

o
+

11,782
9,036

+

11,270
9,477

+
-

11,658
8,878

- 10,937
+ 8,994

- 10,707
+ 9,268

+ 11,707
8,745

+

11,807
9,361

14,988
9,676

-

12,772
9,362

+
+

13,140
9,587

+
+

13,502
9,690

- 13,105
8,867

+r!3,401
+ 9,833

+ 14,368
+ 9,859

-

14,150
9,694

+

Transportation equipment
Other durable goods industries

-

+
-

Machinery, except electrical
Electrical machinery

13,037
10,509

20,002
14,876

-

18,375
14,772

+
-

18,966
14,587

-

17,586
14,506

-r!5,874
+ 14,768

+H6,230
- 14,590

+ 18,323
+ 15,006

+

14,281
15,466

NOTE: To facilitate i n t e r p r e t a t i o n , the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = f a i l i n g . The "r" indicates revised;
'V, preliminary; and "IMA", not available.
a
Data are seasonally adjusted by the source agency,
2
Data for most of the 35 diffusion index components are not available for publication; however, they are are included in the
totals and directions of change for the six major industry groups shown here.

 NOVEMBER


1979

77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

j^l S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Basic Da a and Directions of Change-Con.

1979

Diffusion index components

March

April

August r

July

June

May

September

October

966. INDEX OF INDUSTRIAL P R O D U C T I O N '
(1967=100)
All industrial production

+

153.0

-

150.8

+

152.4

+

152.6

+

Percent rising of 24 components
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products

(67)

(65)

(17)

(67)

152.8

151.6

(46)

2

(46)

+

152.3

+

(44)

152.5
(71)

+
-

123.7
150.2

-

121.7
148.8

+

121.0
150.3

+
-

124.3
149.3

+
o

r!27.1
149.3

-

121.1
147.6

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

+
+
+
+

164.0
174.2
143.7
177.3

-

+
+
+
-

164.3
174.7
141.9
174.7

+
+

r!65.3
174.4
135.5
174.0

+

+

164.5
175.1
139.4
175.9

+

-

161.8
170.6
131.6
176.3

-

166.1
171.4
124.7
173.9

Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products

+

164.9
137.7

-

161.2
137.2

+
-

163.8
136.1

+

162.7
136.8

+

163.3
135.2

+

162.5
136.9

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+
+

163.5
154.5

-

159.4
152.3

+
-

159.6
150.7

o
+

159.6
152.7

159.5
r!55.7

+
o

161.7
155.7

+
+

142.3
136.5
72.9

-

141.2
130.8
69.6

+
+

141.5
128.2
72.3

+
+

144.6
132.0
70.1

-

H43.0
r!29.7
69.7

+
+
o

143.3
130.2
69.7

+

145.1
(NA)
70.3

+
-

149.0
137.3

-

148.7
135.7

+

147.9
136.8

+
+

148.0
136.9

+
-

r!54.0
r!35.6

+

153.9
137.7

+
o

155.1
137.7

+

154.1
138.2

-

+
+
-

207.7
145.4
265.5

+

+
o

207.8
143.9
270.0

+
o
+

r210.5
r!43.9
r278.0

-

213.0
143.1
276.6

212.5
142.8
273.1

+

+

209.7
142.4
270.0

+

+

207.4
143.8
270.4

(NA)
143.1
(NA)

+
+

147.6
123.3

-

147.0
120.0

+
+

149.2
120.2

+
-

149.5
118.3

+

149.4
118.9

-

148.3
107.5

148.2
(NA)

+

124.0
119.3

+

130.1
118.6

+
o

133.4
118.6

+
+

137.5
119.6

+

137.1
r!20.4

+
+

144.1
122.6

142.6
122.1

126.9
135.6

+
-

128.9
135.3

+

123.1
137.8

+
-

123.2
137.3

rl28.6
136.4

+

126.5
138.3

122.9
137.9

Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products

Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

+
-

+

+

122.0
147.5

+

121.8
147.7

+
+

165.6
174.0
131.8
173.5

+
+
+

161.0
175.3
133.4
174.5

+
+

162.7
137.3

+

161.5
155.1

+

(NA)
(NA)

-

(NA)
155.0

(NA)
(NA)
(NA)

(NA)
(NA)

+
+

146.7
123.2
(NA)
(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = using, (o) - unchanged, and (-) - falling. The "r " indicates revised,
"p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

78




NOVEMBER 1979

It

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^H SELECTED D I F F U S I O N I N D E X C O M P O N E N T S :

Basic Data and Directions of Change-Con.

1979

Diffusion index components

April

March

June

May

July

August

October

September

November 1

307.7

303.6

967. INDEX OF INDUSTRIAL M A T E R I A L S P R I C E S 2

Industrial materials price index (1967=100) . . . .

+

Percent rising of 13 components

288.5

+

(77)

294.5

-

293.8

o

(42)

(69)

293.9

+

(54)

297.3

+

(46)

298.1

-

297.3

+

3

(54)

(31)

(62)

(62)

Dollars

Copper scrap

(pound). .
(kilogram). .

+

0.756
1.667

+

0.778
1.715

-

0.709
1.563

-

0.681
1.501

-

0.663
1.462

+

0.702
1.548

+

0.725
1.598

+

0.729
1.607

+

0.752
1.658

Lead scrap

(pound). .
(kilogram). .

+

0.210
0.463

+

0.223
0.492

+

0.237
0.522

+

0.256
0.564

+

0.267
0.589

-

0.263
0.580

o

0.263
0.580

-

0.258
0.569

+

0.403
0.888

Steel scrap

(U.S. ton). . +122.500
135.032
(metric ton). .

-102.500
112.986

- 92.000
101.412

+107.000
117.946

- 98.400
108.466

- 91.500
100.860

- 87.000
95.900

o 87.000
95.900

+

92.000
101.412

Tin

(pound). .
(kilogram). .

+

7.162
15.789

-

6.958
15.340

-

6.930
15.278

+

7.020
15.476

+

7.134
15.728

-

6.845
15.090

+

7.040
15.520

+

7.520
16.579

+

7.583
16.717

Zinc

(pound). .
(kilogram). .

+

0.379
0.836

+

0.395
0.871

o

0.395
0.871

o

0.395
0.871

+

0.397
0.875

-

0.368
0.811

-

0.360
0.794

+

0.373
0.822

-

0.367
0.809

(yard). .
(meter). .

o

0.181
0.198

o

0.181
0.198

o

0.181
0.198

o

0.181
0.198

+

0.239
0.261

+

0.349
0.382

-

0.345
0.377

+

0.361
0.395

+

0.390
0.427

(pound). .
(kilogram).

-

0.584
1.287

-

0,574
1.265

+

0.612
1.349

+

0.638
1.407

-

0.619
1.365

+

0.622
1.371

+

0.624
1,376

+

0.630
1.389

+

0.633
1.396

(yard). .
(meter). .

-

0.595
0.651

+

0.670
0.733

+

0.721
0.788

-

0.720
0.787

-

0.708
0.774

-

0.654
0.715

-

0.644
0.704

-

0.628
0.687

Wool tops

(pound). .
(kilogram). .

+

2.638
5.816

+

2.838
6.257

+

2.850
6.283

o

2.850
6.283

o

2.850
6.283

o

2.850
6.283

+

2.888
6.367

+

2.980
6.570

+

3.033
6.687

Hides

(pound). .
(kilogram).

+

1.075
2.370

+

1.098
2.421

-

1.093
2.410

-

0.955
2.105

-

0.834
1.839

-

0.820
1.808

-

0.795
1.753

-

0.786
1.733

-

0.723
1.594

(NA)
(NA)

+

40.333
88.918

Burlap

Cotton, 12-market average

Print cloth, average

Rosin

(100 pounds). . o 28.500
(100 kilograms). .
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

0.620
0.678

Rubber

(pound). .
(kilogram). .

+

0.623
1.373

+

0.670
1.477

-

0.657
1.448

+

0.677
1.493

-

0.664
1.464

-

0.649
1 .431

+

0.651
1.435

+

0.677
1.493

0.664
1.464

Tallow

(pound). .
(kilogram). .

+

0.230
0.507

+

0.248
0.547

-

0.247
0.545

-

0.217
0.478

+

0.227
0.500

-

0.225
0.496

+

0.228
0.503

-

0.213
0.470

0.189
0.417

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (- ) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
1
Average for November 6, 13, and 20.
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.
3
Based on 12 components.

ItCII

NOVEMBER 1979



79

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil.dol.)

217. Per capita
GNP in 1972
dollars

b. Difference

a. Total

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

c. Percent
change at
annual rate

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

(Ann. rate,
bil.dol.)

1976

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

11.0

10.7
2.6
3.1
3.5

5,869
5,896
5,929
5,967

1,250.6
1,257.7
1,270.3
1,287.0

1,315.7
1,331.2
1,353.9
1,361.3

27.6
15.5
22.7
7.4

8.9
4.8
7.0
2.2

6,084
6,145
6,236
6,256

1,304.4
1,317.8
1,337.3
1,350.0

1,367.8
1,395.2
1,407.3
1,426.6

6.5
27.4
12.1
19.3

1.9
8.3
3.5
5.6

6,276
6,390
6,431
6,506

1,351.3
1,379.6
1,395.1
1,414.6

1,430.6

4.0
-8.3
r!2.1

1.1
-2.3
r3.5

6,512

1,418.4
1,404.1
r1,426.5

1,653.7
1,683.1
1,715.8
1,756.1

55.7
29.4
32.7
40.3

14.7
7.3
8.0
9.8

1,259.5
1,267.4
1,277.1
1,288.1

31.6
7.9
9.7

1,820.2
1,876.0
1,930.5
1,971.3

64.1
55.8
54.5
40.8

15.4
12.8
12.1
8.7

2,011.3
2,104.2
2,159.6
2,235.2

40.0
92.9
55.4
75.6

19.8
10.9
14.8

2,292.1
2,329.8
r2,395.4

56.9
37.7
r65.6

10.6
6.7
rll.7

1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

1,422.3
rl ,434.4

GNP AND PERSONAL INCOME-Con.

Year
and
quarter

PERSONAL CONSUMPTION E X P E N D I T U R E S
230. Total in current
dollars

Disposable personal income
224. Current dollars 225. Constant
(1972) dollars
(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

6,460
r6,499

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1976

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

1,152.2
1,170.2
1,193.1
1,222.6

883.1
887.7
893.4
903.3

4,115
4,130
4,148
4,185

1,053.3
1,073.7
1,100.5
1,132.0

807.3
814.5
824.0
836.4

152.9
155.6
158.3
162.9

125.5
126.0
126.5
128.5

1,250.1
1,286.0
1,323.2
1,361.2

908.0
921,5
936.3
951.8

4,200
4,255
4,313
4,375

1,169.1
1,190.5
1,220.6
1,259.7

849.2
853.1
863.7
880.9

174.3
175.7
178.9
186.4

135.8
136.6
138.2
142.4

1,395.0
1,437.3
1,476.5
1,524.8

956.6
966.1
976.2
991.5

4,390
4,426
4,462
4,522

1,287.2
1,331.2
1,369.3
1,415.4

882.7
894.8
905.3
920.3

185.3
200.3
203.5
212.1

139.3
147.8
147.5
152.1

1,572.2
1,601.7

996.6
993.0
r993.5

4,536
4,510

1,454.2
1,475.9
rl}527.7

921.8
915.0
r925.9

213.8
208.7
r212.5

150.2
144.8
H46.3

1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

rl,639.4

r4,501

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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 40 and 41.




NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

VH GROSS PRIVATE DOMESTIC INVESTMENT

Qj PERSONAL CONSUMPTION EXPENDITURES-Con.
236. Nondurable
goods in current
dollars

Year
and
quarter

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

(Ann. rate,
bil. dol.)

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. do!.)

(Ann. rate,
bil. dol.)

431 .2
438.2
448.2
458.1

315.6
319.4
323.3
327.6

469.2
479.9
494.0
511 ,0

366.2
369.1
374.2
380.4

233.5
241 .9
246.0
250.7

169.9
173.8
174.2
175.7

220.3
227.4
235.1
249.0

161 .0
164.1
167.5
174.6

467.7
475.5
483.0
499,2

328.9
329.6
332.1
340.0

527.1
539.3
558.7
574.1

384.5
386.9
393.3
398.5

280.4
300.0
315.7
316.9

191 .0
199.6
206.7
203.0

261 .1
277.5
288.2
298.5

179.7
186.2
190.1
191 .7

505.9
521 .8
536.7
558.1

337.3
339.4
344.7
351 .9

596.0
609.1
629.1
645.1

406.1
407.6
413.1
416.3

327.0
352.3
356.2
370.5

209.0
216.8
214.0
217.4

304.1
326.5
336.1
349.8

192.5
201 .2
201 .8
205.5

571.1
581.2
r604.1

348.1
344.1
r349,0

669.3
686.0
r711.2

423.5
426.1
r430.6

373.8
395.4
r393.7

217.2
221.7
r215.5

354.6
361.9
r378.4

204.9
203.5
r207.6

1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter . . . . . . .
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter

i

B

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

^H GOVERNMENT P U R C H A S E S O F G O O D S AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

13.2
14.5
10.8
1 .7

8.9
9.7
6.7
1 .1

355.1
357.5
362.4
370.3

264.7
262.9
262.7
262.6

126.9
127.5
129.8
134.6

96.1
95.9
96.4
97.1

228.2
230.0
232.6
235.7

168.7
167.1
166.3
165.5

19.3
22.5
27.5
18.5

11 .3
13.4
16.6
11 .3

380.0
391 .6
400.5
412.8

264.5
267.6
270.3
271 ,5

138.2
142.6
145.6
151 .2

98.4
100.3
101 .8
101 .8

241 .8
249.0
254.9
261 .6

166.0
167.3
168.5
169.8

22.8
25.8
20.0
20.6

16.5
15.6
12.2
12.0

419.4
428.3
440.9
453.8

270.7
271 .3
274.7
276.0

150.9
148.2
152.3
159.0

99.9
96.6
98.5
99.3

268.5
280.1
288.6
294.8

170.9
174.7
176.2
176.6

19.1
33.4
r!5.3

12.3
18.1
r7.9

460.1
466.6
r477.5

274.7
272.4
r273.3

163.6
161 .7
r!62.7

101 .1
98.1
r97.8

296.5
304.9
r314.8

173.6
174.3
r!75.6

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
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 "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41, 42, and 43.

 NOVEMBER 1979


81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

I

F O R E I G N TRADE

Year
and
quarter

(Ann. rate,
bil.dol.)

256. Constant
(1972) dollars

252. Current
dollars

255. Constant
(1972) dollars

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

253. Current
dollars

220. National income in current
dollars

280. Compensation of
employees

257. Constant
(1972) dollars
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

NATIONAL INCOME
AND ITS COMPONENTS

1976

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

11 .8
10.0
7.0
3.2

17.5
16.2
16.1
13.3

155.9
160.9
166.9
169.6

93.8
95.4
97.6
97.7

144.2
150.9
159.9
166.4

76.3
79.2
81 .5
84.4

1,323.1
1 ,344.9
1,369.6
1,401 .6

1,001 .4
1,025.9
1 ,048.0
1 ,075.9

-9.2
-6.0
-6.3

170.5
178.6
180.1
174.2

96.5
99.4

-18.1

11 .1
10.9
13.2
5.8

97.3

179.8
184.7
186.4
192.3

85.4
88.5
87.3
91 .4

1 ,456.9
1 ,505.3
1 , 5 5 1 .1
1,589.8

1 ,110.1
1,141 .5
1 ,170.7
1 ,205.5

-22.2
-7.6
-6.8
-4.5

5,3
12.3
13.3
12.9

184.4
205.7
213.8
224.9

100.7
109.2
111.9
113.8

206.6
213.3
220.6
229.4

95.4
96.9
98.5
101 .0

1,621 .0
1,703.9
1,752.5
1,820.0

1 ,244.0
1 ,288.2
1 ,321 .1
1,364.8

4.0
-8.1

17.0
13.2

r-3.5

r!9.7

238.5
243.7
r266.8

117.0
116.0
H22.1

234.4
251.9
r270,3

100.0
102.9
H02.4

1,869.0
1,897,9
pi,941 .6

1 ,411 .2
1 ,439.7
rl , 4 7 2 . 9

1977

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

100.5

1978

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1979

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

NATIONAL INCOME AND ITS COMPONENTS-Con.

SAVING

288. Net interest

295. Business
saving

Year
and
quarter

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

1976

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

89.0
89,8
87.6
91 ,1

22,0
21 ,6
21 .9
22.8

130.1
125.6
126.9
124,6

80.6
82.1
85.2
87.2

233.6
239.3
236.2
235.8

205.1
200.5
203.6
203.9

73.8
70.9
66.3
63.4

96.9
97.6
98.6
107,6

23.6
24.6
25.2
25.5

137.1
148.9
160.8
153.0

89.3
92.7
95.8
98.2

253.3
276.0
291 .6
283.6

213.9
226.8
243.2
238.8

52.5
65.9
71 .9
69.5

109.1
115.0
117.4
125.7

25.2
24.4
26.8
27.1

141.2
169.4
175.2
184.8

101 .5
106.8
111.9
117.6

289.7
329,
332,
346

234.4
253.1
259.6
264.7

74.6
71 .2
70.9
71 .5

129.0
129.3
rlSO.l

27.3
26.8
r26.6

178.9
176.6
pi 81 .0

122.6
125-6
r!31 ,1

362
374,
p367.5

266.0

274.6

79.2
85.9
r70.5

1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

p281.5

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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 44, 45, and 46.

82




NOVEMBER

1979

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

^H SHARES OF GNP AND NATIONAL INCOME

^9 SAVING-Con.
298. Government
surplus or deficit,
total

Year
and
quarter

(Ann. rate,
bil dol )

293. Personal
saving rate
(percent of disposable personal
income)

(Percent)

Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1976
-45.3
-32.1
-33.7
-31.6

6.4
6.1
5.6
5.2

63.7
63.8
64.1
64.5

9.5
9.6
9.8
9.8

3.8
3.9
3.9
4.4

0.3
0.9
0.6
0.1

0.7
0.6
0.4
0.2

-13.1
-16.6
-23.5
-24.8

4.2
5.1
5.4
5.1

64.2
63.5
63.2
63.9

9.9
9.9
10.0
10.1

4.5
4.9
4.9
5.1

1.1
1.2
1.4
0.9

-0.5
-0.3
-0.3
-0.9

-19.2
5.0
2.3
10.8

5.3
5.0
4.8
4.7

64.0
63.3
63.4
63.3

10.1
10.4
10.5
10.6

5.0
5.1
5.1
5.1

1.1
1.2
0.9
0.9

-1 .1
-0.4
-0.3
-0.2

15.8
12.7
p!4.4

First quarter
Second quarter
Third quarter
Fourth quarter

5.0
5.4
r4.3

63.4
63.3
r63.8

10.6
10.7
rlO.9

4,9
4.8
r4.9

0.8
1 .4
rO.6

0.2
-0.3
-0.2

1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter

....

1979
First quarter
Second quarter
Third quarter
Fourth quarter

^J SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

Percent o GNP-Con.
265. Federal Govt.
purchases of goods
and services
(Percent)

Percent of National Income

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

64. Compensation of 283. Proprietors'
employees
income with IVA
and CCA 1
(Percent)

285. Rental income
of persons with
CCA1

(Percent)

(Percent)

287. Corporate
p r o f i t s w i t h IVA
and C C A 1
(Percent)

289. Net interest

(Percent)

1976
First quarter
Second quarter
Third quarter
Fourth quarter

7,7
7.6
7.6
7.7

13.8
13.7
13.6
13.4

75.7
76.3
76.5
76.8

6.7
6.7
6.4
6.5

1.7
1.6
1.6
1.6

9.8
9.3
9.3
8.9

6.1
6.1
6.2
6.2

7.6
7.6
7.5
7.7

13.3
13.3
13.2
13.3

76.2
75.8
75.5
75.8

6.7
6.5
6.4
6.8

1.6
1.6
1.6
1.6

9.4
9.9
10.4
9.6

6.1
6.2
6.2
6.2

7.5
7.0
7.1
7.1

13.3
13.3
13.4
13.2

76.7
75.6
75.4
75.0

6.7
6.7
6.7
6.9

1.6
1.4
1.5
1 .5

8.7
9.9
10.0
10.2

6.3
6.3
6.4
6.5

7.1
6.9
6.8

12.9
13.1
13.1

75.5
75.9
p75.9

6.9
6.8
p6.7

1 .5
1.4
pi .4

9.6
9.3
p9.3

6.6
6.6
p6.8

1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
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 "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated' and
"NA", not available.

Graphs of these series are shown on pages 46 and 47.
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.


NOVEMBER 1979


83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

•Hj PRICE MOVEMENTS
implicit pr ce deflator,
gross national product
Year
and
month

310. Index

(1972=100)

310c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

Fixed weighted price index,
gross business product
311. Index

(1972=100)

31 1c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

Consumer prices, all terns
320. Index © 320c. Change
over 1-month
spans 1

(1967=100)

(Percent)

Consumer prices, food

320c. Change
over 6-month
spans 1

322. Index

(Ann. rate,
percent)

(1967=100)

322c. Change
over 1-month
spans 1

322c. Change
over 6-month
spans 1

(Percent)

(Ann. rate,
percent)

1977
5.0

January
February
March

138.'3

April
May
June

140.'9

July
August
September

142.*6

October
November
December

144^8

6.9

175.3
177.1
178.2

0.7
1.0
0.6

7.9
8.1
8.3

183.9
187.7
188.6

0.6
2.1
0.5

10.1
11.1
11.5

7.1

179.6
180.6
181.8

0.7
0.4
0.6

7.5
6.4
5.9

191.2
191.8
193.0

1.4
0.3
0.6

10.1
6.9
6.6

5.2

182.6
183.3
184.0

0.3
0.4
0.4

5.2
5.4
5.2

193.0
194.1
194.7

0.0
0.6
0.3

4.1
5.1
4.9

6.5

184.5
185.4
186.1

0.4
0.5
0.5

6.0
6.4
7.3

195.1
196.6
197.7

0.2
0.8
0.6

7.4
8.5
10.5

6.6

187.2
188.4
189.8

0.7
0.6
0.8

8.3
8.9
9.8

200.0
202.2
204.7

1.2
1.1
1.2

13.8
14.6
16.6

191.5
193.3
195.3

0.8
0.8
0.9

9.5
9.4
9.6

208.1
210.5
213.5

1.7
1.2
1.4

14.2
12.6
11.3

8.8

196.7
197.8
199.3

0.6
0.6
0.9

9.5
9.0
8.5

213.7
214.6
216.0

0.1
0.4
0.7

9.6
8.4
7.4

8.7

200.9
202.0
202.9

0.8
0.6
0.6

9.2
10.4
10.7

217.9
219.2
221.3

0.9
0.6
1.0

10.4
13.0
13.9

10.0

204.7
207.1
209.1

0.9
1.2
1.0

11.4
12.4
13.2

224.5
228.1
230.5

1.4
1.6
1.1

14.0
14.3
12.5

10.1

211 .5
214.1
216.6

1 .1
1 .1
1 .0

13.4
13.1
13.3

232.7
234.3
234.7

1 ,0
0.7
0.2

9.6
6.1
5.8

rlO.2

218.9
221.1
223.4

1.0
1 .1
1 .1

13.0

235 0
235.0
237.1

0.1
0,0
0.9

5.4

225.4

1.0

238.9

0.8

139^4
7.7
141 !8

4.8

143.'6

6.4

145.9

1978
January
February
March

147*0

April
May
June . . . .

156!8

6.3

148.2

10.6
....

July
August
September

153^4

October
November
December

10.5
152.0

156^7

7.2

155^2

8.7

158^5

1979
January
February
March

160.2

April
May
June

163.8

July
August
September

9.3

162^3

9.3

166'.3

r8,0
H67.Q

October . . .
November
December

r!70.4

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these seriesare shown on pages 48 and 49.

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

84



NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

Pnj PRICE MOVEMENTS-Con.

Producer prices, all commodities
Year
and
month

330. Index ©

(1967=100)

330c. Change
over 1-month
spans'

(Percent)

Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spans'

(Ann. rate,
percent)

335. Index©

(1967-100)

335c. Change
over 1 -month
spans'

(Percent)

335c. Change
over 6-month
spans'

(Ann. rate,
percent)

331. Index

(1967=100)

331c. Change
over 1-month
spans'

331 c. Change
over 6- mo nth
spans'

(Percent)

(Ann. rate,
percent)

1977
January
February
March

188.1
190.2
192.0

0.4
1.0
1.0

9.5
9.3
7.2

188.4
190.0
191.7

0.5
0.8
0.7

7.3
7.3
7.4

210.6
217.0
218.6

-0.4
3.0
0.7

16.4
9.4
0.3

April
May
June

194.3
195.2
194.5

1.0
0.4
-0.4

6.5
4.8
3.5

193.3
194.2
194.7

0.7
0.5
0.3

7.8
7.2
6.8

222.0
220.3
211.8

1.6
-0.8
-3.9

-0.9
-8.0
-9.4

July
August
September

194.8
194.6
195.3

0.1
0.2
0.4

2.4
3.1
4.8

195.9
196.9
197.8

0.7
0.5
0.6

6.4
5 8
6.2

209.6
208.1
208.1

-1.0
-0.7
0.0

-10.6
-3.3
7.4

October
November
December

196.3
197.1
198.2

0.5
0.8
0.5

6.3
7.9
8.9

199.1
199.3
200.0

0.5
0.2
0.5

6.2
6.4
6.2

209.9
216.6
219.5

0.9
3.2
1.3

12.4
18.5
21.3

January
February
March

200.1
202.1
203.7

0.8
0.9
0.8

10.2
10.0
10.7

201.6
202.9
204.1

0.7
0.6
0.4

6.8
7.9
8.4

222.2
226.5
229.2

1.2
1.9
1.2

24.1
18.6
20.4

April
May
June . . . . ,

206.5
208.0
209.6

1.1
0.7
0.8

9.9
8.6
8.5

206.1
207.4
208.7

0.8
0.7
0.7

8.3
8.3
8.7

233.8
235.9
240.9

2.0
0.9
2.1

18.1
13.7
14.9

July
August
September

210.7
210.6
212.4

0.4
0.3
0.8

8.6
8.9
8.8

210.1
211.4
212.5

0.7
0.6
0.6

8.7
9.0
8.8

241.5
241.5
245.7

0.2
0.0
1.7

16.8
17.4
14.3

October
November
December

214.9
215.7
217.5

1.1
0.8
0.7

10.8
13.1
14.0

214.7
216.0
217.2

0.8
0.8
0.6

9.8
11.0
12.2

252.7
255.6
257.5

2.8
1.1
0.7

19.0
27.0
25.3

220.8
224.1
226.7

1.3
1.4
1.2

14.3
14.1
r!3.9

220.0
222.5
225.4

1.2
1.1
1.2

13.4
14.4
r!5.3

263.4
272.2
275.0

2.3
3.3
1.0

17.5
16.8
16.5

230.0
232.0
r233.5

1.2
0.7
rO.6

13.9
12.9
13.7

229.0
231 .6
r234.0

1.4
1.2
rl .1

15.9
16.5
17.2

273.9
276.2
277.9

-0.4
0.8
0.6

15.3
8.2
10.4

July
August
September

236.6
238.1
241.7

rl.3
0.9
1 .6

14.0

237.2
240.3
243.8

rl.5
1.4
1 .5

18.1

282.8
283.1
289.0

1 .8
0.1
2.1

14.6

October
November
December

245.2

1 .4

248.5

1.8

293.2

1 .5

1978

1979
January
February
March
April
May
June

.„ —

i

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

 NOVEMBER 1979


85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

II PRICE MOVEMENTS-Con.
I

332. Index

(1967-100)

332c. Change
over 1 -month
spans'

(Percent)

Producer prices, finished consumer goods

Producer prices, capital equipment

Producer prices, intermediate materials
Year
and
month

332c. Change
over 6-month
spans 1

(Ann. rate,
percent)

333. Index

(1967-100)

333c. Change
over 1 -month
spans 1

(Percent)

333c. Change
over 6-month
spans 1

(Ann. rate,
pe r cent)

334. Index

(1967=100)

334c. Change
over 1-month
spans 1

(Percent)

334c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1977

January
February
March

195.9
197.3
198.9

0.5
0.7
0.8

8.6
8.3
6.8

178.9
179.9
180.7

0.3
0.6
0.4

6.0
6.5
5.8

173.2
174.9
176.7

0.5
1.0
1.0

9.5
10.1
7.8

April
May
June

200.7
201.5
201.4

0.9
0.4
0.0

6.4
5.7
5.0

181.7
182.7
183.5

0.6
0.6
0.4

6.4
6.6
6.4

177.6
179.0
178.9

0.5
0.8
-0.1

7.2
5.9
4.5

July
August
September

202.1
202.8
203.8

0.3
0.3
0.5

3.6
3.9
5.0

184.5
185.7
186.4

0.5
0.7
0.4

8.1
8.0
8.5

179.3
180.0
180.6

0.2
0.4
0.3

4.2
4.1
5.0

204.3
205.4
206.4

0.2
0.5
0.5

5.9
6.8
7.1

188.9
189.9
191.1

1.3
0.5
0.6

8.6
8.5
8.8

181.3
182.6
183.3

0.4
0.7
0.4

6.0
7.0
7.8

January
February
March

208.0
209.6
210.9

0.8
0.8
0.6

7.7
7.8
7.9

192.3
193.4
194.4

0.6
0.6
0.5

7.3
7.8
8.1

184.6
186.2
187.5

0.7
0.9
0.7

9.5
9.2
10.1

April
May
June

212.0
213.3
214.4

0.5
0.6
0.5

7.2
7.0
7.0

195.7
197.2
198.7

0.7
0.8
0.8

8.3
8.0
8.1

189.7
190.8
192.3

1.2
0.6
0.8

10.1
8.6
9.0

July
August
September

215.4
216.8
218.2

0.5
0.6
0.6

8.5
8.9
9.4

200.1
201.0
202.1

0.7
0.4
0.5

8.0
8.2
7.9

193.7
194.0
195.8

0.7
0.2
0.9

8.3
8.3
9.3

October
November
December

220.8
222.6
224.2

1.2
0.8
0.7

10.8
11.8
12.8

203.4
205.1
206.4

0.6
0.8
0.6

8.6
9.5
9.5

197.4
198.6
201 .0

0.8
0.6
1 .2

10.7
13.1
13.5

226.7
229.2
231.7

1.1
1.1
1.1

13.4
13.8
r!4.2

208.5
210.3
211.5

1.0
0.9
0.6

10.8
10.2
rlO.O

203.8
206.3
208.6

1.4
1.2
1.1

13.3
12.9
rll .2

235.1
237.5
r239.6

1.5
1.0
rO.9

15.5
15.7
16.6

214.1
215.3
r216.5

1.2
0.6
rO.6

9.2
7.7
7.0

210.1
211 .0
r212.0

0.7
0.4
rO.5

10.5
11.4
13.0

July
August
September

243.6
246.5
250.2

rl.7
1.2
1.5

17.3

217.9
218.2
218.8

rO.6
0.1
0.3

6.9

214.2
217.7
221.7

rl .0
1.6
1.8

13.6

October
November
December

254.6

1.8

221.4

1 .2

223.9

1 .0

October
November
December

....

1978

1979

January
February
March
April
May
June

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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48.
'Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.




NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

B WAGES AND P R O D U C T I V I T Y
l
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings, production workers, private nonfarm economy, adjusted 1
Year
and
month
340. Index

(1967=100)

340c. Change
over 1-month
spans 2
(Percent)

Current dollar compensation

Real earnings

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

341. Index

(1967-100)

34 1c. Change
over 1 -month
spans 2
(Percent)

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

345. Index

(1967-100)

345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)

345c. Change
over 4-quarter
spans 2
(Ann. rate,
percent)

1977
January
February
March

191 .0
191,9
192.9

0,8
0.5
0.5

7.8
7.6
7.4

108.7
108.2
108.1

0,1
-0.5
-0.1

-0.1
-0,5
-0.8

203.' 8

April
May
June

194.2
195.5
196.4

0.7
0.7
0.5

7.2
7.0
7.2

108.0
108.2
108.2

-0.1
0.2
0.0

-0.2
0.5
1 .1

207 ,'o

July
August
September

197.8
198,5
199.7

0.7
0.4
0.6

7.6
7.3
7.4

108.5
108.4
108.7

0.3
-0,1
0.3

2,4
1 .8
2.0

210,8

October
November
December

201 . 4
202.5
203.6

0.9
0.5
0.5

8,4
8.4
8.6

109.3
109.2
109.3

0.6
-0.1
0.1

2,3
1 ,8
1 .3

214.3

January
February
March

205.9
206.6
208,1

1 .1
0.3
0.7

8,8
8.7
8.9

109.8
109.4
109.4

0.5
-0,4
0.0

0.4
-0,1
-0,6

220.1

April
May
June

210.1
211 .1
212.4

1 .0
0.5
0.6

8,0
8.2
8.3 •

109.5
109.1
108.9

0.1
-0.4
-0.2

-1 .3
-0.9
1 .0

224,1

July
August
September

214.0
214.9
216.5

0.8
0.4
0.7

7.7
7.8
8.2

109.1
108.9
108.9

0.2
-0.2
0.0

-1.5
-0.9
-0.3

228^8

October
November
December

218.1
219.2
220,9

0.7
0.5
0.8

8.2
8.7
8.2

108.7
108.6
108.7

-0.2
-0.1
0.1

-1.1
-2,0
-2.9

233'.7

222.6
224.0
225.2

0.8
0.6
0.5

8.2
7.7
7,4

108.5
107.8
107.3

-0.2
-0.6
-0.5

-3,3
-4.6
-5.5

239.4

226.8
227,5
229.0

0.7
0.3
0.7

7.5
7,5
r8,2

106.9
106.1
105.7

-0,4
-0,7
-0.4

-5.3
-5.0
r-4.5

244.1

July
August
September

230.9
232.2
r234.2

0.8
0.6
rO.9

p7.2

105.6
105,1
r!04.8

-0.1
-0,5
r-0.3

October
November
December

p234.9

pO.3

p!04.2

p-0.6

9,0
7.9

6,5
7.5

7.5
8.0

6.8
8^3

1978

11 .3
8.6

7.5
9.0

8.7

s.'s
8.7

8.9

1979
January
February
March

.

April
May
June

10.3
rQ.9

10,7

p-5.0
r249.1

r8.6

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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.

Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the spans: 1-month changes are placed on the ^~ ..,.,.,..i, 6-month changes are placed on the
. . 2d month
..
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the m i d d l e month
of the 3d quarter.


NOVEMBER


1979

87

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

M WAGES AND P R O D U C T I V I T Y - C o n .
|
Average hourly compensation, all employees,
nonfarm business sector-Con.

Year
and
month

Real compensation
346. Index

(1967-100)

346c. Change
over 1 -quarter
spans 1
(Ann. rate,
percent)

346c. Change
over 4-quarter
spans 1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all ndustries(u)
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, private
business sector
370. index

(1967=100)

370c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

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

(1967=100)

1977

January
February
March

115!6

April
May
June

114^6

July
August
September

115^2

October
November
December

115.6

0.8

9.0

-1.4

118.5

8.9

6.0

1.4

i!s

2.3

10.2

9.5

6.2

6.3

i!i

116.4

i'.4

115.8

-o.'i

116.*7

6.' 9

116.'3

Ch2

ne'.o

0.8

116^5

o.'i

117.' 3

-6'.6

iv/.'e

r-l'.'4

H6.'e

-2.1

117^9

0.7

2.2

4.6

7.5

1.2

ng.'i
ns.'s

5.4

-2.0

1978

January
February
March

116.'5

April
May
June

ns.'s

July
August
September

115^8

October
November
December

115.6

3.2

13.2

-2.4

-0.1

o.'o
-o!g

118^4

6.8

2.0

6.0

119^0

7.2

2.4

5.9

119.7

6.1

-0.5

-1.5

8.2

CK5

5.2

0.3

119^8

-\'.6

1979

January
February
March

.

...

April
May
June

p5.2

-5.0

r-3.9

rl!2.9

.

-3.0

118.*9

r-2.5

plO.6

p7.7

114.0

July
August
September
October
November
December

P2.5

-0.6
115^5

p9.0

ns!2

-2.2

nsii

r-0.7

p6.0

rlisio

H15.2

...

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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
1
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.




NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

jQ C I V I L I A N LABOR F O R C E AND MAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

(Thous.)

442. Employed

(Thous.)

Labor force participation rates
451. Males
20 years
and over

(Percent)

452. Females 453. Both
20 years
sexes, 16-19
and over
years of age

(Percent)

(Percent)

Number unemployed
37. Total

(Thous.)

444. Males
20 years and
over

(Thous.)

445. Females 446. Both
20 years and sexes, 16-19
over
years of age

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

448. Number employed
part-time
for economic
reasons

(Thous.)

1977
January
February
March

95,774
96,316
96,654

88,659
89,048
89,503

79.7
79.9
79.8

47.3
47.6
47.8

54.4
55.3
55.7

7,115
7,268
7,151

2,983
3,059
2,877

2,453
2,539
2,582

1,679
1,670
1,692

5,663
5,731
5,605

3,312
3,451
3,288

April
May
June

96,749
97,062
97,508

89,805
90,166
90,500

79.6
79.6
79.8

47.9
48.2
48.0

55.7
55.4
57.4

6,944
6,896
7,008

2,776
2,802
2,686

2,515
2,441
2,541

1,653
1,653
1,781

5,545
5,477
5,466

3,177
3,273
3,369

July
August
September

97,311
97,698
97,811

90,605
90,903
91,187

79.6
79.6
79.4

48.0
48.1
48.6

56.3
57.2
56.0

6,706
6,795
6,624

2,660
2,667
2,488

2,443
2,489
2,476

1,603
1,639
1,660

5,385
5,448
5,256

3,445
3,256
3,283

October
November
December

98,028
98,838
98,748

91 ,374
92,203
92,561

79.7
79.9
79.9

48.2
48.8
48.7

56.7
57.4
56.6

6,654
6,635
6,187

2,605
2,489
2,387

2,440
2,524
2,362

1 ,609
1,622
1,438

5,304
5,179
4,869

3,226
3,257
3,208

99,215
99,139
99,435

92,923
93,047
93,282

80.0
79.9
79.9

48.9
48.9
49.1

57.1
56.7
56.9

6,292
6,092
6,153

2,464
2,376
2,394

2,288
2,112
2,169

1,540
1,604
1 ,590

4,949
4,836
4,778

3,045
3,203
3,184

April
May
June

99,767
100,109
100,504

93,704
93,953
94,640

79.8
79.9
79.8

49.3
49.4
49.6

57.2
57.9
58.7

6,063
6,156
5,864

2,279
2,264
2,112

2,211
2,322
2,294

1,573
1,570
1 ,458

4,676
4,782
4,529

3,310
3,247
3,433

July
August
September

100,622
100,663
100,974

94,446
94,723
95,010

79.7
79.5
79.5

49.7
49.6
50.1

58.6
59.1
58.3

6,176
5,940
5,964

2,187
2,181
2,172

2,413
2,231
2,230

1 ,576
1,528
1,562

4,890
4,641
4,652

3,316
3,298
3,203

October
November
December

101,077
101 ,628
101,867

95,241
95,751
95,855

79.5
79.9
79.9

49.9
50.1
50.2

58.6
58.4
58.6

5,836
5,877
6,012

2,145
2,113
2,195

2,134
2,208
2,227

1,557
1,556
1,590

4.505
4,491
4,597

3,164
3,131
3,058

January
February
March

102,183
102,527
102,714

96,300
96,647
96,842

80.2
80.3
80.1

50.1
50.3
50.5

58.9
58.6
58.7

5,883
5,881
5,871

2,200
2,154
2,180

2,166
2,177
2,201

1,517
1 ,549
1,490

4,500
4,584
4,499

3,159
3,147
3,179

April
May
June

102,111
102,247
102,528

96,174
96,318
96,754

79.8
79.7
79.7

50.1
50.3
50.3

58.1
57.5
58.2

5,937
5,929
5,774

2,187
2,105
2,096

2,180
2,237
2,223

1 ,570
1 ,587
1 ,455

4,655
4,508
4,458

3,312
3,307
3,416

July .
August
September

103,059
103,049
103,498

97,210
96,900
97,513

79.9
79.7
79.8

50.7
51.0
51.0

57.9
56.4
58 J

5,848
6,149
5,985

2,249
2,300
2,271

2,150
2,324
2,153

1 ,450
1,525
1 ,561

4,624
4,774
4,731

3,340
3,355
3,111

October
November
December

103,474

97,293

79.6

50.9

57.8

6,182

2,330

2,279

1,573

4,839

3,230

1978
January
February
March

1979

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 51.

ltd!

 NOVEMBER 1979


OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

[Q RECEIPTS AND EXPENDITURES
Federal Government 1
Year
and
month

jggj DEFENSE INDICATORS

State and local governments'

Advance measures of defense activity

500, Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
military prime
contract awards

(Mil. dol.)

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense products

(Mil. dol.)

(Mil. dol.)

1977
January
February
March

-37*2

366.8

404.0

24*2

285*4

261 .'3

9,804
9,763
9,873

3,354
4,369
4,819

49,258
50,229
50,761

2,067
1,918
2,425

April
May
June

-40*9

37CK8

411.6

24*2

293^7

269*5

9,671
9,919
9,835

4,303
4,654
4,300

51,236
52,170
52,625

3,165
2,744
2,432

July
August
September

-53.6

375.8

429.4

30*1

305*2

275*1

9,498
10,486
9,143

4,624
4,623
4,255

53,383
54,262
52,697

1,967
2,422
2,003

October
November
December

-53*6

388*2

441.8

28*8

3l6'7

281 '.9

10,697
10,208
9,652

6,028
4,100
5,530

54,775
55,479
55,771

4,358
3,311
4,252

January
February
March

-49.4

397*8

447^3

30.2

319^6

288.8

10,959
10,410
10,272

4,552
4,071
5,878

57,304
58,401
58,986

2,798
2,520
4,394

April
May
June

-24.6

424.8

449.4

29.6

330.5

301.0

10,107
10,988
9,818

4,501
6,614
7,278

59,348
60,723
60,549

3,792
3,933
3,259

July
August
September

-20*4

442 !l

462*6

22*7

331*.' 8

309.1

10,188
10,169
10,436

3,682
4,500
4,863

61,833
62,028
62,730

2,133
3,216
3,272

October
November
December

-16*3

463.* 5

479*7

27. 'l*

342.' 6

315.'5

10,733
10,619
9,759

4,480
6,467
4,490

63,006
63,440
64,470

3,841
4,371
4,083

-11*7

475*6

486*8

27*6

343.' 9

316.3

10,833
10,065
11 ,945

5,527
4,354
6,753

65,120
48,267
67,128

2,781
3,858
3,101

-7*0

485.8

492.9

19*7

345.' 9

326.1

9,377
10,993
10,508

4,605
4,616
4,422

68,883
68,468
63,976

3,213
3,618
2,497

p-11.3

p505.3

r516.7

p25.7

p360.0

r334.3

12,594
11,116
(NA)

6,521
(NA)

70,252
81 ,542
(NA)

2,304
3,033
r4,293

1978

1979
January
February
March
April
May
June
July
August
September
October
November
December

p2,352

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 52 and 53.

^ased on national income and product accounts.




90

NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Con.

|
Q DEFENSE INDICATORS— Con.
National defense
purchases

intermediate and final measures of defense activity
Year
and
month

557. Output of 559. Manufacdefense and
turers' invenspace equipment tories, defense
products

(1967-100)

(Mil. dol.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. dol.)

(Mil. dol.)

(Mi!, dol.)

570. EmployDefense Department
ment in defense
personnel
products
industries
577. Military,
578. Civilian,
active duty (u) direct hire
employment ©
(Thous.)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1977

January
February
March

80.6
80.9
80.8

6,461
6,419
6,270

31 ,024
30,459
30,364

7,476
8,017
7,961

2,593
2,483
2,520

1,069
1 ,074
1 ,069

2,077
2,078
2,075

994
995
995

April
May
June

81 .9
31.7

31 ,114
31 ,384
31,319

8,% 9
8,404
8,023

2,415
2,474
2,497

1 ,085
1 ,088
1 ,098

2,071
2,070
2,075

C95
997

81 .8

6,227
6,231
6,305

July
August
September

82.0
82.0
82.6

6 , 304
6,338
6,335

30,755
30,730
30,188

8,040
8,119
8,046

2,531
2,446
2,545

1 ,109
1,103
1 ,103

2,079
2^073
2,075

1 .008

October
November
December

79.6
79.9

81 .6

6,178
6,273
6,389

32,019
32,743
34,430

8,563
8,652
8,782

2,527
2,588
2,565

1 ,066
1,068
1,093

2,072
2,069
2,060

82.6
80.8
83.9

6,451
6,622
6,634

34,633
34,511
36,108

8,209
8,061
8,433

2,595
2,642
2,796

1 ,120
1 ,125
1,138

2,065
2,062
2,058

April
May
June

84.9
84.9
85.6

6,734
6,840
6,823

37,150
38,382
38'914

9,338
8,303
9,113

2,750
2,701
2,728

1 ,142
1 ,160
1 ,170

2,054

July
August
September

87.5

87 .*9

6,902
6,892
6,890

38,467
38^993
39,499

8,426
9^810
7,934

2,581
2^690
2,765

October
November
December

89.3
90.3

91 .4

6,985
6,988
7,167

40,660
42,293
43,563

9,428
8,645
9,658

January
February
March

92.4
92.4
92.9

7,411
7,512
7,599

43,409
44,515
44,588

April
May
June

92.9
92.5
92.3

7,574
7,832
7,980

July
August
September

r92.8
r92.0
r92.8

October
November
December

p94.0

91 ! 6

s!6

93.1

5.'0

93.9

4*9

983
985
983

96.4

4.' 9

982
982
982

97*6

4^9

op 9
3O , C-

/I . 7
4 /

99^0

4^6

1 ,009

'998

982

1978

January
February
March

,

89.0

? , U H- O
C. OAF,

982
qpo
yoo

2 057

i1 , nnn
UUU

1 ,182
1,190
1 ,190

7 06?
C. , \J\JL.

i nn?

2,062
o UDL.
L , nfi?

994

2,680
2,738
2,813

1,202
1,213
1 ,230

2,058
2,050
2,041

981
981
978

101 .*2

4.5

9,602
9,360
9,473

2,941
2,751
3,028

1,235
1,254
1 ,269

2,040
2,030
2,026

972
971
968

103. '4

4. '5

44,854
45,670
45,138

9,566
10,157
9,190

2,949
2,804
3,029

1,275
1 ,280
1,290

2,022
2,018
2,024

968
972
979

106.0

4.5

8,046
8,181
8,519

44,656
44,697
r46,064

10,906
10,429
p9,137

2,783
2,992
r2,928

1,301
rl,303
pi, 31 6

2,027
2,024

H09.0

2,027

982
974
960

( N A )/
V '''<

p45,286

p2,029

p963

1 , \J\JL-

QQf)

you

1979

(NA)

p3,130

( N A )1
V nn

r4.6

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesare indicated by (u). 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 54 and 55.


NOVEMBER 1979


91

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS

Q M E R C H A N D I S E TRADE
|

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606. E x p o r t s of nonelectrical machinery

(Mil.dol.)

612. Genera! imports,
total

614. Imports of
petroleum and
petroleum products

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

616. Imports of
automobiles and parts

1977
January
February
March

9,626
9,922
10,250

1,762
2,004
2,112

1,831
1 ,892
1,859

11,036
12,340
12,702

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

10,262
10,467
10,109

2,142
2,360
2,077

1 ,808
1,835
1,868

11,889
11,190
13,572

3,803
2,885
3,933

1,266
1 ,183
1 ,360

July
August
September

10,286
9,576
10,848

1,976
1 ,801
2,064

1,862
1,732
2,133

12,361
12,113
12,695

3,212
3,318
3,789

1,315
1,328
1,428

October
November
December

9,385
9,554
11,116

1,654
1,755
2,111

1,556
1 ,791
2,056

12,409
12,049
13,335

3,325
3,627
3,157

1 ,426
1,465
1,479

January
February
March

9,864
9,945
11,146

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,260
14,004

2,968
3,586
2,996

1,529
1 ,661
1 ,581

April
May
June

11,630
11,786
12,268

2,428
2,861
2,904

2,415
2,472
2,427

14,492
14,008
13,970

3,051
3,084
3,252

1,715
1,659
1 ,684

July
August
September

11,662
12,294
13,274

2,392
2,774
2,512

2,451
2,528
2,815

14,545
14,133
14,820

3,082
3,291
3,448

1,812
1,666
1 ,822

October
November
December

12,901
13,451
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,825
15,032

3,454
3,539
3,417

1,872
1,875
1,822

January
February
March

13,132
13,507
14,45?

2,338
2,424
2,682

2,632
2,832
2,917

16,231
14,806
15,273

3,773
3,501
3,506

1,963
1 .706
1 ,589

April
May
June

13.883
13,862
15,038

2,547
2,450
2,909

2,706
2,859
3,034

16,036
16,342
16,937

3,795
4,137
4,101

1 ,956
1 ,851
1 ,730

July
August
September

15,669
15,821
15,832

3,103
3,141
3,059

3,022

16,777
18J77
18,666

4,753
4,856

1 ,815
2,113

5,570

1 ,849

October
November
December

(NA)

(NA)

(NA)

(NA)

(NA)

1978

1979

3,241
3,153

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.




92

NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Con.

R9 GOODS A N D S E R V I C E S MOVEMENTS ( E X C L U D I N G T R A N S F E R S UNDER M I L I T A R Y GRANTS)

Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. E x p o r t s

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. do!.)

618, E x p o r t s

(Mil. dol.)

Income on investments

620. i m p o r t s

(Mil. dol,)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the U.S.

(Mil. dol.;

1977

January
February
March

-2,320

44,850

47,170

-7,667

29,518

37,185

7,775

3,192

April
May
June

-1 ,173

46,914

48,087

-6,564

31,075

37,639

8,080

3,519

July
Auqust
Sep tern her

-1,659

46,897

48,556

-7,438

30,558

37,996

8,420

3,686

October
November
December

-4,272

45,935

50,207

-9,204

29,665

38,869

8,312

4,201

January
February
March

-5,707

49,085

54,792

-11 ,899

30,811

42,710

9,776

4,537

April
May
June

-2,113

54,225

56,338

-7,907

35,267

43,174

10,256

5,402

July
August
September

-1,994

56,222

58,216

-8,012

36,491

44,503

10,526

5.574

October
November
December

1,001

61,317

60,316

-6,369

39,315

45,684

12,907

6,308

1,737

64,893

63,156

-6,115

41 ,348

47,463

14,115

7,251

p67,563

p67,146

p-7,716

p42,792

p50,508

p!5 J61

p7,763

p-6,962

p47,580

p54,542

1978

1979

January
February
March
April
May
June

p417

July
Auqust
September

(NA)

(NA)

(NA)

(NA)

(NA)

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
Balance of payments basis: Excludes transfers under military grants -snd Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).

 NOVEMBER 1979


93

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

6 INDUSTRIAL P R O D U C T I O N
1
47. United States, 7 2 1 . 0 E C D 1
index of indusEuropean countrial production
tries, index of
industrial
production

Year
and
month

(1967=100)

(1967=100)

728. Japan,
index of industrial production

725. West
Germany, index
of indusliial
production

(1967-100)

(1967=100)

726. France,
index of industrial production

(1967=100)

722. United
Kingdom, index
of industrial
production

(1967=100)

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1977

January
February
March

133.7
134.5
136.3

152
152
153

191.4
188.8
191.4

153
152
154

157
155
157

122
123
123

153.6
153.4
153.8

150.4
148.4
149.8

April
May
June

137.1
138.0
138.9

149
150
149

190.4
189.8
191.1

152
152
153

152
151
157

122
124
121

144.0
147.1
137.3

148.2
149.8
151.3

July
August
September

139.0
139.3
139.6

149
149
150

187.9
191.6
191.2

152
152
153

152
152
152

123
124
123

139.7
140.9
144.5

150.0
151.4
150.6

October
November
December .

140.1
140.3
140.5

149
149
150

190.1
193.4
194.9

152
152
156

150
152
148

122
121
123

140.9
142.0
137.9

151.7
152.3
152.4

January
February
March

140.0
140.3
142.1

153
152
150

196.9
197.0
199.5

157
152
152

152
152
155

123
124
123

143.8
146.1
145.9

152.8
155.3
155.8

April
May
June

144.4
144.8
146.1

153
152
153

200.5
201.5
201.8

153
152
154

161
157
152

128
126
128

143.5
143.8
145.3

157.5
155.3
158.4

July
August
September

147.1
148.0
148.6

153
152
154

201.8
204.1
206.0

157
156
159

155
155
157

128
129
128

144.4
143.7
146.2

158.1
158.2
164.4

October
November
December

149.7
150.6
151.8

157
157
158

206.9
207.6
210.1

159
159
159

157
159
161

125
126
129

154.3
154.7
151.9

163.5
164.4
165.3

January
February
March

151.5
152.0
153.0

r!54
157
158

210.2
213.1
212.6

159
157
161

158
158
161

120
131
133

152.7
159.9
H55.8

165.9
165.5
166.6

April
May
June

150.8
152.4
152.6

158
158
160

214.2
218,5
218.8

161
160
164

158
r!62
161

132
134
r!38

156.2
151.5
145.2

164.1
165.0
163.5

July
August
September

152.8
r!51.6
152.3

161
pi 56
(NA)

220.8
p223.0
(NA)

r!70
p!63
(NA)

165
pi 65
(NA)

136
P 129

r!49.7
p!49.5
(NA)

H66.8
H67.4
p!70.8

October
November
December

p!52.5

. . .

1978

1979

(NA)

(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesare indicated by (u). 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
O r g a n i z a t i o n for Economic Cooperation and Development.

94




NOVEMBER 1979

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.

Q CONSUMER P R I C E S

United States
Year
and
month

320. Index©

Japan

320c. Change
over 6-month
spans 1

738. Index©

738c. Change
over 6-month
spans'

735. Index©

United Kingdom

France

West Germany
735c. Change
over 6-month
spans 1

736. Index©

736c. Change
over 6-month
spans'

(Ann. rate,
percent)

732. Index® 732c. Change
over 6-month
spans'

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

January
February
March

175.3
177.1
178.2

7.9
8.1
8.3

236.0
237.2
238.7

8.2
8.8
6.1

154.0
154.9
155.5

4.7
5.3
5.2

204.1
205.5
207.3

9.5
9.3
9.7

276.9

18.9

279.7
282.4

16.0

April
May
June

179.6
180.6
181.8

7.5
6.4
5.9

242.6
244.9
243.6

5.6
7.1
7.2

156.2
156.9
157.6

4.5
4.2
3.2

210.0
212.0
213.6

11.3
10.8
10.4

289.6

11.2

July
August
September

182.6
183.3
184.0

5.2
5.4
5.2

243.0
243.0
247.3

6.9
3.7
2.8

157.4
157.3
157.1

3.1
2.2
1.8

215.5
216.7
218.6

October
November
December

184.5
185.4
186.1

6.0
6.4
7.3

248.6
245.7
245.1

2.2
1.1
2.0

157.3
157.5
157.9

2.2
2.0
2.9

January
February
March

187.2
188.4
189,8

8.3
8.9
9.8

246.1
247.1
249.4

1.4
3.5
4.6

158.9
159.7
160.3

April
May
June

191.5
193.3
195.3

9.5
9.4
9.6

252.1
253.5
252.1

7.0
7.7
4.9

July .
August
September

196.7
197.8
199.3

9.5
9.0
8.5

253.1
253.3
256.4

5.0
2.9
2.5

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(1967=100)

1977

14.7

291.9

11.9

294.9

11.6

9.7
8.8
8.1

295.3
296.7
298.3

10.2

220.3
221.1
221.7

7.1
7.6
8.1

299.6

2.5
2.9
2.8

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2

160.7
161.1
161.5

2.9
2.7
1.5

228.9
231.1
232.8

161.5
161.0
160.6

1.6
1.8
2.4

235.7
237.1
238.6

301.0
302.6

9.4
9.5
8.4
6.5
6.0

1978

October
November
December

308.1

6.3
5.5
5.6

11.7
11.2
10.1

312.6
314.4
316.8

7.5
9.7
9.2

10.2
9.8
9.6

318.2

10.1

320.3

11 .0

321.6

10.7

323.1

11.2

325.3
328.0

10.3

P ~i

200.9
202.0
202.9

9.2
10.4
10.7

256.8
254.1
253.7

0.1
-2.1
0.0

160.6
161.1
161.8

3.1
3.4
5.0

240.8
242.1
243.2

10.4

January
February
March

204.7
207.1
209.1

11 .4
12.4
13.2

253.9
253.1
255.1

0.5
2.8
4.5

163.5
164.5
165.5

5.4
5.6
5.2

245.5
247.1
249,4

332.9
335.6
338.3

1C. 6

10.4
10.9

April
May
June

211.5
214.1
216.6

13.4
13 J
13.3

258.6
261.3
261.5

8.3
7.9
6 J

166.4
167.0
167.8

6.0
6.2
r5,6

251 .8
254.5
256.6

11 .9

344.1

12.6

346.8
352.8

21.0
22.4

July
August
September

218.9
221.1
223.4

13.0

263,8
261 .1
264,4

(NA)

168.8
169.0
H69.1

6.1

260.0
262.7
264.9

October
November
December

225.4

9J

9.3

1979

(NA)

169.7

(NA)

9.8

11 .7
(NA)

368.0
370.9
374.6

10.1

1 2 .7

22.6
24.0

378.3

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th m o n t h .


NOVEMBER 1979


95

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

R STOCK PRICES
|

Q CONSUMER PRICES-Con.
|
19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans 1
spans'
Canada

Italy

Year
and
month

(1967-100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

746. France,
index of
stock
prices®

742. United
Kingdom,
index of
stock
prices®

747. Italy,
index of
stock
prices®

743. Canada,
ndex of
stock
prices®

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)
Revised

1977
January
February
March

238.8
243.4
246.5

17.0
14.8
12.7

178.0
179.7
181.5

9.3
9.5
10.0

112.9
109.8
109.4

343.8
344.7
341.3

119.5
118.3
118.1

116.0
109.7
101.6

149.6
157.0
164.2

52.9
50.0
48.7

107.3
108.5
111 .0

April
May
June

249.5
252.6
254.3

14.7
13.4
12.3

182.5
184.0
185.3

9.8
7.8
7.3

107.7
107.4
108.0

339.3
343.3
340.7

124.0
128.4
125.2

93.9
97.2
104.0

164.9
180.3
178.6

46.2
44.4
43.4

108.2
102.4
107.3

July
August
September

255.8
258.2
261.5

13.0
12.5
12.7

187.1
187.9
188.9

8.2
8.6
9.1

109.0
106.3
104.7

339.6
345.0
351.2

124.3
126.0
124.9

99.8
105.3
109.7

178.4
191.6
208.7

43.9
45.3
50.3

106.6
101 .6
100.6

October
November
December

265.0
267.6
268.9

12.8
11.6
12.5

190.8
192.0
193.3

8.4
9.5
10.0

102.0
102.6
102.1

345.0
332.5
328.6

126.4
128.5
125.4

111.9
111.3
105.3

210.4
197.7
198.8

46.2
43.6
40.0

96.4
100.9
106.9

January
February
March

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

8.5
9.3
9.6

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

98.0
100.3
120.0

198.2
187.7
187.5

40.7
43.5
42.8

99.1
98.7
105.3

April
May
June

280.0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

11.0
9.6
7.3

100.8
106.0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201.2

41.4
43.2
44.0

106.9
109.4
109.1

July
August
September

286.8
288.3
292.9

12.7
11.8
11.5

205.4
205.5
205.2

8.6
8.2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

116.7
120.8
129.5

October
November
December

295.5
298.6
300.1

12.7
13.8
14.1

207.3
209.0
209.6

6.8
8.7
10.9

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51.6
51.2

122.3
129.1
131 .7

305.1
309.7
313.8

14,5
15.6
r!5.6

211.2
213.2
215.7

10.9
10.1
9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131 .2

160.9
149.9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

138.4
141 .1
150.7

317.8
321.3
r323.9

H5.0
r!5.2
r!7.2

217.2
219.3
220.3

9.5
8.5
8.5

111.0
108.5
110.7

402.9
411 .1
402.3

130.6
127.8
121 .7

104. 5
1 62 , 0
171 ,7

255.7
255.0
241 .0

54.1
56.8
58.0

149.5
154.8
168.9

July
August
September

r326.8
r330.1
r338.4

19,7

222.1
r222.9
224.9

7.9

111 .7
116,8
118,1

400.6
408.0
412.5

122.0
124.3
125.7

173.7
1 88 , 6
207.4

232.8
233.9
236.3

58.8
61 .7
63.0

159.4
178.6
p!89.8

October
November
December

346.2

113.6
pill .4

408,2
p405.5

123.5
pi 1 7 . 1

rp237.9
p214.6

63.7
p60.7

p!81 .3
p!77.8

1978

1979
January
February
March
April
May
June

....

226.5

rp204.0
pi 92. 5

NOTE: Series are seasonally ad]usted except those series that appear to contain noseasonal 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; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.




96

NOVEMBER 1979

ItO

APPENDIXES
C. Historical Data for Selected Series
Quarterly

Quarterly
Year

Year

Annual

1 Q

II Q

2 4 3 . GROSS P R I V A T E D O M E S T I C F I X E D I N V E S T M E N T , T O T A L , I N
1972 D O L L A R S
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE

1

69 .6
77.1
71.8
75.4
83.4
79.3
83.9
82.8
92.1
96.6
96.2
90.0
98.3
104 .9
97.7
106.1

67.6
77.4
68.9
82.3
80.3
80.3
84.2
84.1
96.1
97.4
95.3
87.2
101.6
101 .8
99.2
109.9

69.5
76.6
68.5
88 .2
79.4
75.3
84.4
87.0
98.3
97.6
96.4
88.0
102.6
98.8
101.3
111.1

74.7
76.1
70.6
86.9
78.6
80.6
83.8
88.5
98 .8
96.6
94.9
93.0
101.4
98.6
104.6
110.1

70 .4
76 .8
7 0. 0
83.2
80.4
78.9
84.1
85.6
96.3
97.1
95.7
89.6
101.0
101.0
100.7
109.3

947
1948
1949

1963
1964
1 9 6 5 ....
1966
1967. . .
1 96b
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

110.7
124.0
133.4
147.5
136.4
148.9
159.1
151.8
154.3
174.3
192.9
183.5
154.0
161.0
179 .7
192.5

116.0
124.0
137.9
146.2
139.6
148.9
158 .4
150.0
158.4
176.1
192.6
180.6
149.9
164.1
186 .2
201.2

118.5
124.9
140.1
145.0
141.1
150.7
158 .1
150.4
162.1
178.2
190.8
174.6
151.5
167.5
190 .1
201.8

122.0
126 .4
143.8
139.7
145.5
155.0
154.3
149.5
166.0
186.7
186.4
163.8
154.1
174.6
191.7
205.5

116.8
124.8
138.8
144.6
140.7
150.8
157.5
150.4
160.2
178.8
190.7
175.6
152.4
166.8
186 .9
200.2

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

2 4 7 . GROSS P R I V A T E D O M E S T I C I N V E S T M E N T , C H A N G E I N B U S I N E S S
S PE CENi
1N\/ • N l O a L ^ j ,
* Cjlxv ~ E N T )

IV Q

1951
1952
1953
19q4
1955..
1956
1957
1958
1959
I960
1961
1962

10
5.1
-5.3
4.8
15.2
2.3
3.2
2 7
6.1
4.3
2.3
51
10.4
4.3
1.6
7.1

2 7
6.1
-1.7
4.9
10 .4
4.3
0.7
2 2
6.0
4.1
3.2
0.1
0.0
2.4
5.1
6.4

14
4.3
-5.3
15.1
5 .1
5.4
-4.5
1.3
7.1
4.3
-2.2
4.1
6.5
-2.9
5.0
4.1

-0.5
4.7
-3.1
6 .8
10.3
3.1
0 .4
-1.5
6 .0
4 .7
1.3
-1.5
5.2
3.8
2.2

5.8
4.7
11.1
11.5
12.3
5.3
8.7
2.5
7.5
4.7
11.8
13.7
"'02
13.2
19.3
22.8

1 y c, Q

5.3
6.4
9.0
15.3
6.1
10.5
10.7
4.2
9.6
10.1
15.4
12.9
223
14.5
22.5
25.8

7.2
6.0
10.4
13.0
10.3
8.0
11.9
5.8
4.8
12.1
15.4
2.3

5.6
6.1
7.6
17.5
11.7
7.1
6.2
2.6
3.5
10.8
29 .0
6.8

10.8
27.5
20.0

1.7
18.5
'0.6

6.0
5.8
9.5
14 .3
10.1
7.7
9.4
3.8
6.4
9.4
17.9
8.9
-10.7
10.0
21.9
22.3

2 4 8 . GROSS P R I V A T E D O M E S T I C F I X E D I N V E S T M E N T , M O M R E S I D E N T I A L , Ab P E R C E N T O F G N P
(PERCENT)

AVERAGE

AVERAGE

0.4
3.3
0.0
2.4
10.5
5.2
2.4
2.5
4.6
6.0
2.1
5 4
4.0
11.3
-3.0
8.3

AVERAGE

1 9 5f
1957
1956
1959
1960
1961
1962

19b3
1964
1965
1966
1967
196b
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

-0.4
2.0
-2.1
1.7
4.6
-0.7
0.9
0 7
1.5
1.0
0.5
12
2.1
0.8
0.3
1.3

-1.2
2.3
0 7
1.7
3.1
1. 2
0.2
0 6
1.5
1 .0
0.7
0 .0
0.0
0.5
1.0
1.1

0 .6
1.6
-2.1
4.9
1.5
1.5
-1.2
0 .3
1.7
1.0
-0.5
0.9
1.3
-0.6
0.9
0.7

-0.2
1.8
-1.2
2.3
3 .1
0.9
0.2
-0 .4
1 .5
1.1
0.3
-0.4
1.0
0.7
0.4
1.2

1947
1Q48
1949
1950
1951
1952
1953..
19 54 .
1955..
1956
1 9 5 7 ..
19^8
1959
I960
1961
1962

9.9
10.2
10 . 0
8.8
9.4
9.3
9.2
9.3
9.0
10.2
10.5
9.8
9.1
9.5
9.0
9.0

9.9
9.9
9.7
9.4
9.5
9.4
9.2
9.3
9.4
10.3
10.5
9.4
9.2
9.6
9.0
9.1

9.7
10.0
9.1
9.8
9.5
8.4
9.5
9.4
9.8
10.6
10 .6
8.9
9.5
9.3
8.9
9.2

9.8
10.3
9.0
9.8
9.3
8.9
9.5
9.1
10.1
10.5
10.5
9.0
9.4
9.3
9.0
9.0

9 .8
10.1
9.4
9 .4
9.4
9 .0
9.4
9.3
9.6
10.4
10.5
9 .3
9.3
9 .4
9.0
9.1

1.0
0.8
1.7
1.6
1.6
0.6
1.0
0.3
0.7
0.4
0.9
1.0
-14
0.8
1.1
1.1

1950.
1951
19 52
1953
1954

0.9
1.0
1.3
2.0
0.8
1.2
1.2
0.4
0.9
0.9
1.2
0.9
1 5
0.9
1.2
1.2

1.2
0 .9
1.5
1.7
1.3
0.9
1.3
0.6
0.4
1.0
1.2
0.2
0.3
0.6
1 .4
0 .9

0.9
0 .9
1.1
2.3
1.4
0.8
0.7
0.3
0 .3
0.9
2 .1
0.5
-0.3
0.1
0 .9
0.9

1.0
0.9
1.4
1.9
1.3
0.9
1.0
0 .4
0 .6
0.8
1.4
0.6
-0.7
0 .6
1.2
1.0

1963
1964
1965
1966
1967
1968

6.9
9.1
10.0
10.8
10.4
10.4
10.6
10.4
9.9
10.0
10.3
10.6
10.4
9.5
9.9
10.1

9.0
9.3
10.3
10.9
10.4
10.1
10.5
10.4
9.7
9.9
10.4
10.7
9.9
9.6
9.9
10.4

9.0
9.4
10.4
10.9
10 .2
10.2
10.6
10.2
9.7
9.9
10.5
10.7
9.6
9.8
10.0
10.5

9.2
9.6
10.7
10.7
10.2
10.5
10.6
9.9
9.8
10 .2
10.4
10.5
9.5
9.8
10.1
10.6

9 .4
10 .4
10.8
10.3
10.3
10 .6
10.2
9 .8
10.0
10.4
10.6
9 .8
9.7
10.0
10.4

AS P E R C E N T OF G N P ]

1963
1964
1965
1966 ... .
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1973
1979

III Q

0.2
1.3
0.0
0.9
3.3
1.5
0.7
0 7
1.2
1.5
0.5
1 2
0.8
2.2
-0.6
1.5

194-7
1948

I960
1961
1 9 69

II Q

2 4 5 . GROSS P R I V A T E D O M E S T I C I N V E S T M E N T , C H A N G E I N B U S I N E S S
INVENTORIES, ALL INDUSTRIES
(ANN. RATE, BILLION DOLLARS)

1 9 4 7 ...
1948
1949
1 y 5U
1951
1952
1953
1954
1955
1955
1957
1958
1959
1960
.
1961
1962

1 9 4 7 ...
1 9 4.8
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958

Annual

1 Q

IV Q

III Q

.

1970
1971 .
1 9 7 2 . ....
1973
1974
1975
1976
1977
1978 .
1979
2 5 0 . NET E

AVERAGE

( P ERCENT)

(ANNUAL RATE, BILLIONS

4.8
4.7
5.7
4.9
4.7
4.9

5.1
5.8
5 .4
7.3
4 .9
5.1
5 .0
5 .7
6 .0
5.4
4.7
4.9
5.6
4.7
4.8
4.9

5 .9
5.4
6.1
6.7
5.0
5 .2
5.0
5.9
5 .7
5.1
4.7
5.2
5.3
4.7
4.9
4.8

5.0
5 .8
5.4
7 .0
5 .4
5.1
5.1
5.5
6 .0
5.4
4 .8
4.9
5.6
4 .9
4 .8
4.8

1947
1 94b
1949
1950
1951
1952.
1 9S3
1954 .....
1955
1956 ....
1957
1958
1959.
1960
1961
1962

5.2
4.9
4.6
4.0
3.5
4.0
4.2
3.6
4.6
5.2
5.3
4.0
3.2
3.9
4.9
5.1

5.1
4.8
4.5
3.7
3.7
3.9
4.0
3.6
4 .9
5.2
5.0
3.8
3 .4
3.9
4.9
5.1

5.3
4.7
4.3
3.3
3.9
4.0
3.8
4.0
5.0
5.4
4.6
3.5
3.6
4 .4
5.1
5.1

5 .2
4 .9
4 .5
3 .8
3.6
4.0
4.0
3 .7
4.6
5.3
5.1
3.9
3.4
4.0
4 .8
5.1

1963
1964
1965 ..
1966
1967.
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

4.4
5.8
5.2
6.6
6.3
5.0
5.2
5.1
6.2

4.4
6.1
5.1
7.2
5.4
5.2
5.2
5.4
6.2

4.9
4.7
5.7
5.4
4.8
4.8
5.0
5.2
4.7
4.3
3.2
3.9
4.2
3.7
4.1
5.3
5.4
4.3
3.2
3.8
4.5
5.0

AVERAGE

OF DOLLARS)

11.6
8.3
7.5
3.2
1.3
5.0
0.5
1.2
2.9
2.5
6.8
2.9
0.4
2.8
6.8
4.8

12.1
6.2
7.3
2.7
3.3
3.2
0.2
1.8
1.5
3.9
6.4
2.4
-0.4
3.6
5.6
6.1

12.6
6.0
6.2
0.6
5.1
1.2
0.7
2.1
2.4
4.6
6.2
2.8
1.2
5.0
5.3
5.7

10.2
5.6
3.9
1.1
5.7
0.2
1.0
2.9
2.0
6.1
5.0
1.8
1.1
6.2
5.5
5.0

5.0
9.5
6.8
6.1
5.2
1.7
1.1
3.9
3.9
-4.6
1.7
10.4
15.5
11.8
-9.2
-22.2

6.6
8.3
8.8
5.3
5.2
3.3
0.9
4.4
1.4
-4.1
4.3
3.2
24.3
10.0
-6.0
-7.6

6.0
9.0
8.1
4.2
5.3
3.1
2.7
4.7
1.9
-2.3
10.0
2.4
20.9
7.0
-6.3
-6.8

7.5
8.9
6.7
4.6
4.0
1.0
2.3
2.7
-0.9
-2.1
12.7
8.2
20.9
3.2
-18.1
-4.5

11.6
6 .2
1 .9
3 .8
2.4
0 .6
2 .0
2.2
4.3
6 .1
2.5
0 .6
4 .4
5.8
5.4

8.9
7.6
5.1
4.9
1 .8
3.9
1.6
-3.3
7.1
6.0
20 .4
8 .0
-9 .9
-10.3

NOTE: Unless otherwise noted, these series contain revisions beginning with 1976.
'This series contains no revisions but is reprinted for the convenience of the user




97

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly

Year

Annual
1 Q

II Q

III Q

IV Q

251. NET EXPORTS OF GOODS AND SERVICES AS PERCENT OF GMP
(PERCENT)

AVERAGE

5 .2
3.3
2.9
1 .2
0.4
1.5
0.1
0.3
0.7
0.6
1.5
0.7
0.1
0.6
1.3
0.9

5.3
2.4
2.8
1.0
1.0
0.9
0.1
0.5
0.4
0.9
1.5
0.5
-0.1
0.7
1.1
1.1

5.4
2.3
2.4
0.2
1.5
0.3
0.2
0.6
0.6
1.1
1.4
0.6
0.2
1.0
1.0
1.0

4.2
2.1
1.5
0.4
1.7
0.1
0.3
0.8
0.5
1.4
1.1
0.4
0.2
1.2
1.0
0 .9

5.0
2.5
2.4
0.7
1.2
0.7
0.2
0.6
0.6
1.0
1.4
0 .6
0.1
0.9
1.1
1.0

1963
1964
1965
1966.
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

0.9
1.5
1.0
0.8
0.7
0.2
0.1
0.4
0.4
-0.4
0.1
0 .8
1.1
0.7
-0.5
-1.1

1.1
1.3
1.3
0.7
0.7
0.4
0.1
0.5
0.1
-0.4
0.3
0.2
1.6
0.6
-0.3
-0.4

1.0
1.4
1.2
0 .6
0.7
0.4
0.3
0.5
0.2
-0.2
0 .8
0.2
1.3
0 .4
-0.3
-0.3

1.2
1.4
1.1
0.6
0 .5
0.1
0 .2
0.3
-0.1
-0.2
0.9
0.6
1.3
0.2
-0.9
-0.2

1.0
1.4
1.2
0.7
0.6
0.3
0.2
0 .4
0.2
-0.3
0.5
0 .4
1.3
0.5
-0.5
-0.5

253. IMPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1949 . .
.
195Q
1951 ..
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962 .
1963
1964
1965
1966
1967
1968
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979..

AVERAGE

7.8
9.9
10.0
9 .9
15.4
15.4
16.3
15.4
16.7
19.6
20.8
20.3
22.2
23.7
22.1
24.6

8.5
10.3
9.8
10 .6
15.7
15.2
17.0
16.8
17.8
19.6
20.9
20 .9
23.4
23.9
22.3
25.2

7.9
10.8
9.3
13.4
14.8
15.8
16.8
15.9
18.1
19.9
20.5
20.5
23.7
23.3
23.7
25.4

8.7
10.4
9.5
14.1
14.5
16.9
16.1
16.0
18.7
19.2
20 .4
21.6
23.4
22.1
24.2
25.8

25.4
27.3
28.7
35.6
40.1
45.4
46.0
57.3
61.2
73.7
87.7
116.0
131.9
144.2
179.8
206 .6

26.2
28.1
32.4
36.7
39.7
46.8
55.1
58.5
65.3
73.3
92.4
131.0
118.3
150.9
184.7
213.3

27 .0
28.8
32.6
39.1
40.4
49.3
54.8
58.7
66.3
75 .7
95.3
138.2
126.1
159 .9
186.4
220.6

27.1
29.6
34.1
39.5
42.4
49.1
55.9
59.6
63.3
81.1
102.3
142.3
131.2
166.4
192.3
229.4

256. EXPORTS OF GOODS AND SERVICES IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1949
1950
1951
1952
1953
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979




8.2
10.4
9.6
12.0
15.1
15.8
16.6
16 .0
17.8
19.6
20.7
20.8
23.2
23.2
23.1
25.2
26.4
28.4
32.0
37.7
40.6
47.7
52.9
58.5
64.0
75.9
94.4
131.9
126.9
155.4
185.8
217.5

AVERAGE

30.8
26.0
25.9
21.1
23.4
27.9
23.5
23.2
27.7
30.0
36.2
30.3
30.0
34.6
37.5
37.9

31.4
23.6
25 .7
21.6
25.5
25.0
24.0
25.9
26.9
31.9
35.8
30.8
30.5
35.6
35.5
40 .4

30.7
23.9
24.1
21.9
27.1
23.3
24.3
25.4
28.5
33.2
34.6
31.0
33.0
36.3
37.2
40.3

27 .7
23.2
21.1
22.4
27.6
23.7
23.7
26.6
28.6
34.1
32.8
30.9
32.3
36.7
38.0
39.9

30.2
24.2
24.2
21.7
25.9
24.9
23 .8
25.3
27.9
32.3
34.8
30.7
31.5
35.8
37.0
39.6

39.5
47.4
44.1
51.3
53.9
56.2
54.6
67 .2
67.5
70.7
84 .5
92.9
89.6
93.8
96.5
100.7

42.2
46.6
51.0
51.0
53.6
58.4
64 .6
67.7
69.1
69.7
86.2
93.3
87.4
95.4
99.4
109.2

42.5
48.1
50.5
51.8
54.4
61.1
65.2
67.4
70.6
73.3
88.3
91.7
90.1
97.6
100.5
111.9

44 .6
48.9
50.8
52.4
55.1
58.3
64 .4
66.1
64.4
77.0
90 .7
94.1
93.0
97.7
97.3
113.8

42.2
47.8
49.1
51.6
54.2
58.5
62.2
67.1
67.9
72.7
87.4
93.0
90.0
96.1
98.4
108.9

NOTE: These series contain revisions beginning with 1976.

Annual
1 Q

1947
1948
1949
1950 .
1951
1952
1953 .
1954
1955
1956
1957
1958
1959
I960
1961
1962

...

Year
II Q

III Q

IV Q

252. EXPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956 .
1957
1958
1959
I960
1961
1962
1963 .
1964..
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978 . .
1979

AVERAGE

19.4
18.2
17.5
13.1
16.6
20.4
16.9
16.5
19.6
22.1
27.6
23.1
22.6
26.4
28.9
29.4

20.6
16.6
17.1
13.3
19.0
18.4
17.1
18.5
19.3
23.5
27.3
23.3
22.9
27.4
27 .9
31.2

20.5
16.8
15.5
14.0
19.9
17.0
17.5
18.0
20.5
24.5
26.7
23.4
24.9
28.2
29.0
31.1

18.8
16.0
13.3
15.2
20.2
17.1
17.1
19.0
20.8
25.3
25.3
23.4
24.5
28.3
29.8
30.7

19.8
16.9
15.9
13.9
18.9
18.2
17.1
18.0
20.0
23.9
26.7
23.3
23.7
27.6
28.9
30.6

30.5
36.9
35.5
41.7
45.3
47.1
47.2
61.3
65.1
69.1
89.4
126.4
147.4
155.9
170.5
184.4

32.7
36 .4
41.1
42.0
44.9
50.1
56.0
62.9
66.6
69.2
96.7
134.2
142.6
160.9
178.6
205.7

33.0
37.8
40 .7
43.2
45.7
52.4
57.4
63.4
68.2
73.4
105.2
140.6
147.0
166 .9
180.1
213.8

34.6
38.6
40 .8
44.2
46.4
50.1
58.2
62.3
62.4
79.0
115.0
150.5
152.2
169.6
174.2
224.9

32.7
37.4
39.5
42.8
45.6
49.9
54.7
62.5
65.6

255. NET EXPORTS OF GOODS AND SERVI CES IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

101.6
137.9
147.3
163.3
175.9
207 .2

AVERAGE

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962

17 .2
10.7
10.5
5.2
4.1
8.7
2.1
2 .8
5 .9
5.0
10. 1
4 .2
0.5
3.8
8.5
5.0

17.6
8.0
10.2
5.1
6.8
5.9
1.5
4.3
3.7
6.8
9.5
3.5
-0.3
4.6
6 .2
6.8

17.7
7.7
9.0
2.4
9.3
3.1
2.1
4.8
4 .8
7.7
8.9
4.0
1.6
5.9
6.0
6.2

13.8
7.5
5.7
3.4
9.6
2.0
2.3
5.9
4 .4
9.7
6.9
2.4
1.6
7 .7
6.2
5.2

16.6
8.5
8 .8
4.0
7 .4
4.9
2.0
4.5
4.7
7.3
8.9
3.5
0.9
5.5
6.7
5.8

1963
1964
1965
1966
1967
1968 . .
.
1969
1970
1971
1972
1973
1974
1975 . .
..
1976
1977
1978 . .
..
1979

5.4
11.9
7.2
6.1
4.1
-0.4
-1.7
1.4
1.6
-5.7
2.3
15.0
20.5
17.5
11.1
5.3

7.5
10.3
9.2
5.0
4.0
0 .7
-2.4
1.4
-1.4
4 .4
5.7
15.4
24.7
16.2
10 .9
12 .3

7.0
10.8
8.7
2 .9
4.1
0.2
-0.6
2.5
-0.2
-1.6
9.3
15.3
22 .8
16.1
13.2
13.3

9.1
10.5
7.6
3.3
2 .0
-2.0
-0.6
0.3
-2.4
-1.4
12.9
17.9
22.2
13.3
5 .8
12.9

7.3
10.9
8.2
4.3
3.5
-0.4
-1.3
1.4
-0.6
-3.3
7.6
15.9
22.6
15.8
10.3
11.0

257. IMPORTS OF GOODS AND SERVICES IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962

13.6
15.3
15.4
15.9
19.4
19.1
21.4
20.4
21.8
25.1
26.1
26.2
29.5
30.8
29.0
32.9

13.7
15.6
15.5
16.5
18.7
19.0
22.5
21.6
23.2
25.1
26.3
27.3
30.8
31.0
29.3
33.7

13.0
16.2
15.1
19.5
17.8
20.1

1963
1964
1965 . .
..
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

34.1
35.5
37.0
45.2
49.8
56.6
56.2
65 .8
65.9
76.4
82.1
77.9
69.1
76.3
85.4
95.4

34.8
36.4
41.8
46.0
49.6
57.8
67.1
66.3
70.5
74.1
80.5
77.9
62.7
79.2
88.5
96.9

AVERAGE

20.5
23.6
25.5
25 .7
27.0
31.4
30.3
31.2
34.1

13.9
15.6
15.4
19.0
18.0
21.7
21.3
20.7
24.2
24 .4
25.9
28.5
30.7
29 .0
31.9
34.7

13.6
15.7
15.4
17.7
18.5
20 .0
21.8
20.8
23.2
25.0
26.0
27.2
30.6
30.3
30.3
33.9

35.5
37.3
41.8
48 .9
50.3
60.9
65.8
64.9
70.8
74.9
79.0
76.4
67.3
81.5
87.3
98.5

35.5
38.4
43.3
49.1
53.1
60.3
65.1
65.8
66.8
78.4
77.7
76.2
70.8
84.4
91.4
101.0

35.0
36.9
41.0
47.3
50.7
58.9
63.5
65.7
68.5
75.9
79.9
77.1
67.5
80.4
88.2
97.9

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly

Year

Annual
III Q

I Q

Year

Annual
I Q

IV Q

II Q

IV Q

1 y5 b .
i y5 y .
I96u.
1961.
i y b 2.
127.1

130.y
146.0
167.5
186.2
203.7

211.4
224 . 2

412.8
453.8

13.1
15 .y
2u.7
17.4
35.1
52.2
58.1
48.0
43 . 7
46 .2

4 y. y

Ik.U
14.0
16.9
19.1

1961
ly62

19 63

1964

64 .2
by .9
7t.5
88.2

yy. 6

1969.

ioy.7

iy7u.
iy7i.

121.0
136.2
148.4
165.0
188.y
212.8
230.0
2^9.0
280.1

1972.
1973.
1974.
1y 7 5 .
ly76 .
1977 .
ly/8.
1979.

7.6
7.5
7.1

7.6
7.2

80.6
8y . 8
101 .6
111.4
125.4
139.0
152.7
169.3

l y 5. o
218.7
232.6
254.y

288 . 6

NOTE: These series contain revisions beginning with 1976.




99

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly

Year

Annual
1 Q

II Q

III Q

38.0
40.3
44.6
50.3
50.5
52.0
55.1
58.5
63.1
65.3
69.0
74.0
78.9
79.9
86 .4
88.7
93.3
99.5
105.3
114.2
121.7
128.4
133.7
136.9
143.5
149.2
154.5
160 .4
163.4
168.7
166.0
170.9

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
197b
1979

38.8
41.3
46 .8
50.7
51.3
52 .9
54 .2

94.0
101.8
107.9
115.7
122.5
130.4
135.0
137.9
144 .8
149.7
154.9
162.2
165.4
167.1
167.3
174.7

64.0
66 .3
69.6
75.3
78.9
81 . 6
86.0
89.3

1 Q

40.4
43.0
49.4
50.9
51.6
53.0
56.8
60 .8
64.6
67.4
72.2
79.5
78.6
83.7
89.3
91.4

4l!s
47.4
50.7
51.3
52.5
55.4
59.7
64.0
66.5
70.3
76.4
78.9
82.0
87.1
90.0

96.5
103.0
110.7
116 .9
123.1
131.4
135.1
140. 8
145.8
151.4
156.6
162.1
167.2
166.3
168.5
176 .2

97.9
104.3
112.6
120.3
125.0
133.5
135.7
142.4
147.7
153.6
157.7
162.6
168.4
165.5
169.8
176.6

95.4
102.1
109.1
116.8
123.1
130.9
134.9
139.5
145.5
151.0
155.9
161.8
166.1
166.9
167.9
174.6

AVERAGE

125.9
137.2
143.4
144.2
174.5
191.0
207 .4

127.8
139.0
141.2
150.2
180.1
192.3
210.7

129 .2
144.0
140.5
158.5
183.3
195.8
210.8

133.7
145.5
140.2
166.4
186.0
203.6
209.3

141.4
141.3
154.8
181.0
195.7
209 .6

207.3

206.9
222.8

207.5

211.8

208.4

1957..

254.2
254.0

244.7
258.6

232.8
250.5
257,0
265.8

224. 9

241.7

273.1

280.9

284.1

295.4
30U.5
324.3

296 .2

295.6

305.4

312.0

243.5
256.5
258.2
279.6
294.9
303.6

327.1

330.5

325.1

335.3
357.4
384.5
423.4
460.2
500.3
550.8
600.8
633.0

340.1

345.0

351.1

342. 9

364.7

371.9

377.8

368.0

391.2

399.3
445.5
475.4
527.0
579.9

411.2

3 9 6. 5

453.8

439.3

486 .2
5 38.7
590.1
615.5

471.9
519.8
571.4

691.9
771.2

I960

1961.
1962

280 .2

292.5
296.4

1958
1959

706.9
790.0
866.8

318.4

1963
1964
1966
1967
1968
1969. ...
1 y 7U
1971
1972
1973
1974
1975
1976
1977 . .
.
1978
1979

845.9
903.2

1001 .4
1110.1
1244.0

434.5
465.8

513 .2
564.6
606.2

645.1

914.3
1025.9
1141.5

1288 .2

259 .6

614.1
655.7
720.4
807.2
888.2
939.0
1048.0
1170.7
1321.1

667.3

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

19.7
18 . 0
16.9
16.8
15.9
15.0
14.0
13.9
13.2
12 6
12.3
13.3
12.2
11.2
11.6
11.0

I960

1962
1963
1964
1965
1966
1967
1968
1969

..
.

]_ y -i Q

1971
1972
1973
1974
1975
1976
1977
1978
1979
NOTE:

10.6
10.1
9.9
10.1
9.3
9.0
8.8
8.3
8.1
8.0
8 .4
8. 2
6 .9
6.7
6.7
6.7

741.4

715.1
799.2
875.8
1037.8
1156.9

1364 . 8

1304 . 5

19.2
17.1
16.2
15.7
15.3
13.7
13.6
13.0
12.5
12.3
13.3
11.9
11.5
11.4
10.9
10.5
10.1
10.1
9.7
9.4
8.9
8.7
8. 2
7.8
8.1
8.6
7.6
7 .2
6.7
6.5
6.7

931.1

AVERAGE

1947
1948
1949 ....
1950
1951
1952 ....
1953
1954 ....
1955
1956
19^7
1958
1959
1960
1961
1962
1963
1964
1965
1966 ...
1967
1969
1970
1 97 j
1972
1973
1974 ....
1975
1976
1977
1978
1979

1947
1948
1949
1950
1951
ly 52
1953
..
.
1954
1955
1956
1957
1958
1959
I960
1961
1962 . .
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1 979

....

....

...

.

5.3
5.6
6.5
7.1
6.5
6.6
6.7
7 .4
7.7
7.8
9 .1
8.9
9.8
9. 6
9.8
10.0
10.2
10.4
11.1
11.5
11.7
12.2
12.9
12.9
12.8
13.3
14.2
13.8
13.3
13.3

AVERAGE

(PERCENT)

7.9
8 .3
9.2
8.9
9.1
9 .6
9.6
9.9
10.2
10.3
10.5
11.2
11.6
11.8
12.4
1? Q
12.8
12.8
13.5
14.2
13.7
13.3
13.3

5.6
6.1
7.3
6.7
6. 6
6.6
7.1
7.7
7.6
8.0
8.7
9.2
8.9

5.5
5.9
7. 2
6.8
6.6
6. 7
6.8
7.8
7 .6
8.0
8 .4
9.2
9.0
9.3
9.6
9.6

10.0
10.2
10.4
1C. 6
11.2
11.5
11.8
12.6
13.0
12.9
12.9
13.6
14.0
13.6
13.2
13.4

5.4

5.8
6.9
7.0
6.6
6 .8
6.6
7. 6

9J7
9.7

10.0
10.3
10.4
10.9
11.3
11.7
11.9
13.0
13.0
12.9
12.8
13.8
14.0
13.4
13.3
13.2

37 . 5
37.9
36.8
36.5
42.2
42.0
42.1
41.1
41 .8
42.9
44.3
47.1
47.5
46.3
47.6
49.5

34.0
41.9
36.2
37.0
42.6
43.0
41.4
40.1
42.4
43.1
44 . 7
47.1
47.8
47. 6
48. U
49. 7

35.2
42.2
35.5
39.5
42 .9
44.7
40.7
40.9
42. 7
44.0
45.7
47.4
46 .8
47.1
48.3
49.7

49 . 9
51.0
54.4.
61.4
59.7
62.3
66. 2
65.7
67.3
73.6
86.1
91.0
79.9
89.0
96.9
109.1

50.1
52.1
56,6
60.2
60.6
63 .0
66. 5
65.5
66.8
76.1
90 . 7
86.1
85.0
89.8
97.6
115.0

50.5
52.7
57.4
60.1
61 .8
63 .8
66 .2
64.7
66.4
75 .8
94.6
84.7
91.8
87.6
117 .4

5.4
5.8
7.0
6. 9
6.6
6.7
6.8
7.6
7.6
7. 9
8 .4
9.2
9 .0
9.2
9 .7
9.6

9.9
10.2
10.3
10 .6
11.2
11.6
11.8
13.0
12.9
12.8
13.6
14.1
13.6
13.3
13.3

AVERAGE

36.7
40 .9
36.0
40 .4
43.6
42.1
41.0
41.1
43.1
44.5
45.2
48 . 0
46 .8
46.9
49.1
49.5
50.9
53.2
58.2
59.6
61.7
64.4
66 .0
64.7
70.4
79.0
98.3
83.3
91.2
91.1
107.6
125.7

35.8
40 . 7
36.1
38 .4
42.8
42.9
41.3
40 .8
42.5
43.6
45.0
47.4
47.2
47.0
48.3
50.3
56 . 7
60.3
61.0
63.4
66.2
65.1
67.7
76.1
92.4
86.2
87.0
89.3
IOC .2
116.8

....

284. RENTAL INCOME OF PERSONS WITH CAPITAL CONSUMPTION
ADJUSTMENT
(ANNUAL RATE, BILLIONS OE1 DOLLARS)

18.2
18.2
17.2
15.8
15.6
14.2
13.9
13.4
12.8
12.6
12.5
12.7
11.7
11.5
11.2
10 .6

18 .4
18.6
17.0
16.2
15.7
15.0
13.8
13.6
13.0
12.6
12.4
13.0
11.9
11.4
11.4
10.8

1947
1948
1 949 .....
1950
1951
1952
1953
1954
1955 .
1 956
Iy57
1958
1959

10.4
10.0
10.1
9.6
9.4
8.8
8. 5
8 .0
7. 7

10.3
10.0
9.9
9.4
9.2
8 .8
8.4
8.0
8.0
8.0
8.9
7.2
7.2
6.5
6.8
6.9

10.4
10.0
10.0
9.7
9.3
8.9
8.6
8.1
7.9
8.0
8.7
7.6
7.2
6.6
6 .6
6.8

1963 ...
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

8. 8
7.4
7 .4
6.4
6.4
6.7

IVQ

282. PROPRIETORS' INCGH E WITH IMVEN TORY VALUATION AND
CAPITAL CONSUMPTION ADJ USTMENTS
(
'

18.1
le.9
16.7
16.2
15.6
15.6
13.5
13.7
12.9
12.7
1' 5
12.9
11.8
11.4
11.3
10.8

These series contain revisions beginning with 1976.




100

17.7

609.2
650.3

828.4
902.2
967.8
1075.9
1205.5

283. PROPRIETORS' INCOME WITH I VA AND CCADJ AS
. UUttLJ J-LM^W lEj
PERCENT 0 NAT I

III Q

jDS AND

1947
1948
1949.
1950
1951
1952
1953
1 Q5 4
1955. ...
1956

256.0
253.5

II Q

SERVICES AS PERCENT OF GNP

AVERAGE

39.7
42.0
48.5
50.8
51.6
52 .0
55.5
60. 4
64.1
66.7
70.6
76.9
79.1
82.9
86 .9
90.5

280. COMPENSATION OF EMPLOYEES
(ANNUAL RATE, BILLIONS OF DOLLARS)

216.3
237.1

Annual

IVQ

267. STATE AND LOCAL GOVERNMENT PURCHASES OF GOODS AND
SERVICES IN 1972 DOLLAR.S
(ANNUAL RATE, BILLION DOLLARS)

1947
1948
1949
1950
1951
1952
1953
1954. ...
1955
1956
1957
1958
1959
1960
1961
1962

Year

1961
1962

5.4
5.5
5. 9
6 .8
7.4
8 2
9.5
10.6
11 .2
11.4
11.9
J2.7
12.8
13.6
14.1
14.7

5.1
5. 6
6.0
6 .9
7. 5
8.6
9.8
10.9
11 .2
11.6
12.1
12.8
13.1
13.7
14 .2
14 .8

15.6
15.9
16.7
17.8
19.0
19.1
IB. 2
18.2
19.3
22.1
22.1
21.1
22.3
22 . C
23 .6
25.2

15.7
16.0
17.0
18.1
19.5
18.8
18.3
18.5
20.0
18.2
21.2
21.0
22.6
21.6
24.6
24.4

AVERAGE

7.8
9.0
10.2
11.2
11.3
11.7
12.4
12.9
13.4
13.8
14.4
15.1

5.4
5.9
6 .4
7.4
8.1
9.4
10 . 6
11.4
11.4
11.8
12.5
13.1
13.6
14.0
14 .5
15.5

6.1
7.1
7. 7
8. 8
10.0
11.0
11.3
11.6
12.2
12.9
13.2
13.8
14.3
15.0

15.7
16.2
17.3
18.3
19.6
18.5
18.0
18.8
20.5
23.2
21 . 5
21.5
22.4
21.9
25.2
26.8

15.7
16.4
17.5
18.5
19.4
18.1
17.9
19.1
20.8
22.7
21.5
21.9
22.5
22 .8
25.5
27.1

15.7
16.1
17.1
18.2
19.4
18.6
18.1
18.6
20.1
21.5
21.6
21.4
22.4
22.1
24.7
25.9

5.1
5.8
6.2

5.3

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Annual

Year
IQ

III Q

IIQ

Annual

Year
1 Q

IV Q

285. RENTAL INCOME OE PERSONS VilTH CAPITAL CONSUMPTION
.1. E N T OF N A T I O N A L I N C O M E
(PERCENT)
ADJUSTt N A

AVERAGE

II Q

2.8
2.6
2.7
3.1
2.8
2.9
3.2
3.6
3.5
3.4
3.3
3.6
3.3
3.3
3.4
3.3

2.7
2.6
2.8
3.0
2.8
3.1
3.2
3.7
3.4
3.4
3.3
3.6
3.3
3.3
3.4
3.2

2.6
2.6
2.9
3.0
2.8
3.1
3.4
3.7
3.
3.
3.
3.
3.
3.
3.4
3.3

2.7
2.6
3.1
2.9
2.9
3.2
3.6
3.7
3.4
3.3
3.5
3.5
3.4
3.4
3.3
3.3

2.7
2.6
2.9
3.0
2.8
3.1
3.4
3.7
3.4
3.4
3.4
3.6
3.4
3.3
3.4
3.3

1947 ....
1948
1949
1 95U
1951
1952
1953
1954. .
1955. ,
1956
1957
1958
1959
1 960
1961
1 9 6 2 . ...

19.5
27.7
28.9
28 .0
38.0
36.5
38.4
31.9
43.6
43.6
43.9
33.0
47.4
51.0
42.1
53.9

22. 8
29.5
26.7
31.6
37.8
34.2
37.7
33.3
44.6
43.3
43.0
34.1
52.3
46.9
45.9
53.9

lyG'^

3.3
3.1
3.1
2.9
3.0
2.8
2.4
2.3
2.3
2.4
2.1
1.9
1.9
1.7
1.6
1.6

3.3
3.1
3.0
2.9
3.0
2.7
2.4
2.3
2.3
1.9
2.0
1.9
1.9
1.6
1.6
1.4

3.2
3.1
3.0
2.9
3.0
2.6
2.3
2.3
2.4
2.4
2.0
1.9
1.8
1.6
1.6
1.5

3.2
3.1
3.0
2.9
2.9
2.5
2.3
2.4
2.4
2.3
1.9
1.9
1.8
1.6
1.6
1.5

3.2
3.1
3.0
2.9
3.0
2.6
2. 4
2.3
2. 4
2.2
2.0
1.9
1.8
1.6
1 .6
1.5

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974 ....
1975 . . . .
1976
1977
1978
1979

56.6
66 . 2
73.9
83.1
78.8
82.7
86.0
68.9
73.9
66 .8
101.1
90.1
75.0
130.1
137.1
141.2

59.1
66.9
75.9
83.4
78.0
87.1
84,2
68,9
77.5
89.9
98.1
86.3
88.2
125.6
148.9
169.4

1968
1 y6 9
1970 . .
1971
1972
1973
1974
1975
1976
1977
1 9 7b
1979
287.

CC
OF N A T I O N A L i M C G C i E

1 47
4b
50

5i
52

54
5°
1
1
1
1

58
59
60
61
62

1 64
1 65
1 67 . . .
I 68
1 69
] 7u
1 71
1 72
1 73
1 74 .
1 75
1 76
1 77
1 7b
179.
289.

1 y 47
ly48
1949
1 y 5u
1951
1952
1954
1955
1956
1957
1958
1959
1960 ....
1 y62 4 . . . .

1964
1965
1966
1967

1 y6b
1 ybu
1970
1 y7 1
1972
1 y73
1974
1975
1 y7 6 .
1977

1 1 .' 9
9.6
13.0
11.4
10.9
11.8

11.6
13.0
13.1
14.8
13.8
11.7
12.1
11.7
13.5
12.1
11.6
10.5
11.8
11.1
11.2
11.9

11.8
13.5
11.7
15.3
13.9
12.7
10.0
12.5
13.6
11.9
10.6
11.6
11.6
10.5
11.8
12.2

11.4
13.3
12.7
14.2
14 .0
12.4
11.8
11.6
13.6
12.4
11.6
10 .2
12.2
11.4
11.0
12.0

1947
1 9 4 8 ...
1 y49
1950
1951 .
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962

12.3
1 3. U
13.6
13.5
12.0
12.3
11.0
b. 7
9.1
9.6
9.3
7.6
7.4
9.3
9.9
9.9

12.5
13.0
13.6
13.0
11.9
12.0
10.4
8.6
9.0
9.6
9.1
7.0
8.9
9.3
10.4
10.0

12.5
12.5
13.8
12.9
12.1
11.7
9.5
8.0
9.1
10.0
9.0
6.7
8.7
8.9
9.6
10.2

12.3
12.9
13.6
13.3
12.1
12.0
10 .6
8.5
9.0
9.6
9.3
7.4
7 .9
9.3
9.8
9.7

ly 63
1964
1965
1966
1967
1 96b
1969
1 °7 0
1971
1972
1973
1974
1975
1976
1977.
1978
1979

10.2
13.2
13.3
12.9
14.4
13.0
1 i: . 8
10.8
13.7

11.9
13.5
12.6
13.9
14.0
12.2
12.5
11.3
13.7

12.2
9.3
12.2
12.4
10.3
12.0
12.0
13.1
13.5
13.7
12.3
12.0
11.5
8.7
8.9
9.4
9.8
8.1
6.5
9.8
9.4
8.7

NET I N T E R E S T AS PERCENT OE NATIONAL INCOME
(PERCENT)
1.2
1.0
1.0
1.0
0.9
1.0
1.1
1.3
1.5
1.5
1.7
2.1

1.1
1.0
1.0
1.0
1.0
1.1
1.1
1.4
1.5
1.5
1.7
2.2

2.3
2.6
2.7

2.3
2.6
2.8

2.9
3.0
3.2
3.4
3.6
3.8
3.9
4.4
5.0
4.9
4.9
5.4
6.6
6.1
6.1
6.3

2.9
3.G
3.3
3.5
3.7
3.7
4.0
4.6
5.0
4.9
4.9
6.0
6.6
6.1
6.2
6.3




AVERAGE

1.1
0.9
1.0
0.9
1.0
1.1
1.1
1.5
1.4
1.6
1.9
2.2
2.2
2.4
2.7
2.8

1.0
0.9
1.1
0.9
1.0
1.0
1.3
1.5
1.4
1.5
1.9
2.3
2.3
2.5
2.8
2.9

1. 1
1.0
1 .0
1.0
1.0
1.0
1.2
1.4
1.4
1.5
1.8
2.2
2.2
2. 4

3.0
3.1
3.3
3.6
3.7
3.8
4.0
4.8
5.0
5.0
4.9
6.3
6.4

3.0
3.1
3.3
3.6
3.8
3.8
4.2
5.0
5.0
5.0
5.0
6.5
6.3

6.2

6.2

3.0
3.0
3.3
3.5
3.7
3.8
4.0
4.7
5.0
5.0
4 .9
6.0
6.5
6 .2
6 .2
(
.. . 4

2 .8

22.6
28.9
27.9
36.0
38.0
33.6
36.5
4 .9
4 .7
2.0
2.4
8 .3
6.8
L
5. 6
47!7
54.7
60.6
68.3
77.9
81 .6
78.7
86.9
61,0
69.4
77.5
92.6
97.8
60.1
110.1
126.9
160.8
175.2

.

2.2
2. 2
2.1
2 .2
2.5
2.9
3.2
3. 9
4.7
5.0
6.0
7.5
8.7
9. 5
10.5
12.1

13.8
15.3
17.6
20. 5
23.4
25.9
29.0
34.4
41.6
44 .7
50.4
60.3
76.0
80.6
89.3
101.5

2.1
2.1

8. 7
9 .4
11.0
12.6

2.1
2.0
2.2
2.3
2.8
3.1
3.3
4 .4
4 .8
5.4
6.8
8 .2
8 .8
9 .9
11.4
13.0

14.0
15.6
16 . 3
21.5
23.9
26.4
30.2
36.7
42.5
46.0
51.2
68.2
78.4
82.1
92.7
106.8

14.5
16.2
19.0
22. 3
24 . 5
27.2
31.4
38.8
43. 2
47.7
52.5
72 .6
79.9
85.2
95.8
111.9

2.6
3 .0
3.3
4.2
4.8
6.3

22 . 2
29.1
26.9
33.7
38.1
35.4
35.5
34.6
44.6
42.9
42.1
37.5
48.2
46 .6
46 .9
54.9

62.0
66.5
80.7
82.0
81.6
86.4
74 .6
64 . 4
79.9
99.0
99. 3

59.6
67.0
77.1
82.5
79.3
65 .8
81.4
67.9
77 . 2
92.1
99.1
83.6
95.9
126.8
150.0
167.7

110.3
124.6
153.0
184.8

A VET: ACE
2.0
2.0
2 .2
2.3
2 .8
3.1
3. 7
4.6
4.8
5.4
6.9
8.6
9.1
10.2
12.1
13.4

15.0
16.5
19.2
23.2
25.3
27.7
32.6
40.3
43.9
49.6
55.3
74.9
80.0
87.2
98 .2
117.6

2 9 0 . CROSS S A V I N G — P R I V A T E S A V I N G P L U S G O V E R N M E N T S U R P L U S
OR D E F I C I T
( A N N U A L RATE, BILLIONS OF DOLLARS)

1947
1948
1949
1950
1951
195z
1953
1954
1 955.
1 956
1957.. .

19^8
1959
I960

1961
1962
1963
1964
1 96=,
1966
1967
1968
1969
970
1971
973
974

1977
1 97b

41 .«

41.4
38.4
56 .0
53.3
49.5
45.1
59.8
71.3
74.5
58.7
72.9
06, 7
70.3
82. 7
85.2
95.3
114.1
li.0.4
117.9
124.8
143.3
143.3
151.7
168.9
203.2
208.2

233.6
'i. 5 3 , 3

AVERAGE

23 .9
30.4
24 .5
39.0
38.8
37.6
29.4
38.3
45.9
42. 2
38.8
43.9
46.5
42.9
51.9
56.9

288. NET INTEREST
(ANNUAL RATE, BILLIONS OE DOLLARS)

AVERAGE

(PERCENT )

IV Q

286. C O R P . P R O F I T S W I T H I N V E N T O R Y V A L U A T I O N A N D C A P I T A L
CONSUMPTION ADJUSTMENTS
(ANNUAL RATE, BILLION DOLLARS)

1947
1948
1949
1950
1951 ..
1952
1953
1 954 .....
1955
1956
1957
1958
1959
1960
1961 .
1962
1964
1965 . .

III Q

2.1
2.1
2 .2
2.3
2.7
3.0
3.4
4 .3
4 .8
6.5
8 .0
8.8
9.8
11 .2
12 .8

14.3
15.9
18.5
21.9
24 . 3
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
83.8
94.0
109.5

AVER.AGE

39. 3
50.8
33.5
47.0
59.4
46.3
50. 5
47.3
65.2
72.5
74.0
54 . 8
81.4
79.4
73.5
84 . 1

39. 3
49.0
34.6
51.2
54.8
47.1
49.8
49.3
67.7
74.1
74.3
59.5
73.0
77,4
78. 1
84.3

44.2
48. 2
30.2
61 .9
52.0
50.7
42.5
55. 9
70.3
75.9
67.2
67.7
75.8

41.2
49.0
34.8
49.7
55.5
49 .3
48.1
49.4
65.6
73.6
72.6
60 . 4
75.8

81.1
83.3

75.8
83.6

90.4
96 .9
116.1
124.6
114.8
130.6
147.3
144.3
154.5
173.7
213.1
209.4
16 3, 7
^39.3

90 .2
101.7
116.2
121.9
120.6
132.0
152.4
146.0
154.9
178.3
219.1
198.4
L 10.9
236.2
291.6

92.7
106.5
115.1
124.7
126.0
135.9
147.0
140. 2
160.7
231.8
201.4
210.1

283.6

69.6
100 . 1
115.4
122.9
120.3
130.8
147.5
143.4
155.4
177.5
216.8
204 .4
195.4
236.2
276.1

101

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly

Year

Annual
1 Q

II Q

III Q

Year

Annual
IQ

IV Q
293.

2 9 2 . PERSONAL SAVING
ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE

IIQ

III Q

IV Q

P E R S O N A L S A V I N G AS A P E R C E N T OF D I S P O S A B L E P E R S O N A L
INCOME
(PERCENT)

AVERAGE

1947
1948
1949
1950 . ...
1951
1952
...
1953
1954
1955
1956
1957
1958
1959
1960 . ...
1961
1962

8.1
6.3
8.7
15.4
8.0
15.6
15.3
17.5
13.1
17.6
20.0
20.5
19.9
18.8
18.2
22.1

2.2
10.0
6.3
10.8
17.6
14.4
17.6
14.5
14.1
19.4
21.5
19.9
21.1
16.5
19.0
21.6

5.7
13.7
6.6
4 .3
16.9
18.3
17.3
14.7
15.8
20.2
21.3
22.6
16.2
17.3
21.7
20.4

3.9
12.7
5.5
12.5
16.3
15.4
18.0
15.5
16.1
21.4
19.9
23.8
18.0
15.6
21.8
17.5

4.9
10.6
6.7
10.8
14.8
16.0
17.0
15.6
14.9
19.7
20.6
21.7
18.8
17.1
20.2
20.4

1947 . . .
1948
1949
1950
1951
1952
1953. .
1954
1955
1956
1957
1958
1959
I 9 6 0 . ...
1961
1962

4.9
3.5
4.7
7.7
3.7
6.8
6.2
6.9
4.9
6.2
6.6
6.6
6.0
5.4
5.1
5.9

1.3
5.4
3.4
5.4
7.8
6.2
7.0
5.7
5.2
6.7
7.0
6.4
6.3
4.7
5.3
5.6

3.3
7.1
3.6
2.1
7.5
7.7
6.9
5.7
5.7
6.9
6.9
7.0
4.8
4.9
6.0
5.3

2.2
6.6
2.9
5.9
7.1
6.3
7.1
5.9
5.7
7.1
6.4
7.3
5.3
4.4
5.9
4.5

2.9
5.7
3.6
5.3
6.6
6.8
6.8
6.1

1963
1964
1 965
1966
1967
1968
1969 .
1970
1971
1972
1973
1974
1975
1976
1977
1 978
1979

18.4
22.0
26.1
30.4
40.4
40. 9
29 .9
40 . 3
58.2
51.0
59 .4
73.0
66.0
73.8
52.5
74.6

18.5
27.0
28.3
31.9
38.7
43.8
32.0
51.5
60.2
43.7
69.1
70.9
106 .6
70.9
65.9
71.2

17.6
25.7
34.6
33.0
41.1
33.4
39.5
54.4
56 .7
47.3
71.7
66.9
82.2
66.3
71.9
70 .9

20.7
29.9
32.1
36.7
43.3
34.1
39.1
56.1
54.2
55.4
81 .1
75.9
79.8
63.4
69.5
71.5

18.8
26.1
30.3
33.0
40.9
38.1
35.1
50.6
57.3
49.4
70.3
71.7
83.6
68 . 6
65.0
72.0

1^63
1964.
1965
1966
1967
1968.
1969
1970

4.7
5.2
5.7
6.1
7.6
7.2
4.9
6.1
b.O
6.6
6.8
7.7
6.4
6.4
4.2
5.3

4.6
6.2
6.1
6.3
7.2
7.5
5.1
7.5
a.l
5.6
7.8
7.3
9.7
6.1
5.1
5.0

4.3
5.8
7.2
6.4
7.5
5.6
6.2
7.8
7.6
5.9
7.9
6.7

5.0
6.7
6.5
7.0
7.8
5.7
6.0
8.0
7.1
6.6
8.7
7.5

4.7
6.0
6.4
6. 5
7 .5
6 .5
5. 6
7. 4

5.6
5.4
4.8

5.2
5.1
4.7

...

...

...
...

17.7
27.8
32.0
29.0
29 . 5
37.8
39.2
38.8
46.5
48.1
50.6
48.1
57.6
60 .0
57.3
66.1

...

1957
1958
1960
1961
1962
1

963
1964
1965
1966
1967
1968
1969
1970
1971
1Q72
1973
1974
1975
1976
1977
1978
1979.

68. 6
75. 4
82.5
88.8
91.8
93.7
101.4
99.0
109.6
124.8
137.4
139.3
155.6
205.1
213.9
234.4

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

59^7
66.1

69.4
76 . 0
83.5
90.5
91.8
98 .3
102.2
100.7
113.9
133.2
136.9
137.3
171.5
2 0 0.5
226 .8
253.1

70.8
77.2
85.4
91.0
93.7
99.9
103. 5
102.9
116.3
131.1
141.0
131.9
187.2
203.6
243. 2
259.6

24.3
32.0
29.9
32.9
37.6
38.7
36.4
43.7
46.7
50.8
55.6
58.5
57.6
62.2
69.2
71.7
76.4
87.0
94.4
97.5
100.9
99.7
102.7
121.3
136.2
145.6
142.9
190.3
203.9
238.8
264.7

70.1
76.3
84.6
91.1
93.7
98.2
101.7
101.3
115.3
131.3
140.3
137.9
176.2
203.3
230.7
253.0

52.7
57.2
57.6
58.9
59.7
60 . 8
62 . 5
64.8
65.8
67.4
68.6
69.2
70.4

51.4
53.5
52.4
55.2
57.8
58.6
58.8
59.9
61 . 5
63.8
65.4
66 . 4
68.0
68. 9
69. 6
71.0

49.7
53.1
52.6
53.6
57.3
58.0
58. 9

71.4
72.5
74.1
76.6
78.5
82.1
86.0
90.9
95.7
99.4
104.6
114.3
126.0
132.8
140.9
15U.8

71.6
72 .9
74 .6
77.0
79.2
82.9
87.4
91.7
96.5
1-00.3
106.6
117.5
128.2
134.4
142.6
153.4

72.1
73.1
74 . 9
77.7
80 .2
84.0
88.5
93.0
97.4
101.4
109.0
121.1
130.1
136.3
144.8
156.7

71.6
72.7
74.3
76.8
79.0
82.6
86 . 7
91.4
96.0
100.0
105.8
116.0
127.2
133.7
141.7
152.0

49.0
52 . 9

71.3
72.3
73.7
75.7
78.2
81.2
85.0
89.8
94. 4
98.8
102.9
111.3
124.2
131.3
138.3
147.0

...




AVERAGE

49.9
53.8
52.4
54.3
57. 2
58.0
59.1
59.6
61 .2
63.2
65.4
66.2
67.7
68.8
69. 5
70 . 6

48.5
52.3
53.0
52.3
56.9
57.7
58.7
59.5
60.4
62.0
64.5
65.7
67.0
68.4
t.8.8
70.2

...

MOTE: These series contain revisions beginning with 1976.
'Year-to-year percent changes are computed from annual data.

102

21.8
30.0
31.5
30 .8
34.6
37.1
41.0
47.5
48.7
51.1
51.3
58.5
58.7
59.9
67.0

It P L I C I T P R I C E D E F L A T O R , GROSS N A T I O N A L P R O D U C T
( I iDLX: 1972-100)

1961
1962

1964
1965
1966
1967

51 o
49.2
60.2

22.9
29.7
32.8
31.1
37.5
36.3
38.1
41.3
48.1
49.4
51.6
51.9
57.9
58.6
60. 2
66 . 6

AVERAGE

...

310.
1947
1948
1949
1950
1951
1952
1953
1954
1955
1^56
1957
1958
1959

22.1
29.9
31.4
30.2
34 .2
36.3
38.1
40.5
47.7

1 47 1

1972
1973
1974
1975
1976
1977
1978
1979
298.

295. BUSINESS SAVING
(ANNUAL RATE, BILLIONS OF DOLLARS)

1947
1948
1949
1950
1951
1952
1953
1954
1955

...

61.0
62.9
65.0
67.5
68.7
69.3
70.6

1947
1948
1949
1950
1951
1952
1953
1 9^4
1956
1957.. .
1958
1 959
i960
1962.
L963
1964
1965
1966.. .
1 y67
1968
1969
1970.. .
1971
1972
1973
1974
1975
1976
1977
1978
1979

G O V E R N M E N T S U R P L U S O R D E F I C I T , TOTAL
(ANNUAL RATE, BILLIONS OF DOLLARS)

1964
1965
1966.
1967.
1 968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979

...

6 .2
7.8
7.3
5.C
4 .9

AVERAGE

16.1
14.1
0.5
-6.0
18.3
-0.1
-5.0
-11.2
0.2
5.6
3.9
-10.0
-4.6
7.9
c, 1
-5.5

14.9
10.7
-3.9
6.1
7.8
-4.4
-5.2
-7.7
3.4
4.9
1.5
-14.3
0.0
4.3
5 2
-3.6

10.7
5.8
-4.9
15.8
0.3
-7.1
-5.6
-6.6
3.8
4.5
1.4
-15.0
-1.1
1.4
3 9
2 7

16.0
3.4
-5.2
16.4
-2.0
-3.3
-11.9
-3.2
5.6
5.5
-3.4
-11.7
-0.6
-1.3
° 9
3 4

-1.7
-2.'i
5.5
1.2
-14.3
-9.9
12.0
3.2
169
-6 . a
6.4
4.0
-44.5
-45.3
-13.1
-19.2

2.5
-6.1
4.3
2.2
-15.7
-11.6
13.0
-8.9
°0 ^
-3.6
7.3
1.2
-94.4
-32.1
-16.6
5.0

1.8
-1.1
-3.8
-2.1
-14.3
-1.4
9.5
-12.2
-192
-0.6
6.5
-0.3
-585
-33.7
-23.5
2.3

0.3
0.2
-3.9
-6.4
-12.7
0.9
8.2
-19.6
165
-3.1
5.0
-17.4
600
-31.6
-24 .8
10.8

14.4
b .4
-3 . 4
o.O
6.1
-3.8
-6 . 9
-7.1
3.1
0.9

-1.6
3.1

-2 . 3

-1.3
-14.2

-9.4

6.3
64 4
-35.7
- C. 3

PERCENT ,
CHANGE '

3 1 G - C . C H A N G E FROM P R E C E D I N G P E R I O D I N I M P L I C I T P R I C E
DEFLATOR, GNP
(ANNUAL RATE, PE RCENT)

1947
1^48
1949
1 95U
1951
1952
1953
1 954
1955
1956
1957
1958
1959.
i960
1961
1962

6. 8
6 .7
6.8
5. 6
4.9
5.6
5 .3

6.9
-4.0
-1.2
13.1
-U.8
0.5
5. C
3.7
3.5
4.1
1.6
3.4
2.6
-0.5
3.4

4.4
4.7
-3.7
3.5
2.0
-0.3
1.1
1.4
2.1
3.3
1.6
0.9
2.9
0.9
1.9
1.4

7.2
6.9
-0.5
12.5
0.2
2.5
1.4
-0.9
2.8
4.6
3.8
2.3
1.5
1.5
1.7
1.0

13.2
-1.9
0.1
6.5
4.3
4.6
-1.8
2.0
2.1
3.3
0.4
1.2
1.5
0.6
0.7
2.5

1.7
1.2
3.3
4.1
2.4
5.2
4.4
6.2
6.2
5.8
5.8
8.4
10.7
3.6
6.0
6.3

0.3
1.4
2.1
4.8
1.5
4.7
5.3
5.0
5.7
2.9
7.0
11.4
5.9
4.6
7.7
10.6

1.2
2.2
2.7
2.4
3.9
3.7
6.4
3.7
3.4
3.4
7.5
11.6
7.3
4.8
4.8
7.2

2.7
0.9
2.0
3.7
4.7
5.7
5.0
5.6
3.6
4.7
9.6
12.6
6.2
6.0
6.4
8.7

13.3
6 .9
-1.0
2. 0
6.8
1.3
1.5
1.4
3.2
3.4
1.6

1.7
0.9
1 .8
1.5
1.6
2 .2
3. 3
2.9
4. 5
5.0
5.4
5.1
4.1
5.8
9.7
9.6
5.2
6.0
7.3

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Year

Annual
1 Q

II Q

III Q

311. FIXED WEIGHTED PRICE INDEX, GROSS BUSINESS
( INDEX: 1972 = 100 )

1947
1948
1949 .
1950
1951
1952 .
1953
1954
1955
1956
1957
1 Q 58 .
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
196^
1970
1971
1972
1973
1974
1975
1976
1977
....
] 978
1979

Annual

Year
II Q

1 Q

IV Q
PRODUCT'
AVERAGE

52.6
56.9
56.5
56.4
61.7
62.0
63.0
63.9
64.5
66.4
68.8
71 .7
72.6
73.6
74.3
75.0

53.8
57.9
56.4
58.0
61 .5
62.4
63.3
63.6
65.0
67.2
69.4
71.8
72.9
73.9
74.5
75.2

55 .2
57 .5
56 .3
59.2
62.2
63.0
62.9
63.9
65.3
67.7
69.4
72.0
73.2
74.2
74.5
75.4

53.4
57 .1
56.6
57.4
61.7
62.4
63.0
63.8
64.8
66.8
69.0
71.7
72.8
73.8
74.4
75.1

1947
1948
1949 . .
1950
1951
1952 ..
1953
1954
1955
.
1956
1957
1958
1959
1960
1961
1962

75.5
76.1
77 .0
78.5
80.8
83.4
87.1
91.3
95.4
99.0
102.7
111.7
124.3
131.9
139.4
148.2

75.6
76.2
77.4
79.3
81.2
84 .4
88.2
92.3
96.4
99.5
104.6
114.8
126.3
133.3
141.8
152.0

75.8
76.4
77.7
79.9
81.8
85.1
89.4
93.0
97.3
100.2
106.6
118.4
128.9
135.1
143.6
155.2

76 .0
76.7
77.8
80 .5
82.6
86 .1
90 .4
94.3
98.0
101 .3
108.7
121.9
130.8
137.1
145.9
158.5

75.7
6.3
7 .5
9.5
1 .6
4 .8
8 .8

1963 . .
1964
1965
1966
1967
1968 .
1969
1970
1971
1972
1973. .
1974
1975
1976
1977
1978
1979
.

348. NEGOTIATED WAGE AND BENEFIT DECISIONS, FIRST YEAR
AVERAGE

IV Q
PERCENT
CHANGE 2

311-C. CHANGE FROM PRECEDING PERIOD IN FIXED WEIGHTED
PRICE I N D E X 1
(ANNUAL RATE, PERCENT)

52.1
56.2
57.0
55.9
61.3
62.1
63.0
63.7
64.3
65.8
68.5
71.5
72.3
73.3
74.3
74.8

6 '8
.
1 0 .0
5.7
6.6
7 .6
4 .4
2.8
53.6

III Q

7.3
-3.2
-2.4
15.3
-0.9
-0.4
5 .6
2.6
3.2
4 .7
1 .2
1 .8
0 .3
0 .4
1 .8
0.7
0.3
1 .8
3 .6
1 .6
4 .1
4.6
4.2
4 .6
4 .2
5.8
11 .5
8.1
3.6
6 .9
6 .6

4 .0
4.7
3 .5
3.4
2 .4
-0.3
0.5
1.1
1.0
3.3
1 .5
0.6
1 .7
2.2
0.4
1.0

9.1
7. 3
-1.2
11 .5
-0.9
2.6
1.9
-1.6
3.0
5.0
3.8
1.1
2.0
1 .6
1.0
1.0

11 .6
-2 .7
-0.5
8.5
4.4
3.6
-2.6
1.9
2.3
3.3
0.1
0.6
1.5
1.4
-0.1
0.9

6 '9
.
-1.0
1 .5
7.5
1.1
1 .0
1 .2
1 .6
3.1
3 .4
1.3
1.4
1 .4
0.9
1 .0

0.2
0.6
2.0
3.8
1 .9
4.6
5.5
4 .5
4 .6
2.3
7. 6
11 .3
6.8

1.0
1 .4
1.6
3.1
3.5
3.6
5. 4
2.8
3.7
3 .0
8.0
13.1
8.2
5.4
5.2

1.2
1.2
0 .6
3 .0
3. 6
4.6
4 .4
5.8
2 .7
4.1
8.2
12.4
6.0
6.1
6.5
8 .7

0.8
0.8
1 .5
2.6
2.6
3.9
4 .7
4 .5
4 .4
3.3
5 .7
10.4
9 .4
5.3
6 .2
7 .6

7.1
10.5

349. NEGOTIATED WAGE AND BENEFIT DECISIONS, AVERAGE (MEAN)
CHANGES OVER LIFE OF CONTRACT 3 ©
(ANNUAL RATE, PERCENT)

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
..
1964
1965
1966
1967
1968
1969
1970
. . .
1971
1972
1973
1974
1975
1 976
1977
] 978
1979

1963
1964
1965.
1966
1967 .
1968
1969
1970
1971
1972.
1 973
1974 .
1975
1976
1977
1978
1979

AVFRAG •

1947
1948
1949 .
1950
1951. .
1952
1953
1954
1955
1956
1957
1958 .
1959 .
1960
1961
1962

9.0
8.9
11.3
10.6
9 .7
7.1
6 .9
12.9
10.5
9 .0
13.2

8.5
12.9
16.3
11.5
8.1
7.8
9 .2
8.9
8.9
8.9
6.8

8.5
11 .6
16.0
15.0
8.7
7.2
11 .9
11.3
10.0
10.2
7 .2

9.0
13.3
10.6
12 .7
7.3
6.1
14.6
14.0
6 .8
9.5
6 .1

26. RATIO, PRICE TO UNIT LABOR COST,
NONE ARM BU 1INESS SECTOR 4 (1967=100)

1 947
1948
1949
1950
1951
1952
1953
1954
1955
1956 . ...
1957
1958
1 959
I960

1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1 974
1975
1976
1977
1978
1979

8 .8
11 .7
13.6
12.4
8 .4
7 .0
10 .6
11 .8
9.0
8.3

AVFRAGE

6.8
10.3
10.9
8. 2
7.3
6 .7
7.7
7.3
7.2
6.0
6 .0

6.5
7.8
11.6
8 .7
7.3
6.3
8 .0
8.7
7.4
6 .2
5 .9

6 .4
9.0
7.5
10.6
6 .6
5.6
8.7
8 .7
5.2
6.3
5.2

110. TOTAL FUNDS RAISED BY PRIVATE NONFINANCIAL BORROWERS
IN CREDIT MARKETS 5
(ANNUAL RATE, MILLIONS OF DOLLARS)

97 .0
99.3
99 .7
100.1
102.2
100.7
99.2
97 .0
100.4
98.3
98.5
96 .2
99.3
98.7
96.0
98.4

97 .6
100.3
99 .6
101.2
100.7
100.3
98.8
97.6
100 .8
98.2
97 .9
97 .0
100.1
97 . 5
97. 1
97.7

97.2
99.6
100.9
102.8
101.5
99 .7
98 . 7
98.1
100 .8
97 .9
97.9
97.4
98 .4
97.0
97 .7
98.5

98 ?
100.6
99.6
102.7
101.8
99.7
96 .6
99 .1
100.2
93 . 1
97.4
98 .9
98 . 2
96 .3
98.4
99.1

97 .5
1 0] . 0
100.0
101.7
101.6
100.1
98.3
98.0
100.6
98.2
97.9
97 .4
99.0
97.4
97 , 3
98.4

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956 .
1957
1958
1959
1960.
1961
1962

98 .6
99.8
100 .6
101.0
99.8
100.1
99 .0
95.9
97 . 3
97 .5
97.1
94.6
94.7
97 .9
96 .8
94.7

99.3
99 .9
100.6
100.5
99.8
100.4
98.5
96.6
97.2
97.5
96.1
94 .4
96.5
97.5
97.0

99.8
100.1
101.1
100.1
100.0
100.1
97.8
96.9
97.7
97 . 8
95.5
94.0
98.1
97.2
97.4
96.0

99.5
99 .6
101.5
100.5
100.4
99.3
96.9
96.7
97 . 5
93.3
95.6
93.8
97.1
96.7
96.5
96 . 0

99.3
99 .8
101.0
100 .5
100 .0
100 .0
98.0
96.5
97.4
97 .8
96.1
94.2
96.6
97.3
96.9
95.6

1963
1964
1965
1966
1967
1968
1969.
1970
1971
1972
1973
1974
19/5
1976
1977
1978
1979




6.1
6.7
8 .0
8. 5
8.2
5.6
6 .2
7 .7
8.0
7. 5
8 .2

6.4
8.4
9 .5
9 .0
7 .4
6.0
7 .6
8 .1
7 .0
6.5
6 .3

AVERAGE

25,688
26,700

29,208
23,936

27,104
22,236

19 ,992

22 ,804

27 ,880

30,292
17,252
30,616

28,073
22,531
25,323

33,828

36,912
33,872
35,136
30,472
50,072
40,788
35,268
49,664

41,040

43 , 348

38 ,782

35 ,292

34,524

32,140
30,604
48,468

29 ,076

32 ,800

43,352

32,951
46,364
39,746
40,833
48,305

56,692
62,852
67,356
82,172
64,388
78,776
103,828
88,212
128,208
147,152
193,212
206,592
101,072
197,044
267,068
336,240

56,564
65,692
71,392
58,416
72,876
85,256
94,564
85,744
146,956

38 ,860
34 ,848
27,376
44,936

44 , 384
35,900
45,816
50,184
58,680
75,580
77,216
65,756

77 ,800
100 , 568
87 ,644
109,656

157 , 344
216,884
191,492

106 , 344
1 87 ,640
236,940

309 ,956

41 ,980

38 ,220

35,592

44,412

47 ,752

48 ,456

49,284

35,637

58 ,404
63 ,768

55,461
62,748

66,528
44,596
81,528
99,260
92,184
95,323

70,21
65,60

71,1 3

131 ,364

85,27
97,78
89,23
129,04

1 54 , 380
191 ,408

137,940

161 ,70

177 ,968

194,86

180,712
135,016
193,423
310,644
345,916

140,223
159,128
233,428
312,384
394,412

1 79,7 r^
1 25 , 3 9
3 4 6 , H ', I

103

G. Experimental Data and Analyses

(Aug.) (Apr.)
P
T

(July) (May)
P
T
III

II

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

in in in in in in IJ II in MI in i

(Nov.)
P

(Mar.)
T

scale
220
200

Components of BCD series 26—

180
160
140

Unit labor cost, all persons, nonfarm business sector, Q
(index: 1967-100)

240
220
200
180
160
140

Implicit price deflator, gross nonfarm business product, Q
(index: 1967 = 100)

120

100

Aritt metic
ale
2.1

Inventory-sales ratios in 1972 dollars (ratio)—

2.0

Manufacturing

1.9

1.8

1.7
1.4

1.3

Merchant wholesalers

1.2

1.1

Retail trade

1.5

1.4

1.3

1 1 1 1 1 1 1 1 1 in ni 1 1 1 1 1 1 1 1 1 1 1 n ii 1 1 1 1 1 1 n i n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1 1 1 1 1 m m 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n i
1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
NOTE:

C u r r e n t data for these series are shown on page 105.


104


1972 1973 1974 1975 1976 1977 1978 1979

G. Experimental Data and Analyses—Continued

Implicit price deflator, gross nonfarm business product 1
Year

Jan.

Feb.

Mar.

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

157.5

155.0

153.0

1975

May

(Index: 1967=100)
Dec.

159.9

1976

161.9

163.6

165.7

168.1

1977

169.8

173.6

176.2

178.3

1978

180.2

184.7

187.8

191.4

1979

195.1

200.3

Index of unit labor cost, all
Year

Jan.

Feb.

Mar.

Apr.

r204,4

persons, nonfarm business sector 1
May

June

July

(Index: 1967=100)

Aug.

Sept.

Oct.

Nov.

1975

161.6

160.7

160.5

164.6

1976

165.4

167.8

170.5

173.9

1977

175.4

179.0

180.9

1 84 . 7

1978

190.2

192.7

195.6

199.3

1979

206.0

212.1

Dec.

r216.9

Inventory-sales ratio, manufacturing, in 1972 dollars 2
Year

Jan.

Feb.

Mar,

1975

2.10

2.11

2.15

1976

1.91

1.89

1,87

1977

1.82

1.82

1978

1.84

1979

1.76

Apr.

May

June

July

(Ratio)

Aug.

Sept.

1975
1976
1977
1978
1979

Jan.

1 .34
1 .28
1 .29
1 .32
1.33

Jan.

Dec.

2.11

2.07

2.03

2.00

1.99

1.98

1.99

1.96

1.87

1.86

1.86

1.85

1.86

1.88

1.90

1.86

1.82

1,77

1.82

1.83

1.82

1.83

1.81

1.81

1.80

1.81

1.78

1.80

1.78

1.75

1.77

1.78

1.81

1.77

1.78

1.76

1.76

1.75

1.78

1.72

1.86

1.78

1.84

1.85

1.86

pi. 87

Feb.

1
1
1
1
1

.32
.28
.29
.31
.35

Mar.

1 .36
1.27
1 .29
1.33
1,30

Apr.
1.37
1 .28
1 .29
1.31
1.33

1^ !ay

June

1 .36 1.34
1 .30 1.30
1 .27 1.27
1 .28
1.31
1 ,30 1.31

July
1 .33
1 .30
1 .25
1 .29
1.31

1.34
1 ,32
1 .28
1 ,27

Feb.

Mar.

Apr.

1
1
1
1

June

July

| Aug.

Oct.

.33
.29
.30
.30

1.32
1 .31
1 .30
1 .27

pi .30

1.31

May

(NA)

(Ratio)
Sept.

Aug.

Inventory-sales ratio, retail trade, in 1972 dollars 2
Year

Nov.

2.08

Inventory-sales ratio, merchant wholesalers, in 1972 dollars 2
Year

Oct.

Nov.
1.31
1 .30
1 .29
1 .29

Dec.

1
1
1
1

.29
.28
.27
.31

(NA)

(Ratio)
| Sept. |

Oct.

Nov.

Dec.

1975

1 .44

1.39

1.41

1.39

1.34

1,34

1.34

1.35

1

35

1.37

1.34

1976

1 .31

1.32

1.33

1.33

1,34

1.33

1.33

1.33

1

35

1.33

1.32

1.30

1977

1 ,32

1.30

1.31

1.32

1.32

1.35

1.34

1.35

1

36

1.34

1.34

1.36

1978

1 ,40

1 . 38

1.37

1,39

1,39

1,40

1.39

1

39

1.38

1.38

1.35

1979

1 .39

1.38

1.41

1,42

1 . 38
1,38

1.45

rl.46

1.42

pi 37

1.32

(NA)

NOTE: Data for these series are plotted on page 104. The "r" indicates revised; "p", preliminary; "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

July
1979

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing 1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion d o l l a r s )
32. Vendor performance, companies reporting
slower deliveries (percent)
. .
. . . .
12. Net business formation
(index: 1967=100)
.
20. Contracts and orders for plant and equipment
in 1972 dollars (billion d o l l a r s )
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 d o l . , smoothed 2 (ann. rate, bil. dol . ) .
92. Change in s e n s i t i v e prices, smoothed 2
(percent)
. .
.
. .
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid a s s e t s , smoothed 2
(percent)
. .
. . .
106. Money supply (M2) in 1972 dollars
(billion d o l l a r s )
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands )
51. Personal income less transfers in 1972
dollars (annual rate, billion d o l l a r s ) .
47. Industrial production, total
(index- 1967=100)
.
57. Manufacturing and trade sales in 1972
dollars (million d o l l a r s )
920. Composite index of 4 roughly coincident
indicators 3 (index: 1967=100)

Sept.

Aug.
1979

40.2

Net contribution to index

1979

40.1

r40.1

July
to
Aug.
1979

Aug.
to
Sept.
1979

Sept.
to
Oct.
1979

p40.1

-0.08

0.0

0.0

pl.l

-0.30

0.33

0.12

0.01

0.05

-0.01

Oct.
1979

1.2

1.5

1.2

r35.90

r35.94

r36.29

p36.26

60

55

51

50

-0.18

-0.15

r!32.3

e!31.4

NA

NA

-0.10

NA

13.31

r!3.22

r!4.25

pl3.11

-0.02

0.19

-0.23

123.4

133.6

143.4

124.6

0.23

0.23

-0.49

r!5.04

r!3.82

p7.33

NA

1.97

1.97

1.78

2.16

-0.08

-0.45

0.0

-0.09

0.27

0.08

-0.04

NA

MA
0.19

-0.28

LAGGING INDICATORS
91. Average duration of unemployment 1
(weeks )
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars) .
. .
62. Labor cost per unit of output, manufacturing
( i n d e x - 1967=100)
109. Average prime rate charged by banks
(percent)
. .
. . . .
72. Commercial and industrial loans outstanding
(mi 1 1 i on dol 1 ars )
.
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
( i n d e x - 1967=100) .

107.36

108.60

104.47

rO.90

rO.89

rO.87

pO.84

-0.03

-0.07

-0.12

524.4

523.7

523.4

p522.0

-0.06

-0.03

-0.14

140.1

r!39.8

r!40.1

p!38.8

-0.21

0.21

89,713
. . .

102.71

r89,762

r89,845

p90,151

0.04

0.07

0.35

rl,024.9

rl,023.5

rl, 0 2 0 . 0

-0.07

-0.17

0.14

152.8

r!51.6

152.3

p!52.5

-0.22

0.13

0.05

159,296

r!60,227

p!60,768

NA

0.13

0.07

145.2

r!44.8

r!44.8

p!45.3

-0.28

0.0

0.35

-0.30

-0.06

0.09

10.0

10.5

10.6

pi, 0 2 2 . 3

10.5

-0.28

-0.93

NA

NA

r259.10

259.38

P257.85

NA

0.05

r!75.0

r!76.3

r!76.8

p!78.4

0.23

0.09

0.42

11.54

11.91

12.90

14.39

0.72

1.92

4.35
0.09

r!48,526

rl51,058

r!54,793

p!55,215

0.37

0.54

r!5.02

r!5.04

p!5.17

NA

0.07

0.45

r!65.1

r!66.7

r!70.9

p!79.3

0.97

2.52

NA
4.92

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
2
This
3




106

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
8. New orders for consumer goods and
materials, 1972 dollars, smoothed 1
IJJ1

Deviations
from

Actual
data
for
current
cycle

ref.

peak

-,

+25

8. New orders for consumer goods and
materials, 1972 dollars, smoothed*
LIT]

Actual
data
for
current
cycle

Deviations
from
spec,
trough

• 45

+50

• 40

+20

+45
+15

+40

+10

+35

+5

+30
+25

0
• 35

+20

~o

• 32

+15

-10

+10
-15

+5
-20

0
-25

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed 1
UJ

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed 1
H
I

+60
+25
+55
+20

• is
+50

+15

+45

+10

+ 40

+5

+35
+30

0
• 13

+25

-5

+20
-10

012

+15

-15

• 11

+10

-20
+5

-25

•lo
0

-30

-6

0 +6+12+18+24+30+36+42+48+54

-5

-6

0 + 6 + 1 2 + 1 8 + 2 4 + 3 0 + 3 6 + 4 2 + 48+54
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.
'This series is an MCD moving average placed on the center month of the span. Specific trough dates used, however, are those for the actual monthly series.
2
Nuineral indicates latest month used in computing the series.




• 13

107

• 12

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
'I'""!'""!'""!'""!""'!""'!'""!

I"" 1 !" 1 "

I

Actual

|

I'""!""1!

|'""|

I 1 ""!

|'""|

data

'3. Industrial production, durable
manufactures

ref.

3. Industrial production, durable
manufactures

for
current

peak

EE

from

cycle

T' 0

Actual
data

from

for

spec,

current

trough

cycle

•iso
3/71

+12

+8

Deviations

•uo

7/71

+4

0

iso

3/75

-4

-8
-M . H

-12

-16

mo

-20

74. Industrial production, nondurable
manufactures
EE
IcjJ

n.^T^
3

ercent

74. Industrial production, nondurable
manufactures
Ir

] 7Q

+24

+45
t:

11.7

t;C

?.1.7

+20
• 160

+40
• 160

+16

+35
• 155

+12
• 150

1 G 'I . 'r

1GU.3
lo^.C

+8

T, / 7 1

+30

1/71
10/7°

Ti n 'ir>

+25

rno

+4

•MO
+20

• 140

0
+15
_4

• iso

+10

+5
-12

M20

-1

0
1115

Ul.P

-6

H';.n

10/7

0 +6 +12 +18 +24+30+36 +42+48 +54
Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.


http://fraser.stlouisfed.org/
108
Federal Reserve Bank of St. Louis

r

-6

0 +6 +12 +18 +24+30+36+42+48+54
Months from specific troughs

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
Deviations
from
ret.
peak

Corporate profits after taxes with IVA
and CCAdj., 1972 dollars
®
|L,C,L

Actual
data
for
current
cycle

IRTR^.

~rR!rS

Corporate profits after taxes with
and CCAdj., 1972 dollars

CO

Actual
data
for
current
cycle

vn. nvrr

Percent

-i +50

Deviations
from
spec,
trough

nr V |-

PROF' ATinns Cl'RRTMT 0 RT R .
nr r
FROf:
ACTUAL
AMP
7Pxni""" IV/75
TATA v r \ p

II.. n !">L.
5 G . 7 I I 1/72

• 70

+250

17

+25

13. '-r

• 60

>50

+200

• 50

rpnr AT in- in C U R R r M T 0 RT R .
cpofi ACTUAL
AMP
SPEC.
PAT A Yr \ R
Tnr,!<r,'i I 1 I/7U

4150

1 "0
\',\'.\. R \ T r
n I L . n o I..
f. G . 7 II I / 7 S

> 40

+100

-25
+50

-1 -50
> 20

82. Rate of capacity utilization,
manufacturing (FRB)

-1 -50

UcJI
82. Rate of capacity utilization,
manufacturing (FRB)

[Hi
Actual
-I 4-20

- 80

.90

+10

4-5

.7^

-5

• 65

G 5 . 2 I t ! / 78

-J

-6

70

0 +6 +12 +18 +24 +30 +36 +42+48 +54
Months from reference troughs

-6

0 +6 +12 +18 +24 +30 +36 +42 +48 +54 +60
Months from specific troughs

NOTE: For an explanation of these charts, see "How-to Read Charts" on p. 106 of the June 1979 issue.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Curren t ssue
(page n j nbers)

Series
lumber

Charts

Tables

Historical
Series
descriptions
data
ssoe date)
(issue date)

A
2
604

16
56

61
92

4/79

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65

2/79

76
76
76
76
76
76
76
76

2/79

55
61 6

Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Fmployees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Ptices, selling, wholesale trade, Di
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, persona! consumption

22
rr
DD

65
92

8/68

12/78

2/79

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

9/79

10/69*

2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79

12/78

B

bihnc' i t payment, See Internationa! transactions.
Ban! tk'ns to bosmes c es loans outstanding
Bant aiitr to business net change
Bun- r atps See Interest rates
B ink reserve 0

72
112

C

B i
B
P
Bi
[
o ^

73
72

11/72
11/72

6/79
6/79

72
72

12/78

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

295

46

82

6/79

11/68
11/68*

2/79
2/79
2/79

60

3/79

11
11
11
11
11
10
39

60
60
60
60
60
60

13,25
23
24

67
cc
DD

6/79
p / 70

4/69

69

67

9/78

9/68*

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67

11/79

10/69*

1 c. ,9 ] 1
1 9 L

£/l

75

22

65

66
113
95
39

35
32
15,35
33

73
72
73
72

320
320c
322
322c
58

49
49,59
49
49

84,95
84,95
84
84
65

8/78

20
m
ID

1/79

910c

29
g

E x p e n d i t u r e s , piiis machiner/ and '»;u'pmi j pt r jVj . . . .
Gins., nnv'aV do r nest ic fix» j d it vst'ient
Notresidential, as peirent o' GIMP
iMonreside^tial sKutu'es, i r^* iiit dpd n
Nomt'Siri'-nnj, t o t , " , const in1 d'nl ,IL
Rt'Sideofa; H' p' irr ". 1 t of G\P
Residential ' o t a i , c.mst ,nt 'lul ,n

-M1 iti ms, mripv
F i id i.ir'pv
F, i i , jerrent changes

i.' i ' t
C ' t t icts and o t d e t s , p 1 ,nt yid •<<} gme'n, c 'u<uP dol. .

64
64
64

97
11
965

24
24
37

66
66
75

2/79

914
35
34

11
29
29

60
70
70

9/79

89
62
89
62,89

4/79

10
39
36
11
23

345

345c
280

18,51

9/79
9/79

8/79
8/79

.

3/79

112
110
72

32
32
15,35

72
72
73

66
113
95
39
33

35
32
15,35
33
32

72
73
72
71

525
564
548
517

53
55
53
53

90
91
90
90

60

3/7Q

4/ 79

74'"

32

49

87

15,35

50
45

3/79
7/79

60
66
73
72

39
32

33
12,21

72
64

87
82

OS,,1,!1!

9/79

10/69*

9/79
5/79

6/72

9/79
2/78

10/72
10/72

5/79
6/79
8/79
2/79

11/72

5/79

5/69*
5/69*
5/69*
5/69*
11/68*

5/79
5/79
5/79

9/78

6 / 78

9/68
7/64

6/79

11/72
7/64
11/72

5/79
6/79

10/72
10/72

6/79

11/79

U F t . i I ' l I H ' p t d.'h*

73

8/79
2/79

1 1/72

8/79

6/79

2 / -> o
T

8/ 9
6/79
6/79

6/76*
6776*
11/79

30,47

70,83

9/79

49

88

6/76*

10/72*

50

88

6/76*

10/72*

49

87

8/79

6/72*

340c

50

87

8/79

6/72*

341

49

87

8/ 7 9

6/72*

341c

50
50
50

87
88
88

y / 7g

348
349

6/72*
6/72*
5/72*

53

19

63

8/79

11/79
11/79

D

Deo'-Sof Cn
Defense
Pilit ir , [n"1-ip LI r i;ur t .-/- iro,
f! ''iima! ilfl"ns" p u r e basis
4/72*
New o'ders, d^leose piud ids
4/72*
O b l i g a t i o n s inctured
1
1
1 1 / 7 5 * o ' f i r ' - Set; Gv,' Monieu .
D.flator^-Ser P-.t- miexes
Deiin lupncy t i t \ t ' l ' r j m ^ t ,ns t 'ilmrnt 'i 'ins
Dt liverit-s.vph.l. r n, -\ rr -. C f
D i f f u s i o n mdt xt ,
Biismess e x n e ' i d i u tes, rii'.. [ -in 4 "rd
, : [ 'it n
11/72
CapPl n o r i p itni 1 1 1 1 ' * ir.n'i
11/72
funnl i nr r t
i- n f )/ p i l i t
i ] id , .,
^1 M
01 p
t 1
,.' i p , v i O n S
fr t
10/72*
hi t i 1 ntt i
t
1 idusti i i u i 1 1 t
10/72*
bid i t r i 1 , i d
MO
10/69
id b nil i r
c i
Imtn c m is
i
i
T in, .r n, •>
10/69*

340

.

9/79

3/79

346c

i gt

o/ / y

11/79

67
67

66
66
73

Deb' lotst indinn
Mr ' n .; >
'; iti i t ' . ,it "•, ni' income
P «'nr,'r ,', tjlli-i.cri 1,1, -is, ii'nn, , r i c , r^c
MnrMjav debt pe 4 change
Cr 'U - n1 "t" il -Srn "Vhn'es.jlf pri'^

346

-iti n f i! iver igc hour \ all L t mi \ ( s
t i l l ism ss secto

5/75*

7/79

12,23
23
34

C

9/79

64

1 ICO lit

3/79
9/79
3/79

4/72*

920
920c
951
940
9
72
112

'
(

3/79
3/79
3/79

1/72

51
18
51

11/75*

7/79

116

i/72'

9/79

442
90
441
37

icic o iiflilit ir f o o t
i p iti mJ
r K t ndt
itc of t lanqt
f
)i
i ndcx
f i t i j to 1 mini] i n d i c a t o r s compo itt id x
C M t c in id M lustnal buildings c ) i r i ts iw i t d
C i r n ci 1 i t d i n d u s t n 1 loans outst indmq
Ti
n rn i od iiitlu t r i a loins outstan 1 i ot t i 1 1 1 j(
T
un i i )t
1 1 t jf n i i in avtnge hot ny a I r mplt y s
4
1 m b
i ss st t to
f
p t i s i t i o n ivmgi hourl\ ill m p l o / f t
it i i liu n s sf-ctoi pt rcti t ihinqi
( mi- n iti loHmphva
i i ip isit 01 if f riplc yets perc n t rn i in i

20
20
20

11/75*

3/79
7/79

"'^!It1: , l i n s K , h isin( >sse:, oetrhan,,e
itmo'vVog, t m! piu^te
C o m m t r n a 1 and industrial loan u I ' s t o h d i r q

11/79

!


110


3/79

10
39

914
915
913
917
916
910

7/78

83
82
84

llyLU

i i bi nt st nor ipntnt c i n
i- r i } i t i j( houn\ p rtlut ion \ t r^
i
t( j f i t n L onir i\
t i d ] i t r j |t hr irly p idocti j i i M t
u i
nf H 11 conon \ p rcf nt i b inqt
f i i rt- 1 t / t t j g i hiuil pr i J rtm
i pnv itt n nf irm t on im v
i
1
rigt 1 o i l l y n d t n n
i
pr it nnnf urn t n nt n } u it i
it
i bt n t h 4 ti t isnn m t v K
l ti
1 b iitu decisi i is iff
jntnrt
n]t m i s 1 r n s nininq m inufacturmt
r
t instrut t i

60

930
930c

5/79

C

tt

60

C ,rp /,itf bond yields
C i r p o u t e p r n f i t s - S e e P r o t 's
C ist r -S(P Labor costs and P r i c e - ' f > ^

Set Irtcin i i il compinsons
f
ition
y otii
D uhuturmg ( B F A *
1 jficti irq(FPB)
"> i r i
(
i H ji > nation ream f K i mq
K! t
t
ppnvid
fj
I ppiti/td D
C i u nvc n n t - S f t Invest PI.! c a p i t j i
( i t l in i s t n t o t rimmitr f r ts C!
Ci h K
i r p o t a t e crnst n do lars
( i fl
Lirpor t c i n H "ol a
Ci i i i ih r turn -Set Is n pi j net '
t P o v t int
1 1 y n t o is pt rcent t f popuhti n
it

i

10
39
11

4/69

2/78

Series
Histofica
data
issue date) issue date)

920
920c
940

N-n cluingH itio to petsona! "icomt
C nsunier irijtdl.npnt 'nans, delm ,' '"ii, i M

i i io

(

Tables

C incumt 1 ' mstnlHei t debt

R ismt-s ave to u s Sen h en* mes.
O P > S | ians Sn Buik hms

0

Composite indexes
Coincident indicators
Fo tr comciders
Four comciriers, rate nf change
R a t i o to laqgmg inri'Catt r index
Lagging indicators
Si\ iaggp-s
Siv uiqj.'rs, rate of change
Lead^qmdh ato's
Capital nut 3 t i r j n t commitments
bi e n t o r y muVniKit and pun'iasiog
lY-iginal em; 1 ),meot adjtis*ments
,M,)iie, a n d f ' M . n M u l flows
Profitability
T'.vpiv/' 1 leaders
lu/Hu1 ItVoVi , • , • ' , - A J, r u oe
C-jn-Uruct'in
rMidintptt^tsp^ K i v . ' . - ' . ' i ' i , ,

11/72

8/79

f

i'nq ,)i nuts new private housing
n
\ jipn en f md 'stri il production
o ex,u nditures new plant and equipment
o t x p f H i t u r e new plant and equipment, D 1 . . . .
if t ulii < c ci rrent h bilities
its-, to triatK n

1

Charts

n

33
33

Corn
'p'-igen imbers)

Series
number

Cot, U"I<T iim,h-' guuds Se- An \> a 1 , on s.
93
94

Mi mber bin!- b n rowing fiom Federal Reserve
^ inij -See In'ci ->st rates.
^ ) r r o w i i i See Credit
V

15,35
32

Series titles
(Sec complete titles in "Titles and Sources of
Series," following this index)

1
Mr
M
L jj ) o i i

f

r l i

f
oid r 1
Niwor r i
hice jQL
Pnc
s 1 iig i
r
t plli
Q
iice
Ibi]
^rniit
1 1
[ f ts 0 t
s f
i
nrl v l
*n
rl- ! it
it

i

l

i

970
965
951
974
963
967
966

l ti , 1 -

r -, " . ' . . . "

'.'.'.

38
37
36
38
36
37
37"

962
975
952
950
964

36'"

971
968
976
978
977
960
372
973
961

38
37
38
38
38
37
38
38
36

38
36
36
37

- , . , c , .;i ot-t

r

t
,
i t
i t
i
f

1 i i
i
* 1
1
I t
f
r nq i
r i
i
b t H
1 1

i"
>-rs

urs, t nnoi limits . .
r
'n

76
75
74
76
74
75
79
75
78
74
76
74

S/ 78
10/79

10/69*

8/78
8/78

2/79
8/79
7

?/ 9
2 / 1 ::

11/72
12/74
11/68*

6/79

?/ 79

11/68*

6/79

4 /78

4 / 6 9*

9/79
6/78
2/79

6/69*
11/68*

6/79

6/79
75
77
76
75
76
76
76
75
76
76
74
77

7/78
2/79
9/79
2/79
2/79
2/79

11/68*
5/69*
11/68*
11/68*
11/68*

10/79
2/79
2/79

I?/ 7?;

li/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued




111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal fu nds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada, percent changes

Curren t issue
(page n mbers)

Series
number

Charts

288
289

45
47

82
83

11/79
11/79

10/69*

67
116
119
118
117
109
114
115

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

8/79

12/74

1/79

7/64

1/79

7/64

96
96
95
95
96
96
95
95
95
95

1/79

9/72*

84,95
84,95

5/79
1/79

59'"

95
95

723
726
111
728
721
722
47
725

58
58
58
58
58
58

94
94
94
94
94
94

?/79

2/79

10/72*

14,20,58

63,94

94

7/79
2/79

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

Exports, merchandise, adjusted, exc. military
E x p o r t s , merchandise, total exc. military aid
Exports of agricultural products
E x p o r t s of goods and services, exc. military
Exports of nonelectrical machinery
mports, merchandise, adjusted, exc. military
mports, merchandise, total
mports of automobiles and parts
mports of goods and services, total
mports of petroleum and products
ncome on foreign investments in U S
ncome on U.S. investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) . . . .
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order mfg
change
..
Investment, capital
Capital appropriations manufacturing backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57

93
93

8/79

57
56
56
57
56
57
56
56
57
56
57

93
92
92
93
92
93
92
92
93
92
93
93

8/79

Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidentiai, total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol. . .
Residential, total, constant dollars
Residential total percent of GNP
Structures, nonresidential, constant dollars
Total, constant dollars
Total current dollars
New orders capital goods nondefense constant
dollars
New orders, capital goods, nondefense, current
dollars




112

Currer t issue
(page n umbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) issue date)

11/68

58

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

7/64

1/79

10/69

1/79

11/73

1/79

7/64

1/79

7/64

1/79

11/73

Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U.S
Income on U.S. investments abroad
Italy-See International comparisons

61
970
20
10

24
38
12,23
23

67
76
66
66

652
651

57
57

93
93

68
62
63
26

30
15,30
30
29

70
70
70
70

930

10
39
36
12,16

60

2/79

11/68

2/79

11/68*

9/78
c /7p

8/79

5/69*
5/69*

9/79

7/68

9/78

1 1/68
10/72

8/79

J
Japan-See International comparisons.

733
733c

59

736
France percent changes
Italy, index
Italy, percent changes
Japan, index
Japan, percent changes
United Kingdom, index
United Kingdom, percent changes
United States, index
United States, percent changes
West Germany, index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
. .
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

736c

59

737
737c

59'"

738
738c

59'"

732
320

59
49

320c

49,59

732c

735
735c

57

L

1/79
7/79

9/72*

7/79
1/79

9/72*

1/79
1/79

9/72*

1/79
1/79

9/72*

1/79
5/79

5/69*
5/69*
9/72*

2/79
2/79

930c

952
3

V77
11/79

3/79

11/75*

7/79
-

10/72*
10/72*
10/72*
10/72*

74 "

6/79

61

4/79

8/68*

60

3/79

5/75*

950
14
104

10
39
36
33
13 31

74
72
71

2/79

913
78

11
27

60
68

3/79

38

26

68

6/78

8
84

12,21
20

64
64

9/79

917

1/79

2/79

Labor cost per unit of gross domestic product
Labor cost per unit of output manufacturing
Labor cost per unit of output, private business sector
Labor cost, price per unit of, nonfarm business
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
L a y o f f rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
D if fusion index
Liabilities of business f a i l u r e s
Liquid assets change in total
Loans-See Credit.

11

60

3/79

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

3/79

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

88
87
86
248

25
25
25
47

67
67
67
83

11/79

517
721

53
58

90
94

2/79

49
62
358
370

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

910
910c

7/79
6/79
3/79

2/79

10/72*

6/79
6/79
6/79
6/79
6/79
6/79
6/79

M
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
change
. .
Materials, crude and intermediate-See Wholesale prices.
Materials industrial-See Price indexes
Materials, new orders for consumer goods and
Materials rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.

8/79

12/78
12/78
8/79

5/69*
5/69*
5/69*

12/78
8/79

12/78
1^/78
8/79

5/69*
5/69*
5/69*

12/78
8/79
8/79

5/69*
5/69*

Money supply
Liquid assets, change in total
Money supply Ml
Money supply Ml, percent changes
Money supply M2
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt, net change
Mortage yields secondary m a r k e t
Municipal bond yields

6/78

9/79

3/79
3/79

10/72

3/79
3/79

10/72

8/79
8/79
8/79
1/79

1 779

7/64"
7/64

N
30
245
247
65
36
77
915
70
71
31
975
78

26,42

42
47
27
13,26
27
11
15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
68
68
76
68

38

26

68

6/78

97
11
965
914
g

24
24
37
11
23

66
66
75
60
66

8/79

69

24

67

9/78

243
242

42
42

81
81

11/79
10/79

86
248
88
89
249
87
241
240

25
47
25
25
47

9/79

25
42
/12

67
83
67
67
83
67
81
81

27

23

66

6/78

24

23

66

6/78

9/79

11/79
11/79

10/69*

6/78

9/68

10/69

5/79
6/79
3/79

10/78
5/79

2/69*

5/79
9/79

2/69

1 1/68*

6/78

8/79
2/79
3/79
8/79

National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, m a n u f a c t u r e r s '
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant d o l l a r s
Contracts and orders, plant and equip., c o n s t a n t dol. . .
Contracts and orders, plant and equip., current dol, . . .
Defense products
Durable goods industries, constant d o l l a r s
Durable goods industries c u r r e n t d o l l a r s
...
Components
,
Diffusion index
New orders manufacturing Dl
Nonresidentiai fixed investment, GPDI
Producers' durable equipment, constant d o l l a r s
Structures, constant dollars
.
Total constant d o l l a r s
Total, percent of GNP

6/78
6/78

9/68

9/79
9/78
6/78

9/68'

8/78
9/79
9/79

9/68"

7/78
2/79

11/68*

9/79
9/79
9/79

10/69*

9/68*

0

11/79

10/69*

9/79
9/79

11/79

10/69*

9/79

10/79
10/79

10/69

9/68

Obligations incurred, Defense Department
O E C D , European countries, industrial p r o d u c t i o n
Orders-See New orders and Unfilled orders.
Output-See also Gross national p r o d u c t and
Industrial p r o d u c t i o n .
Goods output, constant dollars
Labor cost per unit of
..
Per hour, n o n f a r m business sector
,
Per hour, private business sector
,
Per hour private business sector percent changes
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing ( F R B )
R a t i o to capacity, m a t e r i a l s
Overtime hours, p r o d u c t i o n workers, manufacturing . . . .

370c

83
82
84
21

8/78

9/79
9/78

11/68

6/76*
6/76*
6/76*

6/68*
10/72*
10/72*

9/79
9/79
9/79

12/78

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
data
descriptions
(issue date) (issue date)

Reserves, free
Residential f i x e d investment, constant dollars, GPDI . . . .
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars

P

Participation rates, civilian labor force
Both sexes, 1 6-1 9 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues for, Dl
Contracts and orders for, constant dollars
Contracts and orders for, current dollars
Population, civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food, index
Food percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Wholesale prices
All commodities, index
All commodities, percent change
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
,
Retail trade, Dl
Wholesale trade, Dl
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Production-See Industrial production and GNP.
Productivity
Output per hour, nonfarm business" sector
Output per hour private business sector
Output per hour, private business sector, pet. changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .

453
452
451

51
51
51

89
89
89

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

292
293
614

46
46
56

82
83
92

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

311

23

48
48
48
48
28

967
26
92

37
29
13,28

84
84
84
84
69
79
75
70
69

19
968

13,28
37

69
75

330
330c
334
334c
331

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

311c

310
310c

4/79
4/79
4/79
9/79

10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
11/79
11/79
12/78
2/79
2/79

5/79
5/79
5/79

10/69
10/69
10/69
10/69*
10/69
7/68*

11/68
11/68*

9/68*

5/69*
5/69*
5/69*
5/69*

10/69*
10/69*

1/78

93
89
249

33
25
47

72
67
83

59
54

22
22

65
65

5/79

213

40

80

10/79

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

295
298
290
292
293

46
46
46
46
46

92

12/78

11/72

9/79

11/79

6/79

10/69*

6/72

4/78'
11/79

Salaries-See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, mfg. and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

4/69*

9/78

9/68*

5/79
5/79
2/79

2/69'
11/68*

6/79
5/79
6/79

6/72

82
83
82
82
83

11/79
11/79
11/79
11/79
11/79

10/69
10/69
10/69
7/68*

13,28

69

4/79

19
968
78

13,28
37
27

69
75
68

38

26

68

6/78

114
115

34
34

72
73

1/79
1/79

91
60
5
962

15,18
17
16
36
12 16

62
61
61
74

3/79

D 1

(L 1

4/79

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
62,89
61

4/79

4/79

44
45
43

18
18
18

62
62
62

96
25

21
21

64
64

6/78

9/68

6/78

9/68

107
108
32

31
31
12,21

71
71
64

330
330c
334
334c
331

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

36'"

77
74

9/79

5/69

9/79

5/69*

4/69

9/79

6/78

T

Treasury bill rate
Treasury bond yields

4/79

7/64
7/64

5/69

9/79

5/69*

4/79

6/69*

331c

332
332c
333
333c
26
976
978
977
525
109

88

38
38
38
53
35
25

76
76
76
90
73
67

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avq. weekly, unemploy. insurance, Di . . .

4/79
5/79
5/79
4/79
4/79

0

4/79
4/79
5/79
5/79

11/79
2/79
2/79
2/79

11/68*
11/68*
11/68*

8/78
1/79

11/73

9/79

358
370
370c
916

50
50
50
11

88
88
88
60

6/76*
6/76*
6/76*

18
16

28
28

69
69

9/79

1/72

9/79

7/68

80
79
286
287
972
960
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/79

81
282
283

29
45
47

70
82
83

16

61

284
285

45
47

82
83

6/68*
10/72*
10/72*

Number unemployed, civilian labor f o r c e
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
Males, 20 years and over
Total unemployed
Quit rate, manufacturing
Unemployment rates
1 5 weeks and over
Insured, average weekly
Total
*
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-Sec International comparisons.

3/79
7/79

6/69

6/78

6/69*
8/68*

4/79
4/79
4/79
4/79

4/72*

3/79

4/72

7/79

6/69

4/79

4/72

V

9/79

Velocity of money
GNP to money supply Ml , ratio
Personal income to money supply M2, ratio
Vendor performance

8/79
8/79
8/79

12/74

4/79

6/69*

9/79

11/79
11/79
2/79

10/79
1/78
9/79
9/79
9/79

11/79
11/79

4/79

R




Tables

U

4

Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

10/69

11/79
11/79
11/79
11/79

Q

Quit rate, manufacturing

Charts

Historical
Series
descriptions
data
(issue date) (issue date)

S

10/69

3/79

5/79

Current issue
(page numbers)

Series
number

10/69*

9/78
6/78

Series titles
(See complete titles in "Titles and Sources of
Series," following tins index)

11/79
11/79

10/69
10/69*
11/68*

W

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69"
Wholesale prices
All commodities, index
7/68
All commodities, percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude materials, index
10/69*
Crude materials, percent changes
,
Intermediate materials, index
Intermediate materials, percent changes
Producer linishnd goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Woikweek of production workers, manufacturing
Workweek of production w o r k e r s , manufacturing,
10/69
components
10/69* Workweek ul p r o d u c t i o n workers, manufacturing, D! . . . .

331c

332
332c
333
333c
92
1

961

4/79
5/79
5/79
4/79
4/79
4/79
4/79
5/79
5/79
4/79

12/78

8/68

12/7P.

ent; and NIPA, national income and product accounts.

113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations,
1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)

12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)

36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over (EOM). — A m e r i c a n B a n k e r s
Association
(33,72)

913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal a d j u s t m e n t by Bureau of Economic
Analysis
(29,70)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

916. Composite index of profitability (includes series 19, 26,

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persons unemployed 15 weeks and

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rate, State programs (M).-U.S. Department of Labor. Employment
Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)

(M).-Source 1

80) (M).-Source 1

(10,39,60)

(11,60)

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)

1-B. Cyclical Indicators
1. A v e r a g e w o r k w e e k of p r o d u c t i o n w o r k e r s ,
manufacturing (M)-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).—Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3

(16,61)

5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of


114


23. Index of
3

industrial

materials

prices

(M).—Source
((28,69,79)

24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)

40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).—Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)

over(M).-Sources2 and 3

(18,62)

47. Index of industrial
4

production, total (M).—Source
(14,20,39,58,63,78,94)

48. Employee-hours in

nonagricultural

(M).-Source 3

establishments

(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M)-Source 1
(14,19,39,63)

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).—Sources 1 and 3
(29,70)

52. Personal income, total, in 1972 dollars (M).—Source

27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)

28. New private housing units started, total (M).—Source
2
(25,67)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)

29. Index of new private housing units authorized by local
building permits (M).—Source 2
(13,25,67)

55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)

56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)

31. Change in book value of manufacturing and trade
inventories, total (M).—Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries (M). — P u r c h a s i n g Management
Association of Chicago
(12,21,64)

1

(19,63)

57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).-University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources
Board

1,

2, 3,

and

84. Rate of capacity utilization, materials
4

(Q).—Source
(20,64)

119. Federal funds rate (M).-Source 4

(34,72)

The C o n f e r e n c e
(17,61)

85. Change in money supply Ml (demand deposits plus
currency) (M).—Source 4
(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1
(25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).—Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)
92. Change in sensitive prices (PPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).—
Sources 1 and 3
(13,28,69)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

93. Free reserves (member banks excess reserves minus
borrowings) (M).—Source 4
(33,72)

67. Bank rates on short-term business loans (Q,M).—Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)

95. Ratio, consumer installment debt to persona! income
(EOM)-Sources 1 and 4
(15,35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
70. Manufacturing and trade inventories
(EOM).-Sources 1, 2, and 3

in 1972 dollars
(15,27,68)

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of i n d u s t r i a l
production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial
(M).-Source 4

production,

business

equipment
(24,67)

77. Ratio, constant-dollar irventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

(Q).-Source 1

(28,69)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars

(Q).-Source 1

(28,69)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).—Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)




96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations,
(EOQ).-The Conference Board

manufacturing
(24,66)

102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(31,71)
104. Change in total liquid assets (smoothed) (M).—Sources
1 and 4
(13,31,71)
105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1, 3, and 4
(31,71)

960. Diffusion index of net profits, manufacturing—about
700 companies (Q).—Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35.75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries(M).—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75.77)
965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75.78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)
968. Diffusion index of stock prices, 500 common stocks—
58-82 industries (M).—Standard & Poor's Corporation
(37,75)

106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M),-Sources 1. 3, 4 (13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

107. Ratio gross national product to money supply Ml (Q).—
Sources 1 and 4
(31,71)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

108. Ratio, personal income to money suppiy M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal a d j u s t m e n t by Bureau of Economic
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds
Department of the Treasury

(M). —U.S.
(34,73)

116. Yield on new issues of high-grade corporate bonds
(M). — C i t i b a n k and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M). -The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38.76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q). —Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting ( Q )
Dun & Bradstreet. Inc. (Used by permission. This series
may not be reproduced without written permission f r o m
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission f r o m
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) ( 3 8 , 7 6 )

115

TITLES AND SOURCES OF SERIES- Continued
977.

Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)
income

223. Personal income
1

in
in

current
current

dollars
dollars

248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

II-A. National Income and Product

220. National
1

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)

(Q).—Source
(45,82)
(M).—Source
(40,63)

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)




116

(Q).—Source
(46,83)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).—Source 3(49,84)
330. Index of producer prices, all commodities (M).—Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment (M).—
Source 3
(48,86)
334. Index of producer
(M)-Source 3

prices, finished consumer goods
(48,86)

335. Index of producer prices, industrial commodities (M).Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

280. Compensation of employees (Q).-Source 1

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

total

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

or deficit,

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

298. Government surplus
1

267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)

Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q)-Source 1
(42,81)

(46,82)

341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

237.

292. Personal saving (Q).-Source 1

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1
(46,83)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).—Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and
3
(51,89)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).—U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)
580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, D i r e c t o r a t e for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

II-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

)00. Federal Government surplus or deficit; national income
and product accounts (Q).—Source 1
(52,90)

II-E. U.S. International Transactions

iOl. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

)02. Federal Government expenditures; national income and
product accounts (Q).—Source 1
(52,90)

604. Exports of agricultural products (M).—Source 2;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(56,92)

)10. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
ill.

State and local government receipts; national income
and product accounts (Q).—Source 1
(52,90)

i!2. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
>17. Defense Department obligations incurred (M).—U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
)25. Defense Department military prime contract awards for
work performed in the United States (M).—U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
i43. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
i48. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
)57. Output of defense and space equipment (M).— Source

612. General imports, total (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of E c o n o m i c
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
adjusted,

excluding

military
(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income
1

on

U.S. investments

abroad

652. Income on foreign investments
(Q).-Source 1

(Q).—Source
(57,93)

in the United States
(57,93)

667. Balance on goods and services (Q).—Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

)59. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
1
(57,93)

4

)61. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
)64. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55.91)




320. United States, index of consumer
(M).-Source 3

prices, all items
(48,59,84,95)

721. O r g a n i z a t i o n for Economic C o o p e r a t i o n and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Pans)
(58,94)
727. Italy, index of industrial production (M).—Institute
Centrale di Statistica (Rome)
(58,94)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of E c o n o m i c
Analysis
(56,92)

620. Merchandise imports,
(Q).-Source 1

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).—Ministry ol
International Trade and lndu£tr#p(Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).—The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of
Exchange (Tokyo)

stock

prices

(M).—Tokyo Stock
(59,96)

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