Full text of Business Conditions Digest : November 1980
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U.S. DEPARTMENT OF COMMERCE Philip M. Klutznick, Secretary Courtenay M. Slater, Chief Economist for the Department of Commerce BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H. Young, Deputy Director Charles A. Waite, Acting 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, Bureau of Industrial Economics, U.S. Department of Commerce Joseph W. Duncan, Office of Federal Statistical Policy and Standards Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor J. Cortland Peret, Board of Governors of the Federal Reserve System Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce ABOUT THIS REPORT BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic time series found most useful by business analysts and forecasters. The original BCD, which began publication in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions and prospects. The report's contents were based largely on the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to business conditions analysis. Principal additions to the report were series from the national income and product accounts and series based on surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's present title was adopted. The dominant feature of the current BCD is the cyclical indicators section, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at all turns. This section is supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which begins on page 1. Annual subscription price: $55.00 domestic, $68.75 foreign. Single copy price: $4.75 domestic, $5.95 foreign. Foreign airmail rates are available upon request. Address all correspondence concerning subscriptions to the Most of the data contained in this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or taggers 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. Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Make checks payable to the Superintendent of Documents. BUSINESS CONDITIONS DIGEST New Features and Changes for This Issue ItCII iii METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures How To Read Charts How To Locate a Series Summary of Recent Data and Current Changes 1 1 1 1 4 5 5 6 NOVEMBER 1980 Data Through October Volume 20, Number 11 PART I. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS AH A2 A3 A4J Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components B7 CYCLICAL INDICATORS BY ECONOMIC PROCESS Employment and Unemployment Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit CjU C2 ZJJ DIFFUSION INDEXES AND RATES OF CHANGE Diffusion Indexes Selected Diffusion Index Components Rates of Change Bl B4 B5 The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by taw of this Department. Use Chart Table 10 12 14 15 60 — — — 16 19 21 23 . 26 28 31 61 63 64 65 68 69 71 36 — 39 74 77 — of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through September 1, 1983. BCII PART II. OTHER IMPORTANT ECONOMIC MEASURES Al A2 A3 A4 A5 A6 A7 A8 NATIONAL INCOME AND PRODUCT GNP and Personal Income „ Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving Shares of GNP and National Income Chart 40 41 42 43 44 45 46 47 Table PRICES, WAGES, AND PRODUCTIVITY Price Movements Wages and Productivity 48 49 84 87 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Civilian Labor Force and Major Components 51 89 GOVERNMENT ACTIVITIES Receipts and Expenditures Defense Indicators 52 53 90 90 U.S. INTERNATIONAL TRANSACTIONS Merchandise Trade Goods and Services Movements 56 57 92 93 INTERNATIONAL COMPARISONS Industrial Production Consumer Prices Stock Prices 58 59 59 94 95 96 , , , 80 80 81 81 82 82 82 83 PART III. APPENDIXES A. MCD and Related Measures of Variability (April 1930 issue) QCD and Related Measures of Variability (April 1980 issue) B. Current Adjustment Factors (September 1980 issue) C. Historical Data for Selected Series D. Descriptions and Sources of Series (See "Alphabetical Index—Series finding Guide") E. Business Cycle Expansions and Contractions (October 1980 issue) F. Specific Peak and Trough Dates for Selected Indicators (June 1980 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide , Titles and Sources of Series 97 106 110 114 Readers are invited to submit comments and suggestions concerning this publication. Address them to 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 46, 66, 109, 113-119, 345, 346, 732, 733, 735-738, and 962. 2. Appendix G contains cyclical comparisons for series 5, 12, 40, 45, 73, 74, 916, and 930. The December issue of BUSINESS CONDITIONS DIGEST is scheduled for release on January 5. in 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-11 variant is used for adjusting monthly data and the X-11Q for quarterly data. These programs make additive as well as multiplicative adjustments and compute many summary and analytical measures, 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 2,600 statistical series and significant articles analyzing economic developments. Those 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 This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series which have been found to conform well to broad fluctuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and rates of change. Part IS, Other Important Economic Measures, covers over 140 series which are valuable to business analysts and forecasters but which do not conform well enough to business cycles to qualify as cyclical indicators. (There are a few exceptions: Four which are included in part \ are also shown in part SI to complete the systematic presentation of certain sets of data, such as real GNP and unemployment) The largest section of part II consists of quarterly series from the national income and product accounts; other sections relate to prices, labor force, government and defense-related activities, and international transactions and comparisons. The two parts are further divided into sections (see table of contents), and each of these sections is described briefly in this introduction. Data are shown both in charts and in tables. Most charts begin with 1956, but those for the composite indexes and their components (part S, section A) begin with 1948, and a few charts use a two-panel format which covers only the period since 1969. Except for section F in part II, charts contain shading which indicates periods of recession in general business activity. The tables contain data for only the last few years. The historical data for the various time series are contained in the 1977 Handbook of Cyclical Indicators, In addition to the charts and tables described above, each issue contains a summary table which shows the current behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific cycle turning dates, cyclical comparison charts, and other information of analytical interest. An index appears at the back of each issue. It should be noted that the numbers used are for identification purposes only and do not reflect precise relationships or order. However, aSS series considered as cyclical indicators are numbered in the range 1 to 199. Seasonal Adjustments Adjustments for average seasonal fluctuations are often necessary to bring out the underlying trends of time series. Such adjustments allow for the effects of repetitive intrayear variations resulting primarily from normal differences in weather conditions and from various institutional arrangements. Variations attributable to holidays are usually accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required for holidays with variable dates, such as Easter. An additional adjustment is sometimes necessary for series which contain considerable variation due to the number of working or trading days in each month. As used in this report, the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made. Most of the series in this report are presented in seasonally adjusted form and, in most cases, these are the official figures released by the source agencies. However, for the special purposes of this report, a number of series not ordinarily published in seasonally adjusted form are shown here on a seasonally adjusted basis. MCD Moving Averages Month-to-month changes in a series are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate span over which to observe cyclical movements in a monthly series. (See appendix A.) It is the smallest span of months for which the average change in the cyclical factor is greater than that in the irregular factor. The more erratic a series is, the larger the MCD will be; thus, MCD is 1 for the smoothest series and 6 for the most erratic. MCD moving averages (that is, moving averages of the period equal to MCD) tend to have about the same degree of smoothness for all series. Thus, a 5-term moving average of a series with an MCD of 5 will show its cyclical movements about as clearly as the seasonally adjusted data for a series with an MCD of 1. The charts in this report generally include centered MCD moving averages for those series with an MCD greater than 4. The seasonally adjusted data are also plotted to indicate their variation about the moving averages and to provide observations for the most recent months. Part I. CYCLICAL INDICATORS Business cycles have been defined as sequences of expansion and contraction in various economic processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent and pervasive, business cycles of historical experience have been definitely nonperiodic and have varied greatly in duration and intensity, reflecting changes in economic systems, conditions, policies, and outside disturbances. One of the techniques developed in business cycle research and widely used as a tool for analyzing current economic conditions and prospects is the cyclical indicators approach. This approach identifies certain economic time series as tending to lead, coincide with or lag behind the broad movements in aggregate economic activity. Such indicators have been selected and analyzed by NBER in a series of studies published between 1938 and 1967. During the 1972-75 period, a new comprehensive review of cyclical indicators was carried out by the Bureau of Economic Analysis (BEA) with the cooperation of the NBER research staff. The present format and content of part I of BCD are based on the results of that study, Section A. Composite indexes and Their Components All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical adequacy, consistency of timing at business cycle peaks and troughs, c o n f o r m i t y to business e x p a n s i o n s and contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and November 1975 issues of BCD.) The resulting Reference Turning Dates scores relate to cyclical behavior of the series The historical business cycle turning dates used during the period 1947-70. This analysis produced in this report are those designated by the National a new list of indicators classified by economic Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks mark the approximate dates when, according to and troughs. (See tables on page 2 and text below NBER, aggregate economic activity reached its relating to section B.) This information, particularly the scores relating cyclical high or low levels. As a matter of general practice, neither new reference turning dates nor to consistency of timing, served as a basis for the the shading for recessions will be entered on the selection of series to be included in the composite charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring the new reference trough bounding the shaded area series from many different economic-process groups and combine those with similar timing have been designated. The historical reference turning dates are subject behavior, using their overall performance scores as to periodic review by NBER and on occasion are weights. Because they use series of historically changed as a result of revisions in important tested usefulness and given timing characteristics economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs), lication for the 1948-1970 time period are those with diversified economic coverage and a minimum determined by a 1974 review. The turning dates for of duplication, composite indexes give more the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the Annual Report. individual indicators. Furthermore, much of the 1 Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks \. Economic \Process CyclicalNv Timing \^ LEADING (L) INDICATORS (62 series) ROUGHLY COINCIDENT(C) INDICATORS 1. EMPLOYMENT AND UNEMPLOYMENT INCOME (10 series) (18 series) Marginal ! Capacity utilization employment (2 series) adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 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) Comprehensive employment (1 series) Consumption and trade (4 series) Backlog of investment commitments (1 series) Business investment expenditures (5 series) (23 series) LAGGING (Lg) INDICATORS (18 series) IV. III. CONSUMPTION. FIXED CAPITAL TRADE, INVESTMENT ORDERS, AND (18 series) DELIVERIES (13 series) II. PRODUCTION AND Comprehensive output and real Income (4 series) Industrial production (4 series) Duration of unemployment (2 series) Business Investment expenditures (1 series) V. INVENTORIES AND INVENTORY INVESTMENT VI. PRICES, COSTS, AND PROFITS VII. MONEY AND CREDIT (26 series) Stock prtcas (I 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) (17 series) (9 series) Inventory investment (4 series) Inventories on hand and on order (1 series) Velocity of money (2 series) Interest rates (2 series) Unit labor costs and labor share (4 series) Interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) Interest rates (1 series) V. VI. AND ANDP (17 seri VII. MONEY AND CREDIT (26 series) Stock p (1 seri Commc prices (2 seri Profits profit (6 seri Cash f|( (2 seri Money flows (2 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) Profits (2 seri Money flow (1 series) Velocity of money (1 series) Unit lat and l<) (4 seri Velocity of money (1 series) Bank reserves (1 series) Interest rates (8 series) Outstanding debt (3 series) Inventories on hand and on order (4 series) L Comprehensive TIMING employment UNCLASSIFIED (3 series) (U) (8 series) Trade (1 series) Business Investment commitments (1 series) III. IV. B. Timing at Business Cycle Troughs x. Economic \Process CycllcalV Timing \. LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) 1. EMPLOYMENT AND UNEMPLOYMENT (18 series) II. PRODUCTION AND INCOME (10 series) CONSUMPTION, FIXED TRADE, CAPITAL ORDERS, AND INVESTMENT DELIVERIES (18 series) (13 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) 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) INVENTORIES INVENTORY INVESTMENT (9 series) Inventory investment (4 series) ™"1\ LAGGING (Lg) INDICATORS (40 series) TIMING UNCLASSIFIED (U) (1 series) Marginal employment adjustments (1 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive and duration of unemployment (5 series) Unfilled orders (1 series) Business Investment commitments (2 series) Business investment expenditures (6 series) Inventories on hand and on order (5 series) PRICE; Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The main composite indexes are distinguished by their cyclical timing. Thus, there is an index of leading indicators, series which historically reached their cyclical peaks and troughs earlier than the corresponding business cycle turns. There is an index of roughly coincident indicators, consisting of series which historically reached their turning points at about the same time as the general economy, and an index of lagging indicators, which includes series that typically reached their peaks and troughs later than the corresponding business cycle turns. The leading index contains series with long as well as short leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chance, given the historical distribution of cyclical timing. (An analogous statement applies to the components of the lagging index.) Since 1948, leads were generally more frequent and longer at peaks than at troughs of business cycles, while lags were generally more frequent and longer at troughs than at peaks. The adopted system of scoring and classifying the indicators takes into account these w e l l - e s t a b l i s h e d d i f f e r e n c e s in timing. Consequently, rough coincidences include short leads (-) and lags ( + ) as well as exact coincidences (0). (For monthly series, the range is from -3 through +1 at peaks and from -1 through +3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 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. August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November '70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1977 Handbook of Cyclical Indicators. Section C, Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and Section B. Cyclical Indicators by Economic Process expectations for several operating variables are presented, along with the corresponding indexes This section covers 111 individual time series, based on actual data, as the last set of diffusion including the 22 indicators used in the series. This section also records rates of change for the construction of the composite indexes. The peak and trough timing classifications are shown on the three composite indexes (leading, coincident, and charts in the same manner as described above, but lagging) and jor four indicators of aggregate this section includes series with different timing at economic activity: GNP in constant dollars peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for are labeled U, i.e., unclassified as to timing at 1-quarter spans. Although movements in diffusion indexes and in turning points of the given type. Eight series are unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures different timing at peaks and at troughs). No series present information about two related but distinct that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes measure the prevailing direction or scope of is included in the list of cyclical indicators. The classification scheme which groups the change, while rates of change measure the degree indicators of this section by economic process and as well as the overall direction. As is the case for cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead business cycle peaks (November '48, July '53, at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U.S. economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S, international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government receipts, expenditures, and defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEA, summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product, final sales, and personal and disposable personal income. The four major components of the gross national p r o d u c t — p e r s o n a I consumption expenditures, gross private domestic investment, government purchases of goods and services, and net exports of goods and services—are presented in sections A2 through A5. Most of the series in section A are presented in current as well as constant dollars. There are also a few per capita series. The national income and product accounts, briefly defined below, are described more fully in the Survey of Current Business, Part I, January 1976. Gross national product (GNP) is the market value of final goods and services produced by the labor and property supplied by residents of the United States, before deduction of allowances for the consumption of fixed capital goods. It is the most comprehensive measure of aggregate economic output. Final sales is GNP less change in business inventories. Personal income is the income received by persons (individuals, owners of unincorporated businesses, nonprofit institutions, private trust funds, and private noninsured welfare funds) from all sources, it is the sum of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, dividends, personal interest income, and transfer payments, less personal contributions for social insurance. Disposable personal income is the personal income available for spending or saving. It consists of personal income less personal taxes and nontax payments to government. Personal consumption expenditures (A2) is goods and services purchased by individuals, operating expenses of nonprofit institutions, and the value of food, fuel, clothing, rent of dwellings, and financial services received in kind by individuals. Net purchases of used goods are also included. Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and capital goods purchased by private business and Unemployment nonprofit institutions and the value of the change This section contains measures of the civilian in the physical volume of inventories held by labor force and its major components: Total private business. The former include all private purchases of dwellings, whether purchased for numbers of employed and unemployed persons. tenant or owner occupancy. Net purchases of used The number of unemployed is subdivided into selected categories defined by sex, age, and class goods are also included. Government purchases of goods and services of worker. Also included are data on participation (A4) is the compensation of government employees rates for a few principal segments of the labor and purchases from business and from abroad. It force. excludes transfer payments, interest paid by Section D. Government Activities government, and subsidies. It includes gross investment by government enterprises but excludes Receipts, expenditures, and their balance (surtheir current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels: used goods and excludes sales and purchases of (1) Federal Government and (2) State and local land and financial assets. government. Also shown is a selection of series Net exports of goods and services (AS) is exports from the discontinued Defense Indicators. less imports of goods and services. Exports are part These series measure defense activities which of the national production; imports are not, but are influence short-term changes in the national included in the components of GNP and are economy. Included are series relating to therefore deducted. More detail on U.S. obligations, contracts, orders, production, international transactions is provided in section E. shipments, inventories, outlays, and employment. National income (A6) is the incomes that These series are grouped according to the time at originate in the production of goods and services which the activities they measure occur in the attributable to labor and property supplied by defense order-production-delivery process. Series residents of the United States. Thus, it measures measuring activities which usually precede prothe factor costs of the goods and services pro- duction, such as contract awards and new orders, duced. It consists of the compensation of are classified as "advance measures of defense employees, proprietors' income, rental income of activity." Series measuring activities which tend to persons, corporate profits, and net interest. coincide with production, such as employment, and Saving (A7) is the difference between income activities which usually follow production, such as and expenditures during an accounting period. shipments, are classified as "intermediate and final Total gross saving includes personal saving, measures of defense activity." business saving (mainly undistributed corporate profits and capital consumption allowances), and Section E. U.S. international Transactions government surplus or deficit. This group includes monthly series on exports Shares of GNP and national income (A8).—The major expenditure components of GNP (excluding military aid) and general imports, plus a (consumption, investment, etc,) are expressed as few selected components of these aggregates. Also percentages of GNP, and the major income shown are the balances between receipts and components of national income (compensation of expenditures for goods and services, merchandise, employees, corporate profits, etc.) are expressed as and investment income. percentages of national income. Section F, International Comparisons Section B. Prices, Wages, and Productivity The important data on price movements include the monthly consumer and producer price indexes and their major components. Based largely on these series are the quarterly price indexes from the national income and product accounts, notably the GNP implicit price deflator (with weights reflecting the changing proportions of different expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are presented for the period since 1969. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures, 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 1969) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1969) 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. Rates of Change Solid line indicates percent changes over 3- or 6-month spans. Dotted line indicates anticipated quarterly data over various spans. Arabic number indicates latest month used in computing the changes. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3-or 4-quarter spans. Roman number indicates latest quarter used in computing the changes. HOW TO LOCATE A SERIES 1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at the back of the report where series are arranged alphabetically according to subject matter and key words and phrases of the series titles, or- 2. See TITLES AND SOURCES OF SERIES at the back of the report where series are listed numerically according to series numbers within each of the report's sections. Table 1. Summary of Recent Data and Current Changes for Principal Indicators Percent change Basic data ' Timing classification3 Series title Unit of imasure Average 1978 I. CYCLICAL INDICATORS A. Composite Indexes 1979 i«t n 1980 2dQ 1980 3<JQ 1980 Aug. 1980 Sept. 1980 Oct. 1980 Aug. to Sept. 1980 Sept. to Od I960 « IstQ to 2(1 Q 1980 2dQ to 3dQ 1980 8 1 i 910. Twstvs loading indicators 920. Four coincident indicators 930. Six lagj)ing indicators 1967=100 .. U,l do. . . . C.C.C do, . . . Lg.lg.lg 141.8 140.1 143.1 140.1 145.1 166.4 133.5 144.7 183.4 124.1 138.0 182.8 131.5 136.6 163,0 131.1 136.0 161.3 135.1 137.8 164.0 136.3 139. 171.8 3.1 1.3 1.7 0.9 1.1 4.8 -7.0 -4.6 -0.3 6.0 -1.0 -10.8 91Q 920 930 ... ... ... ... ... 98.1 115.7 106.2 93.2 149.0 96.8 113.5 105.9 91.7 145.5 95.7 110.1 102.2 89,4 137.1 89.4 104.2 98.4 88.7 129.2 92.9 107.9 99.9 NA 135.9 92.8 107.4 99.6 90.7 136.7 93.8 109.9 101.6 NA 137.7 94.9 107.7 103.4 NA 138.2 1.1 2.3 2.0 NA 0.7 1.2 -2.0 1.8 NA 0,4 -6.6 -S.4 -3.7 -0.8 -5.8 3.9 3.6 1.5 NA 5.2 913 914 915 916 917 Marginal employment Adjustments: *1, Average workweek, prod, workers, mfg LL,L 21. Avg. weakly overtime, prod, workers, rnfg.2 . . UC.L 2, Accession rate, per 100 employees, mfg.2 L,L,L 6. Avg. weekly initial claims (inverted4) . . . L,C,L *3, Layoff rate, per 100 employ., mfg. (inv.4)2 . . l,U 4. Quit rate, per 100 employees, mfg.2 L.Lg,U Hours do. . . . Percent Thousands. . Percent do. . . . 40.4 3.6 4.1 339 40.2 3.3 4.0 381 40.1 3.1 3.8 406 39.4 2.7 3.1 607 39.3 2.6 3.6 513 39.4 2.7 3.6 502 39.5 2.7 3.8 501 39.6 2.8 3.9 439 0.3 0. 0.2 0.2 0.3 0.1 0.1 12.4 -1.7 -0.4 -0.7 -49.5 -0.3 -0.1 0.3 IS. 5 2.1 2.0 1.9 1.4 1.3 1.3 1.3 1.3 0. -0.5 1 21 2 fi 3 4 Job Vacancies: 60. Ratio, help-wanted advertising to persons unemployed2 46. Help-wanted advertising Ug,U Ug,U Ratio 1967-100... 0.738 149 0.786 158 0.699 150 0.446 116 0.442 119 0.434 117 0.464 122 0.472 127 0.030 4.3 u,c,c u,c,c c,c,c L,C,U A.r.,bif.hrs,, Thousands. . do. . . . do. . . . 164.56 91,031 86,697 25,585 169.89 93,648 89,886 26,504 171.97 94,486 91,120 26,605 169.39 93,622 90,489 25,763 168.36 93,777 90,125 25,315 168.44 93,826 90,142 25,312 169.01 93,765 90,365 25,470 169.54 93,851 90,622 25,611 0.3 -0.1 0.2 0.6 U,lg,U Percent 58.59 59.25 59.17 58.41 58.27 58.23 58.28 58.19 0.05 Thousands . . Percent do. . . . Weeks Percent 6,047 6.0 3.2 11.9 1.4 5,963 5.8 3.0 10.8 1.2 6,390 6.1 3.2 10.7 1.3 7,808 7.5 4.2 11.2 1.6 8,018 7.6 4.4 12.4 2.0 8,019 7.6 4.3 12.6 2.1 7,827 7.5 4.4 13.1 2.2 8,005 7.6 4.1 13.3 2.2 2.4 0.1 -0.1 -4.0 -0.1 Leading Indicator Subgroups: 913. Marginal employment adjustments 814. Capital investment commitments 915, Inventory investment and purchasing 916. Profitability 917. Money and financial flows . L,L,L L.L.L l,U U.L UL.L .....do. do. do. do. do, 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 age2 Comprehensive Unemployment; 37, Total unemployed (inverted 4 } U9.U 43. Unemployment rate, total (inverted4)2 Ug,U 45. Avg. weekly insured unemploy- rate (inv.4)2 . . Ug,U *91. Avg. duration of unemployment {inverted4) . , Lg,lg,lg 44, Unemploy. rate, IS weeks and over (inv. 4 ) 2 .. Lg.Lg.Lg 0. -0.1 0.008 - 0 . 2 5 3 -0.004 4.1 -22.7 2.6 60 46 -0.6 0.2 -0.4 -1.7 48 42 41 40 0.3 0.1 0.3 0.6 -1.5 -0.9 -0.7 -3.2 -0,09 -0.76 -0.14 90 -2 . 3 -0.1 0.3 -1.5 0. -22.2 -1.4 -1.0 -4.7 -0.3 -2.7 -0,1 -0.2 -10.7 -0.4 37 43 45 91 44 -0.2 -0.2 0.5 0.6 -2.5 -1.4 -1.7 0.2 0.8 -0.3 50 52 51 62. Production and Income Comprehensive Output and Income: SO GNP in 1972 dollars 52. Personal income in 1972 dollars *51. Pers. income less transfer pay., 1972 dollars .. 63, 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, Vilue of goods output, 1972 dollars Capacity Utilization: 82. Capacity utilization rate, mfg,, FHB 2 83. Capacity utilization rate, mfg., BEA J 04. Capacity utilization rate, materials, FRB2 C.C.C c.c.c c,c,c c,c,c c,c,c c,c,c C.L.L C.C.C L.C.U L.C.U A.r., bil.dol. do .. .do. . 1399.2 1431.6 1444.7 1408.6 1411.7 1145.2 1178.3 1182.2 1165.1 1174.5 1175.5 1173.6 1179.3 9 9 5 . 7 1024.1 1024.3 1006.9 1003.5 1005.2 1002.9 1009.3 do 243.5 246.0 238.5 228.1 225.1 225.0 226.6 227.6 0.7 0.4 -4.4 -1.3 33 1967-100... do. . . . do. . , . A.r., bll. dol. 146.1 139.7 156.9 639.5 152.5 146.4 164.0 653.1 152.5 144.1 165.5 659.7 144.6 133.9 158.3 636.9 142.0 129.7 156.8 633.3 141.8 129.3 156.4 143.7 131.5 159.3 146.0 134.6 160.9 1.3 1.7 1.9 1.6 2.4 1.0 -5.2 -7.1 -4.4 -3.S -1.8 -3.1 -0.9 -0.6 47 73 74 49 Percent .do do. . . . 84.4 84 85.6 85.6 82 87.4 83.4 80 85.5 77.9 76 78.7 75.6 NA 74.8 -5.5 -4 -6.8 -2.3 NA -3.9 82 83 84 83. Consumption, Trade, Orders, and Deliveries Orders and Deliveries; 6 New orders durable goods 1,1,1 Bil.dol 7. Now orders, durable goods, 1972 dollars L.L.L do. . . . *8. New orders, cons, goods and rntls., 1972 dol. . UL.L do. . . . 2 2B. Chg. in unfilled orders, durable goods do. . . . U,L 9B. Mfrs.' unfilled orders, durable goods5 L.Lg.U ' Bil. dol., EOF *32 Vendor performance2 <§) , . , L,L,L ! Percent 70.19 77.20 80.01 6 8 . 7 3 7 5 . 2 8 7 2 . 2 3 7 9 . 3 7 80.38 41.48 41.40 39.61 33.71 3 6 . 2 0 34.71 38.01 38.08 37.16 36.46 35.21 29.45 3 2 . 2 9 31.80 3 3 . 2 6 3 5 . 5 8 3.68 3.26 2 . 3 3 -1.50 1.55 2.81 0.17 1.21 228.82 267.88 274.88 270.38 275.04 272.23 275.04 276.25 45 64 63 33 39 35 34 44 Consumption and Trade; &6. Manufacturing and trade sales *57. Manufacturing and trade sales, 1972 dollars . . 75. Industrial production, consumer goods 04 Sales of retail stores 1 J9, Sales of retail stores, 1972 dollars 65. Personal consumption expend., autos 58 Index of consumer sentiment {§) c.c.c Bil.dol C,C,C ' do. . . . C,L,C 1967-100... C,L,U Mil. dol U,L,U i do. . . . L,C,C A.r., bil. do). 1,1,1 101966=100' 254.26 156.32 149.1 66,741 44,314 68.0 79.4 l,U L.L.L 132.9 131.7 128.9 117.7 3 9 , 9 9 6 43,714 4 3 , 8 8 2 41,394 288.28 159.82 150.8 73,837 44,800 69.2 66.0 309.65 158.76 148.3 77,997 44,344 71.5 63.5 293.99 148.54 143.3 75,200 41,777 52.5 54.4 309.92 151.89 142.9 79,015 42,967 58.8 67.8 308.02 148.34 142.8 78,770 42,903 NA 317.58 155.31 NA 143.8 145.5 79,987 79,868 42,911 4 2 , 5 0 6 9.9 9.5 4.6 2.64 1.0 5 1.3 0.2 7.0 -1.60 0.4 3 -14.1 -14.9 -16.4 -3,83 -1.6 -12 9.3 7.4 9.6 3. OS 1.7 2 6 7 8 25 96 32 3.1 4.7 0.7 1.5 0. NA NA 1.2 -0.1 -0.9 S.4 2.3 -0.3 5.1 2.8 12.0 24.6 f>6 §7 75 54 S9 0.4 NA 67.3 73.7 75.0 9.5 1.8 -5.1 -6.4 -3.4 -3.6 -5.8 -26.6 -14.3 118,2 117.7 NA 4 3 , 2 6 6 121.6 NA NA NA 3.3 NA NA -8.7 -5.7 ss SB B4. Fixed Capital Investment Formation of Business Enterprises: *12, Net business formation 13, Now business incorporations 1967-100... Mumbar. . . . NA 12 13 Basic data1 Timing classification3 Series title Unit of measure Potent champ Average im Aug. 1979 IstQ 24 Q 3dQ 1980 1980 1980 Aug. 1980 Sept. 1980 to Sept. Oct. 1980 1980 Sept. to Oct. 1980 IstQ to 2dQ 2dQ to 3dQ 1980 1980 Series numtwr 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued I. CYCLICAL INDICATORS-Con. B4. Fixed Capital Investment— Con. Business Investment Commitments: 1 0. Contracts and orders, plant and equipment . . . *20. Contr. and orders, plant and equip., 1972 dol 24. New orders, cap. goods indus,, nondef ense . . . 27. New orders, capital goods industries, nondefense, 1972 dollars 9. Construction contracts, commercial and industrial buildings, floor space 1 1 New capital appropriations, mfg 97. Backlog of capital appropriations, mfg.s 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 L,L,L Bil.dol 22.01 25.32 26.06 22.77 24.37 23.96 24.28 23.99 1.3 -1.2 -12.6 7.0 1 13.60 18.30 14.57 21.64 14.18 22.64 12.37 20.57 13.12 20.75 12.57 19.37 13.08 21.27 12.52 20.80 4.1 9.8 -4.3 -2,2 -12.8 6.1 0.9 2 2 1.1 2 L,L,L L,L,L do. . . . do. . . . L,L,L do. . . . 11.41 12.68 12.57 11.36 11.49 10.50 11.73 11.09 L,C,U Mil. sq.ft. . . U,Lg,U BiLdol C,Lg,Lg Bit. dol., EOP 80.73 16.78 63.43 90.34 22.20 76.66 90.91 29.50 84.09 68.94 68.22 25.86 24.93 87.94 . 89.84 65.99 66.40 71.38 C,Lg,Lg AJ., bil.dol. 153.82 177.09 191.36 193.89 191.24 do. . . . C,Lg,Lg C,Lg,U 1967=100... C,Lg,C A.r., bit. dol. 2 3 0 . 1 3 271.93 3 0 0 . 3 9 2 9 2 . 5 5 2 9 4 . 0 1 2 8 5 . 4 7 3 0 2 . 7 3 175.7 170.5 160.3 171.3 172.0 170.4 170.5 151.2 140.1 148.8 145.3 143.5 L,L,L L,L,L • L,L,L A.r., thous. . 1967=100... A.r., bit. dol. Inventory Investment: 30. Chg. in business inventories, 1972 dol.2 L,L,L *36. Change in inventories on hand and on order, 1972 dollars (smoothed 6 ) 2 L LL 31. Chg. in book value, mfg. and trade invent.2 . . UL,L 38. Chg, in mtl. stocks on hand and on order 2 . . . , L,L,L do. . . . 14.1 do. . . . do. . . . Bil.dol 19.02 2,020 145.4 1,744 123.8 60.1 56.7 1,263 1,053 91.7 51.7 72.5 40.7 1,413 112.0 1,429 109.9 1,545 126.3 NA 171.7 1,569 107,7 11.7 0.6 -5.5 7.5 6.0 0. NA 0.7 8.1 1.6 -14.7 14.9 42.2 -9.1 -9.6 -24.2 -12.3 4.6 -1.0 -3.6 1.3 -1.4 -2.6 -2.1 -3.9 -16.6 -20.9 -21,3 2.2 0.5 -0.9 -1.2 34.2 54.5 3.7 1 9 6 6 7 8 2 2 8 B5. Inventories and Inventory Investment Inventories on Hand and on Order: 71. Mfg. and trade inventories, total5 *70. Mfg. and trade invent., total, 1972 dol.5 65. Mfrs.' inventories of finished goods5 77. Ratio, inventories to sales, mfg. and trade, constant dollars2 78. Materials and supplies, stocks on hand and on order 3 ... 9.7 0.3 10.62 -10.96 2.6 2.3 -6.2 - 8 . 9 3 -10.35 -10.88 -4.72 1.8 0.2 3.6 -0.2 NA NA NA -0.3 -0.6 Lg,Lg,Lg Ratio 1.65 NA -0.09 NA 0.12 ,168.52 199.20 2 0 5 . 4 3 199.90 201.05 199.76 201.05 NA 0.6 NA -2.7 1.57 L,Lg,Lg Bil. dol., EOP 1.60 1.62 30.8 -1.84 1.74 29.7 0.39 1.70 29.3 -1.50 1.74 0.8 0.6 3 3 3 NA NA NA Lg,Lg,Lg Bil. dol., EOP 3 8 0 . 6 4 4 2 7 . 0 4 4 3 9 . 3 2 4 4 7 . 0 3 4 5 4 . 4 6 451.95 4 5 4 . 4 6 do. . . . i 2 4 9 . 5 9 2 5 7 . 3 2 2 5 6 . 8 8 2 5 7 . 5 0 2 5 7 . 0 1 2 5 7 . 7 4 2 5 7 . 0 1 Lg,Lg,Lg do. . . . Lg,Lg,Lg 77.19 63.88 70.53 73.94 76.61 76.76 76.76 49.1 2.08 3 -1.1 2.23 2.79 46.4 2.56 -8.8 -18.3 -3.92 30.1 1.29 43.2 2.05 6.16 -1.42 NA NA NA NA NA NA 2.03 1.7 0.2 -0.04 0.6 7 7 6 7 7 B6. Prices, Costs, and Profits Sensitive Commodity Prices: *92. Chg. in sensitive prices (smoothed 6 } 2 23 Industrial materials prices© Stock Prices: *19 Stock prices 500 common stocks@ Percent 1967=100... 1.23 2.08 2.51 0.19 1.10 1.12 1.91 2.46 231.0 293.0 318.5 282.6 289.3 292.1 298.3 300.8 2.1 0.8 -2.32 -11.3 0.91 U.UL 2.4 2.9 -1.7 13.7 L,L,L ... LUL 1941-43=10. 9 6 . 0 2 103.01 110.30 108.40 123.28 1 2 3 . 5 0 126.51 130.22 Profits and Profit Margins: 1 6. Corporate profits after taxes 18. Corp. prof its after taxes, 1972 dollars 79. Corp. profits after taxes, with IVA and CCA . . 80 do in 1972 dot.... 1 5. Profits (after taxes) per dol. of sales, mfg.2 . . . 26. Ratio, price to unit labor cost nonfarm bus L,L,L U,L L,C,L L,C,L L,L,L L,L,L A.r., bil. dol. do. . . . do. . . . do. . . . Cents 1967=100. . . 121.5 144.1 158.0 127.1 78.5 83.1 54.2 85.7 85.6 51.6 88.8 72.6 41.4 69.9 75.2 41.7 95.6 94.3 93.6 93.3 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. . . . 194.1 121.5 222.3 128.8 238.8 131.3 Lg.Lg.Lg 1967=100... 194.0 214.0 227.5 Unit Labor Costs and Labor Share: 63. Unit labor cost, private business sector 68. Labor cost (cur. dol.) par unit of gross domestic product (1972), nonfin. corp *62 Labor cost per unit of output mfg 64. Compensation of employees as percent of national income2 Lg,Lg,Lg Dollars Lg,Lg,Lg 1967=100... Lg,Lg,Lg Percent 5.4 5.7 5.6 0.79 0.55 2.4 9 2 1 93.9 -1.2 -0.3 NA 0.6 1 1 7 8 1 2 207.8 111.7 218.9 114.8 -13.0 -14.9 5.3 2.8 3 3 235.6 240.4 3.6 2.0 6 3.2 5.1 1.1 2.8 6 6 4.4 137.2 -19.6 -21.3 3.6 0.7 73.7 73.1 39.9 NA 1.020 164.1 1.115 175.0 1.182 185.0 1.220 194.4 1.234 199.9 75.7 75.8 76.4 77.4 76.9 200.0 199.9 199.5 0. -0.2 7.9 5.4 -2.8 -4.3 1.0 -0.5 6 -0.39 -0.43 0.06 0.06 0.10 0.01 -3.7 -1.8 1.37 0.44 0.08 1.6 2.1 3 10 10 10 10 0 . 0 4 0 -0.050 0 . 0 0 5 -0.003 -0.011 10 10 37.02 36.00 38.95 3 11 11 11 B7. Money and Credit Money: 85 Change in money supply (M1-B)2 102 Change in money supply (M2)2 *t04. Chg. in total liquid assets (smoothed6)2 105 Money supply (M1-B), 1972 dollars *106 Money supply (M2) 1972 dollars U,L L,C,U L,L,L L,L,L L,L,L Percent. do. do. Bil dol do. Velocity of Money: 107 Ratio GNP to money supply (M1*B)2 108. Ratio, pers. income to money supply (M2)2 .. c,c,c Ratio Credit 33 112 1 13. 1 10. Flows: Change in mortgage debt2 Change in business loans2 Change in consumer installment debt2 Total private borrowing . .. . .. . .. ... ... 0.66 0.67 0.97 0.60 0.71 0.95 0.41 0.60 0.65 -0.02 0.70 0.66 1.35 1.14 0.74 1.80 1.21 0.74 1.32 0.71 0.85 0.93 0.77 0.91 222.5 864.4 215.6 846.2 206.3 816.5 198.6 801.5 201.7 818.3 202.3 820.5 202.9 818.1 202,8 816.2 -0.3 C,Lg,C do. . . . 6.125 1.273 6.330 1.310 6.460 1.332 6.500 1.329 6.450 1.318 1.315 1.320 1.325 0.005 L,L,L. A.r.,bil.dol. do do. ... do. . . . 66.52 30.23 75.97 30.35 17.40 NA 29.36 NA 17.22 LL,L L.UL L,L,L 24.93 61.95 86.19 74.78 90.83 14.27 2 2 . 8 8 29.93 -11.45 2 4 . 5 5 3.42 44.35 35.50 20.41 -35.53 346.63 356.98 352.79 171.74 2 8 3 . 0 3 0.18 -0.48 -0.50 0.11 0.3 9.45 0.12 0. -0.2 NA - 4 9 . 8 5 -0.99 -41.38 NA - 5 5 . 9 4 -51.3 64.8 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data1 Timing classification1 Series title Unit of measure Fervent chatty Average 1978 Aug. 1979 1st 0 2dQ 3<JQ 1980 1980 1980 Aug, 1980 Sept. 1980 to Sept. Oct. 1980 1980 Sept. to Oct. 1980 Ji IstQ to 2dQ 2dQ to 3dQ 1980 1980 c C 'C 8 I. CYCLICAL INDICATORS-Con. 87, Money and Credit-Con. Credit Difficulties: 14, Liabilities of business failures {inv.4)® 39. Delinquency rats, instal, loans (inv.4)3 s L.L.I L,L,L Mil.dol Percent, EOF Bank Reserves: 93. Fro0 reserves (inverted 4 } 3 © . . . 94. Borrowing from the Federal Reserve2© L.U.U L,Lg,U Mil. dol Interest Hates: 119. Federal funds ratea<§> 114. Treasury bill rate 2 ® 115. Treasury bond yields2© 116. Corporate bond yields2® 117. Municipal bond yields2® 118. Mortgage yields, residential3 © 87. Bank rates on short-term bus. loans3® *109. Average prime rate eharged by banks2© 2.45 -679 do. . . . L.Lg.Lg Percent do. C,Lg,lg do. C,Lg,Lg do. Lg,Lg,Lg do. U,lg,Lg do. Lg.Lg.Lg do. Lg,Lg,Lg ! Ls.Lg.Lg do. 221.33 222.28 236.06 415.33 . .. ... . .. ... . .. . .. ... Outstanding Debt: 66. Consumer installment debt3 . . . Lg,Lg,lg Bil.dol., EOF *72, Commercial and industrial loans outstanding, weekly reporting large comm. banks Lg,Lg,Lg Bil.dol *95. Ratio, consumer install, debt to pars, income 3 . Lg.lg.Lg Percent 872 7.94 7.22 7.89 8.98 6.02 9.75 9.80 9.06 2.64 2.53 2.74 -1,131 -1,715 -1,070 1,907 1,279 1,338 11.20 10.04 8.74 10.05 6.52 10.89 13.18 12.67 15.05 13.46 11.15 12.99 12.69 10.05 10.02 12.03 NA 3 4 5 . 4 1 2.70 2.94 -471 -356 774 687 9.84 9.24 9.61 9.26 10.43 12.18 10.53 12.31 NA 2.70 NA NA -1,086 -1,018 1,244 1,335 10.87 10.32 10.94 12.74 12.81 11.58 11.20 13.17 NA 0.24 730 557 8.23 7.95 8.58 8.67 8.94 NA 15.67 16.40 12.43 17.75 16.32 13.40 11.56 11.61 13.54 14.26 14.38 1.26 1.06 0.41 0.43 0.27 0.72 11.12 12.23 13.79 1.11 2 6 7 . 6 3 303.13 3 0 8 . 2 4 2 9 9 . 3 5 3 0 0 . 2 1 2 9 8 . 7 6 3 0 0 . 2 1 126.31 147.06 161.16 160.17 162.82 162.82 165.35 14.34 14.56 13.95 13.94 13.86 14.99 14.90 9.11 MA NA -68 91 -75.9 -0.31 0.04 14 39 -645 -628 -599 -SOS S3 94 HA 1.94 1.26 0.26 0.43 0.17 0.12 -2.36 -3.41 -1.13 -0.96 -0.28 NA -2.85 -0.81 2.08 1.56 -0.08 -6.19 -4.71 119 114 115 11 f> 117 11« 67 109 0.41 0.15 0.63 0.9? NA 0.5 NA -2.9 0.3 66 167.79 NA 1.6 -0.08 1.5 NA -0.6 1.7 -0.61 72 95 2.3 1.9 310 320 320 322 -0.34 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity B1. Price Movements 310. 32Q. 32Qe. 3?2 330. 331. 332 333 334 Implicit price deflator, GNP Consumer prices (CPI), all items® Change in CPI, all items, S/A2 CPI, food Producer prices <PPI|, all commodities ® PPI, crude materials , PPI intermediate materials .. PPI capital uquipmant PPI finished consumer goods | 1972=100... 1967-100. . . Percent 1967-100... 152.0 195.4 0.7 211.4 165.5 217.4 1.0 234.5 174.5 236.5 1.4 245.5 179.0 245.0 0.9 249.4 183.2 249.6 0.6 257.3 249.4 0.7 257.5 251.7 1.0 261.6 253.9 1.0 263.6 0.9 0.3 1.6 0.9 0. 0.8 do. do. do. do. do. 209.3 240.2 215.5 199.1 192.6 235.6 282.2 242.8 216.7 215.7 259.0 302.6 271.3 230.1 237.5 264.2 293.2 275.8 237.0 242.9 272.3 327.0 281.7 242.7 251.1 273.1 331.6 282.1 243.5 252.7 274.1 335.8 283.7 243.2 252.3 277.0 342.3 286.3 246.6 2 5 3 . El 0.4 1.3 0.6 1.1 1.9 0.9 1,4 0.6 212.9 229.8 242.6 248.5 253.7 254.0 255.1 257.!> 105.6 247.1 113.7 118.3 102.3 261.1 110.1 117.7 101.4 268.0 109.5 116.8 101.8 273.7 109.9 116.9 102.0 101.4 101.3 ... . .. ... ... . .. -0.1 -0.2 2.6 3.6 -0.5 -0.3 1.6 3.2 2.0 3.1 1.7 3.0 2.3 2.1 2.4 3.4 330 3,H 332 333 334 2.4 2.1 340 0.4 2.1 0.4 0.1 341 345 346 370 0.4 0.2 2.7 5.0 0. 1.9 44,1 -3.1 11.5 82. Wacjes and Productivity 340. Average hourly earnings, production workers, private nonfarni 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. do. . .. ... . .. . .. 109.0 226.9 116.1 119.3 0.4 -0.6 0.8 -0.1 -0.9 2.6 -0.5 -0.8 C. Labor Foree, Employment, and Unemployment 441 442. 37. 444. 446. 446. Labor 451. 452. 453. 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, 1B-19 years of age Millions . . . . do. . . . Thousands. . do. . . . do. . . . do. . . . Force Participation Rates: Males, 20 years and over 3 Females, ?,0 years and over 2 Bothsoxos. 16-19 yfflrs of age2 Percent do. . . . do. . . . • 79.8 49.6 58.0 79.8 50.6 58.1 79.5 51.2 57.6 79.6 51.4 56.9 79.5 51.5 56.4 A.r..bil.dol. do. . . . do. . . . do. , . . do. . . . do. . . . ; 432.1 459.8 -27.7 331.0 303.6 497.6 509.0 -11.4 354.6 330.0 538.4 561.3 -22.9 375.3 350.6 529.9 579.1 -49.2 373.2 353.6 550.0 608.4 -50.4 384.4 360.4 27.4 24.6 24.6 19.5 23.9 100.42 102.91 104.19 104.70 105.09 105.02 105.03 105.18 97.21 94.37 97.18 96.89 97.07 96.94 97.80 97.01 7 , 8 0 8 8,018 7,827 8,005 6,047 6,390 5,963 8,019 3,744 3,542 3,682 3,541 2,252 2,593 3,719 2,223 2,771 2,600 2,601 2,628 2,473 2 , 2 3 6 2,213 2,271 1,693 1,698 1,709 1,610 1,559 1,666 1,528 1,526 79.5 51.7 55.2 79.5 51.3 56.7 79 „ 3 51.4 56.8 0. 0.2 -2.4 1.7 -5.9 -5.8 0. -0.4 1.5 0.1 0. 2.3 -5.4 12.1 3.2 -0.2 0.1 0.1 0.5 -0.9 22.2 36.6 14.5 9.2 0.1 0.2 -0.7 -0.1 0.1 -0.5 442 37 444 445 446 451 452 453 D. Government Activities 01. Receipts and Expenditures 501 . SO?,, 500. 51 1 . 512. 510. Federal Government receipts federal Government expenditures Federal Government surplus or deficit 2 Stato and local government receipts State and local government expenditures State and local govt. surplus or deficit2 017 B?5. 548. 804, Defense Department obligations Military prime contract awards „ Now orders, defense products National defense purchases -1.6 3 .? -26.3 -0.6 0.9 -5.1 3.8 S.I -9.2 3.0 1.9 4.4 SOI 502 SOO 511 512 510 02. Defense Indicators Mil.dol do. . . . do. . . . A.r.,bil.dol. 10,360 11,132 1 3 , 2 4 6 13,346 5,157 7,413 5,356 6,149 3,467 3,284 3,875 4,591 99.0 108.3 119.6 124.1 Mil.dol. do. do do. do do. 11,955 15,136 17,705 18,263 18,626 19,103 18,701 2,483 2,896 3,430 3,543 3,682 3,648 3,131 2,500 3,391 3,711 4,081 3,009 4,230 4,027 1 4 , 3 3 3 17,195 21,064 19,910 19,232 1 9 , 2 3 6 19,465 3,278 6,329 5,384 4,676 6,782 6,018 4,982 1,725 1,853 1,851 2,171 2,139 2,270 1,965 NA 14,310 NA 7 , 6 3 3 5,113 4,515 129.1 NA NA 6,458 NA NA 3,881 NA NA 43.0 NA NA -39.9 0.8 20.6 18.5 3.8 NA NA 11.4 4.0 517 S2§ 548 564 E. U.S. International Transactions E1 . Merchandise Trade 602. 604. 608. 81?. 614. 818. Exports, total except military aid Exports of agricultural products . Exports of nonelectrical machinery . . . General imports total Imports of petroleum and produets. Imports of auto mobiles and parts ... ... ... . .. NA NA NA NA NA NA -2.1 -0.9 -4.8 1.2 -17.2 6.1 NA NA NA NA NA NA 3.2 -8.7 9.4 -5.S -6.7 -5.8 2.0 13.2 10.0 -3.4 -14.9 17.3 602 604 606 612 614 616 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Bask data1 Unit of Series title measure 1977 1978 1979 . Percent change Average 2dQ 3dQ 4th Q IstQ 2dQ 3dQ 1979 1979 1979 1980 1980 1980 4th Q to IstQ IstQ to 20 Q 2dQ to 3dQ 1980 1980 1980 c .i Js 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 exports Merchandise imports .. Merchandise trade balance2 .. Incorne on U S investments abroad Income on foreign investment in the US Exports of goods and services Imports of goods and services Balance on goods and services2 3 0 , 2 0 4 35,514 45,514 42,815 3 7 , 9 2 2 4 3 , 9 5 3 52,881 5 0 , 8 8 5 -7,718 - 8 , 4 4 0 -7,367 -8,070 8,147 10,743 16,492 15,250 3,650 8,365 7,980 5,518 46,177 55,260 71,627 67,763 48,543 57,560 70,408 67,873 - 2 , 3 6 6 -2,301 1,220 -110 Mil. dol do do do do do do do .... 47,198 54,258 -7,060 18,050 50,237 59,462 -9,225 18,407 8,731 9 , 5 2 4 74,773 78,305 72,267 78,555 -250 2,506 54,708 65,558 •10,850 20,846 10,752 85,647 86,470 -823 54,710 56,419 8.9 6 2 , 2 6 5 59,145 10.3 -7,555 -2,726 -1,625 16,772 NA 13.3 10,417 NA 12.9 81,522 9.4 NA 82,780 NA 10.1 -1,258 NA -573 0. 3.1 -5.0 -5.0 3,295 4,829 -19.5 NA NA NA NA NA -3.1 -4.8 -4.3 -435 618 620 622 651 652 668 669 667 A. National Income and Product A1. GNPand Personal Income 50. 200 213 224 225. 217. 227 A.r., bil.dot GNP in 1972 dollars GNP in current dollars do do Final sales, 1972 dollars Disposable personal income current dollars . . . . .do Disposable personal income, 1972 dollars ..do .... Per capita GNP in 1972 dollars A.r., dollars .do Per capita disposable pers income, 1972 del. .. 1340.5 1899.5 1327.4 1305.1 929.5 6,180 4,285 1399.2 2127.6 1385.1 1458.4 972.6 1431.6 2368.8 1421.9 1624.3 994.8 6,401 6,494 4,512 4,449 1422.3 2329.8 1404.1 1601.7 993.0 6,460 4,510 1433.3 2396.5 1426.2 1640.0 993.4 6,494 1440.3 2456.9 1439.0 1683.1 996.2 6,509 4,502 4,501 1444.7 2520.8 1444.4 1737.4 998.5 6,514 4,502 1408.6 2521.3 1406.0 1755.9 1411.7 2586.5 1417.8 1810.7 983.1 6,337 4,423 991.7 6,332 4,448 0.3 2.6 0.4 3.2 0.2 0.1 0. 0.2 2.6 0.8 3.1 0.9 -2.5 0. -2.7 1.1 -1.5 -2.7 -1.8 -0.1 0.6 50 200 213 224 225 217 227 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 935.4 936.5 910.8 861.7 900.8 924.5 915.0 921.9 925.9 138.2 147.1 144.8 146.9 146.7 145.4 127.4 132.9 146.7 344.1 3 4 9 . 2 349.1 347.1 332.7 343.3 355.1 354.1 347.8 426.1 429.9 433.6 437.0 435.6 390.8 410.8 428.3 442.0 L210.0 1350.8 1509.8 1475.9 1528.6 1580.4 1629.5 1626.6 1683.3 208.7 213.4 216.2 220.2 178.8 200.3 213.0 195.7 208.5 630.7 652.0 481.3 530.6 596.9 581.2 654.1 665.8 604.7 776.9 549.8 619.8 699.8 686.0 808.9 710.6 733.5 757.3 A.r.,bil.dol do do do do do do do 0.1 -0.9 -0.3 0.8 3.1 1.9 3.4 3.2 1.2 4.3 -2.7 -12.4 -1.8 -0.3 -0.2 -0.2 1.5 3.5 6.5 1.8 4.1 -11.1 0.3 2.6 231 233 238 239 230 232 236 237 A3. Gross Private Domestic Investment 241 243 30 240 242 245 200.1 186.9 214.3 215.2 200.2 205.5 13.1 14.1 303.3 281.3 351.5 329.1 9.7 387.2 369.0 395.4 361.9 214.2 207.1 7.1 392.3 377.8 21.9 22.3 18.2 33.4 14.5 do 268.5 273.2 274.3 272.4 273.1 ..do 100.6 167.9 396.2 144.4 251.8 98.6 99.4 98.1 97.4 174.6 435.6 152.6 283.0 174.9 476.4 166.6 309.8 174.3 466.6 161.7 304.9 98.4 88.2 10.3 108.9 119.9 102.3 17.6 175.9 185.8 207.2 217.5 -10.3 1525.8 1724.3 1156.9 1304.5 1924.8 1459.2 100.2 150.0 116.8 167.7 130.8 178.2 24.7 94.0 25.9 26.9 26.8 26.6 27.0 27.0 27.3 27.8 109.5 129.7 125.6 131.5 139.2 148.1 156.8 165.3 276.1 230.7 324.6 253.0 363.9 275.9 374.3 274.6 367.3 281.9 351.9 281.0 346.6 279.2 345.5 287.6 345.4 293.2 65.0 72.0 -0.3 73.8 13.2 85.9 12.7 70.3 14.0 64.4 86.3 84.9 -29.6 4.9 -34.4 4.7 do do do do do do Total 1972 dollars Total fixed investment 1 972 dollars Change in business inventories 1972 dol 2 Total current dollars Total fixed investment current dollars Chg in bus inventories current dol 2 221.7 203.5 207.7 206.3 203.2 202.9 1.4 387.2 381.7 5.6 0.3 387.7 383.0 4.7 175.6 477.8 162.9 314.9 277.1 101.1 176.0 501.2 178.4 322.8 116.0 102.9 122.2 102.1 13.2 20.1 257.5 262,1 243.7 251.9 267.3 269.5 -4.6 -8.1 -2.3 18.1 188.6 186.0 2.6 368.5 357.1 179.5 185.7 -6.2 -2.2 -1.6 -1.1 11.4 348.4 365.2 -16.8 -0.9 280.0 280.9 278.0 104.3 175.7 517.2 186.2 331.0 106.7 174.3 528.3 193.3 335.0 103.9 174.1 533.6 191.4 342.2 124.3 104.1 131.7 106.7 128.3 127.6 20.1 25.0 99.9 28.3 95.4 32.2 280.4 292.4 -11.9 308.1 321.7 -13.6 307.0 309.2 313.2 291.9 -2.2 21.3 0.1 0.3 -7.2 -8.3 -4.8 -0.2 -8.8 -5.5 2.3 -5.0 -6.8 6.7 2.3 -28.2 241 243 30 240 242 245 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 . . . .do . .do . .do do .... . . 1.0 3.2 -0.2 3.2 4.4 2.5 0.3 2.3 -0.8 2.1 3.8 1.2 -1.0 -2.6 -0.1 1.0 -1.0 2.1 261 263 267 260 262 266 A5. Foreign Trade 256 257 255 252 253 250. do do do do do do Exports of goods and services 1972 dollars Imports of goods and services 1972 dollars Net exports of goods and serv 1972 dol 2 Exports of goods and services current dol Imports of goods and services current -dol Net exports of goods and serv., current dol.2 . . . . -9.9 97.9 11.0 6.0 2.5 4.9 9.9 10.0 -1.7 -2.6 -6.4 3.3 -0.4 -3.9 11.4 -0.5 -4.5 3.9 2.0 -5.6 23.5 256 257 255 252 253 250 A6. National Income and Its Components 220 280 282 286 284 288 National income Compensation of employees Proprietors' income with IVAand CCA Corporate profits with 1 VA and CCA Rental income of persons with CCA Net interest . do do . ,do . . . .do do do 1897.9 1941.9 1990.4 2 0 3 5 . 4 2 0 2 4 . 6 2 0 6 8 . 6 1439.7 1472.8 1513.2 1555.2 1567.2 1591.5 129.3 176.6 130.3 180.8 134.5 176.4 130.0 175.0 120,5 152.8 125.6 158.3 2.3 2.8 -3.3 -0.8 0. 6.4 -0.5 0.8 -7.3 -12,7 1.1 5.9 2.2 1.6 4.2 3.6 1.8 5.4 220 280 282 286 284 288 0. 1.9 290 295 292 298 293 A7. Saving 290. 295 292 298 293 Gross saving (private and govt.) Business saving ,. Personal saving Government surplus or deficit2 Personal saving rate2 do do do do Percent -19.5 5.0 4.9 4.5 5.4 4.3 59.7 10.0 3.5 1.7 3.7 -1.5 -0.6 7.9 -8.3 0.2 -0.3 3.0 34.0 -31.3 1.2 NOTE: Series are seasonally adjusted except tor those indicated 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 composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA - not available, as 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. 5 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 al) 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. s End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period. 6 This series isa weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span. -1.6 -4.8 -0.2 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes (Nov.) (Oct.) P T (July)(May) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P T (Dec.) (Nov.) P T 91ft Index of tweiw Ming indicators (safe 1, 3, 8, 12, 19, 20, 29, 32, 36( 92, 1W» 106) (Nov.) (Mar.) P T 180140- -s 130120110- 150140130- 110- 920, Index of four rougWy coinddent Wicators (series 41, 47r 51, 57) 10090210-6 -3 190180- -2 1601SO- ± -1 130- 930. Index of six lagging Mcahxs (sales 62, 70, 72, 91, 95, 109) 7 120+13 110109- 70- 1948 49 90 51 53 S3 54 55 9S 97 59 59 60 61 $2 63 64 65 §6 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 NOTE: Numbers entered on the chart Indicate length of leads (-) and lags <+) In months from reference turning dates. Current data for thesa series are shown on page 60. 10 NOVEMBER 1980 BCII CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart Al. Composite Indexes—Continued (Nov.) (Oct.) P T (Aug.) (Apr.) P T (July)(May) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 913. Marginal employment adjustments (series 1, 2, 3, 5) Index: 1967=100 110- 100* 1201 914. Capfol investment commitments (series II 20, 29) Ii 110100 - 90 J 915. Inventory investment and purchasing (series 8, 32, 36, 92) Q1K Prnffcihilm, ^wrii* 1Q ?fi 917. Money and financial flows (series 104, 106, 110) 100- •s\f -22 9080 - -9 70- 60- AX T£ 94Q. R^ coincident index to lagging index i^-r 120- -]} 110- -^ v - v// \\ _\ j- 10090- 70 •* 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+) in months from reference turning dates. Current data for these series are shown on page 60. ltd) NOVEMBER 1980 11 CYCLICAL INDICATORS A _• COMPOSITE INDEXES AND THEIR COMPONENTS-Continued .iJ Chart A2. Leading Index Components (Nov.) (Oct.) P T (July)(May) P T (Aug.)(Apr.) P T (Nov.) (Mar.) P T (Dae.) (Nov.) P T (Apr.)(Feb.) P T 1. Average workweek, production wotkers, manufacturing (hours) 4140- Hf 3. Layoff rale, manufacturing (per 100 employees-inverted scale) 01- 3- 4* 4035- 8. New orders for consumer goods and materials, 1972 dollars (M. doL) 30252015- 32. Vendor performance, percent of companies reporting slower defturies (percent) 1007550- i 25- 1501401301201101001816141210- 20. Contracts and orders for plant and equipment, 8- 6- 4«l 1948 49 50 SI 52 53 S4 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 73 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 61, 64t 65, and 66. 12 NOVEMBER 1980 BCII CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components—Continued (Nov.) (Oct.) P (July)(May) T P T (Aug.)(Apr.) P T (Apr.)(Feb.) P (Dec.) (Nov.) T P T (Nov.) (Mar.) P T 29, New bunding permi^pnvate Housing unite (index: 1967=100) 36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ana,, rate, bil. dol.) 92. Chang^ in sensitive prices, smoothed1 (percent) LL,l 104. Change in total liquid assets, smoothed1 (percent) [L,L,L 19. Stock prices, 500 common stocks (indexrl94143=10) t 106. Money suppJy-M2-in 1972 dollars (foil, dol.) 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 1 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 pages 67, 68, 69, and 71. ltd) NOVEMBER 1980 13 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS-Continued Chart A3, Coincident Index Components (Nov.) (Get) P T (July)(May) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.)(Feb.) P I (Nov.) (Mar.) P T 80 41. Employees on ronagricurtural payrolls (millions) 706S 11001000900- 51. Personal income less transfer payments, 1972 doUais (ana rate, bil, M) lt,m»l ~^~^ 10U- S ^f *»~~ / r ~ \ j f^\ / ~^s ^ / 47. Industry production, total (index: 1967=100) ^ ~~V~ |c,c,c 700* ^r Pi V 130120110- /™ 57. Manufacturing and trade sales, 1972 dollats (bil. dot) 1SO- 100- V 170 160 1SO 140 130 "- 120110 100" 9080- yv k» <*-***/ 7060- 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 62, 63, and 65. 14 NOVEMBER 1980 KCII CYCLICAL INDICATORS AI COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components (Nov.) (Oct.) P T (July)(May) P T (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 91. Average duration of unemoJovment (weeks—inverted scale' 70. Manufacturing and trade inventories, 1972 dollars (bit. dol. 6Z Labor cost per unit of output manufacturing (ihdex: 1967=100) Average prime rate charged by banks (percent) r^^ _ J \. 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (ul. dol.) yo. Katto, consumer installment oeot to personal income (percent; 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 62, 68, 70, and 73. NOVEMBER 1980 15 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar,) T [Marginal EmplQymen| Adjustments 42414039- 38-1 21. Average weekly overtime hours, production workers, manufacturing (hours) 3- 2. Accession rale, manufacturing (per 100 employees) 4- 5. Average weekly initial claims, State unempfeymerd ir^raoce (thousands—inverted scale) Layoff rate, manufacturing (per 100 empJoyees—inverted seals) 11,1,1 4. Quit rate, manufacturing (per 100 employees) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 61. 16 NOVEMBER 1980 BCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued (Aug.) (Apr.) P (Apr.) (Feb.) I P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T | Job |acancie$l 1.4- 60. Ratio, help-wanted advertising to number of person? unemployed (ratio) 1.0- O.G- 0.2- 200-1 175- 46. Hehmranted advertising (ihidac 1967=100^ 110 150" 125100- 75- 180170- [Compfehensive Employment| 160- 48. Employee-hours in nooagricultural establishments j (ann. rate, bil. ^** 1501401009590- 42. Persons engaged m nonagricultural activities (millions) 85* 807570- payrolls (millions) 41. Employees on 65- 28-i 27-^ z: 252423- X 40. Employees in goods-pfodudng irxJustries—mtrang, manufaaunng, construction (millions) Tv/V 2221- \7 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 61 and 62. NOVEMBER 1980 17 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued Chart Bl. Employment and Unemployment—Continued (Nov.) P (Dec.) (Nov.) P T (Apr.) (Fob.) P I (Aug.) (Apr.) P T (Mar.) T | Compfehensive Employment—ConT i !; i 1 s I! yv^x,, !| 1 ^r 90. Ratio, civilian employment to toy population of forttog 3ge (percent)^/^ v J [10] §857- V~uA U Lg U « /V^y^lK. ' ' ^"^y jps* S\r /-uupr\i V ^jf \ >^r^ Ai^ S6- LA/^ 55- L y ^ M \)LVW\ ~<J^ [Comprehensive Unemployment! 37. Number unemployed, total (n*ons—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) CO" W-V 1618- 44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale) 19B6 57 98 59 60 61 §2 63 64 69 66 67 68 $9 70 71 72 73 74 79 76 77 78 79 80 1981 Currant data for these series are shown on page 62. 18 NOVEMBER 1980 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T 1600 T |Comprehensive Output and income] 1400* 50. GNP in 1972 dote, Q (ann. rate, ML dot) [C,C,C I 13001200- 1000- 130012QO« 52. Persona! income in 1972 dollars (ann. rate, bil. dot.) L 10 |c,c,c| 11001000900- §00J 1100- 51. Personal income tes$ transfer payments in 1972 dofe (ann. rate, bil. dol.) _ I, |C,C,C| 900- : 800- 700600- 500- 53. Wages and salaries in mining, manufacturing, and construction in 19)2 dollars (ann. rate, bil dd) 260- VRol 240220200180160140- JJU1 JLO 1956 57 58 59 60 ' LJUi 61 62 63 64 65 66 67 68 69 70 !L_ ^ V 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 63. BtJ) NOVEMBER 1980 19 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart 62. Production and Income—Continued (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T I Industrial Production 47. Industrial production, total (Woe 1967=100) 74. Industrial production, nondurable manufactures (index: 1967=100) ff 73. Industrial production, durable manufactures (index: 1967«100) 49. Value of goods (ana rate, bu. dot in 1972 dollars, 0 [Capacity Utilization!li of capacity utilization, manufacturing (BEA), Q (percent) 82. Rate of capacity utilization, rtmmfaduring (FRB), Q (percent) 100- 84. Rate of capacity utilization, materials, Q (percent) 96- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 63 and 64. 20 NOVEMBER 1980 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries (Aug.) (Apr.) P i , (Apr.) (Feb.) T ; P (Dec.) (Nov.) P T T (Nov.) (Mar.) P T j i, !; i; » •! eummt dollars (bil. MM ! \ I- : • 3U- - 8070- i• '; i i ! | j i—i x/'i L.L.LI (HI. dm.) |^[] x ! r % 7, New orders, durable goods industries, 1972 dollars ; 1 „,,, , ,| y ^T \ Y jN ; j**v : Kjl ,, .J^ r t/t 50 - ^ AV "v\ , j ^j^ ^ 40 - 30- 25. Change in unfilled orders, durable goods industries (bil. dd; MCD moving . Lrt,L i 1' : ; ' : :l " 300- ' ' 280- 1 ; ; i j ii : /" :J (151 / 180- 96. Manufacturers' unfilled orders, durable goods industries / ^*—^^^ (hi! fM) i. . ..i .«,„„ „„, /, • ^: -, -— ...^ -r-T- ,, i |ug>u| •••^ | ( - ( i! ^^-K^ I ,/ : /~ " '' : i 32. Vendor petformance, percent of companies reporting slower deliveries (percent) : ' 220- *v 140- ' ' 100- ^ 60 J 100 ul 7559- ' 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 , > J' JL, 70 71 72 73 J 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 64. KCII NOVEMBER 1980 21 CYCLICAL IISIDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued (Aug.) (Apr.) p T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T 328' 300" I Consumption and Trade| 56. Manufacturing and trade safe in current dollars-— / 160- 57- Manutactunng and trade sates in 1^2 doters (bil. doL) IbO Industrial ptoduction, consurner (index: 1967=100) — C.L.C WO- 130- 807060* bb- 54. Sales of retail stores in current dollars (bit dot)-> 5045- 59. Sates of retail stores in 1972 dollars (M. doL) 35- III 55. Personal consumpOon expenditures, automoWtet, Q (ana rate, bil (fci) rr-f /\ 40 « 58. Index of consuiw segment (1st Q 1966-100) TO* \/ 1996 57 58 \ 59 60 61 62 63 64 65 66 67 68 69 -A\ i N^Xt MA r \/Y7 70 71 72 73 74 75 76 77 78 V%ji// 10 79 80 70fifte* 80 1981 Current data for these series are shown on page 65, 22 NOVEMBER 1980 II CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P [Formation of Business Enterprises) (Mar.) T . 12, Net businessformation(iiKtec 1967=100) 1 ^s—S^"~ " ' "'' _,s»~*~~~\ in full ^x/^" 160140- 1 120100- 50 -i 4S4035 13. New business incorporations (thousands) 30- 25- [Business Investment Commitments] 20. Contracts and ordeB for plant and equipment in 1972 dollars (bil. dol.)t X \ 10. Contracts and orders for plant ami equipment in current dollars (bil. dol.) 25 n 20 10' 27. Manufacturers' new orders, capital goods industries, nondefensfc, in 1972 dollars (bil. cU.) X i |Ltltl| 24. Manufacturers' new orders, capital goods industries, 50t t 9. Construction contracts, comrnefci3i and industrial tHiitdings j sq. n or Tioor area; MUU moving avg.—o-termjj4 4030 J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Current data for these series are shown on pages 65 and 66. BCII NOVEMBER 1980 23 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T I Busfiess Investment!! Commitments-Con. 11. New capital appropriations, manufacturing, Q (bil, do).) 61. Business expenditures for new plant and equipment, Q (ana rate, bil. dot.) I Business Investment Expenditures 69, Machinery and equipment sab and business construction expenditures (ana rate, bil. dof.) 76. Industrial production, business equipment (index: 1967=100) 1986 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 SO 1981 Current data for these series are shown on pages 66 and 67. 24 NOVEMBER 1980 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T I Business Investment! Expenditures—Con. Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.) Producers' durable equipment Q 60- J 40- 20 -J [Residential Construction Commitments and Investment] i 28. New private housing unite started, total (ann. rate, millions) 29. New building permits, private housing units (index: 19674100) 89. Residential fixed investment, total, in 1972 dollars, Q (aim. rate, bil. dol) _-». f Z. 1956 57 58 59 A. \r v 7 60 61 62 63 64 65 66 67 70 - m 50- 3068 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 67. KCII NOVEMBER 1980 25 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment (Aug.) (Apr.) P (Dec.) (Nov.) (Apr,) (Feb.) T P T P (Nov.) (Mar.) P T T I Inventory In vestment] 30. Change in business inventories, 1972 doiars, 0 (ana rate, fai doi) . nxn i +30- vvx/ \/ 20 J 36. Net chaise in inventories on hand and nn nrfo; 197? (am. rate, bil. do).; moving avg.—warn?) \m\ 31. Change in book u*», tmltilf1*** ** ™* inventories ; (ana rate, bil. dol.; MCD moving avg.—Werni) +4- +2+10"1-3- 1956 57 58 59 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 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 68. 26 NOVEMBER 1980 KCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued (Aug.) (Apr.) P 'T (Dec.) (Nov.) P T (Apr.) (Feb.) T P / T (Nov.) (Mar.) P T "1 ' I; 450- | Inventories on Handjand on Order] 400- 350« 71. Book value, manufacturing and trade inventories, current doto (bil. do).) 300250- 70. Manufacturing and trade inventories, 1972 dollars (Ni. dol.) 20090 T 853075706560- |Lg,Lg,lg| 65. Book value of mahufadurefs' inventories of finished goods (bil. dol.) z_ 45- / 40 - 35* 30- 2520- 77. Ratio, deflated inventories to sates, manufacturing and trade IJ-i 1.7 - 1.6- ^ .^ X 1.5- 220-| 200ISO160- JZ; 140" 120100- 78. Stocks of materials and supplies on hand and on order, manufacturing (bil. dot) iLLelil > §0- eo- 40 J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 68. BCII LtflF NOVEMBER 1980 27 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T [Sensitive Commodity Prices] 92. Change in sensitive prices (percent; moving avg.^-term1) ,; liil , , /iflWl,£ UP 23. Industrial materials prices (index: 1967=100) 19. Stock prices, 500 common stocks (index: 1941-43=10) 16. Corporate profits after taxes, current dollars. Q (ana rate, b«L doL) [Profts and Profit Margins | 18, Corporate profits after taxes, 1972 dollars, Q film, rate hil don 80 Cornorate oroffe after taxes with IVA aid CCA. 1972 doll*r$, Q (mi rate, biL dot) 79. Corporate profits after taxes with JVA and CCA, current dobs, Q (ana rate, bit, do!) 1956 97 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This series U a weighted 4-terrn moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 69. 28 NOVEMBER 1980 ItCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T [Profits and Profit Margins—Con. capital consumption adjustments to total corporate domestic income, Q (percent) •-- - - ' { 15 Prnfrh ^aftpr hvpct rwr Hnlhr nf «al« all m3niifaHnrin(j rnmnratinrK 0 Ynank^ ?fi Ratifl nrirp tn unit lahnr mst. nonfarm husirtfKis sedor. Q (i 35. Net cash flow, corporate, in 1972 dollars, (ann, rate, bil. dol.) |itLtl 34, Net cash flow, corporate, in current dollars, Q (ann, rate, biLdql) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 69 and 70. NOVEMBER 1980 29 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.) (Apr.) P T (Apr,) (Feb.) P (Dec) (Now.) P T I (Nov.) (Mar.) P T |Unit;Labor Costs and Labor Share I m 63. Unit labor cost, private business sector, Q (index: 1967=100) flgjgjg| u 68. Ubor cost (curr^(k)liars) per unit of gross (kjmesti^ (1972doOais)( nonfinanciaJ cwpofatkxi$, Q (dollars) / 6Z Labor cost per unit of output, manufacturing (index: 1967=100) SSI 64. Compensation of employees as a percent of national income, Q (percent) |Lg,Lg,Lg Current data for these series are shown on page 70. 30 NOVEMBER 1980 ItCII CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit (Aug.) (Apr.) P I (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 85. Change in money supply Ml-B (percent; MCD moving avg.-6-temi) : ^ |02. Change in money supply M2 (percent; MCD moving avg.—6-term) 104. Change in total liquid assets (percent; moving avg.—4-term1) r •;-=-=— - - — - ^ -IF^ 105. Money supply-Ml-B-in 1972 dollars (UL dol.) 106. Money supply-MZ-in 1972 dollars (bil. dd) LLL 107. Ratio, GNP to mone^sup^ly Ml-B, Q (ratio) [Velocity of Money! 108. Ratio, personal income to monevjupplv M2. Mio). 1 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. BCII NOVEMBER 1980 31 CYCLICAL INDICATORS BJ CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued ig.)(Apr.) * T (Dee.) (Nov.) P T (Apr.) (Fab.) P T (Nov.) P (Mar.) T [Crecjjt Flows! in mortgage debt (ana rate, bil. dol.) LLL 112. Change in bank loans to businesses (am rate, bit, dof.; \ '. MCD moving av&—6-term) 113. Change in consumer installment debt (ann. rate, bil. dol.) Lit 110. Total private borrowing, Q (ana rate, bil. dd) LLL 1956 57 58 59 SO 61 62 S3 64 65 67 63 69 70 71 72 73 74 75 76 77 78 79 80 1081 Current data for these series are shown on pages 71 and 72. 32 NOVEMBER 1980 1*01 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T [Credit Difficulties I 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) |L,LJ.| 93. Free reserves (bil. dol—inverted scale) MMJ 94. Member bank borrowing from the Federal Reserve (bit. dol.) 17 m m 80 61 62 6 87 68 69 70 71 72 73 74 75 76 77 78 79 SO 1981 Current data for these series are shown on page 72. BCII NOVEMBER 1980 33 B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T Apr,} (Feb.) P T (Dec.) (Nov.) (Now.) P (Mar.) T I Interest Rates I 119. Federal funds rate (percent) UAL 114. Treasury bill rate (percent) |c,Lg,Lg] 116. Corporate bond yields (percent) 115. Treasury bond jMis (p&tent) 118. Secondary market yields on FHA mortgages (percent) |Lg,Lg,lg 117. Municipal bond yields (percent) Current data for these certei are shown on pages 72 and 73. 34 NOVEMBER 1980 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued ^—^ Chart B7. Money and Credit—Continued (Aug.) (Apr.) P (Apr.) (Feb.) T P I (Dec.) (Nov.) P (Nov.) (Mar.) P T T llnteijest Rates-Con.|| 67. Bank rates on short-term business loans (percent) 109. Average prime rate charged by banks (percent) 220 < [Outstanding Debt) 66. Consumer installment debt (bif. dol.) J 10- 72. Commerdal and industrial loans outstanding, weekly reporting large commerdaJ — banks (ML dol.) 95. Ratio, consumer installment debt to personal income (percent) Current data for these series are shown on page 73. ItCII NOVEMBER 1980 35 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes (Aug.) (Apr.) P T (Dee.) (Nov.) P T F I (Nov.) P (Mar.) T 950. Twelve leading Motor component (6-mo. span—, Inm span---) 100- o- 951. Four roughly coincident indicator componerts (6-mo. span—*, 1-mfc span—) J wiriu ' I" !!! li! LL 100* iTTTiiT ilSil»J!!t'!/L!i!V i j y;; I i iBil! §0- 952. Six lagging indicator components; (6-m span—, 1-mo. ip^n—-) 100- 50- 961 Average workweek, production workers, manufadurinf--20 industries (9-mo, span*—, 1-mo. span—) 100- fM 962. Initial claims, State unemployment insurance—51 areas (percent declining 9-mo. span^, 1 mo. span—) 100- §0- 963. Employees on private nonagricuttural payrolls—172 industries (6-mo. span——, 1-mo, span—) 100-1 50- 1996 57 98 S9 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 NOVEMBER 1980 Current data for these series are shown on page 74. 36 ltd* CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes— Continued (Aug.) (Apr.) P (Apr.) (Feb.) I P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 964. New orders, durable goods industries-35 indiistries (9-mo. span—, 1-mo. span—) 50- 965. Newly approved capital appropriations, deflated—1? industries (4-Q moving avg**-**, 1-Q span —-) 966. Industrial production-24 industries (6^no. span—, 1-mo. span—) 967. Industrial materials prices—13 industrial materials (9-mo. span-*-, 1-mo. span—) 968. Stock prices, 500 common stocks—53-82 industries (9-mo. span—, 1-mo. span ) 960. Net profits, manufacturing—about 700 companies1 (4-Q span) 'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Brad street, Inc. Current data for these series are shown on page 75. IICII NOVEMBER 1980 37 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued (Dee.) (Now.) P T (Nov.) P (Mar.) T (Nov.) P ]£.} (NOW.) ? T (Mar.'i T Percent rising Actual *-* Anticipated*-*-* 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)1 975. 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 - ' -- 1 " f-^t* •-' / 'y 978. Selling prices, retail trade (4-Q span)1 973. Net sales, manufacturing and trade (4-Q span)1 70- 1969 70 71 1 73 73 74 75 76 77 78 79 1980 1969 7© 71 72 This It a copyrighted series used by permission; It may not be reproduced without written permission from Dun & Bradstreet, Inc. surveys of about 1,400 business executives. Current data for these series are shown on page 76. 38 73 74 79 76 77 78 79 1980 Dun & Bradstreet diffusion Indexes are based on NOVEMBER 1980 ltd* C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change (Aug.) (Apr.) P (Apr.) (Feb.) T P T (Dee.) (Nov.) P (Nov.) (Mar.) P T T Percent changes at annual rate 910c. Composite index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 920c. Composite index of four roughly coincident indicators _ (seriesL41f 47, 51, 57) 930c. Composite index of six lagging indicators (series 62, 70 72, 91, 95, 109) 50c. GNP in constant (1972) dollars (1-0 span) 47c, Index of industrial production 48c. Employee-hours in nonagricultural establishments Sic. Personal income less transfer payments in 1972 dollars NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" Indicates the latest issue in which the data for each series were published. ItCII NOVEMBER 1980 39 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Mar,) T (Dec.) (Nov.) P T 2400- 200. GNP in current dollars, Q (ana rate, hi dol) 223. Personal income in current dollars (ana rate, bil. dof.) 224. Disposable personal income in current dollars, Q (ana rate, bit dol) personal income in 1972 Alters, Q (ann rate;; Ml 217. Per capita GNP in 1972 dollars (ann. rate, thoos. dol.) 227. Per capita disposable oersonal income in dollars, Q (ana rate, ttwus. dol.) 19S6 57 §8 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 63 and 80. 40 NOVEMBER 1980 ItCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures (Aug.) (Apr.) P (Apr.) (Feb.) P T (Dec.) (Nov.) T P (Nov.) (Mar.) T T Annual rate, billion dollars (current) Personal consumption expenditures— 21U}urable_ goods Annual rate, billion dollars (1972) 238. Nondurable goods, Q 233. Durable foods. 0 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 80 and 81. ltd) NOVEMBER 1980 41 IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A3. Gross Private Domestic Investment (Aug.) (Apr.) f» T (Apr.) (Feb.) F T (Dec.) (Now.) P T P (Mar.) I Annual rate, billion dollars (current) Gross private domestic investment- Annual rate, billion dollars (1972) 30. Change in business inventories, Q Current data for these series are shown on page 81. 42 NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Annual rate, billion dollars (current) Government purchases of goods and services— 266. State and local governments, Q 7 262. Federal Government, Q Annual rate, billion dollars (1972) 257."SGieISTlocal governments, Q X 263. Federal Government, Q 1956 97 98 59 60 61 63 63 64 69 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 81. ItCII NOVEMBER 1980 43 OTHER IMPORTANT ECONOMIC MEASURES |A I NATIONAL INCOME AND PRODUCT—Continued Chart A5. Foreign Trade (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T Annual rate, billion dollars (current) s:£ ^ 25Z Exports of goods and services, Q 320180240200- A7 Imports of goods and services, Q 250. Net exports of goods and services, Q Annual rate, billion dollar (1972) 256, Exports of goods and services, Q M<- 255. Net exports of goods and services, Q Current data for these series are shown on page 82. 44 NOVEMBER 1980 KCII OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Annual rate, billion dollars (current) 2400- 220. National income, 0 280, Compensation of employees, 0 286. Corporate profits with inventory valuation and capital consumption adjustments, Q 282. Proprietors^ income with inventory valuation and capital corisOrnptron adjustments,!} 288. Net interest, 0 284. 'Rental income of persons with capital consumption adjustment, Q Current data for these series are shown on page 82. BCD NOVEMBER 1980 45 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T __ *^!*'-^55 ?!f!D? $y$? afSL 298. Government surplus or deficit, Q 1956 97 58 39 60 61 62 63 64 Current data for these series are shown on pages 82 and 83. 46 65 66 67 68 69 70 71 73 73 74 75 76 77 78 79 80 1981 NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of GNP and National Income (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec) (Nov.) P T (Wow.) P (Mar,) T I Percent of 235. Personal consumption expenditures, Q '^ ,~—r , .^r«*s=s^r -_-w~s-.. -^T-.- „-*, ^- ^— JJT .—.--;:. 268. State and local government purchases of goods and services, Q 265. Federal Government purchases of goods and services, Q 248. Nonresidential fixed investment, Q 249. Residential fixed investment, N 247. Change in business inventories, Q 251. Net exports of goods and services, Q |Percent of National income | 64. Compensation of employees, Q 283. Proprietors' income with inventory valuation and capital consumption adjustments, Q 7 287. Corporate profits with inventory valuation and tital consumption adjustments, Q 285, Rental income of persons with capital consumption adjustment, Q ^ Current data for these series are shown on page 83. BCD NOVEMBER 1980 47 IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements (Dec.) (Nov.) (Now,) P (Dec.) (Nov.) P T (Mar.) T [Index: 1972=1001- ; (Nov.) P 14® • 130 12® ^^ Percent changes at annual rate 310c. Implicit price deflator, 6NP (1-Q span) m 310. Implicit price deflatorr-ON£r-Q- (Mar.) T +16+10- -*•§« hnsiness 31k, Fixed-weighted prirp product (1-Q span) 311. Fixed-weighted price index, gross business product, Q 333c. Capital equipment 10 334c Finbhed consumer goods 1969 70 71 72 73 74 75 7$ 77 78 79 1980 1969 70 71 72 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 84, 85, and 86. NOVEMBER 1980 ItCII IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY-Continued Chart Bl. Price Movements—Continued Aug.) (Apr.) P (Apr.) (Feb.) T P (Nov.) (Dec.) (Nov.) T P (Mar.) T T Percent changes at annual rate 320c. All items (6-month span) Chart B2. Wages and Productivity 345. Average hourly compensation, alLempI nonfarm business sector, Q (current 120- 340. Average hourly earnings of production workers, private nonfarm economy (current dollars)1 80- 346. Real average hourly compensation, all employees, _ nonfarm business sector, Q 341. Real average hourly earnings of oroduction workers. 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 7® 77 78 79 80 1981 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally. Current data for these series are shown on pages 84, 87, and 88. NOVEMBER 1980 49 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued ^^^MM Chart B2. Wages and Productivity-—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) F (Nov.) P T (Mar.) T [Wages-Con.] 341c. Real earnings -\4W i! ii y 6-month spans (ami, rate) ;' j; tf I Change in average hourly compensation, all employees, noofarm business sector, Q345c, Current-dollar condensation . 1-quarter spans (ann, rate) \ i\ • - v V _ _ 'X.^ i.1 4-quarter spans 346c. Real compensation 1-quarter spam (ann, rate) Negotiated wage and benefit decisions^ all industries— 348. First year average changes, Q (ann. rate)— 349. Average changes over life of contract Q (ana rate) I Productivity j 370, Output per hour, all persons, private business sector, Q Index: 1967 ==100 358. Output per hour, all persons, nonfarm business sector, Q 370c. Change in output per hour, private business sector, Q 1-quarter spans (ann, rate) v *^ 4-quarter spans V 1 Adjusted for overtime (In manufacturing only) and Interindustry employment shifts and seasonally. * One-month percent changes have been multiplied by a constant (12) to make them comparable to the annuallzed 6-month changes. 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 1980 BCII IIVIPORTAIMT ECONOJVlie C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart Cl. Civilian Labor Force and Major Components (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Now.) P (Mar.) T 441. Civilian labor force, total (millions) Labor force participation rates (percent)— 451. Males 20 years and over 75- 453. Both sexes 16-19 years of age 452. Females 20 years and over Number unemployed (millions)— 44t Hafes W^wrs and over 445. ema and over 447. Number unemployed, full-time worterc (millions) 443, Number employed part-time for economic 1956 57 58 59 60 61 62 63 64 65 66 years 67 68 69 70 71 72 73 74 75 76 77 78 79 8© 1981 Current data for these series are shown on page 89. NOVEMBER 1980 51 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures (Aug.) (Apr.) P (Apr.) (Feb.) T P (Mar.) (Dec.) (Nov.) T P T T Annual rate, billion dollars (current) 300- 50Z Federal Government expenditures, Q X 501 Federal Government receipts, Q 500, Federal Government surplus or deficit, Q Train 511. State and local government expenditures, Q 510. State and local government surplus or deficit, Q uses §y ss §s g© ©a sg Current data for these series are shown on page 90. 52 NOVEMBER 1980 !!€!» OTHER IMPORTANT ECONOMIC GOVERNMENT ACTIVITIES-Continued Chart D2. Defense Indicators (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T Nov.) P (Mar.) T 1816- [Advance Measures of Defense Activity] 517, Defense Department gross obligations incurred (bil, dol.; MCD moving avg.-6-term) jjffi 00 1412« sJ 8- 525. Defense Department m litary prime contract awards (bil. doi.; —6-term) 7- 3J 70 « SO- Defense Department gross unpaid obligations outstanding (bil. dol.) *f 5040» 30- 87- 65- 548. Manufacturers' new orders, defense products (bil. dol.; MCD moving avg.-6-term) , I* 1J 1956 SJ 58 59 6© 61 62 Current data for these series are shown on page 90. BCII NOVEMBER 1980 53 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued (Aug.)(Apr.) P T |lntefi|iediate and final Measures of Defense Activity | S*~ S x~^~-x^ X ^^ S' ^ ~^^ ^_—i•*- ~ L J _ ^>^^ -*-^~"*' UfiL >^^>i^^^^^^^^^^^^^^^^»iB^^_W^^BB.V^H>M^HJl^V> —^ 559. Manufacturers' inventories, defense products (bil. dol.) 561. Manufacturers' unfilled orders, defense products (bil. dol.) 580. Defense Department net outlays, military functions and mHitarv assistance (by. dol^ HCD moving avj.-6*rm) /LI A>/^^ 588. Manufacturers'shipments, defense products (by. do).; MCD moving avg.-4-term) 1956 57 58 59 Digitized for 60 61 62 63 Current data for these series are shown on page 91. FRASER 6^ o5 66 67 68 69 ?J 71 72 77 7B 79 80 1981 90 • 80' OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued [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 " "1 {National Defense Purchases! 564. Federal Government purchases of goods and services for national defense, Q (ann. rate, bil. do!.) 565. National defense purchases as a percent of GNP, Q (percent) R "• 1956 57 58 59 60 61 62 63 64 65 66 67 68 63 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 91. http://fraser.stlouisfed.org/ NOVEMBER 1980 Federal Reserve Bank of St. Louis ItCII 55 IMPORTANT E I U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade (Aug.) (Apr.) P T (Apr,) (Fell) P (Dec.) (Now.) T P T (Nov.) P (Mar.) T UK TxpWs, ei«audiag (bil. do!.; MCD moving avg.~5-term) 604. Exports of agricultural products, total (bil. doi.) - \ 614. Imports of petroleum and petroleurfi 616. Imports of automobiles and Current data for these series are shown on page 92. 56 NOVEMBER 1980 IICII OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T Annual rate, billion dollars Excess of receipts Excess of payments Goods and sen/ices- 667. Balance on goods and services, 0 160- 622. Merchandise trade balance, Q 618. Exports, Q- ^620. Imports, Q 20 « Investment income— 15- 651. Income on 652. Income on foreign investments in the U.S., 0 1956 57 58 59 SO 61 62 63 64 NOTE: Annual totals are shown for the period prior to 1960. Current data for these series are shown on page 93. KCII NOVEMBER 1980 65 66 67 69 70 71 72 74 7i 76 57 IMPORTANT F I INTERNATIONAL COMPARISONS Chart Fl. Industrial Production (Aug.) (Apr.) P T (Die.) (Kow.) (Apr.XFfib. P (felov.) I 1967= 1 Industrial production— 721. OECD European countries 71 72 77 79 80 1981 Currant data for these series are shown on page 94. 58 NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued Chart F3. Stock Prices Chart F2. Consumer Prices (Dee.) (Nov.) P T (Nov.) P Percent changes at annual rate (Dec.) (Nov.) P T 6-month spans (Mar.) T Index: 1967=100 Stock prices- Consumer prices— +20 < —--1 (Nov.) P 19. United States +2' +20- 745. West Germany Current data for these series are shown on pages 95 and 96. ltd) NOVEMBER 1980 59 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS ^H COMPOSITE INDEXES Year and month 910. Index of 12 lead ing indicators {series 1,3,8,12,19, 20, 29, 32, 36, 92, 104, 106) 920, Index of 4 roughly coincident indicators {series 41,47,51,57) 0967-100) {1967-100) 930. Index of 6 lagging indicators (series 62, 70, 72, 91,95,109) {1967-100) Leading Indicator Subgroups 91 3. 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) 916. Pirof itability {series 19, 26, 80)l 917. Money and financial flows (series 104,106, 110) (1967-100} 940. Ratio, coincident index to lagging index 1 {1967-100) {1967-100) 1978 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 94.1 147.5 147.8 148.5 101.1 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 October November December [H>143.6 142,8 143.0 143.0 144.3 145.5 148.1 152.7 155.2 98,7 98.8 B>117.2 116.1 115.7 106,1 106.2 106.7 94.9 94.1 93.5 150,6 H>151.1 150.2 96.6 94.5 93,8 142.6 142.3 143,2 144.8 144.9 D146.6 157.4 158.5 158.4 98.5 98.4 98.0 113.9 113.9 115.5 107.4 108.3 i>108.8 93.2 92.2 92.2 148.6 145.6 144.5 92.0 91.4 92.6 HO. 3 141.4 141.6 144.1 145.6 145.0 161.8 162.5 163.6 94.6 97.3 96.7 113.6 113.3 113.9 107.8 107.3 106.6 92,3 91.7 91.8 146.1 146.9 148.4 89.1 89.6 88.6 141.2 140.1 140.1 145.4 145.0 144.9 164.8 166.4 170.6 96.4 96.0 96.4 113.6 112.9 114.0 106.1 105,7 104.6 91.7 92.0 91.8 148.6 148.3 146.2 88.2 87.1 84,9 137.8 135.6 135.4 145.1 145.0 145.3 175.9 179.1 178.0 96.6 96.1 96.3 112.7 112.0 112.7 103.3 102.3 102.3 90.8 90.3 90.2 143.9 140.4 H38.3 82.5 81.0 81.6 January February March 134,9 134,3 131.3 145.9 145.2 143.1 178.7 181.0 190.4 96.3 96.3 94.5 111.9 110.3 108.0 102.7 102.3 101.6 89.9 89.8 88.4 H37.2 H38.4 H35.8 81.6 30,2 75.2 April May June 125.7 122.7 123.9 140.4 137.4 136.1 i)196.3 183.8 168.2 90.3 88.3 89.6 104.5 103.3 104,8 99.9 98.2 97.1 88.0 88.5 H31.3 H27.0 H29.4 71.5 74,8 80.9 July August September . H28.4 H31.1 135.1 H36..1 H36.0 137.8 r!63.6 H61.3 164.0 92.0 92.8 93.8 r!06.5 r!07.4 H09.9 r98.4 r99.6 HOI. 6 H33.3 H36.7 H37.7 r83.2 r84.3 r84.0 October November .... December , . . 2 9 M71.8 p94.9 p!07.7 P103.4 P138.2 pSl.l 1)99.1 99.6 98.7 1979 January February .... March '« April . . May June July August September 1 October . . . November December 1980 136.3 139.3 r89.5 r90.2 r90.7 (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[R); for series that move counter to movements in general business activity, current low values are indicated by JR). 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. x Series 916 reached Exeludes series 12 Exeludes series 57 ""Excludes series 70 2 9 60 its and for and high value (97.2) in August 1977; series 940 reached its high value (106.6) in March 1977. 36 for which data are not yet available. which data are not yet available. 95 for which data are not yet available. NOVEMBER 1980 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS MM Minor Economic Process EMPLOYMENT AND UNEMPLOYMENT L, L, L Timing Class. . . 1. Average workweek of production workers, manufacturing Year and month L, L, L L,C, L 2. Accession 21. Average weekly overtime rate, manufachours, produc- turing tion workers, manufacturing L,C,L 5. Average weekly initial claims, State unemployment insurance1 (Per 100 em(Hours) (Hours) ployees) (Thous.) Comprehensive Employment Job Vacancies Marginal Employment Adjustments L, L, L U Lg, U 3. Layoff rate, manufacturing 4. Quit rate, manufacturing (Per 100 em- (Per 100 em- ployees) ployees) L, Lg, U U Lg, U 60. Ratio, helpwanted advertising to persons unemployed 46. Index of help-wanted advertising in newspapers (Ratio) (1967=100) U,C,C 48, Employeehours in nonagricultural establishments (Ann. rate, bil. hours) 1978 3.4 3.7 3.6 4.1 3.9 4.0 338 364 335 1.0 1.0 1.0 1.9 1.9 2.0 0.652 0.680 0.682 138 139 141 159.30 160.83 162.59 40.4 40.4 D3.8 3.5 3.5 4.2 4.0 4.0 334 330 341 1.0 1.0 0.9 2.1 2.0 2.1 0,718 0.700 0.741 146 144 147 164.21 164.02 165.04 July August September 40.5 40.4 40.5 3.6 3.5 3.6 4.0 4.1 4.2 362 345 328 0.9 0.9 E>0.8 2.1 2.1 2.1 0.712 0.753 0.758 149 150 152 165.27 165.40 165.66 October . .M November December 40.5 40.6 40.6 3.6 3.7 3.7 4.3 4.3 |H)4.4 [H>323 334 334 0.9 0.9 1.0 2.2 2.2 2.2 H>0.828 0.815 0.821 161 161 165 166.30 167.90 168.20 January February March 40.6 40.6 40.6 3.7 3.7 3.7 4.2 4.1 4.0 344 334 347 0.9 0.9 0.9 2.2 E>2.2 2.1 0.812 0.800 0.790 161 158 156 168.43 168.86 170.32 April May June 39.3 40.2 40.1 2.9 3.4 3.3 4.0 4.0 4.0 434 350 375 1.1 1.0 1.2 2.1 2.0 2.0 0.776 0.777 0.782 155 154 153 167.60 169.45 170.19 July August September 40.1 40.1 40.1 3.3 3.3 3.2 3.9 3.9 3.9 395 390 387 1.1 1.4 1.2 1.9 2.0 1.9 0.781 0.753 0.790 155 155 159 170.37 170.26 170.49 40.1 40.1 40.2 3.2 3.3 3.2 4.1 4.0 3.9 395 409 407 1.2 1.3 1.2 2.0 2.0 1.9 0.812 0.778 0.778 E>167 159 170.50 170.73 171.47 January February March 40.3 40.1 39.8 3.2 3.0 3.1 3.9 3.9 3.6 404 375 440 1.3 1.3 1.5 1.9 1.9 1.9 0.714 0.713 0.670 154 151 145 i>172.24 172.09 171.57 April May June 39.8 39.3 39.1 3.0 2.6 2.4 3.0 3.0 3.3 569 635 617 2.9 3.5 2.9 1.5 1.4 1.4 0.500 0.409 0.428 122 112 115 170.49 169.27 168.42 July August September 39.0 39.4 39.5 2.5 2.7 2.7 3.4 rl.9 3.8 536 502 501 1.7 r3.6 1.5 1.3 1.3 1.3 0.428 0.434 0.464 118 117 122 167.63 r 168. 44 r!69.01 p39.6 p2.8 p3.9 p439 pi. 4 pi. 3 pO.472 pi 27 p!69.54 January February March 39.7 40.0 40.5 April May June B)40.9 1979 October November December .158 1980 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[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 "N A", not available. Graphs of these series are shown on pages 12, 16 and 17. l Data exclude Puerto Rico which is included in figures published by the source agency. NOVEMBER 1980 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS ^H EMPLOYMENT AND UNEMPLOYMENT-Con. Minor Economic Process Comprehensive Unemployment Comprehensive Employment-Con. Timing Class Year and month U, C, C C, C,C L, C, U U, Lg, U L, Lg, U L, Lg, U L, Lg, U Lg, Lg, Lg Lg, Lg, Lg 42. Persons engaged in nonagricultural activities, labor farce survey 41. Employees on nonagricultural payrolls, establishment survey 40. Employees in goodsproducing industries (mining, mfg., construction) 90. Ratio, civilian employment to total population of working age 37. Number of persons unemployed, civilian labor force 43. Unemployment rate, total 45. Average weekly insured unemployment rate State programs1 9 1 . Average duration of unemployment 44. Unemployment rate, persons unemployed 15 weeks and over (Thous.) (Thous.) (Thous.) (Percent) (Thous.) (Percent) (Percent) (Weeks) (Percent) 1978 January February March 89,425 89,6$3 89,813 84,582 84,892 85,396 24,871 24,909 25,085 58,03 58.03 58.09 6,305 6,088 6,153 6.4 6.1 6.2 3.5 3.6 3.5 13.0 12,6 12.4 1.6 1.6 1.5 April May June 90,468 90,818 91,141 86,104 86,368 86,746 25,460 25,481 25,599 58.42 58.56 58.76 6,056 6,126 5,902 6,1 6.1 5.9 3.2 3.2 3.2 12.4 12.0 12.1 1.5 1.4 1.3 July August September 91,046 91,457 91,598 86,924 87,231 87,419 25,657 25,719 25,801 58.60 "58.76 58.78 6,228 5,929 5,971 6.2 5.9 5.9 3.3 3.3 3.2 11.9 11.5 11.5 1.3 1.2 1.3 October November .... December 92,024 92,488 92,456 87,790 88,242 88,567 25,965 26 141 26,267 58.95 59 08 59 06 0)5,788 5 882 5,984 5 7 5 8 5 9 3.0 3 0 3.0 11.8 11 1 10 6 1 3 1 2 1 2 January February March 92,897 93 189 93,303 88,858 89,109 89,455 26,363 26,377 26,537 59 19 59 33 59 31 5 904 5 883 5 882 5 8 5 7 5 7 3 0 3 0 3 0 April May June 93 039 93 249 93 409 89,386 89,708 89 , 909 26,473 26 522 26 557 59 05 5 944 *% Qfn 5 ft°d 5 8 0 93 917 93 63g 90,054 90,222 90 283 26 582 26 528 26 554 59 37 5 QflQ fwSR 7 RQ 1Q fjJscq /lo 6 5 on /MI qn t:cp OC CQ 6 1979 July August September October November December .... . Q4 lAfl 94 180 94 223 94 553 00 K7ft CCA ?f\ f\r\A_ oc con 19 11 59 13 07 59 27 no oo 1 °d QQO C Q R 7 5 5 Q 0 1 91 fi Ddd 6 DR7 C Q 6 st/IOC tdo 6 on 7 6 .£.O 6 r\ C Q C Q Q ftiS 9 P It!/ t .0 0 Q 0 Q 11 2 n -3 n ft 1 2 1 ') 1 ^ n fl in Q in K 1 ? 1 o 1 1 fuYin i 2 Q 2 .yQ in 7 in 7 fBMf .u n |n/ i i i i 2 .yQ in R in fi in ^ 1 9 1 1 1 9 1 .3 1.2 1.3 3.7 4 3 4 6 10,5 10.7 11.0 11 .3 10 5 11 7 11 6 12 6 i3 i 2 . C. 13 3 7 9 3.1i 31 IM/iU. I 1980 Qi no.i fuSQl flfi m/y i » 1loo 01 y j ,1AA i4*t January February March fu\Q/L K9K [H/y*r,D(Cb 26,476 CQ 00 nn by. 93,912 93,609 93,346 90,951 90,468 90,047 26,121 25,745 25,422 58.63 58,47 58.12 6,438 7,265 8,154 8,006 6.2 April . . May June July August September 93,739 93,826 93,765 89,867 r90,142 r90,365 25,163 r25,312 r25 470 58.29 58.23 8,207 8,019 7 8 58 ?R 7 P.97 7 ^ 4 5 4 3 4 .4/i October November December 93,851 p90,622 p25,611 58.19 8,005 7 g o4 1 QA R3£ QA 9Qft y^j^yd IQSoc 71 c O£ CO*3 CO ,0£0 OC A ~] C. CQ OA CQ OC 7.0 7.8 7.7 7.6 3 n .1 3.1 3.3 1 6 1 6 •) 7 1 8 2 1 0 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated byH); 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. l Data exclude Puerto Rico which is included in figures published by the source agency. 62 NOVEMBER 1980 IICII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con. MAJOR ECONOMIC PROCESS M PRODUCTION AND INCOME Minor Economic Process C,C,C Timing Class Year and month Industrial Production Comprehensive Output and income 50. Gross national product in 1972 dollars C,C,C Personal income 223. Current dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 52. Constant (1972) dollars C,C,C 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.} (Ann. rate, bil.dol.) C,C,C C,C,C C, L, I 47. Index of industrial production, total 73. Index of industrial production, durable manufactures 74. Index of industrial production, nondurable manufactures (1967=100) (1967=100) (1967-100) C,C,C 49. Value of goods output in 1972 dollars (Ann. rate, bil.doL) 1978 January February March 1, 367^8 1,618.5 1,631.3 1,654.4 1,117.0 1,118.1 1,127.7 967.4 969.4 978.9 233.3 236.0 240.2 140.0 140.3 142.1 132,1 132,3 135.0 152.4 152.9 153,8 621 !4 April May June 1 ,395^2 1,676,5 1,687.3 1,704,2 1,135.1 1,133.9 1,137.6 987.5 986.7 991.1 244.0 243.2 244.2 144.4 144.8 146.1 137.6 137.9 139.0 155.5 155.8 157.0 637. * 2 July August . September 1,407 .'3 1,730.0 1,741.3 1,756.1 1,149.5 1,151.7 1,154.6 998.5 1,000.3 1,004.1 245.3 244.5 245.1 147.1 148.0 148.6 141.1 141.8 142.9 157.2 158.4 159.3 641 ,*8 October . . , November December 1, 426^6 1,781.0 1,801.4 1,826.8 1,163.3 1,172.0 1,181.6 1,013.0 1,021.4 1,030.5 246.3 248,7 250.7 149.7 150.6 151.8 144.6 145.5 146.8 159.5 160.4 161.7 657,*3 January February March l,436!e 1,834.3 1,851.4 1,872.1 1,172.8 1,172.5 1,177.4 1,021.9 1,022.6 1,027.0 249.4 250.3 E>251.6 152.0 152.5 [H>153.5 147.0 147.2 i>148.6 161.6 162.9 164.0 658 ! 6 April May June 1, 422^3 1,880.7 1,891.6 1,905.1 1,174.0 1,172.7 1,172.4 1,022.7 1,021.5 1,021.8 248.7 248.2 246.9 151.1 152.7 153.0 144.5 147.6 147.6 162.6 163.6 163.7 647^3 July August September 1,433^3 1,933.2 1,946.5 1,960.1 1,180.9 1,179.7 1,177.2 1,023.0 1,021.4 1,019.5 246.1 243.1 242.6 153.0 152.1 152.7 147.2 144.4 145.9 164.8 165.2 165.4 651 .'3 October November December 1,44CL3 1,981.2 2,005.5 2,028.3 1,181.4 1,188.1 G>1, 191.0 1,023.5 1,030.6 ]H>1,033.2 241.9 241,0 241.6 152.7 152.3 152.5 146.0 145.2 144.8 164.8 165.0 165.3 655 !l (B>1 ,444^7 2,046.5 2,055.7 2,070.0 1,190.5 1,182.1 1,174.1 1,030.5 1,024.8 1,017.5 239.9 239.1 236.5 152.7 152.6 152.1 144.7 144.1 i>659;7 K3.4 E>166.0 165.9 164.7 1 ,408 ! 6 2,072.0 2,079.0 2,090.4 1,166.7 1,164.1 1,164.6 1,010.1 1,005.5 1,005.1 231.8 227.7 224.7 148.3 144.0 141.5 138.4 133.3 129.9 161.6 158.0 155.3 636 !9 r1,41K7 r2,124.4 r2, 143.0 r2,166.5 rl,174.4 rl,175.5 rl,173.6 rl,002.4 rl,005.2 rl,002.9 223.6 r225.0 r226.6 H40.4 H41.8 H43.7 r!28.3 H29.3 H31.5 H54.7 H56.4 H59.3 r63i!3 pi, 179. 3 pi ,009. 3 p227.6 p!46.0 p!34.6 P160.9 1979 1980 January February March April May June July August September . , October November December E>p2,189.9 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by(B);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 "N A", not available. Graphs of these series are shown on pages 14. 19, 20, and 40. NOVEMBER 1980 63 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. H MAJOR ECONOMIC PROCESS . . . . Minor Economic Process . .. PRODUCTION AND INCOME-Con. Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization L,C,U Timing Class 83. Rate of capacity utilization, manufacturing (BEA) Year and month (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, I, I 7. Constant (1972) dollars 8. New orders for consumer goods and materials in 1972 dollars (Bil.dol.) (Bil.dol.) Value of manufacturers' new orders, durable goods industries 6. Current dollars (Bil.dol.) 1, L, L L, L, L L, Lg, U 25. Change in 96. Manufacunfilled orders, turers' unfilled durable goods orders, durable industries goods industries (Bil.dol.} 1. I, L 32. Vendor performance, companies reporting slower deliveries© (Bit. dol.) (Percent reporting) 1978 January February March 82^6 82^6 62,03 65.05 67.04 38.31 39.81 40.78 35.04 36.20 36.47 2.23 2.73 4.06 186.93 189.66 193.72 55 64 67 83^9 85^6 69.20 68.88 68.54 41.71 41.24 40.70 37.98 37.02 36.84 3.45 4.00 2.79 197.17 201.16 203.95 64 64 66 85,*2 86,*4 67.39 71.29 72.71 39.76 41,64 42.25 36.50 37.61 37.34 1.94 3.15 3.95 205.89 209.04 212.99 56 65 66 86.'i 88.' 2 76.42 77.21 76.54 44.10 44.14 43.36 3P..06 38.06 38.86 6.32 5.71 3.80 219.31 225.02 228.82 68 66 68 ED8814 78.68 80.43 JRJ81.65 44.16 44.68 E>45.04 H>38.94 38.43 38.63 5.91 B>86".9 E>7.10 5.89 234.72 241.82 247.71 69 77 D78 *84 April May June *84 July August September . . . '83 October November December *84 1979 January February March „. . ED 84 April May Jung 8EL9 87!5 75.93 77.04 76.03 41.36 41.75 40.98 36,74 36.88 36.43 4.73 1.52 3.23 252.43 253.96 257.19 76 76 70 85^3 87 .*2 74.58 74.76 77.65 39.82 39.81 40.91 35.95 35.44 35.93 0.71 0.40 3.45 257.90 258.30 261 , 74 60 55 51 84^4 86 !a 76.52 75.90 77.20 39.71 39.15 39.43 35.60 34.34 34.19 0.98 2.15 3.01 262.72 264.87 2,67.88 50 47 49 83.4 85*. 5 81.47 81.02 77,55 40.61 39.93 38.28 36.10 36.00 33.52 3.52 1.86 1.62 271.40 273.26 274.88 48 42 45 78^7 72.42 67.33 66.45 35.62 33.12 r32.38 30.35 28.95 r29.06 0.21 77.9 -2.12 -2.60 275.10 272.98 270.38 40 32 28 r74.8 r74.23 r72.23 r79.37 r35.89 r34.71 r38.01 r31.80 r31.80 r33.26 rO.17 r2.81 272.06 r272.23 r275.04 32 34 39 p80.38 P38.08 p35.58 pi. 21 (H>p276.25 44 *83 July August September October ....... November December .... , *82 'si 1980 January February March April May June July . . August September October November December 'so p76 r75.6 (NA) 1.68 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 (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, 20, and 21. 64 NOVEMBER 1980 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC 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 75. Index of industrial produc- C, L,U (1967=100) U, L, U Sales of retail stores 54. Current dollars goods (Mil.dol.) FIXED CAPITAL INVESTMENT Formation of Business Enterprises Consumption and trade C,C,C Timing Class a Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con, 59. Constant (1972) dollars (Mil.dol.) L,C,C 55. Personal consumption expenditures, automobiles (Ann. rate, bil. dol.) L, L,L L,L,L 12. Index of 58. Index of net business consumer l sentiment ® formation (IstQ 1966=100) (1967=100) L, L,L 13. Number of new business incorporations (Number) 1978 January February March 232,748 238,854 241,915 148,346 151,393 153,449 143.2 145.2 147.5 62,220 63,040 64,100 42,881 43,149 43,665 62!3 83.7 84.3 78.8 133.5 133.1 130.5 36,414 39,434 37,847 April May June 250,279 251,562 252,883 156,423 156,450 156,468 149.5 149,0 149.3 65,305 65,861 66,392 44,095 44,143 44,232 70.*2 81.6 82.9 80.0 131.9 132.1 132.7 39,585 39,059 39,860 253,690 259,732 260,457 155,750 158,585 157,533 149.8 150.6 150.8 66,794 67,469 68,006 44,322 44,563 44,623 68,*9 82.4 78.4 80.4 133.3 132.5 133.3 40,152 41,007 41,553 266,934 269,692 272,424 159,972 160,370 161,050 151.2 151.3 151.5 69,164 69,871 70,832 45,117 45,312 45,669 70.'6 79.3 75.0 66.1 D134.8 133.4 133.8 41,437 41,423 42,179 January February March 274,091 274,844 283,741 160,460 159,177 1)164,058 151.3 151.8 {H>153.4 71,293 71,266 72,045 45,381 44,850 44,944 E>74!6 72.1 73.9 68.4 131 .3 132.1 132.5 42,410 42,302 42,761 April May June 276,406 286,413 283,772 157,285 161,807 158,316 149.3 152.2 152.1 71,606 72,292 72,093 44,229 44,405 43,932 6&\2 66.0 68.1 65.8 130.9 130.5 130.9 43,034 43,895 43,044 July August September 289,994 293,167 296,776 159,751 160,273 160,068 151.2 148.7 150.0 73,121 74,871 76,666 44,316 45,130 |H>45,771 67^9 60.4 64.5 66.7 131.8 130.3 132.5 44,655 42,911 44,687 October November December 298,619 299,153 302,386 159,757 158,205 158,718 150.0 149.1 148.6 75,583 76,421 77,150 44,803 44,954 44,881 66 .*8 62.1 63.3 61.0 131.9 131.4 133.9 1)46,478 44,811 43,579 January February March 312,730 310,571 305,657 161,600 160,189 154,500 147.9 148.4 148.6 79,464 77,993 76,534 45,695 44,365 42,972 7K5 67.0 66.9 56.5 131.0 129.8 125.8 44,447 44,583 42,615 April May June 295,277 292,478 294,203 150,706 147,103 147,805 145.3 142.4 142.1 75,011 74,587 76,001 41,859 41,460 42,013 52^5 52.7 51.7 58.7 120.5 117.8 114.8 42,461 41,974 39,746 r304,154 r308,019 |H>p317,576 152,027 r 148, 342 p!55,312 78,287 H42.0 r!42.8 r78,770 H43.8 Dr79,987 43,086 r42,903 r42,911 r58.8 62.3 67.3 73.7 115.3 rl!7.7 e!21.6 44,058 43,266 P145.5 p42,506 July August September .... October December 1979 1980 July August September October November December (NA) (NA) p79>868 75.0 (NA) (NA) NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (0). 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 12, 14, 22, and 23. l Series 58 reached its high value (89.1) in 2d quarter 1977. NOVEMBER 1980 65 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS IH FIXED CAPITAL INVESTMENT-Con. Minor Economic Process Business Investment Commitments L, L,L Timing Class 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, Lg, U Ci Lg( Lg 9. Construction contracts for commercial and industrial buildings, floor space1 11. Newly approved capital appropriations, 1,000 manufacturing corporations 97. Backlog of capital appropriations, manufacturing (Bil.dol.) (Bil.dol.} L, L, L 27. Constant (1972) dollars (Bil.dol.) Square feet (Millions) Square meters2 (Millions) 1978 January February March 20.79 21.89 20.13 13.26 13.90 12.84 16.07 16.99 16.84 10.30 10.84 10.79 83.03 67.86 71.94 7.71 6.30 6.68 17.'l6 19.00 21.18 19.83 12.06 13.31 12.42 17.24 17.68 17.66 10.98 11.20 11.13 76.71 88.41 83.27 7.13 8.21 7.74 15J2 July August September 22.08 22.92 23.18 13.62 13.99 14.07 18.05 18.57 19.69 11.27 11.48 12.09 74.82 79.21 86.38 6.95 7.36 8.02 ie!i7 October November December 25.94 24.87 22.34 15.56 14.93 13.24 21.12 20.92 18.76 12.86 12.74 11.28 84.55 91.08 81.48 7.85 8.46 7.57 18!?5 26.16 25.48 0)28.10 15.40 15.17 18)16.99 21.23 22.48 23.60 12.72 13.56 18)14.60 88.51 (H>105.49 102.77 April May June 25.36 22.67 24.66 14.76 13.14 14.32 20.60 21.13 21.70 12.24 12.34 12.78 93.59 87.09 84.08 8.69 8,09 7.81 21 [26 July August September 25.82 23.83 24.52 14.55 13.38 13.69 21.23 21.08 21.58 12.20 12.00 12.21 88.48 83.85 92.17 8.22 7.79 8.56 22! 69 October November December r24.14 25.69 27.42 H3.52 14.65 15.31 21.07 21.75 22.28 12.01 12.73 12.81 93.15 84.13 80.79 8,65 7.82 7.51 23! 28 27.35 24.56 26.27 15.01 13.47 14.07 [H)23.86 21.48 22.59 13.34 12.02 12.35 104.43 85.46 82.84 9.70 7.94 7.70 B29150 24.20 21.18 22.92 12.97 11.53 12,61 22.16 19.59 19.95 12.02 10.79 11.26 72.90 62.72 71.19 6.77 5,83 6.61 r25*.86 24.86 23.96 r24.28 13.70 H2.57 r!3.08 21.61 19.37 r21.27 12.24 10.50 rll.73 72.28 65.99 66.40 6.71 6.13 6.17 p24*.93 P23.99 p!2.52 p20.80 pll.09 71.38 6.63 April May June ... . .... 59^73 59! 98 60!83 63^43 1979 January February March 8.22 B>9.80 2i!ei 9.55 67! 63 69^95 73^45 76!66 1980 January February March .... April . May June ... July August September October November December .. . 84*. 09 r87*.94 [fl)p89;84 , . NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted seriesare indicated by @. Current high values are indicated by[R); 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, 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 1980 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS Qj FIXED CAPITAL INVESTMENT-Con. Minor Economic Process Residential Construction Commitments and Investment Business Investment Expenditures Timing Class Year and month C, Lg, Lg C, Lg, Lg 61. Business expenditures for new plant and equipment, total 59. Machinery and equipment sales and business construction expenditures (Ann. rate, bil.dol.) (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 87. Structures 88. Producers' 86. Total equipment 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.) L, L, L 29. Index of new private housing units authorized by local building permits (1967=100) L, L, L 89. Residential fixed investment, total, in 1972 dollars {Ann. rate, bif. dol.) 1978 January . February March 144^25 205.29 209.48 213.55 152.0 153.6 156.5 133J 40*2 93*6 1,779 1,762 2,028 140.5 140.2 145.3 59*4 April May June 150."?6 222.93 221.05 228.54 158.0 158.4 160.1 14CL3 43*9 96*4 E>2,182 2,018 2,092 157.4 142.6 [H>160.2 E>60'9 July August September 155.'ii 230.65 236.47 245.60 161 .7 163.4 163.8 14l!e 45 .'i 96*5 2,090 1,983 2,014 144,3 136.6 141.4 eo.'z 163.*96 245.93 249.54 252.58 164.8 165.0 166.8 145! 5 46. *5 98*9 2,001 2,111 2,052 143.9 145.0 146.8 60*6 January February March 165^94 256.93 256.86 268.78 168.2 169.3 171.0 147^2 45*8 101 !3 1,727 1,469 1,800 119.1 120.4 136.7 57*7 April May June 173"48 261.20 268.02 265.92 168.7 171.2 171.2 146^9 47*9 99*6 1,750 1,801 1,910 125.0 133,1 132.4 56.*7 July August September 179^33 274.41 278.61 280.10 171.3 171.6 173.4 15CK7 48^7 H>10l!9 1,764 1,788 1,874 126.3 131.0 136.9 56^5 October November December T86.*95 285.29 279.46 287.54 172.3 172.6 174.1 150*5 50. 'l 100.4 1,710 1,522 1,548 119.4 104.0 100.7 55 ,*8 191.'36 297.92 E>303.20 300.05 174.9 176.0 !>176.1 G)5CL3 100*9 1,419 1,330 1,041 102.7 E>151.2 Bl93!a9 291.99 293,49 292.17 174.2 171.9 169.8 145!3 49J 96.3 1,030 906 1,223 63.7 66.6 87.1 July August September a!91*.24 T293.84 r285.47 P302.73 r!70.1 r!70.5 rl70.5 rl43.'s r46.*8 r96.7 October November December al93J7 .... October November December .... 1979 1980 January February March .... April May June (NA) p!71.7 94.3 78.2 1,265 rl,429 rl,545 109.9 126.3 pi, 569 107.7 51 .'7 4CL7 99.8 r42.2 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 (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. NOVEMBER 1980 67 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS Mj INVENTORIES AND INVENTORY INVESTMENT Minor Economic Process . . . . . . . . Timing Class Year and month Inventory Investment 1,1,1 1,1,1 Inventories on Hand and on Order U I, L 36. Change in inventories on 30. Change in hand and on order in 1972 business inven dollars toriesin 1972 dollars Monthly Smoothed data data1 31. Change in book value of mfg. and trade inventories, total I, L, I 38. Change in stocks of materials and supplies on hand and on order, mfg. Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg Manufacturing and trade inventories 71. Current dollars 65. Mfrs.' inventories of finished 70. Constant goods, book (1972) dollars value i, 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. {Ann. rate, bil.dol.) (Ann. rate, bil.dol.) {Ann. rate, bil.dol.) (Ann. rate, bil.dol.) January . . , February March ie!s 21.07 13.75 [H>35.22 16.33 18.36 20.35 42.9 36.3 61.1 0.48 1.41 1,81 341.01 344.04 349.13 238.18 238.92 241.23 59.76 59.78 60.24 1.61 1.58 1.57 144.38 145.80 147.60 April May June 15ie 28.69 18.05 14.51 24,62 H)26.60 23.87 61.2 32.0 32.1 1.84 2.00 2.32 354.23 356.90 359.58 242.94 243.93 244.65 60.71 61.03 61.45 1.55 1,56 1.56 149.44 151.45 153.76 July August September 1IL2 14.94 18.77 14.06 18.12 15.95 16.00 37.0 42.9 38.8 1.95 1.64 2.94 362.66 366.23 369.47 245.54 246.77 247.13 61.85 62.65 62,74 1.58 1.56 1.57 155.71 157.35 160.29 October , . November . . . December 12.0 14.46 18.32 19.09 15.84 15.69 16.45 42.0 54.3 37.8 2.19 3.19 2.84 372.97 377.50 380.64 247,88 249.09 249.59 62.75 63.64 63.88 1.55 1.55 1.55 162.48 165.67 168. B2 28.12 14.56 13.64 19.57 21.22 19,68 56.8 47.2 39.8 D5.09 12.3 3.70 2.98 385.38 389.31 392.63 250.98 251.38 252.24 64.70 65.51 65.88 1.56 1.58 1.54 173.60 177,30 180.29 28,62 -1,31 20.72 18.86 16.30 14.83 68.1 43.7 57.3 4.33 0.52 2.59 398.31 401.94 406.72 253.80 254.71 256.18 67.08 67.22 68.08 1.61 1,57 1.62 184.62 185.14 187.73 24.47 15.32 15.26 44.9 15.2 1.24 2.21 1.74 413.58 417.32 418.59 258.92 IB) 259. 42 257.63 68,62 68.95 69.87 1.62 1.62 1.61 188.97 191.18 192.93 {Bil.dol.) (Bil.dol.) (Bil.dol.) (Bil.dol.) {Bil.dol.} (Ratio) 1978 1979 January February . . . March April May June fi>18.'l [R>82.3 July . . Autjust September 7.'i October November December 1*4 -4.33 -8.72 -13.45 -2.88 -9.54 -10.12 53.4 37.8 10.2 2.24 2.52 1.51 423.04 426.19 427.04 258.18 258.13 257.32 69.75 69.94 70.53 1.62 1.63 1.62 195.16 197.69 199.20 January February March 6."3 -9.97 -16.31 -0.77 -9.77 -11.98 -11.13 57.3 42.1 48.0 2.48 2.54 1.21 431.82 435.32 439.32 257.47 256.82 256,88 71.78 72.76 73.94 1.S9 1.60 1.66 201.67 204.^2 (H}205.43 April May . Juno z.'e -7.17 -7.18 r-12.44 74.4 -27.42 r-21.23 -0.36 -2.85 -2.32 445.53 445.80 447.03 258.65 257.83 257.50 75.76 76.21 76.61 101.75 14.8 r3.58 r-2.57 p-9.12 r-15.44 r-10.88 p-4.72 29.7 1.37 r29.3 p30.1 -1.50 pi. 29 449.51 r451.95 |H>p454.46 257.90 r257.74 P257.01 77.00 B>77.19 76.76 (NA) (NA) 2.46 -21.16 8.90 1980 July August September October November December r-6.*2 1.10 (NA) (NA) 3.3 (NA) (NA) (NA) 1.72 1.74 1.70 rl . 74 pi. 65 (MA) 200.07 202,22 199.90 201.27 199,76 P201.05 (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(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 13, 15, 26, and 27. ^Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. NOVEMBER 1980 KCIt CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS BH PRICES, COSTS, AND PROFITS Minor Economic Process U, L, L L.L.L Timing Class 92. Change in sensitive prices Year and month Stock Prices Sensitive Commodity Prices Monthly data 2 Smoothed data3 (Percent) (Percent) 23. Index of industrial materials prices© (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.) 18. Constant (1972) dollars (Ann. rate, bil.dol.) L,C,L L.C.L Corporate profits after taxes with IVA and CCA 1 79. Current dollars (Ann. rate, bil.dol.) 80. Constant (1972) dollars 2 (Ann. rate, bil.dol.) Ul, I 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) 1978 January February March 0.74 0.27 0.94 1.47 1.36 0.90 219.7 219.9 219.8 90.25 88.98 88.82 106\7 71^2 7(X4 47^4 April May June 1.36 0.82 1.82 0.75 0.95 1.19 220.3 217.8 222.1 92.71 97.41 97.66 122^4 79^9 84^7 55^7 1CL7 July August . . September 2.45 0.03 1.37 1.51 1.56 1.36 224.7 232.6 239.1 97,19 103.92 103.86 124^6 79^7 87^7 56\7 l6.*7 October November December 1,32 1.60 1.22 1.09 1.17 1.40 249.4 254.8 251,8 100.58 94.71 96.11 132^3 83^2 i>89!7 56\9 ll!6 1.77 2.92 3.04 1.45 1.75 2.27 258.3 273.5 288.5 99.71 98.23 100.11 142!6 87^3 87.6 54.4 11. *4 -0.35 2.85 2.93 2.22 1.86 1.83 294.5 293.8 293.9 102.07 99.73 101.73 139^3 83^7 87.9 53^4 ii!6 July August September ... 1.63 1.09 3.47 2.14 2.18 1.97 297.3 298.1 297.3 102.71 107.36 108.60 14o\3 86\9 86^8 5K5 1K2 October November December 2.63 1.92 2.33 2.23 2.54 2.48 307.7 304.0 309.6 104.47 103.66 107.78 146.9 84.7 80.3 46.9 11.0 2.43 316.2 E)322.5 316.9 110.87 115.34 104.69 [H>158!6 72^6 41^4 B>ii!5 301.9 278.5 267.5 102.97 107.69 114.55 127J 69.9 75^2 4K7 9^3 277.6 292.1 298.3 119.83 123.50 126.51 p!37*.2 p73'.7 p73*.l p39'.9 pib'b 300.8 "304. 2 B>130.22 5 134.99 9^9 1979 January February March April May June 1980 January February March -1.05 2.35 April May June -0.65 -0.22 rO.09 -0.10 -0.45 July August September ... r2.54 3.43 2.99 October November December 1.65 3.00 2.90 E)2.74 1.11 0.27 1.12 rl.91 2.46 EDssls 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. X Graphs of these series are shown on pages 13, 28, and 29. IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series reaching highs before 1978: series 92 (monthly), February 1977 (4.95); series 80, 3d quarter 1977 (60.3). 3See footnote 1 on page 68. ^Average for November 4, 11, and 18. 5Average for November 5, 12, and 19. ltd) NOVEMBER 1980 69 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con. MAJOR ECONOMIC PROCESS Minor Economic Process Timing Class . Year and month 0| PRICES, COSTS, AND PROFITS-Con. Profits and Profit Margins-Con. U, L, L L, L, L 81. Ratio, profits (after taxes) with IVA and CCA to corp. domestic income1 8 15. Prof its (after taxes) per dollar of soles, all manufacturing corporations (Percent) (Cents) Unit Labor Costs and Labor Share Cash Flows L, L, L L,L, L L, L, L 26. Ratio, price Net cash flow, corporate to unit labor cost, nonfarm business sector 2 34. Current 35. Constant (1972) dollars dollars (1967=100) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) Lg, Lg, Lg 63. Index of unit labor cost, private business sector (1967-100) Lg, Lg, Lg Lg, Lg, Lg 68. Labor cost per unit of real gross domestic product; nonfinancial corporations (Dollars) Lg, Lg, Lg 62. Index of labor cost per unit of output, manufacturing 64. Compensation of employees os a percent of national income {1967--=100) (Percent) 1978 January .... February March e'.z 5^6 94^7 mil niU 189!4 1.002 161.5 163.9 164.4 76L7 April May June i\\ Sii 9s!s 195.*5 123!s 192J 1,009 163.1 163.2 163.3 75^6 July . . Auqust September . . . Y.2 5^5 96,'6 197^3 122!s 195^2 1.024 163.6 163.1 163.9 75*4 October November . , , December Y.z $.1 96.'6 205!; 125^8 19916 1.042 164.9 166.6 167.8 7S!6 January February .... March e!e ei.'g 94*.7 2ie!b 129^8 205^9 1.075 170.0 171.4 171.5 75.'5 April May June 6.*6 5.*6 94^4 217.'3 127.*4 21l!? 1.104 174.9 173.0 173.7 75^9 July . . . . August September . . 6.Q sis 94*2 22B.3 isois 217*6 1.127 174.6 175.8 176.3 75^8 October November December . , . 5^5 5*,4 94*. 6 227,7 127.5 221.1 1.152 177.8 179.2 181.5 76.0 January February March 4.*6 5*6 93^6 D238.'8 EDI 31 .'3 227 '.5 1.182 182.8 185.1 187.1 76*4 April May June s!i p4!4 93.3 207! 8 ni!? 235.6 1.220 190.6 194.6 198.0 p4*9 (NA) r93.*9 p218.*9 pni.'s [^r240.*4 [H)pl.234 1979 1980 July August . . . September October November ... December rl99.B [H>r200.0 r!99.9 [H>7?;4 p?6.*9 p!99.5 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 [H). Series numbers are for identification only and do not reflect sorios 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 15, 29, and 30. IVA, inventory valuation adjustment; CCA, capital consumption adjustment. "Scries 81 reached its high value (8.1) in 3d quarter 1977; series 26 reached its high value (98.1) in 3d quarter 197S. 70 NOVEMBER 1980 ItCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS Q MONEY ANDCREDIT Minor Economic Process L,L,L Tinning Class Year and month 85. Change in money supply (Ml-B) L,L,L UC.U 102. Change in money supply (M2) 1 (Percent) (Percent) L,L, L 104. Change in total liquid assets Monthly data Smoothed data 2 (Percent) Credit Flows Velocity of Money Money (Percent) 105. Money supply(Ml-B) in 1972 dollars L, L, L 106. Money supply (M2) in 1972 dollars (Bil.dol.) (Bil.dol.) C,C,C 107. Ratio, gross national product to money supply (Ml-B) (Ratio) C, Lg, C L, L,L 33. Net change 108. Ratio, personal income in mortgage debt to money supply held by financial institutions and (M2) life insurance companies (Ann. rate, hil.dol.} (Rato) 1978 January February March 1.11 0.00 0.48 0.66 0.41 0.64 0.83 0.82 1.08 0.99 0.93 0.89 E>224.3 223.0 222.3 E>869.1 867.6 866.3 5.974 1.243 1.247 1.257 82.43 85.03 89.80 April May June 1.12 0.88 0.70 0.65 0.66 0.62 1 .06 0.95 1.11 0.79 1 .04 865.6 864.5 862.3 6.110 1.04 223.2 223.4 223.0 1.265 1.265 1.270 85.40 93.48 89.80 July August September 0.40 0.43 1.11 0.57 0.78 0.93 0.81 1.03 1.18 0.94 0.89 0.94 222.4 222.0 222.5 861.5 863.0 863.5 6.158 1.282 1.280 1.279 89.15 101.17 92.98 October November December 0.20 0.79 0.73 0.77 0.74 0.57 0.66 1.24 1.11 0.98 0.99 1.02 221.1 221.4 221.6 862.8 863.6 862.9 6.258 1.287 1.293 1.303 94.51 94.62 91.61 0.03 0.19 0.89 0.43 0.45 0.91 0.61 0.79 1.20 1.00 0.91 0,85 219.6 217.6 217.3 858.6 852.9 852.0 6.341 .303 .310 .312 100.84 82.15 88.18 1.57 1.13 1.02 1,37 0.95 1.08 218.7 216.2 216.7 852.6 848.7 849.6 6.281 1.27 1.02 0.58 1.13 .305 .305 .300 75,24 91,96 94.76 July August September 0.94 0.66 0.61 0.85 0.91 0.74 0.74 0.85 1.11 1.02 0.99 216.4 215.7 214.5 847.7 846.9 843.3 6.310 .308 .305 1.304 97.36 84.01 87.42 October November December 0.18 0.34 0.57 0.48 0.42 0.60 0.49 0.28 0.69 0.95 0.81 0.60 212.8 211.3 210.0 839.1 834.1 828.9 6.390 1.312 1.323 1.330 (H)103.69 77.12 51 .59 0.44 0.82 0.59 0.80 0.41 0.66 0.96 0.65 0.52 0.66 0.76 208.0 206.9 203.9 822.4 817.7 809.5 6.460 1.334 1.329 1.333 87.55 67.51 69.29 -0.21 0.48 0.72 0.57 0.73 0.66 0.60 199.7 197.8 198.2 800.5 799.9 804 .1 E>6.56o E>1,337 1.331 1.318 50.12 16.79 0.63 r6.450 1979 January February March t April May June -0.11 (H>1.38 E>1.14 1980 January February March -0.03 April May June -1,18 -0.10 1.22 July August September 0.92 (H)1.80 rl.32 pO.93 3 1.67 October November December 0.79 1.51 rO.71 rl.19 reO.74 rO.74 reO.85 200.0 202.3 r202.9 816.2 820.5 r818.1 pO.77 eO.90 eO.91 p202.8 p816.2 1.51 1.21 0.70 1.320 rl.315 rl . 320 pi. 325 7.87 43.37 r66.52 p75.97 CNA) 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 ED; 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 13, 31, and 32. Series 102 reached its high value (1.64) in June 1975. 2See footnote 1 on page 68. 3Average for weeks ended November 5 and 12. NOVEMBER 1980 71 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS ^H MONEY AND CREDIT-Con, Minor Economic Process Timing Class Year and month Credit Flows-Con. I, L, L 112. Net change in bank loans to businesses (Ann. rate, bil.dol.) L, L,L L,L, L 11 3. Net change in consumer installment debt (Ann. rate, bil.dol.) L, L, L L, I, I 14. Current liabilities of business failures®l 110. Total private borrowing (Ann. rate, mil.dol.) L, U,U 39. Delinquency 93. Free rate, 30 days reserves ® and over, consumer installment loans (Mil.dol.) 1 merest Rates Bank Reserves Credit Difficulties (Percent) (Mil.dol.) L, Lg, U 94. Member bank borrowing from the Federal Reserve© {Mil.dol.} L, Lg, Lg C, Lg, Lg 119. Federal funds rate @ 114. Treasury bill rate® (Percent) (Percent) 1978 January February March 17.21 19.97 29.24 34,34 48.91 April May June 18,10 26,24 21.96 49.27 51.36 50.48 July August September 13.61 11.78 13.92 October November December 10.90 309,956 168.31 205.01 324.41 2.42 2,48 2.51 -176 -272 336,240 202.99 160.40 178 84 2.44 2.28 41.59 43 58 44,16 345 916 231 82 206 40 127 02 394 412 -0.94 40 51 45 98 52 79 475 34 178 93 196 54 January February , March 39 31 33.07 5 76 36 80 42,76 43 50 347,904 April May June 39 52 49 26 9.76 8.77 481 405 344 6.70 6,78 6.45 6.46 6 79 6 32 -475 -975 -974 539 1 ,??7 1 111 6 89 7 36 7 60 6 31 6 43 6 71 2 42 2 37 2 42 -1 ,146 1 286 1 147 1 068 7 81 8 04 8 45 7 07 7 04 7 34 2 35 2 34 2 45 -1 049 2 44 -38 -885 -993 1 ?61 7?? -417 -749 8 96 8 11 9 8 7£ 874 in ni fiQ9 QQA 1A -764 973 10,06 i n no 70 Q IP IS79 July Auyust September October November December "31 QQ -3Q ?1 ?i •an 70 dfi ^R 29 32 on CA 43.36 90 £7 qc O.CC Q£A O£T OQ 01 1 fl 00 00 4 CC 1£ 1 Q 00 177.09 1P7 7fi 242.76 pnn A.f\ 070 i 7 91 9 ?n fuN/id ann [H}53.35 70 •3 1 Q9 007 an 186.20 •anq 740 OQC 7C m "3T . JI [u\o 1 o lH/<-. I £ 2.31 9 Q-3 OOQ 7A9 a QV 0 flO 2 07 0 AC 0 AC QQQ 2 d7 QC\A -yu^ HQ7 1 ,uy/ -1,339 1,344 Tfcn I ,750 2,022 1 ,906 1,473 2.59 /1 C. 2 .45 2 . en oU OQQ aon - i1 ,^yu 1 i 7c 138,02 f\ £.64 -1 »751 -1,079 r352,792 243.15 190.79 274.24 2.37 2.32 2.53 -1,465 P-2,680 r171 ,740 428 15 381 15 436 68 2 53 2 64 2 74 fR 1 777 1 » 1 'I •1 '3Q£ 1 1 7Q A7 9 . qe 4b 9.27 /1/T 9 ,*lo i 1 UA, UAT1 9 . A**yft Gfi 9 .bo f\f 9 .Ub 1 fS 4/ 47 (U. 9 . f>^? cy /1 r 9 .flb i n l^ o/t IU, in IU. 9fl ^y i ny4 QA IU, 11.43 i *a 77 T? 13, T <3 14, 1Q IB 1 Q 7O 1 3 , /8 10.18 n ,47 11 01 1 1 ,«/ 12.07 1980 January February March April May June July AUQUSt September October November December [H}55.48 35.83 -1.52 2.47 -38.96 2.14 16.46 27.54 17.24 -23.82 -41.21 -41 56 H3.06 r30.23 r30.3§ -7.31 0 18 17.40 p29.36 2 29.65 (NA) p283,032 445 69 345 41 (NA) -999 -2 261 -835 p-114 2 77 2 94 2 70 p28 p-356 P i nR£ (NA) p-1 018 9 -i 4°n 1,?41 1,655 H>2,824 13.82 14.13 17,19 12 04 12.81 [H)15.B3 2 455 1 018 p'J65 fu\i7 51 10 98 9 47 14 00 9 15 p390 p687 _1 •) A A nl '41 'i 3 1 071? 9 03 9 61 i no/07 IU. 1? Rl 91 A GO 7 nn 8 13 Q Pfi 10 32 n ea i»i o 70 (MOTE: Series are seasonally adjusted except those series that appear to containno 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 [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 32, 33, and 34. 1 3 Sories 14 reached its high value (96.99) in September 1977. 2Average for weeks ended November S and 12. Average for weeks ended November 5, 12, and 19. ''Average for weeks ended November 6, 13, and 20. 72 NOVEMBER 1980 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS Q MONEY AND CREDIT-Con. Minor Economic Process Timing Class Outstanding Debt Interest Rates-Con. Lg, Lg, Lg C, Lg, Lg U, Lg, Lg 116. Corporate bond yields® 115. Treasury bond yields® 117. Municipal bond yields® (Percent) (Percent) (Percent) Lg, Lg, Lg Year and month Lg, Lg, Lg Lg, Lg, Lg 18. Secondary 67. Bank rates n short-term market yields onFHA justness loans mortgages® ® 109. Average prime rate charged by banks® (Percent) (Percent) (Percent) Lg, Lg, Lg 66. Consumer installment debt (Mil.dol.) Lg, Lg, Lg 2. Commercial nd industrial oans outtanding, weekly eporting large ommercial anks {Mil.dol.) Lg, Lg, Lg 95. Ratio, consumer installment debt to personal 'ncome (Percent) 1978 January February March 8 70 8 70 7 51 7 60 5 71 5 62 9 18 8.70 7.63 5.61 9 35 April May June 8.88 9.00 9.15 7.74 5.80 7 87 6 03 9 44 9 74 7.94 6.22 (NA) July August September 9.27 8.83 8.10 6.28 8 78 7 88 7 82 6 12 6 09 9 96 9 81 9 81 October November December 9 14 9 30 8 07 8 16 6 13 9 98 fi 1Q in r\A 9.30 8.36 6.50 10.23 January February March 9 47 9 52 9 65 8 43 8 43 fi 47 R 45 6 in 9£L 10 24 in ?fi April May . June 9.69 8.44 9 82 8 55 9.51 8.32 6 29 6 25 6 13 10 61 10 49 July August September 9 47 9 57 9 87 8 35 8 42 8 68 6 13 6 20 6 52 10 46 10 58 11 37 October November December 11.17 11 52 11 .30 9.44 9 80 9 58 7 08 7 30 7 22 12 41 1 2 24 11 65 13 23 53)14 08 10 03 11 .55 |H>11 87 7 35 8 16 fH}9 17 April May June 13.36 11.61 11.12 10.83 July August September 11.48 12 31 12 74 October November December 13.17 M4.07 11.20 '11.84 (NA) 8 90 8 96 9 92 11 AA 7 93 8 00 8 00 225 714 228 576 232 652 118 248 11 q cop 121 346 8 00 8 27 8 63 236 758 241 038 245 245 122 854 lot; nil 126 871 9 00 9 01 9 4] 248 711 252 343 128 005 9 94 i n Qd. 11.55 ocq qqq O C O 901 coo yCj I 267,630 9CC noq 13 95 M m U r\c 14 1? 1/1 oq 1/1 on 1400 IOQ qoy ion 1/17 U 101 U ACC •\ ql lo 1 ,7QC /oo 131,708 AQ 1 A CO cc 14.61 14.65 1979 fi "31 -30 19 97 n n n -jc 97fi KQ7 -jc -jc 07/1 ocn nofl m i 07 7 /in 977 QOK LI I ,OOD 1loo,c£U OQ 99n 11 75 11 75 11 65 281 990 n (NA) 12 34 12 31 CA 11 91 12 90 14 39 15 55 (NA) 15 81 1C on 141 *\99 OQC Oqc m 287 854 146 124 oqn ?Q7 292 743 OQ7 l aft 1A 1 4 , 1C. /o 1 A I4.o 01 1 14.84 14 oq ic no 1C I-! l/iq cno 1£ 0,9 1 CO f)AQ i c n/i (HYl*. 1C IRQ 1 CC 299 375 301 782 303 131 155 971 1C 1 1 1 CA O1O 1C m CqO CC1 U fit QC 1980 January February March 12 60 {NA) 15 67 0)14 63 15 25 15 63 1 ft "31 304 503 306,798 0)308 235 159 215 162 201 162 074 U qo 14 88 i A oq 9.82 9.40 8.63 7.59 7.63 13.45 11.99 11.85 1)17.75 B)19.77 16.57 12.63 306,250 302,816 299,353 162,280 159,033 159,211 14.78 14.57 14.32 9.83 8.13 10 53 10 94 8 67 8 94 12.39 13 54 14 26 11 56 11 48 11 12 12 23 298,744 298 759 300,209 rl60,299 r!62,818 165,347 14.06 r!3 94 pi 3 86 9.11 14.38 2 9.55 3 13.79 15.56 (NA) [H)pl67,794 "170,265 (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 byH); 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. 3 Average for weeks ended November 7, 14, and 21. 2Average for weeks ended November 6, 13, and 20. Average for November 1 through 24. '•Average for weeks ended November 5 and 12. IM Jl NOVEMBER 1980 73 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Qj DIFFUSION INDEXES Year and month 950. Twelve leading indicator components (series 1,3, 8, 12, 19, 20,29,32,36,92, 104, 106) 1 -month span 6-month span 952. Six lagging indicator components (series 62, 70, 72, 91, 95, 109) 951. Four roughly coincident indicator components (series 41,47,51,57) 1 -month span 6-month span 961. Average workweek of production workers, manufacturing (20 industries) 1 -month span 6-month span 1-month §pan 9-month span 962. Initial claims for State unemployment insurance, week including the 12th (51 areas) 963. Number of employees on private nonaqricultural payrolls (172 industries) 1-month span 9- mo nth span 1 -month span 6- mo nth span 1978 January February March 45.8 62.5 41.7 58,3 54.2 58.3 25.0 75.0 100.0 100.0 100.0 100.0 100.0 100.0 91.7 100.0 100.0 100.0 2.5 75.0 90.0 77.5 65.0 40.0 33.3 47,1 54.9 76.5 56.9 47,1 68.6 68.6 71.8 82.3 82.8 79.9 April May June 66.7 54.2 62.5 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 85,0 5.0 62.5 52.5 70.0 95.0 82.4 11.8 58,8 52.9 60.8 60.8 69.8 61.9 64.2 74.7 75.3 74.7 July August September 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 47.5 45.0 60.0 82.5 47.5 22.5 49.0 42.2 94,1 51.0 76.5 15.7 61.0 67.7 67.2 73.3 77.6 80.5 October November December 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 35.0 67.5 57.5 62.5 70.0 12.5 25.5 29.4 86.3 51.0 66,7 29.4 68.0 75.3 74.7 82.0 79.1 78.2 January February March 58.3 41.7 66.7 33.3 41,7 41.7 25.0 75.0 100.0 75.0 87.5 50,0 83.3 75.0 75.0 100.0 100.0 100.0 52.5 37.5 67.5 15.0 10.0 15.0 11.8 72.5 68.6 46,1 27. 5 25.5 66.9 66.3 62.2 74.7 71.8 64.0 April May June 25.0 45.8 41.7 41.7 33,3 29.2 12.5 75.0 75.0 75.0 50.0 25,0 91.7 75,0 83.3 83.3 100.0 100.0 0.0 92.5 32.5 17.5 30.0 17.5 7.8 66.7 66.7 56.9 49.0 31.4 49.7 58.1 57.8 60.5 53.8 51.5 July August September 45.8 29.2 54.2 37.5 33.3 45.8 100.0 50.0 50.0 100.0 50.0 75.0 66,7 83.3 75.0 100.0 83.3 75.0 75.0 45.0 72.5 32.5 25.0 90.0 37.3 54.9 86.3 21.6 23.5 49.0 57.0 54.4 52.9 58.1 55.5 55.2 October November December 16.7 20.8 50.0 41.7 45.8 16.7 62.5 50.0 100,0 75.0 75.0 25.0 83.3 41.7 50.0 50.0 58.3 50.0 37.5 57.5 65.0 45.0 32.5 27.5 8.8 53.9 68.6 35.3 33.3 5.9 65.1 55.2 53.5 59.3 63.1 56.4 January February March 41.7 29.2 33.3 0.0 16.7 12.5 75.0 25.0 0.0 25.0 0.0 0.0 58.3 66.7 41.7 66.7 66.7 50.0 75.0 10.0 0.0 17.5 2.5 5,0 25.5 60.8 46.1 2.0 2.0 p9.8 60.2 54.9 45.9 42.7 38.1 32.0 April May . , June 12.5 16.7 50.0 16.7 41.7 45.8 0.0 0.0 25.0 0.0 0.0 25.0 66.7 33.3 33,3 50.0 50.0 50.0 55.0 17.5 17.5 r!2.5 5.0 p5.0 3.9 33.3 70.6 (NA) 28.2 29,1 22.7 22.4 r26.7 r25.6 July August September 83.3 79.2 91.7 "80.0 25.0 75.0 75.0 2 66.7 33.3 33.3 50.0 32.5 r87.5 r65.0 34.0 T61.6 r65.4 p33,l October November December '70.0 1979 1980 2 100.0 0.0 "50.0 3 p55.0 P62.7 (NA) p65.1 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. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950,951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 36, Excludes saries 12 and 36 for which data are not yet available. 2 Exeludes series 57 for which data are not yet available. 3 Exeludcs series 70 and 95 for which data are not yet available. 74 NOVEMBER 1980 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Con. BB| DIFFUSION INOEXES-Con. 964. Value of manufacturers' new orders, durable goods industries (35 industries) Year and month 965. Newly approved capital appropriations, deflated, The Conference Board {17 industries) 1 -month span 9-month span 37.1 60.0 45.7 85.7 91.4 80.0 62 74.3 42.9 57.1 85.7 80.0 94.3 27 July August September 48.6 80.0 66.7 88.6 80.0 88.6 59 October November December 77.1 45.7 62.9 9K4 50 97.1 91.4 1 -quarter span 966. Index of industrial production (24 industries) 967, Index of industrial materials prices ® (13 industrial materials) 1 -mo nth span 6-month span 1 -month span 49 39.6 47.9 85.4 83.3 79.2 91.7 69.2 34.6 46.2 '56 87.5 54.2 83.3 87.5 87.5 85.4 *48 70.8 83.3 70.8 4-Q moving avg. 9-month span 968. Index of stock prices, 500 common stocks' * ® 1 -month span 9-month span 960. Net profits, manufacturing 2 ® (about 700 companies) 1-quarter span 4-quarter span 1978 January February March April May June . . 3 66.7 66.7 58.3 30.6 50.0 "49.1 "62.1 '69.8 *78 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 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 *80 91.7 79.2 83.3 88.5 80.8 42.3 88.5 88.5 92.3 69.0 39.1 47.3 67.3 *74 *52 66.7 79.2 87.5 62.5 66.7 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 '71 45 62.5 54.2 70.8 56.2 54.2 45.8 69,2 42.3 53.8 80.8 84.6 80.0 16.4 90.0 90.7 88,9 75.0 *74 '45 16.7 62.5 56.2 66.7 50.0 54.2 46.2 30.8 53.8 66.7 66.7 58.3 64.8 92.6 53.7 63.0 68.5 68.5 *63 "51 52.1 39.6 45.8 58.3 58.3 45.8 =62.5 4*7 64.6 52.1 58.3 "66.7 58.3 3 58,3 38.0 95.4 69.8 37.7 39.6 16.7 16.7 12.5 50,0 73.1 61.5 74.1 52.8 39.6 47.2 p48 75.0 37.5 35.4 12.5 16.7 16.7 r!6.7 8.3 r!2.5 11.5 15.4 r29.2 p33.3 53.8 76.9 57.7 3 3 8,1 8.6 0.0 1979 62.9 45.7 62.9 ! 82.9 80.0 61.4 48 25.7 62.9 51.4 65.7 62.9 60.0 33 July August September 42.9 57.1 60.0 54.3 45.7 75.7 48 October November December 51.4 45.7 54.3 62.9 62.9 42.9 53 January February March 72.9 40.0 31.4 22.9 28.6 34.3 71 April May June 17.1 34.3 42.9 r54.3 p34.3 January February March ..,.' April May June . . . 61.5 76.9 5 91.7 5 5 5 5 3.7 ... 54 1980 . .. July August September 71.4 October November December 44.3 15 p50 r54.3 r82.9 r87.5 p71.4 p75.0 3 5 58.3 50.0 0.0 66.7 6 65.4 6 53.8 3.8 77 .4 50.0 46.2 46.2 26.4 92.5 89.6 90.6 94.3 86.8 46.2 92.5 88.7 76.4 (NA) 43.4 50.0 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 by @. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 37. x 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, on 54 industries through January 1980, and on 53 industries thereafter. Data for component industries are not shown in tab.le C2 but are available from the source agency. 2 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 4, 11, and 18. NOVEMBER 1980 75 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Con. DIFFUSION INDEXES-Con. Year and quarter 970. Business expenditures for new plant and equipment (18 industries) 971. New orders, manufacturing1© a. Actual expenditures Actual b. Later anticipations e. Early anticipations 973. Not sales, manufacturing and trade1 © 972, Net profits, manufacturing and trade1® Anticipated Actual Anticipated Actual Anticipated (4-Qspan) (4-Q span) 78 80 84 82 80 81 84 85 82 86 90 86 73 76 78 78 79 82 84 83 84 86 88 86 87 92 90 80 84 80 72 78 74 70 72 78 82 80 70 87 84 82 82 85 88 84 78 66 75 57 62 62 54 66 73 59 61 73 62 (NA) 72 80 63 67 (1-Q span) (1-Qspan) 0-Qspan) (4-Qspan) (4-Qspan) (4-Qspan) 66.7 75.0 88.9 44.4 61,1 72.2 69.4 58.3 66.7 66.7 66.7 72.2 80 83 82 82 80 86 88 84 71 74 74 76 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 83.3 77.8 66.7 72.2 66.7 72.2 55.6 72.2 69.4 77.8 85 81 73 78 52.8 63.9 (NA) 50.0 58.3 41.7 47.2 75.0 66.7 50.0 74 63 (4-Q !ipan) 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 1980 First quarter .. Second quarter Third quarter,. Fourth quarter (NA) (NA) DIFFUSION IIMQEXES-Con. Year and quarter 974. Number of employees, manufacturing and trade1 © 975. Level of inventories, manufacturing and trade1® 976. Selling prices, manufacturing 1 © Actual Actual Actual Anticipated (4-Q span) (4-Q span) Anticipated Anticipated 977. Selling prices, wholesale trade1 ® Anticipated Actual {4-Q span) (4-Q span) (4-Q span) (4-Qspan) (4-Q span) (4-Qspan) 978. Selling prices, retail trade1 ® Actual Anticipated (4-Q span) (4-Q span) 1977 First quarter .. Second quarter Third quarter,, Fourth quarter 60 59 61 62 59 60 61 59 74 72 74 75 65 68 72 70 86 86 87 87 78 81 86 82 87 86 88 90 80 86 86 84 90 86 92 92 86 84 89 88 62 64 64 63 59 60 62 62 76 76 76 78 67 70 73 74 87 88 90 91 82 84 87 87 89 92 93 94 84 90 87 90 91 94 94 93 90 88 92 92 62 60 60 58 60 60 58 56 80 76 73 75 70 74 71 68 92 93 92 94 86 88 88 86 96 95 95 96 88 90 92 90 94 95 94 96 90 92 92 90 58 54 (NA) 54 56 48 50 67 61 (NA) 62 70 53 56 90 88 (NA) 87 90 83 86 92 90 (NA) 90 92 87 88 92 91 (NA) 90 93 84 90 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 1979 First quarter .. Second quarter Third quarter.. Fourth quarter 1980 First quarter ,. Second quarter Third quarter.. Fourth quarter NOTE: Figures are the percent of series components rising. {Half of the unchanged components are counted as rising.) Data are placed 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. G raphs of these series are shown on page 38. *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 1980 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Con. IQ SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1980 June May April March July August p September1" October 961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING ' (Average weekly hours) 39.8 All manufacturing industries o (0) Percent rising of 20 components 39.8 39.3 (55) 39.1 39.0 08) (18) (32) 37.3 + 38.5 37.5 + 37.6 37.6 + 37.0 38.1 + 36.6 + r38.9 r37.4 40.6 40.6 40.3 39.2 40.4 38.8 40.2 38.6 + r39.2 39.6 40.6 + r40.1 + + r40.8 + 39.0 + 39.6 + r39.4 + 40.4 38.2 + + + + 39.4 + 39.5 (88) (65) (55) o + 38.9 38.1 38.6 38.0 40.3 + 41.0 39.7 + 39.6 Durable goods industries: Lumber and wood products Furniture and fixtures . 38.7 38.5 ... o + Stone clay and glass products Primary metal industries 40.9 40.7 Fabricated metal products Machinery except electrical 40.7 41.3 + + 40.8 41.5 39.9 41.0 39.7 40.7 Electrical equipment and supplies Transportation equipment 40.0 40.4 + 39.9 40.5 39.5 39.7 39.2 39.5 Instruments and related products Miscellaneous manufacturing industries 40.4 38.6 + 40.7 38.5 40.3 38.3 Food and kindred products . Tobacco manufactures 39.3 37.7 + + 39.6 + 38.2 o 39.9 38.2 39.6 37.3 Textile mill products Apparel and other textile products 40.8 35.3 + 40.3 35.8 39.7 35.3 39.1 35.2 Paper and allied products Printing and publishing 42.6 37.2 o 42.5 37.2 41.7 37.1 41.4 36.8 41.8 39.7 41.5 41.1 41.3 42.5 41.1 42.3 40.8 42.2 + + o r42.2 + 39.9 36.9 + + 40.1 37.3 39.2 36.7 39.0 36.1 + + r40.2 r36.5 o - r72,229 + + + + + 40.9 40.4 40.3 41.0 o 40.3 40.8 + 39.5 40.4 + + 39.7 40.8 40.1 o 38.3 + r40.1 o 38.6 + 40.1 38.8 39.7 + 38.5 - r39.8 r37.3 39.7 37.0 o + 39.7 38.4 38.8 35.1 + r39.2 o r35.1 o 39.6 35.1 o + 39.6 35.3 41.4 + 36.9 + 41.8 + 37.1 42.2 36.9 + + 42.3 37.0 41.0 + 41.3 42.5 + o 41.4 42.5 40.2 36.4 + 40.4 36.2 40.9 39.8 38.6 Nondurable goods industries: Chemic; Is and allied products Petroleum and coal products ... Rubber and plastic products, n e e Leather and leather products + 39.3 36.7 o o + 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES 1 (Millions of dollars) All durable goods industries - Percent rising of 35 components 77,546 - 72,416 - - 66,454 + r74,228 (43) (34) (17) (31) 67,328 Primary metals Fabricated metal products - 11,141 9,738 - 9,680 8,862 - 8,373 8,333 + - Machinery except electrical Electrical machinery - 14,000 11,109 - 11,651 10,737 + - 12,701 10,022 + 13,085 - 9,941 Transportation equipment Other durable goods industries + - 16,345 15,213 + - 17,510 13,976 - 14,320 13,579 + 12,672 13,733 + , 2 (54) (71) 79,373 4- 80,380 (83) (71) 8,621 + - 11,412 8,522 + + 12,554 8,903 + + 13,655 10,027 14,177 9,677 + 12,931 10,790 + - 14,817 9,977 + 14,733 11,042 - r!4,175 - 14,399 + + 17,900 15,222 + 14,929 15,994 8,947 8,076 + 10,811 + + - + r!6,362 + 14,580 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 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 included in the totals and directions of change for the six major industry groups shown here. NOVEMBER 1980 77 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Con. Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change -Con. Diffusion index components 1980 May April March Autjust r Julyr June Septemberr Octoberp + 143.7 + 966. INDEX OF INDUSTRIAL PRODUCTION ' (1967=100) - All industrial production. , - (35) Percent rising of 24 components^ Durable manufactures: Primary and fabricated metals Primary metals ,.. ..... Fabricated metal products 152.1 + - 113.7 145.5 148.3 - (12) - 144.0 - (17) 141.5 - 140.4 106.4 141.4 - 133.2 - 126.1 - 123,8 158.5 165.0 110.7 167.5 81.7 90.4 141.8 (67) (29) (17) 96.1 + (88) + 90.3 + 127.0 + 98.5 + 128.3 + + + 158.8 166.7 108.3 167.6 + 159.0 + 167.1 + 113.1 - 166.9 + 160.1 + 169.7 + 118.9 + 167,7 166.5 o 179.2 123.8 - 173.5 - 163.2 - 177.0 115.1 + 173.8 - 162.1 171.4 109.8 171.0 158.3 - 166.6 + 110.0 - 169.2 + + - Lumber, clay, and glass Clay, glass, and stone products Lumber and products - 156.4 125.3 - 148.8 - 105.2 - 140.8 104.5 - 134.5 + 109.7 - 134.2 + 112.8 + 135.0 + 120.5 + 140.6 + 124.0 Furniture and miscellaneous Furniture and fixtures Miscellaneous manufactures + 159.5 + 152.3 - 157.1 - 151.2 149.5 - 147.3 - + 138.6 144.7 + 141,1 - 144.2 + 143,1 + 145.0 - 142.0 + 136.1 - + 137.1 128.6 - 133.6 - 127.2 - 132.5 - 121.5 + 132.6 + 123.8 + 148.2 - 136.5 - 145.7 135.5 Nondurable manufactures: Textiles, apparel, and leather Textile mill products . . . . Apparel products Leather and products 139.9 131.3 69.9 72,8 Paper and printing Paper and products Printing and publishing - Chemicals, petroleum, and rubber Chemicals and products Petroleum products Rubber and plastics products - 213.6 140.7 264.4 - 209.1 137.4 261.8 - Foods and tobacco Foods Tobacco products + + - 147.8 121.9 ,. . Mining: Coal Oil and gas extraction Metal, stone, and earth minerals Metal mining Stone and earth minerals 152.7 139.2 149.3 122.2 68.5 70.1 (75) + 86.2 + 125.3 Machinery and allied goods Nonelectrical machinery Electrical machinery Transportation equipment . . Instruments 143.1 143.7 146.0 67.8 (NA) (NA) (NA) - 143.5 132.9 NA) NA) NA) (NA) 66.0 67.7 + 146.2 - 135.4 - 143.6 + 138.6 + 146.5 + 139.8 + 150.5 + 141.1 + - 150.7 140,9 199.2 133.0 248.1 - 191.1 131.3 242.9 - 190.3 - 130.5 242.5 + 196.3 - 126.2 + 245.9 + 205.1 + 130.7 + 247.6 - (NA) 129.0 (NA) + 149.5 - 116.2 - 149.0 113.9 - 148.9 + 119.6 - 148.2 - 117.4 + 148.7 + 150.0 - 133.2 - 149.8 + 134.3 + 154.9 + '134.8 - 148.9 + 135.6 - - 123.7 + 137.2 + 131.8 + 143.4 + 132.5 + + 145.0 133.9 - 132.7 136.0 123.5 - 133.1 - 120.8 128,1 120.0 123.9 83.1 71.2 - 123.1 NA) NA) (NA) + + + 149.0 + 136.0 74.0 125.5 (NA) (NA) NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) - rising, (o) ^ unchanged, and (-) ^ falling. The "r " indicates revised; "p", preliminary; and "NA", not available. *Data are seasonally adjusted by the source agency. 2 Where actual data for separate industries are not available, estimates are used to compute the percent rising. 78 NOVEMBER 1980 ltd* CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Con. mm SELECTED DIFFUSION INDEX COMPONENTS; Basic Data and Directions of Change-Con. Diffusion index components 1980 April March August July June May September October November1 + + 967. INDEX OF INDUSTRIAL MATERIALS PRICES 2 Industrial materials price index (1967=100) . . . . - 316.9 - 301.9 (62) Percent rising of 13 components - 278.5 - (15) (12) 267.5 + 277.6 + (54) (0) 292.1 + (77) 298.3 (58) 300.8 304.2 (50) (65) Dollars Copper scrap Lead scrap (pound). . (kilogram). . - (pound). . (kilogram). . + 0.732 - 0.674 -t- - 0.313 0.688 0.690 0.220 0.485 - 98.000 108.025 - 91.800 101.191 - 71.000 78.263 (pound). . (kilogram). . + - 7.918 + (pound). . (kilogram). . + Burlap (yard). . (meter). . Cotton Steel scrap (U.S. ton). . (metric ton). . Tin Zinc Print cloth Wool tops Hides Rosin . Rubber Tallow 0.364 0.802 8.368 18.448 - 17.456 0.390 0.860 - + 0,389 0.425 - (pound). . (kilogram). . - 0.788 - ' . . . . . (yard). . (meter). . + (pound). . (kilogram). . + (pound) (kilogram). . - 0.682 0.746 + 3.500 - 7.716 0.732 1.614 - 0.716 1.578 + 0.732 1.614 - 0.722 1.592 - 0.216 + 0.218 + 0.256 0.564 + 0.294 0.648 + 0.302 0.666 - 0.295 0.650 0.679 + 1.497 0.760 1.675 0.476 0.481 - 63.000 69.445 + 68.000 74.956 + 78.000 85.979 + 89.000 98.105 + 93.000 102.514 + 98.000 108.025 8.063 17,776 - - 7.742 17.068 o 7.742 17.068 + 7,974 17.579 - 7,728 17.037 - 7.487 16.506 0.375 0.827 - - 0.355 0.783 + 0.359 0.791 + 0,374 0,825 + 0.383 0.844 + 0.396 0.873 7.810 17,218 0.368 0.385 0.849 - 0.362 0.396 - 0.350 0.383 - 0.337 0.369 - 0.324 0.354 + 0.331 0.362 - 0.325 0.355 - 0.314 0.343 - 0.287 0.314 0.787 - 0,779 - 0.725 + 0.783 1.726 + 0.857 1.889 + 0.875 1.929 - 0.861 1.898 o 0.861 1.898 0.811 1.598 1,717 1.735 1.737 - - 1.517 1.486 1.614 0.695 0.760 - 0.691 3.460 7,628 - 0.490 - - 0.690 0.755 - 0.675 0.738 - 0.668 0.731 - 0.656 0.717 + 0.665 0.727 + 0.682 0.746 . - 3.200 7.055 0 3.200 7.055 + 3.400 7.496 + 3,460 7.628 + 3.500 7,716 o 3.500 7.716 - 0.380 0,838 + 0.476 1.049 + 0.522 1.151 - 0.474 1.045 + 0.498 1.098 + 0.573 1.263 0.756 3.250 7.165 1.080 0.405 0.893 + 48.000 105.821 o 48.000 105.821 - 46,500 102.514 - 45.000 99.207 o 45.000 99.207 o 45.000 99.207 (pound). . (kilogram). . - - - - + (pound) (kilogram). . + 0.152 + 0.167 + (100 pounds) (100 kilograms). . 0.592 - 1.305 0.750 - 1.653 0.711 1.567 0.181 - 0.180 - 0.168 0.399 0.397 0.370 0.682 1.504 - 0.680 1.499 0.335 0.678 1.495 0.368 o 45.000 99.207 o 45.000 99.207 o 45.000 99.207 0.688 1.517 + 0.756 1.667 + 0.802 1.768 - 0.187 0.412 - 0.179 0.395 - 0.169 0.373 + 0.180 0.397 0.797 1.757 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 4, 11, and 18. 2 Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis. NOVEMBER 1980 79 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT GNP AND PERSONAL INCOME Year and quarter 200. Gross national product in current dollars 50. Gross national product in 1972 dollars a. Total a. Total c. Percent change at annual rate b. Difference (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) c. Percent change at annual rate b. Difference 217. Per capita GNP in 1972 dollars 213. Final sales in 1972 dollars {Ann. rate, dollars) (Ann. rate, bil.dol.) 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 6,084 22.7 7.4 8.9 4.8 7.0 2.2 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 10.6 6.7 11.9 10.5 1,430.6 1,422.3 1,433.3 1,440.3 4.0 -8.3 11.0 7.0 1.1 6,512 3.1 2.0 6,460 6,494 6,509 1,418.4 1,404.1 1,426.2 1,439.0 10.8 0.1 rlO.8 1,444.7 1,408.6 rl,411.7 4.4 -36.1 r3.1 1.2 -9.6 rO.9 6,514 6,337 r6,332 1,444.4 1,406.0 rl,417.8 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 1,315.7 1,331.2 1,353.9 1,361.3 27.6 2,011.3 2,104.2 2,159.6 2,235.2 40.0 92.9 55.4 75.6 8.4 19.8 10.9 14.8 2,292.1 2,329.8 2,396.5 2,456.9 56.9 37.7 66.7 60.4 2,520.8 2,521.3 r2,586.5 63.9 0.5 15.5 1,304.4 1,317.8 1,337.3 1,350.0 6,145 6,236 6,256 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 1,351.3 1,379.6 1,395.1 1,414.6 6,431 6,506 1979 First quarter .. Second quarter Third quarter.. Fourth quarter -2.3 1980 First quarter .. Second quarter Third quarter.. Fourth quarter r65.2 GNP AND PERSONAL INCOME-Con. Year and quarter PERSONAL CONSUMPTION EXPENDITURES 230. Total in current dollars Disposable personal income 224. Current dollars 225. Constant (1972) dollars (Ann. rate, bil.dol.)' (Ann. rate, bil.dol.) 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.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 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 1,640.0 1,683.1 996.6 993.0 993.4 996.2 4,536 4,510 4,501 4,502 1,454.2 1,475.9 1,528.6 1,580.4 921.8 915.0 925.9 935.4 213.8 208.7 213.4 216.2 150.2 144.8 146.9 146.7 1,737.4 998.5 983.1 r991.7 4,502 4,423 r4,448 1,629.5 rl,626.6 H.683.3 936.5 910.8 r921.9 220.2 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 1979 First quarter .. Second quarter Third quarter.. Fourth quarter 1980 First quarter .. Second quarter Third quarter,. Fourth quarter 1,755.9 rl,810.7 195.7 r208.5 145.4 127.4 H32.9 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 80 and 41. NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Con. ^R GROSS PRIVATE DOMESTIC INVESTMENT IH PERSONAL CONSUMPTION EXPENDITURES-Con. 236. Nondurable goods in current dollars Year and quarter (Ann. rate, bil.dol.) 238. Nondurable •goods in 1972 dollars (Ann. rate, bil.dol.) 237. Services in current dollars (Ann. rate, bil.dol.) 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.) i 1977 First quarter Second quarter Third quarter Fourth quarter 467.7 475.5 483.0 499.2 328.9 329.6 332.1 340.0 527.1 539.3 558.7 574.1 384.5 386.9 393.3 398.5 280.4 300.0 315.7 316.9 191.0 199.6 206.7 203.0 261.1 277.5 288.2 298.5 179.7 186.2 190.1 191.7 505.9 521.8 536.7 558.1 337.3 339.4 344.7 351.9 596.0 609.1 629.1 645.1 406.1 407.6 413.1 416.3 327.0 352.3 356.2 370.5 209.0 216.8 214.0 217.4 304.1 326,5 336.1 349.8 192.5 201.2 201.8 205.5 571.1 581,2 604.7 630.7 348.1 344.1 349.2 355.1 669.3 686.0 710.6 733.5 423.5 426.1 429.9 433.6 373.8 395.4 392.3 387.2 217.2 221.7 214.2 207.7 354.6 361.9 377,8 381.7 204,9 203,5 207.1 206.3 652.0 654.1 r665.8 354.1 347.8 T347.1 757.3 776.9 r808.9 437.0 435.6 r442.0 387.7 368.5 r348.4 203.2 188.6 H79.5 383.0 357.1 r365.2 202.9 186.0 H85.7 .... 1978 First quarter Second Quarter Third quarter Fourth quarter 1979 First quarter Second quarter Third quarter Fourth quarter .... 1980 First quartar Second quarter Third quarter Fourth quarter D Year and quarter GROSS PRIVATE DOMESTIC INVEST .-Con. 245. Change in business inventories in current dollars {Ann. rate, bil.dol.) ^M GOVERNMENT PURCHASES OF GOODS AND SERVICES 30. Change in business inventories in 1972 dollars 260. Total in current dollars (Ann. rate, bil.dol.) {Ann. rate, bir.dol.) 26K 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 267. State and local government in 1972 dollars (Ann. rate, bil.dol.) {Ann. rate, bil.dol.) ; 1977 First quarter Second quarter Third quarter Fourth quarter 19.3 22.5 27.5 18.5 11.3 13.4 16.6 11.3 380.0 391.6 400.5 412.8 264.5 267.6 270.3 271.5 138.2 142.6 145.6 151.2 100.3 101.8 101.8 241.8 249.0 254.9 261.6 166.0 167.3 168.5 169.8 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 14.5 12.3 18.1 274.7 272.4 273.1 277.1 163.6 161.7 162.9 178.4 101.1 7.1 1.4 460.1 466.6 477.8 501.2 101.1 296.5 304.9 314.9 322.8 173.6 174.3 175.6 176.0 0.3 2.6 r-6.2 517.2 528.3 r533.6 280.0 280.9 r278.0 186.2 193,3 H91.4 104.3 106.7 r!03.9 331.0 335.0 r342.2 175.7 174,3 r!74.1 98.4 1978 First quarter Second quarter Third quarter Fourth quarter 1979 First quarter Second quarter Third quarter Fourth quarter 5.6 98.1 97.4 1980 First quarter Second quarter Third quarter Fourth quarter 4.7 11.4 r-16.8 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "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. ItCII NOVEMBER 1980 81 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Con. NATIONAL INCOME AND ITS COMPONENTS FOREIGN 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 {Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 257. Constant (1972) dollars 253. Current dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 280. Compensation of 220. National income in current dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 1977 First quarter ,. Second quarter Third quarter.. Fourth quarter -9.2 -6.0 -6.3 -18.1 11.1 10.9 13.2 5.8 96.5 99.4 170.5 178.6 180.1 174.2 100.5 97.3 179.8 184.7 186.4 192.3 85.4 88.5 87.3 91.4 1,456.9 1,505.3 1,551.1 1,589.8 1,110.1 1,141.5 1,170.7 1,205.5 206.6 213.3 95. $ 96.9 220.6 229.4 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 1,364.8 234.4 100,0 102.9 102.1 104.1 1,869.0 1,897.9 1,941.9 1,990.4 1,411.2 1,439,7 1,472.8 1,513,2 106,7 99.9 2,035.4 2,024,6 p2,068.6 1,555.2 1,567.2 rl,591.5 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 224.9 100.7 109.2 111.9 113.8 -11.9 17.0 13.2 20.1 20.1 238.5 243.7 267.3 280.4 117.0 116.0 122.2 124.3 -13.6 25.0 308.1 28.3 307.0 r313.2 131.7 128.3 -22.2 -7.6 -6.8 -4.5 5.3 12.3 13.3 12.9 4,0 -8.1 184.4 205.7 213.8 1979 First quarter .. Second quarter Third quarter.. Fourth quarter -2.3 251.9 269.5 292.4 1980 First quarter .. Second quarter Third quarter.. Fourth quarter -2.2 r21.3 r32.2 321.7 309.2 r291.9 r!27.6 NATIONAL INCOME AND ITS COMPONENTS-Con. Year and quarter 282. Proprietors' income with inventory valuation and capital consumption adjustments (Ann. rate, bildol.) 284. Rental income of persons with capital consumption adjustment (Ann. rate, bil.dol.) 286. Corporate profits with inventory valuation and capital consumption adjustments (Ann. rate, bil.dol.) SAVING 288. Net interest (Ann. rate, bil.dQl.) 290. Gross saving (private and government) (Ann. rate, bil.dol.) 292. Personal saving 295. Business saving (Ann. rate, bil.dol.) (Ann. rate, biLdol.) 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 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 98.2 283.6 109.1 115.0 117.4 125.7 25.2 24.4 26.8 27.1 141,2 169.4 175.2 184.8 101.5 106.8 111.9 117.6 289.7 329.2 332.7 346.9 129.0 129.3 130.3 134.5 27.3 26.8 26.6 27.0 178.9 176.6 180.8 176.4 122.6 125.6 131.5 139.2 362.2 374.3 367.3 351.9 281.9 281. G 79.2 85.9 70.3 59.7 130.0 120.5 27,0 27.3 27.8 175.0 152.8 148.1 156.8 p!58,3 r!65.3 346.6 345.5 p345.4 279.2 287.6 r293.2 64.4 86.3 r84.9 253,3 276.0 291.6 213.9 226.8 243.2 238.8 52.5 65.9 71,9 69.5 1978 First quarter .. Second quarter Third quarter,. Fourth quarter 234.4 253.1 259.6 264.7 74.6 71.2 70.9 71.8 1979 First quarter .. Second quarter Third quarter.. Fourth quarter 266,0 274.6 1980 First quarter .. Second quarter Third quarter.. Fourth quarter r!25.6 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 44, 45, and 46. 82 NOVEMBER 1980 ltd* OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Con. ^B SHARES OF GNP AND NATIONAL INCOME Q SAVING-Con. Year and quarter 298. Government surplus or deficit, total (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 251. Net ex ports of goods and services (Percent) (Percent) (Percent) (Percent) 1977 First quarter Second Quarter Third quarter Fourth quarter -13.1 -16.6 -23.5 -24.8 4.2 5.1 5.4 5,1 64.2 63.5 63.2 63.9 -19.2 5.0 2.3 10.8 5.3 5.0 4.8 4.7 15.8 12.7 14.0 10.0 1.7 -29.6 p-34.4 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 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 5.0 5.4 4.3 3.5 63.4 63.3 63.8 64.3 10.6 10.7 10.9 10.8 4.9 4.8 4.8 4.7 0.8 1.4 0.6 0.2 -0.3 -0.1 -0.5 3.7 4.9 64.6 64.5 65.1 10.8 10.6 10.5 4.4 3.5 3,6 0.2 0.5 r-0.6 -0.5 -0.1 rO.8 1978 First quarter Second quarter Third quarter Fourth quarter 1979 First quarter Second quarter Third quarter Fourth quarter 0.2 1980 First quarter Second quarter Third quarter Fourth quarter r4.7 M SHARES OF GNP AND NATIONAL INCOME-Con. Year and quarter Percent of 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 employees (Percent) 283. Proprietors' income with IVA and CCA 1 (Percent) 285. Rental income of persons with CCA 1 (Percent) 287. Corporate profitswith IVA and CCA 1 289. Net interest (Percent) (Percent) 1977 First quarter Second quarter Third quarter Fourth quarter 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 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 7.1 6.9 6,8 7,3 12.9 13.1 13.1 13,1 75.5 75.9 75.8 76.0 6.9 6.8 6.7 6.8 1.5 1.4 1.4 1.4 9.6 9.3 9.3 8.9 6.6 6.6 6.8 7.0 7.4 7.7 13.1 13.3 13.2 76.4 77.4 6.4 6.0 1.3 1.3 pi. 3 8.6 7.5 7.3 7,7 9.4 9.9 10.4 9.6 6.1 6.2 6.2 6.2 1978 First quarter Second quarter Third quarter Fourth quarter 8.7 9.9 10.0 10.2 6.3 6.3 6.4 6,5 1979 First quarter Second quarter Third quarter Fourth quarter 1980 First quarter Second quarter Third quarter Fourth quarter r7.4 p76.9 p6.1 P 7.7 p8.0 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <g>. 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. 1 IVA> inventory valuation adjustment; CCA, capital consumption adjustment. ItCII NOVEMBER 1980 83 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY jfflj PRICE MOVEMENTS Implicit price deflator, gross national product Year and month 310. Index (1972=100) Fixed weighted price index, gross business product 310c. Change 311. Index over 1 -quarter spans1 (Ann. rate, percent) (1972=100) Consumer prices, all items 31 1c. Change 320. Index © 320c. Change over 1-quarter over 1-month spans1 spans1 (Ann, rate, percent) (1967-100) (Percent) Consumer prices, food 320c. Change over 6-month spans1 322. Index (Ann. rate, percent) (1967-100) 322c. Change over 1 -mo nth spans1 322c. Change over 6-month spans1 (Ann. rate, percent) (Percent) 1978 6.6 6.3 January February March April May June 7,2 15S\4 October November December 156.*7 8.1 8.5 9.2 200.4 202.1 204.5 0.9 0.8 1.2 12.2 12.7 14.6 191.5 193.3 195,3 0,7 0,8 0.9 9.3 9.3 9.5 207.2 209.6 212.7 1.3 1.2 1,5 13.5 12,8 196.7 197.8 199.3 0.7 0.6 0.9 9.7 9.4 8.9 213.5 214.6 216.2 0.4 0.5 0.7 11.0 10.1 200.9 202.0 202,9 0.9 0.6 0.6 9.5 10.6 10.9 218.3 219.9 222.2 1.0 0.7 1.0 11.4 13.3 13.8 10.0 204.7 207.1 209.1 0.9 1.1 1.0 11.1 12.0 12.9 225.3 228.4 230.6 1.4 1.4 1.0 12.9 12.8 11.1 10.1 211.5 214.1 216.6 1.0 1.0 1.0 13.2 12,9 13.3 232.0 233.5 234.2 0.6 0.6 0.3 9.1 6.3 6.4 10.4 218.9 221.1 223.4 1.0 1.2 13.4 13.3 13.8 235.3 235.5 237,9 0.5 0.1 1.0 6.8 6.9 9.3 225.4 227.5 229.9 1.0 1.0 1.2 14.5 15.3 15.9 239.8 241.4 244.8 0.8 0.7 1.4 8.2 8.0 7.9 11.2 233.2 236.4 239.8 1.4 1.4 1.4 15.7 15.4 14.8 244.8 244.7 247.1 0.0 0.0 1.0 7.3 6.6 4.7 10.4 242.5 244.9 247.6 0.9 0.9 1.0 11.7 10.2 248.4 249.2 250.5 0.5 0.3 0.5 247.8 249.4 251.7 0.0 0.7 1.0 9.4 252.9 257.5 261.6 1.0 1.8 1.6 253.9 1.0 263.6 0.8 152!6 15CL8 July Auyust September 0.6 0.6 0.8 10.5 10.6 .... 187.2 188.4 189.8 148!2 147*.6 8.8 155^2 8.7 8.7 158.*5 11. 8 9.1 1979 January February March 160.' 2 April May June 16X8 July August September 167!2 October November December mis 9.3 162.'3 9.3 166^3 8.5 17CL4 8.4 8.4 173.*9 1.1 1980 January February March 174^5 April May June 179*. 6 July August September October November December 9.5 17&\6 10.7 183.' i rlO.2 r9.8 H83.*2 r!87.*6 9.3 6.7 10,7 12.1 12.6 NOTE: Series are seasonally adjusted 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 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 1980 IICII OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Con. Q PRICE MOVEMENTS-Con. Producer prices, all commodities Year and month 330. Index® 0967-100) 330c. Change over 1 -mo nth spans1 © (Percent) Producer prices, crude materials Producer prices, industrial commodities 330c. Change over 6-month spans1 @ (Ann. rate, percent) 335. Index® 335c. Change over 1 -month spans1 ® (1967=100) (Percent) 335c. Change over 6-month spans1 © (Ann. rate, percent) 331. Index (1967-100) 331c. Change over 1-month spans1 33 1c. Change over 6-month spans1 (Percent) (Ann. rate, percent) 1978 January February March 200.1 202.1 203.7 1.0 1.0 0,8 10.7 11.4 11.8 201,6 202.9 204.1 0.8 0.6 0.6 7,2 8.3 8.9 221.6 224,2 229.0 1.2 1.2 2.1 24,6 19.1 21.4 April May June 206.5 208.0 209.6 1,4 0.7 0,8 10.9 8.6 8.7 206.1 207.4 208.7 1.0 0.6 0.6 8.6 8.6 8.4 234.5 235.6 241.3 2.4 0.5 2.4 19.9 17.0 16.1 July August September 210.7 210.6 212.4 0.5 0.0 0.9 8.3 7.5 7.7 210.1 211.4 212.5 0.7 0.6 0.5 8.5 8.5 8.3 242.6 242.5 246.8 0.5 0.0 1.8 16.6 17.4 13.7 October November December 214.9 215.7 217.5 1.2 0.4 0.8 9.8 214.7 216.0 217.2 1.0 0.6 0,6 9.6 13.2 13.9 10.8 12.5 253.2 255.3 257.3 2.6 0.8 0.8 17.2 23.1 23.4 January February March 220,8 224.1 226.7 1.5 1.5 1.2 14.5 15.7 15.3 220.0 222.5 225.4 1.3 1.1 1.3 13.8 15.0 16.1 262.6 269.1 274.2 2.1 2,5 1.9 16.4 16.1 17.1 April May June 230.0 232.0 233.5 1.5 0.9 0.6 15.1 13.1 14.0 229.0 231.6 234.0 1.6 1.1 1.0 16.5 16.9 17.4 273.2 275.1 278.4 July .. . August September 236.9 238.3 242.0 1.5 0.6 1.6 14.0 13.5 14.4 237.5 240.6 244.2 1.5 1.3 1.5 18.2 17.1 October November December 245.6 247,2 249.7 1.5 0.7 1.0 15.8 19.2 17.1 249.0 250.6 253.1 254.9 260.2 261.9 2.1 2.1 0.7 14.5 14.2 H3.1 262.8 264.2 r265.6 0.3 0.5 12.0 10.2 1979 0.7 1.2 17.5 12.3 12.9 .17.0 284.6 285.2 291,4 2.2 0.2 2.2 16.2 17.7 17.4 2.0 0.6 1.0 20.4 22.1 21.0 294.5 298.4 301.7 1.1 1.3 1.1 10.7 16.2 260.6 265.9 268.6 3.0 2.0 1.0 18.7 17.7 299.5 307.5 300.9 271.3 271.9 r273.5 1.0 0.2 -0.4 6.6 1980 January February March April May June . . rO.5 9.5 11.1 July August September 269.8 273.1 274.1 rl.6 1.2 0.4 275.6 277.3 278.2 October November December 277.0 1.1 281.2 r!6.8 11.8 rO.6 8.8 7.3 rO.8 7.4 290.4 294.1 r295.2 -0,7 2.7 -2.1 -3.5 1.3 -2.8 -2.9 -4.3 9.6 rO.4 16.3 24.5 38.9 313.6 331.6 335.8 r6.2 0.6 0.3 1.1 342.3 1.9 5.7 1.3 NOTE: Series are seasonally adjusted 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 48. 1 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 1980 85 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Con. ^Mj PRICE MQVEMENTS-Con. Producer prices, intermediate materials Year and month 332. Index (1967-100) 332c. Change over 1 -month spans1 (Percent) Producer prices, finished consumer goods Producer prices, capital equipment 332c. Change over 6-month spans1 (Ann. rate, percent) 333. Index (1967=100) 333c. Change over 1 -month spans1 (Percent) 333c. Change over 6-month spans1 (Ann. rate, percent) 334. Index 334c. Change over 6- month spans1 334c. Change over 1 -month spans1 {Ann. rate, percent) (Percent) (1967-100) 1978 January February March 208.2 209.7 210.9 0.8 0.7 0.6 7.6 7.5 7.9 192.2 193.3 194.5 0.6 0.6 0.6 7.7 7.6 8.1 184.5 "186.1 187.2 0.6 0.9 0.6 April May June 211.9 213.1 214,5 0.5 0.6 0.7 6.7 6.9 7.1 195.6 197.0 198.6 0.6 0.7 0.8 8.4 8.4 8.4 189.5 190.8 192.2 1.2 0.7 0.7 July August September ..... 215.1 216.8 218.3 0.3 0.8 0.7 8.6 9.3 9.3 200.1 201.3 202.5 0.8 0.6 0.6 7.7 8.4 8.0 193.7 194.3 195,7 0.8 0.3 0.7 October November December 220,8 222.8 224.3 1,1 0.9 0.7 11.3 11.8 12.6 203.0 205.1 206.4 0.2 1.0 0.6 8.6 9.1 9.2 197.5 198.6 201.1 0.9 0.6 1,3 10.6 12.5 13.4 January February March 226.9 229.2 231.6 1.2 1.0 1.0 13.3 13.4 14.2 208.5 210.3 211.6 1.0 0.9 0.6 9.9 9.9 203.7 206.1 208.4 1.3 1.2 1.1 12.7 12.7 11.1 April May June 235.0 237.3 239.7 1.5 1.0 1.0 15.3 16.2 17.2 214.0 215.0 216.4 1.1 0.5 0.7 9.5 7.4 7.6 209.7 210.8 212,0 0,6 0.5 0.6 11.2 12.2 13.7 July . ... August September , . . 243.6 247.1 250,7 1.6 1.4 1.5 17.7 17.6 17.8 218.2 217.9 219.5 0.8 7.0 7.5 7.9 214.8 218.3 222.2 1.3 1.6 1.8 14,9 16.9 17.6 October November December 255.0 257.3 260,2 1.7 0.9 1.1 20.4 21.7 19.4 221.4 222.9 224.8 0.9 0.7 0.9 9.6 224.8 227.9 229.9 1.2 1.4 0.9 18,3 18.5 18.0 267.3 272.6 273.9 2.7 2.0 0.5 15.7 14.6 1.6 0.7 0.9 r!2.4 233.6 237.6 241.4 1.6 1.7 1.6 15.6 13.3 r!3.8 228.4 230.0 232.0 r!2.9 274.3 275.4 r277.6 0.1 0.4 236.2 236.6 r238.3 1.8 0.2 11.6 12.1 241.7 242,6 r244.3 0.1 0.4 12.9 13.1 rO.8 9.2 7.1 7.3 8.9 9.3 9,2 9.8 10.2 9.0 9.3 8.6 8,3 9.5 1979 -0.1 0.7 11.1 11.4 11.7 1980 January February ...... March April May June July August vSeptember . . . 279.3 282.1 283.7 rO.6 1,0 0.7 241.3 243.5 243.2 October November December ... . 286.3 0.9 246.6 rO.7 1.3 0.9 -0.1 1.4 13.8 12.7 9.9 9.0 248.2 252.7 252.3 253.8 9.2 rO.7 10,3 rl.6 1,8 -0,2 0.6 NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (3). 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: the 4th month. 86 1-month changes are placed on the 2d month and 6-month changes are placed on NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Con. M| WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted 1 Year and month Real earnings Current dollar earnings 340. Index (1967=100) 340c. Change over 1-month spans2 (Percent) 340c. Change over 6-month spans2 (Ann. rate, percent) 341. Index (1967=100) 34 1c. Change over 1 -month spans2 (Percent) Current dollar compensation 341c. Change over 6-month spans2 (Ann. rate, percent) 345. Index (1967=100) 345c. Change over 1-quarter spans2 (Ann. rate, percent) 345c. Change over4-quarter spans2 (Ann. rate, percent) 1978 January February March . ... 205.8 206.5 208.1 1.1 0.3 0.8 8.5 8.6 9.0 109.6 109.3 109.4 April May June 209.9 211.1 212.5 0.9 0.6 0.7 8,1 8.4 8.3 109.6 109.3 109.1 -0.3 -0.2 July August September 214.0 215.0 216.6 0.7 0.5 0.7 8.1 8.0 8.2 109.1 109.0 108.9 -0.1 -0.1 October November . . December 218.3 219.4 221.0 0.8 0.5 0.7 8.2 8,5 8.2 108,7 108.6 108.6 -0,2 -0.1 222.6 224.0 225.2 0.7 0.6 0.5 7.8 7,6 7.5 108.4 107.8 107.3 226.7 227.6 229.2 0.7 0.4 0.7 7.5 7.6 8.2 July August . September 230.8 232.3 234.3 0.7 0.6 0.9 October November December 235.0 237.3 239.4 January February March April May June 0.5 -0.3 0.1 0.2 0.6 0.3 0.0 11.4 226! 5 7.3 -0.9 -0.7 -1.0 224!4 -1.5 -1.3 -0.9 228^9 -1.4 -2.1 -2.9 233^7 -0.2 -0.6 -0.5 -3.3 -4.2 -4.9 239^5 106.9 106.3 105.9 -0.4 -0.6 -0.4 -5.2 -4.9 -4.5 244^2 7.5 8.8 9.1 105.5 105.2 104.9 -0.4 -0.3 -0.3 -5.1 -4,0 -4.0 249 ,*2 0.3 1.0 0.9 8.4 8.9 9.6 104.2 104.1 103.8 -0.7 -0.1 -0.3 -5.3 -5.5 -5.5 25^6 240.3 242.4 245.2 0.4 0.9 1.2 9.8 9.4 9.8 102.7 102.2 102.0 -1.1 -0.5 -0.2 -5.2 -5.2 -4.4 261 ".1 246.2 248.3 250.9 0.4 0.9 1.0 10.0 r9.8 r8.2 101.4 101.4 101.5 -0.6 0.5 P 9.1 r-0.6 p-0.1 0.0 0.0 &\4 &\9 8.4 B.6 8.6 s'.B 1979 January . „ February March April May June , 10.2 &\9 8.1 &\9 8.5 9^6 9.0 9^7 1980 July August September 252.1 r254.0 r255.1 rO.8 0.4 102.0 rl02.0 H01.4 October . . November December p257.2 pO.8 pi 01. 3 -1.4 0.0 0.1 r-0.3 r-1.0 0.5 p-0.3 rO.O 10.5 r9.*8 11.0 268 ! 6 r8.9 r273,7 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 pages 49 and 50. 'Adjusted for overtime (in manufacturing only) and interindustry employment shifts. 2 Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. NOVEMBER 1980 87 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Con. ^9 WAGES AND PRODUCTIVITY-Con. Average hourly compensation, all employees, nonfarm business sector-Con. Year and month Real compensation 346. Index (1967-100) 346c. Change over 1 -quarter spans1 (Ann. rate, percent) 346c. Change over4-quarter spans1 (Ann. rate, percent) Negotiated wage and benefit decisions, all industries© 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 spans1 (Ann. rate, percent) 37Qc. Change over 4-quarter spans' 358. Index of output per hour, all persons, nonfarm business sector (Ann, rate, percent) 0967MQO) 1978 January February March neie April May June . . neio July August September mis October November December lisle 3.4 13.2 8.2 CL4 6.8 -2.0 -i!i 119*.! 7.2 2.1 5.9 119i7 6.1 -0.8 -1.5 1.9 6.0 616 -0.7 mis 5.2 0.3 1191s -Y.7 6!l 116.*2 6!? 116^7 6!s 117^4 -6!? 117^6 -i!e 116.6 -i!? ns.'i -i.'o 115.*6 -\'.2 115^2 r-o.'a ni!9 1979 January February March 115.'3 April May June 114.'i July August September 11^9 October November December ni!7 2.8 -0.9 5.3 -2.6 -4.2 10.5 7.8 -3.*4 9.0 -4.3 -4j nsia -3.1 -2.0 -1.4 6.1 117.'8 -4.*5 -4.0 nsig 8.5 -0.3 6.0 mi? 1980 January February March n6!i April -5.5 -2.4 May p8.6 p6.4 plO.l p6.8 r-2.*6 109.'5 October November December riog.'g -0.3 -2.7 116.*8 June July August September 117!? rl.6 pll.6 P 7.3 riie.'g 113.8 rO.3 r!14.*3 .... NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusteds d series are indicated by ©. Series numbers are far identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r"' iiindicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 49 and 50. ^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 1980 OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT ^^ CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month 441. Total 442. Em- ployed (Thous.) (Thous.) Labor force participation rates 451. Males 20 years and over 452. Females 453. Both 20 years sexes, 16-19 years of age and over (Percent) (Percent) (Percent) 448. Num- Number unemployed 37. Total (Thous.) 444. Males 445. Females 446. Both 20 years and 20 years and sexes, 16-19 over over years of age (Thous.) (Thous.) (Thous.) 447. Fulltime workers (Thous.) ber employed part-time for economic reasons (Thous.) 1978 99,118 99,009 99,281 92,813 92,921 93,128 79.8 79.7 79.8 48.9 48.8 49.0 57.1 56.8 56.8 6,305 6,088 6,153 2,437 2,361 2,379 2,314 2,126 2,171 1,554 1,601 1,603 4,948 4,812 4,799 3,071 3,227 3,204 April May June 99,819 100,242 100,458 93,763 94,116 94,556 79.8 79.9 79.8 49.4 49.5 49.6 57.3 58.3 58.3 6,056 6,126 5,902 2,274 2,278 2,171 2,219 2,295 2,275 1,563 1,553 1,456 4,644 4,802 4,581 3,281 3,226 3,329 July August September 100,656 100,731 100,944 94,428 94,802 94,973 79.7 79.7 79.6 49.8 49.6 50.0 58.6 59.1 58.3 6,228 5,929 5,971 2,190 2,177 2,180 2,425 2,219 2,241 1,613 1,533 1,550 4,887 4,612 4,647 3,266 3,256 3,248 October November December 101,189 101,610 101,815 95,401 95,728 95,831 79.6 79.9 80.0 50.0 50.1 50.1 58.6 58.5 58.5 5,788 5,882 5,984 2,139 2,110 2,198 2,107 2,215 2,212 1,542 1,557 1,574 4,475 4,491 4,609 3,231 3,163 3,082 January February March 102,061 102,379 102,505 96,157 96,496 96,623 80.0 80.1 79.9 50.1 50.3 50.4 58.9 58.8 58.6 5,904 5,883 5,882 2,167 2,138 2,164 2,195 2,202 2,212 1,542 1,543 1,506 4,514 4,565 4,539 3,203 3,176 3,211 April May June 102,198 102,398 102,476 96,254 96,495 96,652 79.8 79.7 79.7 50.2 50.4 50.3 58.2 57.9 57.7 5,944 5,903 5,824 2,190 2,130 2,169 2,199 2,208 2,196 1,555 1,565 1,459 4,637 4,533 4,515 3,279 3,283 3,284 July August September 103,093 103,128 103,494 97,184 97,004 97,504 79.9 79.8 79.9 50.8 51.0 50.9 57.9 56.3 58.2 5,909 6,124 5,990 2,254 2,286 2,282 2,160 2,304 2,164 1,495 1,534 1,544 4,617 4,727 4,715 3,274 3,298 3,167 October November December 103,595 103,652 103,999 97,474 97,608 97,912 79.7 79.5 79.5 50.9 50.9 51.1 57.9 58.1 58.6 6,121 6,044 6,087 2,317 2,335 2,303 2,250 2,197 2,257 1,554 1,512 1,527 4,796 4,770 4,791 3,315 3,392 3,519 104,229 104,260 104,094 97,804 97,953 97,656 79.4 79.6 79.4 51.4 51.3 51.0 58.2 57.4 57.3 6,425 6,307 6,438 2,577 2,507 2,696 2,304 2,254 2,255 1,545 1,547 1,487 5,046 4,942 5,168 3,513 3,406 3,418 104,419 105,142 104,542 97,154 96,988 96,537 79.5 79.9 79.4 51.5 51.5 51.3 56.3 57.9 56.5 7,265 8,154 8,006 3,246 3,671 3,710 2,534 2,670 2,596 1,485 1,813 1 ,700 5,875 6,740 6,621 3,816 4,349 3,999 July August September 105,203 105,025 105,034 96,996 97,006 97,207 79,5 79.5 79.5 51.6 51.7 51.3 57.4 55.2 56.7 8,207 8,019 7,827 3,730 3,682 3,744 2,702 2,628 2,473 1,774 1,709 1,610 6,781 6,600 6,530 4,113 4,148 4,204 October November December 105,180 97,176 79.3 51.4 56.8 8,005 3,541 2,771 1,693 6,553 4,261 January February March 1979 1980 January February March April May June . . . . NOTE: Series are seasonally adjusted 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 51. NOVEMBER 1980 89 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES [J RECEIPTS AND EXPENDITURES Federal Government' Year and month l^j DEFENSE INDICATORS Advance; measures of defense activity State and local governments' 500. Surplus or deficit 501. Receipts 502. Expenditures 510. Surplus or deficit 511. Receipts 512. Expenditures (Ann. rate, bit. dol.} (Ann. rate, bit, dol.) (Ann. rate, bil. dol.) (Ann. rate, bit. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 517. Defense Department gross obligations incurred (Mil. dol.) 525. Defense Department m Hilary prime contract awards (Mil. dol.) 543, Defense Department gross unpaid obligations outstanding 548. Value of manufacturers' new orders, defense products (Mil. dol.) (Mil. dol.) 1978 January February March -49^4 397!8 447^3 30 .*2 319!6 288^8 10,537 10,659 10,155 4,853 4,741 4,909 57,304 58,401 58,986 2,735 2,529 4,393 April May June -24*.6 424^8 449^4 29^6 330^5 301 !6 10,242 10,793 10,094 4,970 6,?04 7,081 59,348 60,723 60,549 3,761 3,946 3,237 July August September -26!4 442 J 462^6 22^7 331^8 309 '.1 10,327 10,278 10,256 3,928 4,924 4,855 61,833 62,028 62,730 2,157 3,214 3,279 October November , December -ie!3 463^5 479 '.7 27J 342^6 315^5 10,214 10,484 10,282 4,343 6,509 4,568 63,006 63,440 64,470 3 S 867 4,381 4,101 -li!? 475.'6 486^8 27^6 343^9 316L3 10,787 10,250 11,741 5,706 4,773 5,763 65,120 48,267 67,128 2,684 3,871 3,102 -7!6 485^8 492^9 19!7 345^9 326J 9,297 10,935 10,926 4,936 4,720 5,117 68,883 68,468 68,976 3,181 3,640 2,464 -1K3 504^8 5ie!i 25.3 359 '.8 334^5 12,657 11,052 11,965 6,135 5,282 6,364 70,252 81,542 71,886 2,332 3,029 4,237 -15.*7 524.'7 540 .*4 25.*8 368^7 342.* 9 11,679 10,730 11,565 4,318 5,670 5,489 64,325 68,634 68,525 3,048 4,033 3,787 January , February March -22.9 538.4 561.3 24.6 375.3 350.6 12,563 12,419 14,757 5,515 7,152 5,781 70,088 68,497 72,961 3,352 3,680 4,594 April May June -49 .*2* 529*9 579 *i 19.*5 373^2 353!6 13,639 14,206 12,193 7,572 7,483 7,184 73,766 74,848 75,204 4,948 5,279 3,546 p-58!4 p550.'b r608'.4 p23^9 P384.4 r360.4 12,973 14,310 6,768 7,633 76,366 76,506 4,366 r4,515 r6,458 1979 January February Morch April May Jun@ July August September October November December ..... 1980 July August September (NA) (NA) (NA) October November December p3,881 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <g). Series numbers are for identification onty 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. 1 Based on national income and product accounts. 90 NOVEMBER 1980 KCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Con. JQ DEFENSE INDICATORS— Con. National defense purchases Intermediate and final measures of defense activity Year and month 557. Output of 559. Manufacturers' invendefense and space 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.} (Mil. dol.) 570. EmployDefense Department ment in defense personnel products industries 577. Military, 578. Civilian, active duty© direct hire employment ® (Thous.) (Thous.} (Thous.) 564. Federal purchases of goods and services 565. Federal purchases as a percent of 6NP (Ann. rate, bil. dol,) (Percent) 1978 January February March 82.6 80.8 83.9 6,441 6,606 6,626 34,633 34,511 36,108 8,493 8,271 8,375 2,532 2,652 2,795 1,120 1,125 1,138 2,065 2,062 2,058 982 982 982 April May June 84.9 84.9 85.6 6,736 6,828 6,804 37,150 38,382 38,914 9,056 8,217 9,072 2,719 2,714 2,705 1,143 1,162 1,173 2,054 2,046 2,057 July August September 87.5 87.9 89.0 6,901 6,896 6,905 38,467 38,993 39,499 8,394 9,638 8,592 2,604 2,688 2,773 1,184 1,193 1,195 89.3 90.3 91.4 7,013 7,004 7,170 40,660 42,293 43,563 9,026 8,762 9,407 2,706 2,748 2,832 January February March 92.3 92.4 93.0 7,397 7,485 7,586 43,409 44,515 44,588 9,645 9,452 9,525 April May June 92.1 92.4 92.2 7,573 7,806 7,953 44,854 45,670 45,138 July August September 92.9 91.9 93.8 8,048 8,178 8,553 October November December 95.4 96.4 96.7 January February March April May June 97^6 4!9 982 988 1,000 98\2 4^7 2,062 2,062 2,062 1,002 994 980 99!6 4^6 1,207 1,219 1,236 2,058 2,050 2,041 981 981 978 10K2 4^5 2,838 2,765 3,029 1,242 1,262 1,278 2,040 2,030 2,026 972 971 968 losii i!5 9,299 9,781 9,425 2,915 2,824 2,996 1,283 1,289 1,299 2,022 2,018 2,024 968 972 979 106.'6 i!5 44,656 44,697 46,000 10,499 10,103 9,982 2,814 2,988 2,934 1,310 1,312 1,324 2,027 2,024 2,027 982 974 960 io9!6 i!s 8,871 9,275 9,462 46,010 46,893 47,492 9,982 10,206 11,182 3,038 3,150 3,188 1,336 1,349 1,356 2,030 2,029 2,020 964 967 967 114.6 4.7 97.0 97.2 97.1 9,592 9,619 10,075 47,769 48,196 49,401 11,341 10,632 11,235 3,076 3,253 3,389 1,359 1,366 1,377 2,029 2,032 2,033 964 965 966 iiaie 4.'? 97.6 97.2 96.8 10,277 10,451 10,588 51,061 52,902 53,011 11,356 11,061 11,480 3,286 3,440 3,435 1,373 1,375 1,373 2,028 2,031 2,034 969 975 988 124J 4J9 July August September 97.2 r97.0 r97.9 10,908 11,177 11,310 53,922 r55,112 r57,771 11,303 11,135 pi 1,567 3,453 3,324 r3,798 1,371 1,379 pi, 384 2,044 2,049 990 973 129.'l 5.'6 October November December p99.0 (NA) p57,921 . . October November December 1979 1980 (NA) p3,731 (NA) (NA) (NA) NOTE: Series are seasonally adjusted 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 pages 54 and 55. NOVEMBER 1980 91 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS jQj MERCHANDISE TRADE Year and month 602. Exports, excluding military aid shipments, total (Mil.dol.) 604. Exports of agricultural products (Mil.dol,) 606. Exports of nonelectrical machinery 612. General imports, total {Mil.dol.} (Mil.dol.) 614. Imports of petroleum and petroleum products 616. Imports of automobiles and parts (Mil.dol.) (Mil.dol.) 1978 January February March 9,863 9,938 11,143 1,818 2,058 2,363 2,084 2,187 2,450 13,103 14,221 14,005 3,000 3,626 3,094 1,529 1,661 1,581 April May Juno 11,628 11,776 12,264 2,428 2,861 2,904 2,415 2,472 2,427 14,491 14,012 13,970 3,162 3,038 3,229 1,715 1,659 1,684 July August September 11,656 12,286 13,275 2,392 2,774 2,512 2,451 2,528 2,815 14,543 14,130 14,821 3,194 3,257 3,307 1,812 1,666 1,822 October November December 12,901 13,448 13,282 2,596 2,533 2,555 2,625 2,718 2,824 14,852 14,818 15,028 3,347 3,489 3,588 1,872 1,875 1 ,822 January February March 13,265 13,616 14,297 2,338 2,424 2,682 2,682 2,832 2,917 16,528 14,605 15,358 3,580 3,634 3,667 1,963 1,706 1,589 April May June 13,979 14,083 14,817 2,547 2,450 2,909 2,706 2,859 3,034 15,841 16,438 16,835 3,832 4,000 4,199 1,956 1,851 1,730 July . August September 15,691 15,713 15,822 3,103 3,141 3,059 3,022 3,241 3,153 16,806 18,277 18,407 4,692 4,949 5,662 1 S B15 2,113 1,849 October . . November December 16,680 16,928 16,742 3,254 3,415 3,434 3,251 3,172 3,240 19,037 18,548 19,665 6,050 5,351 6,502 1 8 805 1,984 1,871 January February March 17,348 17 9 233 18,534 3,439 3,520 3,331 3,297 3,454 3,423 20,945 21,640 20,607 5,614 7,741 6,991 1,899 2,035 1,960 April May . June 18,468 17,678 18,642 3,285 3,083 3,024 3,571 3,620 3,943 19,308 20,528 19,893 5,185 7,191 6,611 1,710 1,999 1,843 July August September 18,075 19,103 18,701 3,300 3,682 3,648 3,985 4,230 4,027 18,995 19,236 19,465 5,153 6,018 4,982 2,103 2,139 2,270 (NA) (NA) (NA) (NA) 1979 1980 October November December (NA) (NA) 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 56. 92 NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS-Con. ^9 GOODS AND SERVICES M O V E M E N T S f E X C L DOING TRANSFEF SUNDER MILITA =IY GRANTS) rMerchandise, adjustec 1 Goods and services Year and month 668. Exports 667. Balance (Mil. dol.) (Mil. dot.) 669. Imports (Mil. dol.) 622. Balance (Mil. dol.) 618, Exports (Mil. dol.) Income on investments 620, Imports (Mil. dol.) 651. U.S. investments abroad (Mil. dol.) 652. Foreign investments in the U.S. (Mil, dol.) 1978 January February March -4,969 49,319 54,288 -11,141 30,922 42,063 9,607 4,539 -2,795 54,156 56,951 -8,295 35,404 43,699 9,957 5,474 -1 ,933 56,432 58,365 -7,508 36,828 44,336 10,557 5,717 493 61 131 60,638 -6,815 38,900 45,715 12,851 6,343 2,732 65,667 62,935 -5,114 41,805 46,919 14,263 7,225 11 n fi7 7fi*} 67 873 -8 070 42 815 50 885 15 250 7 gso Cf]C 74 770 79 967 7 nfin LI IQft 54 258 18 050 8 731 -250 78 305 78 555 -9 225 50 237 59 462 18 407 9,524 -823 85,647 86,470 r-10,850 54,708 r65,558 20,846 10,752 p-1 258 p81 522 p82 780 r-7 555 54 710 r62 265 p!6 772 plO 417 (NA1 fNAl o 70c nRfi /LI Q (u&} \nn} /win \ N"J April May June July August September October November December 1979 January February March April May June July August . September 0 October November December 1980 January February March April May June July August September .. . (NAl P n cq -\AC October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (g). 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. 1 Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). ItO NOVEMBER 1980 93 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS Q| INDUSTRIAL PRODUCTION Year and month 47. United States, 721.0ECD 1 index of indusEuropean countrial production tries, index of industrial production (1967-100) (1967-100) 728. Japan, index of industrial production 725. West Germany, index of industrial 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 Indus* trial production (1967=100) 1978 January , February March 140.0 140.3 142.1 153 152 150 196.9 197.0 199.5 157 152 152 152 152 155 123 124 123 143.8 146.1 145.9 150.0 151.8 152.2 April May Jung 144.4 144.8 146.1 153 152 153 200.5 201.5 201,8 153 152 154 161 157 152 128 126 128 143.5 143.8 145.3 154.3 151.8 154.8 July August September 147.1 148.0 148.6 153 152 154 201.8 204.1 206.0 157 156 159 155 155 157 128 128 128 144.4 143.7 146,2 154.1 154.0 158.8 October November .... December . 149.7 150.6 151.8 157 157 158 206.9 207.6 210.1 159 159 159 157 159 161 125 126 129 154.3 154.7 151.9 158.3 158.8 161.8 152.0 152.5 153.5 154 156 157 210.2 213.1 213.1 159 157 161 158 159 161 122 132 133 152,8 160.0 156,0 160.8 161.0 162.0 151.1 152.7 153.0 158 158 158 214.4 218.2 218.5 161 164 164 159 163 163 132 134 136 156.7 151.9 145.1 160.3 162.1 160,6 July August September 153.0 152.1 152.7 163 158 161 221.2 221.8 220.5 168 164 164 168 168 165 134 130 128 150.4 150.1 159.4 163.1 163.3 165,4 October November .... December 152.7 152.3 152.5 163 163 163 225.0 228.1 228.4 166 167 167 161 163 165 r!30 132 130 166.8 167.3 164.7 164.7 163.7 160.8 January February March 152.7 152.6 152.1 164 r!65 r!65 230.9 243.3 235.0 168 170 170 165 166 166 130 128 H26 H68.6 H75.8 r!74.2 160.9 161.2 164.2 April May June 148.3 144.0 141.5 r!64 r!58 H60 238.8 236.4 234.0 168 164 163 166 159 r!59 >123 r!22 r!23 175.5 161.5 H66.1 160.6 157.3 H55.9 July August September H40.4 H41.8 r!43.7 (NA) 235.0 P225.3 (NA) H64 pi 61 (NA) 163 pi 63 (NA) r!23 pi 20 (NA) r!64.2 p!42.4 (NA) rlSS.6 157.5 pl60.3 October November December .... P146.0 1979 January February March April May June ,. . 1980 (NA) 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 58. Organization for Economic Cooperation and Development. 94 NOVEMBER 1980 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Con. ^9 CONSUMER PRICES Year and month United States Japan West Germany France United Kingdom 320. Index® 320c. Change over 6-month spans1 738. Index® 738c. Change over 6-month spans1 735. Index® 735c. Change over 6-month spans1 736. Index® 736c. Change over 6-month spans1 732. Index® 732c. Change over 6-month spans1 (1967-100) (Ann. rate, percent) (1967=100) (Ann. rate, percent) (1967=100) (Ann. rate, percent) (1967-100) (Ann. rate, percent) (1967-100) (Ann. rate, percent) January February March 187.2 188.4 189.8 8.1 8.5 9.2 246.1 247.1 249.4 3.0 3.9 4.1 158.3 159.1 159.5 2.4 2.4 2.5 222.8 224.4 226.4 8.4 9.3 9.9 304.4 306.2 308.1 6,7 6.5 6,8 April May June 191.5 193.3 195.3 9.3 9.3 9.5 252.1 253.5 252.1 5.4 5.9 3.6 160.0 160.3 160.8 2.8 2.2 1.9 228.9 231 .1 232.8 11 .7 11 .2 312.6 314.4 316.8 8.4 9.0 8.5 July August September 196.7 197.8 199.3 9.7 9.4 8.9 253.1 253.3 256.4 3.6 3.1 2.9 160.5 160.3 160.2 2.1 2.4 2.5 235.7 237.1 238.6 10.2 318.2 320.3 321.6 8.8 9.4 9.8 October November December 200.9 202.0 202.9 9.5 256.8 254.1 253.7 1.2 10.6 10.9 0.9 160.3 160.8 161.4 3.0 3.5 4.3 240.8 242.1 243.2 10.4 January February March 204.7 207.1 209.1 11.1 12.0 12.9 253.9 253.1 255.1 1.8 3.1 4.6 162.9 163.6 164.4 4.4 4.3 4.7 245.5 247.1 249.4 10.4 10.9 April 13.2 12.9 13.3 258.6 261.3 261.5 7.3 7.0 5.3 165.3 165.7 166,6 6.0 5.8 5.8 251.8 254.5 256.6 11 .9 June 211.5 214.1 216.6 July August . . September 218.9 221.1 223.4 13.4 13.3 13.8 263.8 261.1 264.4 6.7 6.9 6.9 167.7 167.8 168.3 6.0 6.4 6.1 October November December 225.4 227.5 229.9 14.5 15.3 15,9 267.7 266.7 268.3 6.0 8.9 168.7 169.3 170.1 February March 233.2 236.4 239.8 15.7 15.4 14.8 270.8 273.3 275.5 9.9 9.5 9.9 April May June 242.5 244.9 247.6 11.7 10.2 280.2 282.7 283.5 9.5 8.2 7.2 July August September 247.8 249.4 251.7 October . November December 253.9 1978 -0.7 10.1 9.8 9.6 8.7 9.1 323.1 325.3 328.0 10.3 10,2 11.2 332.9 335.6 338.3 11.4 11.4 13.2 12.6 11.7 344.1 346.8 352.8 21.5 21.4 22.1 260.0 262.7 264.9 12.7 12.4 12.8 368.0 370.9 374.6 23.2 23.7 21.5 4.0 5.4 5.6 268.1 269.8 272.0 14.2 14.7 15.6 378.5 381 .8 384.6 15.4 16.8 17.4 171.0 172.8 173.8 5.6 5.6 5.7 277.2 280.2 283.4 15.0 15.0 14.1 394.1 399.7 405.1 20.4 20.5 20.5 174.9 175.6 176.5 6.9 5.5 4.7 286.7 289.3 291.1 12.9 12.3 11.6 419.0 422.8 426.8 18.5 15.8 14.1 • 176.8 177.0 177.0 4.6 295.5 298.4 301.0 (NA) 430.4 431.3 434.1 10.6 1979 May 10.8 9.8 1980 January 9.3 9.4 284.2 283.7 288.1 (NA) (NA) 177.3 (NA) 436.8 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 month. NOVEMBER 1980 95 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Con. Q Qj 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® spans1 spans1 Italy Year and month Canada STOCK PRICKS 748. Japan, index of stock prices© 745. West Germany, index of stock prices® 746. France, index of stock prices® 742. United Kingdom, index of stock prices© 747. Italy, index of stock prices© 743. Canada, index of stock prices® (1987-100) (1967-100) (Ann. rate, percent) (1967=100) (Ann. rate, percent) (1967=100) (1967=100) (1967=100) (1967-100) (1967-100) (1967-100) 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 42.8 105.3 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 44.0 106.9 109.4 109,1 286.8 288.3 292,9 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 12.7 13.8 14.1 207.3 209.0 209,6 6.8 8.7 . ... 295.5 298.6 300.1 109.4 103.3 104.5 395.0 398.9 404.9 138.7 134.8 133.9 158.7 155.4 158.7 217.4 208.1 213.3 57.5 51.6 51.2 122.3 129.1 131.7 .... 305.1 309.7 313.8 14.5 15.6 15.6 211.2 213.2 215.7 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 April May June 317.8 321.3 323.9 14.9 15.5 17.8 217.2 219.3 220.3 9.5 8.5 8.5 111.0 108.5 110.7 402.9 411.1 402.3 130.6 127.8 121.7 164.5 162.0 171.7 255.7 255.0 241.0 54.1 56.8 58.0 149.5 154,8 168.9 July August September 326.7 330.6 339.2 19.2 19.4 21.7 222.1 222.9 224.9 7.9 8.8 9.5 111.7 116.8 118.1 400.6 408.0 412.5 122.0 124.3 125.7 173.7 188.6 207.4 232.8 233.9 236.3 58.8 61,7 63.0 159.4 178.6 191.7 October November December 345.5 350.3 356.6 25.8 26.1 23.1 226.5 228.7 230.1 10.0 10.4 113.6 112.8 117.2 408.2 403.4 410.8 123.5 118.3 118.8 187.5 189.1 186.8 238.9 215,6 217.1 62.6 58.6 55.4 175.^ 189.3 199.5 367.9 374.3 378.2 23.0 r22.6 r20.4 231.3 233.3 235.8 10.3 10.6 120.6 125.5 113.9 420.1 425.5 413.0 117.2 123.3 118.1 203.8 207.4 185.4 224.3 239.4 231.6 59.8 61.1 61.1 224.7 256,3 203.2 April May June 384.3 r388.2 r391.7 r!8.2 r17.4 r!9.2 237.2 240.0 242.7 10.0 11.0 11.5 112.0 117.1 124.6 417.6 422.9 423.8 116.5 118.8 120.6 189.0 201.1 201.4 228.1 230.3 240.7 61.0 61.5 64.8 212.8 216.4 227.5 July August September r398.4 r402.4 r410.9 15.1 244.5 246.8 249.0 11.7 130.4 134.3 137.6 424.9 429.1 437.6 121.2 121.7 120.0 198.9 199.9 rp204.7 255.9 256,7 262.6 66.0 74.4 82.7 240.0 232.3 233.5 October November December 417.9 141.7 p!46.8 447.5 p448.2 120.6 p115.9 rp206.0 P209.3 rp273.8 p282.2 rp97.3 p!07.0 rp234.0 p229.3 1978 July August September October November December . . 10.9 99.1 98.7 1979 January February March 10.9 10.1 9.9 1980 January February March 251.2 9.9 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. 1 Changes over 6-month spans are centered on the 4th month. 96 NOVEMBER 1980 C. Historical Data for Selected Series Monthly Quarterly Year Jan. Feb. Apr. Mar. May June July Aug. Sept. Oct. Nov. Dec. IQ 46. INDEX OF HELP-WANTED ADVERTISING IN NEWSPAPERS (1967=100) 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... 1976... 1977... 1978... 1979... 1980... 1964... 1965. .. 1966. .. 1967... 1968. .. 1969... 1970... 1971,., 1972... 1973... 1974... 1975... 1976,.. 1977... 1978... 1979... 1980.. . III Q IV Q AVERAGE FOR PERIOD 65 47 34 62 68 72 45 47 68 69 43 50 63 47 61 58 63 40 34 63 67 73 43 49 70 66 40 52 63 46 60 58 59 40 35 66 65 77 41 52 69 65 38 55 60 47 60 59 59 38 37 64 66 75 41 53 70 62 37 59 59 47 60 58 59 38 38 66 65 73 40 56 69 61 37 59 58 49 62 57 59 35 40 63 65 70 41 58 68 58 38 62 57 50 60 57 58 34 43 64 66 67 40 60 65 60 40 64 55 51 60 59 59 33 49 64 67 64 40 63 67 57 41 62 54 53 59 58 62 32 50 63 71 61 40 67 66 56 44 63 52 54 58 58 57 31 54 65 74 56 40 65 70 52 45 61 50 57 57 60 53 30 53 65 74 51 43 68 69 47 47 61 49 59 57 59 48 29 51 65 74 46 44 71 67 45 50 62 47 58 57 62 62 42 34 64 67 74 43 49 69 67 40 52 62 47 60 58 59 37 38 64 65 73 41 56 69 60 37 60 58 49 61 57 60 33 47 64 68 64 40 63 66 58 42 63 54 53 59 58 53 30 53 65 74 51 42 68 69 48 47 61 49 58 57 60 58 36 43 64 68 65 42 59 68 58 42 59 56 52 59 59 62 73 100 103 103 122 110 78 91 126 117 77 87 105 138 161 61 76 102 102 102 122 109 80 93 126 116 76 93 106 139 158 62 77 108 99 104 123 103 80 95 127 117 74 94 108 141 156 65 78 104 100 106 124 100 80 96 125 120 74 91 109 146 155 65 81 105 99 106 124 94 81 98 126 119 74 94 112 144 154 67 82 106 99 106 120 92 84 99 127 119 81 96 114 147 153 69 82 106 97 109 119 89 83 101 129 118 84 98 121 149 155 68 85 105 100 111 117 88 84 105 126 114 83 97 122 150 155 69 88 103 99 113 124 87 83 106 125 107 83 94 120 152 159 69 91 103 101 119 122 81 84 111 127 99 83 96 128 161 167 72 97 103 100 119 119 81 86 113 126 91 87 99 133 161 158 72 99 102 101 117 115 81 87 123 121 85 88 105 140 165 159 62 75 103 101 103 122 107 79 93 126 117 76 91 106 139 158 66 80 105 99 106 123 95 82 98 126 119 76 94 112 146 154 69 85 105 99 111 120 88 83 104 127 113 83 96 121 150 156 71 96 103 101 118 119 81 86 116 125 92 86 100 134 162 161 67 84 104 100 110 121 93 82 103 126 110 80 95 118 149 158 8,777 10,762 14,623 15,293 18,045 23,107 23,808 28,185 31,823 34,326 34,414 38,493 43,463 44,195 47,981 54,313 8,992 10,995 14,982 15,421 18,461 23,348 23,909 28,682 32,016 34,544 34,300 39,126 43,696 44,298 48,387 54,924 9,075 11,329 15,163 15,525 18,999 23,559 24,046 29,047 32,242 34,738 34,321 39,688 43,940 44,492 48,866 55,584 9,157 11,634 15,071 15,634 19,461 23,767 24,186 29,374 32,474 34,869 34,494 40,154 44,189 44,710 49,362 56,115 9,273 11,890 15,136 15,794 19,999 23,821 24,413 29,711 32,712 35,002 34,800 40,428 44,267 45,048 49,919 56,658 7,715 9,595 12,679 15,320 16,184 21,572 23,713 25,759 30,755 33,207 34,757 35,969 41,680 44,146 45,781 51,449 8,357 10,294 13,668 15,226 17,399 22,546 23,719 27,248 31,467 33,862 34,479 37,339 42,907 44,038 47,158 53,113 8,992 10,995 14,982 15,421 18,461 23,348 23,909 28,682 32,016 34,544 34,300 39,126 43,696 44,298 48,387 54,924 9,273 11,890 15,136 15,794 19,999 23,821 24,413 29,711 32,712 35,002 34,800 40,428 44,267 45,048 49,919 56,658 9,273 11,890 15,136 15,794 19,999 23,821 24,413 29,711 32,712 35,002 34,800 40,428 44,267 45,048 49,919 56,658 62,817 70,856 76,726 80,224 88,277 98,635 103,899 JL10,779 125,571 ]L45,995 :L59,769 J163,094 J182,151 .12,895 252,343 i.56,023 292,743 297,189 63,394 71,420 77,122 80,509 89,205 99,303 104,189 111,958 126,984 147,882 159,982 164,225 184,140 216,102 259,399 299,375 63,778 71,984 77,516 81,008 90,023 99,946 104,162 113,317 128,442 149,370 159,831 165,529 185,953 219,698 263,231 301,782 64,424 72,541 77,903 81,592 90,883 100,218 104,659 114,633 130,357 150,541 159,669 167,254 188,319 123,217 ;267,630 303,131 58,841 66,466 74,151 78,508 83,777 93,362 101,542 106,511 118,289 136,462 153,128 159,659 171,777 196,155 232,652 277,885 60,796 68,857 75,394 79,101 86,057 96,355 102,576 108,382 122,378 141,672 156,734 159,869 176,941 204,708 245,245 287,854 62,817 70,856 76,726 80,224 88,277 98,635 103,899 110,779 125,571 145,995 159,769 163,094 182,151 212,895 256,023 297,189 64,424 72,541 77,903 81,592 90,883 100,218 104,659 114,633 130,357 150,541 159,669 167,254 188,319 223,277 267,630 303,131 64,424 72,541 77,903 81,592 90,883 100,218 104,659 114,633 130,357 150,541 159,669 167,254 188,319 223,277 267,630 303,131 66. CONSUMER INSTALLMENT DEBT (MILLIONS OF DOLLARS) 1948. .. 1949... 1950... 1951.., 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962, .. 1963... Annual II Q 7,173 9,359 12,157 15,270 15,901 20,537 23,762 24,779 30,049 32,783 35,010 35,177 40,859 44,282 45,261 50,468 7,435 9,469 12,440 15,324 16,049 21,004 23,775 25,203 30,430 33,008 34,854 35,517 41,359 44,182 45,522 50,953 7,715 9,595 12,679 15,320 16,184 21,572 23,713 25,759 30,755 33,207 34,757 35,969 41,680 44,146 45,781 51,449 7,987 9,805 12,952 15,272 16,356 21,912 23,680 26,246 31,027 33,439 34,681 36,360 42,189 43,998 46,299 52,058 8,202 10,092 13,279 15,248 16,833 22,298 23,687 26,771 31,237 33,628 34,561 36,846 42,577 44,035 46,708 52,535 8,357 10,294 13,668 15,226 17,399 22,546 23,719 27,248 31,467 33,862 34,479 37,339 42,907 44,038 47,158 53,113 8,569 10,545 14,264 15,178 17,773 22,850 23,771 27,665 31,630 34,174 34,456 37,826 43,235 44,093 47,569 53,742 57,358 65,148 73,149 78,193 82,290 91,491 100,763 105,137 115,954 132,508 151,385 159,601 168,593 190,426 225,714 270,697 58,163 65,820 73,616 78,236 83,078 92,576 1 01,174 I 05,831 ]16,982 1 34,566 1 52,411 1 59,964 1 70,289 1 92,787 2 28,576 274,260 58,841 66,466 74,151 78,508 83,777 93,362 1 01,542 1 06,511 1 18,289 1 36,462 1 53,128 1 59,659 1 71,777 1 96,155 2 32,652 277,885 59,392 67,351 74,593 78,569 84,538 94,380 101r705 107,157 119,805 138,246 154,266 159,633 173,673 199,244 236,758 281,990 60,164 68,196 74,988 78,785 85,287 95,450 102,064 107,914 121,105 139,999 155,505 159,564 175,350 202,144 ,241,038 285,296 60,796 68,857 75,394 79,101 86,057 96,355 ]02,576 ]08,382 ]22,378 ]41,672 J 56,734 J 59,869 J 76,941 1 04,708 2 45,245 287,854 61,367 69,487 75,953 79,351 86,888 97,055 102,983 108,815 123,258 143,342 157,796 161,125 178,515 207,115 248,711 290,297 113. END OF PERIOD 62,003 70,167 76,442 79,754 87,520 97,732 103,449 109,705 124,412 144,702 158,984 162,061 180,174 210,050 ; NET CHANGE IN CONSUMER INSTALLMENT DEBT (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE FOR PERIOD 1948... 1949... 1950... 1951... 1952,.. 1953... 1954.. . 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 3.40 1.03 3.20 1.61 1.28 6.46 -0.71 4.39 4.06 0.85 0.10 4.52 5.18 0.18 2.56 6.59 3.14 1.32 3.40 0.65 1.78 5.60 0.16 5.09 4.57 2.70 -1.87 4.08 6.00 -1.20 3.13 5.82 3.36 1.51 2.87 -0.05 1,62 6.82 -0.74 6.67 3.90 2.39 -1.16 5.42 3.85 -0.43 3.11 5.95 3.26 2.52 3.28 -0.58 2.06 4.08 -0.40 5.84 3.26 2.78 -0.91 4.69 6.11 -1.78 6.22 7.31 2.58 3.44 3.92 -0.29 5.72 4.63 0.08 6.30 2.52 2.27 -1.44 5.83 4.66 0.44 4.91 5.72 1.86 2.42 4.67 -0.26 6.79 2.98 0.38 5.72 2.76 2.81 -0,98 5.92 3.96 0.04 5.40 6.94 2.54 3.01 7.15 -0.58 4.49 3.65 0.62 5.00 1.96 3.74 -0.28 5.84 3.94 0.66 4.93 7.55 2.50 2.60 4.31 1.38 3.26 3.08 0.44 6.24 2.32 1.82 -0.50 8.00 2.74 1.22 4,94 6.85 2.58 2.80 4.31 1.54 4.99 2.89 1.21 5.96 2.32 2.62 -1.37 7.60 2.80 1,24 4.87 7.33 1.00 4.01 2.17 1.25 6.46 2.53 1.64 4.38 2.71 2.33 0,25 6.74 2.93 2.33 5.75 7.92 0.98 3.66 -1.10 1.31 5.54 2.50 1.68 3.92 2.78 1.57 2.08 5.59 2.99 2.62 5.95 6.37 1.39 3.07 0.78 1.92 6.46 0.65 2.72 4.04 2.86 1.60 3.67 3.29 0.94 4.06 6.68 6.52 3. 30 1.29 3.16 0.74 1,56 6.29 -0.43 5.38 4.18 1.98 -0.98 4.67 5.01 -0.48 2.93 6,12 2. 57 2.79 3.96 -0,38 4.86 3.90 0.02 5.95 2,85 2.62 -1.11 5.48 4.91 -0.43 5.51 6.66 2.54 2.80 5.26 0.7B 4.25 3.21 0.76 5,73 2.20 2.73 -0.72 7.15 3.16 1.04 4.91 7.24 1.12 3.58 0.62 1.49 6.15 1.89 2.01 4.11 2.78 1.83 2.00 5.21 2.29 3.00 6.13 €.94 2.38 2.62 3.25 0.66 4.20 3,82 0.59 5.30 3.00 2.29 -0.20 5.63 3.84 0.78 4,87 6.74 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971,. . 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 8.40 8.69 7.30 3.48 8.38 7.30 6.54 5.74 15.85 25.81 10.13 -0.82 16.07 25.28 29.24 36.80 9.66 8.06 5.60 0.52 9.46 13.02 4.93 8.33 12.34 24.70 12.31 4.36 20.35 28.33 34.34 42.76 8.14 7.75 6.42 3.26 8.39 9.43 4.42 8.16 15.68 22.75 8.60 -3.66 17.86 40.42 48.91 43.50 6.61 10.62 5.30 0.73 9.13 12.22 1.96 7.75 18.19 21.41 13.66 -0.31 22.75 37.07 49.27 49.26 9.26 10.14 4.74 2.59 8.99 12.84 4.31 9.08 15.60 21.04 14.87 -0.83 20.12 34.80 51.36 39.67 7.58 7.93 4.87 3.79 9.24 10.86 6.14 5,62 15.28 20.08 14.75 3.66 19.09 30.77 50.48 30.70 6.85 7.56 6.71 3.00 9.97 8.40 4.88 5.20 10.56 20.04 12.74 15.07 18.89 28.88 41.59 29.32 7.63 8.16 5.87 4.84 7.58 8.12 5.59 10.68 13.85 16.32 14.26 11.23 19.91 35.22 43.58 29.35 9.77 8.27 3.41 5.64 9.08 10.84 5.40 12.89 13.91 15.52 9.42 12 .40 23.72 34.14 44.16 53.35 6.92 6.77 4,75 3.42 11.14 8.02 3.48 14.15 16.96 22.64 2.56 13.57 23.87 38.48 40.51 26.23 4.61 6.77 4.73 5.99 9.82 7.72 -0.32 16.31 17.50 17.86 -1.81 15.65 21.76 43.15 45.98 28.88 7.75 6.68 4.64 7.01 10.32 3,26 5.96 15.79 22.98 14.05 -1.94 20.70 28.39 42.95 52.79 16,19 8.73 8.17 6.44 2.42 8.74 9.92 5.30 7.41 14.62 24.42 10.35 -0.04 18.09 31.34 37.50 41.02 7.82 9.56 4.97 2.37 9.12 11.97 4.14 7,48 16.36 20.84 14.43 0.84 20.65 34.21 50.37 39.88 8.08 8.00 5.33 4.49 8.88 9.12 5.29 9.59 12.77 17.29 12.14 12.90 20.84 32.75 43.11 37.34 6.43 6.74 4.71 5.47 10,43 6.33 3.04 15.42 19.15 18.18 -0.40 16.64 24.67 41.53 46.43 23.77 7.76 8.12 5,36 3*69 9*29 9.34 4.44 9,98 15.72 20*18 9.13 7.58 21.06 34.96 44.35 35.50 NOTE: These series contain no revisions but are reprinted for the convenience of the user. (NOVEMBER 1980) 97 C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. May June July 109. AVERAGE P R I M E RATE CHARGED BY BANKg (PERCENT) 1956... 1957... 1958. .. 1959... I960... 1.75 2.00 2.00 2.44 3.00 1.00 3.25 3.00 3 . 50 4.00 4.34 4,00 5.00 1.73 2.00 2.00 2.50 3.00 3.00 3. 25 3.00 3.50 4.00 4,00 4.00 5.00 1.75 2.00 2.00 2.50 3.00 3.00 3.13 3.00 3.50 4.00 4.00 4.00 5.00 1962... 1963... 4,50 4.50 4.50 4.50 4.50 4.50 1,75 2.00 2,00 2.50 3.00 3.03 3.00 3.00 3.65 4,00 3.83 4.00 5.00 4 , 50 4. SO 4,50 1964... 1965... 1966... 1967... 1968. .. 1969... 1970... 1971... 1972.., 1973. .. 1974.,, 197S... 1976... 1977... 1978... 1979... 1980. .. 4.50 4.50 5.00 5.96 6.00 6. 95 8.50 6.29 5.18 6.00 9.73 10. OS 7.00 6.25 7.93 11.75 4.50 4 . 50 5.00 5.75 6.00 7.00 8.50 5.88 4.75 6.02 9.21 8.96 6.75 6.25 8.00 11.75 4.50 4.50 5.35 5.71 6.00 7.24 8.39 S.48 4.75 6.30 3.83 7.93 6.75 6,25 8.00 11,75 4.50 4.50 5.50 5.50 6.20 7,50 8.00 S.25 4.98 6.60 10.02 7.50 6.75 6.25 8.00 11.75 1948... 1949... 1950... 1951... 1952... 1953. .. 1954... lisa... 114 1.75 2.00 2.00 2.50 3.00 3.25 3.00 3.00 3.75 4.00 3.50 4,23 5.00 4 . 50 4.50 4.50 4.50 4.50 5. SO 5.50 6.50 7.50 8.00 5.42 5.00 7.01 11.25 7.40 6.75 6.41 8.27 11.75 Sept. Aug. Oct. Nov. Dec. 1 Q (S» »Q HI Q Annual IV Q AVERAGE FOR PERIOD 4.50 4. 50 4.50 4.50 2.00 2,00 2.2S 2.62 3.00 3.2S 3.00 3.40 4.00 4.50 4.00 5.00 4.50 4 , 50 4.50 4.50 2.00 2.00 2.25 2.75 3.00 3.25 3.00 3.50 4.00 4.50 4,00 5.00 4.50 4. 50 4.50 4.50 2.00 2.00 2.25 2.85 3.00 3.25 3.00 3.50 4.00 4. SO 4,00 5.00 4. SO 4, SO 4.50 4.50 4,50 4.50 6.00 5. SO 6.40 8. SO 7.83 6.00 5.50 9.86 12.00 7.88 7. 00 7.13 9.41 12.90 4. SO 4.50 6.00 5.50 6.00 8.50 7.50 5.91 5.73 9.94 11.68 7,96 6.78 7.52 9.94 14.39 4.50 4.50 6.00 5.68 6.20 8.50 7.28 5.47 5.75 9.75 10.83 7. S3 6.50 7.75 10.94 15.55 4.50 4.92 6.00 6.00 6.60 8.50 6.92 5.25 5.79 9,75 10,50 7.26 6.35 7.7S 11.55 15.30 4.50 4.50 5.12 5.81 6.00 7.06 8.46 5.88 4.89 6.11 9.26 8.98 6.83 6.25 7.98 11.75 5.39 5.01 7.03 10.94 7.32 6.90 6.47 11.30 11.72 1.7S 2.00 2.00 2.50 3.00 3.25 3.00 3.00 3.75 4.00 3.50 4.50 5.00 4 . 50 4.50 4.50 1.75 2.00 2.00 2.50 3.00 3.25 3.00 3.00 3.75 4.00 3.50 4.50 5.00 4, 50 4,50 4.50 2.00 2.00 2.00 2,50 3.00 3.2S 3.00 3.23 3.84 4.42 3.50 4.50 4.85 4. 50 4.50 4,50 2.00 2,00 2.08 2.50 3.00 3.25 3.00 3.25 4.00 4.50 3.83 4.50 4. SO 5.52 5.50 6.5D 8.23 8.00 5.50 5.04 7,49 11.54 7.07 7.20 6,75 8,63 11,65 4. SO 4,50 5.75 5.50 6.50 8.50 8.00 5.90 5.25 8.30 11.98 7.15 7.25 6.75 9.00 11.54 4.50 4.50 5.88 S.50 6.50 8.50 8.00 6.00 5.27 9.23 12.00 7.66 7.01 6.83 9.01 11.91 s.oo DISCOUNT RATE OH HEW ISSUES OP 91- DA'/ TREASURY BILLS (PERCENT) 1.75 2.00 2.00 2.48 3.00 3.00 3.21 3.00 3.50 4.00 4.11 4.00 5.00 4 . 50 4.50 4.50 1.75 2.00 2.00 2.50 3.00 3.18 3.00 3.00 3.72 4.00 3.61 4.24 5.00 4 . 50 4. 50 4.50 4.50 4,50 5.51 5,50 fj.40 7.74 8.00 1.92 2,00 2.03 2.50 3.00 3.25 3.00 3.16 3.B6 4.31 3.61 4.67 4.78 4 , 50 4.50 4.50 2.00 2.00 2.25 2.74 3.00 3.25 3.00 3.47 4.00 4.50 4,00 .00 .50 < , 50 .50 .50 1.85 2.00 2.07 2.56 3.00 .1.17 3.05 3.16 3.77 4.20 3.83 4.48 4.82 4 . 50 4.50 4.50 4.50 4.50 5,88 5,50 6.47 8 , 50 7.94 5,97 5.34 9.13 11.99 7.56 7.09 6.90 9.14 12.12 .SO .64 6,00 5,73 6.27 8.50 7.23 5.54 5.76 9.81 11.00 7.58 6.54 7,67 10.81 15.08 4.50 4,54 5,62 3.63 6. as 7.95 7.91 5.70 5.25 8,02 10.80 7.86 6,84 6.82 9.06 12 . 67 © AVERAGE l-'OR P E R I O D 1948... 1949... 1950.,. 1951.,. 1953. ,. 1953... 1954... 1955... 1956. .. 1957... 1958... 1959... I960.., 1961... 1962. .. 1963,.. 0.97 1.16 1.09 1.39 1.69 2.04 1, 2 1 1.26 2.46 3.21 2.60 2,84 4.44 2.30 2.75 2.91 0.99 1.16 1.12 1.39 1.57 2,02 0.98 1.18 2.37 3.16 1.56 2.71 3.95 2.41 2.75 2.92 1.00 1.16 1.14 1.42 1.66 2.08 1.05 1.34 2.31 3.14 1.35 2,85 3.44 2.42 2.72 2.90 1.00 1.16 1.16 1.52 1.62 2.18 1.01 1.62 2.61 3.11 1.13 2.96 3.24 2.33 2.74 2.91 1.00 1.15 1.17 1.58 1.71 2,20 0.7U 1.49 2.65 3.04 1.05 2.85 3.39 2.29 2.69 2.92 1.00 1.16 1.17' 1.50 1.70 2.23 Q.6S 1.43 2.53 3.32 0.88 3.25 2.64 2.36 2.72 3.00 1.00 0.98 1.17 1.59 1.82 2,10 0,71 1.62 2.33 3.16 0.96 3.24 2.40 2.27 2.94 3.14 1.03 1.02 1.21 1,64 1.88 2.09 0.89 1.88 2.61 3.40 1.69 3.36 2.29 2.40 2.84 3.32 1.09 1.06 1,32 1.65 1.79 1.88 1.01 2.09 2.85 3.58 2.48 4.00 2.49 2.30 2.79 3.38 1.12 1.04 1.33 1.61 1.78 1.40 0.99 2.26 2.96 3.S9 2.79 4.12 2.43 2.35 2.75 3.45 1.14 1.06 1.36 1.61 1,86 1.43 0.95 2.22 3.00 3.34 2.76 4.21 2.38 2.46 2.80 3.52 1.15 1.10 1.37 1.73 2.13 1.63 1.17 2.56 3.23 3.10 2.81 4.57 2.27 2.62 2.36 3.52 0.99 1.16 1.12 1.40 1.64 2.05 1.08 1.26 2.38 3.17 1.84 2.80 3.94 2.38 2.74 2.91 1.00 1.16 1.17 1,53 1.68 2.20 0.81 1.51 2.60 3.16 ,1 , 02 3.02 3.09 2.33 2.72 2.94 1.04 1.02 1.23 1.63 1.83 2.02 O.B7 1.86 2.60 3.38 1,71 3.53 2,39 2.12 2.86 3.28 1,14 1.07 1.35 1.65 1.92 1.49 1.04 2 . 15 3.06 3.34 2.79 4.10 2.16 2.48 2.B0 3.50 1.04 1.1Q 1.22 1.55 1.77 1.94 0.95 1.75 2.66 3.26 1.84 3.41 <?. ( 'J5 2 . 18 2 . 78 3. 16 1964. ,. 1965., , 1966... 1967... 1968... 1969... 1970. ., 1971... 1972.,, 1973... 1974.., 1975... 1976... 1977... 1978... 1979... 1980... 3.53 3.83 4.60 4.76 5.08 6.18 7.91 4.49 3.40 5.31 7.76 6.49 4.96 4.60 6.45 9.35 3.53 3.93 4,67 4.55 4.97 6.16 7.1(1 3.77 3.18 S. 56 7.06 5.58 4.85 4.66 6.46 9.27 3.55 3.94 4.63 4.29 5.14 6.08 6.71 3.32 3.72 6.05 7.99 5.54 5. OS 4.61 6.32 9.46 3.48 3.93 4.61 3.85 5.36 6.15 6.48 3.78 3.72 6.29 8.23 5,69 4,88 4,34 6,31 9.49 3.48 3.90 4.64 3.64 5.62 6.08 7.04 4.14 3.65 6.35 8.43 5.32 5.18 4.94 6.43 9,58 3.48 3.81 4,54 3.48 5.54 6.49 6.74 4.70 3.87 7.19 8.14 5.19 5.44 5.00 6.71 9.05 3.48 3.83 4.86 4.31 S.38 7.00 6,50 5.40 4.06 8.02 7.75 6.16 5.28 5.15 7.07 9.26 3,51 3.84 4.93 4.28 S.10 7.01 6.41 5.08 4.01 8,67 8.74 6.46 5.15 5.50 7.04 9.45 3.53 3.91 5.36 4.45 5.20 7.13 6.24 4.67 4.65 8.48 8.36 6.38 5.08 5,77 7.84 10.18 3.58 4.03 5.39 4.59 5.33 7.04 5.93 4.49 4.72 7.16 7.24 6.08 4.93 6.19 8.13 11,47 3.62 4.08 5.34 4.76 5.49 7.19 5.29 4.19 4.77 7.87 7.58 5.47 4.81 6.16 8.79 11.87 3.86 4.36 5.01 5.01 5.92 7.72 4.86 4,02 5.06 7.36 7.18 5.50 4,35 6.06 9.12 12,07 3.54 3.90 4.63 4,53 5.06 6.14 7.26 3.86 3.43 5.64 7,60 5,87 4.95 4,62 6.41 9.36 3.48 3.88 4.60 3.66 5. SI 6.24 6.75 4,21 1.75 6,61 8,27 5.40 5.17 4.83 6.48 9.37 3.51 3.86 5.05 4.35 5.23 7.05 6.18 5,05 4.24 8 . 39 8.28 6.33 5,17 5.47 7.32 9.63 3.69 4,16 i.a'i 4.79 5.58 7.32 5,36 4.2:! 4.85 7.46 7.33 5 . 68 4.70 6.14 8 . 68 11.80 3.55 3.95 4.88 4.33 5.34 6.69 6,44 4. 34 4 . 07 7.03 7.87 5.82 5.00 S.26 7.22 10.04 2.45 2.22 2.38 2.61 2.74 2.83 2.44 2.20 2.38 2.66 2.71 2.86 2. 54 2.57 2.89 3.30 3.57 3.70 4.12 3.93 3.98 3.87 4.11 2.44 2.19 2.39 2.70 2.75 2.79 2.59 2.91 3.40 3.30 3.80 4.27 3.88 4.06 3.87 4.14 2.45 2.40 2.24 2,42 2.72 2.84 3.61 2.75 2.89 3.27 3.26 3.92 4.22 3.83 4.06 3.91 2,42 2 , ,38 2.31 2 , .61 2 ,,61 3, ,07 2 . 32 2 ,,82 2*99 3,43 3,15 4.06 4,11 3.80 3.89 3.98 2.45 2.24 2.34 2.59 2.67 3.01 2.49 2.93 3.13 3.63 3.57 4.16 3.83 3.97 3.98 4.01 2.44 2.20 2 . 38 2.66 2,73 2.83 2 . 37 2.89 3.30 3.53 3.75 4.17 3.91 4.01 3. 80 4,11 2.44 2.31 2.32 2 . 57 2.68 2.94 2.55 2.84 3.08 3.47 3.43 4.98 4.02 3.90 3.95 4.00 4.16 4,28 4,70 5,19 5.24 6.27 6.59 5.46 5.69 6.25 7.22 7.29 6.65 7.08 8.07 9.44 4.12 4.34 4.74 5,44 5.36 6.52 6.24 5.48 5.51 6.30 6.93 7.21 6.62 7.16 8.16 9.80 4.14 4.43 4,65 5.36 5.66 6.81 5.97 5.62 5.63 6.35 6.77 7.17 6.38 7.24 8.36 9.58 4.16 4. IS 4.56 4.44 5.24 5.88 6.56 5.82 5.65 6.10 6.64 6.70 6.91 7.01 7.58 8.44 4.16 4.14 4.58 4.71 5.30 5.91 6.82 5.88 5.66 6.23 7.05 6.97 6.89 7.10 7.85 8.44 4.14 4.20 4.78 4.93 S.07 6.14 6.65 S.7S 5.63 6.60 7.2? 7. 09 6.79 6.98 7.93 8.48 4.14 4.35 4.70 5.33 S.42 6.53 6.27 5.52 5.61 6.30 6.97 7.22 6.55 7.16 8.20 9.61 4.15 4.21 4.65 4. 85 5.26 6.12 6.58 5.74 5.64 6.31 6.98 7.00 6.78 7.06 7.89 8.74 115. Y I E L D ON LONG-TERM TREASURY BONDS (PERCENT) @ AVERAGE I'OR PERIOD 1948... 1949. .. 1950.,. 1951.. . 1952... 1953.,. 1954... 1953... 1956... 1957. .. 1958... 1959,.. 1960... 1961... 1962... 1963., , 2.45 2.42 2.20 2.39 2.74 2.80 2.69 2.68 2.80 3.34 3.24 3.91 4.37 3.89 4.08 3.89 2.45 2,39 2.24 2.40 2.71 2. S3 2.62 2,78 2,85 3.22 3.28 3.92 4.22 3.81 4.09 3.92 2.44 2.38 2.27 2.47 2.70 2.89 2.53 2.78 2,93 3.26 3.25 3.92 4.08 3.78 4.01 3.93 2.44 2.38 2.30 2.56 2.64 2.97 2,48 2.82 3.07 3.32 3.12 4.01 4. IB 3.80 3.89 3.97 2.42 2.38 2.31 2.63 2.57 3.11 2. 54 2.81 2.97 3.40 3.14 4.08 4.16 3.73 3.88 3.97 2.41 2.38 2.33 2.65 2,61 3.13 2.5S 2.82 2.93 3.58 3.20 4.09 3.98 3.88 3.90 4.00 2 .44 2.27 2,34 2.63 2.61 3.02 2 .47 2.91 3.00 3.60 3.36 4.11 3,86. 3.90 4.02 4,01 2.45 2.24 2.33 2.57 2.70 3.02 3.17 3.63 3,60 4.10 3.79 4.00 3.98 3.99 2.45 2.22 2.36 2.56 2.71 2.98 2 .52 2.92 3.21 3.66 3.75 4.26 3.84 4.02 3.94 4.04 1964. ,. 1965... 1966. , , 1967.,, 1968... 1969... 1970... 1971. .. 1972, .. 1973.,, 1974.,, 1975... 1976... 1977.,, 1978.. , 1979... 1980.,, 4,15 4.14 4.43 4.40 5.18 S.74 6.86 5.92 5.62 5.96 6.56 6.68 6.93 6.68 7.51 8.43 4.14 4.16 4.61 4.47 5,16 5.86 6.44 5.84 5.67 6.14 6.54 6.66 6.92 7.16 7.60 8.43 4.18 4.15 4.63 4.45 5.39 6.05 6.39 5.71 5.66 4.20 4.15 4.55 4.51 5.28 5.84 6.53 5.75 5.74 6.11 7.04 7.05 6.73 7.13 7.74 8.44 4.16 4.14 4,57 4,76 S.40 5.85 6.94 5.96 5.64 6.2S 7.09 7.01 7.01 7.17 7.87 8.55 4.13 4.14 4.63 4.86 S.23 6.05 fi.99 5.94 S.S9 6.32 7.02 6.86 6.92 6.99 7.94 8.32 4,13 4.15 4.75 4.86 5.09 6.07 6. 57 S.91 5.59 6.53 7,18 6.89 6.85 6.98 8.10 8.35 4.14 4.19 4.80 4.95 5.04 6.02 6.75 5.78 5.59 6.85 7.33 7.11 6.82 7.01 7.88 8.42 4.16 4.25 4.79 4,99 5,09 6.32 6.63 5.56 5.70 6.41 7.30 7.28 6.70 6.94 7.82 8.68 MOTK: a. 20 6.81 6.77 6.88 7.20 7.63 8,45 2.48 2.95 These scries contain no revisions but are reprinted for the convenience of the user. 2,87 3.20 3.73 3.76 4.11 3.91 3.98 3.89 4.07 (NOVEMBER 1980) C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. May June July Sept. Aug. 116. YIELD ON NEWISSUES OF HIGH-GRADE CORPORATE BONDS (PERCENT) 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... 1976. .. 1977,.. 1978... 1979... 1980... 1952. .. 1953. .. 1954. .. 1955... 1956.. . 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970. .. 1971... 1972.. . 1973... 1974. .. 1975. .. 1976. .. 1977... 1978, .. 1979... 1980... Nov. Dec. Q II Q III Q Annual IV Q © AVERAGE FOR PERIOD 2.97 2.66 2.60 2.74 3.08 3.17 3.00 2.99 3.20 4.28 3.62 4.58 5.34 .63 .56 .22 2.85 2.77 2.58 2.78 2.94 3.26 2.88 3.09 3.07 4.13 3.73 4.60 5.24 4.43 4.53 4.25 2.99 2.75 2.57 2.90 3.14 3.41 2.74 3.14 3.25 4.18 3.88 4.53 4.98 4.37 4.41 4.28 2.81 2.74 2.40 3.06 3.09 3.53 2.88 3.11 3,55 4.23 3.67 4.60 4.97 4.57 4.37 4.35 2.86 2.69 2.58 2.98 3.25 3.80 2.90 3.15 3.48 .41 .66 .92 .95 .67 .32 .36 2.93 2.77 2.63 3.24 3.09 3.82 2.91 3.11 3.56 4.81 3.61 5.00 4.91 4.82 4.30 4.32 2.80 2.68 2.55 3.20 3.11 3.59 2.94 3.14 3.56 4.59 3.85 .95 .79 .81 .41 .34 2.83 2.60 2.61 3.01 3.08 3.46 2.94 3.41 .02 .78 .39 .90 .65 .79 .39 .34 2.86 2.40 2.70 2.91 3.14 3.60 3.01 3.27 3.96 4.68 4,56 5.28 4.64 4.72 4.28 4.40 2.99 2.50 2.64 3.09 3.16 3.09 2.84 3.15 3.94 4.71 4.48 5.37 4.75 4.60 4.26 4.37 2.96 2.54 2.63 3.36 3.07 3.13 2.94 3.17 .29 .56 .35 .14 ,82 .52 .23 4.42 3.15 2.53 2.75 3.22 3.04 3.23 2.87 3.27 ,26 .04 .44 .27 .94 .58 .28 .49 2.94 2,73 2.58 2.81 3.05 3.28 2.87 3.07 3.17 4.20 3.74 4.57 5.19 4.48 4.50 4.25 2.87 2.73 2.54 3.09 3.14 3.72 2.90 3.12 3.53 4.48 3.65 .84 .94 .69 .33 .34 2.83 2.56 2.62 3.04 3.11 3.55 2.96 3.27 3.8S 4.68 4.27 5.04 4.69 4.77 4.36 4.36 3.03 2.52 2.67 3.22 3.09 3.15 2.88 3.20 .16 .44 .42 .26 .84 .57 .26 .43 2.92 2.64 2.60 3.04 3.10 3.42 2.90 3.17 3.68 .45 .02 .93 .92 .63 .36 ,34 .50 .45 4.93 5.53 6.57 7.29 9.00 7.63 7.36 7.61 8.32 9.17 8.97 7.96 8.70 9.47 4.39 4.45 5.09 5.35 6.57 7.33 8.84 7.54 7.57 7.67 8,21 8.84 8.71 8.18 8.70 9.52 4.45 4.49 5.33 5.55 6.80 7.76 9.00 7.62 7.53 7.75 8.60 9.48 8.73 8.33 8.70 9.65 4.48 4.48 5.38 5.59 6.79 7.54 9.09 7.76 7.77 7.70 9.04 9.81 8.68 8.30 8.88 9.69 4.48 4.52 5.55 5.90 7.00 7.62 9.53 8.25 7.61 7.69 9.39 9.76 9.00 8.38 9.00 9.82 4.50 4.57 5.67 6.06 7.02 8.04 9.70 8.15 7.63 7.73 9.59 9.27 8.90 8.08 9.15 9.51 .44 .57 5.81 6.06 6.91 8.06 9.09 8.24 7.72 7.97 10,18 9.56 8.76 8.12 9.27 9.47 .44 .66 6.04 6.30 6.54 8.05 9.08 8.14 7.59 8.45 10.30 9.71 8.59 8.06 8.83 9.57 4.49 4.71 6.14 6.33 6.69 8.36 9.00 7.90 7.72 8.10 10.44 9.89 8.37 8.11 8.78 9,87 4.49 4.70 6.04 6.53 6.88 8.46 9.14 7.72 7.66 7.97 10.29 9.54 8.25 8.21 9.14 11.17 4.48 4.75 6.11 6.87 7.00 8.94 8.97 7.67 7.46 7.95 9.22 9.48 8.17 8.26 9.30 11.52 .49 .92 .98 6.93 7.28 9.22 8.13 7.54 7.50 8.09 9.47 9.59 7.90 8.39 9.30 11.30 4.45 4.46 5.12 5.48 6.65 7.46 8.95 7.60 7.49 7.68 8.38 9.16 8.80 8.16 8.70 9.55 .49 .52 5.53 5.85 6.94 7.73 9.44 8.05 7.67 7.71 9.34 9.61 8.86 8.25 9.01 9.67 4.46 4.65 6.00 6.23 6.71 8.16 9.06 8.09 7.68 8.17 10.31 9.72 8.57 8.10 8.96 9.64 .49 .79 6.04 6.78 7.05 8.87 8.75 7.64 7.54 8.00 9.66 9.54 8.11 8.29 9.25 11.33 4.47 4.61 5.67 6.08 6.84 8.06 117. 1948... 1949... 1950.. . 1951... Oct. Y I E L D ON M U N I C I P A L BONDS, 20-BOMD AVERAGE (PERCENT) 9.05 7.85 7.59 7.89 9.42 9.51 8.59 8.20 8.98 10.05 © AVERAGE FOR PERIOD 2,36 2.16 2.06 1.61 2.09 2.43 2.50 2.40 2.50 3.18 2.91 3.42 3.72 3.40 3.34 3.10 2.47 2.20 2.03 1.58 2.07 2.55 2.42 2.44 2.44 3.00 3.02 3.36 3.60 3.31 3.21 3.15 2.45 2.18 2.01 1.74 2.08 2.65 2.40 2.44 2.57 3.10 3.06 3,30 3.56 3.45 3.14 3.05 2.37 2.14 2.03 1.94 2.04 2.65 2.47 2.41 2.70 3.13 2.96 3.39 3.56 3.50 3.06 3.10 2.31 2.14 2.00 2.00 2.06 2.78 2.50 2.38 2.68 3.27 2.92 3.58 3.60 3.43 3.11 3.11 2.24 2.20 1.99 2.19 2.13 2.99 2.48 2.41 2.54 3.41 2.97 3.72 3.55 3.52 3.26 3.21 2.27 2.16 2.01 2.15 2.15 2.98 2.32 2.54 2.65 3.40 3.09 3.71 3.50 3.52 3.28 3.22 2.37 2.12 1.83 2.02 2.24 2.90 2.26 2.60 2.80 3.54 3.36 3.58 3.34 3.52 3.23 3.13 2.41 2.14 1.84 2.01 2.30 2.90 2.31 2.58 2.94 3.54 3.54 3.78 3.42 3.53 3.11 3.20 2.42 2.16 1.79 2.06 2.38 2.75 2.34 2.51 2.95 3.42 3.45 3.62 3.53 3.42 3.02 3.20 2.38 2.12 1.74 2.05 2.38 2.62 2.32 2.46 3.16 3.37 3.32 3.55 3.40 3.41 3.04 3.30 2.26 2.09 1.72 2.09 2.38 2.60 2.36 2.57 3.22 3.04 3.34 3.68 3.40 3.47 3.07 3.27 2.43 2.18 2.03 1.64 2.08 2.54 2.44 2.43 2.50 3.09 3.00 3.36 3.63 3.39 3.23 3.10 2.31 2.16 2.01 2.04 2.08 2.81 2.48 2.40 2.64 3.27 2.95 3.56 3.57 3.48 3.14 3.14 2.35 2.14 1.89 2.06 2.23 2.93 2.30 2.57 2.80 3.49 3.33 3.69 3.42 3.52 3.21 3.18 2.35 2.12 1.75 2.07 2.38 2.66 2.34 2.51 3.11 3.28 3.37 3.62 3.44 3.43 3.04 3.26 2.36 2.15 1.92 1.95 2.19 2.73 2,39 2.48 2.76 3.28 3.16 3.56 3.52 3.46 3.16 3.17 3.22 3.06 3.52 3.54 4,29 4,85 6.65 5.36 5.12 5.05 5.22 6.82 7.07 5.87 5.71 6.47 3.14 3.09 3.64 3.52 4.31 4.98 6.36 5.23 5.28 5.13 5.20 6.39 6.94 5.89 5.62 6.31 3.28 3.18 3.72 3.55 4.54 5.26 6.03 5.17 5.31 5.29 5.40 6.74 6.92 5.89 5.61 6.33 3.28 3.15 3.56 3.60 4.34 5.19 6.49 5.37 5.43 5.15 5.73 6.95 6.60 5.73 5.80 6.29 3.20 3.17 3.65 3.89 4.54 5.33 7.00 5.90 5.30 5.14 6.02 6.97 6.87 5.75 6.03 6.25 3.20 3.24 3.77 3.96 4.50 5.76 6.96 5.95 5.34 5.18 6.13 6.95 6.87 5.62 6.22 6.13 3.18 3.27 3.95 4.02 4.33 5.75 6.53 6.06 5.41 5.40 6.68 7.07 6.79 5.63 6.28 6.13 3.19 3.24 4.12 3.99 4.21 6.00 6.20 5.82 5.30 5.48 6.71 7.17 6.61 5.62 6.12 6.20 3.23 3.35 4.12 4.12 4.38 6.26 6.25 5.37 5.36 5.10 6.76 7.44 6.51 5.51 6.09 6.52 3.25 3.40 3.94 4.30 4.49 6.09 6.39 5.06 5.18 5.05 6.57 7.39 6.30 5.64 6.13 7.08 3.18 3.46 3.86 4.34 4.60 6.30 5.93 5.20 5.02 5.18 6.61 7.43 6.29 5,49 6.19 7.30 3.13 3.54 3.86 4.43 4.82 6.82 5.46 5,21 5.05 5.12 7.05 7.31 5.94 5.57 6.50 7.22 3.21 3.11 3.63 3.54 4.38 5.03 6.35 5.25 5.24 5.16 5.27 6.65 6.98 5.88 5.65 6.37 3.23 3.19 3.66 3.82 4.46 5.43 6.82 5.74 5.36 5.16 5.96 6.96 6.78 5.70 6.02 6.22 3.20 3.29 4.06 4.04 4.31 6.00 6.33 5.75 5.36 5.33 6.72 7.23 6.64 5.59 6.16 6.28 3.19 3.47 3.89 4.36 4.64 6.40 5.93 S.16 5.08 5.12 6.74 7.38 6.18 5.57 6.27 7.20 3.21 3.26 3.81 3.94 4.45 5.72 6.35 5.48 5.26 5.19 6.17 7.05 6.64 5.68 6.02 6. 52 118. SECONDARY MARKET YIELDS ON FHA MORTGAGES (PERCENT) ® AVERAGE FOR PERIOD 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... 1976... 1977... 1978... 1979... 1980... NOTE: 4.35 4.31 4.08 .26 .34 .75 .56 .73 .. . 5.58 5.60 6.24 6.00 5.69 5.52 4.35 4.31 4.08 4.27 4.34 4.69 4.56 4.70 5.36 5.56 5.58 6.23 5.89 5.68 5.48 .35 .30 .12 .29 .34 .64 .59 .68 5.35 5.51 5.57 6.22 5.82 5.65 5.47 4.35 5.45 5.45 5.70 6.62 6.81 5.45 5.45 5.45 5.45 6.00 6.35 6.83 8.05 9.20 7.32 7.45 7.63 8.66 8.69 5.45 5.45 6.46 6.78 7.99 9.29 .. . 7.46 7.56 8.54 8.84 9.04 8.55 .. . 7.49 7.55 a! 99 9.06 8.45 9.18 10.24 lo!24 8^65 9.35 10.26 4.19 4.29 4i62 4.60 4.71 5.35 5.43 5.58 6.21 5.77 5.64 5.46 6.29 6.94 8.06 9.10 7.37 7.50 7.73 9.17 8.82 8.64 9.44 4.34 .. , 4.27 4.29 4 !59 4.63 4.78 5.32 5.39 5.64 6.21 .. . 5.60 5.45 5.45 5.45 6.32 6.44 8.06 9.11 7.75 7.53 7.79 9.46 9.16 9.03 ... 9.74 10.61 4.35 4.09 4.29 4.30 4.67 4.57 4.63 4.81 5.35 5.37 5.71 6.19 s!s9 5.45 5.45 5.44 6.45 6.51 7.52 8.35 9.16 7.89 7.54 7.89 9.46 9.06 9.05 8.77 10.49 4.34 4.08 4.31 4.30 4,74 4.56 4.64 4.81 5.38 5.35 5.75 6.18 5.68 5.58 5.45 5.46 5.44 6.51 6.53 7.42 8.36 9.11 7.97 7.54 8.19 9.85 9.13 8.99 8.77 9.96 10.46 .34 .08 .31 .30 .82 .56 .67 .87 4.32 4.08 4.30 4.30 4.86 4.56 4.70 4.92 s!37 5.80 6.14 5.68 5.57 5.45 siso .32 .08 .27 .31 .82 .56 .73 .95 5.63 5.57 6.11 5.69 5.56 5.45 6.09 5.70 5.55 5.45 5.46 5.45 6.58 6.60 7.35 8.36 9.07 7.92 7.55 5.46 5.46 6.63 6.63 7.28 8.40 9.01 7.84 7.56 9.18 10.38 9.74 8.82 8.74 9.81 11.37 5.45 5.49 10.30 9.32 8.93 8.77 9.81 10.58 These series contain no revisions but are reprinted for the convenience of the user. eles 7.29 8.48 8.97 7.75 7.57 8.97 10.13 9.53 8,55 8.81 9.98 4.32 4.08 4.27 4.32 4.81 4.56 4.75 .. . 5.63 5.60 6.23 6.05 5.70 5.54 5.45 5.45 5.51 6.81 6.77 7.36 8.48 8.90 7.62 7.57 8.86 9!41 8.45 8.81 10.04 12.41 .32 .08 .26 .32 .78 .56 4.73 .35 .31 .09 .27 .34 4.69 4.57 4.70 4.35 4.25 4.29 4i59 5.60 6.23 6.04 5.69 5.53 5.45 5.55 5.58 6.23 5.90 5.67 5.49 4,62 4.77 5.34 5.40 5.64 6,20 .. . 5.61 5.45 5.45 5.62 6.77 6.81 7.50 8.62 8.40 7.59 7.56 8.78 9.51 9.32 8.28 8.96 10.23 12.24 5.45 5.45 5.45 5.45 siei 6*. 48 6.81 ?! 47 7.58 , .. 8.84 e!4i .. . 8.16 9.12 7.67 7.52 7.80 9.36 s!97 8.55 10^25 .. , 4.33 4.08 4.31 4.30 4.81 4.56 4,67 4.87 , .. 5.41 4.32 4.08 4.27 4.32 4.80 4,56 4.74 6!l4 5.68 5.57 5.45 eioe 5.46 5.45 6.57 6.59 7.35 8.37 9.06 7.91 7.55 .. . 10.18 9.40 8.91 8.76 9.86 10.80 5.45 5.54 5.45 5.47 e!?4 6.56 5!62 5.59 5.70 5.54 5.45 7.38 8.53 8.76 7.65 7.57 8.87 9,42 8.43 8.86 10.08 4.34 4.23 4.30 4.60 4,65 s!49 e!i6 sleo 5.46 .. , 7.53 .. , ... (NOVEMBER 1980) 99 C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. May 119. 1948, ,, 1949... 1950... 1931,.. 1952. .. 1933.,, 1954, . . 1955... 1956... 1937... 1938... 1939... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967,.. 1968... 1969... 1970... 1971... 1972... 1973.,, 1974... 1975.,, 1976... 1977... 1978... 1979... 1980... July FEDERAL FUNDS RATE (PERCENT) Aug. Sept. Oct. N<w. Dec. IQ ll Q 1.35 2.50 2.96 1.20 2.80 3.84 2.02 2.70 2.98 1.43 2.62 3.00 1.26 2.96 3.92 1.50 2.69 2.90 1.43 2.75 3,00 0.63 2.90 3.85 1,98 2.29 3.00 1,62 2.71 3.00 0.93 3.39 3.32 1.73 2,68 2.99 1,68 2.74 2.99 0.68 3.44 3.23 1.16 2.71 3.02 1.90 2.74 3.24 1.53 3.50 2.98 2.00 2.93 3.49 1.07 2.18 2.95 3.50 1.76 3.76 2.60 1.88 2.90 3.48 0.90 2.24 2.96 3.50 1.80 3.98 2.47 2.26 2.90 3.50 0 .91 2 .35 2 .88 3 .22 2 .27 4 .00 2 .44 2 .62 2 .94 3 .48 1.26 2.48 2.94 2.98 2,42 3.99 1,98 2.33 2,93 3.38 2.48 2.96 1.86 2.56 3.93 2.00 2.40 2.96 2.69 3.00 0.94 3.08 3.70 1.74 2 . 55 2.96 3.48 3.90 4,42 4,94 4.60 6.30 8.98 4.14 3.50 3.94 9. 65 7.13 4.87 4.61 6.70 10.07 3.48 3.98 4.60 5.00 4.72 6.64 8.98 3.72 3.29 6.58 8.97 6.24 4.77 4.68 6.78 10.06 3.43 4,04 4.65 4.53 5.05 6.79 7.76 3.71 3.83 7.09 9.35 5.54 4.84 4.69 6.79 10.09 3.47 4.09 4.67 4.05 5.76 7.41 8.10 4.15 4.17 7.12 10.51 3.49 4.82 4.73 6.89 10.01 3. BO 4.10 4.90 3.94 6.12 8.67 7.94 4.63 4.27 7.84 11.31 5.22 5.29 3.35 7.36 10.24 3.50 4.04 5.17 3.98 6.07 8.90 7.60 4.91 4.46 8.49 11.93 5.55 5.48 5.39 7.60 10.29 3.42 4.09 5.30 3.79 6.02 8.61 7.21 5.31 4.55 10.40 12.92 6.10 5.31 5.42 7.81 10.47 3.50 4.12 S.53 3.89 6.03 9.19 6.61 5.57 4.80 10.50 12.01 6.14 5.29 5.90 8.04 10.94 3.45 4.01 5.40 4.00 5.78 9.15 6.29 5.55 4.97 10.78 11.34 6.24 5.25 6.14 8.45 11,43 3.36 4.08 5.53 3.88 5.92 9.00 6.20 5.20 5.04 10.01 10.06 5.82 5.03 6.47 8.96 13.77 3 .52 4 .10 5 .77 4 .12 5 .81 8 .85 5 .60 4 .91 3 .06 10 .03 9 .45 5 .22 4 .95 6 .51 9 .76 13 .18 3.8S 4.32 5.40 4.51 6.02 8.97 4.90 4.14 5.33 9.95 8.53 5.20 4.65 S.S6 10.03 13.78 3.46 3.97 4.56 4,82 4.79 6.58 8,57 3.86 3,54 6.54 9.32 5.30 4,83 4.66 6.76 10.07 3.49 4 . 08 :,.49 D I F F U S I O N I N D E X OF I N I T I A L CLAIMS* FOR UNEMPLOYMENT I N S U R A N C E , STATE PROGRAMS — 51 AREAS ( P E R C E N T D E C L I N I N G OVER 1-MONTH SPANS) 33.3 21.6 60,6 60.8 84.3 35.3 7.8 37.3 88.2 61.8 76.5 23.5 11.8 1964... 1963... 1966... 1967... 1968... 1969... 1970... 1971... 1972. .. 1973... 1974.,, 1973.. . 1976... 1977... 1978... 1979... 1980... 74.5 96.1 47.1 47.1 18,6 54.9 17.6 84.3 78.4 37.3 3.9 51.0 94.1 39,2 33.3 U.8 Annual IV Q AVERAGE FOR PERIOD 1.29 2.50 3.00 1,67 2,40 3.97 2.54 2.37 3.00 1952... 1953... 1934... 1935.,. 1956... 1957... 1958.,, 1959.., 1960... 1961... 1962... 1963... III Q ® 1.37 2.44 2.93 2.72 2.48 3.99 1.45 2,14 2.91 962. 1948. .. 1949. ,. 1930. , , 1951.. . June 3.99 5.98 8.33 7.88 4.56 4.30 7.82 11.25 5.42 3.20 5.16 7.28 10.18 1.92 2.81 3.24 1.32 3,57 2.94 1.68 2.85 3.33 3.46 4.07 3,41 3.B9 5.94 8.98 6,70 3.48 4.74 10. 56 12.09 6.16 5.28 3.82 8.10 10,95 1.02 2.36 2.93 3.23 3.16 3.99 2.30 2.40 2.92 3.45 1.78 2.73 3.11 1.57 3.30 3.22 1.96 2.68 3.18 3 . 38 4,17 5.57 4.1? 3.92 8.94 3.37 4.75 5.14 10.00 9.15 5.41 4.88 6.31 9.38 13.S8 3.30 4.07 5.11 4.22 5,66 n,ai 7.17 4.66 4.44 8.74 10.51 5.82 5.03 3.54 7.94 11.20 AVERAGE FOR PERIOD 90!2 85.3 41.2 47.1 31.4 49,0 60.8 63,7 27,5 62.7 9.8 70.6 39,2 72.5 25.5 26.5 63.7 62.7 76.5 39.2 15.7 36.3 57.8 86.3 77.5 47.1 17.6 45.1 38.8 39.2 52.9 47.1 29.4 35.3 70.6 85.3 27.5 29.4 25.5 51.0 66.7 49.0 28.* 35.3 51.0 66.7 83.3 45,1 17.6 25. 5 74.5 6B.6 76.5 31.4 41,2 47.1 82.4 80.4 27.5 23.5 76.5 21.6 60.8 74.5 39.2 21.6 74.5 27.5 92.2 23.5 17.6 29,4 56.9 58.8 76.5 52,9 3.9 35.3 41.2 74.5 S8.8 68.6 62.7 19.6 41.2 72.5 58.8 15.7 39.2 29.4 72.5 70.6 76.5 23.5 41.2 39,2 54.9 27.5 90.2 52.9 35.3 26.5 86.3 31.4 47.1 76.5 24.5 47.1 45.1 60,8 54.9 15.7 70.6 31.4 49.0 52.9 82.4 37.3 25.5 37.3 79.4 82.4 72.5 48.0 11,8 43.1 74.5 62.7 70.6 27.5 19.6 78.4 58.8 94.1 66.7 13,7 56.' 5 47,4 51.0 37.3 69.3 41.8 52.6 28,8 71,5 31.1 52.3 49.0 58,2 41.8 44.8 43.8 50.3 5H.2 45.1 44.8 51). 7 53.6 46.4 60.5 47.1 4H.4 42.5 63.4 30,1 47.1 60.8 47.7 32.7 64.1 34.6 45.7 60.1 52.3 39.9 32,9 49.1 40,3 28.8 78,4 49.0 51.6 35,6 62. B 49.0 43,8 69.3 56.9 47.7 48.3 49.5 38.4 53.3 59.3 46.6 41.4 31.6 32.2 41.8 60,6 51,3 4H.5 70.6 19.6 45.1 22.5 78.4 49.0 48.0 29,4 19,6 78.4 74.5 35.3 41.2 23.5 47.1 72.5 23.5 39.2 36.3 40.2 76,5 76.5 25.5 11.8 68.6 31,4 80.4 72.5 10.8 49.0 34.9 68.6 47.1 64.7 74.5 39.2 33.3 33.3 19.6 98.0 82.4 35,3 23.5 30,4 52.9 68.6 82.4 7.8 82.4 78,4 27.5 41.2 58.8 82.4 72.5 76,5 5.9 28.4 33.3 68.6 56.9 23.5 11.8 66.7 17.6 11.8 58.8 78.4 80.4 25. S 27.5 5.9 S4.9 72.5 80.4 73.5 0. 37.3 58.8 66.7 74.5 81,4 38.2 33.3 17.6 35.3 66.7 68.6 59.8 19.6 11.8 62.7 66.7 80.4 49.0 37.3 74.5 45.1 29.4 66.7 57.8 63.7 62.7 31.4 52.0 33.3 43.1 82.4 29.4 24.5 42.2 54. 9 21.6 64.7 80.4 71.6 S6.9 27.5 13.7 62.7 74.5 92,2 15.7 13.7 38.2 82.4 94.1 86.3 74.5 80.4 35.3 45.1 49.0 48.0 58.8 88.2 43.1 15.7 3.9 76.5 90.2 76.5 25.5 8.8 37.3 34.3 29,4 62.7 58.8 56.9 58.8 19.6 49.0 51.0 29.4 94.1 29.4 41.2 29.4 53.9 51.0 64,7 39,2 64.7 39.2 17.6 56.9 76. S 82.4 47.1 5.9 21.6 90.2 90.2 86.3 68.6 56.9 51.6 59.5 36.6 57.8 60.1 30.4 41. B 5S.5 49.0 S2.9 S2.9 48.7 37.9 45.1 51.0 49.0 51.6 S3. 6 52.9 57. 5 47.1 39.9 56.9 63.7 49.3 57.2 44.1 42.2 47.7 54.2 62.1 40.4 23.5 52.9 44.8 62,4 61.8 59.3 54.3 59.8 34.6 57.5 49.0 40.8 58.2 61.4 58,2 37,9 13.1 64,1 69,9 69.3 47,1 43.8 34.3 56.7 49.3 51.1 52 . 1 47.6 44.0 54.4 55.9 45.2 33.8 56.9 50.0 33.2 51.2 50.3 31.0 79.4 37.3 19.6 74,5 29.4 86.3 21.6 63.7 21,6 9.8 9 6 2 . D I F F U S I O N I N D E X 06' I N I T I A L CLAIMS FOR UNEMPLOYMENT I N S U R A N C E , ( P E R C E N T D E C L I N I N G OVER 9 -MONTH SPANS) 47!? 45.4 43,7 57.5 36.6 43.1 51.0 47.1 STATE PROGRAMS— SI AREAS AVERAGE FOR PERIOD 1948... 1949... 1950... 1931... 1952... 1933... 1934. . . 1955... 1956.., 1957... 1958... 1959... I960... 1961... 1962... 1963.., 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973,, . 1974.,. 197S... 1976... 1977... 1978... 1979... 1980... NOTE: 52.9 60.8 37.3 3.9 98.0 41.2 23,5 3.9 96.1 19.6 47.1 80.4 34.9 34.9 43.1 20.6 9.8 96.1 31.4 31.4 7.8 94,1 15.7 52.9 82.4 64.7 41.2 31.4 24.5 23,5 94.1 23. S 31,4 16.7 76.5 31.4 70.6 34.9 72.5 35.3 74.5 3.9 17.6 80.4 39.2 43.1 33.3 58.8 17.6 68.6 60.8 67.6 35. 3 70,6 11.8 21.6 94.1 43.1 13.7 39.2 76.5 5.9 84.3 47.1 51.0 33,3 84.3 5.9 33.3 86.3 31.4 9.8 74.5 37.3 3.9 78.4 35.3 82.4 41.2 76.5 2.0 76.5 60.8 41.2 0. 96.1 IS. 7 5.9 86.3 25.5 80.4 25.5 47.1 2.0 88.2 70.6 43.1 3.9 90.2 27. S 23.5 94.1 45.1 17.6 21.6 82.4 3.9 94.1 56.9 9.8 5.9 98.0 31.4 9.8 88.2 17.6 72.5 3S.3 60.8 7.8 98.0 39.2 47.1 3.9 98.0 3.9 3.9 96.1 60.8 88.2 25.5 58,8 9.8 94.1 60.8 16.9 0. 100,0 7.8 5.9 90.2 70.6 54.9 21.6 70.6 2.0 92.2 37.3 41,2 0. 98.0 35.3 15.7 82.4 46.1 74.5 49.7 45.1 27.5 12,4 96.1 32.7 28.8 9.5 88.9 22.2 56.9 72.6 64.0 34.6 76.5 7.9 24.2 86.9 37.9 22.2 49.0 57. S 9.1 77.1 47.7 67.0 29.4 68.7 2.6 86.3 62.8 31.4 3.3 94.8 24.9 13.1 89.5 29.4 56.8 27. S 63.4 6.S 94.8 45.8 49.4 1.3 98,7 15.7 8.3 89.6 59.2 72.5 33. 3 63.4 11.1 54.4 72.9 37 , 6 13.9 63,0 46.7 13.2 78.3 52.2 63.1 76.5 78.4 88.2 11.8 76. S 64.7 2.0 52.9 78.4 66.7 10.8 2.0 76. S 74.5 76.5 46.1 74.5 78.4 90.2 15.7 86.3 43.1 2.0 60.8 72.5 60.8 21.6 2.0 69.6 70.6 56.9 27.5 88.2 88.2 72. S 25.5 74.5 31,4 0. 70.6 62.7 S1.0 9.8 21.6 70.6 68.6 47.1 25.5 80.4 86.3 70.6 35,3 68.6 43.1 3.9 45.1 84.3 37.3 21,6 31.0 22. S 57.8 52.9 36.9 84.3 84.3 80.4 45.1 68.6 37.3 0. 47.1 82.4 35.3 7.8 58,8 29.4 53.9 60.8 49.0 86.3 82.4 70.6 43.1 94.1 37.3 2.0 52.9 58.8 33.3 13.7 75.5 17.6 74.5 60.8 31.4 61.8 90.2 62.7 82.4 79.4 35.3 5.9 41.2 78.4 7.8 9.8 92.2 17.6 65.7 51.0 21.6 64.7 90.2 29.4 80.4 53.9 12.7 13.7 84.3 76. S 21.6 2.0 82.4 62.7 82.4 76.5 23.5 100.0 88.2 5.9 62.7 60.8 3.9 70.6 70.6 4S.1 2.0 0. 98.0 56.9 68.6 15.7 49.0 64.7 62.7 12.7 86.3 54.9 2.0 51.0 41.2 96.1 15.7 3.9 92.2 37.3 70.6 51.0 35.3 72.5 96.1 5.9 88.2 41,2 2.0 2S.5 84.3 88.2 IS. 7 0. 88.2 88.2 78.4 66.7 33.3 66.7 92.2 7.8 74.5 62.7 2.0 49.0 90.2 78.4 23.5 0. 88.2 88.2 86.3 29.4 S.9 79.7 81.7 83.6 17.7 79.1 46.4 1.3 61.4 71.2 59.5 14.1 8.3 72.2 71.2 60.2 33.0 83.7 84.3 73.9 41.2 77.1 39.2 2.0 43.4 75.2 35.3 14.4 61,8 23,2 62,1 S8.2 4S..8 75.3 89.5 32.7 75.2 64.7 17.3 30.1 63.4 68.7 10.5 3.9 90.9 45.7 72.2 47.7 31.4 68.0 83.7 8.8 83.0 52.9 2.0 41.8 71.9 87,6 18.3 1.3 89.3 71.2 78.4 49.0 24.8 76,7 84.8 49,7 54.2 68.3 26.2 18.8 61.8 73.2 30.9 8.4 62.7 53.1 71,0 53.8 33.8 These series contain no revisions but are reprinted for the convenience of the user. 100 {NOVEMBER ' C. Historical Data for Selected Series—Continued Quarterly Quarterly Year IQ II Q Annual III Q IV Q 345. AVERAGE HOURLY COMPENSATION, ALL EMPLOYEES, NONFARM BUSINESS SECTOR (INDEX: 1967 = 100), 1964. . . . 1965 1966 1967 1968 1969 1970. . . . 1971 1972 1973. ... 1974. 1975 1976. . , 1977 1978 . . . 1979 . . . 1980 AVERAGE 41.5 43.1 45.1 49.3 51.9 55.0 56.8 58.8 62.4 66.0 68.5 71.4 74.6 77.1 80.0 82.4 42.4 43.2 45.9 50.0 52.4 55.6 57.2 59.5 63.3 66.8 69.4 71.9 75.0 77.5 80.4 83.1 42.9 43.2 47.1 50.7 53.6 56.0 57.6 60.1 64.2 67,5 70.0 72.6 75.5 78.2 81.3 84.3 41.9 43.1 45.6 49.6 52.3 55.2 57.0 59.1 62.8 66.4 68.9 71.6 74.8 77.2 80.2 82.9 85.4 88.3 92.7 98.1 104.7 111.5 118.8 127.2 135.5 145.6 156.1 174,0 188.0 204.1 220.5 239.5 86.1 89.0 94.3 99.4 106.3 113.3 120.7 129.3 137.3 147.8 160.4 177.5 192.0 207.3 224.4 244.2 87.4 90.0 95.7 100.6 108.0 115.0 123.2 131.6 139.2 150.4 164.8 180.6 195.7 211.1 228.9 249.2 88.0 91.2 96.9 101.9 110.0 117.0 124,6 132.3 141.2 153.0 169.6 184.2 199.8 214.6 233.7 254.6 86.7 89.6 94.9 100.0 107.3 114.2 121.9 130.1 138.3 149.2 162,7 179.1 193.8 209.2 226.9 247.1 345-C. 4-QUARTER PERCENT CHANGE IN AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS2 (ANN. RATE, PERCENT) AVERAGE 1948 1949 1950 1951 1952 1953 1954 1955. ... 1956 1957 1958 . 1959 1960 1961 1962 .... 1963 8.8 1.8 6.3 9.0 4.8 6.0 2.9 4.1 6.4 5.5 3,9 3.6 4.3 3.4 3.7 3.4 7.8 0,8 8.9 7.7 5.7 4.5 2.9 4.3 6.8 5.2 3.7 3.7 4.1 3.5 3.9 3.7 5.5 3.2 8.6 6.4 5.6 4.2 3.0 5.3 6.6 4.1 4.2 4.6 3.1 4.2 3.3 4.0 3.9 4.6 9.3 5.4 5.9 3.2 3.5 6.1 5.8 3.8 4.2 4.4 3.4 3.7 3.0 4.6 6.5 2.6 8,3 7.1 5.5 4.5 3.1 5.0 6.4 4.6 4.0 4.1 3.7 3.7 3.5 3.9 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 5,1 3.0 6,3 5.2 7,4 6.4 7.2 6.8 5.8 8.0 9,6 9.6 8.4 7.9 8.4 8.9 4.4 3.7 6.2 5.2 8.0 6.3 6.5 6.2 6.8 8.3 10.8 8.6 8.5 7.4 8.9 8.9 3.4 5.0 5.9 6.7 6.5 6.6 7.1 6.5 7.4 7.3 11.4 8.1 8.6 8.0 8.6 9.0 3.4 6.0 5.4 7.0 6.6 6.6 7.1 6.2 7.6 8.6 10.6 8.2 8.0 8.2 8.8 9.7 4.1 4.4 6.0 6.0 7.1 6.5 7.0 6.4 6.9 8.0 10.6 8.6 8.4 7.9 8.7 9.1 ,t ... , , 346-C. CHANGE FROM PRECEDING PERIOD IN REAL AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS (ANNUAL RATE, PERCENT) PERCENT CHANGE1 1948 1949 1950 .... 1951 1952..,,. 1953 1954 1955 ,t . 1956 .... 1957 1958 1959 I960 1961 1962 1963 1.7 5.2 12.9 -6.1 3.5 5.7 2.7 3,4 7.7 3.5 -2.3 3.9 7.8 3.2 4.9 2.9 -0.3 0.7 2.6 4.5 3.2 4.3 2.4 4.3 4.6 1.0 0.7 2.8 0.6 4.5 1.0 0.5 2.6 4.3 0,2 6.8 1.4 2.2 3.9 5.0 2.0 1.1 5.2 0.7 1.9 0.3 1.1 1.3 8.8 1.7 2.3 -0.6 9.0 2.5 4.7 3.0 2.2 2.6 3.4 1.2 0.5 3.2 3.2 4.3 0.7 4.0 4.7 0.6 3.3 4.8 2.8 4.0 4.6 2.3 1.0 3.1 2.7 2.2 2.7 2.1 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 3.8 0.1 2.6 4.1 6.9 0.5 -0.1 5.0 6.0 5.3 -3.9 2.0 3.7 0.8 3.4 -0.9 2.9 0.7 3.6 3.0 2.4 0.1 0.7 2,4 2.6 -1.9 -0.1 3.2 5.0 -0.6 -2.0 -4.2 5.1 3.5 2.2 0.9 1.4 0.4 3.9 3.3 2.3 -0.7 -0.3 -0.9 1.7 1.6 -0.7 -4.3 0.9 3.2 1.5 1.0 2.1 0.9 -1.0 -0.2 2.1 -2.5 -0.6 0.2 2.9 0.9 -0.8 -4.0 3.2 1.7 2.9 2.5 3,0 1.0 0.7 2.4 2.9 1.5 -1.7 0.8 2.3 1.4 0.8 -2,1 . . . ll Q IQ 40.8 43.1 44.4 48.2 51.4 54.2 56.5 58.2 61.3 65.3 67.9 70.8 74.0 76.3 79.5 82.1 1948 . 1949. , 1950 1951 1952. .... 1953 1954 . ... 1955 1956 1957 1958 . , . 1959 , 1960 1961 1962. . 1963. Year III Q 345-C. CHANGE FROM PRECEDING PERIOD IN AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS (ANN. RATE, PERCENT) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 . , , .... .4 . , .... .... . 1964.,.., 1965 1966 1967 1968 1969 1970 1971 1972 1973 . . . 1974 1975 1976. .... 1977, ... 1978 1979 1980 1964 1965 1966 . 1967 1968 1969 1970 1971 1972 1973 L974 1975 1976 1977 1978 , ... 1979 1980 9.6 0.8 7,7 6.5 4.0 4.1 2.9 5.2 6.2 4.7 5.1 2.7 2.1 2.0 2.2 3.8 4.7 0.5 10.8 5.5 9.4 3,4 3.3 4.3 5.7 4.6 3.7 3.7 3.1 3.7 4.4 5.6 8,5 3.0 5.7 8.7 5.5 5,6 3.2 3.7 6,2 5.8 3.8 3,9 4.4 3.3 3.9 3.3 5.4 1.4 6.5 5.4 11.6 5.4 6.6 8.7 10.0 12.8 8.5 10.9 8.5 8.8 11.4 10.2 3.5 3.3 7.4 5.2 6.3 6.6 6.5 6.7 5.6 6.2 11.4 8.2 8.7 6.5 7.3 8.1 6,0 4.7 5.8 5.0 6.6 6.1 8.6 7.3 5.7 7.2 11.4 7.4 8.1 7.5 8.4 8.5 2.8 5.4 5.0 5.1 7.7 7,0 4,4 2.1 5.8 7.1 12.0 8.1 8.7 6.8 8.6 9.0 4.5 3.4 5.9 5.3 7.3 6.4 6.7 6.7 6.3 7.8 9.1 10.0 8.2 8.0 8.5 8.9 . . . 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974..... 1975 1976 1977 1978 1979 1980..... AVERAGE 57.7 60.0 62.9 62.7 64,9 68.0 70.0 72.5 76.1 78.5 78.9 81.5 84.1 85.4 88.1 89.9 57.7 60.1 63.3 63.4 65.4 68.7 70.4 73.3 77.0 78.7 79.1 82.1 84.2 86.3 88.3 90.1 58.0 60.8 63.3 64.4 65.6 69.1 71.1 74.2 77.4 78.9 80.1 82.2 84.6 86.4 88.6 90.3 59.3 61.0 63.7 64.3 67.1 69.5 71.9 74.7 77.8 79.4 80.7 82.5 84.7 87.1 89.3 91.3 58.1 60,4 63.3 63.7 65.8 68.9 70.8 73,7 77.1 78.8 79.6 82.1 84.3 86.2 88.5 90.4 92.1 94.2 96.5 99.3 102.2 103.8 104.2 106.4 109.4 112.8 110.2 110.5 112.2 115.1 116.6 115.3 92.8 94,4 97.4 100.0 102.8 103.9 104.4 107.0 110.1 112.2 110.2 111.4 113.6 114.9 116.0 114.1 94,0 95.2 97.9 100.2 103.2 104.0 105.4 107.9 110.7 112.0 110,1 111.1 114.1 115.4 115.8 112.9 94,2 95.9 98.3 100.5 103,7 104.2 105.1 107.8 111,3 111.3 110.0 111.2 114.9 115.6 115.6 111.7 93.2 94,8 97.6 100.0 103.0 104.0 104.8 107.2 110.4 112.1 110.2 111.1 113.7 115.3 116.1 113.7 346-C. 4-QUARTER PERCENT CHANGES IN REAL AVERAGE HOURLY COMPENSATION, NONFARM BUSINESS2 (ANNUAL RATE, PERCENT) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 PERCENT, CHANGE 1 6.4 0.3 5.9 8.7 4.4 5.7 1.9 4.1 7.4 4.6 3.4 3.6 3.1 4.4 2.5 1.3 346. REAL AVERAGE HOURLY COMPENSATION, ALL EMPLOYEES, NONFARM BUSINESS SECTOR (INDEX: 1967=100) 1948 1949 1950 1951 . 1952 1953 1954. 1955 1956 . 1957 1958 1959 I960 1961 . 1962 1963 Annual 10.6 1.3 11.4 10.1 5.1 4.8 3.5 3.7 7.7 6.9 2.5 4.6 8.3 4.1 6.7 4.1 AVERAGE 0,3 4.7 4.2 1.8 1.9 5.3 2.9 4.3 4,3 1.9 1.5 2.7 2.9 2.1 2.6 2.0 3.1 2.9 4.4 1,0 4.2 3.7 3.4 3.9 4.1 2,0 1.7 2.2 2.7 2.8 2.6 2.2 4.0 4.8 -0.3 3.5 4.8 2.9 3.6 5.0 3.1 0,6 3.3 3.1 1.6 3.2 2.1 2.5 4.3 5.3 0.2 3.2 5.1 2.4 4.1 5.1 2.1 0.5 3.8 2.5 2.5 2.4 1,9 3,1 2.9 4.4 2,1 2.4 4.0 3.6 3.5 4.6 3.4 1.2 2.6 2.6 2.4 2.6 2.3 2.4 4.0 1.3 2.9 2.4 2.9 0.8 1.3 2.4 2.6 1.2 -1.7 0.9 2.7 1.1 0.4 -2.6 3.1 1.9 2.5 2.2 3.2 0.5 0.9 2.6 3.2 0. -1.2 1.1 3.3 0.7 0. -3.4 2.2 2.5 2.9 2.9 1.6 0.3 2.1 2.8 3.1 -2.3 0.2 1.6 2.6 1.3 -1.1 -4,5 1.7 3.2 2.7 2.8 1.0 0.5 2.6 2.9 1.9 -1.8 1.1 2.Q 1,2 1.0 -1.7 -4.1 2.8 2.2 2.8 2.6 2.2 0.5 1.7 2,7 2,7 -0.7 -0.4 1.4 2.4 1.0 -0.6 -3.6 'Year-to-year changes are computed from annual data. ^Percent changes are centered on the 3d quarter of the span. Annual figures are averages of the centered changes. IV Q (NOVEMBER 1980) 101 C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. May June July Aug. 732. U N I T E D KINGDOM— INDEX OF CONSUMER PRICES* (1967=100) Sept. Oct. Nov. Dec. IQ © 48.4 50.8 52.8 54. 5 61.6 64.7 65.3 68.0 71.3 74.5 77.1 78.7 78.4 80.1 83.8 86.1 49.5 SO. 8 52.8 55. 0 62.0 64.7 65.3 68.0 71.3 74.4 76.7 78.7 78.4 80.1 83.9 86.8 49.5 30.8 52,8 55,5 62.0 65.3 65.7 68.0 72.3 74,3 77.3 78.7 78.3 80.4 84.3 87.0 50.4 50.8 53.1 56.4 63.0 65.7 66.2 68.5 73.7 74.5 78.1 78.1 78,7 80.8 85.4 87.2 SO. 4 51.7 53.1 57.8 63.0 65.3 65.7 68.5 73.2 74.6 77.9 77.9 78.7 81.1 83.7 87.1 51.4 51.7 53.1 S8.3 64.4 65.7 66.2 69.9 73.2 75.4 78.6 77.9 79.1 81.7 86.3 87.1 50.4 51.7 53.1 S8.8 64.4 65.7 67.7 69.9 72.7 76.0 77.3 77.8 79.3 81.7 85.9 86.6 SO. 4 51.7 52.8 59.2 63.9 65.3 67.1 69.4 73.2 75.9 77.3 77,9 78.7 82. 6 85.2 86.4 50.4 32.1 53.1 59.7 63.3 65.3 66.6 69.9 73.2 75.7 77.3 77.6 78.7 82.4 85.1 36.6 50.4 52.4 53.6 60.2 64.4 65.3 67.1 70.9 73.7 76.4 78.0 77.9 79.4 82.6 85.0 87.0 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973, ., 1974... 197S... 1976... 1977... 1978... 1979... 1980... 87.8 91,8 93.8 99.3 101.9 108.2 113.5 123.3 133.3 143.6 160.6 192.6 237.6 276.9 304.4 132.9 87.9 91.8 95. 9 99.4 102.5 108.8 114.1 123.9 134,0 144.5 163.4 193.8 240.6 279.7 306.2 335.6 88,1 92.1 96.0 99.4 102.7 109.2 114.8 124.9 134.3 145.4 164.8 199.7 241.9 282.4 308.1 338.3 89.0 93,9 97,2 100.1 104.6 110.3 116.6 127,6 133.6 148.1 170.4 207.4 246.6 289.6 312.6 344,1 89.7 94.2 97.9 100.1 104.7 110.3 116.9 128.4 136.3 149.2 172.9 216.1 249.3 291.9 314.4 346.8 90.0 94.5 98.1 100.5 105. 1 110.7 117.3 129.4 137.3 149.9 174,6 220.2 230,6 294.9 316.8 352.8 90.0 94.5 97.8 99.9 105.2 109.9 118.1 130.1 137.6 150.6 176.2 222.5 251.1 295.3 318.2 368.0 90.0 94.6 98.4 99.9 105.4 110.5 118.0 130.2 138.7 151.0 176.4 223.8 254.6 296.7 320.3 370.9 90.4 94.7 98.1 99.6 105.4 110.9 118.6 130.3 139.5 152,4 178.3 225.7 258.0 298.3 321.6 374.6 90.5 94.3 98.4 99.6 106.0 111.6 119.9 131.1 141.4 155.3 181.8 228.9 262.7 299.6 323.1 378.5 SO. 8 52.2 34. 1 60.2 64.4 63.3 67.7 71.8 73.7 76.9 78.3 78.5 79.8 83.4 85.3 87.2 1964... 1965... 1 QKfi 1 3 f t « ... 1967... 1968,.. 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... a. 8 5.6 3.2 1.4 8.0 5,9 6,7 10.8 4.8 7.5 18.1 27.3 13.5 19.4 6.7 11.4 0.4 6.8 2.3 14.3 5.2 -0.6 2.4 2.7 4.2 8.9 4,5 -0,3 -1.6 5.5 5.4 9.5 1.3 0. 2.4 5.1 6.5 10.9 2.2 0.3 7.6 2.8 0, 13.2 7.9 1.5 4.5 4.0 0. 15.4 5.9 1.2 3 .2 4.8 0.8 15.3 4.2 0. 3.8 S.4 4.1 2.1 -1.5 1.3 6.8 3.6 -0.7 6.6 3.3 4.9 1.0 -1.8 1.8 S.8 2.4 -0.7 7.8 0.5 9.2 0.8 5.8 2.5 3!9 -1.5 1.0 3.5 5,6 1.6 4.2 3.1 3.2 0.3 -2.5 2.1 3.3 4.6 0,7 0.5 0.3 2.8 6.1 0.5 1.4 0.5 1.3 2.8 6.3 -0.2 1.6 4.6 S.3 3,6 1.2 6.0 4.3 6.1 11. S 5.0 7.3 18.5 32,4 9.8 15.6 6.8 13.2 4.6 5.5 3.8 0.8 6.2 2.6 7.5 10,3 5.2 8,4 18.1 30,6 9,3 12.3 8.4 21.5 4.8 6.2 5.5 1.2 3.9 3.5 7.3 10. 7 7.3 9.2 16.1 29.8 11.5 12.0 9.0 21.4 5.S 5.9 4.6 0.8 6.1 3.9 7.4 9.5 0.3 10. 1 17.3 28.0 14.0 11.4 8.5 22.1 5.3 3.9 1.0 4.9 4.6 7.9 7,7 11,0 12.1 16.4 24.5 16,0 9.4 8.8 23.2 2.8 3.1 13.8 9,3 3.1 1.5 3.0 4.5 2.4 0. 14.3 11.5 2.8 1.8 6.0 3.7 a!2 -0.3 0.5 3,0 4.9 3.1 4.4 5.1 4.0 0.8 5.8 6.1 7.1 11.0 4,7 7.7 18,6 32.0 11,8 17.1 6.5 11.4 91.2 95.2 98.9 100.9 106.2 111.9 120.7 131.8 142.0 156.5 185. 1 231.6 266.3 301.0 325.3 381,8 49.1 SO. 8 52,8 S5.0 61.9 64.9 65.4 68.0 71.6 74.4 77.0 78.7 78.4 80.2 84.0 36.6 SO. 7 51.4 53.1 57.5 63.5 65.6 66.0 69.0 73.4 74.8 78.2 73.0 73.8 81.2 83.8 87.1 SO. 4 51.8 33,0 39.2 63.9 65.4 67.1 69.7 73.0 75.9 77.3 77.8 78.9 82.2 85,4 86,3 50.7 52.5 34.0 60.1 64.4 65.3 67.5 71.3 73.8 76.8 78.3 78.3 79.7 83.2 85.4 87.2 50.2 51.6 53.2 58.0 63,4 63.3 66. S 69.6 73.0 73.3 77.7 78.2 79.0 81.7 85.1 86.9 91.3 95.7 99.2 101.4 107.6 112.7 121,5 132.5 142.7 157.7 187.8 234.5 269.9 302.6 328.0 384.6 87,9 91,9 95,9 99.4 102.4 108.7 114.1 124.0 133.9 144. S 162.9 196.0 240.0 279.7 306.2 335.6 H').6 90.1 94.6 98.1 99,8 105.3 110.4 118.2 130.2 138.6 151.3 177.0 224.0 254.6 296.8 320.0 371.2 91.0 93,2 98.3 100,6 106,6 112.1 120.7 131.8 142.0 156.5 184.9 23.1.7 266.3 301.1 325.5 381,6 89.7 94.9 97.6 100.0 104.8 110.4 117. S 128.6 137.7 130.4 174,4 9-1.2 97,7 100.2 104.8 110.4 116.9 128.5 136,4 14§.l 172.6 214,6 248.8 292.1 314.6 347.9 a 16. 6 252.4 292.4 316.6 339.1 AVERAGE POR PERIOD 5.2 5.9 0 .8 4.3 8,9 10.0 2.8 0.6 3.0 5.8 3.3 2 .0 3.1 9.6 8.2 6.4 0.9 3,6 6.1 2,2 1,8 12.9 9.9 3.1 1.8 4.*2 5.2 -0.3 1,8 2.8 5.5 0.2 1.9 3.9 1.8 2.5 5.7 0.9 3.5 3.1 0.3 3.1 2.7 3.3 3.5 2,6 0.8 3.6 3.9 4.3 3.2 3.7 -0.8 0.9 2.9 5.3 2.7 4.8 3.9 4.8 4.1 4.5 3,2 4.0 2.5 3.9 5.3 3.6 3.4 4.7 4.8 8.6 7.3 10.9 12.7 18.1 18.9 18,2 9.1 9.4 23.7 3.2 6.4 5.3 9.1 7.0 10.7 13.9 19.9 18.0 20.7 8.0 9.8 21.5 4.5 6.2 7.2 9.9 6.1 10.5 IS. 5 22.0 16.6 23.8 7.3 10.3 15.4 5.1 6.3 6.2 10.0 5,7 8.5 17.3 23.7 16.3 20.7 6.9 10.2 16.8 3.8 2.5 2 5 s!7 6.5 6.4 10.3 5.9 8.4 17.0 25.4 14.7 18.8 6.9 11.2 17.4 6.6 5.4 6.8 11,1 4,8 7.6 18,4 30.6 11.7 17.4 6.7 12.0 733. CANADA—INDEX OF CONSUMER PRICES* (1967=100) Annual IV Q 50.8 52.3 54.2 60.6 64.4 65.3 67.7 71.8 74,1 77.2 78.6 78.6 80.0 83.5 85.8 87.3 732-e. CHANGE IN INDEX OP CONSUMER PRICES — UNITED KINGDOM, OVER 6-MONTH SPANS 2 (COMPOUND ANNUAL RATE, PERCENT) 1.2 2.3 10.3 8.8 3.4 2.2 3.6 7.S 1 6 4!o -0.5 1.3 2.3 5.4 3.5 III Q 1 AVERAGE TOR PERIOD 1540... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1937... 1958... 1959... I960... 1961... 1962... 1063... 1948 . . . 1949... 1950... 1951... 1952... 1953... 1954 ... 1955... 1956... 1957 1950.'!! 1959... I960... 1961... 1962.,, 1963... II Q 2*!i i!i © 5.1 3,9 0,3 15.3 6.0 0.9 4 ,9 4,9 3,9 4>1 1. 1 -1.9 107 5, ,4 3,5 -0,2 0.4 5.0 4.0 10.9 3.7 -0.3 4.7 7.6 1,3 3. 1 0.2 1.1 2.8 6.0 0.2 1.6 1.7 4.2 U.3 9.7 3.8 0.6 3.0 3!? 3.8 2.8 3.*2 1,1 3.1 4.1 2.8 3.4 3,6 3. 7 2.1 -0.1 2.1 4.6 3.0 1.9 S,Q 5.9 4,6 o!9 6.1 3,3 7,4 10.2 6.9 9.2 17.2 29.5 11.6 11.9 8.6 21.7 5.0 4.0 3.9 2!5 3.3 4.9 8.3 7.3 10.9 12.9 18.1 20.3 18.3 8.8 9.3 22.8 4.1 2.7 2.6 4.3 4.3 3. 7 s!i 6.3 6.6 10.1 3.9 9.1 16.7 23.7 IS. 9 21.1 7.0 10.6 16.5 3.8 3.6 12.2 5.8 l.l 3.6 s!e a!4 6.1 3.1 8.2 8.6 7.9 11.6 19.4 24.1 15.7 11.3 8.8 18.2 AVERAGE FOR PERIOD 64.:? 1948... 1949... 1950... 1931... 1952... 1953... 1954... 19SS... 1956... 1957... 19S8... 1959... I960... 1961... 1962... 1963... 62.2 67.0 67.2 72.2 79.2 77.6 77.6 79.1 78.3 80.7 82.7 84.6 05.5 H6.6 87.0 88. S 63.0 66.9 67.2 73.3 78.9 77.4 77.6 78.0 78.1 80.8 83.0 84.3 85.3 86.4 87.1 80.7 63.4 66.6 67.6 74.4 78.4 77.0 77.4 77.8 78.1 80.8 83.4 84.2 85.1 86.5 87.0 8§.7 63,6 66.6 67.9 74.9 78.3 76.9 77.5 77.9 78.2 81.1 83.9 84.2 85. S 86.5 87.4 88.8 64.3 66.5 67.9 73.3 77.8 76.7 77.4 78.1 78.2 81.1 83.8 84.2 8S.4 86.5 87.2 08.8 64.8 66.7 68.3 76.2 77.8 77.0 77.9 77.8 79,0 81.6 83.8 84.3 85. 6 86.5 87.5 89.1 65.7 67.1 68.9 76.9 77.9 77.4 77.9 77.8 79.4 81.8 83.6 84.3 8S.5 86.5 87.9 89.4 66.1 67.3 69.6 77.4 77.8 77.6 78.5 78.1 79.9 82,2 83.9 84.7 83.7 86.5 88.1 89.9 66.6 67.3 69.9 78.1 77.9 77.9 78.3 78.3 79.8 82.7 84.2 85.3 86.1 86.5 87.9 39.4 67.0 67. S 71.0 78,5 77.8 78.2 78.3 78.4 80.3 82.7 84.5 85.3 86.9 86.6 88.2 89.6 67.0 67.8 71.3 79.1 77.9 77.9 78.3 78.4 80.7 82.7 84.7 86.1 36.9 87.0 88.4 89.9 66.6 67.4 71.5 79.2 77.6 77.6 78.2 78.4 80.8 82.6 84.6 85.7 86.9 87.1 83.4 90.0 62.9 66.8 67.3 73.3 78.8 77.3 77. S 78.0 78.2 80.8 83.0 84.4 85.3 86.5 87.0 88.6 66.3 68.0 75.3 78.0 76.9 77.11 77, <» 78.5 81.3 83.8 84,3 85. S 86. S 87.4 88.9 66.1 67.2 69.5 77.5 77.9 77. 6 78.2 78.1 79.7 82.2 83.9 84.8 8S.8 86.5 88.0 89.6 66.9 67.6 71.3 70.9 77,8 77.9 78.3 78.4 80.6 82.7 84.6 85.9 86.9 86.9 88.3 89.8 65.0 67.1 69.0 76.3 78.1 77.4 77.9 78.1 79.2 81.7 83.8 84. 8 85.9 86.6 87.7 89.2 1964... 1965,,. 1966... 1967... 1968... 1969... 1970... 1971., . 1972... 1973... 1974., . 1975... 1976... 1977... 1978... 1979... 1980... 9Q.O 91.8 94.7 97.9 102.4 106.2 1U.Q 112.9 118.4 125.2 136.5 153.1 167.7 178.0 194.0 211.2 90.2 92.0 95.3 98.0 102.4 106.2 111.5 113.4 119.0 125.8 137.9 154.2 168.3 179.7 193.3 213.2 90.2 92,1 93,5 98.2 102.7 106.7 111.7 113.7 119.0 126.2 139.3 155.0 169.0 181.5 197,5 215.7 90.6 92.4 96.1 99.1 103.4 108.0 112.4 114.5 119.8 127.6 140.3 153.8 169.7 182.3 197.9 217.2 90.6 92.5 96.2 99,3 103.5 108.2 112.2 114.9 119.8 128. S 142.7 157.1 171.1 184.0 200.7 219.3 90.7 93.3 96.4 99.8 103.8 109,1 112.6 115.2 120.0 129.7 144.5 159.4 171.9 185.3 202.4 220.3 91.3 93.6 96.7 100.8 104.3 109.6 113.0 116.2 121.5 130.8 145.5 161.6 172.6 187.1 205.4 222.1 91.3 93.5 97.2 101.2 104.6 109.9 113,0 117.0 122.4 132.6 146.9 163.2 173.4 187.9 205.5 222.9 91.0 93.3 97.3 101.1 104.9 109.7 112.8 116,7 122.8 133.4 147.9 163.6 174.2 188.9 205.2 224.9 91.0 93.4 97.4 100.9 10S.2 109.9 112.9 116.9 123.0 133.7 149.2 165.1 175.4 190.8 207.3 226.5 91.1 94.0 97.5 101.2 105.6 110.3 112.9 117.3 123.3 134.7 150.9 166.6 176.0 192. Q 209.0 228.7 91.7 94.4 97.8 101.8 106.4 110.8 112.5 118.1 124.2 133.5 152.4 166.8 176.5 193.3 209.6 230.1 90.1 92.0 95.2 98.0 102.5 106.4 111.4 113,3 113.8 125.7 137.9 134.1 168.3 179.7 195.6 213.4 90.6 92.7 96.2 99.4 103.6 108.4 112.4 114.9 119.9 128.6 142.5 157.4 170.9 183.9 200.3 218.9 91.2 93.5 97.1 101.0 104.6 109.7 112.9 116.6 122.2 132.3 146.8 162.8 173.4 188.0 205.4 223.3 91.3 93.9 97.6 101.3 105.7 110.3 JL12.8 117.4 123.5 134.6 150.8 166.2 176.0 192.0 208.6 228.4 90.8 93.0 96.5 99.9 104.1 108.7 112.4 113.6 121.1 130.3 144.5 160.1 172.2 183.9 202.5 221.0 This series contains no revisions but 1s reprinted for the convenience of the user. This series contains scattered revisions beginning with 1973. Percent changes are centered en the 4th month of the span. Annual figures are averages of the centered changes. 102 (NOVEMBER 1980} C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. May June July Sept. Aug. 733-C. CHANGE IN I N D E X OF CONSUMER PRICES — CANADA, OVER 6-MONTH SPANS 1 (COMPOUND ANNUAL RATE, P E R C E N T ) 194R.. . 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... 1976... 1977... 1978... 1979... 1980... 0.6 2.7 13,2 0,8 -1.0 -0.5 0.3 0.8 3.3 3.9 0,2 0.2 -0.*2 2.3 1.4 0.6 2.4 14.3 -1.0 -0.8 1.0 1.3 1.3 2,5 4.4 0.5 —0 , 2 1.6 1.8 0.9 3.6 14.8 -2.8 -0.8 1.8 -0.3 2.3 2.7 3.7 0.5 0 5 -0.*2 1.6 1.8 2.0 2,7 5.2 1 .7 4.2 4.6 4.0 2,5 4.8 8.0 10.8 9.7 6.5 9.3 8.5 10.9 2.0 3.3 4.5 3.5 4.2 4.6 3.3 3.4 4.1 8.6 12.4 8.7 5.7 9.5 9.3 10.1 1.8 3,5 4.3 4.1 3.6 4.7 2.9 4.5 2.9 8.7 13.6 8.8 6.0 10.0 9.6 9.9 o.'a 10.9 0. 4.8 13.1 -3.3 -0.3 1.3 -0.5 3.1 3.0 2.4 0. 0.2 -0.'2 1.8 1.6 1955. . . 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974.,. 1975... 1976... 1977... 1978... 1979... 1980... IV Q AVERAGE FOR PERIOD 1.8 1.7 9,8 0.6 5.7 10.9 -3.0 0.3 1.4 -0.4 3.3 3.3 1,8 0.9 1.0 -0.2 1.8 1.8 6 .8 1.4 7.9 7.7 -1.9 1.1 0.3 -0.1 4.2 2.2 0.7 2.6 2.4 0.2 1,7 1.9 3.0 0.9 12.2 4.2 -0.8 0.2 -0.1 0.8 3.2 2.4 1.5 1.2 1.8 1.5 1,8 1.7 0.9 7.2 9.2 -1.7 0.2 0,6 0.2 3,0 2.7 2.0 1.3 1.4 0.3 1.8 1.8 1.9 3.2 1.8 2.6 3.4 4.0 4.6 3.4 3.5 3.9 8.4 12.3 9.1 6.1 9.6 9.1 10.3 5.3 3.1 5.4 1.7 4.7 4,8 9.7 12.0 10.3 5.0 8.3 9.3 8.8 1.4 2.8 3.1 4.4 4.8 4.0 1.0 4.8 6.3 9.4 12.0 11.2 5.7 8.6 8.2 8,7 2.3 4,4 2,9 3.9 4,4 4.1 1.8 4.9 6,9 9.7 11.6 8.1 8.5 9.3 8.8 10,1 1.9 3.3 3.5 4.3 4.1 4.5 2,0 4.5 5.5 9.3 12.0 9.7 6.1 9.0 8,8 9.5 -3.0 0.3 2.1 -0.3 4.1 3.2 1.9 0.7 4.6 0.6 10.1 6.1 -0.8 0. 0.3 1.0 3.0 2.0 2.2 2.1 3. 1 0. 11.2 4.2 -0,8 0.3 -0.8 0.5 2.8 2.4 1.2 1.4 0. 1.8 2.3 -0.5 1.8 1.4 -0.*2 1.6 2.0 0. 1.8 1.8 0.7 1.6 1,8 1.2 1.6 2.0 1.6 1.6 1.1 1. 2 2.1 15.2 2.3 -0.8 0.3 0.3 1.0 3.8 2.7 1.0 0.2 1.4 1.6 2.1 2.0 2.0 3.1 3.2 1.8 2.6 3.2 1.6 2.2 3.4 1.1 2.8 3.4 0.9 3.3 2.9 2.2 2.4 2.9 2.0 3.2 3.8 2.2 4.8 2.5 2.7 5.2 2.3 2.6 5.3 2.5 4.8 4.3 8.3 12.8 10.4 5.3 9.8 11.0 9.5 3,1 5.9 1.4 5.0 4.4 9.8 11.9 10.5 4.7 7.8 9.6 8.5 3.7 4.9 1.3 4.4 5.6 10.9 11.3 10.1 5.1 7.3 7.3 8.5 4.3 4.1 1.4 4.6 5.4 9.3 12.6 11.6 5.7 8.2 8.6 7.9 4.5 4,3 1.4 4.4 5,9 9,7 11.7 12.2 5.6 8.6 8.2 8.8 5.5 3.5 0.2 5.5 7.5 9.3 11.7 9.8 5.7 9.1 7.7 9.5 4.9 3.7 0.9 4.9 7.2 9.6 11.6 8.6 7.0 8.4 6.8 10.0 4.3 4.1 2.0 4.9 7.0 9.3 12.0 7.8 9.0 9.5 8.7 10.4 4.0 4.4 2.5 4.9 6.5 10.1 11.1 8.0 9.6 10.0 10,9 9.9 72 .2 72.2 68.1 74.6 75.4 74.6 74.6 75.4 77.8 79.7 80.5 82.3 82.9 85.1 86.9 89.3 73 .8 72.2 68.9 74.6 75.4 73.8 74.6 75.4 77.8 79.5 80.2 82.0 82.7 85.0 87.1 89.6 77 .0 72.2 68.9 76.2 75.4 73.8 75,4 76.2 77.8 79.8 80,5 82.3 83.0 85.1 87.4 90.1 76 .2 73.0 68.9 77.0 75.4 73.8 75.4 77.0 78.6 80.2 80.9 82.7 83.5 85.7 87.7 90.5 77.0 72.2 69.7 77.0 76.2 73.8 75.4 77.0 78.6 80.2 81.1 82.7 83.5 85.7 88.3 91.3 75!4 69.7 71.6 76.7 75.4 74.1 75.4 77.3 78.4 80.8 81.2 82.5 84.0 86.9 89.6 73.8 68.4 74.1 75.7 74.6 74.6 75.4 77.8 78.9 81.6 81.3 83.1 84.7 87.4 89.9 72 .2 72!s 63.4 74.6 7S.4 74.3 74.6 75.7 77.8 79.8 80.7 82.1 83.0 85.2 87.2 89.5 76.7 72!5 69.2 76.7 75.7 73,8 75.4 76.7 78.3 80.1 80.8 82.6 83.3 85.5 87.8 90.6 73.5 68.9 74.2 73.9 74.5 74.7 75.8 77.8 79.3 81.0 81.8 83.0 84.8 87.3 89.9 91.9 95.2 98.3 99.8 101.4 103.3 107,2 113.1 119.1 127.7 136.7 144.8 150.8 156.4 160.3 167.8 91.9 95.3 98.3 99.8 101.4 103,3 107.2 113.5 120.3 127.8 137.1 145.6 151.0 156.5 160.2 168.3 92.2 95.8 98.6 100,0 101.7 103.6 107.7 114.0 120.9 128.9 137.9 145.9 151.3 156.7 160.3 168.7 92.6 96.4 99.2 100.2 102.1 103.9 108.1 114.3 121.4 130.4 138.8 146.3 151.6 157.0 160.8 169.3 93.1 96.8 99.5 100.2 102.4 104.5 108.7 114.7 122.1 131.6 139.2 146.8 152.2 157.4 161.4 170.1 91.7 93.6 97.5 99.9 101.5 103.1 106.1 110.8 116.7 124.2 133.4 141,3 148,7 154.2 159.0 163.6 91.8 94.6 98.5 100.1 101.7 103,6 107.0 112.4 117.9 126.6 135. S 144.0 150.4 155.9 160.4 165.9 91.9 95. 3 98.4 100,0 101.5 103.4 107,2 113.2 119.5 127.7 136.8 145.1 150.7 156.4 160.3 167.9 92.6 96.3 99.1 100.1 102.1 104,0 108.2 114.3 121.5 130.3 138.6 146.3 151.7 157.0 160.8 169.4 92.0 95.0 98.4 100.0 101.7 103.5 107.1 112,7 118.9 127.2 136.1 144,2 150.4 155.9 160.1 166.7 11.2 76.2 70.5 70.5 77,0 75.4 73.8 75.4 77.0 78,5 80,6 81.2 82.7 83.9 86.6 89.0 75.4 69,7 71.3 77.0 75.4 73.8 75.4 77.0 78.5 80.9 81.1 82.4 83.9 86.8 89,9 74,6 68.9 73.0 76.2 75.4 74.6 75.4 77.8 78.2 80.9 81.2 82.4 84.2 87.2 89.9 73.8 68.9 73.8 76.2 74.6 74.6 75.4 77.8 78.5 81.2 80.9 82.7 84.2 87.4 90.2 73.8 68.1 73.8 75.4 74.6 74.6 75.4 77.8 78.9 81.7 81.2 83.3 84.7 87.4 89.9 91.6 93.5 97.3 99.8 101.4 102.9 105.7 110.1 116.1 123.3 132.5 140.6 148.0 153.7 158.3 162.9 91.7 93.5 97.4 99.8 101.5 103.2 106.0 110.8 116.7 124.2 133.7 141.4 148.9 154.3 159.1 163.6 91.9 93.8 97.7 100.0 101.5 103.3 106.5 111.6 117.3 125.1 134,0 142.0 149.2 154.7 159.5 164.4 91.9 94.3 98.5 100.0 101.7 103.5 106.8 112.0 117.6 125.9 134.7 143.0 150.1 155.3 160.0 165.3 91.9 94.6 98.6 100.2 101.7 103.6 106.9 112.3 117.9 126.6 135.6 143.9 150.4 155.9 160.3 165.7 67 . 3 73.8 68.1 74.6 75.4 74.6 74.6 75.4 77.8 79.4' 82.0 81.7 83.2 85.3 87.5 89,6 91.6 95.0 98.5 100.2 101.7 103.8 107.2 112,8 118.3 127.4 136.2 145.0 150.7 156.5 160.8 166.6 70 . 5 73.0 68.1 74.6 75.4 74.6 74.6 76.2 77.8 80.2 81.5 82.1 83.3 85.4 87.7 89.5 91.9 95.3 98.5 100.3 101.7 103.6 107.2 113.1 119.1 127.7 136.5 145.0 150.4 156.2 160.5 167.7 -8.2 -9.2 14.4 -0.5 -2.6 1.9 -0.5 3.7 1.3 3.0 0,5 0.2 1.7 4.0 4.8 -4.4 -11.2 16.3 -3.1 -1.3 2.7 0.3 2,1 0.8 3.3 0.2 1.0 1.9 2.8 3.9 -5.7 -9,0 17.2 -2.6 -3.1 3.0 0.5 2.1 1.5 3.8 -6.5 -5.3 13.8 -3..1 -1.3 2.5 2.1 1.8 3.6 1.5 -6.8 -3.1 11.0 -2.8 -1.1 3.0 0.5 2.6 3.9 -0.2 -5.3 0.9 5.8 -0.5 -2.6 1,6 1.6 1.6 4.4 -0.5 -4.0 0.3 7.2 -1.6 -1.6 2.7 2.9 0.8 3.9 -1.2 0.7 3.6 3.8 2.5 1.2 3.4 2.8 1.6 2.0 3.9 1.4 0. 2.4 3.9 1.6 1.6 1.7 3.4 1.4 1.6 1964. .. 2.0 1.8 0.4 1.1 1.8 i96e!!] 3!s 1.0 1.6 1.8 4.5 6.4 4.4 6.7 7.7 6.0 4.4 3.4 2.4 4.4 3.6 1.0 1.8 1.6 4.5 6.6 4.8 7.2 6.5 5.5 3.8 3.8 2.4 4.3 3.3 1.0 2.4 3.1 1.6 1.0 3\3 5.9 5.6 7.4 6.5 6.4 3.1 3.3 2.8 6.0 2.2 5.4 3.1 1.4 1.8 2,0 3.4 5.7 7.1 6.0 6.2 6,5 3.5 3,4 1.9 5.8 2.6 5.2 2.0 1.8 1.8 4.'o 6.3 4.7 7.3 5.5 6.7 3.7 3.8 2.5 4.7 3.1 1.4 1.2 1.6 3.8 5.9 5.8 7.2 5.8 5.9 3.5 3.7 2.2 5.8 3.' 4 5.4 7.5 6.5 6.4 5.5 3.2 3.7 2.1 6.0 -4.0 0.6 7.4 -1.1 -2.9 1.6 4.0 2.1 3.8 -1.5 4.2 1.2 3.6 1.8 2.7 2.9 4.9 2.3 1.2 2.2 1.9 3.6 5.1 7.6 7.6 6.6 5.2 3.5 3.2 2.4 6.4 6 '.7 2.9 14.1 -1.0 -0.9 0.8 0.4 1.5 2.8 4.0 0.4 -o!i © AVERAGE FOR PERIOD 4 AVERAGE FOR PERIOD 27 . 4 -6.6 2.7 4.6 1.1 -2.9 1.3 4.0 2.1 2.8 -1.5 3.2 1.2 1.7 2.3 4.3 14 . 6 -8.3 5.6 5.1 -1.1 -2.7 1.9 2.1 2.1 1.8 0. 1.7 1.7 2.8 2.8 4.3 7.3 -8.3 8.0 5.1 -1.3 -2.9 1.3 3.7 1.0 2.3 0.7 -0.5 1.7 2.8 5.8 4.1 1. 1 -9.9 11.0 2.7 -1.6 0.5 0.5 5.1 0. 2.3 1.2 -0.7 1.7 3.3 4.4 2.9 3.3 4.0 2.2 0.6 2.2 3.1 3.6 2.0 1.6 2.0 2.2 3.4 1.6 2.0 2.2 2.0 3.2 1.6 1.4 1.8 3.2 3.6 1.0 1.9 4.2 4.9 8.1 8.2 6.1 4.2 3.6 3.0 2,5 6.1 5.1 5.0 7.0 7.3 6.1 4.2 4.4 2.7 3.0 4.0 5.3 4.6 7.2 8.3 5.8 4.7 3.6 2.8 3.5 5.4 6.0 4.8 6.2 8.4 5.9 3.7 3.9 2.8 4.3 5.6 4.3 6.4 4.6 7.1 6.6 6.1 4.0 3.7 2.4 4.5 -6.1 -9,8 16.0 -2.1 -2.3 2.5 0.1 2.6 1.2 3.4 0.5 0.6 2.4 3.5 3.7 1.4 -6.2 -2.5 10.2 -2.1 -1.7 2.4 1.4 2.0 4.0 0.3 2.9 1.9 3.7 1.9 1.1 -4.9 1.2 6.4 -0.5 -2.5 1.9 3.6 1.7 3.5 -1.4 3.8 1.4 2.9 1.8 2.9 7.7 -8.8 8.2 4.3 -1.3 -1.7 1.2 3.6 1.0 2.1 0.6 0.2 1.7 3,0 4.3 3.8 -6.5 -0.7 9.2 -1.5 -2,0 2,0 2.2 1.8 2.7 0.7 1.8 1.4 3.0 2.9 2.9 1.7 5.0 3.1 1.5 1.3 2.9 4.7 2.2 1,2 2.1 2.0 3.7 5.1 7.7 7.4 6.4 5.0 3.4 3.3 2.3 6.2 2.4 3.4 1.7 1.7 2.0 3 .'8 5.5 4.8 6.8 8,0 5.9 4.2 4,0 2.8 3.6 5.0 2.1 4.1 2.6 1.3 1.8 2.4 4,3 5.6 6.3 7.3 6.3 5.4 3.7 3.3 2.7 5,4 sis 5,8 6.2 6.9 6.2 6.3 3.4 3.5 2.3 5.9 'Percent changes are centered on the 4th month of the span. Annual figures are averages of the centered changes. This series contains scattered ivisions beginning with 1960. 3 This series contains revisions beginning with 1957. "This series contains revisions beginning with 1956. Q 5,0 1.2 8.3 6.9 -1.3 0.5 -0.3 0.8 3.8 1.7 1.2 2.1 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1969 ... Annual III 6.3 1.8 7.8 7.8 -2.0 0.8 0.3 -1.0 4.6 2,2 0.5 2.9 1948 . , , 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978.., 1979... 1980.,. II Q 2 735-C. CHANGE IN I N D E X OF CONSUMER PRICES — WEST GERMANY, OVER 6-MONTH SPANS 1 (COMPOUND ANNUAL RATE, PERCENT) 1967... 1968... IQ 9.0 1.2 7.5 8.4 -2.5 2.1 0,8 0. 4.1 2.7 0.5 2.9 1948 . . . 1956... 1957... 1958,.. 1959... 1960... 1961... 1962.,, 1963... Dec. 9.0 0.9 5.4 8.5 -2,8 0,8 0.8 -0.3 2.8 3.7 1.0 1.9 9.4 0.9 7.0 735. WEST GERMANY—INDEX OF CONSUMER P R I C E S 3 (1967=100) 1949,.. 1950... 1951... 1952... 1953... 1954... Nov. Oct. (NOVEMBER 1980) 103 C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. May June July Aug. 736. FRANCE— INDEX OP CONSUMER PRICES' (1967=100) Sept. Oct. Nov. Dec. IQ ® II Q HI Q Annual IV Q AVERAGE FOR PERIOD 1948... 1949... 1950... 19S1... 1952. ,. 1953... 1954... 195S... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 32.3 43.4 44.1 48.7 59. 5 59.5 58.4 59.3 59,8 60.8 69.3 74.8 78.6 80.3 84.0 87.5 34.7 41.6 44.8 49.8 60.7 59,6 58.9 59.1 60.4 61.0 70.1 75. 9 78.7 80.4 84.0 87.9 34.2 39,6 44.1 50.4 60.4 59.3 58.5 59.1 60.4 60,7 71.1 75.6 78.7 80.3 84.3 88.2 34.3 39.1 44,8 SI. 3 59.8 59,0 58.1 59.1 60.2 60.5 71.7 75.6 78.8 80.2 84.3 88.4 34,7 38.8 44.1 52.8 58.9 59.4 58.9 59.5 60.7 60.4 71.8 75.2 78.7 80.1 84.9 88.6 35.1 38.6 42.9 52.7 58.3 59.4 58.7 59.0 60.1 60.8 72.0 75.4 78.6 79.9 85. 2 89.3 35.0 38.4 42.9 53.0 58.2 58.7 58.0 58.4 59.8 61.7 72.4 75.6 78.9 80.6 85.6 89.6 38.6 39.2 44. S 53.5 59,1 58.4 57.8 58.3 60.1 62.4 72. S 76.0 79.6 81.0 85,4 89.9 41.5 41.3 46.1 54. 2 59.6 57.6 58.2 58.9 60.5 63.2 72.8 76.3 79.7 81.5 85.7 90.5 42.9 42.9 47.3 55.5 59.1 57.6 58.3 59.6 60.4 64.2 73.0 77.0 79.9 82.3 86.1 90.7 42.2 43.4 47.8 57.1 58.9 57.6 58.9 S9.6 60.4 65.7 72.8 77.5 80.1 83.1 86.8 91.0 43.3 43.6 48.2 58.3 59.4 58.0 59,1 59. 7 60.4 67.0 73.0 77.5 80.2 83.5 87.4 91.2 33.7 41.5 44.3 49.6 60.2 59.5 58.6 59.2 60.2 60.8 70.2 7S.4 78.7 80.3 84.1 87.9 34.7 38.8 43.9 S2.3 S9.0 39.3 58.6 59.2 60.3 60.6 71.8 75.4 78.7 80.1 84.8 88.8 38.4 39.6 44.5 53.6 59.0 58.2 58.0 58.5 60.1 62.4 72.6 76.0 79.4 81.0 85.6 90.0 42.8 43.3 47.8 57.0 59.1 57.7 58. 8 59.6 60.4 65.6 72.9 77.3 80.1 83.0 86.8 91.0 1964... 1963... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 91.6 93.7 96,1 98.8 102.8 108.3 114.4 120.0 126.8 135. 2 149.1 170.8 187.2 204.1 222.8 245. 5 91.6 93.7 96.3 98,9 102.8 108.7 114.9 120.6 127.5 135.6 151.1 172.1 188.5 91.7 94.0 96.5 99.2 102.9 109,1 115,3 121.1 128.1 136.3 152.9 173,5 190.1 207,3 226,4 249.4 91.8 94.1 96.8 99.3 103.2 109.7 115.9 121.8 128.6 137.2 155.4 175.0 191.8 210.0 228.9 251,8 91.8 94.4 97.2 99.4 103. S 110.2 116.5 122.6 129.3 138.5 157.2 176.3 193.0 212.0 231.1 254.5 92,0 95.9 97.1 99.4 103.9 110.5 117.1 123.1 130.0 139.6 159.0 177.6 193.9 213.6 232.8 256.6 92.3 95.1 97,4 99.6 104.2 111.0 117.6 123.7 131.0 140.7 161.0 178.9 195.7 215.5 235.7 260.0 92.5 94.8 97.4 100.0 104.7 111.2 117.8 124.1 131.7 141.7 162.3 180.1 197.1 216.7 237.1 262.7 92.9 95. 1 97.8 100.4 105.4 111.9 118.3 124.7 132.6 143.0 164.0 181.6 199.3 218.6 93.1 95.3 97.9 100.9 106.6 112.5 118.7 12S.4 133.7 144.5 166.0 183.0 201.1 220.3 240.8 268.1 93.1 95.4 98.1 101.6 106.9 113.1 119.2 125.9 134.5 145.8 167.5 184.0 202.8 221.1 242.1 269.8 93.1 95.8 98.4 101.8 107.1 113.5 119.4 126.5 135.2 146.7 168.9 185.2 203.5 221.7 243.2 272.0 91.6 93.8 96.3 99.0 102.8 108.7 114.9 120.6 127.5 135.7 151.0 172.1 188.6 205.6 224.5 247.3 91.9 94.8 97. Q 99.4 103.5 110.1 US. 5 122.5 129.3 138. 4 157.2 176.3 192.9 21,1.9 230.9 254.3 92.6 95.0 97.5 1QO.O 104.8 111.4 117.9 124.2 131.8 141.8 162.4 180.2 197.4 216.9 237.1 262.5 93.1 95,5 98.1 10,1.4 106.9 113.0 119.1 125.9 134.5 145.7 167.5 184.1 202.5 221.0 242.0 270.0 -7.1 15.7 20.6 23!4 -2.7 1.0 0.7 2.7 -1.6 23.6 5.3 4.5 0. 6.0 5.4 2.4 -lo!4 10.7 26^4 10.8 1.9 3.2 1.4 2.1 0.4 20.0 7.1 3.9 0.5 5.2 5.3 37.1 -3.1 6.0 22*.3 ©.4 -Q .2 1.7 1.1 2.9 8.7 10.1 3.9 4.2 3.5 4,7 5.7 39.3 14.7 11.1 14!o -1.5 -5 . 7 0.8 1.7 O.S 17.7 3.0 4.8 3.0 6.7 4,0 4.5 12 .4 18.4 18 , f j 20 !4 -2.7 -2 .5 0.5 2.4 -0.9 22.5 5.1 4.9 0.4 6.3 4.5 3.0 4^9 11.6 20!? 1.8 -1.6 1.5 1.7 1.2 12.3 9.6 5.2 2.9 4.2 4.6 4,6 2.4 2.8 2.7 4.6 6.9 2.4 4.0 3.5 2.5 4.3 6.3 6.2 5.9 5.S 5.9 16.3 10,5 9.6 9.5 9.2 10.4 2.5 3,0 3,1 2.6 4 ,3 5.4 5.7 6.1 6,8 9*1 15. ,4 9,4 9,,1 10,8 11, .0 12,1 2.4 1,3 2.2 4.2 6.4 S.3 4.4 5.6 8.2 10.7 13,8 9.3 10.2 8.9 9.9 12.6 2.3 2.3 2.5 S.2 7.2 6.0 4.5 5.5 6.2 13.5 12.6 9.9 9,0 7.6 9.4 14.8 2.4 2.7 2.8 3.6 5.S 5.7 5.2 5.8 6.7 9.8 14.5 9.8 9.5 9.2 9.9 12.5 205.5 224.4 247.1 238.6 264.9 736-C. CHANGS IN INDEX OF CONSUMER PRICKS— PRANCE* OVER 6-MONTH SPANS 2 (COMPOUND ANNUAL RATE, PERCENT) 1948. ,, 1949... 1950 . 1951!!! 1952... 1953. . . 1954... 1955... 1956... 1957... 19*} 8 1959!!! 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968 ... 1969!'.'. 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... -11.2 15.3 22!2 IS. 2 -0. 3 0.7 1.4 0.7 -1.3 <j •a -9.0 27.6 8.7 2. 1 3.9 1.0 3.0 -0.1 <j £ 3. 3 6,1 3.7 0.3 4.9 5.4 ?!s 2.4 2.2 3.2 2,7 4.6 S*.9 6,1 5.6 5.5 5.5 15.8 11.0 10.0 9.5 8.4 9.8 2.4 3.3 4.0 3.9 1.0 5.4 5.1 2.7 3,8 e!s 6.3 6.0 5.5 6.0 16.1 10.5 9.8 9.3 9.3 10.4 -11.0 31.9 -12.7 44 .3 7.2 45.9 13.1 36.9 16.4 35 .0 14. S isle 14!s -2.7 ll'.Z -1.0 i4!a -0.7 -1.7 1.4 1.7 2.7 10.9 7.5 4.0 4.4 4.3 4.1 5.8 2.1 3.1 2.0 14.1 1.0 1.4 -0.3 18.7 -0.7 0.7 -0.3 20.2 0.7 1.4 0. 22.3 4.8 3.6 5.6 4.3 5.3 5.4 2.6 6.6 3.6 4.3 4.3 2.8 7.9 4.0 3.4 5.3 1.3 6.8 3.3 3.6 6.7 21,1 17 , 0 20!? -3.6 -3.0 0. 3.1 -1.0 21.7 6.4 4.8 0. 6.0 4.7 3.1 2.6 2.4 2.9 2.8 2.9 2.6 2.3 3.5 2.2 1.9 1.7 4.5 2.0 -0.6 2.5 4.7 2.4 1.7 2.3 5.9 2.0 2.5 2.5 S.I 5.4 5.3 B.9 6.8 9.9 14.5 9.2 9.2 10.4 10.1 11.7 5.2 4.7 5.7 7.8 10.6 14.1 9.5 9.5 9.7 10.2 12.7 5.1 4.5 5.3 8.2 10.8 13.8 9.2 10,4 8.8 9.8 12.4 S.5 4.1 5.8 8.5 10.7 13.4 9.3 10.6 8.1 9.6 12.8 5.7 3.9 5.1 6.7 12. S 12.8 9.7 9.0 7.1 8.7 14.2 6.2 4.S S.4 6.0 13.5 12.6 9.8 9.1 7.6 9.1 14.7 5.0 5.9 6.0 14.5 12.5 10.2 8.8 8.1 10.4 15.6 27.9 2.1 2.4 2.8 0.3 3.1 6.4 12 . 3 4,9 3.4 2.8 §.3 5.8 23.3 0.3 1 .0 1.0 1.4 3.0 8.8 10 . 6 2.9 4.7 3.3 4.3 5,5 2.4 6.6 3.2 2.2 4 4 6.6 6.3 6.1 5.4 6.3 17.0 10.1 9.1 9.7 9,9 10.9 2.4 3.5 3.4 2.2 2.6 3.0 2.9 2.9 4 3 5.2 5.7 6.1 6.9 9.2 15.4 9.4 9.1 10.8 11.2 12.6 5.6 6.0 6.3 6.7 8.1 16.3 9.5 9.1 11.3 11.7 11.9 -1.3 737. ITALY — INDEX OF CONSUMER PRICES 1 (1967=100) 92.3 94.8 97.2 99.9 104,5 110.8 117.1 123.3 130.8 140.4 159,5 178,2 195.3 213.9 233.7 258.5 AVERAGE FOR PERIOD 35.1 -3.9 29.3 5.6 3 .8 4,9 1.7 2.7 2.7 16,0 7.8 4.2 0.2 5.4 5.3 37.4 40.8 45. 1 53.1 59.3 58.7 58. 5 59.1 60.3 62.4 71.9 76.0 79,2 81.1 83.3 89.4 37,6 18.3 17 9 u!s &!o ® AVERAGE FOR P E R I O D 1948. .. 1949... 1930... 1951... 1952... 1953... 1954... 19SS... 1956... 1957... 1950... 1959,.. 1960... 1961... 1962... 1963... 54.9 56.4 53,7 57.6 60.9 63.6 64.1 67. S 68.6 70.9 72.3 72.3 74.1 75.1 77.2 82,8 54,4 B6.4 53.7 58.7 62.0 63.6 64.7 67. S 69.3 70.5 72.2 72.2 73.9 75.1 77.6 84.0 55.8 S6.4 53.1 58.7 62.0 63.6 64.7 67,5 69.8 70.3 72.2 71.9 73.8 75.1 78.1 84.2 56.0 57.2 53.8 60.4 62.7 64.3 64.7 67. S 70.1 70.2 72.8 71.8 73.7 75.2 78.7 84,7 55.2 37.2 53.9 60.4 62.7 64.7 65.9 67.5 70.2 70.2 73.4 72.2 73.9 73.4 78.7 84.7 S4.8 S6.6 54.6 60.9 63.1 64.7 66.4 67.5 69.9 70.2 73. S 72.2 73.9 75.4 78.5 84.3 S2.1 55.0 54.6 60.9 63.1 63.6 66.4 67.5 69.9 70.6 73.4 71.8 74.2 75.7 79.3 84.7 54.4 §5.7 55. 6 60.9 63.1 63.6 66.4 67.5 70.0 70.6 73.4 72.1 74.2 75.8 79.5 85.0 55.7 55.5 56.8 60.9 63.6 63,6 66.4 67.5 70.1 70.9 73.1 72.4 74.2 75.9 79.8 85.7 54.8 54.1 56.1 60.9 63.6 64.3 66.4 68.1 70.0 71.2 72.6 73.1 74.2 76.0 80.0 86.6 S5.2 54.3 56.7 61. S 63.6 64.3 66.4 68.1 70,2 71.6 72.6 73.5 74.6 76.6 82.5 86.9 55.7 53.8 56.8 61.5 63.6 64.3 66.4 68.7 70.5 72.1 72.4 73.7 74.7 76.7 81.8 87.4 ss.o 56.4 S3. 5 S3. 3 61.6 63.6 64.6 67.5 69.2 70.6 72.2 72.1 73.9 75.1 77.6 83.7 55.3 57.0 54.1 60.6 62.8 64.6 65.7 67.5 70.1 70.2 73.2 72.1 73.8 75. 3 78.6 84.7 54,1 S3. 4 55.7 60.9 63.3 63.6 bh.4 67.5 70.0 70.7 73.3 72.1 74,2 75.8 79. S 8 S.I 55.2 54.1 56.5 61.3 63.6 64.3 66.4 68.3 70.2 71.6 72.5 73.4 74.5 76.4 81. 4 87.0 54.9 55. 7 55.0 60.3 62. B 64.0 6S.8 67.7 69.9 70.8 72.8 72.4 74.1 75.7 79.3 85.1 1964... 1965... 1966... 1967... 1968.. . 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 88.2 93.0 95.9 98.3 101.0 102,1 106.4 112.1 117,4 126.9 143.6 178.2 197.7 238.8 271.1 305.1 88.2 93.1 95.9 99.0 101.0 102.2 107.3 112.6 118.0 128.4 146.6 180.8 202.1 88.5 93.3 95.9 99.2 101.1 102.6 107.8 113.1 118.3 129.7 150.4 181.0 206.1 246.5 277.4 313.8 88.6 93.6 96.1 99.3 101,3 103.1 108.2 113.3 118.6 131.0 152.3 183.4 211.6 249.5 280.0 317.8 89.4 93.8 96,3 99.7 101.4 103.3 108.7 114.0 119.7 133.0 1S4.5 184.9 215.8 252.6 282,7 321.3 90.0 94.0 96.3 99.9 101.3 103.7 108.8 114.1 120.3 134.2 156.7 186.4 216.8 254.3 285,1 323.9 90.5 94.5 96.3 100.1 101.1 104.3 109.1 114.4 120.7 134.9 159,8 187.1 217.9 255.8 286.8 326.7 90.7 94.7 96.4 100.3 101.1 104.6 109.3 114,6 121.5 135,8 163.3 188.3 220.3 258.2 288.3 330.6 91.2 94.9 96.4 100.8 101.2 104.7 110.4 115.4 122.7 136.6 168.0 189.8 224.0 261.5 292.9 339.2 91.5 94.9 96.6 100.7 101.3 105.0 110.7 115.9 124.0 137,7 171.2 191.9 230. S 265.0 295.5 345.5 92.2 95.2 97.3 100.8 101.4 10S.6 111.2 116.5 125.0 139.3 174.4 194.1 23S.5 267.6 298,6 350,3 92.6 95. 6 97.9 100.8 101.7 106.0 111.7 116.9 12S.5 141.3 175.9 195.6 238.6 268.9 300.1 356.6 88.3 93.1 95.9 99.0 101.0 102.3 107.2 112.6 117.9 128.3 146,9 180.0 202.0 242.9 274.1 309.5 89.3 93.3 96.2 99.6 101.3 103.4 108.5 113. » 119. ij 132.7 154.5 184.9 214.V 252.1, 282.6 321.0 90.8 94,7 96.4 100.4 101.1 104.5 109.6 114.8 121.6 135.8 163.7 188.4 220.7 258. S 289.3 332.2 92.1 95.2 97.3 100.8 101.5 105.5 111.2 116.4 124.8 139.4 173.8 193.9 234,9 267.2 298.1 350.8 90.1 94.2 96.4 100. 0 101.2 103.9 109.1 114.4 121.0 134.1 159.7 186.8 218.1 255.2 2S6.0 328.4 243,4 273.9 309.7 This series contains no revisions but is reprinted for the convenience of the user. This series contains scattered revisions beginning with 1961. Percent changes are centered on the 4th month of the span. Annual figures are averages of the centered changes. 104 (NOVEMBER 1980) C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar, Apr. May June July Aug. Sept. Oct. Nov. Dec. 1 Q 737-C. CHANGE IN INDEX OF CONSUMER PRICES — ITALY, OVER 6-MONTH SPANS 1 (COMPOUND ANNUAL RATE, PERCENT) 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... 1976.,, 1977... 1978... 1979... 1980... 9.1 -6.5 10.4 2.9 1.3 2.9 2.9 4,7 1.3 3,9 -3.7 4,5 1.5 3.8 9.5 6.3 -3.5 6.9 7.1 3.4 1.2 3.8 2.7 2.3 2.2 0,6 1.9 1.5 3.0 7.2 6.2 3.8 1.5 5.2 0.2 2.4 5.6 4.6 3,6 1,8 4.6 0.8 3.4 5.5 4.3 1.8 3.6 0.7 4.9 5.1 3.2 2.5 2.6 0.6 4.6 5.2 1.8 4.7 0.7 1.9 4.6 5.1 5.7 3.2 2,7 2.9 1.0 4.4 5.2 10.6 15.4 21.7 14.4 21.1 11.6 13.8 26.1 11.6 20.9 16.2 18.2 21.4 12.5 14,1 23.1 5.0 12.7 21.9 12.7 22.1 14.8 10.9 15.2 7.0 12.5 24,5 9.7 19.7 13.5 12.2 16.1 9.4 10.5 27.7 10.4 20.1 12.7 12.0 20.1 10.8 16.5 20.8 14.8 20.9 12.3 13.5 25.0 8.'l 13!o 23.7 11.9 20.7 13.3 12.2 19.1 31.4 49.1 47.2 51.1 55.1 43.3 48.1 45.0 52.9 55.1 59.6 62.4 61.1 61.6 64.5 64.5 65.4 68.3 71,8 76.4 82.9 44.0 47.3 45.3 54,8 54.8 62.3 61.8 61.3 62.8 64.1 65.8 66.4 68,3 74.0 77.3 83.2 39.1 48.9 45.4 52.8 55.0 59.1 62.4 61.4 62.0 63.9 64.5 65.4 67.9 71.4 76.2 82.2 85.7 91.6 96.3 99.2 105.8 113.3 119.2 127.8 134.1 151.7 187.4 206,6 226.5 244.4 254.3 263.1 87.3 93,4 97.2 102.7 107.5 114.0 123.9 129.8 135.9 156.4 195.5 212.2 232.1 246.5 254.9 267.6 85.5 91.7 96.1 100.0 105.6 111.5 119.6 127.1 133.2 148.9 184.0 205.8 224.9 243.0 252.3 261.3 4.7 -6.4 9.0 5.3 0.6 3.5 2.7 6.3 0. 3.1 -3.8 3.1 1.6 4.5 10.0 5.4 5.4 3.0 3.4 1.8 0.8 4.7 5.8 5.5 9.4 11.3 26.9 10.9 22.1 12.7 11.5 21.7 4,5 2.1 4.4 1.2 1.6 3.7 5.4 4.4 1.7 4.6 0.8 1.6 4.6 5.4 10.3 13.1 24.6 11.9 20.1 12.8 12.7 25.8 3.7 3.7 1.7 5.0 0.6 3.0 6.0 4.6 4.5 11.6 20.7 14.5 21.2 17.0 10.3 14.5 5.8 3.5 2.1 4.6 0.8 3.2 5.6 4.5 5.2 12.7 22.7 12.1 23.2 14.8 10.9 15.6 6.5 3.5 1.7 4.1 1.0 4.0 5.0 4.0 5.4 13.8 22.3 11.5 22.0 12.7 11.5 15,6 6.5 6.7 7.4 7.6 6.4 1.7 3.5 0.8 4.8 5.5 4.3 6.1 13.3 23.8 10.1 21.4 14.7 12.1 14.9 1.9 3.5 0.8 5.4 4.5 4.3 7.1 13.0 25.0 9.3 19.8 13.4 12.6 15.5 1.7 3.7 0.6 4.5 5.3 4.5 7.8 11.1 24.8 9.7 17.9 12.3 12.0 17.8 1.7 3.5 0.6 4.1 4.9 4.8 9.3 10.3 28.4 9.7 18.9 13.0 12.7 19.2 2.5 2.6 0.4 4.9 5.0 4.8 9.4 9.9 27.8 10.6 19.4 12.5 11.8 19.4 738. JAPAN— INDEX OF CONSUMER PRICES 2 (1967=100) 2.4 -7.5 11.6 4.6 4.2 0.7 3.5 3.5 1.2 4.6 -1.7 3.9 1.9 3.0 7.4 5.5 7.5 -7.1 11.9 3.6 1.6 2.8 2.7 4.5 0.9 4.0 -3.8 4.5 1.3 3.7 10.6 6.4 0.7 0.4 12.7 2.9 1.6 5.3 2.7 3.2 -0.6 4.2 0. 1.1 2.4 5,3 8.0 -0.7 -7.3 12.0 4.4 4.9 1.9 6.6 3.0 0.9 3.7 0. 4.5 2.2 2.9 4.4 5.5 3.6 -2.4 12.5 3.0 1.4 2.9 2.3 4.3 -0.6 4.2 -1.4 1.0 2.2 5.7 8.2 15.0 -6.0 10.4 -0.3 1.6 2.5 3.3 3.3 2.9 4.6 -3.5 5.9 1.6 3.2 8.0 7.2 5.1 -3.3 12,0 2.6 2.2 3.8 1.8 5.0 -0,9 4.5 -1.4 1.1 2.2 5.6 5.7 -2. '5 -5.2 11.9 5.8 4.2 -0.3 5.6 0.6 1.4 2.3 3.1 2.0 1.9 3.2 5.7 4.8 Annual IV Q AVERAGE FOR PERIOD 5.6 -7.3 10.6 4.3 3.5 0.3 0.9 4.2 1.7 5.2 -3.2 3.6 1.6 2.9 8.0 5.7 5.1 -4.4 12.8 3.6 0.3 -0.3 2.4 4.7 -0.3 4.0 -2.7 0.8 1.9 6.1 11.0 0. -2.5 7.2 7.6 3.6 0.3 6.0 0.9 2,6 0.9 3.9 0.3 1.6 3.0 6.0 3.6 III Q -3.7 -3.6 7.9 8.5 5.0 -0.1 6.0 0.4 2.6 0.8 3-5 0.5 1.4 2.9 6.1 4,7 2.2 -7.9 12.3 5.1 4.2 0. 3.1 3.3 0.9 4.9 -1.9 3.6 1.9 3.2 9.9 5.3 -8.5 -3.2 4.5 12.1 7.3 -0.3 6.3 -0.3 3.8 -0.8 3.4 -0.8 0.8 2.4 6.6 5.7 ll Q ® AVERAGE FOR PERIOD 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 30.7 48.3 48.9 49.3 55.0 56.1 62.4 61.6 61.0 63.3 63.8 65.3 67.0 69.0 74.6 79.3 30.1 48.9 47.0 51.4 55.0 56.7 62.6 61.7 61.7 62.8 63.5 64.8 67.2 69.4 74.5 80.0 33.5 50.1 45.7 52.5 55.4 56.9 62.6 61.4 62.2 62.9 63.3 64.8 67.1 69.9 75.0 80.9 35.3 50.8 44.5 52.8 55.5 57.9 62.8 62.4 61.8 63.5 63.8 65.2 67,6 70.6 75.8 81.8 36.7 52.0 45.0 52.4 54.8 57.7 62.6 61.7 61.7 64.0 63.8 64.8 67.9 69.6 76.7 82.7 40.7 50.7 43.1 52.2 54.3 58.6 62.6 61.4 62.9 64.2 64.8 64.7 67.9 70.8 76.7 83.7 40.1 48.4 44.6 51.4 55.3 59.0 62.9 60.8 60.9 64.2 64.0 64,8 67.8 71.4 77.3 84.1 43.8 47.7 45.0 53.2 55.0 59.4 62.2 61.4 61.7 64.7 64.8 65.9 68.5 71.9 76.1 81.9 45.9 48.2 45.5 54.2 54.9 60.5 62.2 61.0 62.2 64.5 64.7 65.6 68.5 72.2 75.7 82.7 42.8 47.5 44.3 54.5 54.8 62.9 62.9 62.1 63.2 64.8 66.4 66.4 68.5 73.8 77.0 83.4 43.8 46.7 45.0 55.0 54.8 62.0 61.6 60.9 62.3 63.8 65.7 66.4 68.1 74.0 76.9 83.3 45.5 47.8 46.7 54.8 54.9 62.0 61.0 60,9 62.9 63.8 65.4 66.4 68.2 74.3 78.0 82.9 56.6 62.5 61.6 61.6 63.0 63.5 65.0 67.1 69.4 74,7 80.1 37.6 51.2 44.2 52.5 54.9 58.1 62.7 61.8 62.1 63.9 64.1 64.9 67.8 70.3 76.4 82.7 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972.,, 1973... 1974.., 1975... 1976... 1977... 1978... 1979... 1980... 83.4 89.6 94.1 98.9 103.8 107.7 116.1 124.6 129.5 138.4 168.3 198.8 216.0 236.0 246.1 253.9 83.1 89.6 94.9 99,4 104.2 108.1 117.1 124.4 130.1 139.6 174.1 198.8 217.3 237.2 247.1 253.1 84.0 90.9 95.3 99.8 104.7 109.2 118.4 124.3 131.0 142.8 175.1 200.8 218.1 238.7 249.4 255.1 85,4 92.7 96.9 99.8 104.9 110.5 119.3 126.2 132.1 145.2 180.0 204.5 223.5 242.6 252.1 258.6 85.5 91.4 95.6 98.6 105.4 110.3 117.9 126.1 132.9 147.8 180.5 205.1 224.1 244.9 253.5 261,3 85.6 91.4 96.3 98.1 103.9 110.3 117.3 127.3 132.9 148.3 181.3 204.9 224.5 243.6 252.1 261.5 85.5 90.9 96.4 98.0 104.5 112.8 117.8 126.7 133.0 149.5 185.2 205.3 225.7 243.0 253.1 263.8 85.6 91.1 95.7 98.6 104.4 112.8 118.4 125.7 134.0 150.8 187.0 204.9 223.9 243.0 253.3 261.1 86.1 92.7 96.8 101.1 108.5 114,2 121.5 130.9 135.4 154.7 189.9 209.5 229.8 247.3 256.4 264.4 87.8 93.9 97.4 102.5 107.5 114.0 124.0 130.6 135.6 153.6 194.4 213.0 231.3 248.6 256.8 267.7 87,1 92.9 96.8 102.5 107.7 113.8 123.4 129.4 135.4 155.6 195.7 211.9 231.3 245.7 254.1 266.7 87.0 93.3 97.5 103.0 107.2 114.2 124.2 129.4 136.8 160.0 196.5 211,7 233.7 245.1 253.7 268.3 83.5 90.0 94.8 99.4 104.2 108.3 117.2 124.4 130.2 140.3 172.5 199.5 217.1 237,3 247.5 254.0 85.5 91.8 96.3 98.8 104.7 110,4 118.2 126.5 132.6 147.1 180.6 204.8 224.0 243.7 252.6 260.5 -9.6 18.3 10.6 1.8 12.2 -4.7 -1.3 1.0 -0.6 2.5 6.6 2.1 12.0 5.3 -0.2 34.5 -4.4 15.6 10.3 0. 9.7 -5.9 -0.7 6.3 -2.8 2.8 5.9 3.0 8.9 5.0 -2.4 20.0 -6.6 25.3 3.0 2.9 8.9 -2.5 0.7 3.9 -2.8 1.2 5.2 3.5 7.9 10.2 2.0 14.9 -13.2 29.1 1.5 5.2 6.0 -2.9 4.3 3.2 -2.8 0.9 4.6 3.5 6.7 12.2 1.0 27.*8 -17.0 29.2 -2.0 10.6 0.4 -0.2 2.8 3.9 0.3 -2.6 4.1 5.4 5.1 12.5 99.0 0.9 -4.3 11.9 3.3 13.8 1.3 -0.8 0.2 4.7 2.8 1.4 3.5 7.2 5.0 8.4 46.6 -9.8 9.9 12.0 1.5 16.0 -2.4 -1.8 2.0 0.4 5.1 4.7 1.8 12.0 4.1 3,1 23,1 -8.1 23.3 4.9 2.7 8.2 -3.8 1.4 4.5 -2.8 1.6 5.2 3.3 7.8 9.1 0.2 2.7 3.0 14.5 1.4 12.2 -1.1 -^0.3 2.4 1.6 2.5 2.2 3.2 8.1 5.8 6.0 4.7 5.1 2.5 9.3 8.6 5.3 3.1 10.0 7. -6 5.7 4.6 8.2 9.0 3.7 4.8 6.4 3.7 9,0 5,2 3.0 7.0 5.3 5.5 1.8 6.0 4.8 2.8 8.1 5 0 8.4 4.9 4.2 8.2 3 1 6.3 6.0 4.4 5.2 4.3 5.8 11.3 3.2 6.7 18.0 20.1 9.1 11.0 2.6 2.9 6.9 4.3 10.6 3.6 7.9 26.5 15.4 11.1 9.8 2.7 1.2 6.0 5.7 8.9 6.3 7.9 31.8 11.7 10.6 10.4 2.4 -0.7 8.9 7.7 5.0 0.6 11.7 28.5 12.5 8.8 9.0 3.5 0.9 10.8 5.9 7.8 4.1 3.5 15.5 30.8 7.4 9.0 8.1 3.7 3.2 ll!o 4.5 6.1 6.5 17.3 18.3 7.5 9.2 6.0 5.0 6.5 9.8 5.7 6.1 14.9 19.8 9.7 9.9 3.5 3.2 6.8 8.2 3,5 9.2 28.9 13.2 10.2 9.7 2.9 0.5 8.6 1 738-C. CHANGE IN INDEX OF CONSUMER PRICES— JAPAN, OVER 6-MONTH SPANS (COMPOUND ANNUAL RATE, PERCENT) 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... 1976... 1977... 1978... 1979... 1980... 32.5 -17.4 35.1 -0.4 8.9 -1.3 -1.0 0.7 3.2 -1.2 -2.1 4.6 6.6 5.0 11.5 28.8 -14.1 28.3 -3.9 8.9 1.3 -0.3 2.0 5.2 -0.3 -2.7 4.3 3.3 5.5 12.8 22.0 -19.6 24.2 -1.8 13.9 1.3 0.7 5.6 3.2 2.5 -3.0 3.3 6.2 4.9 13.2 3.1 9.8 5.0 4.0 4.0 5.1 9.4 3.1 1.5 13.5 35.2 9.2 8.4 9.2 3.0 1.8 2.9 7.9 4'. 3 3.1 5 .7 5.3 7.3 3.9 4.0 16.7 31.0 6.6 8.5 9.0 3.9 3.1 5.1 9.4 6.3 1.8 2.9 7.2 6.6 5.4 5.1 16.3 26.2 6.3 10.1 6.1 4.1 4.6 84.1 7.8 -11.3 14.1 4.8 13.3 3.9 -1.0 1.3 4.5 1.9 -0.3 3.0 7.4 7.6 13.0 6.1 4.5 7.2 0.2 3. 5 11.9 4.4 4.4 6.0 17.0 20.9 6.2 8.8 6.0 5.4 7.3 -4.3 11.4 4.1 12.8 0.3 -0.3 0. 5.5 2.8 2.2 3.0 6.7 4.3 5.6 93.5 -4.0 2.7 10.3 1.1 15.4 -0.3 -1.0 -0.6 4.2 3.8 2.2 4.5 7.6 3.2 6.5 55.9 -7.4 4.6 10.6 0.4 19.3 0.3 -2.2 2.6 2.2 6.7 2.5 2.1 9.3 4.0 5.2 56.8 -12.5 6.9 14.7 2.2 16.6 -2.9 -1.9 2.3 -0,3 6.0 5.0 1.2 14.6 2.9 4.2 7.8 5.7 4.7 1.6 3. 3 11.6 3.8 3.2 6.9 17.7 16.8 8.0 8.2 6.2 5.9 7.0 7.0 5.8 4.7 3.5 7.8 9.4 5.2 10.6 6.5 17.1 17,1 8.4 10.5 5.7 3.6 5.3 7.2 4.0 2.3 6.4 5.9 6.9 8.3 7.8 6.2 13.4 18.1 9.9 8.8 5.2 3.6 6.7 6.2 5.3 3.6 8.5 4.0 6.1 9.7 6.1 5.5 13.4 21.1 10.0 9.8 2.8 3.1 6.9 119. 5 -1.2 27.1 AVERAGE FOR PERIOD ] This series contains scattered revisions beginning with 1973. Percent changes are centered on the 4th month of the span. of the centered changes. 2 T h i s series contains no revisions but is reprinted for the convenience of the user. Annual figures are averages els $'.9 ?!s 4.3 6.3 19.2 20.5 8.7 9.4 5.1 3.1 6.3 (NOVEMBER 1980) 105 G. Experimental Data and Analyses (Dtc.) (Nov.) P T Year and quarter Unit labor cost, all persons, nonfarm business sector 1 Implicit price deflator, gross nonfarm business product 1 (Index: 1967=100) III (Mar.) T HI III ITT 190.2 192.8 195.6 199.3 180, 2 184.7 187.8 191.4 195.1 200,3 204.7 208.4 206.0 212.1 217.3 221.8 213.7 220.4 r225.8 228,2 236.3 r240.5 1980 I Q.... II Q . . . Ill Q.. IV Q . , . 240 V 220 200 Implicit price deflator, gross nonfarm business product, Q (index: 1967=100) 180 160 -J 140 / 240 220 200 X Unit labor cost, all persons, nonfarm business sector, Q (index: 1967-100) 180 160 140 120 Inventory-sales ratios in 1972 dollars 2 Year and month Ratio scale sm 1979 I Q.... II Q . . . Ill Q . . IV Q . , . H I ITT HT Components of BCD series 26- (Index: 1967-100) 1978 I Q.... II Q . . . Ill Q . . IV Q . , . HI Ml Ml I|:;PM HI I I I (Nov.) P Manufacturing (Ratio) Merchant wholesalers (Ratio) —' 100 Inventory-sales ratios in 19 2 dolars (ratco)— Arithmetic scale Retail trade (Ratio) 2,1 1979 Jan. Feb. Mar, Apr. May. June 1.76 1.78 1.72 1.86 1.78 1.84 1.33 1.35 1.30 1.33 1.30 1.31 1.39 1.38 1.38 1.41 1.42 1.45 July Aug. Sept Oct. Nov. Dec. 1.84 1.86 1,87 1.87 1.91 1.90 1.31 1.31 1.31 1.30 1.29 1.30 1.46 1,42 1.37 1.41 1.40 1.37 2.0 1.9 1.8 1.7 1.4 1.3 1980 Jan, Feb. Mar. Apr. May. June 1.87 1.88 1.92 2.06 2.09 2.10 July Aug. Sept Oct. Nov. Dec. 2.07 r2.07 pi. 99 (NA) 1,29 1.27 1.37 1.31 1.38 1.37 1.30 1.43 pi. 26 (NA) 1.34 1.35 1.38 1.42 1,43 1.40 1.2 1.1 1.5 1.38 1.37 pi. 38 (NA) 1.4 1.3 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 NOTE: The 1V indicates revised; "p", preliminary; and "NA", not available. l Source: U.S. Department of Labor, Bureau of Labor Statistics. 2 Source: U . S . Department of Commerce, Bureau of Economic Analysis. 106 G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Basic data Series title (and unit of measure) LEADING INDICATORS 1. Average workweek, production workers, manufacturing (hours) 3. Layoff rate, manufacturing1 (per 100 employees) 8. New orders for consumer goods and materials in 1972 dollars (billion dollars) 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 dollars) 29. New building permits, private housing units (index: 1967=100) 36. Change in inventories on hand and on order in 1972 dol. 9 smoothed2 (ann. rate, bil. dol.) . 92. Change in sensitive prices, smoothed2 (percent) 19. Stock prices, 500 common stocks (index- 1941-43=10) . . . . 104. Change in total liquid assets, smoothed2 (percent) 106. Money supply (M2) in 1972 dollars (billion dollars) 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 dollars). . . . 47. Industrial production, total (index: 1967=100) 57. Manufacturing and trade sales in 1972 dollars (million dollars) 920. Composite index of 4 roughly coincident indicators3 (index* 1967=100) LAGGING INDICATORS 91. Average duration of unemployment1 (weeks ) 70. Manufacturing and trade inventories, total, in 1972 dollars (billion dollars) 62. Labor cost per unit of output, manufacturing (index: 1967=100) 109. Average prime rate charged by banks (percent) 72. Commercial and industrial loans outstanding (million dollars) 95. Ratio, consumer installment debt to personal income (percent) 930. Composite index of 6 lagging indicators 3 (index: 1967=100) July 1980 Sept. 1980 Aug. 1980 39.0 Net contribution to index 39.4 39.5 Oct. 1980 July to Aug. 1980 Aug. to Sept. 1980 Sept. to Oct. 1980 P39.6 0.34 0.09 0.10 -0.20 0.40 0.12 0. 0.23 0.42 1.7 rl.9 1.5 pi. 4 r31.80 r31.80 r33.26 p35.58 32 34 39 44 0.07 0.18 0.21 115.3 rl!7.7 e!21.6 NA 0.30 0.47 NA 13.70 r!2.57 r!3.08 p!2.52 99.8 109.9 126.3 107.7 r-15.44 r-10.88 p-4.72 NA 0.27 1.12 rl.91 119.83 123.50 126.51 0.63 rO.74 816.2 r!28.4 0.09 -0.12 0.28 0.41 -0.56 0.29 0.39 NA 0.36 0.33 0.28 130.22 0.19 0.15 0.21 reO.85 eO.91 0.35 0.35 0.23 820.5 r818.1 p816.2 0.20 -0.11 -0.11 r!31.1 r!35.1 P136.3 2.10 3.05 0.89 2.46 -0.20 89,867 r90,142 r90,365 p90,622 0.24 0.19 0.29 rl,002.4 rl,005.2 rl,002.9 pi, 009. 3 0.14 -0.11 0.41 r!40.4 r!41.8 r!43.7 p!46.0 0.27 0.37 0.57 152,027 rl48,342 p!55,312 NA -0.53 1.01 NA r!36.1 r!36.0 r!37.8 p!39.3 -0.07 1.32 1.09 11.6 12.6 13.1 13.3 -0.51 -0.24 -0.14 257.90 r257.74 P257.01 NA -0.03 -0.13 NA r!99.8 r200.0 r!99.9 P199.5 0.03 11.48 11.12 12.23 13.79 -0.70 r!60,299 r!62,818 165,347 p!67,794 0.34 14.06 r!3.94 p!3.86 NA r!63.6 r!61.3 r!64.0 P171.8 -0.02 -0.09 2.16 4.55 0.34 0.49 -0.41 -0.28 NA -1.41 1.67 4.76 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. x This 2 This 3 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. 107 G. Experimental Data and Analyses—Continued Recession Comparisons; Current and Selected Historical Patterns i M 111 m M M i M 1111111 ii i ii 1111111 |i in 11 M i Devin 5. Average weekly initial claims, State unemployment insurance (inverted) 11—i ations from reference peaks Actual data for current cycle MONTHS DEVIFROM ATIONS C U R R E N T MONTH AMD FROM ACTUAL REF. 1/80 DATA YEAR PEAK SCRIES 5 THOUSANDS -1 0 Percent -20 • 350 Q •400 • 4BQ + 20 • 550 + 60 •650 • 700 +80 407 12/79 0. P 404 1/80 -7.2 8.9 40.8 57.2 375 440 56 y 635 2/80 3/80 4/30 5/80 5 6 7 8 52. 1 32.7 24.3 24.0 617 536 502 501 6/80 7/80 B/80 9/30 9 8.7 439 10/80 -1 -0.5 26590 0. P 26715 un + 12 • 145 +9 • 140 +6 + 3 *135 0 • 130 H25 -6 111J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M I I I I I i I 0 +6 26623 26476 26121 25745 2/80 3/80 4/80 5/80 5 6 7 8 -4.8 -5.8 -5.3 -4.7 25422 25163 25312 25470 6/80 7/80 8/80 9/80 9 -4.1 25611 10/80 45. Average weekly insured unemployment rate (inverted) -i 2.5 SERIES 12 1967^100 0.3 2.2 131.4 133.9 0. P 3.0 11/79 12/79 131.0 1/80 1 2 3 4 -0.9 -4.0 -8.0 -10.1 129.8 125.8 120.5 117.8 2/80 3/80 4/90 5/80 4.0 5 6 7 8 -12.4 -12.0 -10.2 -7.2 114.8 115.3 117.7 121.6 6/80 7/80 8/80 9/80 4.5 MONTHS FROM REF. PEAK 3.5 CURRENT MONTH AND ACTUAL DATA YKAR -9 H20 -12 0115 3.1 5.0 5.5 12/79 3.2 1/80 6.0 3.1 3.3 3.7 4.3 2/80 3/80 4/80 5/80 6.5 4.6 4.5 4.3 4.4 6/80 7/80 8/80 9/80 -I 7-0 4.1 10/80 Months from reference peaks NOTK: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1980 issue. 1973 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND DATA YEAR PEAK 1/80 +12 +18 +24 +30 +36 108 • 25,BOO SERIES 45 PERCENT -3 -6 • 26,000 1/80 -0.3 -0.9 -2.2 -3.6 0 Percent • 27,000 12/79 1 2 3 4 2 1 12, Net business formation +2 SERIES 40 THOUSANDS • 850 +120 Percent MONTHS DEVIFROM ATIONS CURRENT MONTH AND FROM ACTUAL REF. DATA YEAR 1/80 PEAK • 750 + 100 • 800 Actual data for current cycle •26, BOO 0 • 600 0.7 1 2 3 4 • 500 + 40 40. Employees in goods-producing industries aliens from reference i i i i i l i n i t l i M i i l n i i i HIM iiiii -6 0 +6 +12 +18 +24 +30 +36 Months from reference peaks G. Experimental Data and Analyses—Continued Recession Comparisons: Current and Selected Historical Patterns-Continued MONTHS DEVIFROM ATIONS CURRENT MONTH AND REF. FROM ACTUAL DATA YEAR PEAK 1/80 . Industrial production, durable manufactures .|.MM|...U|.MM|imi|MUI 916. Composite index of profitability SERIES 73 1967=100 -1 144.7 1/80 2 3 4 2/80 3/80 4/80 5/80 5 6 7 8 -10.2 -11.3 -10.6 -9.1 129.9 128.3 129.3 131.5 6/80 7/80 8/80 9/80 9 -7.0 134.6 10/80 • 140 0. P Actual data for current cycle 12/79 144.1 143.4 138.4 133.3 1 H50 144.8 -0.4 -0.9 -4.4 -7.9 0 +4 0.1 Deviations from reference peaks Percent + 10 +5 • 95 MONTHS DEVIFROM ATIOMS CURRENT MONTH REF. Aim FROM ACTUAL PEAK DATA YEAR 1/80 SERIKS 91(5 1967=100 • 130 -3 -2 -1 1.0 0.4 0.3 90.8 90.3 90.2 10/79 11/79 12/79 -12 0 89.9 1/80 -16 1 2 3 4 -O.I -1.7 -2.1 -1.6 89.8 «8.4 88.0 88.5 2/80 3/80 4/80 5/30 5 6 7 -0.4 0.3 0.9 89.5 90.2 90.7 6/80 7/80 8/80 1973 • 120 -20 0. P -5 • 85 -10 • 80 -15 • 75 74. Industrial production, nondurable manufactures clfl MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK DATA YEAR 1/80 Percent + 16 SERIES 74 1967=100 H90 -1 + 12 0 +8 • 130 +4 • 170 -4 •160 -0.4 0. P 165.3 930. Composite index of 6 lagging indicators 12/79 166.0 1/80 1 2 3 4 -0.1 -0.8 -2.7 -4.8 165.9 164.7 161.6 158.0 2/80 3/80 4/80 5/80 5 6 7 8 -6.4 -6.8 -5.8 -4.0 155.3 154.7 156.4 159.3 6/80 7/80 8/80 9/80 9 -3.1 160.9 10/80 Percent +10 • 190 +5 MONTHS DEVIFROM ATIONS CURRENT MONTH REF, FROM ACTUAL AND PEAK DATA YEAR 1/80 • 180 SERIES 930 1967=100 178.0 12/79 0 0. P 178.7 1/80 -12 1 2 3 4 1.3 6.5 9.8 2.9 181.0 190.4 196.3 183.8 2/80 3/80 4/80 5/80 -16 5 6 7 8 -5.9 -8.4 -9.7 -8.2 168.2 163.6 161.3 164.0 6/80 7/80 8/80 9/80 9 -3.9 171.8 10/80 -1 -0.4 • 150 0 +6 +12 +18 +24 +30 +36 Months from reference peaks -5 • HO -10 • 160 -15 • 150 -6 0 +6 +12 +18 +24 +30 +36 Months from reference peaks NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1980 issue. 109 ALPHABETICAL INDEX-SERIES FINDING GUIDE Serifs titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers} Series number Charts Tables 2 604 16 56 61 92 61 970 58 974 975 971 976 978 977 972 973 24 38 22 38 38 38 38 38 38 38 38 55 616 ZZ 56 Historical Series data descriptions (issue date! (issue data) A Accession rate manufacturing Agricultural products exports Anticipations and intentions Business expenditures, now plant and equipment Business expenditures, new plant and equipment, 01 ,, Consumer sentiment index Employees manufacturing and trade, 01 Inventories manufacturing and trade Dl New orders manufacturing, Dl Prices, selling manufacturing, Dl Prices, selling, retail trade, Dl Pricos selling wholesale tro do Dl Profits net manufacturing and trade 01 Soli's not manufacturing and trade PI Automobiles Expenditures personal consumption . Imports of automobiles and parts 8/80 8/80 8/68 67 76 65 76 76 76 76 76 76 76 76 10/80 10/80 8/80 10/80 10/80 10/80 10/80 10/80 10/80 10/80 10/80 11/68 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 65 92 9/79 8/80 10/69* B Balance of payments-See International transactions. Bank loans to businesses, loans outstanding Bank loans to businesses, net change . Bank rates-See Interest rates. Bank reserves Free reserves Member bank borrowing from Federal Reserve Bonds-See Interest rates. Borrow ing -See Credit. Budget -See Government. Building-See Construction. Business equipment, industrial production Business expenditures, now plant and equipment Bus! ness expenditures, new plant and equipment, 01 .... Business failures, current liabilities Business incorporations Business inventories-See Inventories, Business loans-See Bank loans, Business saving .... 72 112 15,35 32 73 72 6/79 6/79 11/72 11/72 93 94 33 33 72 72 9/80 9/80 11/72 29 78 61 970 14 12 13 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 8/80 1/80 10/80 10/80 10/80 3/80 3/80 295 46 82 11/79 4/69 ii/68 11/68* c Canada-See International comparisons. Capacity utilization Manufacturing (8EA) Manufacturing (FRBI Materials Capital appropriations, manufacturing Backlog Newly approved , . Newly approved Dl . . Capital in vestment -See Investment, capital Capital investment commitments, Cl Cash flow corporate constant dollars Cash flow, corporate, current dollars . Civilian labor force-See also Employment, Employment Employment as percent of population , Total Unemployed Coincident indicators, four Composite index Composite index, rote of change Diffusion index Ratio to logging indicators, composite- index Commercial and industrial buildings, contracts awarded . . Commercial and industrial loans outstanding Commoreiol and industrial loans outstanding, net change . Compensation Compensation, average hourly, all employees, nonfarm business sector Compensation, average hourly, all employees, nonfarm business sector, percent changes Compensation of employees Compensation of employees, percent of national income Compensation, real average hourly, all employees, nonfarm business sector Compensation, real average hourly, all employees, nonfarm business sector, percent changes Earnings, average hourly, production workers, private nonfarm economy Earnings, average hourly, production workers, private nonfarm economy, percent changes . . Earnings, real average hourly, production workers, private nonfarm economy Earnings, real average hourly, production workers, private nonfarm economy, percent changes Wage and benefit decisions, first year Wage and benefit decisions, life of contract Wages and salaries, mining, manufacturing, and construction .... , , 83 82 84 20 20 20 64 64 64 9/79 9/79 9/79 97 11 965 24 24 37 66 66 75 10/801 10/80 914 35 34 11 29 29 60 70 70 9/80 9/79 9/79 442 90 441 37 51 18 51 18,51 89 62 89 62,89 3/80 2/80 3/80 2/80 920 920c 961 940 9 72 112 10 39 36 11 23 15,35 32 60 74'" 60 66 73 72 7/80 7/80 6/79 9/80 8/79 6/79 6/79 345 49 87 11/80 34bu 280 50 45 87 82 11/80 11/79 64 30,47 70,83 9/79 346 49 88 11/80 10/80; 346e 50 88 11/80 340 49 87 10/80 340c 50 87 10/80 341 49 87 10/80 341c 348 349 50 50 50 87 88 88 10/80 11/79 11/79 53 19 63 4/80 i/72* 1/72 Series titles (See complete titles in "Titles and Sources of Series," following this index} Charts Composite indexes Coincident indicators Four coinciders Four coinciders rate of change , Ratio to lagging indicator index Lagging indicators Six laooprs . .. Six laggers rate of change . ., Leading indicators Capital investment commitments Inventory investment and purchasing Marginal employment adjustments Money and financial flows Profitability Twelve leaders Twelvs leaders rate of change Construction Building permits new private housing Contracts awarded, commercial and industriaj, bldgs. . . Expenditures, plus machinery and equipment sales Gross private domestic fixed investment Nonresidential as percent of GNP Nonresidential structures constant dollars Nonresident ial total constant dollars Residential as percent of GNP Residential, total, constant dollars Housing starts Consumer finished goods-See Wholesale prices. Consumer goods and materials, new orders Consumer goods, industrial production Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans, delinquency rate Consumer prices-See also International comparisons. All items percent chances Food, index Food, percent changes Consumer sentiment, index Consumption expenditures-See Personal consumption expenditures. Contracts and orders, plant and equipment, constant dol. . Contracts and orders, plant and equipment, current del. . . Corporate bond yields Corporate profits-See Profits. Costs-See Labor costs and Price indexes. Credit Bank loans to businesses net change Borrowing, total private Commercial and industrial loans outstanding Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans delinquency rate Mortgage debt net change Crude materials -See Wholesale prices, Tables Historical Series data descriptions (issue date (issue date) 920 920c 940 10 39 11 60 7/8G 60 7/80 9/80 930 930c 10 39 60 7/80 7/80 914 915 913 917 916 910 910c 11 11 11 11 11 10 39 60 60 60 60 60 60 9/80 9/80 9/80 9/80 9/80 7/80 7/80 29 9 69 13,25 23 24 67 66 67 8/80 8/79 8/80 4/69 248 87 88 249 89 28 47 25 25 47 25 25 83 67 67 83 67 67 11/79 9/79 9/79 11/79 9/79 3/80 10/69* 8 75 12,21 22 64 65 7/80 12/79 66 113 95 39 35 32 15,35 33 73 72 73 72 11 /SO 11/80 8/79 10/80 10/72 10/72 320 320c 322 322c 58 49 49,59 49 49 22 84,95 84,95 84 84 65 5/80 S/BO 5/80 5/80 8/80 5/69* 5/69* 5/69* 5/69* 11/68* 20 10 116 12,23 23 34 66 66 73 7/80 7/80 11/80 9/68* 7/64 112 110 72 32 32 15,35 72 72 73 6/79 11/79 6/79 11/73 7/64 11/72 66 113 95 39 33 35 32 15,35 33 32 73 72 73 72 71 11/80 11/80 8/79 10/80 4/80 10/72 10/72 525 564 548 517 53 £5 53 S3 90 91 90 90 5/80 10/79 8/80 5/80 39 32 33 12,21 72 64 10/80 10/80 11/72 12/74 38 37 36 38 36 37 'a?'*' 76 75 74 76 74 75 79 75 78 74 76 74 74 75 77 76 75 76 76 76 75 76 76 74 77 10/00 10/80 6/79 10/80 9/80 5/80 11/68* 11/75* 11/75* 5/75* 9/68* 10/69* 6/72 11/72 11/72 D Debt-See Credit. 4/72* Defense Military prime contract awards National defense purchases 4/72* New orders defsnse products 4/72* Obligations incurred 11/75* Deficit-See Government, Deflators-See Price indexes. Delinquency rate consumer installment loans Deliveries vendor performance Diffusion indexes Business expenditures, new plant and equipment li/72 Capital appropriations manufacturing 11/72 Coincident indicators Employees, manufacturing and trade 10/72* Industrial materials prices Industrial materials prices, components 10/72* Industrial production 10/69 Industrial production components Initial claims, State unemployment insurance 10/69* Inventories manufacturing and trade 10/72* Leading indicators , New orders durable goods industries 10/72* New orders, durable goods industries, components 6/72* Prices, 500 common stocks Prices selling manufacturing 6/72* Prices selling retail trade Prices selling wholesale trade 6/72* Profits, manufacturing Profits net manufacturing and trade 6/72* Sales, net, manufacturing and trade 6/72* Workweek, mfg. production workers 6/72* Workweek, mfg. production workers, components Disposable personal income-See Income. „ 970 965 951 974 963 967 966 962 975 952 950 964 36 33 36 36 37 971 968 976 978 977 960 972 973 961 38 37 38 38 38 37 38 38 36 NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. 110 Current issue (page numbers) Series number 10/69* ii/68* 4/69* 9/79* li/80 10/80 6/79 6/79 9/80 6/69* 11/68* ib/eo ii/68* 5/69* 11/68* 11/68* 11/68* 9/79 10/80 10/80 10/80 10/79 10/80 10/80 9/80 ii/68* 11/68* 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 Historical Series data descriptions (issue date) issue date) E Earnings-See Compensation. Employment and unemployment Accession rate manufacturing ... Civilian labor force, total Employee hours in nonagricultural establishments Employee hours in nonagricultural establishments, rate of change Employees in mining mfg and construction Employees, manufacturing and trade, Dl Employees on nonagricultural payrolls Employees on private nonag. payrolls, Dl Employment ratio to population Employment, total civilian Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Initial claims. State unemployment insurance Initial claims, State unemployment insurance, Dl Layoff rate, manufacturing Marginal employment adjustments, Cl Overtime hours mfg production workers Participation rate, both sexes, 16-19 years old Participation rate females 20 years and over Participation rate, males 20 years and over Part-time workers for economic reasons Persons engaged in nonagricultural activities Ouit rate manufacturing Unemployed bothsexes 16-19yearso!rJ Unemployed, females 20 years and over Unemployed full-time workers Unemployed males 20 years and over Unemployment average duration Unemployment rate, 1 5 weeks and over Unemployment rate insured average weekly Unemployment rate, total Unemployment total civilian Workweek, mfg. production workers Workweek, mfg. production workers, components Workweek, mfg. production workers, Dl Equipment-See Investment, capital. Exports-See Foreign trade and International transactions. 2 441 16 51 61 89 8/80 3/80 48 17 61 9/80 48c 40 974 41 963 90 442 46 60 5 962 3 913 21 453 452 451 448 42 4 446 445 447 444 91 44 45 43 37 1 39 17 38 14,17 36 18 51 17 17 16 36 12,16 11 16 51 51 51 51 17 16 51 51 51 51 15,18 18 18 18 18,51 12,16 62'" 9/80 9/80 961 36*" 76 62 74 62 89 61 61 61 74 61 60 61 89 89 89 89 62 61 89 89 89 89 62 62 62 62 62,89 61 77 74 10/80 9/80 9/80 2/80 3/80 11/80 2/80 7/80 11/80 8/80 9/80 8/80 3/80 3/80 3/80 3/80 2/80 8/80 3/80 3/80 3/80 3/80 3/80 2/80 8/80 2/80 2/80 8/80 9/80 F Federal funds rate Federal Government-See Government. Federal Reserve, member bank borrowing from Final sales in constant dollars Financial flows and money Cl Fixed in vestment -See Investment, capital. Fixed weighted price index NIPA Fixed weighted price index, percent changes, NIPA Food-See Consumer prices. Foreign trade-See also International transactions. Balance on goods and services Balance on merchandise trade Exports, merchandise, adjusted, exc. military Exports, merchandise, total exc. military aid Exports of ag1 icultural products Exports of go jds and services, constant dol., N 1 PA Exports of goods and services, current dol., NIPA Exports of goods and services exc. military Exports of nonelectrical machinery Imports, merchandise adjusted exc, military Imports merchandise total 1 mports of automobiles and parts Imports of goods and services, constant dol., NIPA Imports of goods and services, current dol., NIPA Imports of goods and services, total Imports of petroleum and products Net exports, goods and services, constant dol., NIPA . . Net exports, goods and services, current dol., NIPA ... Net exports, goods and services, percent of GNP, NIPA France-See International comparisons. Free reserves 119 34 72 11/80 94 213 917 33 40 11 72 80 60 9/80 9/80 311 31U 48 48 84 84 11/79 11/79 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 255 250 251 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 44 44 47 93 93 93 92 92 82 82 93 92 93 92 92 82 82 93 92 82 82 83 7/80 7/80 7/80 8/80 8/80 93 33 72 10/79 11/79 11/79 7/80 8/80 7/80 8/80 8/80 11/79 11/79 7/80 8/80 11/79 11/79 11/79 9/80 G Goods output in constant dollars Government budget, NIPA Federal expenditures Federal receipts Federal surplus or deficit State and local expenditures State and local receipts . State and local surplus or deficit Surplus or deficit, total Government purchases of goods and services Federal constant dollars Federal current dollars Federal, percent of GNP National defense State and local constant dollars State and local, current dollars State and local, percent of GNP Total, constant dollars Total, current dollars . . .... 49 20 63 9/79 502 501 500 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/79 9/79 9/79 10/79 10/79 10/79 11/79 263 262 265 564 267 266 268 261 260 43 43 47 55 43 43 47 43 43 81 81 83 91 81 81 83 81 81 11/79 11/79 11/79 10/79 11/79 11/79 11/79 11/79 11/79 Series titles (See complete titles in "Titles and Sources of Series," following this index) Gross business product Fixed weighted price index Fixed weighted price index percent changes Gross domestic product labor cost per unit Gross national product 8/68 GNP constant dollars . . .• 4/72* GNP constant dollars differences GNP constant dollars, percent changes 8/68* GNP current dollars 8/68* GNP current dollars differences GNP current dollars percent changes 11/68* GNP ratio to money supply 8/68 Goods output in constant dollars Implicit price deflator Implicit price deflator, percent changes 4/72* Per capita GNP constant dollars 12/74 Gross private domestic invest. -See Investment, capital. 6/69' 6/69* 8/68* 12/74 4/72 Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) jssupdate) 48 48 30 84 84 70 11/79 11/79 9/79 7/68 19,40 10/79 10/79 10/79 10/79 10/79 10/79 10/69* 10/69* 10/69* 10/69 10/69 10/69 217 31 "' 20 48 48 40 63,80 80 80 80 80 80 71 63 84 84 80 46 60 17 17 61 61 21 1 16 12,16 8/80 8/80 961 36*" 61 61 77 74 28 29 89 249 25 13,25 25 47 67 67 67 83 3/80 8/80 9/79 6/72 4/69 11/79 10/69* 48 48 84 84 11/79 11/79 10/69* 10/69* 311 311c 68 50 50b 50c 200 200b 200c 107 49 310 310: 39 40 7/80 9/79 11/79 11/79 10/79 10/69* 10/69* 10/69 11/80 12/74 H Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Hours of production workers, manufacturing Average weekly overtime Average workweek Average workweek, components Average workweek Dl Housing Housing starts Housing units authorized by local bldg. permits Residential GPDI, constant dollars Residential GPDI percent of GNP 2/80 12/74 8/68 9/80 1 4/72' Implicit price deflator GNP 310 Implicit price deflator GNP percent changes , 310c Imports-See Foreign trade and International transactions. 8/68 Income Compensation, average hourly, all employees, nonfarm business sector 345 Compensation, average hourly, all employees, nonfarm business sector, percent changes 345c Compensation of employees 280 Compensation of employees, pet. of nat'l. income .... 64 Compensation, real average hourly, all employees, 11/73 nonfarm business sector 346 Compensation, real average hourly, all employees, nonfarm business sector, percent changes 346c Consumer installment debt, ratio to personal income . . 95 Corporate profits with IVA and CCA 286 Corp. profits with IVA and CCA, pet. of nat'l. income . 287 Disposable personal income, constant dollars 225 Disposable personal income, current dollars .... •224 Disposable personal income, per capita, constant dol. . . 227 Earnings, average hourly, production workers, 340 private nonfarm economy Earnings, average hourly, production workers, 5/69* private nonfarm economy, percent changes 340c 5/69* Earnings, real average hourly, production workers, private nonfarm economy 341 Earnings, real average hourly, production 5/69 workers, private nonfarm economy, percent changes . 341 c 5/69* 652 Income on foreign investment in the US . . 651 Income on U S investments abroad 5/69* Interest net 288 5/69* Interest net percent of national income 289 National income 220 Personal income constant dollars 52 5/69 223 Personal income current dollars 5/69* Personal income, less transfers, constant dollars 51 Personal income, less transfers, constant dols. rate of chg. 51c Personal income ratio to money supply 108 5/69 282 Proprietors' income with IVA and CCA 10/69* Proprietors' income with IVA and CCA, percent 283 of national income . .. 284 11/72 Rental income of persons with CCA Rental income of persons with CCA, pet. of nat'l. income 285 348 Wage and benefit decisions, first year Wage and benefit decisions life of contract , 349 53 Wages and salaries, mining, mfg., and construction 13 Incorporations, new businesses 23 7/68* Industrial materials prices 7/68* 967 7/68* Industrial materials prices Dl Industrial production - See also International comparisons. 76 Business equipment 75 Consumer goods 73 10/69 Durable manufactures 74 Nondurable manufactures 47 11/73 Total 10/69 Total components 966 10/69* Total Dl 47c 10/69* Total rate of change Installment debt-See Credit. 11/73 Insured unemployment 10/69 5 Avg. weekly initial claims, unemploy. insurance 10/69* Avg. weekly initial claims, unemploy. insurance, Dl ... 962 Avg weekly insured unemployment rate . . 45 10/69 6/69 4/72 4/72* 49 87 11/80 10/72* 50 45 30,47 87 82 70,83 11/80 9/79 10/72* 10/69 10/69* 49 88 n/so 10/72* 50 15,35 45 47 40 40 40 88 73 82 10/72* 80 80 11/80 8/79 11/79 11/79 10/79 10/79 10/79 49 87 10/80 6/72* 50 87 10/80 6/72* 49 87 10/80 6/72* 50 57 57 45 47 45 19 40 14,19 39 87 93 93 82 83 82 63 63 63 10/80 7/80 7/80 11/79 6/72* 5/69* 5/69* 10/69 10/69* 10/69 11 71 82 4? 45 47 50 50 19 23 28 83 82 83 88 88 63 65 69 79 75 37 24 22 20 20 14,20,58 37 39 16 36 18 1 67 65 63 63 63,94 78 75 61 74 62 n/79 n/79 10/79 2/80 1/80 10/80 10/80 6/80 11/79 10/69 10/69* 10/69 10/69 10/69 7/68* 10/69 11/79 11/79 10/69* 10/69 10/69* 6/72* 6/72* 4/80 3/80 5/80 4/69' 5/80 4/69* 11/79 11/79 n/79 1/80 12/79 12/79 12/79 9/80 11/68 9/79 9/80 7/80 6/69 11/80 6/69* 8/80 6/69 NOTE: The following abbreviations are used in this index: Cl, composite index; DI, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. 111 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Interest, net Interest, not, percent of notional income Interest rates Bonk rates on short-term business loans Corporate bond yields Federal funds rate Mortgage yields secondary market Municipal bond yields Prime rate chawed by batiks Treasury bill rato Treasury bond yields , Intermediate materials-See Wholesale prices, International comparisons Consumer prices Canada, index , Canada, percent champs France, index F rones percent changes Italy index Italy, percent chonnos 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 OKCO, European countries United Kingdom United States West Germany Stock priees Canada France Italy Japan United Kingdom United States ... West Germany International transactions-See also Foreign trade. Balance on goods and services . Balance on merchandise trade Exports, merchandise, adjusted, exe. military Exports, merchandise, total exc military aid Exports of agricultural products Exports of goods and services exe military Exports of nonelectrical machinery Imports, rner chandise, adjusted, exc. military ........ Imports, merchandise total Imports of flu to mobiles and parts Imports of cjoodsand services, total Imports of petroleum and products Income on foreign investments in U S Income on U.S. investments abroad Inventories Business inventories, change, constant dollars Business inventories, change current dollars Business Inventories, change, percent of GN.P Finished pods, manufacturers' Inventories on hand and on order, not 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, PI Materials and supplies on hand and on order, mfg Materials and supplies on hand and on order, mfg., change Investment, capital Capital appropriations, manufacturing, baekloq Capital appropriations, manufacturing, new Capital appropriations, manufacturing, new, Dl Capital investment commitments, Cl Construction contracts, commercial and industrial 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. Nooresidential total constant dollars Nonresidontial, 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, nondelcnse, constant dollars New orders, capital goods, nondefense, current dollars Current issue (pap numbers) Series number Charts Historical Series data descriptions (issue date) (issue date) Tables Series titles (See complete titles in "Titles and Sources of Series," following this index) 288 289 45 47 82 83 11/79 11/79 10/69 10/69* 67 1Hi 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 11/80 11/80 11/80 11/80 11/80 11/80 11/80 7/64 11/80 11/80 11/80 11/80 11/80 11/80 11/80 11/80 11/80 11/80 9/72* L 9/72* Labor cost per unit of gross domestic product Labor cost per unit of output manufacturing . ,,.,,. Labor cost per unit of output, private business sector — 59*" 96 96 95 95 96 96 95 95 95 95 84,95 84,95 95 95 723 726 727 728 721 722 47 725 58 58 58 58 58 58 14,20,58 58 94 94 94 94 94 94 63,94 94 3/80 2/79 2/79 2/79 2/79 2/79 9/80 2/79 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 6/79 6/79 6/79 6/79 6/79 6/79 6/79 6B7 622 618 802 604 668 606 620 612 618 669 614 652 651 57 57 57 56 56 57 56 57 56 56 57 56 57 57 93 93 93 92 92 93 92 93 92 92 93 92 93 93 7/80 7/80 7/80 8/80 8/80 7/80 8/80 7/80 8/80 8/80 7/80 8/80 7/80 7/80 30 245 247 65 36 77 915 70 71 31 975 78 26,42 42 47 27 13,26 27 15,27 27 26 38 27 68,81 81 83 68 68 68 60 68 68 68 76 68 8/80 38 26 68 8/80 11/73 7/64 7/64 11/73 7/64 7/64 Plant and equipment Business expenditures, new Business expenditures, nsw, Dl Contracts and orders, constant dollars Charts 112 Tables 24 38 12,23 23 67 76 66 66 10/80 10/80 11/68 11/68* 7/80 7/80 9/68 652 651 57 57 93 93 7/BO 7/80 5/69* 5/69* 68 62 63 26 30 15,30 30 29 70 70 70 70 9/79 7/68 12/79 11/68 10/72 930 930c 952 3 10 39 36 12,16 60 7/80 7/80 6/79 8/00 910 10 39 36 33 13,31 60 913 78 n Investment, foreign Income on US investments abroad Italy-See International comparisons. Historical &ries data descriptions (issue date) (issue date) 61 970 20 10 J Japan-See International comparisons. 733 733c 736 736e 737 737c 738 738c 732 732c 320 32Qc 735 735e 59*" 59*" 59*" 59 59 49 49,59 n 5/80 5/80 11/80 11/80 , 9/72* Labor force-See Employment and unemployment. Lagging indicators, six Composite index Composite index rate of change Diffusion index 5/69* 5/69* Layoff rate manufacturing 9/72* Leading indicators, twelve Composite index , Composite index rate of change Diffusion index 10/72* 10/72* Liabilities of business failures 10/72* Liquid assets change in total , 10/72* Loans-See Credit. 7/80 7/80 9/72* 9/72* M 10/72* 11/68 Man-hours-See Employment and unemployment. 10/72* 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. Money and financial flows Cl 5/69* Money supply 5/69* Liquid assets chang6 in total Money supply M1 5/69* Money supply M1 percent changes Money supply M2 Money supply M2 percent changes 5/69* Ratio GNP to money supply Ml 5/69* Ratio personal income to money supply M2 , 5/69* Mortgage debt net change Mortage yields secondary market ,. 5/69* Municipal bond yields 5/69* N 74*" 61 74'" 7/80 7/80 6/79 72 71 6/80 27 60 68 9/80 8/BO 38 86 68 8/80 8 84 12,21 20 64 64 7/80 9/79 917 11 60 9/80 104 105 85 106 102 107 108 33 118 117 13,31 31 71 71 71 71 71 71 71 71 73 73 6/80 6/80 6/80 6/80 6/80 7/80 6/80 4/80 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 5/80 2/79 49 62 358 370 370c 83 82 84 21 20 15,30 50 50 50 20 20 20 16 63 70 88 88 88 64 64 64 61 9/79 910c 950 14 104 :n 13,31 31 31 31 32 34 34 11/75* 8/68* 5/75* 10/80 11/80 11/80 10/72 10/72 7/64* 7/64 9/79 11/79 11/79 8/80 8/80 1/80 9/80 12/79 12/79 9/80 10/80 97 11 965 914 9 24 24 37 11 23 66 66 75 60 66 9/80 8/79 69 24 67 8/80 10/69 National defense-See Defense. 10/69* National Government-See Government. National income-See Income. 9/68 New orders, manufacturers' Capital goods industries, nondefense, constant dol Capital goods industries, nondefense, current dol Consumer goods and materials, constant dollars Contracts and orders, plant and equip., constant dol. . . 2/69 Contracts and orders, plant and equip., current dol. , . . 2/69 Defense products ,. 11/68* Durable goods industries, constant dollars Durable goods industries current dollars .... Diffusion index , New orders manufacturing Dl Nonresidential fixed investment, GPDI Producers' durable equipment, constant dollars Structures constant dollars Total constant dollars Total percent of GNP 10/80 10/80 10/80 8/80 8/80 7/80 7/80 7/80 8/80 7/80 7/80 9/80* 10/80 9/68 9/68 9/68 11/68* 9/79 9/79 9/79 10/69* 9/68* 0 243 242 42 42 81 81 11/79 10/79 86 248 88 89 249 87 241 240 25 47 25 25 47 25 42 42 67 83 67 67 83 67 81 81 9/79 27 23 66 8/80 24 23 66 11/79 9/79 9/79 11/79 9/79 10/79 10/79 8/80 Obligations incurred Defense Department OECD European countries industrial production Orders-See New orders and Unfilled orders. 10/69* Output-See also Gross national product and Industrial production. Goods output constant dollars . . . . Labor cost psr unit of 10/69* Per hour nonfarm business ssctor Per hour private business sector 10/69 Per hour, private business sector, percent changes Ratio to capacity manufacturing (BEA) 9/68 Ratio to capacity materials Overtime hours, production workers, manufacturing NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. Current issue? (page numbers) Series number 12/79 11/68 6/68* 10/72* 10/72* 9/79" 9/79 9/79 8/80 i2/74 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 Historical Series data descriptions (issue date) (issue date) 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 Rant and equipment-See also Investment, capital. Business expenditures for ... Business expenditues for Dl Contracts and orders for constant dollars P i t * "T lo ' t f Price indexes Consumer prices-See also International comparisons. All iterns index All items, percent changes Food index 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 Stock prices-See also International comparisons. 500 common stocks 500 common stocks D 1 Wholesale prices All commodities index All commodities, percent change U f •h H H' ' "h ' Crude materials index Crude materials percent changes Intermediate materials percent changes Producer finished goods, index Producer finished goods, percent changes Prices, selling Manufacturing 01 Retail trade Dl Wholesale trade Dl p. , ' ,, ." , Producer finished goods- See Wholesale prices. Producers' durable equipment nonresid GPD 1 Product ion -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, 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 51 51 51 89 89 89 3/80 3/80 3/80 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 65 80 80 81 81 81 81 80 80 83 9/79 292 293 614 46 46 56 82 83 92 11/79 11/79 61 970 20 10 90 24 38 12,23 23 18 67 76 66 66 62 10/80 10/80 11/68 11/68* 7/80 7/80 2/80 9/68* 320 320c 322 322c 49 49,59 49 49 84,95 84,95 84 84 5/80 5/80 5/80 5/80 5/69* 5/69* 5/69* 5/69* 11/79 11/79 11/79 11/79 10/69* 10/69* 5/80 4/69 5/80* 4/69* 7/80 4/80 311 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 9/79 9/79 330 330c 334 334c 331 332 332c 333 333c 26 48 48 48 48 48 48 48 48 48 48 29 85 85 86 86 85 85 86 86 86 86 70 6/80 6/80 5/80 5/80 6/80 6/80 6/80 6/80 6/80 6/80 7/80 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 10/80 10/80 10/80 88 25 67 9/79 358 370 370c 916 50 50 50 11 88 88 88 60 9/80 18 16 28 28 69 69 9/79 9/79 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 9/79 81 282 283 29 45 47 70 82 83 9/79 4 16 61 8/80 284 45 82 11/79 285 47 83 11/79 311c 310 310c 331c 5/80 11/80 10/80 10/79 7/80 9/80 9/79 11/79 11/79 Q R Rental income of persons, with CCA Rental income of persons, with CCA, percent of national income Charts Tables Series Historical data descriptions (issue date) (issue dato) 93 89 249 33 25 47 72 67 83 9/80 9/79 11/72 11/79 10/69* 59 54 22 22 65 65 6/80 6/80 6/72' 40 80 10/79 24 14,22 22 38 27 22 22 67 65 65 76 68 65 65 8/80 1/80 1/80 9/68* 10/80 11/68* 1/80 6/80 6/80 6/72 46 46 46 46 46 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 4/80 13,28 37 27 69 75 68 9/79 9/79 8/80 26 68 8/80 114 115 34 34 72 73 11/80 11/80 91 60 5 962 3 15,18 17 16 36 12,16 62 61 61 74 61 3/80 2/80 7/80 8/80 446 445 447 444 37 4 51 51 51 51 18,51 16 89 89 89 89 62,89 61 3/80 3/80 3/80 3/80 2/80 8/80 44 45 43 18 18 18 62 62 62 2/80 8/80 2/80 4/72 6/69 4/72 96 25 21 21 64 64 8/80 8/80 9/68 9/68 107 108 32 31 31 12,21 71 71 64 7/80 6/80 10/80 12/74 330 330c 334 334c 331 331 c 332 332c 333 333c 92 1 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 6/80 6/80 5/80 5/80 6/80 6/80 6/80 6/80 6/80 6/80 4/80 8/80 6/69* 36 77 74 9/80 ' S 10/69 10/69 10/69 10/69 10/69 10/69* 10/69 7/68* Salaries-See Compensation. Sales Final sales, constant dollars 213 Machinery and equipment sales and business construction expenditures 69 Manufacturing and trade sales, constant dollars 57 Manufacturing and trade sales, current dollars 56 Manufacturing and trade sales, Dl 973 Ratio, inventories to sales, mfg. and trade 77 59 Retail sales, constant dollars 54 Retail sales current dollars Saving Business saving 295 298 Government surplus or deficit Gross saving private and government 290 292 Personal saving . Personal saving rate 293 Selling prices-See Prices, selling. Sensitive prices, change in 92 State and local government-See Government. Stock prices-See also International comparisons. 19 500 common stocks 968 500 common stocks, Dl Stocks of materials and supplies on hand and on order . . . 78 Stocks of materials and supplies on hand and on order, 38 change Surplus-See Government. 2/69 5/69 ' 5/69* T Treasury bill rate . . Treasury bond yields 7/64 7/64 5/69 5/69* U 6/69* Unemployment Duration of unemployment, average Help-wanted advertising to unemployment, ratio Initial claims, avg, weekly, unemploy. insurance Initial claims, avg. weekly, unemploy. insurance, Dl . . . Layoff rate, manufacturing Number unemployed, civilian labor force Both sexes 16-19 years of age ..,. .... Females 20 years and over Full-time workers Males 20 years and over Total unemployed 11/68* Quit rate, manufacturing 11/68* Unemployment rates 11/68* 1 5 weeks and over Insured, average weekly li/73 Tota! Unfilled orders, manufacturers' Durable goods industries Durable goods industries change in 6/68* United Kingdom-See International comparisons. 10/72* 10/72* 11/79 11/79 Current issue (page numbers) Series number 10/69* 8/80 Ratio, profits with IVA and CCA to corporate domestic Proprietors' income with IVA and CCA Proprietors' income with IVA and CCA, pet. of nat'l. inc.. Reserves free Residential fixed investment, constant dollars, GPDI .... Residential fixed investment, percent of GNP Residential structures -See Housing. Retail sales constant dollars Retail sales, current dollars 453 452 451 10/79 10/79 10/79 10/79 10/79 10/79 10/79 10/79 10/79 Series titles (See complete titles in "Titles and Sources of Series," following this index) 1/72 7/68 10/69 10/69* 11/68* 11/80 6/69 6/69* 8/68* 4/72* V Velocity of money GNP to money supply Ml ratio Personal income to money supply M2, ratio Vendor performance W Wages and salaries-See Compensation. West Germany-See International comparisons. 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 finished goods, index Producer finished goods percent changes Sensitive prices change in Workweek of production workers, manufacturing Workweek of production workers, manufacturing, 10/69 components .... Workweek of production workers, manufacturing, Dl . . . . 10/69* 3/69* 961 8/68" NOTE: The following abbreviations are used in this index: Cl, composite index; D I, diffusion index; GPD I, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. 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. Bureau of Economic Analysts and National Bureau of 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) 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) 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) 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) (M).-Source 1 (10,39,60) 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 adjustment 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 (H60) 916. Composite index of profitability (includes series 19, 26, 80) (M).-Source 1 (11,60) 18. Corporate profits after taxes in 1972 dollars (Q).— Source 1 (28,69) 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; seasonal adjustment by Bureau of Economic Analysis (32,71) 34. Net cash flow, corporate, in current dollars (Q).— Source 1 (29,70) 35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1 (29,70) 36. Net change in inventories on hand and on order in 1972 dollar; (smoothed) (M).- Sources 1,2, and 3(13,26,68) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) 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).—American Bankers Association (33,72) 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) 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 over (M).-Sources 2 and 3 (18,62) 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 and 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) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) 1-B. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (12,16,61,77) 2. Accession rate, manufacturing (M).—Source 3 (16,61) 23. Index of industrial materials prices (M).—Source 3 ((28,69,79) 24. Value of manufacturer's new orders, capital goods industries, nondefense, in current dollars (M),-Source 2 (23,66) 25. Change in manufacturers' unfilled orders, durable goods industries (M).-Source 2 (21,64) 47. Index of industrial production, total (M).—Source 4 (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 1 (19,63) 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).-Sourcc 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) 7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).-Sources 1, 2, and 3 (21,64) 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) 8. Value of manufacturers' new orders for consumer goods and materials in 1972 dollars (M).-Sources 1, 2, and 3 (12,21,64) 31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2 (26,68) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M),—McGraw-Hill Information Systems Company; seasonal adjustment by 32. Vendor performance, percent of companies reporting slower deliveries (M).—Purchasing Management Association of Chicago (12,21,64) 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 insurance, State programs (M).-U.S. Labor, Employment and Training seasonal adjustment by Bureau Analysis unemployment Department of Administration; of Economic (16,61) 6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).-Source 2(21,64,77) 114 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 (34,72) 60. Ratio, help-wanted advertising in newspapers (series 46) to number of persons unemployed (series 37) (M).-Sources 1, 2, 3 f and The Conference Board (17,61) 84. Rate of capacity utilization, materials (Q).-Source 4 (20,64) 119. Federal funds rate (M).-Source 4 85. Change in money supply Ml-B (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 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, alt manufacturing industries (EOM).—Source 2 (27,68) 91. Average (mean) duration of unemployment in weeks (M).-Sources 2 and 3 (15,18,62) 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) 92. Change in sensitive prices (PPI of crude materials less agricultural products) (smoothed) (M).—Sources 1 and 3 (13,28,69) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (33,72) 67. Bank rates on short-term business loans (Q),-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 personal 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 in 1972 dollars (EOM).-Sources 1, 2, and 3 (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; seasonal adjustment by Bureau of Economic Analysis (15,35,73) 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2 (21,64) 97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).-The Conference Board (24,66) 102. Change in money supply M2 (M).-Source 4 (31,71) 104. Change in total liquid assets (smoothed) (M).-Sources 1 and 4 (13,31,71) (20,63) 74. Index of industrial production, nondurable manufactures (M).-Source 4 (20,63) 75. Index of industrial production, consumer goods (M).— Source 4 (22,65) 76. Index of industrial production, business equipment (M).-Source 4 (24,67) 77. Ratio, constant-dollar inventories (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) (36,74) 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 and 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 manufacturing industries (Q).-The Conference Board (37,75) 966. Diffusion index of industrial production-24 industries (M).-Sources 1 and 4 (37,75,78) 967. Diffusion index of industrial materials prices-13 industrial materials (M).-Sources 1 and 3 (37,75,79) 105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3, and 4 (31,71) 968. Diffusion index of stock prices, 500 common stocks— 53-82 industries (M).-Standard & Poor's Corporation (37,75) 106. Money supply M2 in 1972 dollars (M).-Sources 1, 3, and 4 (13,31,71) 970. Diffusion index of business expenditures for new plant and equipment, total—18 industries (Q).—Source 1 (38,76) 73. Index of industrial production, durable manufactures (M).-Source 4 (M).-Source 1 107. Ratio, gross national product to money supply Ml-B (Q).-Sources 1 and 4 (31,71) 108. Ratio, personal income to money supply M2 (M).— Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. 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 adjustment 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 (M).-U.S. Department of the Treasury (34,73) 116. Yield on new issues of high-grade corporate bonds (M).-Citibank and U.S. Department of the Treasury (34,73) 117. Yield on municipal bonds, 20-bond average (M).—The Bond Buyer (34,73) 118. Secondary market yields on FHA mortgages (M).—U.S. Department of Housing and Urban Development, Federal Housing Administration (34,73) 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) 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 from 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 from 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*) (38,76) 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 (40,80) 217. Per capita gross national product in 1972 dollars (Q).— Sources 1 and 2 (40,80) 220. National income in current dollars (Q).—Source 1 (45,82) 223. Personal income in current dollars (M). -Source 1 (40,63) 224. Disposable personal income in current dollars (Q).Source 1 (40,80) 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) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (41,81) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 (42,81) 241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1 (42,81) 242. Gross private domestic fixed investment, total, in current dollars (Q).—Source 1 (42,81) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q).-Source 1 (42,81) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (Q).— Source 1 (42,81) 116 248. 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 (Q).-Source 1 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (47,83) 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) 266. State and local government purchases of goods and services in current dollars (Q).—Source 1 (43,81) 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 268. State and local government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 280. Compensation of employees (Q).-Source 1 (45,82) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 1 (45,82) 292, Personal saving (Q).-Source 1 (46,82) 293. Personal saving rate—personal saving as a percent of disposable personal income (Q).-Source 1 (46,83) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).-Source 1 (46,82) 298. Government surplus or deficit, total (Q).—Source 1 (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 prices, finished consumer goods (M).-Source 3 (48,86) 335. Index of producer prices, industrial commodities (M).•Source 3 (48,85) 340. Index or 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) 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) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).-Source 3 (49,87) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3 (50,88) 349. Negotiated wage and benefit decisions, all industries— average (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) 283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).— Source 1 (47,83) 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) 288. Net interest (Q).-Source 1 (45,82) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) 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) 290. Gross saving—private saving plus government surplus or deficit (Q).-Source 1 (46,82) 442. Total civilian employment, labor force survey (M),— Sources 2 and 3 (51,89) 444. Number unemployed, males 20 years and over, labor force survey (M),*-Sources 2 and 3 (51,89) II-C. Labor Force, Employment, and Unemployment 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) 47. United States, index of industrial production, total 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 Analysts (55,91) 320. United States, index of consumer prices, all items (M).-Source 3 (48,59,84,95) 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, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,91) 588. Value of manufacturers' shipments, defense products II-D. Government Activities (M).-Source 2 (54,91) II-E. U.S. international Transactions 501. 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) 502. Federal Government expenditures; national income and product accounts (Q).-Source 1 (52,90) 604. Exports of agricultural products (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 511. State and local government receipts; national income and product accounts (Q).-Source 1 (52,90) 512. State and local government expenditures; national income and product accounts (Q).-Source 1 (52,90) 517. Defense Department gross 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) 525. 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) 543. 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) 548, Value of manufacturers' new orders, defense products (M).- Source 2 (53,90) 606. Exports of nonelectrical machinery (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 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 Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military grants (Q).-Source 1 (57,93) 620. Merchandise imports, adjusted, excluding military (Q).-Sourqe 1 (57,93) 622. Balance on merchandise trade (Q).—Source 1 (57,93) 651. Income on U.S. investments abroad (Q).—Source 1 (57,93) 652. Income on foreign investments in the United States (Q).-Source 1 (57,93) 667. Balance on goods and services (Q).-Source 1(57,93) 557. Output of defense and space equipment (M).— Source 4 (54,91) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 669. Imports of goods and services, total (Q).—Source 1 (57,93) 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) II-F. International Comparisons 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) (14,20,39,58,63,78,94) 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) 722. United Kingdom, index of industrial production (M).Central Statistical Office (London) (58,94) 723. Canada, index of industrial production (M).-Statistics Canada (Ottawa) (58,94) 725. West Germany, index of industrial production (M).Deutsche Bundesbank (Frankfurt) (58,94) 726. France, index of industrial production (M).-lnstitut National de la Statistique et des Etudes Economiques (Paris) (58,94) 727. Italy, index of industrial production (M).-lnstituto Centrale di Statistica (Rome) (58,94) 500. Federal Government surplus or deficit; national income and product accounts (Q).-Source 1 (52,90) 510. State and local government surplus or deficit; national income and product accounts (Q).-Source 1 (52,90) (M).-Source4 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 of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M).Mtmstry 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 stock prices (M).-Tokyo Stock Exchange (Tokyo) (59,96) Superintendent of Documents U.S. Government Printing Office Washington. D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FtfS PAID USDC WASHINGTON, O.C. PERMIT No. G-56