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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert Ortner, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
FellksTamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Mary D. Young—Data collection and compilation (Phone: 202-523-0541)
The cooperation of Government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and
sources at the back of this report.
This publication is prepared under the general guidance of a technical committee consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce

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

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

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

ItCII

iii

1
1
1
1
4
5
5
6

-

NOVEMBER 1 9 8 6
Data Through October
Volume 26, Number 11

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

Bl
B2
B3
B4
B5
B6
B7

COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart
10
12
14
15

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Employmentand Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

Table
60
—
—
—

74
77
—

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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




for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1987.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME

A5
A6
A7
A8

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59

94
95

Stock Prices

A2
A3
A4

Chart
40
41
42
43
44
45
46
47

Industrial Production
Consumer Prices

Al

AND PRODUCT
GNPand 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

59

96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements

INTERNATIONAL COMPARISONS

PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors
C. Historical Data for Selected Series
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (July 1986 issue)
F. Specific Peak and Trough Dates for Selected Indicators (October 1986 issue)
G. Experimental Data and Analyses . .
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

106
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of econom/c
research, newly available time series, and
revisions made by
source agencies in
concept,

composition,

comparability, coverage,

BCD DATA ON DISKETTE

seasonal adjustment
methods, benchmark

Data for most BCD series are available on diskette. Current data, covering the
last 5 calendar years, are available on a subscription basis—one diskette per
month for 12 months ($240). Historical data, covering 1945 to date, are
available on a set of five diskettes ($100). For more information, write to the
Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.

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 57,
61, 70, 77, 100, 230-233, 235-243, 245, 247-253, 255-257, 260263, 265-268, 280, 282-285, and 970.
2. Appendix G contains cyclical comparisons for series
8, 36, 76, and 90,

The December issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on January 6.



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METHOD OF PRESENTATION

adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time which contain considerable variation due to the
series which have been found to conform well to number of working or trading days in each month.
broad fluctuations in comprehensive measures of As used in this report, the term "seasonal
economic activity. Nearly three-fourths of these are adjustment" includes trading-day and holiday
individual indicators, the rest are related analytical adjustments where they have been made.
Most of the series in this report are presented in
measures: Composite indexes, diffusion indexes,
seasonally adjusted form and, in most cases, these
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which are the official figures released by the source
are valuable to business analysts and forecasters agencies. However, for the special purposes of this
but which do not conform well enough to business report, a number of series not ordinarily published
cycles to qualify as cyclical indicators. (There are a in seasonally adjusted form are shown here on a
few exceptions: Four series which are included in seasonally adjusted basis.
part I are also shown in part II to complete the
systematic presentation of certain sets of data, MCD Moving Averages
such as real GNP and unemployment.) The largest
Month-to-month changes in a series are often
section of part II consists of quarterly series from,
the national income and product accounts; other dominated by erratic movements. MCD (months for
sections relate to prices, labor force, government cyclical dominance) is an estimate of the approand defense-related activities, and international priate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
transactions and comparisons.
The two parts are further divided into sections It is the smallest span of months for which the
(see table of contents), and each of these sections average change in the cyclical factor is greater than
is described briefly in this introduction. Data are that in the irregular factor. The more erratic a
shown both in charts and in tables. Most charts series is, the larger the MCD will be; thus, MCD is 1
begin with 1959, but those for the composite for the smoothest series and 6 for the most erratic.
indexes and their components (part I, section A) MCD moving averages (that is, moving averages of
begin with 1950, and a few charts use a two-panel the period equal to MCD) tend to have about the
format which covers only the period since 1974. same degree of smoothness for all series. Thus, a
Except for section F in part II, charts contain 5-term moving average of a series with an MCD of 5
shading which indicates periods of recession in will show its cyclical movements about as clearly
general business activity. The tables contain data as the seasonally adjusted data for a series with an
for only the last few years. The historical data for MCD of 1.
The charts in this report generally include
the various time series are contained in the 1984
centered MCD moving averages for those series
Handbook of Cyclical Indicators,
In addition to the charts and tables described with an MCD greater than 4. The seasonally
above, each issue contains a summary table which adjusted data are also plotted to indicate their
shows the current behavior of many of the series. variation about the moving averages and to provide
Appendixes present seasonal adjustment factors, observations for the most recent months.
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.

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

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
N.

Economic
\Process

CyclicalX
Timing
\ .

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

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

LAGGING (Lg)
INDICATORS
(19 series)

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

Capacity utilization
(2 series)

Orders and deliveries
(6 series)
Consumption and
trade (Z series)

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

Consumption and
trade (4 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

II.
PRODUCTION
AND INCOME
(10 series)

Comprehensive
employment
(3 series)

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

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

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

Inventory
investment
(4 series)
Inventories on
hand and op
order
{1 series)

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

Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)

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

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

Consumption and
trade (1 series)

Unit labor costs
and labor share
(4 series)

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

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

Interest rates
(1 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

Inventory
investment
(4 series)

Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)

Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)

Profits and profit
margins (2 series)

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

Unit labor costs
and labor share
(4 series)

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

Business investment
commitments
{1 series)

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

Inventories on
hand and on
order
(4 series)

B. Timing at Business Cycle Troughs
N.

Economic
Process

Cyclical^
Timing
N.

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

Marginal employment
adjustments
(1 series)

\ v

Industrial
production
(1 series)

Orders and deliveries
(5 series)
Consumption and
trade (4 series)

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

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

Consumption and
trade (3 series)

Business investment
commitments
(1 series)

Orders and deliveries
(1 series)

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

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

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

TIMING
UNCLASSIFIED (U)
(1 series)




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

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984

Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are 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 period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

Section 8. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August r57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984

Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in

the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.

Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services pro
duced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.

Section 6. 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 1974.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.

Section C. Labor
Unemployment

Force, Employment, and

This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators,
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1974) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1974) tend to be significant as
leading indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

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

Diffusion Indexes

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

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

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

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

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

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

" * * ^ - ^ Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

Solid line with plotting points
indicates percent changes over
3-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, o r 


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.

Basic data2
Unit
of
measure

Series title and timing classification1

Percent change

Annual average
1985

1986

Sept.
to
Oct.
1936

1986

180.5
166.0
132.8
125.0

0.2
0.4
-0.2
0.6

0.6
0.4
1.0
-0.6

1 .8
0.9
-0.2
1.1

0.7
0.2
-0.2
0.4

920
930
940

108.9
103.0
N
A
148.5

0.3
0.1
NA
0.1

-0.7
0.6
NA
1 .4

0.2
-0.2
1.1
0.8

-0.4
-0.6
NA
2.9

914
915
916
917

Aug.
1st Q

1984

j number

I

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

1986

2dQ
1986

3dQ
1986

Aug.

Sept.

Oct.

to

1986

1986

1986

Sept.

1st Q
to

2dQ
to
3d Q
1986

S

1. CYCLICAL INDICATORS
A l . Composite Indexes
910
920.
930.
940.

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

910

165.7
154.5
117.3
131,8

169.1
160.3
127.0
126.3

174.8
163.1
132.3
123.3

178.0
164.5
132.0
124.6

179.3
164.8
131.8
125.1

179.1
164,7
131 . 8
125.0

179.5
165.4
131.5
125.8

110.3
105.3
110.8
136.4

110.3
102.0
115.2
138.8

110.1
103.3
119.2
140.9

110.3
103.1
120.5
142.0

109.9
102.5
NA
146.1

109.4
102.3
121 .3

109.7
102.4
NA

146.3

146.4

40.7
3.4
366

40.5
3.3
383

40.7
3.4
384

40.7
3.4
377

40.7
3.5
373

40.8
3.5
379

40.8
3.5
369

40.6
3.4
343

0.
0.
2.6

-0.5
-0.1
7.0

0.
0.
1.8

0.
0.1
1.1

1
21
5

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

0.458
131

0.497
139

0.509
141

0.471
134

0.496
136

0.497
134

0.482
135

0.509
141

-0.015
0.7

0.027
4.4

-0.038
-5.0

0.025
1.5

60
46

U,C,C... A.r., bil. hrs
U,C,C... Millions
do
C(C,C...
l,C,U.... Thousands

177.35
101.68
94.46
24,730

182.30 1 8 5 . 4 4
103.97 1 0 5 . 5 4
97 ,'6 9
99.40
25,054 2 5 , 0 2 8

185.68
106.04
99.85
24,952

186.47
106.88
100.28
24,869

186.66
107 . 1 1
100.28
24,888

186.85
106.77
100.45
24,850

187.05
107 . 0 9
100.75
24,882

0.1
-0.3
0.2
-0.2

0.1
0.3
0.3
0.1

0.1
0.5
0.5
-0.3

0.4
0.8
0.4
-0.3

48
42
41
40

0.09 '

0.24

90

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

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

do
do
do
do

L L,L...
L,L,L...
L,L,L...
L,L,L...

B. Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted')

L,L,L... Hours
do
L,C,L...
L,C,l... Thousands

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46 Help-wanted advertising in newspapers
Comprehensive Employment;
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
*41 Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
Comprehensive Unemployment:
37. Number of persons unemployed (inverted*)
43 Unemployment rate (inverted') 3
45. Avg. weekly insured unemployment rate (inv. 1 ) 3
• 9 1 . Average duration of unemployment (inverted1)
44. Unemployment rate, 15 weeks and over (inv.4)3

U,Lg,U.... Percent

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

Thousands
Percent
do
Weeks
Percent

58.79

59.38

59.74

59.83

60.07

60.17

59.96

60.09

-0.21

0.13

8,539
7.5
2.8
18.2
2.4

8,312
7.2
2.8
15.6
2.0

8,259
7.1
2.8
14.9
1.9

8,446
7.2
2.8
14.6
1.9

8,182
6.9
2.8
15.5
1.9

8,027
6.8
2.8
15.8
1.9

8,329
7.0
2.8
15.6
2.0

8,242
7.0
2.7
15.2
1.8

-3.8
-0.2
0.
1 .3
-0.1

1.0
0.
0.1
2.6
0.2

-2.3
-0.1
0.
2.0
0.

3.1
0.3
0.
-6.2
0.

37
43
45
91
44

3489.9 3585,2
2877 . 1 2 9 6 2 . 8

3655.9
3018.2

3661 .4 3687.3
3071.7 3064.5

3065.2

3061.6

3069.9

-0.1

0.3

0.2
1.8

0.7
-0.2

50
52

2455.6

2527 .4

2574.4

2621.9

2610.7

2613 ,,0

2609.4

2616.6

-0.1

0.3

1 .8

-0.4

51

0.2

-0.5

53

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
C,C,C..,. A.r., bil. dol
52. Personal income in 1982 dollars
C,C,C...
do
• 5 1 . Personal income less transfer payments
in 1982 dollars
. . CCC
do
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction
C,C,C...
do

529.2

538.0

541.4

542.5

539.7

541 . 4

538.9

544.2

-0.5

1.0

Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49, Value of goods output in 1982 dollars

C,C,'C... 1977 = 100
121.4
do
C,C,C...
124.2
122.3
C,L,L...
do
C.C.C.... A.r., bil. dot.,..:. 1 5 0 3 , 1

123.8
127 .3
125.1
1533 .2

125.0
128.3
128.6
1563 . 6

124.4
127.1
130.2
1562.8

125.1
127.5
132.1
1568.4

125.1
127.5
132.4

125.2
127.6
132.2

125.2
127.4
132.4

0.1
0.1
-0.2

0.
-0.2
0.2

-0.5
-0.9
1.2
-0 .1

Capacity Utilization:
82. Capacity utilization rate, mfg3
84 Capacity utilization rate materials3

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

80.5
82,0

80.1
80 .2

80.0
7 9.4

79.5
7 8.3

79.7
7 8.1

79.8
7 (!, 0

79,6
7 8.1

79.4
7 7.9

-0.2
0 1

-0.2
-0 .2

-0.5
-1.1

L,L,L... BiL dot
L.L.L...
do

100.56
95.73

106.26
98.69

103.84
96.51

108.72
100.76

102.23
94.40

4.7
4.4

-6.0
-6.3

85.25
88.32
-0.31
2.70
354.80 357.50
51
52

86 . 9 4
-4.51
352.99
54

3.6
3 .01
0.8
1

NA
NA
124.6
121.59
112.68

2.9
2.4
0.
5.3
4.6

0.6
0.3
1.5
0 .4

47
73
74
49

0.2
— fl 9
v . L

82
ft *f
A
O

-3.5
-3.9

3.1
2.7

6
7

-1.6
-7.21
-1.3
2

-1.8
-4.08
-1.6
4

0.8
3.11
1 .0
0

8
25
96
32

NA
NA
-0.4
-5.0
-5.1

-0.3
1.2
1.1
1.2
2.4
3 .7
1 .4

1.8
2.0
0.6
3.9
3.0
19 . 4
-2.1

56
57
75
54
59
55
58

0.2
-1.7

-0,1
-2.1

12
13

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs,' new orders in 1982 dollars, durable goods
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
"
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries 1 0

104.30
97.93

106.80
99.98

103.03
96.05

LL L
do
82.28
84.60
L,l,L...
do
2.11
0.63
Ug.U.... Bil. dol., EOP ... 3 4 5 . 4 4 3 5 3 . 0 4
L.L.L.... Percent
61
45

87.02
2.18
359.59
48

85.44
86.12
- 1 .90
1.21
353.87 3 5 7 . 5 0
52
52

Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales in 1982 dollars
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment ( u )

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

Bil. dol
do
1977^100
Bil. dol
do
A.r., bil. dol
Q 1966=100.

411.30 424.11 4 2 6 . 3 5
394.61 406.29 4 1 1 , 5 4
118.0
120.2
123.0
107 .76 1 1 4 . 5 0 1 1 7 . 0 8
102.54 106.94 1 0 8 . 9 1
105.7
115.3
111.1
97.5
93.2
95.5

425.18
416.32
124.4
118.45
111.50
115.2
96.8

43 2 . 7 9 4 2 9 . 3 1
424.49 421.94
125.1
125.1
123.11 121.52
114.90 113.47
137 .6
94.8
94.9

441.58
432.06
125.1
128.00
118.74

121.3
52,922

120.5
59,165

120.8
58,147

120.7
56,915

120.9
57,310

91 .9

95.6

-3.2

120.0
NA

1.2
3.0

-0.7
NA

4.0

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
*20. Contracts and orders for plant and equipment
in 1982 dollars
.
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods




L,L,L... 1967 = 100
L.L.L.... Number

L,L,L... Bil. dol

121.2
55,827

119.5
55,647

31.32

32.04

30.17

30.38

31.44

30.18

32.46

30.61

7 .6

-5.7

0.7

3.5

10

L,L,L...
L,L,L....

do
do

31 .78
26.95

32.66
27.19

30.91
26.49

31.51
26.25

33.14
27.31

32.26
26.32

33.60
28.22

31 . 4 9
26.13

4.2
7.2

-6.3
-7.4

1.9
-0.9

5.2
4.0

20
24

L.L.L....

do

27.66

28.26

27 . 6 1

27 .84

29.49

28.85

29.86

27.54

3.5

-7 .8

0.8

5.9

27

Basic data2
Unit
of
measure

Series title and timing classification1

Percent change

Annual average

1984

1st Q
1986

1985

2dQ
1986

3dQ
1986

Aug.
1986

Sept.
1986

Aug.
to
Sept.
1986

Oct.
1986

Series number

1

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

to

to

Oct.

2<fQ
1986

2dQ
to
3dQ
1986

8.1
-19.8
-6.3

-1.6
NA
NA

9
11
97

Sept.

1986

1st Q

1. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
Mil, sq ft
industrial buildings floor space
11. Newly approved capital appropriations, mfg
. U,Lg,U.... Bil. dol
C,Lg,Lg.... Bil. dol., EOP ...
97. Backlog of capital appropriations, mfg.s
Business Investment Expenditures:
61. Expenditures for new plant and equipment
C,Lg,U.... A.r., bil. dol
69. Mfrs.' machinery and equipment sales and business
do
construction expenditures
C(Lg,Lg....
76. Industrial production, business equipment
. C,Lg,U.... 1977 = 100
fifi Nnnrpciriontnl fiverl inupQtmpnt in 1QR? Hnllarc
. C,Lg,C... A r bil dol
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units

... L.L.L.... A.r., thousands..
.... L.L.L.... 1967 = 100
I I I
A r hil rinl

78.07
29.36
94.37

86.42
27 . 2 2
94.58

73.01
23.39
92.22

78.95
18.77
86.37

77.67
NA
NA

79.09

80 . 8 2

71.77

2.2

402.17
139.6

-0.9

1,648
124.8

- 1 1 .2

-0.5

387.13

377.94 3 7 5 . 9 2

375.02

134.2
422 .2

401.80
139.6
46 1 4

395.20 3 9 6 . 6 6 3 9 8 . 8 6 400.05
137.7
138.9
139.9
139.2
456 .8
456 ,7
457 .8

1,750
134.8
170.6

1 ,742
138.1
177.2

1.2

61

0.4
-1.6
-0 .2

0.6

0.4

1.4
-0.1

0.9
0.

69
76
86

-8.0
-4.2

-0.2
-2.3

-4.5
-0.7
3.4

-8.6
-7.9
2.3

28
29
89

-24.8

354.44

-20.8

30

-20.25
-5.0

36
31

380.52

1,998
146.3
186 .3

1,908
145.3
192 .7

1,743

133.8
197 .2

1,795
133.4

396.56
139.7

1,652
127 . 8

B5. Inventories and Inventory Investment
Inventory Investment:
do
30. Change in business inventories in 1982 dollars3
L.L.L....
*36. Change in mfg. and trade inventories on hand and on
do
order in 1982 dollars (smoothed6)3
... L L t
do
31. Change in mfg. and trade inventories, book value3.. .... L,L,L...
38. Change in mfrs.' inventories, materials and supplies
on hand and on order, book value3
... L.L.L.... Bil. dol
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5
70. Mfg. and trade inventories in 1982 dollars'
65. Mfrs.' inventories, finished goods, book value5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order, book value4

59.2

9.0

39.9

15.1

-5.7

49.21
53.2

2.99
9.7

20.00
20.1

12,95
2.9

-7.30
-2.1

-5.04
-21.0

-6.39
-21.1

NA
NA

-1.35
-0.1

NA
NA

-7.05
-17.2

0.02

-1.33

0.42

-0.58

2.07

NA

2.65

NA

-1.35

1 .75

38

588.18 588.91
645.87 646.28
87 .62 8 6 . 7 1

588.38
643.55
85.52

NA
NA
NA

-0.3
-0.5
-1.4

NA
NA
NA

0.1
0.1
-1.0

-0.1
-0.4
-1.4

71
70
65

1.55

1.52

NA

-0.04

NA

-0.01

-0.03

77

NA

-1.9

0.6

78

0.71

-0.31

Lg,Lg,Lg.... Ratio
L,Lg,Lg.... Bit. dol., EOP ...

573.43
630.89
89.69

583.15
638.43
88.37

1.55

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

1.56

217.30

214.24

1.56

214.31 210.31

590.14 5 8 8 . 3 8
647 .00 6 4 3 . 5 5
85.52
86.73
1.53

1.49

211 .57 2 0 9 . 5 0 2 1 1 . 5 7

NA

1.0

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
... L,L,L... Percent
98. Change in producer prices, sensitive materials3
... U,L,L... 1967=100
23 Spot market prices raw industrial materials ©
6 3
*99. Change in sensitive materials prices (smoothed ) .. .... L,L,L... Percent
Stock Prices:
*19. Stock prices, 500 common stocks (u)

... L,L,L... 1941-43 = 10...

Profits and Profit Margins:
lfi Cornorate orofits after tax
1ft Cnrnnratp nrnfiK after tax in 19ft? dollars
74 Pnrnnratp nrnfits after tax with IVA and CCArJi
sn
Aa
\n iqfi2 dollars
15. Profits after taxes'per dollar of sales, mfg.3
26 Ratio Drice to unit labor cost nonfarm business

LLL
LLL

A r bil dol

do
do

LC L
do
... L.C.L....
.... L,L,L... Cents
LLL
1977 — 100

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

LLL.

LLL

Ar

bil dol

do

Unit Labor Costs and Labor Share:
U,Lg,Lg.... 1977 = 100
63. Unit labor cost, business sector
68. Labor cost per unit of real gross domestic product,
Dollars
62. Labor cost per unit of output, mfg.
Lg,Lg,Lg.... 1977=100
a) Actual data
Lg,Lg,Lg.... Percent
•b) Actual data as percent of trend3
64. Compensation of employees as percent of
3
Lg Lg Lg
do
national income

1.72
235.5
0.12

4.11
4.3
-0.3 5

0 .22

6.5
0.64

0.87
-3.9
0.06

-0.81
-0.8
0.11

98
23
99

237 .36

-2.7

-0.4

9.4

0.2

19

144.0
132.4
202.3
190.2
NA
99 1

2.1
2.2
-3.6
-3.7
0.7
-0.2

4.3
3.8
1.2
0.5
NA
0 .3

16
18
79
80
15
26

387 0
386 5

-0 .1
-0.3

1 .7
1 .8

34

-0.20
231 . 1
-0.25

0.67
222.1
-0.19

-0.14
220.3
-0.08

-2.61
212.0
-0.17

186 . 8 4

219.96

240.58

241.15

245.00

140 .3
135.3
169.3
164.7
4.6
99 0

131 .4
123.1
188.9
181.0
3.8
98 8

135.2
124.8
207 .3
196.6
3.6
99 0

138.0
127 .5
199.9
189.3
4.3
98 8

350 .4
3 50 7

376

374 9

380 9
380 8

380 6
37 9 8

-0.37
278.9
-0.19

-0.2 2
244.8
-0.42

160.46

0

1 .50
221.2
-0.5 2

238.27

35

159.7

164.8

167.0

168.0

169.1

0.6

0.7

63

0.690

0.708

0.721

0.724

0.727

0.4

0.4

68

-0.2
-1.3

-0.5
-1.6

62
62

-0.2

0.3

64

0.83
0.67
0.18
4.4
3.0

-0.16
-0.14
0.08
3.7
2.1

85
102
104
105
106

-0.209
-0.015

-0.168
-0.029

107
108

135.3
88.6

138.0
85.4

139.0
83.1

138.7
81.8

138.0
80.2

73.0

73.5

73.7

73.5

0.96
0.65
0.70
532.9
2229.7

-0.1
-0.4

73.8

. do ..
• L,L,L . .
0.48
. L,C,U . . . d o . . . .
0.69
do . .
. L.L.L
0.92
Bil dol
.
.
L,L,L
506.0
. do
. L,L,L
2116.6

138.2
80.3

140.0
80.6

138.1
79.9

1.4
0.7

B7. Money and Credit
Money;
85. Change in money supply M l 3 . .
102. Change in money supply M2 3
104 Change in total liquid assets3
105. Money supply M l in 1982 dollars
•106. Money supply M2 in 1982 dollars

. . . .

Velocity of Money:
107. Ratio, GNP to money supply M l 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
*111.
110

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

Flows:
....
Net change in mortgage debt3
....
Net change in business loans3
....
Net change jn consumer installment credit3
Change in business and consumer credit outstanding3.. ....
....
Funds raised by private nonfinancial borrowers

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

Credit Difficulties:
39. Delinquency rate, installment loans (inverted*) 3 *... .... L.L.L.... Percent, EOP ...




6.914

1.365

6.736
1.334

1.46
0,63
1.00
0.33
0.66
0.48
582.3
557 .8
2276.4 2345.6
6.563
1.331

6.354
1.316

NA
100 , 1 1 7 7 6 4 2 5 . 9 3
-8.02 -16.48
22.76
53.11
66.85
63.36
81.52
77.34
4.9
6.6
10.4
15.8
563 59 637 6 2 445 08 5 25 5 8

2.09

2.32

2.41

2.53

1 .30
0.86
0.74
603.6
2395.6

6.186
1.287

NA
14.33
69.30
6.4
NA

2.24

1.72
0.92
0.70
605.7
2399.4

0.80
0.60
0.76
608.5
2405.6

1.285

1.282

NA

49.00
40.72
6.6

2.33

NA
-12.19
100.40
5.4

2.24

1.17
0.90
NA
614.9
2423.6

1.275

-0.92
-0.3 2
0.06
0.5
0.3

-0.003

0.37
0.30
NA
1.1
0.7

-0.007

NA

NA

NA

37.98 -61.19
NA 5 9 . 6 8
-1.2
8.1

50.17
NA
2.7

-8.46
3.49
-1.7
18.1

NA
30.81
2.45
1 .5
NA

-0.12

0.29

NA

NA

0.09

NA

33

112
113
111
110

39

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic dataJ
Unit
of
measure

1

Series title and timing classification

Percent change

Annual average

Aug.
1st Q

1984

1985

2dQ
1986

3dQ
1986

Sept.

Sept.
1986

Oct.
1986

Oct.

Aug.
1986

1st Q
to
2dQ
1986

2dQ
to
3dQ
1986

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 ®
114. Discount rate on new Treasury bills 3 ©
116. Yield on new high-grade corporate bonds 1 ©
115. Yield on long-term Treasury bonds 3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages3©
67. Bank rates on short-term business loans 3 ©
•109. Average prime rate charged by banks 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial (oans outstanding
•101. Commercial and industrial loans outstanding in
1982 dollars
•95. Ratio, consumer installment credit to
personal income3

-3,046
3,730

-492
1,321

230
805

-1
857

-82
874

-132
872

-282
1,008

-95
841

150
136

-187
-167

231
52

10.22
9.57
13.37
11.99
1O.1O
13.82
12.02
12.04

8.10
7.49
11.7
10.75
9.10
12.24
9.74
9.93

7.83
6.89
9.68
8.90
7.53
10.38
9.29
9.37

6.92
6.13
9.06
7.95
7.54
9.95
8.13
8,61

6.21
5.53
9.14
7.89
7.28
9.90
7 .73
7.85

6.17
5.57
9.03
7.72
7.21
9.80

5.89
5.19
9.28
8.08
7.11
9.90

5.85
5.18
9.29
8.04
7,
9.80

-0.28
-0.38
0.25
0.36
-0.10
0.10

-0.04
-0.01
0.01
-0.04
-0,03
-0.10

7 .90

7.50

7.50

-0.40

-0.91
-0.76
-0.62
-0.95
0.01
-0.43
-1.16
-0.76

-0.71
-0.60
0.08
-0.06
-0.26
-0.05
-0.40
-0.76

453.58
299.66

535.10
331.65

550.94
344.30

567.65 584.98
338.23 340.02

NA
576.61 584.98
341,72 340.70 343.87

1,5
-0.3

NA
0.9

3.0
-1.8

3.1
0.5

289.04

321.52

338.44

338.79 341,96

344.13 342.41

344.90

-0.5

0.7

0.1

0.9

13.45

15.02

15.94

16.13

16.51

16.47

16.66

NA

0.19

NA

0.19

0.38

107.9
311.1
0.3
302
310
322.6
331.0
320.0
294
290.4

111 .5
322.2
0.3
309.8
308.8
323,9
306.2
318.7
300.5
291.9

113.5
327.3
-0.2
314.6
304
318.9
289.9
314.1
303.8
288.7

114.0
326.5
0.1
316.0
298.8
311 .7
274.0
306.5
305.6
283.2

115.0
328.9
0.2
322.0
297.5
308.3
276.5
304.8
306.9
283.0

330.2
0.3
323.9
297.7
308.8
277 .3
305.8
307 ,7
284.1

330
0,
325.0
298
309
281.8
304.9
309
285.0

0
0
0.4
0.2
0.4
0
0
0.4
0.4

0
0.2
0.2
1.6
-0.3
0.5
0.3

0.
-0.
0.
0.4
-1
-2
-5
-2.4
0.6
-1.9

0.9

328.6
0.2
322.5
297 .2
307 .7
275.9
304.2
306.6
282.9

1977 = 100....

160.7

165.5

168.0

168.8

169.3

169.3

169.6

170*3

0.2

0.4

0.5

94.1
173.9
98.0
106.4
104.8

94.3
177.6
98
107
105.6

95.3
178.5
99.3
107.4
105.7

95.1
179.6
99.3
107.4
105.8

95.1

95.0

95.3

-0.1

0.3

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

94.6
167.4
97
105
104.3

1 .1
0
0.9
0.1
0.1

-0.2
0.6
0
0
0.1

117.67 118.16 118.18
109.22 109.98 110.16
8,446 8,182 8,027
3,796 3,750 3,628
3,109 3,010 2,990
1,542
1 ,422 1 ,409
6,859 6,651 6,497

118.22
109.89
8,329
3,7 98
3,042
1,488
6,785

118.48
110.24
8,242
3,831
2,999
1,411
6,695

0
-0.2
3.8
4.7
1.7
5.6
4.4

0.2
0.3
-1.0
0.9
-1
-5.2
-1.3

0
0
2
2
0
5.6
1 ,5

0.4
0.7
-3.1
-1.2
-3.2
-7
-3.0

77.9
55.8
55.3

0.
-0.2
0.

0.
0.1
0.4

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

L,Lg,Lg.... Percent
do..
C,Lg,Lg,,..
do..
LgtLg,Lg....
do..
C,Lg,Lg.,..
do..
U,Lg(Lg....
....do..
Lg,Lg,Lg....
Lg,lg,lg....
....do..
Lg,LgtLg,...
....do..

Lg,Lg,Lg..,, Bil. dol., EOP .
Lg,lg,Lg.... Bil. dol
Lg.Lg.Lg....

do

Lg,Lg,Lg.... Percent

0.

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

Implicit price deflator for gross national product
1982-100...
Consumer price index for all urban consumers (CPMJ) ® . . . . 1967-100...
Change in CPI-U (S/A) 3
Percent
Consumer price index for all urban consumers, food
1967-100...
Producer price index (PPI), all commodities ©
do
PPI, industrial commodities ©
PPI, crude materials for further processing
...do...
PPI, intermediate materials, supplies, and components
...do...
PPI, capital equipment
..do,.
PPI, finished consumer goods
...do..

0
0
1.9
-0.4
-1.1
0.9
-0.6
0
-0.1

B2. Wages and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341, Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls
345, Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector
370, Output per hour, business sector
358. Output per hour, nonfarm business sector

0.3

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

Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16-19 years of age
Number unemployed, full-time workers

Civilian Labor Force Participation Rates;
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16-19 years of age3

Thousands..
....do....
....do....
....do....
....do....

Percent

113.54
105.00
8,539
3,932
3,107
1,499
7,057

115.46 117 .03
107 .15 108.77
8,312
8,259
3,715
3,705
3,129
3,094
1,468
1,460
6,793
6,758

78.3
53.7
53.9

78.1
54.7
54.5

78.3
55.0
54.5

78.1
55.4
55.3

77.9
55,8
54.6

•170.0
726.5
896.5
68.5
540.8
472.4

-198.0
786.8
984.9
61.7
577.5
515.8

-201.6
800.0
1001.5
70.0
608.4
538,5

-238.1
807 ,7
1045.7
59.0
611.6
552.6

-205.8
826 .1
1031.9
64.3
630.4
566.1

22,437 26,883 29,469
12,942 12,2 40 12,370
7 ,452 8,022
9,332
156.4
170.6
177.1
1,438
1,544
1,589
235.0
259.4
266.4

30,776
11,732
7,394
178.1
1,589
278.4

NA
14,253
9,109
181.0
1,608
286.5

77.9
5 5.,9
54.9

77.9
55.7
54.9

-0.2
0.4
0.8

-0.2
0.4
-0.7

-36.5
1.0
4.4
-11.0
0
2.6

32.3
2.3
-1
5.3
3.1
2.4

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

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

517.
525.
548.
557.
570.
564.

Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products
Industrial production, defense and space equipment
Employment, defense products industries
Federal Government purchases for national defense

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

02. Defense Indicators
Mil. dol...
...do
1977=100...
Thousands

30,323
13,088
8,332
181.0
1,611

NA
13,6 80
8,638
182.4
1,608

NA
NA
5,026
183.6
NA

NA
4.5
6.1
0.8
-0.2

NA
NA
-43.1
0.7
NA

4.4
-5.2
-20.8
0.6
0.
4.5

NA
21.5
23.2
1.6
1.2
2.9

17,609 17,601
2,135
2,231
3,829
4,091
30,764 29,476
2,381
2,225
5,810
6,280

17,518
2,111
3,812
28,695
2,435
4,909

NA
NA
NA
NA
NA
NA

-0.5
-5.4
-6.8
-2.6
9.4
-21.8

NA
NA
NA
NA
NA
NA

1.5
-13.6
-5.7
-2.2
-41.2
1.2

-3.0
10.0
2.5
1.6
-5
11.5

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

Exports, excluding military aid shipments
Exports of domestic agricultural products
Exports of nonelectrical machinery
General imports
Imports of petroleum and petroleum products
Imports of automobiles and parts




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

18,137
3,146
3,875
27,133
4,689
3,787

17t772
2 , 4 26
3,917
28,838
4,180
4,688

17,884 18,154
2,246
1,941
3,963 3,736
30,957 30,266
4,270 2,511
5,211
5,147

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

Unit
of
measure

Percent change

Annual average
1983

1984

1985

2dQ
1985

3dQ
1985

4th Q
1985

1st Q

2dQ
1986

3dQ
1986

4th Q
to
1st Q

1st Q
to
2dQ
1986

2d Q
3dQ
1986

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

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

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

-9.28
83.32
92.60
•16.77
50.46
67 .22
19.31
13.10

-25.67
89.62

-23
90
113
-28
54
83
21
16

-25.96 -24.
90,
89.35
115.30 115 .31 114,
- 3 1 . 1 1 -30.37 -31.
53.61 53.88 52.
84,
84.72
84.24
24,
22 . 5 0
22.25
16.
16.20
16.80

-29.45
90.87
120.32
-37.35
52.73
90 .08
24.51
15.25

-31.
91.
122,
-36
53,
90
24
17,

-30.68

4149 .2
3655.9
15,188
3616.1
2935.1
2581 .2
10 ,723

4175.6
3661 .4
15,179
3646.3
2978.5
2625.8
10,886

4241.1
3687.3
15,251
3693.1
2982.7
2610 .3
10,796

1 ,5
0.9
0.7
-0.3
1.8
1.6
1.4

0,6
0.2
-0.1
0.8
1.5
1 .7
1.5

1 .3
0.1
-0.6
-0.8

200
50
217
213
224
225
227

2667.9
2351 .7
362.0
347.0
922 .6
847.2
1383.2
1157.5

2697.9
2372.7
360.8
345.4
929.7
860.6
1407.4
1166 .6

2732.0
2408.4
373 .9
357 .1
928.4
877 .3
1429.8
1174.0

2795.9
2446 .8
410.7
388.2
932.2
874.8
1453 .0
1183.8

1.1
0.9
-0.3
-0.5
0.8
1.6
1.7
0.8

1 .3
1.5
3.6
3.4
-0.1
1 .9
1 .6
0 .6

2.3
1.6
9.8
8.7
0.4
-0.3
1 .6
0.8

230
231
232
233
236
238
237
239

-1 .57
0.8
1.9
0.89
1.8
0.
-1.2
16.1

91.16
121.84
-36.02
54.80
90.82
22,20
16.91

667
668
669
622
618
620
651
652

0.34
-0.5
-0.6
0.44
2,1
0.8
-8.3

-4.5

A. National Income and Product
Al. GNP and Personal Income
200.
50.
217.
213.
224.
225.
227.

Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars . .
final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars.

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

3405.7
3279.1
13,963
3285.5
2428.1
2331.9
9,930

3765.0
3489.9
14,721
3430.7
2670.6
2470.6
10,421

3998.1 3965.0
3585.2 3567 .6
14,981 14,928
3576.2 3550.2
2828.0 2842.3
2528.0 2550.8
10,563 10,674

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

2234.5
2146.0
289.1
283.1
816.7
800.2
1128.7
1062.7

2428.2
2246.3
331.2
318.9
870.1
828.6
1227 .0
1098.7

2600.5
2324.5
359.3
343.9
90 5.1
841 .6
1336.1
1139,0

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

502.3
504.0
509.4
510.4
-7.1
-6.4

662.1
652.0
598.0
592,8
64.1
59.2

661 .1
647 .7
650.0
638.6
11 .1
9.0

667 .1
655.6
648.0
638.1
19.1
17.4

657.4
643.8

654.3
643.1
3,1
0.7

669.5
653 .2
672.6
658.4
-3.1
-5.2

708.3
684.0
664.4
644.1
43.8
39,9

687 .3
664.7
672.8
649.6
14.5
15,1

674,8
648.1
682.8
653.9
-8.0
-5,7

5.8
4.7
-1 .2
-2.2
46 .9

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

675.0
649.0
283.5
275.1
391.5
373.9

733.4
675.2
311 .3
291 .7
422.2
383.5

815.4
721 .2
354.1
323.6
461 .3
397 .6

799.0
708.3
340 .9
311 .4
458.1
396.9

829.7
731.8
360.9
329.9
468.8
401 .9

855,6
749.4
380,9
347 .2
474.7
402.2

836.7
725.2
355.7
320.4
480 .9
404.8

860.8
742 .2
367 .6
328.9
493 .3
413.3

878.5
756.0
372.7
335.4
505.7
420.6

-2.2
-3.2
-6.6
-7 .7
1.3
0.6

2 .9
2.3

-6.1
-19.9
352.5
348.1
358.7
368.1

-58.7
-83.6
382 .7
369.7
441 .4
453 .2

-7 7.1
-108.1
370.0
361 .2
447.1
469.3

-83 .7
-113.8
362.3
355,8
446.0
46 9.6

-105 .3 - 9 3 . 7
-132.0 -125,9
368.2 374,8
362.9 369.2
473.6 46 8.5
494.8 49 5.1

-104.5 -108.2
-153.9 -163 .6
363 .0 368.0
367 .9
359.8
476.1
46 7.5
531.5
513.6

11 .6
6.1
1.8
1.7
-1.1
0.1

3243.4
2380,9
249.3
7.3

3287.3
2423.6
262.1
8.3
285.6
307 .6

3340.7
2461 .5
265.3
12.8
296 .4
304.9

3376 .4 3396.7
2480 .2 2507 .3
279.5
289.1
15.9
16.3
299,6
293 .1
294.5
297 .7

520.2
571,3
90 .4
-141.5
3.0

4030.5 4087.7
3603.8 3622.3
15,041 15,080
3603.1 3627 .5
2832.0 2882.2
2524.7 2540.7
10,537 10,577

1.6

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

Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars.. . .
Nondurable goods
Nondurable goods in 1982 dollars..
Services
Services in 1982 dollars.

2576.0 2 6 2 7 , 1
2311 .9 2 3 4 2 . 0
373.3
354.0
357.4
338.8
907 .4
902 .3
841 .3 8 4 3 . 8
1319.7 1346.4
1131 .8 1140.8

A3. Gross Private Domestic Investment
240.
241.
242.
243.
245.
30.

Total
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars. .
. ...
Change in business inventories3
Change in business inventories in 1982 dollars3

45.1

-3.0
-2.8
1.3
0.9
-29.3
-24.8

-1.8
-2.5
1.5
0.7
-22.5
-20.8

240
241
242
243
245
30

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

Total
Total in 1982 dollars
Federal Government. . .
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars.,

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

Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars

2.1
1.9
1 .4
2.0
2.5
1.8

260
261
262
263
266
267

-10 .8
-28.0
-3.1
-2.5
-0.2
3.7

-3.7
-9.7
1.4
2 .3
1.8
3.5

250
255
252
256
253
257

1.6
1 .6
1
54.2
3
-0.9

1 .1
0.8
9.0
27 .3
-1.1
-2.

0.6
1.1
-3,3
-2.5
2.2
-1 ,1

220
280
282
284
286
288

11 .3
2.8
15.7
23.5
0 .6

-7 .5
-0.6
5.2
-47 .4
0.1

-3.6
1.0
-41.0
37 .5
-2.1

290
295
292
298
293

2.6
2.1

A5. Foreign Trade
...do...
..do...
...do...
..do..,
..do...
...do...

-78.9
-108.2
369.8
362.3
448.6
470.5

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

National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAdj
Corporate profits before tax with IVA and CCAdj..
Net interest

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

2719.5
2020.7
190.9
13.2
213.7
281.0

3032.0
2214.7
236.9

......do..

463,6
461 .6
130.6
-128.6
5.4

573.3
506.1

8.3

264.7
307.4

3222.3 3201 .4
2368.2 2352.1
254.4
255.5
7.6
8.1
280.7
274.3
311 .4 311 .4

296.3

309.7

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

Gross saving
Business saying
Personal sawing
Government surplus or deficit3
Personal saving rate3

do...
do..
Percent

168.7

-101.5
6.3

551.5
544.5
143.3
-136.3
5.1

NOTE: Series are seasonally adjusted except for those, indicated by <g), that appear to contain no seasonal
movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r, annual rate. S/A,
seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




566.8
538,9
183.6
-155.6
6.5

541 ,7 524.1 5 8 3 . 2
560.1 553.5 5 6 9 . 2
119,6 125.8 145.6
-138.0 -155.1 -131.6
4.4
4,2
5.0

539.7
565.6
153.1
-179.0
5.1

2
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
1
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
IA

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec, Nov.
P T

Nov.
P

Mar.
T

Jan. July July
P T P

:: T

[Wto:

Nov.
T

1967^1001
190-|

910.

180

!

Index of twelve leading indicators
,
(series 1, 5,8,12,19,20,29,32, 36,99J^6 ; 111)
^

. TTol

-3 ,

170160150
140 -

J

130120-

X V

110 10090180
170160150

920. Index of four roughly coincident indicators )
!
(series 41,47,51, 571}

140130
120110-

-t

100
9080150

10

930, Index of six lagging indicators
(series 62,77,91,9J5,101,109)

140

tSi

130

V\

Jk'
W

X-

5TVZ

120'

110
100

+15

90-

80'

70-

60-

50-

40-J

1950 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 80 81 82 83 84 85 86 1987

NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



NOVEMBER 1986

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
July May
P T

Aug. Apr.
P T

Apr. Feb.
PT

Dec. Nov.
P T

Nov. Mar.
P
T

\ ? H [T T j - - ^11 - i >• +• \ t V; IX; &&A &.m i&& f » ^m?

P

¥

^

Jan. July July Nov.
P T P
T
f

r i j

H?*---1 •= if-^'ir

.t\t

It£l:I:i:|:ig|pt^

10090 J
130120-

^

11010090-

IL1":IH'
>

•

>

.

.

.

.

,

-

L

-

,

v

.

v

i

,

;

.

.

w

:

f

a

,

*

>

-

»

'

.

?

•

!

'

/

/

,

•

.

;

•

!

i

; , - f -

,

•

-

1

• • • • • • • • ; .

.

-

.

i

;

. . . • . . • .

-

. ;

#

•

•

•

X

'

J

M

. .

^

•-i-!"^":"ri;i""''iJ?:'ii"'i';Ti'"':r" :ir
. . . . \ .

.

.

. . .

- , . , . .

•.: ! % J .

.• A •.

f t —-—••••• t

1950 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 80 81 82 83 84 85 86 1987
80
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.

BCD

NOVEMBER 1986




1
1

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

Dec. Nov.
P

T

T

Nov.

Mar.

P

T

Jan, July July Nov.
P T P
T

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

39200"

300-

400500-

State programs (thousands-rinverted scale)

S00 700100-

8. Manufadiurers' new orders in 1982 dollars, conslimer goods
and material industries (bil. dol.) [ J X I ]
'

9080-

ftoT

70-

60-

504030-

vendor performance, percent ot companies receiving slower
deliveries (percentV

100-1

755025 J

12, Net business formation (index: 1967=100)
iL.LlI
t

~ |

14012Q
100 4540-

20. Contracts and orders for plant and equipmenUiL.
1982 dollars (bil. dol.)

353025-

20-

15-

10-*

U\

Ji U1

L

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 79 76 77 78 79 SO 81 82 83 84 8§ 86 1987
Current data for these series are shown on pages 6 1 , 64, 65, and 66.

12



NOVEMBER 1986

ItCII

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
July (Way
P T

Aug. Apr.
P T

Apr. Feb.
P T

Jan. July July
P T P

J\)ov.

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

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

105, Money supply M2 in 1982 dollars (bil. dol.)

0X

111. Change in business and consumer credit outstanding

1950 91 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 63 69 70
1

This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, 71, and 72.

l t d ) NOVEMBER 1986



75 7S 77

81 @ S3 84 SS 86 1987
2

1
3

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
July May
P T

Aug. Apr.
P T

Dec. Nov.
P T

Apr. Feb.
P T

Jan. July July Nov.
F T P
T

41. Employees on nonagricultural payrolls ( m f c i s )

fclc

51. Personal income less transfer payments in
1982 dollars (ann. rate, bit. dol.) j|

47. Industrial produotkmj{rtwfex: 1977

57. Manufacturing and trade sales in

ttJJ

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 86 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 62, 63, and 65.

14



NOVEMBER 1986

lt€l»

CYCLICAL INDICATORS
IA

|

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P T

Nov. Mar.
P T

Jan. July July Nov.
P T P T

S*!^

R lll&T cp^per «nft qf output^anufactiiring-^citual data

^ Average prime ratej charge^ ^ p r t K l (p^rcfht)

[

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 05 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
Current data for these series are shown on pages 62, 68, 70, and 73.

Bill NOVEMBER 1986



1
5

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
Apr. Feb.
P T

Nov.
P

Dec. Nov.
P
T

Jan. July July
F T P

Mar.
T

Nov.
T

[Marginal Employment Adjustments|
Average Weekly hours of production or nonsupervisory workers,
(hours)
rtTi

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

5. Average weekly nitial claims for unemployment insurance,
State programs (thousands—inverted scale)

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

i

|io|

46.

^/

i!

^

|L,Lg,U|

\

_

'

^

/

\

1

ys

140-

/

/

^ 1 .
f V
1959 60

160-

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

61

62

\

y
63

64

•!

180-

/

y

12010080-

'

60-

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

89 1986

Current data for these series are shown on page 61.

1
6



NOVEMBER 1986

ItClft

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Apr. Feb.
P T

Dec.

Jan. July
P T

Nov. Mar.
P
T

Nov.

P

T

July Nov.
P
T

190-

| [Corrjl
ijpreheihsive Employment |

*ry\

/L

48. Employee hours in nonagricultural establishments

7L

180*

170-

160-

150«

140110"
105100-

95

Persons engaged in nonagricultural activities

B

90-

85-

SO-

4L Empbyees on nonagricultura! payrolls (millions)

75-

7065-

28-

40. Employees on nonagricultural payrolls, goods-producing
industries (it|M!Ss)^5> U

27-

|l,G,U

/L

jri

S

^

26-

\sr*i
^v,::.r;r/n

2524-

\^L

23-

Is

2221-

APH

20-

v^

6160-

jsSL
90. ;| Ratio^ civili^fi e p | l $ i e h t to populatkjn of working age (percent)

jtL
v y**1n<
l&y^T
.^^Vnr

JL
..y

#

K

!JL

595857-

^

56-

J

5554-

1959 60

61

62

63

64

65

66

67

68

^AsmsiM
69 70 71

72

73

74

75

76

77

:AjjLA.;i.j.JLAji ...;. \ •LAJL/UUIJ
78 79 80 81 82 83

84

85 1986

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

KCII NOVEMBER 1986



17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

Nov
T

July

P

[Comprehensive Unemployment 1
37. Number of persons unemployed (millions—inverted scale)

43. Unemployment rate (percent—inverted scale)

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

ESS
STL

/

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

*V"^

r*-V

rtiL^

i |Lg,Lg,Lgl

/v
, ;

•

•

! ;

•

;

!

•

^

^

10

\

»

^

44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)
lLg.L8.LgT
\

\T
19S9 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

SO

81

82

83

84

85 1986

Current data for these series are shown on page 62.

18




NOVEMBER 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Jan. July
P

T

July

Nov.

P

T

IComiiDrehehsive Output and! Income

50. [Gross W M producl WWU dollars, Q (aim, rjate, bit; dolJ)

Personal mcome in 1982

Wages and salaries in 1982 dollars mini
ahd|con$truetkHi(|ig rate, bil. do).)
T

1959 60

©1

62

S3 64

65

66

67

68

69

70

71

72

73

74 75

76

77

78

79 30

1986

Current data for these series are shown on page 63.

BCD

NOVEMBER 1986



19

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

MOT

P

T

I Industrial Production |
47. Industrial production (index: 1 ? 7 7 =

Industrial production, durable manufactures

Industrial production, nondurable manufactures
(index: 1977-100)

ma

1 Capacity Utilization
82. Capacity utilization rate, manufacturing (percent)
CJJ

84. Capacity utilization rate, materials (percent)

1999 60

61

€2

63

64

6§

S§

§7

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

20



NOVEMBER 1986

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Apr. Feb.
P T

Nov. Mar.
P
T

Dec. Nov.
P
T

Jan July July
F T P

Nov.
T

7. Manufacturers' new orders in 1982 dol|ar^ durable gwds

I Orders and Deliveries |

industries (bil. < U J L

6. Manufacturers new orders in current dollars,

8. Manufacturers new orders in 1982 dollars, consumer
goods and materials industries (bit. dol.)

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

96. Manufacturers' unfilled orders, durable goods industries
(bil. dol.)

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

1999 S
O SI

§2

63

64

m

Current data for these series are shown on page 64.

ItCII

NOVEMBER 1986



21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Jan. July
P T

Apr. Feb.
P T

July
P

Nov.
T

80

81

82

| Consumption and Trade
57. Manufacturing and trade sajfts
in 1982 dollars j(bl dol.) v

56. Manufacturing and trade sales in current dollars
MdoL)
[CXX

75. Industrial production, consumer
(Wex: 1 9 7 ^ 1 0 0 ) .
LC

Sales of retail stores in 1982

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

[cXU

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

Index of consumer sentiment (Is* Q 1966-= 100)

1999 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

7S

77

78

79

83

84

85 1986

Current data for these series are shown on page 65.

22




NOVEMBER 1986

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Apr.

Feb.

Dec.

Nov.

P

T

P

T

Jan. July
P

July

Urn.

P

T

T

| Formation of Business Enterprises
fomiation (index: 1967=^=1001)1 LtLtL 1

[Business Investment Commitments

20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)| r j T [
Contracts and orders for plant and equipment
in current dollars (biL dol.)
. Manufactu ' new orders in 1982 dollars, nondefense
capital goods ndu4ies(bil.doL)flXL

orders in current dollars, rxmd

9. Construction contracts awarded for ^commercial and imjiistriaM' ? V
buildings (mil. sq, ft. of floor $>ace; MCD moving avg.jf-S-term)1 |L,C,U|
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

81

82

83

84

8S 1986

'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.

Bill NOVEMBER 1986




23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Jan. July
P T

Apr. Feb.
P
T

July
P

Nov.
T

1 Busihess Investment Commitments—Con,

97. Backlog of capita! appropriations, 1,000 manufacturing
corporations, Q (bit. dol.)

approved capita! appropriations, 1,000
manufacturing corporations, Q (bit. do).)
Ulg.U

dollars for new plant and

Investment Expenditures
61. Expenditures in current dollars for new plant
equipment^ Q ann. rate, bit. dol.)
C,

d equipment sales and
business construction expenditures
(ann. rate, bit. dot.)

ell
. Industrial production, business equipment
(in^x: 1977-100)
S

10S9 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

24



NOVEMBER 1986

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d

Chart B4. Fixed Capital Investment—Continued
Apr. Feb.
P T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

fI

1 Business Investment Expenditures—Con,

Gross private nonresidentia! fixed investment in 1982 dollars (ann. rate, bit. dof.)
86. Total, Q

|C,Lg,Ci
88. Producers' durable equipment, Q

I Residential Construction Commitments and Investment | j[

If •
'
28. New private housing units started (

29. New private housing units authorized
(index: 19674100)

local building permits

so60 J

39. Gross private residential fixed investment in
1982 'Mars, Q (ann. rate, bill doi.)j:

IH
S

S7

ILL.

200-i
180160140120 *
10080 **

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

Current data for these series are shown on page 67.

ltd)

NOVEMBER 1986




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Apr.

Feb.

Dec.

Nov.

Nov.

T

P

T

P

Ian. July

Mar.

P

T

| Inventory Investment]

P

T

July

Nov.

P

T

30. Change in business inventories in 1982 dollars, Q (ann. rate, bit. dol.)

+90-

i inn

+ 60+

300-

-30-60-

36. Change in manufacturing and trade inventories on hand and on ojiler
in 1982 dollars (ann. rate, bil. dol.- moving avg.—4-term1)
$

31. Change in manufacturing and trade inventories,
(ann. rate, bil. dol.; MCD moving avg.—6-term)

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

+ 4-

nxn

+ 3+ 2+ 10-1-

-3-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

2
6



NOVEMBER 1986

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr. Feb.
P

Dec.

Nov.

Nov.

T

P

| Inventories on Hand and on Order [

Jan. July

Mac

P

T

T

P

T

July

Nov.

P

T

650-

70. Manufacturin|ahd trade inventoried in 1982 dollars (bil. dol.)

600550500450400350300*

71. Manufacturing and trade ii
book value

250*

200-

150-

10090«
8070 «

65. Manufacturers' iniiferftoHes, finished good^l
book value (bil. doJ.)

6050-

ESS

40-

30-

ufacturtlginci trade inventoried tos^es in 1982 dollars
11. Ratio, mam
(ratio) k

1.81.7*
1.61.51.4

280
260240220200 «

78. Manufacturers1 inventories, materials and sUftpileUh harid

j f

180160140-

100-

80-

: 60• - ' • • %

40 «
1959

60

SI

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

1986

Current data for these series are shown on page 68.

ItCII

NOVEMBER

1986




27

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

Dec.

Nov.
P

Nov.

P

T

T

Jin. July

Mar.

P

T

T

Jyly

Nov.

P

T

98. Change in producer prices for 28 sensitive crude and
intermediate materials (percent; MCD moving avg.~6 : term)

[Sensitive Commodity Prices'|

h

i

ices
Change in sensitive materials prices (percent; moving

23. Spot market prices, raw industrial materials* (index: 1967—100)

, 500 common stocks (jndexf 1941-43=10)

lb. corporate proms after tax in current dollars
(ann. rate, bil. dot.) f l j
\

84

Si

6© 67

71

72

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'Beginning with data for June 1 9 8 1 , this Is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28



NOVEMBER 1986

BCfl

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

Nov.

P

T

240 -

i 80 Corporate profits after tax with IVA and CCAdj in
198^(toitafs > Q(ann.rate t b% d o L k
""

and Profit Margins-—CorT]

200160120-

40 J

79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (ana rate, biL dol.)
ii
!
14-

22. Ratio, corporate domestic profits aftertax to corporate

1210-

86-

81. Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, Q (percent)

\jrt-f

4J

75-

26. Ratio, implicit price deflator to unit labor cost,t nonfarm
business sectdr.O (index: 1977-109)

35. Corporate net cash flow in 1982 dollars, Q
ann. rate, bil. do!.)
nT

corporate net cash flow in current

SI

$2

63

64

65

66

67

83

84

gg 1986

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

NOVEMBER 1986



29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P T

Dec.

Nov.

Nov.

Mar.

P

T

P

T

Ian. July
P

T

July

Nov.

P

T

180-

Unitlilabor Costs and Labor Share I

170160150-

VI

140*
130120 <•
110-

63. Unit labor cast, business sector, Q
(indeji: 1977=100)
ftTuul

100-

0.80-

0.7§0.700.650.600.55-

68. Labor cost in current dollars per unit of gross domestic product in
1982 dollars, nonfiftancial corporations, Q (dollars) — — «

030-

150140-

130120*
110-

62. Labor cost per unit of output, manufacturing
(Mexij 1977=100)
~-

100-

J?

64. Compensation of employees as a percent of national income,
Q (percent) '
hgU.liel I
mm ni
|
\
••••nr ' ' -fi

W

76-

72-

sT
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

01

$2

83

84

S i 1986

Current data for these series are shown on page 70.

30



NOVEMBER 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Jan. July
T

July

Nov.

P

T

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

102. Change in money supply M2
(percent; M$> moving avg.—6-terrn

LCAilii

A

104. Change in total liquid assets (percent; MCD moving avg.-6-term)

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

tXX

106. Money supply M2 in 1982 dollars (bil. do!.)

UJ

107. Ratio, gross national product to money supply M l ,
Q (ratio|

1 VetolGity of Moneyl
108. Ratio, personal income to money supply M2 (ratio) \ C,Lg,C

1959 60

61

€2

70

71

72

73

74

75

85 1986

Current data for these series are shown on page 7 1 .

ItCII NOVEMBER 1986



31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July
P T

Apr. Feb,
P
T

July
P

Nov.
T

81

82

33, Net change in
debt held by financial institutions
and life insurance companies (ann. rate, bil. dot.)

n

112, Net change in business loans (ann. rate, bil. dol.;
MCD moving avg.—ohterm)

113. Net change itf consumer installment credit
{ann. rate, bil. do).; MCD moving avg.
LLL

111. Change in business and consumer credit outstanding (ann. rate, percent) L.L.L

Funds raised by private nonfinancial borrowers in credit

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85 1986

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

32



NOVEMBER 1986

IICII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July
P T

July
P

Nov.
T

81

82

[ Crejj Difficulties 1

jrl4 toent liabilities ofjjbusitii^s failures (mil. dol,~
f 1 jnvertei) scalef

S w W H J.l T - . i l
l

39, Percent of consumer installment loans delinquent 30 days and over*

ank borrowings from the Federal Reserve (bil. doi.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

74

79

76

77

78

79

80

83

84

85 1986

Current data for these series are shown on page 72.

KCII NOVEMBER 1986




33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr.

.July

Feb.

P

T

F

T

July
P

19-|
18171615141312111098765-

114. Discount rate on new issues of 91-day
Treasury bilfs (percent)

1615141312-

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

11109-

16-

Yield on long-term Treasury bonds (percent)
C,

15141312-

118. Secondary market yields on FHA mortgages (percent)

1110*
987-

e5-

117. Yield on municipal bonds, 20-bond average (percent)
3-

1959 60

€1

62

63

64

6S

66

70

71

72

73

74

75

76

77

78

33

84

85 1936

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

34




NOVEMBER 1986

BCD

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Jan. July

July

Nov.

T

P

T

80

81

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

Commercial and industrial loans outstanding in

I-Qutjandihg Deibt | :

72. Commercial and industrial loans outstanding

in current dollars | | | I

I

installment credit outstanding

io, consumer installment credit outstanding to personal income

M3S

S3

64

65

66

67

68

69

70

71

72

73

74

79

76

77

78

79

82

84

85 1986

Current data for these series are shown on page 73.

NOVEMBER 1986




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Apr. Feb.
P
T

Dec. Nov.
P
T

Mar.
T

P

Jan. July
P T

July
P

Nov.
T

950. Twelve leading indicator components (6-mo, s p a f i - ^ , 1-mo. span-—)
100

50-

0'

951, Four roughly coincident indicator components (6-nio. s p a n — , 1-mo. s p a n — )

1

100

Will
in1!

50'

952, Six lagging indicator components (6-mo. s p a r i — ^ 1-mo. span-—)
100-

50-

0-

Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mo. s p a n — , 1-mo. span---)

100

50-

0-

962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mo. jpan^-., 1-mo. span — i )

100-

50-

0-

963. Employees on private nonagricultural payrolls, 172-186 industries
. $pan-_- A

100-

50-

1959 60

61

62

63

64

6S

66

67

68

7©

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 74.

36




NOVEMBER 1986

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Apr. Feb.
P T

Dec. Nov.
P
T
964.

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

Pen

Manufacturers' new orders, 34-35 durable goods industries
(9-mo. span—> 1-mo. span---)
, ,
.'

wo-

50-

965.

966.

Newly approved capital appropriations in 1982 dollars, 17
manufacturing industries (4-0 moving avg*««» 1-Q s p a n w )

Industrial production, 24 industries (6-mo. span

, 1-mo. span---)

SO*

967.

Spot market prices, 13 raw industrial materials
(9-mo. span—., 1-mo. span---)
10® *

50-

968.

960.

Stock prices, 500 common stocks, 42-82 industries
(9-mo. s p a n — , 1-mo. span-.-)

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

76*

VA/
30-

1959 60

61

62

63

64

65

66

67

68

69

70

73

74

75

76

77

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

NOVEMBER 1986




37

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Jan. July July
P I P

Wlar.
T

Jan. July
P T

Nov.
T

July
P

Nov.
T

Actual
Anticipated

Actual
Anticipated •

970. Expenditures for new plant and equipment,
21 indu$tries (l-Qspan)l!
V-ll
974. Number of employees, manufactufing

trade (4-Q span)1

975. Level of inventories, mahtrfacturinf pd tride (4-Q spiin)1

971 New orders, m^ifacturmgij(4-Q span)1

976. Selling prices, manufacturing | 4 - Q span)

50

|

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

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

1

90

60-•

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

77

78

79 SO

81 82

83

84

978. Seing prices, r e W trade (4JQ span)

85 1986

31

82 83

84

85 1986

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.

38




NOVEMBER 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Jan. July
P T

July
P

Nov.
T

1-month spans
3-month spans

Percfot change at annual rate [
910c. Composite index of twelve leading indicators

920c. Composite index of four roughly coincident indicators

930c. Composite index of six lagging indicators ]

47c. index of industrial production

50c. Gross national product m 1982 dollars (1-Q span)

48c. Employee hours in

51c. Personal income (^transfer
payments in 198i|*dofiars

1059 60

61

62

63

64

65

66

67

68

69

70

71

\

72

-

73

74

75

76

77

78

79

80

81

82

S3

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 1986




39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Jan. July
P

July

Nov.

T

P

T

80

81

200. Gross national product in current dollars,_Q|{(ann.|jrate, bil. doi.)

223. Personal income in current dollars
(ann. rate, bil. doL) \
|

224, Disposable personal income in current
dollars, Q f t n u j k bil. doL)
50. Gross national product in 1982 doJIars, Q
(ann. rate, bil. d d )

213. Final sales in 1982 dollars, Q (ann. rate, biL dot.)

225. Disposable personal income in 1982
dollars, Q (ann. rate, bil. dol.)

217. Per capjjta gross national product in 1 ? ^ dollars, Q
(ann. rate, thpus. dolj

ii
ii /
227. Per capita disposable personal income in
1982 dollars, u (ann. rate, thous. dot.)
$4

69

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85 1986

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

40




NOVEMBER 1986

OTHER IMPORTANT ECONOMIC HEASURI
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
Dec.

Nov.

Wov.

Mar.

P

T

P

T

Jan. July
P

T

July

WOT.

P

T

Annual rate, billion dollars (current)]

Personal consumption expenditures—

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

7S

76

77

78

79

80

81

Current data for these series are shown on pages 80 and 8 1 .

BCII NOVEMBER 1986



41

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
Jan. July
P

I

July
P

Nov.
T

Gross private domestic investment—

19S9 60

61

62

63

64

65

66

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 8 1 .

42




NOVEMBER 1986

KCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Jan. July
P

T

July

Nov.

P

T

Annual rate, bilRoti doftars (current) I

Government purchases of goods and services—

266. State and local
government, Q

262. Federal Government, Q

Annual rate, bion dollars (1982)]'

and (peal government, Q

263. Federal Government, Q

1959 60

61

62

63

64

65

66

67

74

75

76

77

78

79

81

82

83

84

B§ 1986

Current data for these series are shown on page 8 1 .

BCII NOVEMBER 1986



43

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Apr.

Jan. July

Feb.

P

T

P

July

Nov.

P

T

T

Annual rate, bfltion dolars (current) |

252. Exports of goods
Imports of goods and services, Q

Net exports of goods and

| Annual rate, falon

257. Imports of goods

s of goods and services, Q

Net exports of goods M services, Q

65

66

67

SB

09

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 82.

44



NOVEMBER 1986

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Apr. Feb.
P

Dec.

Jan. July

Nov.

P

T

T

P

T

July

Nov.

P

T

Annual rate, billion dollars (current) |

National income, Q

280. Compensation of employees, Q

286. Corporate profits b e f ^ ^ a i ^
consumption adjustments, 0

288. Net interest, Q
282. Proprietors income with inventory! valuation and
capita! consumption adjustments, Q

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

Current data for these series are shown on page 82.

BCD

NOVEMBER 1986




45

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Dec.
P

Apr. Feb.
P

T

Nov.
1

Mow.
P

Mar.
T

Jan. July
P T

July
P

Nay

T

Annual rate, bifiondoiars (current)^ _ ; ~ ^ J

2981 Government surplus or deficit, Q

293. Personal saving rate, Q

rf
1959 60

61

62

63

64

69

66

67

75

76

77

78

79

80

83

Current data for these series are shown on pages 8 2 and 83.

46



NOVEMBER 1986

700

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr. Feb.
P
T

Jan. July
I

July
P

Nov.
T

1 Percent of GNP I
70-

235. Pcfrsohal eofmimptkni ex

65-

6020-1

268. State and local government purchases
j f | t | d $ a n f i services, Q
j! M l
Ik:-

••*>•:

265. Federal Government burcri&es of goods ami services, Q

248. Nonresidential fixed investment Q |

249. Residential fixed investment; Q
of S 247. Cfjange in business inventories, Q

251. Net exports of goods and
-5-

| Percent of National Income;
80-|

75-

70-

65-

15-

2»7 Incorporate profits before tape with inventory valuation
and capital consu
10-

Proprietors' income with inventory
^nSjeapital consumption adjustments, Q
5-

285. Rental income of persons with capita) consumption adjustment, Q
0-

1959 60

SI

62

63

@
4

71

72

73

74

75

7
@

71

82

83

34

35 1936

Current data for these series are shown on page 83.

Bill NOVEMBER 1986



47

CONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements

310c. Implicit price deflator for gross ] Percent change at annual rate |
national product (1-0 span)
national product, Q
311ct Fixed-weighted price index, gross domestic business product
311. Fixed-weighted price index, gro^
domestic b u s i e s fM^ckictj Q

Producer price indexes—
330c. All commodities

Index: 1967** 1001
Producer price index&s—
335c. Industrial commodities
330. All commodities

331c. Crude materials for
further processing

{

335. Industrial comnxMBtes

331. Crude materials forfurther prpcessW;

supplies, and components

^ s . 332 Intermediate materials.
supplies, and components
333c, Capital equipment
333. Capital equipment
334c. Finished consumer goods
334. Finished consumer goods

1974 75

76

77

78

79

80

81

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




NOVEMBER 1986

IICII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr. Feb.
P T

Nov,
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P I

July
P

Nov.

I Index: 1967=1001
Consumer price indexes^ ^ J

22® =

322. All urban consumers, food-

320c, All urban consumers (6-month span) ;

322c. All urban consumers, food (6-month span)

Chart B2. Wages and Productivity

I Index: 1977 = 100~|
I Wages [
341. Real average hourly earnings of production or nonsupervisory,
workers on private nonagricultural payrolls1

X

100-

0. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls (current dollars)1

346. Real average hourly compensation, all employees,
nonfarm business sector, Q

:

WO-

Hverage nourly compensation, an empioyeis7
nonfarm business sector, Q (current dollars)

1959 60

61

62

64

6S

66

67

68

69

70

71

72

73

74

79

7©

77

78

'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 1986




49

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

Chart B2. Wages and Productivity—Continued
Apr, Feb.
P

Dec. Nov.
P
T

T

| Wages—^Con.
Change in average hourly earnings ui production or innidujjcivpuij
earnings or JJIUIIUVIIUM ui nonsupervisory
iiuuiiy
workers on private

Nev.
P

Jan. July July
F T P

Mar.

Nov.
T

1 Percent change]

6-month spans (ann. rate)
*

\

'i t

I

L

*

I If)I
+ 10+ 5-

340c. Current-dollar

0-

+ 5-

341c.
0-

b-momn spans (ann. rate;
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
ji _r n
L .„
A.
$45c. Current-doHar compensation
^

• i;
-10-

+ 15-

l-duarter spans (ann. rate;
^
> II^VL
,
r

•fer*

?^

+ 10-

V^y

+ 5-

4-quarter spans ^
+ 10-1
+ 5-

0-5-

Negotiated wage and benefit decisions—
348, Average first-year changes, Q (ann. rate)
34$, Average changes over life of
l| contract, Q (ann. rate)

358. Output per hour, all persons
nonfarm business sector

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

[ Percent change [

nanc (utm rafp

+ 10-1
+ 5-

1959 €0

61

62

63

64

65

67

68

69

70

71

72

73

74

75

76

77

78

79

SO

81

82

83

84

89 1986

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. aOne-month percent changes have been multiplied by a constant (12) to make them comparable
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

50




NOVEMBER 1986

QTUER DWSTORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

441. Civilian labor force (millions
30 «

442. Civilian employment (millions)

go70 J

Civilian labor force participation rates (percent)—
SO-

"45L Male? 20 years and "over

858075S0«|

453. Both sexes 16-19 years of age

555045-

452. Females20 years anaover

40*

1412-

Number unemployed (millions)—

10-

8$-

2
1

444. Males 20 y e a r s - ^ ^
and over
2*

445. Females <!U years
and over

446. Both sexes 16-19 years of age
12*
10-

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

6-

448. Number of persons employed part time for
economic reasons (millions)
§6

67

68

69

7©

71

72 73

75

7©

2J

77 7®

Current data for these series are shown on page 89.

NOVEMBER 1986




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
Dec.

Nov.

Nov.

T

P

Jan. July

Mar.

P

T

P

T

July

Nov.

P

T

Annual rate, bioti dofiars (current))

502. Federal Government expenditures, Q

Government receipts, Q

Federal Government surplus or deficit, Q

511. State and local government receipts, Q

512. State and local government expenditures, Q

510. State and local government surplus or deficit, Q

84

8§ 198S

Current data for these series are shown on page 90.

52



NOVEMBER 1986

TANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Jan. July
P T

July
P

Urn.
T

[Advance Measures of Defense Activity |

517. Defense Department gross obligations incurred
(bil. dol; MCD moving avg.—64erm)

525. Defense Department prime contract awards
(bil. d & ; MCD moving avg.—6:-term)

,; j - "

i i\ m

543. Defense Department gross unpaid obligations outstanding (bil. do!.)

1!

'

!

548. Manufacturers' new orders, defense products
(bit. dol.; MCD moving avg*~~6-term)

1

1909

yr-jyrnv: f i*i

85 1986

Current data for these series are shown on page 90.

NOVEMBER 1986



53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Jan. July
T

July

Nov.

P

T

[intermediate and Final Measures of Defense Activity] jl
557. Industrial prgductton, defense and space equipment
(index: 1977-100)

559. Manufacturers'
!(bil. doL)

defense products, book

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

580. Defense Department net outlays, military functions and military
assistance (bil. dol.)

588. Manufacturers' shipments, defense products
(billidol)
!
|j

SI

@
2

§3

§4

65

66

67

08

82

83

84

85 1986

Current data for these series are shown on page 9 1 .

54




NOVEMBER 1986

IICII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Apr.

Feb.

P

T

Jan. July
P

T

July

Nov.

P

T

Inter;mediate and Final Measures of Defense Activity—(fort!
„

u

,

'•••

•;

•

j r -

570. Employment, defense products industries (millions)

Defense Department personnel

i>77. Military personnel on active duty

;57& Civilian personnel, direct hire employment

1 National Defense Purchases]

564. Federal Government purchases of goods and services, national
defense, Q (ann. rate, bit.

as a percent of GNP, Q (percent)

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

Current data for these series are shown on page 9 1 .

NOVEMBER 1986




55

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr.

Feb.

Dec.

Nov.

T

P

P

Jan. July

Mar.

P

T

P

T

July

Nov.

P

T

2420-

1612-

602. Exports, excluding military
(bit. dol.)

54-

604. Exports of domestic agricultural products
(bi. doL)
;
\
606. Exports ot nonelectrical machinery

(HLdaL)

341
302622-

Ni

181410-

9.08.07.06.05.0-

612. General imports (bil.

3.0-

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

2.0-

1.0-

616. Imports of automobiles antf [parts (bil. doTJ

0.80.6-

0.2-•

^
O

61

62

S3

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

89 1986

Current data for these series are shown on page 92.

56




NOVEMBER 1986

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
E l

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
Jan. July
P T

July
P

Nov.
T

Excess of
Excess of pa

550450350-

250-

Goods and services—
667. Balance on goods and services, Q

450^

^ 6 6 9 . Imports; Q

350-

150 =

Balance on merchandise trade

100°

V
620. Imports, Q
70-

incdme on investment—

30-

651. U.S. investment abroad,

2010-

i foreign investment in the United States, Q
0-

3959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

75

76

77

78

79

80

81

82

83

Current data for these series are shown on page 93.

NOVEMBER 1986




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Apr.

Feb.

Dec.

Nov.

Nov.

T

P

T

P

Jan. July

Mar.

P

T

P

T

July

Nov.

P

T

I Index: 1977^1001

Industrial production140120-

100-

721. OECD European countries
47. United States

z~^

19S9

66

©1

62

63

64

§5

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

8S

Current data for these series are shown on page 94.

58



NOVEMBER 1986

KCII

OTHER IMPORTAMT EC
F

I

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices

Chart F3. Stock Prices
Jan. July
P

1974

75

76

77

78

79

80

81

7S

77

78

79

July

Nov.

T

P

T

80

81

82

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

BCD

NOVEMBER

1986




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

^ J

Year
and
month

910. Index of
twelve leading
indicators (series
1,5,8,12, 19,
20. 29, 32, 36.
99,106,111)

(1967-100)

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

(1967 = 100)

930. Index of
six lagging indicators (series
62, 77, 91, 95,
101, 109)

(1967 = 100)

COMPOSITE INDEXES

940. Ratio,
coincident index
to lagging index

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

(1967 = 100)

(1967-100)

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)

(1967-100)

916. Profitability (series
19, 26, 80)

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

(1967-100)

(1967 = 100)

1984
January
February
March

164.5
166.5
167.2

149.5
150.6
151.1

109.8
111.3
112.8

B>136.2
135.3
134.0

110.3
E>111.5
110.8

106.1
106.8

109.2
108.4
109.3

133.4
134.8
136.3

April
May
June

168.1
168.2
166.7

152.6
153.9
155.4

114.6
116.4
117.5

133.2
132.2
132.3

110.7
110.7
111.1

E>107.9
107.7
106.0

110,1

110.8
110.5

136.6
138.1
138.0

July
August
September

163.9
164.4
165.7

155.7
156.0
156.5

118.8
119.8
121.0

131.1
130.2
129.3

109.6
110.3
110.4

104.6
103.6
103.8

110.3
111.7
112.2

137.3
136.9
137.3

October
November
December

164.2
165.1
164.1

156.5
157.7
158.8

122.0
121.7
121.9

128.3
129.6
130.3

109.3
109.8
109.3

103.8
103.4
102.3

112.4
112.8
112.5

135.5
136.0
136.3

January
February
March

166.3
167.1

158.4
159.0
159.3

123.7
124.3
125.4

128.1
127.9
127.0

109.2
111.0
110.8

102.6
102.5
102.0

113.1
114.1
114.2

139.0
138.6
138.9

April
May
June

166.7
167.1
167.7

160.5
160.2

159.5

125.1
126.7
126.5

128.3
126.4
126.1

110.0
109.7
110.1

101.8
101.6
101.5

114.5
115.0
115.8

137.1
135.9
135.6

July
August
September

169.2
169.8
170.6

159.7
160.9
160.9

126.9
127.2
128.4

125.8
126.5
125.3

110.5
110.6
111. 2

101.5
101.5
l m • F,
J.U1
O

116.7
116.9

137.7
139.0

11C

11 J . 0

i/tn . fl
IHU U

October
November
December

171.6
171.6
173.7

160.8
161.6
163.0

129.7
129.7

110.3
109.5
110.5

102.1
102.3
in? 7

114.8
114.9

141.1
140.6

130,2

124.0
124.6
125.2

lie 7
110. /

Idi

173.5
174.9
176.0

162.9
163.4
162.9

Z31.8
132.0
E>133.1

123.6
123.8
122.4

rlO8,9
110.8
rllO.5

103.3
103.4
103.3

117.7
119.6
120.3

142.2
140.5
139.9

April
May
June

178.3
rl78.1
177.7

rl65.5
164.2
163.7

131.4
132.5
132.2

126.0
123.9
123.8

rlll.l
109.8
109.9

103.6
103.2
102.6

120,5
120.2
rl20.9

140.3
142.8
143.0

July . . . .
August
September

rl79.4
rl79.1
179.5

rl64.4
rl64.7
165.4

rl32,2
rl31.8
131.5

rl24.4
rl25.0
rl25.8

rll0.6
rlO9.4
rlO9.7

102.7
102.3
rlO2.4

120.7
fi>rl21.3

rl45.5
rl46.3
rl46.4

B>x180.5

E>2166.0

3

pl25.0

plO8.9

pl03.0

107.5

1985

167.4

C

Q

1986
January
February
March

October
November
December

132.8

(NA)

E>Pl48.5

NOTE: Series are seasonally-adjusted except for those, indicated by (§), that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 10 and 11.
Excludes series 36, for which data are not available.
z
Excludes series 57, for which data are not available.
Excludes series 77 and 95, for which data are not available.

60



NOVEMBER 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L.C.L

L,C,L

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

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

(Hours)

(Thous.)

L.L.L

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

(Hours)

Comprehensive
Employment

Job Vacancies

L, Lg, U

60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed

(Ratio)

U,C t C

L, Lgr U

46. Index of help-wanted
advertising in newspapers

(1967 = 100)

48. Employee hours in
nonagricultural establishments

(Ann. rate,
bil. hours)

1984

40.7
41.1
40.7

3.5
3.5
3.5

364
345
348

0.407
0.434
0.420

123
129
124

173.95
175.61
174.92

1)41.1
40.7
40.6

3.6
3.4
3.4

360
348
350

0.421
0.435
0.484

124
125
134

176.54
176.34
177.29

July
August
September

40.6
40.5
40.6

3.4
3.3
3.3

365
358
368

0.486
0.448
0.458

138
128
129

177.68
178.12
178.93

October
November
December

40.5
40.5
40.5

3.4
3.4
3.3

405
397
386

0.483
0.497
0.523

136
137
145

178.73
179.90
180.16

January
February
March

40.5
40.1
40.5

3.3
3.3
3.3

378
402
389

0.493
0.500
0.500

140
141
141

180.23
180.17
181.38

April
May
June

40.3
40.4
40.5

3.3
3.2
3.2

387
383
392

0.468
0.467
0.498

132
132
141

181.05
181.65
181.88

July
August
September

40.4
40.6
40.7

3.2
3.3
3.3

381
375
381

0.499
0.490
0.489

141
134
136

181.80
182.58
183.11

October
November
December

40.7
40.7
40.9

3.4
3.4

367
371
391

0.502
0.525
0.538

140
144
G)145

184.42
184.58
184.81

January
February
March
April
May
June

1985

D3.6

1986
January
February
March

40.8
40.7
40.7

3.5
3.4
3.4

375
384
393

E>0.543
0.495
0.488

143
142
138

185.63
185.29
185.41

April
May
June

40.7
40.7
40.6

3.4
3.4
3.3

374
378
378

0.471
0.445
0.497

132
128
141

185.82
185.76
185.45

July
August
September

40.6
40.8
40.8

3.4
3.5
3.5

370
379
369

0.509
0.497
r0.482

140
134

rl35

185.90
186.66
rl86.85

H>343

pO.509

p!41

E>pl87.05

October
November
December

P40.6

p3.4

See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x

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

ItCII

NOVEMBER 1986



61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment—Continued

u,c,c

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C.C.C

41. Employees
on nonagricuttural payrolls

(Thous.)

L, C. U

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

U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs'

(Percent)

(Percent)

(Thous.)

tg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg. Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1984
January
February . . .
March

99,918
100,491
100,689

92,568
93,076
93,369

24,213
24,427
24,494

58.07
58.38
58.39

8,982
8,837
8,775

8.0
7.8
7.8

3,0
2.9
2.9

20.5
19.1
18.9

2.9
2.7
2.6

April
May
June

100,992
101,826
102,206

93,743
94,041
94,408

24,605
24,681
24,784

58.54
58.98
59.15

8,765
8,547
8,238

7.8
7.5
7.2

2.8
2.7
2.8

18.6
18.6
18.1

2,5
2.5
2.3

July
August
September . . ,

102,134
101,952
102,059

94,707
94,956
95,269

24,882
24,911
24,881

59.03
58.84
58.89

8,456
8,496
8,380

7.4
7.5
7.4

2.7
2.7
2.7

18.0
17.5
17.2

2,3
2.3
2.3

October
November . . .
December . . .

102,464
102,576
102,861

95,607
95,966
96,147

24,913
24,927
24,988

58.97
59.09
59.18

8,379
8,194
8,256

7.3
7.2
7.2

2.7
2.8
2.8

16.8
17.1
17.1

1.1
2.1

January
February
March

102,996
103,262
103,637

96,366
96,507
96,870

25,008
24,931
24,971

59.20
59.30
59.45

8,439
8,395
8,384

7.4
7.3
7.3

2.9
2.9
2.9

15.9
16.0
15.9

2.0
2.1
2.1

April
May
June

103,519
103,655
103,461

97,104
97,338
97,442

24,996
24,949
24,897

59.37
59.35
59.12

8,384
8,400
8,423

7.3
7.3
7.3

2.8
2.8
2.8

16.1
15.0
15.5

2.1
2.0
2.0

July
August
September . . .

103,751
104,115
104,502

97,672
97,890
98,128

24,875
24,880
24,843

59.21
59.34
59.46

8,401
8,133
8,271

7.3
7.1
7.1

2.8
2.8
2,8

15.5
15.5
15.5

2.0
2.0
2.0

October
November
December

104,755
104,899
105,055

98,428
98,666
98,910

24,903
24,931
24,977

59.56
59.59
59.67

8,301
8,161
8,023

7.1
7.0
6.9

2.7
2.7
2.8

15.4
15.7
15.4

2.0
1.9
1.9

January
February
March

105,655
105,465
105,503

99,296
99,429
99,484

E>25,101
25,038
24,945

59.90
59.63
59', 70

83)7,831
8,527
8,419

B>6.7
7.3
7.2

2.8
2.8
2.8

14.9
15.3
14.4

1.8
2.0
1.9

April
May
June

105,670
105,950
106,508

99,783
99,918
99,843

25,038
24,965
24,854

59.70
59.77
60.02

8,342
8,554
8,443

7.1
7.3
7.1

2.8
2.8
2.8

July
August
September

106,769
©107,107
106,770

100,105
rlOO,283
rl00,448

24,869
r24,888
r24,850

60.08
D60.17
59.96

8,190
8,027
8,329

6.9
6.8
7.0

October
November
December

107,091

(H>P1OO,746

p24,882

60.09

8,242

7.0

1985

1986

15.2

1.8
1.9
2.0

2.8
2.8
2.8

15.0
15.8
15.6

1.9
1.9
2.0

H>2.7

15.2

E>1.8

H>14.

See note on page 60.
Graphs of these series are shown on paces 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.

62



NOVEMBER 1986

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME

Comprehensive Output and Income

C.C.C

50. Gross national product
in 1982 dollars

C.C.C

(Ann. rate,
bil. dol.)

C, C, C

52. Constant
(1982) dollars

51. Personal
income less
transfer payments in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Personal income
223. Current
dollars

Industrial Production

(Ann. rate,
bil. dol.)

C,C,C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)

C.C.C

C, C, C

47. Index of
industrial
production

73. Index of
industrial
production,
durable manufactures

C,C,C

CL.L

74. Index of
industrial

(1977 = 100)

49. Value of
goods output
in 1982 dollars

production,
nondurable
manufactures

(1977-100)

(Ann. rate,
bil. dol.)

(1977 = 100)

1984
January
February
March

3,444*7

3,003.3
3,036.9
3,062.4

2,820.0
2,843.5
2,859.4

2,397.7
2,422.3
2,437.3

519.7
524.5
524.8

118.5
119.3
119.9

119.9
120.9
121.8

119.9
121.2
121.8

1,486*. 3

April
May
June

3,487ll

3,066.7
3,071.8
3,093.8

2,855.4
2,857.5
2,869.9

2,432.1
2,434.6
2,448.2

526.1
526.8
528.7

120.5
121,0.
121.9

122.8
123.3
124.5

121.9
122.0
122.8

1,506* i

July
August
September

3,507.4

3,120.9
3,135.9
3,162.3

2,887.0
2,887.6
2,903.9

2,466.2
2,466.7
2,484.0

530.4
531.6
532.6

122.8
123.0
122.4

125.5
126.6
125.8

123.7
122.6
122.3

1,510*3

October
November
December

3,521X4

3,165.2
3,186.5
3,217.0

2,898.5
2,910.0
2,932.5

2,475.8
2,486.4
2,515.6

532.5
535.1
537.4

122.1
122.7
122.7

126.1
126.5
126.5

122.7
123.2
122.8

1,509*5

January
February
March

3,547*. 6

3,227.3
3,258.3
3,273.8

2,933.9
2,951.4
2,952.0

2,500.3
2,516.8
2,517.9

538.2
537.3
539.2

122.7
123.2

126.6
126.4

122.6
123.5

1,521*. 1

1 9^ *TA
LC.O .

1 01

TOO

April
May
June

3,567.6

3,302.7
3,288.5
3,304.9

2,972.7
2,949.3
2,958.7

2,537.6
2,514.8
2,525.1

537.1
537.7
537.1

123.3
123.6

127.5
127.4

124.1
124.7

1 9t F>

LCo . o

i 07 n
\.L / . U

1 9A. oft
Itt.

July
August
September

3,603.8

3,315.4
3,320.5
3,333.9

2,962.8
2,962.1
2,963.5

2,522.2
2,525.9
2,526.8

535.7
537.8
537.0

123.4
124.4
124.3

126.9
128.1
127.4

125.4
126.0
126.4

1,544*2

October
November
December

3,622*3

3,358.3
3,372.3
3,418.0

2,971.9
2,971.2
3,003.5

2,535.9
2,536.4
2,569.0

538.7
538.3
541.5

123.6
124.8
125.6

126.7
128.2.
128.7

125.8
127.2
127.5

1,541*7

January
February
March

3,655*.9

3,417.4
3,435.3
3,445.1

2,992.5
3,021.4
3,040.7

2,551.7
2,577.9
2,593.6

541.1
541.0
542.0

0)126.2
125.3
123.6

E>129.5
128.7
126.8

129.3
128.7
127.7

1,563.6

April
May
June

3,661*4

3,486.8
3,481.3
3,481.9

E>3,082.9
3,072.6
3,059,7

1)2,633.9
2,621.9
2,609.9

0)544.7
543.7
539.0

124.7
124.2
124.2

128.1
127.0
126.2

129.6
129.9
131.2

1,562*8

E>r3,687*3

3,492.9
r3,500.5
r3,511.6

3,066.6
r3,065.2
r3,061.6

2,609.8
r2,613.0
r2,609.4

538.9
r541.4
r538.9

124 ..9
125.1
rl25.2

127.4
rl27.5
rl27.6

rl31.7
rl32.4
132.2

E>rl,568*.4

H>p3,524.3

p3,069.9

p2,616.6

p544.2

P125.2

p!27.4

[H>pl32.4

1985

"X

LC. 1 . J

7

iC6 . /

1,526*6

1986

July
August
September
October
November
December

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

ItCII

NOVEMBER 1986




63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• •
• i l

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME—Continued

Q |

Capacity Utilization

Timing Class

L.C.U

82. Capacity
utilization rate,
manufacturing
Year
and
month

Orders and Deliveries

L. C, U

84. Capacity
utilization rate,
materials

U,L

(Percent)

L, L,L

Manufacturers' new orders,
durable goods industries
6. Current
dollars

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

(Bil. dol.)

7. Constant
(1982) dollars

(Bil. dol.)

L, L, L

L, L, L

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

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

(Bil. dol.)

(Bil. dol.)

L, Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L, L,L

32. Vendor
performance,
companies receiving slower
deliveries @
(Percent
reporting)

1984
January
February
March

79.4
80.0
80.3

81.2
81.9
82.3

99.55
101.79
104.45

95.72
97.60
99.76

84.27
84.37
81.78

4.38
5.44
©8.14

324.50
329.94
338.09

63
68
©72

April
May
June

80.5
80.4
80.9

82.3
82.4
82.5

97.31
100.95
98.34

92.67
96.24
93.57

81.84
82.11
80.41

1.85
4.06
0.61

339.93
343.99
344.60

71
70
66

July
August
September . . .

81.
80.

82.9
E>82.9
82.3

101.98
101.86
98.21

97.03
96.64
93.18

82.58
82.52
79.75

4.14
1.61
0.00

348.73
350.34
350.34

60
54
58

October
November , . .
December . , .

80.
80.
80.4

81.1
81.1
81.3

96.51
104.43
101.31

91.56
98.90
95.84

81.84
83.35
82.57

-4.30
2.04
-2.63

346.04
348.08
345.44

52
50
45

January
February
March

80.2
80,
80.

81.4
81,3
81.2

105.45
102.47
99.54

99.67
96.76
93.91

86.65
83.67
81.88

3.48
0.75
-2.58

348.92
349.67
347.10

47
48
46

April
May
June

80.
80.
80.0

80.5
80.1
80.2

99.84
102.97
106.78

94.10
96.69
100.17

83.31
84.09
83.17

-2.22
0.25
4.12

344.87
345.13
349.25

44
44
44

July
August
September . . .

79.9
80.3
80.0

79.7
79.8
79.5

104.37
107.66
106.64

97.72
100.81
100.23

83.51
84.78
85.29

351.14
353.49
356.48

44
4?
42

October
November . , .
December . . .

79.4
80.1
80.2

79.1
79.4
80.3

104.50
103.80
107.53

97.66
97.01
100.40

86.25
86.90
85.70

-1.98
-3.21
1.75

354.49
351.28
353.04

46
42
46

January
February
March

80.8
80.2
79.1

80.1
79.6
78.5

108.19
107.54
104.68

E>101.31
100.70
97.93

[R>89.40
87.70
83.95

2.56
2.00
1.99

355.60
357.60
©359.59

46
48
50

April
May
June

79.9
79.4
79.3

78.7
78.1
78.0

103.75
102.62
102.73

96.78
95.64
95.74

86.96
83.68
r85.68

-2.84
-1.05
-1.82

356.74
355.70
353.87

50
55
50

July
August
September . . ,

r79.7
r79.8
r79.6

78.3
r78.0
r78.1

106.22
103.84
E)rl08.72

98.81
96.51
rl00.76

84.78
85.25
r88.32

1.24
-0.31
r2.70

355.11
354.80
r357.50

54
51
52

October
November . . .
December . . .

p79.4

p77.9

plO2.23

p94.40

p86.94

p-4.51

P352.99

54

1985

1986

See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.

64



NOVEMBER 1986

BUI

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q ]

Minor Economic
Process
Timing Class

c,c,c

c,c F c

57. Constant
(1982) dollars

56. Current
dollars

(Mil. dol.)

(Mil. dol.)

C, L,C

75. Index of
industrial
production,
consumer
goods

(1977 = 100)

C, L,U

U, L, U

Sales of retail stores
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Manufacturing and trade sales
Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERfES—Continued

59. Constant
(1982) dollars

(Mil. dol.)

L,C,C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

L.L.L

58. Index of
consumer
sentiment @

L.L.L

12. Index of
net business
formation

(1st Q
1966=100)

(1967-100)

L.L.L

13. Number of

new business
incorporations

(Number)

1984

402,489
402,395
404,612

387,815
388,104
388,841

116.8
117.3
117.2

105,669
105,850
104,322

101,507
101,583
100,021

102." 8

100.1
97.4
H>101.0

E> 123.2
122.6
121.6

52,674
53,535
53,075

408,342
412,524
413,976

391,532
394,973
397,251

118.2
117.4
118.2

106,794
107,354
108,911

102,195
102,731
104,121

106.7

96.1
98.1
95 5

121.4
120.4
120 7

53,298
50,736
53,884

July
August
September

412,233
413,300
412,276

- 395,433
395,951
395,348

118.9
117.9
117.6

107,333
106,818
108,143

102,613
101,731
102,798

105 ."6

96.6
99.1
100.9

120.5
121.6
122.5

53,211
52,025
52,646

October
November
December

414,243
417,635
421,613

397,427
399,595
403,092

118.1
119.1
119.1

108,816
109,899
110,078

103,143
103,973
104,043

108.'4

96.3
95.7
92.9

121.4
120.0
119.5

52,587
53,838
53,558

January
February
March

417,350
418,218
420,346

398,853
400,734
402,554

118.0
119.1
119.3

110,511
111,935
111,999

104,256
105,301
104,966

Il6l2

96.0
93.7
93.7

121.4
122.7
122,0

52,768
54,765
55,785

April
May
June

423,215
424,379
418,219

406,623
408,803
400,212

118.9
119.7
119.9

114,256
113,992
113,468

106,881
106,734
106,243

m'.h

94.6
91.8
96.5

121.6
119.6
120.2

55,659
55,694
55,270

July . .
August
September

421,565
428,205
r427,201

404,428
411,491
r410,596

119.4
120.9

107,322
108,737
rllO,643

126-4

121.1

114,620
116,349
rll8,499

94.0
92.4
92.1

122.4
121.5
121.3

54,560
55,644
56,419

October
November
December

r425,834
431,965
432,797

r408,170
411,388
411,592

120.5
122.7
123.3

rll4,930
115,433
116,861

rlO7,lll
107,081
108,005

111 * 6

88.4
90.9
93.9

121.5
120.5
119.5

58,251
57,320
57,785

January
February
March

431,957
426,854
420,230

411,824
412,199
410,592

117,349
117,200
116,684

108,056
109,023
109,665

ni.'i

95.6
95.9
95.1

118.4
121.2
121.8

57,452
E>61,062

April
May
June

428,455
421,613
425,475

420,460
413,038
415,467

123.8
123.3
121.8
124.5
124.3
124.4

117,715
118,675
118,960

111,157
111,642
111,700

115*2

96.2
94.8
99.3

123.1
119.9
119.5

59,880
57,789
56,771

427,473
r429,310
E>p441,578

r419,475
r421,937

119,804
rl21,523
E>rl28,003

112,492
rl!3,467
[H>rll8,741

E>rl37.6

E>p432,062

E)rl25.2
rl25.1
rl25.1

97.7
94.9
91.9

rl21.6
rll9.5
r!20.9

57,789
55,647
57,310

-(NA)

pl24.6

pl21,587

pll2,685

95.6

pl20.0

(NA)

January
February
March
April .
May
June

..

1985

1986

July
August
September

(NA)

October
November
December

58,981

See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.

NOVEMBER 1986



65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

Q j

PROCESS

FIXED CAPITAL INVESTMENT—Continued

Minor Economic
Business Investment Commitments

Process

Timing Class

L.L.L

L,L,L

Contracts and orders for
plant and equipment
Year
and
month

10. Current
dollars

(Bil. dol.)

20. Constant
(1982) dollars

(Bil. dol.)

L.L.L

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

UC, U

Lt L. L

U, Lg, U

9. Construction contracts awarded for
commercial and industrial buildings'

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space!

(Millions)

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

C Lg, Lg

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

(Bil. dol.)

1984
January
February
March

29.47
30.99
30.93

30.02
31.51
31.46

25.72
27.02
26.76

26.40
27.69
27.48

72.72
64.41
74.95

6.76
5.98
6.96

26^92

April
May
June

30.27
33.53
32.06

30.67
33.97
32.64

26.33
28.56
27.72

26.94
29.29
28.57

79.78
82.49
74.90

7.41
7.66
6.96

0)34.12

July
August
September

32.94
31.11
31.66

33.27
31.70
32.25

28.14
26.74
27.39

28.78
27.61
28.24

79.55
82.65
75.84

7.39
7.68
7.05

27!31

October
November
December

29.97
31.43
31.49

30.35
32.07
31.47

25.26
26.84
26.89

25.97
27.79
27.21

79.04
83.75
86.73

7.34
7.78
8.06

29* i6

January
February
March

27.81
33.80
32.09

27.74
0>35.81
32.91

23.63
29.49
27.21

23.90
0)31-86
28.43

81.14
82.48
87.41

7.54
7.66
8.12

29194

April'. , . .
May
June

30.32
30.66
32.63

30.49
31.33
33.34

25.46
25.59
27.98

26.04
26.72
29.14

91.95
83.99
69.68

8.54
7.80
6.47

27^56

July . . . .
August
September

32.08
32.11
34.57

32.63
33.01
35.24

26.68
27.55
29 24

27.74
28.89
30.43

91.89
91.41
0)93 ]g

8.54
8.49

0)8 66

r32.82
30.59

27.09
25.79

0)30.57

28.32
27.02
30.58

92.00
92.61
79.23

8.55
8.60
7.36

27.19

©35.04

r33.49
31.34
34.61

January
February
March . . .

27.63
32.69
30.18

27.41
34.28
31.04

24.29
28.64
26 54

24.41
30.64
27 78

70.66
78.41
69.96

6.56
7.28
6.50

23*39

April
May
June . . . .

30.57
29.92
30.64

31.09
31.08
32.36

26.18
26.14
26.42

27.18
27.73
28.62

84.26
76.71
75 88

7.83
7.13
7

July
August
September

31.68
30.18
r32.46

33.56
32.26
r33.60

27.39
26.32
r28.22

29.76
28.85
r29".86

73.10
79.09
80.82

6.79
7.35
7.51

October
November
December

P30.61

p31.49

p26.13

p27.54

71.77

6.67

78.46

89.18

92166

94.37

1985

October
November
December

99.35

i)99!88
24^17

97! ia

94.58

1986

92.22

pis!77

DR

poo,J/
(NA)
(NA)

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
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.
Converted to metric units by the Bureau of Economic Analysis.

66



NOVEMBER 1986

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q ]

Minor Economic
Process
Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures
C, Lg, Lg

C,lg,Lg

Expenditures for new plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

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

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

C U, Lg

C, Lg, U

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

76. Index of
industrial production, business equipment

(1977 = 100)

C, Lg, C

Lg, Lgr Lg

C, Lg, C

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

(Ann. rate,
biL dok)

L, L, L

28. New private housing
units started

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

(Ann. rate,
thous.)

L, L, L

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

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars

(Ann. rate,
bil. dol.)

1984

January
February
March

339.32

341.50

343.88
348.14
360.50

128.1
128.7
130.2

394.4

133.5

260.9

1,892
B)2,213
1,671

144.8
E>158.5
137.6

169.7

April
May
June

349.43

350.63

360.22
371.74
380.48

130.6
132.6
134.6

419.5

141.3

278.2

1,880
1,786
1,853

141.6
138.8
144.7

173.2

July
August . . .
September

361.27

361.60

372.60
380.07
393.49

135.9
138.5
137.0

427.1

142.9

284.2

1,733
1,589
1,702

128.0
122.0
121.5

171.2

October . .
November
December

367.78

367.96

387.96
392.68
408.43

137.8
138.5
137.0

447.6

147.5

300.1

1,532
1,649
1,607

118.8
131.0
129.7

168.3

January .
February
March . .

373.56

371.84

374.91
389.27
407.68

138.3
139.2
138.9

442.7

149.9

292.8

1,804
1,632
1,849

130.8
135.2
139.9

172.4

April . .
May . .
June . .

387.86

387.31

400.96
397.75
403.49

140.7
140.8
138.5

463.0

E)154.1

308.9

1,851
1,684
1,693

135.1
137.7
136.9

175.1

July . . . .
August . .
September

389.23

388.58

397.96
408.25
397.48

139.5
141.0
140.4

463.1

152.3

310.9

1,673
1,737
1,653

136.3
142.1
147.2

180.0

(H>397.88

0)397.57

409.30
410.53
H>423.97

138.3
140.8
140.0

E>476.9

152.4

324.5

1,784
1,654
1,882

135.8
133.0
146.7

181.5

January .
February
March . .

377.94

374.18

385.23
398.64
401.72

,5
140.5
137.7

457.8

148.1

309.7

2,034
2,001
1,960

148.4
144.2
146.3

186.3

April . .
May . .
June . .

375.92

372.30

402.58
390.01
397.39

138.6
137.9
136.6

456.8

132.9

323.9

2,019
1,853
1,852

150.3
142.6
142.9

192.7

July
August
September . .

a380.52

a377.71

r399.98
r400.05
396,56

rl37.9
139.2
139.7

r456.7

rl30.1

[H>r326.6

1,782
rl,795
rl,652

140.3
133.4
127.8

>rl97.2

October
November . ,
December . .

p402.17

pl39.6

pi,648

124.8

a383.99

a381.69

1985

October . .
November
December
1986

See note on page 60.
Graphs of these series ate shown on pages 13, 24, and 25.

NOVEMBER 1986



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventories on Hand and on Order

Inventory Investment
L.L.L

L.L.L

L.L.L

30, Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars
Smoothed1

Actual
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

31. Change
in mfg, and
trade inventories, book
value
(Ann. rate,
bil. dol.)

I L,L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order 2
(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Book
value
(Bil. dol.)

70. Constant
(1982) dollars
(Bil. dol.)

Lg, Lg, Lg

L, Lg, Lg

Lg, Lg, Lg

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

65. Manufacturers' inventories,
finished
goods, book
value

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order
(Bil dol,)

(Ratio)

(Bil. dol.)

1984
January
February
March

!H>85!i

62.68
0)89.59
66.35

49.81
58.78
68.10

53.4
0)88.9
80.1

2.81
2.82
2.35

524.73
532.14
538.82

587.47
593.08
598.50

81.16
81.90
83.14

1.51
1.53
1.54

211.54
214.36
216.71

April
May
June

84.44
63.10
-4.13

H>76.50
75.71
59.55

85,
54,
23.0

1.81
1.66
-0.22

545.93
550.50
552.42

604.62
609.46
610.60

84.14
85.11
86.38

1.54

57.0

218.52
220.18
219.97

July
August
September . . .

60.6

63.48
49.10
27.62

44.31
38.48
41.44

57.0
54.
45.

-0.05

557.17
561.72
565.48

615.49
620.82
623.89

86.95
87.80
88.55

33.9

11.41
22.08
-5.39

38.05
24.87
14.87

39.3
29.9
26.3

-1.06

568.75
571.24
573.43

626.53
629.46
630.89

October
November . . .
December . . .

1.58

©222.58
222.40
222.35

88.89
89.27
89.69

1.57

219.92
218.36
217.30

1985
January
February
March

23.2

29.90
14.93
-19.46

12.45
14.34
10.80

28
32,
-2.1

0.65
-0.48
-3.07

575.80
578.54
578.37

632.39
634.14
634.21

89.69
89.86
90.12

1.59
1.58
1.58

217.95
217.47
214.40

April
May
June

17.4

7.42
-25.43
7.82

4.71
-5.76
-7.94

2.0
-8.6
27.5

-0.94
-1.54
1.68

578.53
577.81
580.11

635.58
634.35
635.39

90.12
.13
89.87

1.56
1.55
0)1.59

213.46
211.93
213.61

July
August
September . . .

0.7

7.88
-17.23
-5.38

-3.32
-1.88
-2.71

3.2
-10.6
r0.4

-0.46
0.31
-0.11

580.37
579.49
r579.52

636.56
635.86
635.69

89.26
88.86
88.26

213.15
213.46
213.35

October
November . . .
December . . .

-5.2

23.60
12.84
5.47

-2.29
5.34
12.16

r24.0
rl5.0
4.6

-0.34
-1.28
1.83

r581.52
582.76
583.15

637.74
638.64
638.43

87.58
88.24
88.37

1.55

213.69
212.41
214.24

1986
January
February
March

39.9

33.83
18.79
44.95

15.68
18.37
25.94

21.8
2.5
36.0

-0.26
1.43
-1.10

584.97
585.18
588.18

640.58
641.50
645.87

87.92
87.53
87.62

1.56
1.56
1.57

213.99
215.41
214.31

April
May
June

15.1

13.54
-52.33
r7.50

29.14
13.91
r-4.19

5.1
-22.5
26.2

-1.76
-1.39
-0.85

588.60
586.73
588.91

647.86
645.28
646.28

87.80
87.66
86.71

1.54
1.56
1.56

212.56
211.17
210.31

rl3.28
r-19.46
p-33.48

r-10.47
r-5.04
p-6.39

35.8
r-21.0
p-21.1

-0.24
-0.58
P2.O7

0)591.90
r590.14
P588.38

0>r648.44
r647.00
p643.55

87.28
86.73
p85.52

rl.55
rl.53
pi. 49

210.08
209.50
p211.57

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

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

r-5.7

See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
l
This series is-a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
Series 38 reached its high value (3.02) in October 1983.




NOVEMBER 1986

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Q |

Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices

,
L.L.L

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials1
(Percent)

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

(1967 = 100)

L, L, L

L.L.L

U.L.L

PRICES, COSTS, AND PROFITS

99. Change in sensitive materials
prices l
Smoothed3

Actual

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks ©

(1941-43 = 10)

Profits and Profit Margins
L,L, L

L,L,L

Corporate profits after tax
16. Current
dollars

18. Constant
(1982) dollars

L,C,L

L,C,L

Corporate profits after tax
with IVA and CCAdj*
79. Current
dollars

80. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

1984
January
February . . .
March

-0.84
1.27
0.19

283.6
283.6
289.2

-0.33
0.69
0.65

0.77
0.45
0.35

166.39
157.25
157.44

H>146.4

H>142.7

159.6

156.1

6.6

April
May
June

-0.26
-0.84
-0.78

288.6
[H>289.5
286.2

-0.16
-0.36
-0.73

0.36
0.22
-0.19

157.60
156.55
153.12

144.8

140.3

170,1

166.0

6.4

July
August
September . .

-1.76
-1.10
0.71

280.1
275.6
274.0

-1.55
-1.08
0.21

-0.65
-1.00
-0.96

151.08
164.42
166.11

135.8

130.3

170.5

165.4

5.7

October . . . .
November . ,
December . .

-0.73
0.10
-0.37

266.4
268.3
261.9

-1.21
0.25
-0.89

-0.75
-0.47
-0.43

164.82
166.27
164.48

134.1

127.7

177.1

171.2

5.6

January
February . . .
March

-0.37
-1.59
-0.72

255.8
253.1
252.4

-0.85
-1.16
-0.48

-0.56
-0.73
-0.90

171.61
180.88
179.42

126.0

118.7

178.7

171.7

5.1

April
May
June

-0.03
0.66
0.14

257.1
252.0
242.9

0.52
-0.22
-1.00

-0.60
-0.22
-0.15

180.62
184.90
188.89

126.7

118.8

187.2

179.8

5,0

July
August . . . .
September . .

-0.03
-0.34
-0.34

240.7
239.8
238.0

-0.31
-0.26
-0.40

-0.37
-0.52
-0.42

192.54
188.31
184.06

133.4

124.9

200.5

192.3

5.3

October . . . .
November . .
December . .

0.59
-0.31
-0.31

236.9
234.5
235.0

0.18
-0.49
-0.09

-0.24
-0.20
-0.18

186.18
197.45
207.26

139.4

130.1

189.2

180.2

5.3

0.10
-1.14
0.45
2.02
0.44
r-0.44

236.9
233.3
223.1

0.27
-1.02
-1.08

-0.12
-0.19
-0.44

208.19
219.37
232.33

135.2

124.8

E>207.3

E)l96.6

4.9

219.9
221.3
225.0

0.64
0.41
rO.27

-0.55
-0.25
0.22

237.98
238.46
E>245.30

138.0

127.5

199.9

189.3

5.3

July
August
September , .

r0.68
-2.61
1.50

227.6
212.0
221.2

rO.72
-3.43
2.03

rO.45
r-0.17
r-0.52

240.18
245.00
238.27

pl44.0

pl32.4

p2O2.3

pl90.2

P5.5

October . . . .
November . .
December . .

1.72

235.5
243.7

E)2.80

0.12

1985

1986
January . . . .
February . . .
March
April
May
June

5

237.36
244.91

6

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
and
mission
tion adjustment.

ity
5
Average for November 1 through 26.

I M i l l NOVEMBER 1986



1983,
persump6

Average for November 5, 12, 19, and 26.

69

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

U, I, L

L,L, L

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins—Continued

Timing Class

PRICES, COSTS, AND PROFITS—Continued

L, L, L

U,L

L,L,L

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

26. Ratio, implicit price deflator to unit
labor cost, ,
nonfarm business sector

(Percent)

Year
and
month

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

(Cents)

(1977-100)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Corporate net cash flow
34. Current
dollars

35. Constant
(1982) dollars

(1977 = 100)

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

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

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

(1977-100)

Actual data
as a percent
of trend

64. Compensation of employees as a
percent of national income

(Percent)

(Percent)

1984
January
February
March

7.3

4*9

98*6

345.8

347.2

15&\2

0.683

134.4
134.9
134.6

90.3
90.2
89.6

72*7

April
May
June

7*.8

G>4'9

99*3

349*3

349.7

158.3

0.684

135.0
134.9
134.4

89.4
89.0
88.2

72*9

July
August
September

7*6

4.4

99*1

348.9

348! 7

160^2

0.694

134.3
134.9
136.0

87.8
87.7
88.0

73*2

October
November
December

7*9

4*3

98*8

357*8

357! i

161.7

0.699

136.2
136.5
137.5

87.8
87.5
87.8

73:3

January
February
March

7*9

4*2

98*7

361* 6

360*. 1

163.1

0.704

138.1
137.5
137.5

87.7
86.9
86.5

73*4

April
May
June

8*2

3.7

9&\9

370.8

369.5

164*.6

0.708

136.8
136.9
137.7

85.7
85.4
85.4

73*5

July
August
September

1)8*8

3*7

in/SJ . o

382! 8

38i

!°

164*4

0.705

137.8
137.8
138.0

85.1
84.7
84.4

73*4

October
November
December

7*9

3*6

98'2

[0)389.4

E>388*i

16^3

0.716

139.7
138.6
139.4

85.1
84.0
84.1

73*7

January
February
March

8.5

3*6

99*6

380* 9

380*8

167*6

0.721

138.1
138.6

73.7

E>140.4

82.9
82.8
83.5

April
May
June

8*4

4*3

98.8

380.6

379^8

168.0

0.724

138.4
139.1
138.6

82.0
82.0
81.3

73.5

P8.4

(NA)

r99.1

P387.0

P386.5

|H>169.1

E>P0.727

r!37.8
rl38.2
rl38.1

80.4
r80.3
r79.9

E>p73.8

P140.0

p80.6

1985

1986

July
August
September
October
November
December

See note on 1
Graphs of these series are shown on pages 15, 29, and 30.
1

IVA >

inventory valuation adjustment; CCAdj, capital consumption adjustment.

70



NOVEMBER 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT

Money
L,L,L

L. C. U

85. Change
in money
supply M l

102. Change
in money
supply M2 x

(Percent)

(Percent)

Velocity of Money
L,L,L

L.L.L

L.L.L

104. Change
in total liquid
assets*

105. Money
supply M l in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Percent)

(Bil. dot.)

(Bil. dol.)

c,c,c
107. Ratio,
gross national
product to
money supply
Ml

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

L, L, L

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

L, L,L

112. Net change
in business loans

(Ann. rate,
bil. dol.)

1984
January
February
March

0.68
0.49
0.60

0.62
0.74
0.52

0.81
0.85
1.16

501.7
502.2
503.9

2,079.3
2,086.6
2,092.0

6.881

1.365
1,371
0)1.375

71.74
100.58
104.24

8.62
59.39
0)108.61

April
May
June

0.47
0.58
0.74

0.68
0.62
0.53

,04
,04

2,098.2
2,107.7
2,113.6

6.902

1.04

504.3
506.4
508.8

367
361
1.364

123.28
132.04
108.66

86.60
77.46
100.70

July
August
September . . .

-0.02
0.24
0.62

0.40
0.63
0.79

1.03
0.76
1.00

507.1
506.2
507.5

2,115.1
2,119.5
2,128.7

6.934

1.370
1.368
1.369

114.83
101.36
B)143.7O

33,50
17,39
40.54

October
November . . .
December . . .

-0.20
0.84
0.78

0.60
1.06
1.09

0.68
0.74
0.94

504.9
508.2
510.8

2,134.5
2,153.2
2,171.0

|fi>6.940

1.362
1.357
1.355

81.11
74.22
45.52

47.75
52,68
4.13

January
February
March

0.79
1.14
0.51

1.10
0.91
0.31

0.72
0.87
0.67

513.8
518,
518,

2,190.7
2,203.8
2,200.3

6.881

1.345
1.345
1.348

71.21
59.26
101.14

53.58
21.95
26.83

April
May
June

0.61
1.18
1.44

0.21
0.72
1.10

0.17
0.52
0.79

519.6
524.6
530.9

2,197.3
2,208.4
2,227.1

6.801

357
341
1.333

86.62
66.98
73.73

14.87
27,46
-45.89

July
August
September . . .

0.90
1.44
1.11

0.69
0.78
0.57

0.48
0.77
0.76

534
541

6.671

546.1

2,238.3
2,250.9
2,259.4

1.328
1.320
1.318

58.92
68.39
42.35

16.58
3.66
-14.63

October
November . . .
December . . .

0.44
0.96
1.05

0.36
0.49
0.59

0.59
1.00
1.03

546.5
548.7
552.5

2,259.2
2,257.7
2,262.8

6.590

323
322
1.332

125.47
71.12
106.55

65.16
64.68
38.89

0.10
0.61
1.17

0.13
0.30
0.57

0.59
0.49
0.36

551.1
556.7
565.6

2,258.3
2,274.1
2,296.8

6.563

1.330
1.333
1.329

-23.17
57.40
43.56

56.50
-51.02
-29.54

1.21
B>rl.95
rl.23

574.0
r584,
588.

2,329.5
2,349.8
2,357.5

6.354

0.79

0.60
0.82
rO.57

1.330
1.314
1.304

r52.58
r30.83
(NA)

-40.38
21.79
-30.85

July
August
September . . .

rl.38
rl.72
r0.80

rl.06
r0.92
r0.60

rO.76
rO.7O
pO.76

r596,
r605
r608,

r2,381.7
r2,399.4
r2,405.6

r6.186

1.294
1.285
r1.282

r6.19
r49.00
r-12.19

October
November . . .
December . . .

pi.17
2
1.40

p0.90

(NA)

pi.275

p37.98

1985

1986
January
February
March
April
May
June

E>p614.9

,423.6

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
Series 102 reached its high value (2.79) in January 1983; series 104 reached its high value (1.31) in January 1983.
2
Average for weeks ended November 4, 11, and 18.

NOVEMBER 1986




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Year
and
month

L.L.L

113. Net change
in consumer
installment
credit

(Ann. rate,
bil. dol.)

L.L.L

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows—Continued

Timing Class

MONEY AND CREDIT—Continued

L.L.L

110. Funds
raised by private
nonfmancial
borrowers in
credit markets
(Ann. rate,
mil. dol.)

L,U

14. Current
liabilities of
business
failures1©

(Mil. dol.)

L,L ( L

39. Percent
of consumer
installment
loans delinquent 30 days
and over
(Percent)

Interest Rates

L, U, U

L, Lg, U

93. Free
reserves ©

94. Member
bank borrowings from the
Federal
Reserve @

(Mil. dol.)

lil. dol.)

U Lg, Lg

119. Federal
funds rate ©

(Percent)

C Lg, Lg

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

(Percent)

1984

14.6
17.3
19.4

January .
February
March . .

78.66
69.41
60.96

April . , .
May . . .
June . . .

74.64
114.13
95.18

E>21.6

July
August
September . .

73.58
80.62
63.04

14.4
12
12

October
November , . .
December . . .

70.61
71.95
75.31

1.84
[5)1.78
1.85

-102
376
-241

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

2,429.4
3,074.3
3,427.4

2.02

-742
-2,408
-2,526

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

455,468

2,783.7
1,968.7
2,045.6

1.96
1.93
2.10

-5,311
H>-7,328
-6,614

5,924
>8,017
7,242

11.23
©11.64
11.30

10.13
©10.49
10.41

14.2
13.4
9.2

632,420

1,471.3
2,763.7
2,328.4

1.91
1.97
2.09

-5,397
-3,924
-2,333

6,017
4,617
3,186

9.99
9.43
8.38

9.97
8.79
8.16

75.16
82.16
99.59

13.2
10.3
13.0

489,660

1,821.0
2,409.8
3,485.8

2.20
2.19
2.40

-650
-386
-827

1,395
1,289
1,593

8.35
8.50
8.58

7.76
8.22
8.57

April
May
June

90.52
75.96
52.69

10.0
9.4
3.7

552,040

p3,279.8
p3,261.9
p2,995.6

-585
-530
-300

1,323
1,334
1,205

8.27

July

81.43
72.61
©123.96

9.3
8.5
9.8

580,380

p2,150.5
p3,162.4
pi,925.3

2.39

-252
-246
-623

1,107
1,073
1,289

l.i
7.S
7.S

78.70
67.72
77.72

15.6
10.9
11.7

©928,380

pi,824.6
p5,026.9
pi,707.8

2.26
2.32
2.32

-434
-813
-260

1,187
1,741
1,318

7.99
8.05
8.27

91.86
61.19
37.04
58.45
77.48
64.63

12.6
3.4
3.8
3.1
8.6
r3.1

p3,590.4
p3,518.2
p2,746.6

27
29
2.41

341
213
135

770
884
761

8.14
7.86
7.48

-92
-38
128

893
876
803

6.92

July
August
September . . .

66.77
r40.72
plOO.40

7.3
r6.6
r5.4

169
-132
r-282

741
872
1,008

5.89

6.21
5.84
5.57
5.19

October
November . . .
December . . .

(NA)

p8.1

p-95

P841

5.85
6.04

5.18
5.35

19
21

525,408

1,783.3
1,713.1
3,479.7

641,064

1985

January
February
March

August
September . . .
October

November . . ,
December . . .

7.S
7.E

7,07

1986

January
February . . . .
March
April
May
June

445,084

(NA)
p525,584

(NA)

(NA)

See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.

Series 14 reached its high value (829.2) in July 1983.

72




NOVEMBER 1986

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

MONEY AND CREDIT-Continued

Interest Rates—Continued

Timing Class

Outstand ng Debt

C, Lg, Lg

Ut Lg, Lg

116. Yield on

115. Yield on

new issues of
high-grade
corporate
bonds ©

long-term
Treasury
bonds ©

117. Yield on
municipal
bonds, 20-

118. Secondary
market yields
onFHA

bond average ©

mortgages ®

67. Bank rates
on short-term
business
loans ©

(Percent)

(Percent)

Lg, Lg, Lg

Year
and
month

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding

72. Current
dollars

101. Constant
(1982) dollars

(Mil. dol.)

(Mil. dol.)

Lg, Lg, Lg

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

1984

12.65
12.80
13.36

11.29
11.44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

Il!o6

11.00
11.00
11.21

382,794
388,578
393,658

268,086
273,035
282,086

260,531
264,569
271,498

12.75
12.80
12.85

13-64
14.41
B>14.49

12.17
12.89
1)13.00

9.96
10.49
E>10.67

13.80
E>15.01
14.91

12^45

11.93
12.39
12.60

399,878
409,389
417,321

289,303
295,758
304,150

278,176
284,110
292,452

13.04
13.33
13.49

July :
August
September

14.25
13.54
13.37

12.82
12.23
11.97

10.42
9.99
10.10

14.58
14.21
13.99

H>13i29

13.00
E>13.00
12.97

423,453
430,171
435,424

306,942
308,391
311,769

294,570
297,101
301,809

13.57
13.72
13.77

October
November
December

13.02
12.40
12.47

11.66
11.25
11.21

10.25
10.17
9.95

13.43
12.90
12.99

ll!29

12.58
11.77
11.06

441,308
447,304
453,580

315,748
320,138
320,482

305,366
308,716
309,644

13.94
14.04
14.10

January
February
March

12.46
12.39
12.85

11.15
11.35
11.78

9.51
9.65
9.77

13.01
13.27
13.43

io!io

10.61
10.50
10.50

459,843
466,690
474,989

324,947
326,776
329,012

314,262
316,337
319,119

14.25
14.32
14.51

April
May
June

12.45
11.85
11.33

11.42
10.96
10.36

9.42
9.01
8.69

12.97
12.28
11.89

9'90

10.50
10.31
9.78

482,532
488,862
493,253

330,251
332,539
328,715

319,701
321,294
318,214

14.61
14.87
14.92

July
August
September

11.28
11.61
11.66

10.51
10.59
10.67

8.81
9.08
9.27

12.12
11.99
12.04

9*.27

9.50
9.50
9.50

500,039
506,090
516,420

330,097
330,402
329,183

319,861
321,716
322,412

15.08
15.24
15.49

October
November
December

11.51
11.17
10.42

10.56
10.08
9.60

9.08
8.54
8.43

11.87
11.28
10.70

9! 68

9.50
9.50
9.50

522,978
528,621
535,098

334,613
340,003
343,244

325,183
328,823
331,317

15.57
15.68
15.66

10.33
9.76
8.95

9.51
9.07
8.13

8.08
7.44
7.08

10.78
10.59
9.77

9^29

9.50
9.50
9.10

542,753
547,852
550,939

E>347,952
343,700
341,238

337,163
337,955
340 217

15.88
15.95
15.99

April
May
June

8.71
9.09
9.39

7.59
8.02
8.23

7.20
7.54
7.87

9.80
10.07
9.98

8!l3

8.83
8.50
8.50

555,810
562,267
567,653

337,873
339,689
337,118

339,230
339,689
337,455

15.94
16.15
16.30

July
August
September

9.11
9.03
9.28

7.86
7.72
8.08

7.51
7.21
7.11

10.01
9.80
9.90

7^3

8.16
7.90
7.50

573,216
r576,609
[H>p584,977

r337,634
r341,717
r340,70l

r339,331
r344,126
r342 s 413

16.41
rl6.47
E>pl6.66

9.29
8.98

8.04
7.81

7.08
6.84

9.80

7.50
7.50

(NA)

p343,866

R>p344,901

(NA)

January
February
March

...

April

May
June

1985

1986
January
February
March

October
November
December

l

.

2

...

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
'Average for weeks ended November 7, 14, 21, and 28.
2
Average for weeks ended November 6, 13, 20, and 27.

NOVEMBER 1986




7
3

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 99,106,

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

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

111)

1-month
span

6-month
span

1-month
span

961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries

962. Initial claims for
unemployment insurance,
State programs, 51

963. Employees on
private nonagricultural
payrolls, 186
industries

6-month
span

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

1984
January
February
March

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
75.0

66.7
66.7
75.0

67.5
85.0
7.5

80.0
52.5
42.5

36.3
72.5
70.6

76.5
90.2
56.9

67.8
72.7
67.6

78.1
76.5
77.0

April
May
June

58.3

41
25.

25.
25.
25.0

100.0
100.0
100.0

100.0
100.0
100.0

83.3
66.7
66.7

83.
83.
83,

97.
15.
35.

35.0
50.0
22.5

41,
31,
92,

66.7
72.5
36.3

67.6

75.1
69.2
65.1

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
66.7

83.3
66.7
66.7

37.5

7.5
42.5
7.5

19.6
52.9
76.5

27.5
35.3
13.7

62.2
55.9
50.5

63.2

42,
67.

62,
65,

July
August
September . . ,

16.
37.
75.0

25.
33.
29.

October
November . . .
December . . .

33.3
70.8
41.7

66.
58.
50.0

62.5
100.0
75.0

100.0
100.0
100.0

58.3
50.0
66.7

66.
66.
58.3

25.
70.
60.0

10.0
20.0
17.5

5.9
72.5
71.6

33.3
17.6
29.4

63.0
53.5
57.0

53,
49.
54.9

January
February
March

70.8
50.0
33.3

62,
50,
58,

50.0
100.0
75.0

100.0
100.0
75.0

66.7
50.0
58.3

50.0
50.0
66.7

35.0
22.5
85.0

40.0
40.0
47.5

11.8
72.5
84.3

33.3
41.2
64.7

52.4
47.8
53.8

49.2
47.8
43.0

April
May
June

33.3
70.8
54.2

50.0
58.3
66.7

100.0
62.5
75.0

100.0
100.0
100.0

41.7
50.0
33.3

58.3
50.0
50.0

12.5
77.5
77.5

55.0
67.5
67.5

19.6
45.1
88.2

64.7
58.8
66.7

49.2
51.6
47.0

45.9
44.
44.

July
August
September . . .

62,
58.
62,

83.3
79.2
83.3

50.0
100.0
50.0

75.0
100.0
100.0

41.7
50.0
58.3

58.3
41.7
50.0

27.5
87.5
65.0

87.
92.
97.

7.8
82.4
59.8

64.7
13.7
60.8

56.2
56.8
50.8

48.
50.
54.

October
November . . .
December . . .

75.0
37.5
75.0

83.3
75.0
45.8

50.0
87.5
87.5

100.0
100.0
62.5

91.7
41.7
66.7

58.3
75.0
66.7

75.0
52.5
95.0

75.0
80.0
80.0

23.5
74.5
27.5

64.7
33.3
64.7

61.9
57.6
59.5

57.0
57.0
55.9

January
February
March

62.5
50.0
62.5

62.5
45.8
r50.0

75.0
75.0
50.0

100.0
75.0
75.0

75.0
50.0
83.3

50.
66.
66.7

22.5
22.5
72.5

80.0
57.5
27.5

56.9
52.9
62.7

49.0
39.2
51.0

59.
53.
45.

53.8
53.8
47.6

April
May
June

75.0
50.0
54.2

58.3
58.3
66.7

100.0
25.0
37.5

75.0
75.0
100.0

16.7
58.3
33.3

33.3
33.3
33.3

45.0
45.0
45.0

r60.0
r32.5
P30.0

25.5
74.5
56.9

56.9
P60.8
(NA)

54.1
49.
46,

45.9
r45.9
r48.4

July
August
September . . .

62.5
41.7
54.2

87.5
100.0
75.0

3

50.0
r33.3
33.3

"25.0

42.5
r90.0
r60.0

34.3
77.5
P21.6

54.6
r54.3
r52.2

P48.9

P37.5

(NA)

P55.1

59,
58.

1985

1986

October
November . . .
December . . .

2

45.5

2

59.1

3

83.3

66.7

"87.5

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
l
Figures are the percent of components declining.
2
Hxcludes series 36, for which data are not available.
3
Hxcludes series 57, for which data are not available,
"idxcludes series 77 and 95, for which data are not available.

74




NOVEMBER 1986

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE-Continued

Q
964. Manufacturers'
new orders, 34
durable goods industries

Year
and
month

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

1-month
span

9-month
span

1-quarter
span

January
February
March

67.6
50.0
52.9

91.2
79.4
85.3

35.3
58.8
26.5

75.0
52.9
41.2

59

July
August
September

55.9
51.5
41.2

44.1
61.8
52.9

42

October
November
December

55.9
55.9
52.9

29.4
55.9
44.1

65

January
February
March

52.9
35.3
55.9

45.6
63.2
52.9

50

April
May
June

47.1
60.3
61 8

64.7
54.4
50 0

42

July
,
August
September . . . . . . .

55.9
55.9
45.6

67.6
47.1
61.8

59

October
November
December

57.4
50.0
35.3

52.9
47.1
52.9

53

January
February
March

55.9
44.1
42.6

41.2
44.1
47.1

36

April
May
June

61.8
32.4
64.7

41.2
r66.2
p51.5

July
August
September

50.0
38.2
70.6

October
November
December

p38.2

966. Industrial production, 24 industries

71

April
May
June

DIFFUSION INDEXES—Continued
967. Spot market
prices, 13 raw
industrial materials ©

1-month
span

6-month
span

1-month
span

*58

91.7
75.0
60.4

95.8
95.8
87.5

38.5
61.5
65.4

*59

66.7
45.8
70.8

70.8
70.8
64.6

*54

66.7
43.8
43.8

9-month
span

968. Stock prices, 500
common stocks 1 ©

960. Net profits,
manufacturing, about
600 companies 2 ©

1-month
span

9-month
span

73.1
65.4
42.3

52.1
10.6
60.6

41.5
25.5
58.7

'76

50.0
50.0
42.3

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37.0

*76

54.2
54.2
45.8

34.6
46.2
46.2

23.1
15.4
15.4

34.8
93.5
73.9

60.9
54.3
65.2

'68

22.9
43.8
54.2

30.8
57.7
19.2

15.4
19.2
34.6

34.8
78.3
26.1

82.6
76.1
91.3

*68

*50

52.1
50.0
41.7

54.2
62.5
66.7

23.1
38.5
57.7

23.1
23.1
23.1

89.1
93.5
37.0

77.8
73.3
85.6

*70

54

39.6
56.2
70.8

66.7
72.9
58 3

76.9
38.5
23 1

23.1
38.5
46 2

55.4
66.7
75 6

77.8
82.2
73 3

72

51

56.2
58.3
50 0

60.4
66.7
68.8

38.5
46.2
46.2

38.5
46.2
38.5

76.7
30.0
11.1

75.6
82.2
86.0

*70

*48

54.2
68.8
50.0

75.0
70.8
60.4

42.3
23.1
57.7

53.8
53.8
53.8

55.6
88.9
86.7

88.1
92.9
90.5

'70

p43

41.7
70.8
58.3

68.8
47.9
50.0

61.5
38.5
34.6

46.2
50.0
57.7

60.5
81.0
94.0

90.5
90.5
88.1

(NA)

(NA)

70.8
39.6
22.9

p24

79.2
37.5
50.0

r45.8
50.0
r58.3

53.8
61.5
65.4

42.3
50.0
50.0

61.9
50.0
77.4

88.1
90.5
81.0

(NA)

r58.3
r68.8
r41.7

p47.9

50.0
50.0
65.4

50.0

35.7
67.9
42.9

4-Q moving
average

(4-quarter span)

1984

1985

. ..

1986

p60.4

3

73.1
61.5

3

34.5

See note on page 74.
Graphs of these series are shown on page 37.
'Based on 47 industries through June 1984, on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries
through January 1986, and on 42 industries thereafter. Data for component industries are not shown in table C2 but are available from the
source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
3
Based on average for November 4, 11, 18, and 25.

IICII NOVEMBER 1986




7
5

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Continued

^ J

Year
and
quarter

971. New orders, manufacturing1©

d-Qspan)

b. Later
projections

c. Early
projections

Actual

Anticipated

(4-Q span)

(4-Q span)

(1-Qspan)

(1-Qspan)

972. Net profits, manufacturing
and trade' @

Actual

970, Expenditures for new plant and equipment,
21 industries
a. Actual
expenditures

DIFFUSION INDEXES—Continued
973. Net sales, manufacturing
and trade 1 ©

(4-Q span)

(4~Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

Anticipated

1983
38.1
47.6
85.7
95.2

47.6
61.9
90.5
85.7

47.6
50.0
85.7
76.2

66
74
78
84

66
77
82
85

62
66
71
74

64
73
80
81

66
74
74
80

68
78
84
86

97.6
76.2
90.5
66.7

90.5
61.9
76.2
76.2

61.9
71.4
95.2
45.2

90
86
84
79

88
91
90
88

80
79
74
74

84
86
88
84

85
84
82
80

88
90
90
88

61.9
76.2
64.3
59.5

57.1
76.2
71.4
52.4

61.9
83.3
76.2
38.1

74
74
76
75

82
84
82
80

70
69
70
70

80
81
81
78

76
74
75
74

84
84
84
81

19.0
57.1
(NA)

first quarter
Second quarter
Third quarter
Fourth quarter . . . .

35.7
66.7
42.9

47.6
69.0
47.6
66.7

76
76
(NA)

82
83
84
78

70
71
(NA)

78
81
81
78

72
73
(NA)

81
84
83
80

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

1
J

Year
and
quarter

974. Number of employees,
manufacturing and trade l @

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

978. Selling prices, retail
tradel ©

977. Selling prices, wholesale
trade1©

976. Selling price s, manufacturing1 ©

975. Level of inventories,
manufacturing and trade

Anticipated

Actual

DIFFUSION INDEXES—Continued

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(4-Q span)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

48
54
58
61

50
56
59
60

54
59
62
68

52
58
62
64

61
60
65
68

65
66
70
69

t>3
tJ2
t58
' '0

68
64
68
72

68
72
69
72

69
67
70
71

65
63
62
62

62
64
64
62

72
70
70
70

66
70
70
66

74
70
70
68

74
76
76
72

-'3
(39
(55
i55

72
76
75
72

72
68
70
70

70
74
74
68

60
58
58
59

60
62
59
58

66
63
60
61

64
66
62
58

65
62
61
61

70
70
64
62

t54
(50
59
f50

68
66
66
60

66
63
66
62

65
70
67
62

58
59
(NA)

59
60
59
58

62
61
(NA)

58
58
60
57

59
60
(NA)

62
65
62
59

>9
59
(NA)

64
64
62
62

60
62
(NA)

62
62
64
64

1984
First q u a r t e r . . . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter . . . ...
Fourth quarter . . . .

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

7
6



NOVEMBER 1986

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
1986

Diffusion index components

April

March

May

August

July

June

September

October p

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

AH manufacturing industries

40.7

40.7

40.7

40.6

40.6

40.8

40.8

40.6

Percent rising of 20 components .

(72)

(45)

(45)

(45)

(42)

(90)

(60)

(38)

Lumber and wood products
Furniture and fixtures

40.2
39.4

40.3
39.1

40.3
39.4

39.9
39.4

40.1
39.4

40.2
39.9

40.1
40.1

40.2
39.8

Stone, clay, and glass products.
Primary metal industries

41.9
41.9

42.4
41.3

42.3
41.7

42.2
41.6

42.2
41.3

42.5
41.9

42.5
42.1

42.2
42.3

Fabricated metal products
Machinery, except electrical

41.4
41.6

41.2
41.8

41.2
41.8

41.1
41.7

41.1
41.4

r41.2
r41.7

41,
41

41.0
41.5

Electric and electronic equipment .
Transportation equipment

41.0
42.7

41.1
42.1

41.0
41.9

41.0
42.2

41.1
42.1

41.2
r42.6

41.3
42.6

41.0
42.0

Instruments and related products .
Miscellaneous manufacturing

41.3
39.9

41.3
39.7

40.9
39.4

41.0
39.6

40.8
38.8

r41.0
r39.2

40.7
39.5

40.8
39.9

Food and kindred products ,.
Tobacco manufacturers

39.9
37.5

40.2
36.6

40.2
37.7

40.0
38.3

40.0
35.9

r40.3
36.2

39.7
38.7

39.7
38.8

Textile mill products
Apparel and other textile products ..

40.7
36.5

41.3
36.9

41.1
36.5

40.8
36.5

40.9
36.6

41.4
r36.5

41.5
36.7

41.2
36.6

Paper and allied products.
Printing and publishing . . .

43.5
38.a

43.0
38.0

43.2
38.0

43.1
37.8

43.2
37.9

r43.5
r38.0

43.1
38.0

42.9
37.8

Chemicals and allied products .
Petroleum and coal products ..

41.9
43.8

41.9
43.6

42.0
43.4

41.9
44.0

41.9
43.5

r42.1
r44.3

42.0
43.2

42.1
43.4

Rubber and miscellaneous plastics products .
Leather and leather products

41.3
36.3

41.1
36.3

41.2
36.7

41.3
37.7

40.5
37.0

41.2
r36.7

41.5
36.8

41.4
36.6

Durable goods industries:

Nondurable goods industries:

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES •
(Millions of dollars)
All durable goods industries

- 104,682

- 103,747

- 102,624

+ 102,730

+ 106,220

- 103,845

+ 108,723

- 102,233

(43)

(62)

(32)

(65)

(50)

(38)

(71)

(38)

Percent rising of 34 components .

Primary metals
Fabricated metal products

-

9,762
13,141

+

9,625
14,653

-

8,831
14,024

+
-

9,323
13,998

o

9,060
13,993

+
-

10,245
13,702

+

9,842
14,051

+

9,746
14,417

Machinery, except electrical
Electrical machinery

+

16,081
17,066

+
-

16,800
15,467

-

16,441
14,650

+
+

16,888
17,913

+
-

17,233
16,953

-

16,603
15,952

+

16,523
17,672

-

15,104
16,918

Transportation equipment
Other durable goods industries.

+
-

28,496
20,136

+

26,497
20,705

+
+

27,933
20,745

+

23,531
21,077

+
-

28,359
20,622

+

26,704
20,639

+
+

28,964
21,671

-

25,548
20,500

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.

( + ) = rising, (o) = unchanged, and ( - ) = falling.

The "r" indicates revised; "p",

x

Data are seasonally adjusted by the source agency.
Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.
2

ItCII NOVEMBER 1986



77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1986

Diffusion index components

March

May

April

June

July

Augustr

September1"

October 1 3

966. INDEX OF INDUSTRIAL PRODUCTION
(1977=^100)

All industrial production

Percent rising of 24 components

123.6
}

124.7

124.2

(23)

(79)

(38)

121.3
145.9

124.9

125.1

125.2

125.2

(50)

(58)

(69)

(42)

(60)

121.6
146.2

120.9
147.1

- rl20.8
+ rl49.5

123.1
147.8

(NA)

(NA)
(NA)

124.2

+

Durable manufactures:
Lumber and products.
Furniture and fixtures

120.7
142.9

Clay, glass, and stone products...
Primary metals

120.0
76.3

121.6
78.1

120.2
74.8

120.8
71.4

+

119.6
r73.6

Fabricated metal products .
Nonelectrical machinery

107.6
141.7

108.2
140.8

106.5
141.3

106.6
140.4

Electrical machinery
Transportation equipment ..

165.2
122.6

166,8
126.2

166.0
124.1

Instruments
Miscellaneous manufactures . . .

142.0
99.0

142.4
99.2

140.3
101.0

+
+

+
+

-

147.0

119.6
73.4

+

121.4
72.8

- rlO5.7
+
142.6

105.8
143.0

+
-

105.9
141.3

106.0
142.0

163.2
125.1

+
+

166.8
125.6

167.1
125.1

+

166.8
127.8

167.3
125.2

139.9
98.3

+

141.7
r97.5

142.1
97.8

140.6
97.0

139.4
(NA)

134.6
97.6

+

rl34.3
r97.9

Nondurable manufactures:
Foods
Tobacco products .

132.2
93.6

+
+

133.1
100.3

+
+

133.7
101.6

+

Textile mill products
Apparel products

108.0
102.8

+
+

111.4
103.1

-

111.3
102.6

+
-

112.6
101.7

+ rll3.4
+ rlO2.5

Paper and products
Printing and publishing .

132.4
157.8

+
+

134.1
161.6

+

133.2
161.9

+
+

137.2
164.0

+ rl38.1
+ rl65.4

Chemicals and products
Petroleum products

130.2
88.6

+
+

132.8
91.3

+

131.5
95.7

+

134.2
91.8

-

Rubber and plastics products..
Leather and products

147.8
62.7

-

146.8
61.5

+

150.1
59.5

+

152.2
57.9

(NA)
(NA)

+
+

116.2
103.0

(NA)
(NA)

138.9
165.0

-

137.5
164.0

134.4
94.5

+

134.7
93.3

(NA)
92.4

156.0
62.0

+

156.4
60.2

(NA)
(NA)

-

•+'

114.2
102.2

+
-

rl34.1
r90.6
rl55.5
61.9

(NA)

135.4
96.9

+

+
+

134.8

+

(NA)
164.5

Mining:
Metal mining .
Coal

75.9
124.7

76.0
124.4

72.0
124.0

65.9
127.3

Oil and gas extraction
Stone and earth minerals

99.2
111.6

96.2
115.0

95.1
112.4

114.5

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.

+
-

69.2
120.2

(NA)
122.2

(NA)
120.8

(NA)
(NA)

-

r92.4
111.8

91.2
115.8

90.6
108.1

90.4
(NA)

93.3

( + ) = rising, (o) = unchanged, and ( —) = falling.

The "r" indicates revised; "p".

*0ata are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

2

78



NOVEMBER 1986

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

M l

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

Diffusion index components

1986

April

March

-

Percent rising of 13 components

223.1

June

July

August

September

October

November1

INDEX OF SPOT MARKET PRICES, R W INDUSTRIALS 2
A

967.

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

May

-

219.9

+

(54)

(35)

221.3

+

(62)

225.0

+

(65)

227.6

-

212.0

(50)

+

(50)

221.2

+

(65)

235.5

+

(73)

243.7
(62)

Dollars

Copper scrap

(pound)..
(kilogram)..

+

O.5O5
1.113

-

0.488
1.076

-

0.464
1.023

+

0.466
1.027

-

0.428
0.944

Lead scrap

(pound).,
(kilogram)..

+

0.105
0.231

+

0.110
0.243

+

0.114
0.251

+

0.126
0.278

+

0.130
0.287

Steel scrap

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

-

77.250
85.153

-

74.400
82.011

-

71.500
78.814

-

70.000
77.161

o

4.000
8.818

-

3.284
7.240

-

3.115
6.867

-

3.060
6.746

0.416
0.917

+

0.444
0.979

-

0.431
0.950

-

0.429
0.946

-

0.126
0.278

+

0.138
0.304

+

0.153
0.337

+

0.173
0.381

70.000
77.161

+

74.750
82.397

-

72.600
80.027

-

71.500
78.814

-

71.000
78.263

-

3.056
6.737

+

3.068
6.764

3.052
6.728

+

3.138
6.918

+

3.430
7.562

Tin

(pound)..
(kilogram)..

Zinc

(pound)
(kilogram)..

o

0.354
0.780

-

0.339
0.747

+

0.354
0.780

+

0.395
0.871

+

0.430
0.948

+

0.444
0.979

+

0.453
0.999

+

0.481
1.060

+

0.489
1.078

Burlap

(yard)..
(meter)'..

-

0.225
0.246

+

0.231 +
0.253

0.240
0.262

+

0.247
0.270

-

0.242
0.265

-

0.229
0.250

-

0.220
0.241

-

0.217
0.237

+

0.218
0.238

Cotton

(pound)..
(kilogram)..

+

0.628
1.384

+

0.639
1.409

+

0.656
1.446

+

0.669
1.475

-

0.666
1.468

-

D.267
0.589

+

0.336
0.741

+

0.442
0.974

+

0.457
1.008

Print cloth

(yard).,
(meter)..

-

0.642
0.702

+

0.648
0.709

+

0.690
0.755

+

0.702
0.768

+

0.712
0.779

0.700
0.766

+

0.760
0.831

+

0.868
0.949

+

1.035
1.132

Wool tops

(pound)..
(kilogram)..

o

3.000
6.614

o

3.000
6.614

o

3.000
6.614

+

3.200
7.055

o

3.200
7.055

+

3.275
7.220

+

3.300
7.275

+

3.805
8.389

+

3.980
8.774

Hides

(pound).,
(kilogram),.

0.678
1.495

+

0.729
1.607

+

0.786
1.733

-

0.785
1.731

-

0.784
1.728

-

0.768
1.693

-

0.745
1.642

+

0.760
1.675

-

0.752
1.658

Rosin

(100 pounds)
(100 kilograms)..

o

50.000
110.230

0

50.000
110.230

o

50.000
110.230

o

50.000
110.230

0

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

-

0.423
0.933

0.392
0.864

+

0.401
0.884

+

0.408
0.899

+

0.434
0.957

+

0.435
0.959

+

0.451
0.994

+

0.468
1.032

-

0.448
0.988

0.108
0.238

-

0.100
0.220

-

0.087
0.192

+

0.097
0.214

+

0.098
0.216

+

0.112
0.247

+

0.123
0.271

o

0.123
0.271

Rubber

Tallow

.

(pound)..
(kilogram)..
(pound)..
(kilogram)..

0.106
0.234

+

3

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

The index is the average for November 1 through
Data are not seasonally adjusted. These series
written permission from Commodity Research Bureau,
3
Data beginning August 1, 1986, reflect a change
2

NOVEMBER 1986



= falling.

The "r" indicates revised; "p"

26; component prices are averages for November 5, 12, 19, and 26.
are based on copyrighted data used by permission; they may not be reproduced without
Inc. Components are converted to metric units by the Bureau of Economic Analysis.
in the domestic Federal price support for cotton.

79

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT

1
D
Year
and
quarter

(Ann. rate,
bit. dot.)

(Ann. ate,
bil. dol.)

(Ann. rate,
bil. dol.)

213. Final sales
in 1982 dollars

(Ann. rate,
dollars)

c. Percent
change at
annual rate

b. Difference

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil. dol.)

217. Per capita
gross national
product in 1982
dollars

50. Gross national product in 1982 dollars

200. Gross national product in current dollars
a. Total

GNP AND PERSONAL INCOME

(Ann . rate,
bil. dol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

3.265.8
3,367.4
3,443.9
3,545.8

53
101.
76.
101.

3
6
5
9

6
13
9
12

8
0
4
4

3 ,186
3 ,258
3 ,306
3 ,365

6
3
4
1

27
71
48
58

3,670.9
3,743.8
3,799.7
3,845.6

125.
72.
55.
45.

1
9
9
9

14 9
8 2
6 1
4.9

3 444
3 ,487
3 ,507
3 ,520

7
1
4
4

79
42
20
13

63.
55.
65.
57!

7
7

6 8
5 8

c

c
0 0

4,149.2
4,175.6
r4,241.1

61.
26.4
r65. 5

13,61?
13,894
14,062
14,277

3 ,228.9
3 ,267.6
3,307.4
3 ,338,1

(

6
4
3
0

3,909.3
3,965.0
4,030.5
4^087.7

-J.5
3.3
i5.0
i KZ

3
7
1
7

14,582
14,73C
14,778
14,795

3 ,359.6
3 ,430.0
3,446.8
3 ,486.4

14,874
14,928
1 R r\Ai
ID,UHJ

3 ,523.9
3 ,550.2

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

3.8

1 f,

0

\3
]['.5

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

0

9

JO

5 8

0
0
3 622 3

2
2 6
r6 4

2

;J.I
2 .3

26 6
20.6

3 547 0
3 567 6

0

3 >655 9
3 661 4
r3 , 6 8 7 3

1

1

c.

O

18 5

2.1

15,080

3 !627.*5

33 6
5 5
r25. 9

c
).*6

1.8

15,18E
15*179
rl5,251

3,616.1

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

D
Year
and
quarter

E

GNP AND PERSONAL INCOME—Continued

1

?30. Total in current

Disposable personal income
224, Current dollar
(Ann, rate,
bil. dol.)

tiollars

r'c
1.9

3
',693*. 1

PERSONAL CONSUMPTION EXPENDITURES
232. Durable goods
in current dollars

231. Total in 1982
dollars

233. Durable goods
in 1982 dollars

227. Per capita in
1982 dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

{Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

{Ann. rat
dollars)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

2,345 7
2,443, 2
2,527. 9

2, 2 8 8 . 4
1
335*. 4
2, 3 9 2 . 7

2,612. 7
2,646. 3
2,,6^3. 8
2,729. 6

2,
2,
2,
2,

2,39s! 4

z\

9 780
855
9! 933
10, 151

p 1/tC
c , J.tD
2 .213
2 ,262
2 ,315

358
392
457
477

2 ,363
2
2 ^445
2 ,487

c
0

o

OQA

C. f

9
L

0
8
8

2 , 135 1
2, 163 0
2, 191 9

Q

2 9 9 1 "5 Q

1
6
2

2]246

3
2 , 253 3
2, 271 7

con

Q

c ,DJU
2 ,576
2 ,627
2 ,667

y
0
1
9

p
^,

oac
cuD.

7
/

284.5
295.2
310.0

280 !o
288.5
300.5

•391 0
•JC i. . C

Oil
1
•311.1

331.3
331.8
340.4

319.0
318.8
326.8

2 , 311 9
2, 342 0
2, 351 7

147 7
354! 0
373.3
362,0

338.8
357.4
347.0

2, 372 7
2, 408 4
446 .8

360.8
373.9
r410.7

345.4
357.1
"388.2

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . . .

446.
460.
481.
493.

9
3
9
1

10,
10,
10,
10,

C XO

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

2,755. 4
2',842'. 3
2,832. 0
2,882. 2

2 495 7

/
2]550.* 8

1 pi
1U ,

2, 5 2 4 . 7
2, 5 4 0 . 7

10. 674
10, 537
10, 577

2, 5 8 1 . 2
2, 6 2 5 . 8
r2, 610. 3

10, 723
10, 886
rlO, 796

0

<j

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

2.935. 1
2.978. 5
r2,982. 7

2 .697 9
2 ,732 0
rl , 7 9 5 .9

NOTE: Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 4 1 .




NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
A

I NATIONAL INCOME AND PRODUCT—Continued

D
Voor

Year

quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

PERSONAL CONSUMPTION EXPENDITURES—Continued
238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

Q

237. Services in
current dollars

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bit. dot.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

791.0
810.9
827.0
837.9

786.3
795.7
806.2
812.7

1,088.9
1,117.6
1,140.6
1,167.9

1,044.6
1,059.4
1,068.3
1,078.6

428.3
481.3
519.7
579.8

427.1
486.9
524.8
577.2

471.0
492.5
525.2
548.8

469.4
496.2
525.8
550.3

855.7
870.3
873.9
880.3

819.7
832.8
831.7
830.5

1,186.9
1,214.5
1,239.9
1,266.5

1,083.0
1,094.6
1,102.8
1,114.4

659.5
657.5
670.3
661.1

649.3
649.7
658.9
649.9

564.0
597.6
605.8
624.4

564.1
592.7
598.3
615.9

888.2
902.3
907.4
922.6

834.3
841.3
843.8
847.2

1,294.9
1,319.7
1,346.4
1,383.2

1,125.8
1,131.8
1,140.8
1,157.5

650.6
667.1
657.4
669.5

638.2
655.6
643.8
653.2

625.2
648.0
654.3
672.6

615.0
638.1
643.1
658.4

929.7
928.4
r932.2

860.6
877.3
r874.8

1,407.4
1,429.8
rl,453.0

1,166.6
1,174.0
rl,183.8

708.3
687.3
r674.8

684.0
664.7
T648.1

664.4
672.8
r682.8

644.1
649.6
r653.9

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

• •
• S I

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

E9

GROSS PRIVATE
DOMESTIC INVEST.—Con.

(Ann. rate,
bil. dol.)

260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

30VERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1982 dollars

(Ann. rate,
bil. dol.)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-42.6
-11.2
-5.5
31.0

-42.3
-9.3
-1.0
27.0

668.1
675.2
680.7
676.1

649.2
650.9
653.6
642.2

285.5
287.7
284.9
276.1

278.2
278.5
277.6
266.0

382.7
387.5
395.8
400.0

371.0
372.4
376.0
376.2

95.5
59.9
64.4
36.7

85.1
57.0
60.6
33.9

693.2
733.3
743.8
763.4

650.2
678.2
681.0
691.5

283.4
315.2
317.2
329.1

271.2
296.3
295.6
303.8

409.8
418.1
426.6
434.3

379.0
381.8
385.4
387.7

25.4
19.1
3.1
-3.1

23.2
17.4
0.7
-5.2

777.3
799.0
829.7
855.6

695.3
708.3
731.8
749.4

333.7
340.9
360.9
380.9

305.8
311.4
329.9
347.2

443.5
458.1
468.8
474.7

389.5
396.9
401.9
402.2

39.9
15.1
r-5.7

836.7
860.8
r878.5

725.2
742.2
r756.0

355.7
367.6
r372.7

320.4
328.9
r335.4

480.9
493.3
r505.7

404.8
413.3
r420.6

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

43.8
14.5
r-8.0

See note on page 80.
Graphs of these series are shown on pages 4 1 , 42, and 43.

NOVEMBER 1986



81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q

255. Constant
(1982) dollars

250. Current
dollars

280. Compensation of
employees

257. Constant
(1982) dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

256. Constant
(1982) dollars

252. Current
dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services

Year
and
quarter

• M
139

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1983
22.7
-2.1
-19.3
-25.8

16.1
-14.6
-35.0
-46.2

343.6
344.1
357.7
364.7

342.5
341.7
352.8
355.5

320.9
346.2
376.9
390.5

326.4
356.3
387.8
401.6

2,599.1
2,685,5
2,741.8
2,851.5

1,958.8
1,995.0
2,036.3
2,092.7

-45.6
-63.2
-60.0
-66.1

-68.6
-87.2
-85.7
-92.7

373.4
382.1
389.2
386,2

361.3
367.0
375.5
375.0

419.0
445.3
449.1
452.2

429.9
454.2
461.2
467.7

2,963.2
3,010.3
3,052.3
3,102.0

2,153.7
2,195.4
2,234.7
2,275.0

-49.4
-77.1
-83.7
-105.3

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

-78.8
-108.1
-113.8
-132.0

378.4
370.0
362.3
368.2

369.4
361.2
355.8
362.9

427.9
447.1
446.0
473.6

448.2
469.3
469.6
494.8

3,157.0
3,201.4
3,243.4
3,287.3

2,316.3
2,352.1
2,380.9
2,423.6

-125.9
-153.9

374.8
363.0
r368.0

369.2
359.8
r367.9

468.5
467.5
T476.1

495.1
513.6
r531.5

3,340.7
3,376.4
p3,396.7

2,461.5
2,480.2
r2,507.3

1984
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-93.7
-104.5

r-108.2

r-163.6

Q |
282. Proprietors'
income with IVA
and CCAdj1

Year
and
quarter

(Ann. rate,
bil. dol.)

Q

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

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with IVA and
CCAdj1

288. Net interest

(Ann. rate,
bil. dol.)

(Ann. rate,
bil, dol.)

290. Gross saving

(Ann. rate,
bil. dol.)

SAVING

295. Business
saving

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

1983
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

183.9
192.3
179.5
207.8

13.8
15.4
11.2
12.4

170.6
207.0
228.9
248.5

272.1
275.8
285.9
290.2

424.2
448.2
462.3
519.9

433.9

139.5

472 !o
487.3

116A

242.5
229.6
234.6
240.7

12.1
8.4
7.1
5.6

262.5
271.7
259.8
265.0

292.5
305.2
316.1
315.7

580.7
568.7
578.2
565.5

489.0
505.0
510.0
520.3

179.2
157.6
172.9
165.0

250.7
255.5
249.3
262.1

6.8
8.1
7.3
8.3

266.4
274.3
296.3
285.6

316.8
311.4
309.7
307.6

573.2
566.8
541.7
524.1

525.6
538.9
560.1
553.5

144.1
183.6
119.6
125.8

265.3
289.1
r279.5

12.8
16.3

rl5.9

296.4
293.1
P299.6

304.9
297.7
r294.5

583.2
539.7
P520.2

569.2
565.6
P571.3

145.6
153.1
r90.4

145.4

1984
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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

82




NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

SAVING—Continued

Q |

293. Personal
saving rate

298. Government
surplus or deficit

Percent of gross national product
235. Personal consumption expenditures

(Ann. rate,
bil. dol.)

SHARES OF GNP AND NATIONAL INCOME

(Percent)

(Percent)

248. Presidential
fixed investment
(Percent)

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1983
-149.2
-126.0
-126.2

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

-112.9

5.9
5.1
4.8
5.8

65.7
65.7
65.7
65.3

10.4
10.2
10.4
10.8

4.0
4.4
4.9
4.7

-1.3
-0.3
-0.2
0.9

0.7
-0.1
-0.6
-0.7

-87.5
-93.9
-104.8
-119.9

6.9
6.0
6.4
6.0

64.4
64.5
64.4
64.7

10.6
11.0
11.1
11.5

4.8
4.9
4.8
4.7

2.6
1.6
1.7
1.0

-1.2
-1.7
-1.6
-1.7

-96.6
-155.6
-138.0
-155.1

5.2
6.5
4.2
4.4

64.7
65.0
65.2
65.3

11.3
11.6
11.4
11.6

4.7
4.8
4.8
4.9

0.6
0.5
0.1
-0.1

-1.3
-1.9
-2.1
-2.6

-131.6
-179.0
p-141.5

5.0
5.1
r3.0

65.0
65.4
r65.9

11.1
11.0
10.9

4.9
5.2
5.2

1.1
0.3
-0.2

-2.3
-2.5
-2.6

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

^ J
Year
and
quarter

SHARES OF GNP AND NATIONAL INCOME—Continued
Percent of national income

Percent of GNP—Continued
265. Federal Government purchases of
goods and services

268. State and local
government purchases
of goods and services

(Percent)

(Percent)

64. Compensation of
employees
(Percent)

283. Proprietors'
income with IVA
and CCAdjl
(Percent)

285. Rental income
of persons with
CCAdj1
(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1
(Percent)

289. Net interest

(Percent)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

8.7

8.5
8.3
7.8

11.7
11.5
11.5
11.3

75.4
74.3
74.3
73.4

7.1
7.2
6.5
7.3

0.5
0.6
0.4
0.4

6.6
7.7
8.3
8.7

10.5
10.3
10.4
10.2

7.7
8.4
8.3
8.6

11.2
11.2
11.2
11.3

72.7
72.9
73.2
73.3

8.2
7.6
7.7
7.8

0.4
0.3
0.2
0.2

8.9
9.0
8.5
8.5

9.9
10.1
10.4
10.2

8.5
8.6
9.0
9.3

11.3
11.6
11.6
11.6

73.4
73.5
73.4
73.7

7.9

8.0
7.7
8.0

0.2
0.3
0.2
0.3

8.4
8.6
9.1
8.7

10.0
9.7
9.5
9.4

8.6
8.8
r8.8

11.6
11.8
11.9

73.7
73.5
p73.8

7.9
8.6
p8.2

0.4
0.5
pO.5

8.9
8.7
p8.8

9.1
8.8
p8.7

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

ICO

NOVEMBER 1986




83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Q

310. Index

(1982-100)

310c. Change
over 1-quarter
spansl

(Ann. rate,
percent)

311. Index

311c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product

Implicit price deflator for
gross national product
Year
and
month

PRICE MOVEMENTS

320. Index ©

320c. Change
over 1-month
spans1

320c. Change
over 6-month
spans'

322. Index

322c. Change
over 1-month
spans'

322c. Change
over 6-month
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

(1967-100)

0.3

4.6
4.3
4.2

299.7
300.9
301.2

1.3
0.4
0.1

5.1
4.4
4.1

308.8
309.7
310.7

0.4
0.2
0.3

3.6
3.7
3.9

301.5
300.9
301.9

0.1
-0.2
0.3

2.1
2.5
2.5

3.4

311.7
313.0
314.5

0.3
0.4 !
0.4

3.7
3.8
3.8

302.8
304.7
304.9

0.3
0.6
0.1

2.9
3.6
3.5

3.5

315.3
315.3
315.5

0.3
0.2
n1

3.5
3.3
3.5

305.8
306.2
307.2

0.3
0.1
0.3

3.3
2.3
2.4

3.4

316.1
317.4
318.8

0.2
0.3
0.5

3.6
3.6
3.6

307.7
308.2
308.6

0.2
0.2
0.1

1.9
1.4
1.2

3.4

320.1
321.3
322.3

0.3
0.2
0.2

3.6
3.4
2.8

308.7
308.4
309.1

0.0
-0.1
0.2

1.0
0.9
1.4

2.5

322.8
323.5
324.5

0.2
0.2
0.2

2.9
3.6
3.8

309.2
309.6
310.7

0.0
0.1
0.4

1.6
3.1
4.0

3.6

325.5
326.6
327.4

0.4
0.6
0.4

4.1
2.9
1.6

311.1
313.2
315.2

0.1
0.7
0.6

4.4
2.7
2.2

2.1

328.4
327.5
326.0

0.3
-0.4
-0.4

0.3
-0.4
-0.2

315.9
313.8
314.1

0.2
-0.7
0.1

2.5
2.1
1.0

1.2

325.3
326.3
327.9

-0.3
0.2
0.5

-0.8
0.3
1.8

315.0
316.4
316.7

0.3
0.4
0.1

2.3
5.6
6.3

r2.1

328.0
328.6
330.2

0.0
0.2
0.3

2.7

319.5
322.5
323.9

0.9
0.9
0.4

6.4

330.5

0.2

325.0

0.3

(1967 = 100)

(Percent)

305.2
306.6
307.3

0.6
0.4

3.4

(1982-100)

(Percent)

1984
4.6

January
February
March

106^6

April
May
June

107.4

July
August
September

108.3

October
November . .
December

109*. 2

4.0
106.3

3.0
107.2

3.4
108! 1

3.4

109] i

1985
January
February
March

110.2

April
May
June

ni'.i

July
August
September

lli'.S

October
November
December

112*8

3.7

110*0
3.3

110*9
2.5

ni'e

3.6
112*-6

1986
January
February
March

113.5

April
May
June

114*. 6

July
August
September

115*6

2.5
113.2

1.8
113^5

3.6

October
November
December

114, i

See note on page 80.
Graphs of these series are shown on pages 48 and 49.
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.




NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j
Producer price index, all commodities
Year
and
month

330.Index ©

(1967=100)

330c. Change
over 1-month
spans' @

(Percent)

PRICE MOVEMENTS-Continued
Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 6-month

335. Index ©

335c. Change
over 1-month

(Ann. rate,
percent)

(1967 = 100)

331c. Change
over 1-month
spans'

1

spans' ©

spans' ©

331. Index

335c. Change
over 6-month

spans ©

(Percent)

(Ann. rate,
percent)

(1967 = 100)

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1984
January
February
March

308.0
308.9
311.0

0.6

0.3
0.7

3.5
4.0
3.4

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

335.4
329.5
337.1

1.2
-1.8
2.3

3.6
3.7
-0.3

April
May
June

311.3
311.5
311.3

0.1
0.1
-0.1

2.5
1.2
-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335.5
333.9
330.8

-0.5
-0.5
-0.9

-1.7

311.9
310.7
309.3

0.2
-0.4
-0.5

-1.2
-0.8
-1.0

323.9
323.3
322.2

0.0
-0.2
-0.3

0.5
0.4
-0.5

332.5
329.5
328.1

0.5
-0.9
-0.4

-6.6
-4.1
-3.2

309.4
310.3
309.8

0.0
0.3
-0.2

-1.5
-1.0
-0.5

323.4
323.8
323.0

0.4
0.1
-0.2

-0.6
-0.7
0.2

324.3
326.9
325.4

-1.2
0.8
-0.5

-6.9
-8.5
-10.2

309.5
309.1
308.6

-0.1
-0.1
-0.2

-0.1
-0.3
-0.4

322.9
322.2
322.5

0.0
-0.2
0.1

0.2
0.9

1.1

320.8
315.2
311.0

-1.4
-1.7
-1.3

-10.2
-12.6
-12.8

309.3
309.8
309.2

0.2
0.2
-0.2

-0.3
-1.2
-2.0

323.8
325.3
324.8

0.4
0.5
-0.2

0.9
0.9
-0.1

307.3
305.6
303.8

-1.2
-0.6
-0.6

-10.8
-11.8
-11.2

July
August
September

309.0
307.3
305.5

-0.1
-0.6
-0.6

-0.9
-0.2
0.6

324.4
323.7
322.3

-0.1
-0.2
-0.4

0.2
-0.4
0.2

303.0
296.1
293.1

-0.3
-2.3
-i n

-3.3
1.6

October
November
December

307.9
309.5
310.2

0.8
0.5
0.2

-0.1
-1.9

324.2
324.7

0.6
0.2

-0.4
-2.9

302.2
308.0
OAT n
. U

3.1
1.9
-0 3

-0.1
-6.3
-8.6

308.9
304.4
300.3

-0.4
-1.5
-1.3

-6.2
-6.5

298.2
299.2
r299.0

July
August
September

....
. . .

October
November
December

0.0
-5.3

1985
January
February
March
April
May
June

. ..

n i

1.U

9 1
t., i

1?£i 1
JLJ . 1

U. I

3. 1

r-7.1

323.8
318.9
314.0

-0.4
-1.5
-1.5

-7.6
-7.9
r-8.0

302.9
286.6
280.2

-1.3
-5.4
-2.2

-19.8
-19.5
r-19.8

-0.7
0.3
-0.1

-7.1
-4.7
-1.7

311.6
311.6
r311.8

-0.8
0.0
rO.l

-9.2
-6.9
-3.3

270.7
276.4
r275.0

-3.4
2.1
r-0.5

-16.7
-7.3
-2.1

297.7
297.2
297.7

-0.4
-0.2
0.2

0.1

308.5
307.7
308.8

r-1.1
-0.3
0.4

-1.5

276.4
275.9
277.3

rO.5
-0.2
0.5

8.4

298.3

0.2

309.3

0.2

281.8

1.6

_C

1

JU/

1986
January
February
March
April
May
June
July
August
September
October
November
December

..

See note on page 80.
Graphs of these series are shown on page 48.
1
Changes are centered within the spans:

NOVEMBER 1986



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

85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

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

332. Index

(1967-100)

332c. Change
over 1-month
spans l

(Percent)

Producer price index, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967 = 100)

333c. Change
over 1-month
spans1

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1967-100)

334c. Change
over 1-month
spans'

334c. Change
over 6-month
spans l

(Percent)

(Ann. rate,
percent)

1984
January
February . . .
March

317.1
317.9
319,7

April
May
June

0.3
0.3
0.6

2.7
3.2
3.2

291.0
291.7
292.3

0.3
0.2
0,2

3.7
2.9
2.5

288.6
289.3
290.7

0.8
0.2
0.5

3.0
3.7
2.9

320,
320,
321,

•0.2
0.2
0.1

2.4
1.6
0.2

294.3
293.6
293.8

0.7
-0.2
0.1

2.4
2.3
2.4

290.8
290.7
290.5

0.0
0.0
-0.1

1.7
0.7
-0.5

July
August . . . .
September . ,

320.9
320.4
320.0

-0.1
-0.2
-0.1

-0.6

294.5
295.0
295.8

0.2
0.2
0.3

0.5
1.6
1.2

291.0
290.3
290.0

0.2
-0.2
-0.1

-0.5
0,1
0.4

October . . . .
November . .
December . .

320,
320.
320,4

0,1
0.1
-0.1

-0.3
-0.9
-0.9

295.0
295.9
295.6

-0.3
0.3
-0.1

1.6
2.5
2.4

290.0
290.8
291.1

0.0
0.3
0.1

-0.3
-0.2
-0.1

January
February . . .
March

320.4
319.0
318.6

0.0
-0.4
-0.1

-0.7
-0.4
-1.2

296.8
298.6
299.3

0.4
0.6
0.2

3.1
2.8
3.3

290.5
290.0
289.9

-0.2
-0.2
0.0

1.3
1.2
0.3

April
May
June

319.3
320.0
318.5

0.2
0.2
-0.5

-0.9

299.6
300.0
300.4

0.1

2.6
1.8
0.3

291.9
292.6
291.6

0.7
0.2
-0.3

1.4
0.8
-0.2

July
August . . . .
September . .

317.8
317.4
317.2

-0.2

-1.1
-0.9
0.9

300.
301.
299.

2.1
2.3
2.3

292,
291,
289,

0.3
-0.4
-0.5

0.1
1.3
3.5

October
November . . .
December . . .

317.5
318.6
319.9

0.1
0.3
0.4

0.4
-2.3
-4.4

302,
303.
303.8

1.0
0.2
0.1

1,7
1,6
3.1

292.1
294.5
296.7

0.9
0.8
0.7

1.1
-2.3
-3.8

318.4
313.8
310.1

-0.5
-1.4
-1.2

-6.4
-7.6
r-8.4

303,
303,
304.

-0.2
0.1
0.2

1.7
1.3
rl.5

294.1
387.8
284.1

-0.9
-2,1
-1.3

-6.9
-7.2
r-8.4

-1.0
-0.3
rO.O

-8.6
-6.0
-2.8

305,
305,
r306.0

0.3
0.0
r0.2

2.0
1.9
2.2

281.
283,
r283.9

-0.8
0.6
rO.l

-8.1
-3.4
0.0

-1.4

306.
306,
307,

rO.l
0.1
0,4

2.6

281.9
282.9
284.1

r-0.7
0.4
0,4

2.2

285.0

0.3

1985

1986
January . .
February .
March . . .
April . . . .
May . . . .
June . . . .

307.
306,
r306.

July . . . .
August . .
September

304.4
304.2
305.8

r-0.6
-0.1
0.5

October . .
November
December

304.9

-0.3

See note on page 80.
Graphs of these series are shown on page 48.
1
Changes are centered within the spans:




309.2

0.5

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

NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY-Continued

WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls'
Year
and
month

Current-dollar earnings
340. Index

(1977 = 100)

340c. Change
over 1-month
spans2
(Percent)

Average hourly compensation, all employees,
nonfarm business sector

Real earnings
340c. Change
over 6-month
spans2
(Ann, rate,
percent)

341. Index

(1977 = 100)

Current-dollar compensation

341c. Change
over 1-month
spans2

341c. Change
over 6-month
spans *

(Percent)

(Ann. rate,
percent)

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann, rate,
percent)

1984
January
February
March

158.4
158.3
158 9

0.4
0.0
0 3

3.0
2.7
2 9

94.7
94.6
94 9

-0.1
-0.1
0 3

0.9
0.4
0 5

165 . ' l

April
May
June

159.6
159.5
160 0

0.5
-0.1
0 4

2.8
2.8
3 2

95.3
94.9
95 0

0.4
-0.5
n ?

0.5
-1.4
-2 0

166.4

July
August
September

160.6
160.5
161 4

0.3
0.0
0 5

2.2
3.1
3 4

94.9
94.0
94 0

-0.1
-1.0
0 0

-2.8
-1.4
-1 2

168 . ' l

October
November
December

161.4
162.0
162.7

0.0
0.4
0.5

2.7
3.9
3.1

93.9
94.2
94.4

-0.1
0.3
0.2

-1.4
1.1
0.5

169.8

January
February
March

162.7
163.6
163.8

0.0
0.5
0.2

3.5
3.1
3.1

94.3
94.5
94.2

-0.2
0.2
-0.3

0.2
-0.3
-0.4

17l!5

April
May
June

164.2
164.4
165.2

0.2
0.2
0.5

2.7
2.3
3.1

94.0
94.1
94.2

-0.2
0.0
0.2

-0.7
-0.9
0.4

173.3

July
August
September

165.0
165.5
166.4

-0.2
0.3
0.5

2.4
2.9
3.1

93.9
94.1
94.4

-0.3
0.1
0,4

0.0
-0.3
-0.5

174.7

October
November
December

166.2
166.8
167.7

-0.1
0.4
0.6

2.9
3.3
2.6

94.0
93.9
94.0

-0.4
-0.1
0.1

-1.0
0.7
1.5

176.2

January
February
March

167.3
168.2
168.5

-0.3
0.5
0.2

2.7
2.3
1.7

93.5
94.4
95.1

-0.6
1.0
0.8

2.9
3.2
2.6

177.6

April
May
June

168.4
168.7
169.2

-0.1
0.2
0.3

1.8

rl.4
1.3

95.4
95.4
95.2

0.3
0.0
-0.2

rl.6
r-0.2

July
August
September

168.9
H69.3
rl69.6

-0.2
r0.3
rO,2

95.1
95.1
95.0

-0.2
rO.l
r-0.1

October
November
December

pl70.3

p0.4

P95.3

p0.3

4.9
4.*3
3.2

4.'i
4.3.
3.*9
4.1
4.2

1985
3.9
3.9
4.4
3.8
3.2
3.6
3.6

3*.6

1986

P2.3

3.1
2^8
2.2

3.5
178]5

p-0.3

2.4
i79]e

See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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.
2

NOVEMBER 1986



87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q j

Negotiated wage and
benefit decisions

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

Real compensation
346c. Change
over 1-quarter
spans1

346. Index

(1977 = 100)

WAGES AND PRODUCTtVITY—Continued

346c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

348. Average
first-year
changes ©

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract @

(Ann. rate,
percent)

370. Index

(1977-100)

370c. Change
over 1-quarter
spans'

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977-100)

1984
January
February
March

9A6

April
May . . .
June

97!5

July . . .
August
September

97*6

October
November
December

97^7

-0.2

-0.4

0.5

0.4

6!i
6*i
6*3
6*5

5.1

4.7

4.4
2*4

3.5

3.2

2.7

3.1

-0.3
105*5

3.7

2.0

-0.1
105*5

i*6

104! 6

6*8

104*4

6*8

104*3

i*7

104! 4

6*9

104*9

105*4

1*6

104! 5

r6*2

2.6
105! 6

103*9

1*5

104! 9

105*6

1985
January
February
March

97*9

April
May
June

98*6

July
August . .
September

98* 1

October
November
December

98*6

0.6

0.3

0.6

-0.7

6*5
6*2
6*5
i*4

3.6

2.7

0.9
105.7

3,5

3.4

2.7
106*4

2.0

3.0

3.4
107*3

2.0

1.4

-3.2
106*4

1986
January
February
March

98*4

April
May
June

99*3

July
August
September

99*3

1.6

i*2

p0.4

3.3

pi.2
107*3

• • i

3.9

pO.7

0.5

pi.6
107*4

r-0.1

pi.9

105*7

r0.2

pi.9
107*4

105*8

October
November
December
See note on page 80,
Graphs of these series are shown on pages 49 and 50.
x
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 1986

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

E

|

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

Civilian labor force participation rates
451. Males
20 years
and over

(Percent)

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

(Thous.)

(Thous.)

January
February
March

112,191
112,683
112,734

103,209
103,846
103,959

8,982
8,837
8,775

4,242
4,133
4,059

3,189
3,146
3,140

1,551
1,558
1,576

7,493
7,300
7,312

5,714
5,713
5,479

78.3
78.3
78.3

53.0
53.3
53.4

53.0
53.7
53.5

April
May
June

. .

113,083
113,722
113,818

104,318
105,175
105,580

8,765
8,547
8,238

4,058
3,943
3,783

3,149
3,100
2,976

1,558
1,504
1,479

7,327
7,067
6,597

5,549
5,328
5,571

78.2
78.3
78.5

53.6
54.1
53.8

54.0
54.0
54.8

July
August
September

113,922
113,718
113,795

105,466
105,222
105,415

8,456
8,496
8,380

3,877
3,864
3,830

3,131
3,181
3,016

1,448
1,451
1,534

6,980
6,970
6,898

5,481
5,351
5,443

78.4
78.3
78.3

54.0
53.9
53.6

54.4
53.2
54.4

October
November
December

114,036
114,165
114,504

105,657
105,971
106,248

8,379
8,194
8,256

3,739
3,727
3,775

3,186
3,070
3,002

1,454
1,397
1,479

6,968
6,778
6,837

5,498
5,390
5,611

78.2
78.2
78.3

53.9
54.0
54.0

54.0
53.9
54.4

January
February
March

114,754
114,982
115,335

106,315
106,587
106,951

8,439
8,395
8,384

3,766
3,763
3,743

3,160
3,140
3,168

1,513
1,492
1,473

6,920
6,923
6,831

5,392
5,098
5,421

78.2
78.1
78.2

54.4
54.4
54.6

54.8
55.4
55.5

April
May
June

115,256
115,339
115,024

106,872
106,939
106,601

8,384
8,400
8,423

3,775
3,696
3,862

3,178
3,199
3,152

1,431
1,505
1,409

6,845 ,
6,816
6,770

5,402
5,550
5,278

78.1
78.2
78.1

54.6
54.5
54.6

54.9
55.3
52.4

July
August
September

115,272
115,343
115,790

106,871
107,210
107,519

8,401
8,133
8,271

3,755
3,633
3,656

3,120
3,143
3,195

1,526
1,357
1,420

6,901
6,683
6,766

5,328
5,413
5,299

77.9
78.0
78.1

54.5
54.6
54.8

54.9
53.5
54.1

October
November
December

116,114
116,130
116,229

107,813
107,969
108,206

8,301
8,161
8,023

3,677
3,656
3,566

3,054
3,057
2,988

1,570
1,448
1,469

6,726
6,713
6,583

5,241
5,295
5,294

78.1
78.1
78.0

54.9
54.9
55.0

54.8
54.3
54.0

January
February
March

116,786
117,088
117,207

108,955
108,561
108,788

7,831
8,527
8,419

3,507
3,799
3,809

2,915
3,211
3,155

1,409
1,517
1,455

6,435
6,922
6,918

5,275
5,158
5,301

78.4
78.3
78.3

55.0
55.0
55.0

53.1
55.2
55.1

April
May
June

117,234
117,664
118,116

108,892
109,110
109,673

8,342
8,554
8,443

3,663
3,897
3,827

3,097
3,125
3,104

1,582
1,532
1,512

6,783
7,037
6,756

5,621
5,673
5,320

78.0
78.1
78.2

55 O 1
55.4
55.7

55.7
55.6
54,7

July
August
September

118,072
118,182
118,220

109,882
110,155
109,891

8,190
8,027
8,329

3,824
3,628
3,798

2,998
2,990
3,042

1,368
1,409
1,488

6,671
6,497
6,785

5,191
5,259
5,298

78.0
77.9
77.9

55.8
55.9
55.7

54.1
54.9
54,9

October
November
December

118,482

110,240

8,242

3,831

2,999

1,411

6,695

5,501

77.9

55.8

55.3

1984

..,..,.

1 Qfl<\

1986

See note on page 80.
Graphs of these series are shown on page 51.

KCII NOVEMBER 1986



89

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q
Federal Govern men
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. do).)

Q ]

RECEIPTS AND EXPENDITURES

1

DEFENSE INDICATORS

Advance measures of defense activity

State and local government'

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann, rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bii. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(Mil. dol.)

(Mil. dol,)

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

1984
711*2

January
February
March

865*2

66*5

526*5

460! 6

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,503
6,884
11,713

April
May
June

-163^9

721.7

885.6

70*0

538*8

468! 7

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

5,139
6,648
6,834

July
August
September

-171*9

729.2

901. i

67*2

542! 9

47*>!8

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,600
8,090
7,301

October
November
December

-190*1

743*9

934*0

70*2

555!3

485 !b

20,821
28,892
26,686

12,901
25,552
7,017

159,226
168,321
172,010

5,167
10,091
7,448

January
February
March

-162*2

793*3

955.4

65*6

561.3

49s!e

22,492
20,377
20,346

12,449
12,432
10,360

174,180
173,704
174,338

11,061
4,708
6,240

April
May
June

-214*8

755*8

970*6

59*2

571.9

512.6

22,655
25,140
29,513

9,658
14,147
11,627

174,867
178,000
179,337

6,130
8,773
11,238

July
August
September

-197*5

792.6

990.1

59*5

584! 2

524!7

31,641
34,470
30,753

12,163
17,579
11,702

182,074
187,278
186,401

9,594
10,270
8,106

October
November
December

-217*6

80s! 8

1,023*4

62*5

592! 7

530*2

28,629
25,809
30,768

10,584
10,086
14,088

185,059
182,400
183,504

6,179
6,810
7,152

January
February
March

-201*6

800 !b

1,001.5

7o!b

608! 4

538!5

26,792
29,492
32,124

13,424
9,318
14,368

185,822
188,008
190,756

10,350
7,200
10,447

April
May
June

-238*1

807.7

1,045*7

5916

611*6

552! 6

28,162
29,221
34,945

12,855
8,849
13,493

188,903
189,004
193,207

6,500
8,430
7,253

p-205*.8

p826*i

rl,03i*.9

p64*.3

p630*.4

r566'.l

31,541
p30,323
(NA)

15,992
13,088

pl3,680

196,185
pl98,635
(NA)

10,157
8,332
r8,838

1985

1986

July
August
September
October
November
December

(NA)

P5,O26

See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.

90



NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Q |

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

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

559. Manufacturers' inventories, defense
products, book
value

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil.dol.)

588. Manufacturers' shipments, defense
products

570. Employment, defense
products industries

(Mil. dol.)

(Thous.)

Defense Department
personnel
577. Military
on active
duty ©
(Thous.)

578. Civilian,
direct hire
employment
(Thous.)

564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1984
January
February
March

148.8
150.6
151.1

17,861
18,190
18,746

113,575
114,624
120,647

18,448
17,801
17,794

5,682
5,835
5,690

1,391
1,398
1,408

2,130
2,135
2,140

1,049
1,049
1,051

April
May
June

155.0
154.9
155.8

19,017
19,514
20,035

119,870
120,758

18,525
18,609

5,916
5,760

1,414
1,424

2,138
2,141

1,052
1,056

191 C7?
i.C L )D / C

1o

c

1
i

Ar>c
,tOJ

C , IH-o

i
I

July
August . . . .'
September

156.1
159.2
161.2

20,734
21,315
22,141

123,219
125,276
126,496

18,405
19,181
19,469

6,053
6,033
6,081

1,444
1,452
1,461

2,142
2,144
2,138

October
November
December

160.8
160.4
162.9

22,551
22,581
22,517

125,340
129,092
129,775

18,687
20,152
19,899

6,323
6,339
6,765

1,470
1,474
1,485

January . . .
February
March

163.2
164.2
166.0

23,091
23,405
23,489

134,455
132,467
131,990

18,762
20,058
20,465

6,380
6,695
6,718

April
May
June

167.1
168.3
169.9

24,006
23,962
24,721

131,769
133,958
137,975

19,597
20,603
20,554

July
August
September

170.8
173.3
174.5

25,317
25,923
26,476

140,742
143,848
144,828

174.8
177.2
178.5

26,587
26,598
26,270

January
February
March

178,7
176.3
176.2

April
May
June

227!i

6^2

233.7

6!2

1,060
1,062
1,057

234 .*5

6*2

2,138
2,141
2,138

1,068
1,069
1,069

244^9

6*4

1,496
1,506
1,514

2,146
2,147
2,148

1,073
1,074
1,076

248.'9

6*4

6,352
6,584
7,221

1,521
1,530
1,541

2,148
2,149
2,151

1,081
1,084
1,084

255*. 1

6.4

21,498
22,489
21,987

6,827
7,164
7,126

1,549
1,569
1,565

2,156
2,157
2,151

1,091
1,094
1,099

265^5

6*6

143,336
142,288
141,497

20,908
21,847
22,443

7,671
7,858
7,943

1,572
1,581
1,580

2,151
2,153
2,150

1,099
1,098
1,100

268! 6

6.*6

26,762
26,254
27,080

144,814
144,433
147,801

20,152
21,586
23,342

7,033
7,581
7,079

1,589
1,590
1,589

2,157
2,160
2,160

1,103
1,087
1,084

266^4

6^4

178.0
178.0
178.4

27,565
27,754
28,117

146,968
147,912
147,201

22,101
22,921
21,954

7,333
7,486
7,964

1,594
1,598
1,576

2,150
2,150
2,143

1,081
1,072
1,060

278*4

6*7

July
August . . . . . . . . .
September

179.5
rl81.ti
r!82.4

28,149
28,466
29,036

149,275
149,963
rl51,114

22,538
21,714
p23,886

8,083
7,644
r7,687

1,605

rl,611
pi,608

2,150
2,161
2,169

1,059
1,052
1,072

r286*.5

r6*8

October
November
December

pl83.6

(NA)

pl48,180

(NA)

p7,960

(NA)

p2,177

(NA)

nco

q?n

nnc
,UJD

1985

October
November
December

,

1986

See note on page 80.

Graphs of these series are shown on pages 54 and 55.

licit

NOVEMBER 1986



91

OTHER IMPORTANT ECONOMIC MEASURES
E

I U.S. INTERNATIONAL TRANSACTIONS

Q |
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

612. General imports

Year
and
month

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dot.)

614, Imports of petroleum and petroleum
products

616. Imports of automobiles and parts

(Mil. dol.)

1984
January
February
March

17,889
17,208
17,906

3,457
3,198
3,336

4,009
- 3,848
3,764

26,204
26,420
26,948

April
May
June

17,520
17,978
17,705

3,030
3,245
2,715

3,811
3,976
3,746

28,074
26,012
25,279

July
August
September

19,154
18,123
18,210

3,236
3,022
3,153

3,790
3,878
3,640

October
November
December

18,411
18,395
19,142

2,799
3,242
3,314

January
February
March

19,401
17,853
18,446

April
May
June

4,515
4,660
5,393

3,684
3,751
3,680

6,000
5,113

3,838
3,635

A CQA
4- , U34-

•5

31,334
26,866
28,409

4,674
4,021
4,261

3,947
3,773
4,302

4,007
3,905
4,128

26,783
27,331
25,933

4,007
4,637
4,298

3,600
3,817
3,732

2,945
2,842
2,436

4,247
3,970
4,160

28,297
27,985
28,129

4,005
3,833
3,411

4,033
4,999
4,243

17,779
17,414
17,438

2,624
2,215
2,218

3,970
4,073
3,952

28,295
28,685
29,425

4,936
5,237
4,842

4,350
4,073
4,932

July
August
September

17,412
17,423
17,732

2,184
2,347
2,080

3,615
3,897
3,777

26,630
26,083
31,764

3,342
3,252
4,041

4,161
4,489
5,555

October
November
December

17,368
17,976
17,024

2,351
2,446
2,426

3,694
3,918
3,730

27,594
30,285
32,888

3,811
4,367
5,079

4,198
5,461
5,758

1

17,006
'17,734
l
18,911

2,320
2,283
2,135

3,854
4,294
3,740

'32,005
'28,895
'31,972

4,978
4,254
3,578

5,044
5,378
5,018

l

17,964
'17,430
'19,069

2,043
1,960
1,819

3,981
3,644
3,582

'28,762
'30,272
1
31,764

2,084
2,718
2,731

5,044
5,054
5,535

*17,7O7
1
17,601
'17,518

2,062
2,231
2,111

3,585
4,091
3,812

'34,121
'29,476

2,483
2,225
2,435

6,242
6,280
4,909

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

COO

1985

1986
January
February
A/larch
April
May
June

.'....

July
August . . .
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 56.
'Not seasonally adjusted. See item 7 of "New Features and Changes for This Issue" on page iv of the March 1986 issue.

92




NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
El

U.S. INTERNATIONAL TRANSACTIONS—Continued

| Q

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjustedl

Goods and services
Year
and
month

667. Balance

668. Exports

(Mil. dol.)

622. Balance

669. Imports

(Mil. dol.)

(Mil. dol.)

651. U.S. investment abroad

620. Imports

618. Exports

(Mil. dol.)

Income on investment

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1984

January
February
March

-17,872

89,907

107,779

-25,801

53,614

79,415

22,860

15,446

April
May
June

-25,394

89,053

114,447

-29,094

54,590

83,684

21,104

17,208

July
August
September

-25,166

90,631

115,797

-28,453

55,691

84,144

21,396

17,991

October
November
December

-25,874

90,522

116,396

-29,174

56,005

85,179

20,861

16,823

January
February
March

-22,832

88,040

110,872

-25,045

55,324

80,369

18,726

16,507

April
May
June

-25,959

89,350

115,309

-30,367

53,875

84,242

22,253

16,804

July
August
September

-24,454

90,234

114,688

-31,675

52,498

84,173

24,502

16,240

October
November
December

-29,451

90,873

120,324

-37,352

52,727

90,079

24,509

15,254

-31,015

91,593

122,608

-36,459

53,661

90,120

24,216

17,699

p-30,684

p91,158

pl21,842

p-36,023

p54,795

p90,818

p22,198

pl6,908

(NA)

(NA)

(NA)

(NA)

(NA)

1985

1986
January
February
March
April
May
June
July
August
September

(NA)

CNA)

(NA)

October
November
December
See note on page 80.
Graphs of these series are shown on page 57.

balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

NOVEMBER 1986




93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q |

Year
and
month

47. United States,
index of industrial production

(1977-100)

721. OECD1
European countries, index of
industrial
production

(1977-100)

728. Japan,
index of industrial production

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1977 = 100)

(1977 = 100)

(1977-100)

(1977 = 100)

727. Italy, index
of industrial
production

(1977-100)

723. Canada,
index of industrial production

(1977-100)

1984
January
February
March

118.5
119.3
119.9

108
108
107

131.5
135.4
134.2

106
108
105

105
104
105

105
104
103

106.0
104.0
108.0

110.8
107.8
110.3

April
May
June

120.5
121.0
121.9

106
107
104

135.1
137.9
138.6

105
106
95

102
105
103

103
102
103

104.3
108.0
108 4

111.8
113.3
113.8

July
August
September

122.8
123.0
122.4

108
109
109

139.2
140.2
139.4

109
108
108

107
107
105

102
102
103

107.3
108.0
110.7

114.7
114.6
112.7

October
November
December

122.1
122.7
122.7

109
109
108

143.3
143.4
142.7

109
110
109

107
105
103

103
103
104

107.5
107.0
107 4

114.0
114.5
114 1

January
February
March

122.7
123.2
123.4

108
110
111

143.0
143.4
141.9

110
109
110

101
105
107

106
106
108

102.8
111.5
111.7

115.2
115.5
116.8

April
May
June

123.3
123.6
123.6

110
111
111

144.9
147.4
144 9

110
111
112

104
107
104

109
108
108

107.6
108.5
111 i

116.4
117.6
118 8

July
August
September

123.4
124.4
124.3

rill
111
112

147.2
145.5
144.5-

rll4
112
112

rlO7
rlO7
rlO7

rlO7
108
rllO

107.3
105.8
110.6

118.8
118.7
120.0

October
November
December

123.6
124.8
125.6

112
114
110

144.8
144.2
144.6

116
116
rill

107
rlO9
104

109
110
107

106.9
110.9
106.6

119.9
119.3
121.2

January
February
March

126.2
125.3
123.6

rll2
113
rll3

144.6
145.2
144.5

113
113
rll3

104
rlO7
rlO4

108
110
110

108.0
111.0
114.5

120.3
120.3
117.1

April
May
June

124.7
124.2
124.2

114
111
rll4

144.6
145.1
145.3

117
112
116

110
103
rlO8

rill
108
107

116.2
108.5
113.7

rl20.2
117.7
rll6.6

July
August
September

124.9
125.1
rl25.2

115
pll5
(NA)

144.7
141.6
pl45.3

117
117
pll2

109
plO9
(NA)

110
pllO
(NA)

rllO.6
plO5.6
(NA)

rllS.O
rll6.3
pll5.8

October
November
December

pl25.2

(NA)

(NA)

1985

1986

(NA)

See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.

94



NOVEMBER 1986

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q
United States
Year
and
month

320. Index ©

(1967 = 100)

Japan

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738.Index ©

CONSUMER PRICES
West Germany

738c. Change
over 6-month
spans1

735. Index ©

France

735c. Change
over 6-month
spans1

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

736. Index ©

(1967 = 100)

United Kingdom

736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967 = 100)

732c. Change
over 6-month
spans1

(Ann. rate,
percent)

1984
305.2
306.6
307.3

4.6
4.3
4.2

312.3
314.2
315.1

2.7
2.4
1.5

206.6
207.1
207.3

2.6
2.5
1.9

425.4
428.0
431.0

6.6
6.6
6.9

550.4
552.6
554.4

4.1
4.0
3.7

April
May
June

308.8
309.7
310.7

3.6
3.7

3.9

315.9
318.2
315.6

2.5
-0.1
0.8

207.7
207.8
208.6

1.6
1.3
0.9

433.6
436.2
438.4

6.8
7.0
7.2

561.8
563.9
565.3

3.6
5.1
5.1

July
August
September

311.7
313.0
314.5

3.7
3.8
3.8

316.2
313.4
318.5

1.6
1.9
3.8

208.2
207.8
208.0

1.6
1.7
2.1

441.5
443.7
445.9

7.7
7.4
6.8

564.7
570.0
571.1

5.7
5.9
5.4

October
November
December

315.3
315.3
315.5

3.5
3.3
3.5

321.0
319.0
319.6

3.2
3.0
2.5

209.2
209.6
209.8

2.7
3.4
4.3

449.0
450.3
451.2

6.4
5.9
5.8

574.6
576.4
575.9

6.5
5.8
7.1

January
February
March

316.1
317.4
318.8

3.6
3.6
3.6

321.3
318.7
320.2

2.2
1.3
1.4

211.0
211.9
212.6

3.4
3.4
2.4

453.5
455.8
459.0

5.5
5.5
6.0

578.0
582.7
588.1

8.2
8.3
8. 5

April
May .
June .

320.1
321.3
322.3

3.6
3.4
2.8

321.9
323.3
323.5

1.6
1.7
0.9

212.9
213.1
213.3

1.6
0.9
0.2

462.2
464.5
466.4

5.8
5.3
4.7

600.6
603.4
604.7

7.3
6.6
4.7

July
August
September

322.8
323.5
324.5

2.9
3.6
3.8

323.8
320.7
323.8

2.2
2.4
1.7

212.9
212.2
212.6

0.0
0.2
1.1

468.2
468.7
469.2

4.1
3.9
3.3

603.5
605.1
604.8

2.8
2.7

October
November
December

325.5
326.6
327.4

4.1
2.9
1.6

328.4
325.0
325.2

1.1
1.9
1.0

212.9
213.3
213.5

1.0
0.3
-0.2

470.6
471.5
472.1

2.7
1.7
1.4

605.8
607.9
608.7

4.0
3.6
3.6

328.4
327.5
326.0

0.3
-0.4
-0.2

325.8
324.4
323.5

-0.6
-0.2
-0.6

213.8
213.3
212.8

-0.5
-0.8
-1.3

472.6
471.7
472.9

1.6
1.1
1.3

610.0
612.2
613.0

3.2
2.8
2.0

325.3
326.3
327.9

-0.8

324.7
326.9
325.2

-0.6
0.4
0.4

212.6
212.6
212.9

-1.8
-1.0
-0.7

474.7
475.6
477.0

1.3
2.3
3.0

619.0
620.1
619.8

1.0
1.1
2.3

328.0
328.6
330.2

2.7

324.4
323.8
325.4

(NA)

211.9
211.4
211.7

-1.1

477.5
478.0
479.9

(NA)

618.0
619.9
623.0

2.8

January
February
March

. ..

1985

...

rt i

J. 1

1986
January
February
March

..

April
May
June
July
August
September
October
November
December

..

330.5

0.3
1.8

(NA)

211.0

(NA)

623.9

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

IUII

NOVEMBER 1986



9
5

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

1
Q

Italy
Year
and
month

CONSUMER PRICES—Continued
Canada

737. Index©

(1967 = 100)

737c. Change
over 6-month
spans'

(Ann. rate,
percent)

Q

STOCK PRICES

733c. Change
over 6-month
spans1

19. United
States, index
of stock
prices, 500
common
stocks ©

743. 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 ©

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967=100)

733. Index ©

1984
January
February
March

678.3
685.8
690.6

11.1

10.9
10.9

329.2
331.1
331.9

4.3
4.7
3.4

181.0
171.1
171.3

687.6
699.6
736.1

185.3
182.3
178.4

275.9
263.4
261.1

45712
457.2
485.3

125.3
128.7
128.5

279.0
273.4
269.2

April
May
June

695.4
699.6
703.8

10.0
9.4
8.1

332.7
333.3
334.7

3.1
2.3
3.0

171.4
170.3
166.6

776.0
744.6
711.2

177.9
178.0
175*8

285.4
277.1
272.3

495.0
489.6
468.7

124.9
122.5
119.6

262.5
251.9
251.0

July
August
September

705.9
708.0
713.0

6.8
6.4
6.8

336.6
336.6
336.9

2.5
3.4
4.2

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256.7
274.3
287.0

447.5
478.6
497.0

121.4
128.7
127.6

241.8
269.6
270.4

October
November
December

720.1
724.4
729.5

7.2
7.7
8.9

337.5
339.7
339.9

4.3
5.2
4.4

179.3
180.9
178.9

760.5
774.7
804.7

185.2
185.1
187.4

287.9
286.0
285.2

503.7
525.9
551.2

127.4
130.5
130.5

265.9
267.6
271.2

January
February
March

736.8
744.2
749.4

10.7
11.1
10.4

341.3
343.5
344.3

5.3
4.5
4.0

186.7
196.8
195.2

839.5
851.9
900.4

195.1
202.0
213.4

294.3
307.9
317.8

578.1
585.1
592.3

147.2
164.1
165.0

293.2
293.2
295.2

April
May
June

756.1
760.6
764.4

10.0
9.4
8.5

345.7
346.5
348.3

3.4
2.9
3.6

196.5
201.1
205.5

880.3
890.6
915.0

212.5
218.7
234.2

328.9
336.4
337.2

592.0
607.0
591.3

164.4
188.7
199.0

297.8
309.2
306.5

July
August
September

766.7
768.2
771.3

7.5
6.0
7.0

349.5
350.1
350.5

3.1
3.4
4.7

209.4
204.8
200.2

941.6
915.9
915.0

234.8
237.4
253.2

321.9
316.8
312.3

568.4
597.0
605.7

212.9
229.8
246.4

314.0
318.6
297,4

October
November
December

780.6
786.1
791.6

6.2
6.2
6.2

351.7
353.1
354.7

5.2
5.0
4.6

202.5
214.8
225,5

930.9
910.7
933.9

273.6
293.2
294.9

300.4
338.9
356.3

617.4
652.0
644.5

251.1
263.9
285.2

302.2
322.8
327.8

January
February
March

795.6
801.2
804.4

5.8
6.8
5.5

356.3
357.7
358.5

4.5
4.8
2.9

226.5
238.6
252.7

936.5
964.8
1,052.8

327.1
320.8
329.6

383.6
409.9
450.2

647.8
690.0

755.0

303.8
343.9
430.2

321.2
322.7
344.3

April
May
June

806.8
809.9
813.1

5.5
5.7
4.8

359.1
360.7
361.3

3.0
3.5
3.7

258.9
259.4
266.8

1,116.7
1,144.6
1,203.9

345.8
318.7
313.8

517.4
525.9
470.6

780.6
755.5
750.0

512.3
580.0
485.1

347.9
352.8
348.6

July
August
September

813.1
814.7
817.1

4.0

363.9
365.1
365.1

4.4

261.3
266.5
259.2

1,262.7
1,354.5
pi,355.4

293.2
316.3
327.2

508.1
530.0
rp528.3

P739.7
P734.9
P751.1

483.2
P541.3
P535.5

331.7
342.2
336.6

October
November
December

822.0

258.2
P266.4

rpl,267.1
pi,290.1

rp319.1
P323.3

rp520.0
P530.1

rp735.3
P758.1

rp530.6
P518.6

rp343.4
P346.8

1985

1986

366.9

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

96



NOVEMBER 1986

APPENDIXES
B. Current Adjustment Factors
Series
u

Jan.

5. JWerage .weekly initial, claims, State , ...
, ...
unemulovment insurance
. .
144 1 101 3

13.. New business- incorporations ~ •..<-.- *-. .
.
..

105.3

; 15. Profits after •-taxes per?dollar of sales, ..v
manufacturing corporations2
... •
:

Feb.

33. Net change in mortgage debt

1 3

.

Apr.

82 8

1986
June July

Aug.

Sept.

Oct.

87 4 105 4

86 1

81 5

91,3 103.8 106.3 102.8 104.1 101.4

94.4

96.8 104.5

89 8

93 1

May

108.6

.97.3
-692 -3776 -1172

1053

446

•

95 6 105 8 127 0

94.5

99.6

-56

51

-512

99.7 100.3 100.3 100.5 100.4 100.2

99:8

99.7

99.6

99 9

99 9

92.2 101.9

95.1

86.8

80.5

91.3

84.6 124.1

114.9 100.3 111.5

84.3

88.8

81.0

72.8

78.7 186.2

70.1

119.9

92.0

.
' . ;104,1 103.6 103.2 103.6 101.3
,

98.6

96.6

93.7

97.5 100.1

101.4

99.8 100.1

100.0

525. Defense Department prime contract awards .
543. Defense Department gross unpaid
> obligations outstanding

570. Employment, defense products industries . . 100.2 '100.1
1

..

.

100.5

100.0

99.8

95.5 100.8 100.6 100.8

109.3 107.1 112.4 103.8

94.9;

96.5

107.8 101.6 108.8

99.4 100.0 100.1

99.5 102:2 100.7

97.7 100.9

92.5

82.6

84.5

90.7

96.1

90.2 111.3 100.0 104.1 104.7 100.9

95.4

98.3 104.8

614. Imports of, petroleuml and petroleum
products1. . . . . . . . . . . . . . . . .

98.3

82.5

92.0 108.2 108.3 103.1

111.7 113.1

616. Imports of automobiles and parts1 . . . . .

106.0

604. Exports of domestic agricultural products .
.

•••

-

'

.

*

•

.

85.2 100.3

785

517. Defense Department gross obligations
!
i "i cur red1 f . . . . . . . . . . ; . . . . . 121.1
r
• '

i

Dec.

1805

99.7

1408

Nov.

743

72. Commercial and industrial loans
outstanding in current dollars'*. . .

580 Defense Department net outlays

Mar.

100.2 100.3
95.4 104 4

99.5 114.0 109.1

*

606. Exports of nonelectrical machinery

....

84;5

93.7

93.5 109.3 107.9 112.0 110.0

96.5

81.5

95.0

98.6

96.1

97.9

97.7 106.2
94.7

95.4

MOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM. '
.
'
•' factors are the products of^seasonal and trading-day.factors.
Quarterly series;- factors are placed in the middle month of the quarter.
• . 3These quantities, in,mil lions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
•
•
'
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.
'••These factors apply only to'the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

57 . MANUFACTUlIIKG AND TRADE SALES IN 1982 DOLLARS
(MILLIONS OF DOLLARS)

1971.. .

265 * 129 266,*857

268^227

1 4 0 , 207
1 5 4 , 172
1 4 6 , 839
1 6 3 , 981
1 6 6 , 531
1 6 7 , 46 6
1 5 6 , 375
1 7 8 , 588
1 7 6 , 5 26
178, 415
1 8 7 , 945
1 9 6 , 939
2 0 8 , 897
223, 579
2 3 8 , 9 40
2 4 1 , 236
257 , 3 2 1
2 6 4 , 632
263 9 23
2 6 9 , 2 6 4 2 7 1 , 4 6 0 274! 644

197 2 . . .
1973. . .
1974.. .
1975...
1976. . .
1977 . . .
1978.. .
1979...
1980...
1981.. .
1982...
1983.. .
1984...
1985...
1986.. .

284 , 6 3 6
319,295
322,155
299,098
311 , 8 5 3
331 , 9 7 4
342,303
370,180
375,157
371,223
344,960
348,370
387,815
398,853

281 , 9 3 1
320,131
320,952
297,831
314,234
334,672
349,360
368,227
371,439
369,109
352,465
346,875
388,104
400,734

2 8 6 , 5 83
317,699
324,254
289,181
316,187
338,061
351,325
377,073
362,163
366,427
353,988
351,538
388,841
402,554

288 , 9 0 6
316,676
323,060
293,646
318,524
338,571
361,759
366,914
355,900
368,132
353,364
352,537
391,532
406,623

1952..,
1953. . .
1954.,.
1955...
1956. . .
1957...
1958...
1959. . .
1960...
1961. . .
1962.. .
1963.. .
1964...
1965...
1966.. .
1967. . .
1968. . .
1969.. .

136,142
152,827
145,488
1 5 7 , 0 49
166,533
170,428
158,693
169,171
180,310
170,170
186,103
191,644
204,401
219,001
235,004
240,179
252,355
261,509

136,861
156,707
146,316
161,580
165,835
169,829
153,627
173,787
178,579
173,582
188,810
194,784
203,875
224,425
239,082
240,299
253,680
263,715

137,586
155,029
147,132
158,363
165,217
171,009
155,964
1 7 1 f 759
179,488
170,652
186,279
194,672
204,416
219,720
235,261
239,256
251,477
262,055

138,535
156,761
147 , 5 6 1
163,265
166,313
167,132
152,905
176,409
179,019
172,634
188,964
196,599
207 ,237
224,961
237,236
240,895
253,558
265,137

139,960
156,071
144,989
163,966
16 5 , 7 4 6
166,504
153,507
178,349
176,665
175,237
188,743
195 ,246
209,468
222,586
236,400
241,202
254,814
264,365

137,249
156,365
146,406
164,506
159,202
166,792
157,981
178,056
175,671
176,266
188,693
199,862
212,403
227,599
237,516
241,398
260,424
265,909
263 933
272 ,881

2 9 0 , 5 99
315,525
323,686
292,828
317 , 7 7 0
337,875
361,560
377,125
350,222
365.075
355,632
357 , 7 7 6
394,973
408 , 8 0 3

319,'27 3
323,594
298,481
321,985
342,756
360,180
372,695
354,424
365,309
350,507
366,104
395,433
404,428

57 3
314!
177
3 2 2 , 756
2 9 5 , 907
321 , 279
3 4 0 , 700
362, 059
3 7 1 , 535
3 4 8 , 567
3 6 5 , 531
3 5 0 , 606
365, 816
397, 251
400 212

140,302
153 , 1 3 1
145,466
163,836
164,539
167 , 9 2 5
160,762
172,146
174,732
180,432
190,027
198,699
211,734
226,309
239,017
244,512
256,161
267 , 2 6 3
26 2 7 63

149,816
151,020
146,761
165,831
167,504
164,853
164,350
172,048
175,759
183,449
191,400
201,024
210,520
228,433
239,223
242,096
261,483
270,929
2 57 7 63
27 4^ 96 5

222.71
236.19
238.34
230.88
241 . 7 8
254.46
251.27
250.91
265.84
267.53
273.60
285.10
297 . 4 8
312.90
332.44
368.68
385.94
40 3 . 1 9
421 . 0 2
430.16
443.30
459.84
485.70
512.88
497.73
523,49
549.50
581 .30
590.59
591 .90
598.65
57 9 . 3 8
587.47
632.39

222.55
236.71
237.59
231.04
244,14
254.04
250.14
251.49
267.63
266.69
274.78
285.65
298.29
313.86
335.71
370.17
386.23
40 5 .0 8
421 .97
430.92
442.43
462,00
487.23
509,76
500.09
524.58
551.85
583.32
590,50
594.19
596.19
57 7 . 8 2
593.08
634 .14

222.76
237 .77
236.66
232,62
244.5?
253.97
249.41
252.80
269.04
265.77
276.20
286.71
299,21
316.83
338.33
371.56
386 .60
406.67
422.56
433.37
442.88
46 4 . 3 8
490.34
506.46
501.83
526.01
556.52
584.07
591.84
594.23
596.26
57 4.30
598.50
634.21

222.78
239.94
235.52
232.36
246.93
254.59
248.25
255.64
268.64
265.71
276.52
287.15
300.35
318,03
340.18
373.22
389.03
408.03
424.63
434.79
444.38
467.00
492.86
505.99
503.70
528.29
560.37
586.11
595.94
593.37
598.06
57 3 . 8 6
604.62
635.58

314*215
316,547
302,194
322,482
342,842
365,431
371,385
362,582
362,192
347 , 6 4 5
370,865
395,348
410,596

321,'367
311,964
302,009
318,885
344,477
368,781
371,492
369,411
357 ,282
342,390
374,432
397 ,427
408,170

223 .56
243.36
230.91
238 .62
251.46
256.76
245.71
260.79
270.93
267 . 9 1
281.56
292 .90
304.44
326 .86
353.54
378.74
398.34
415.69

226.30
243.49
230.76
238.31
252.72
257 . 6 6
247.26
259.58
271.94
26 9 . 1 9
282.93
293.52
305.91
326.28
354.40
378.77
398.52
416.70

228.58
241.88
229.70
239.50
252.90
255.28
247 .81
259.56
271.38
269.42
283.62
294.56
305.95
3 26.7 5
358.01
378.64
400.75
419.25

229.93
240.25
230.52
239.76
254.07
254.69
248.32
259.56
271.42
270.88
283.66
295.40
308.13
328 .49
361.47
381.44
401.81
419.98

230.91
239 . 5 0
230.16
240.43
253.94
254.82
249.91
262.97
268.08
271.71
284.15
295.26
309,92
329.92
364.18
383.85
401.91
421.83

436.41
447.12
466.62
497.00
502.60
505,94
530.46
562.89
588.84
596,82
595.63
593.36

43e . 4 1
447 . 4 5

437.90
447 . 7 8

440,7 4
453.64
475.66
503.97
497.83
516.55
541.18
569.03
590.30
592.21
601.35
592,56

44l'.41
455.42
477.44
506 .26
498.78
518,69
541.57
571.57
591.46
590.95
601.25
590.08

440 '. 2 8
457.27
480.00
508.21
496.94
519.91
543.94
574.94
590.42
590.94
604.26
584.96

441.*63

501.14
498.90
512.00
534.21
56 5 . 5 9
593.83
594.64
597.92
594.88

440.34
451.00
474.02
500.47
497.87
512.54
537.45
567.92
593.44
593.05
599.10
593.50

484.89
512.94
496.48
521.58
546.92
578.40
589.14
590.97
601.52
582.36

222.76
237.77
236.66
232.62
244.57
253.97
249.41
252.80
269.04
265.77
276.20
286.71
299.21
316.83
338.33
371.56
386.60
406.67
422 56
433.37
442.88
464.38
490.34
506.46
501.83
526.01
556.52
584.07
591.84
594.23
596.26

615.49
636.56

620.82
635.86

623.89
635.69

626.53
637.74

629^46
638.64

630.89
638.43

598.50
634.21

610.60
635.39

63C .*8 9
638.43

63o!89
638^43

3 544 054
3!82oilO5
3,814,312
3,577,687
3,844,308
4,091,717
4,329,904
4,458,164
4,343,641
4,360,750
4,186,047
4,365,426
4,735,362
4,875,444

OF PERIOD

1982 DOLLARS

U.,0

196 3 . . .
1964. , ,
1965...
1966.. .
1967. . .
1968...
196 9 . . .
1970...
1971...
1972...
1973..
1974!!.'
1975. . .
1976...
1977 . . .
1978. . .
1979. . .
1980...
1981 . . .
1982...
1983, . .
1984...
1985...
1986...

623 .'89
635.69

436.41
447.45
471.42
500,19
499.65
509.42
531.98
564.00
589.55
595.21
596.99
594.33

223.62
243.49
232.28
237 . 2 2
250.60
255.42
246.36
259.70
270.55
265.98
279.58
2 90.91
302.60
323.72
349.12
374.89
394.27
412.84

RATK
C
1952. . .
1953...
1954...
1955. . .
1956...
1957...
1958...
1959...
1960...
1961. . .
1962...

441 !63
457 .57
484.89
512.94
496.48
521.58
546.92
578.40
589.14
590.97
601 .52
562.36

226.30
243.49
230.76
238.31
252.72
257.66
247.26
259.58
271,94
269.19
282.93
293.52
305.91
326.28
354.40
378.77
398.52
416.70

422,711
461,274
438,066
494,872
489,817
500,381
480,430
521,875
527 ,096
537,751
568,252
597,466
637,854
680,208
715,114
729,186
774,194
801,812
789 220
818 !363
891 116
947^859
959,433
901,215
966,611
1027,761
1091,728
1116,802
1073,011
1092,448
1046,160
1104,684
1186,732
1226,515

:
END

.67
.70
.37
.93
.41
.90
.69
.55
.88
.69
.18
.74
.18
,97
.56
.45
,72
.37

57 4 . 3 *
609.46
634.35

230.91
239.50
230.16'
240.43
253.94
254.82
249.91
262.97
268.08
271.71
284.15
295,26
309.92
329.92
364.18
383.85
401.91
421.83

453^64
475.66
503.97
497.83
516.55
541.18
569.03
590.30
592.21
601.35
592.56

23C . 9 1
23* . 5 0
23C . 1 6
24C . 4 3
2$1 . 9 4
25* . 8 2
245 . 9 1
26; .97
26E} . 0 8
27 , 7 1
28* i . l 5
29, .26
30< . 9 2
32< . 9 2
36* . 1 8
3 8: . 8 5
40 . 9 1
42 . 8 3
42'
44 .*63
451 .57
484.89
512.94
49( . 4 8
52 . 5 8
54< . 9 2
578.40
58< . 1 4
59C . 9 7
60 . 5 2
582.36

223.67
241.70
233.37
235.93
249.41
254.90
246.69
258.55
269.88
265.69
279.18
289.74
302.18
320.97
346.56
373.45
392.72
410 .37

223
241
233
235
249
25*i
246
256
269
265
27S
28S
302
320
346
373
392
41C

451
443
452
500
505
486
493
521
523
554
576
603
642
692
716
743
785
80 5
77 4
836
928
968
916
907
977
1042
1109
1110
1107
1062
1028
1137
1200
1231

1,703,093
1,835,856
1,769,068
1,963,642
1,991,739
1,999,211
1,905,042
2,091,630
2,120,755
2,133,031
2,271,365
2,370,448
2,518,937
2,706,975
2,853,847
2,915,942
3,083,345
3,188,982
3 , 1 4 1 958

418,702
46 7 , 0 0 4
439,389
491,212
498,590
501,102
462,787
533,346
532,210
526,286
565,652
588,784
625,602
671,126
712,576
723,333
765,693
794,134
786 8 4 1
815^368
871 07 8
9461378
969,502
882,381
957,573
1017,146
1085,378
1115,574
1054,689
1098,738
1059,602
1076,129
1183,756
1215,638

151,984
144,725
154,744
167,504
169,945
158,962
162,305
177,213
173,835
185,952
190,801
203,233
219,532
232,436
239,320
253,294
261,504
267,258
26 2 301
281^662

222.24
240 . 6 9
234.58
233.78
248.30
254.56
247.16
256,80
269 . 7 4
265.86
278.32
288.28
301.24
319.48
343.31
373.99
391 . 8 9
409.57

50C . 1 9
49c . 6 5
50< . 4 2
531 . 9 8
56* . 0 0
58' .55
59. .21
59€ . 9 9
59* . 3 3
57 * . 0 5
t
61C . 6 0
63. .39

Annual

091
015
677
566
7 47
46 2
541
692
072
590
269
098
789
495
810
689
946
7 57
0 95
651
7 10
7 43
016
981
850
103
810
308
182
805
872
830
114
150

410,589
464,563
438,936
476,992
497 , 5 8 5
511,266
468,284
514,717
538,377
514,404
561,192
581,100
612,692
663,146
709,347
719,734
757,512
787,279
7 91,802
8Q0',213
8 53 150
957^125
325,976 321,400
967,361
307,754 298,298
886,110
301,377 304,595
942,274
324,875 334,090
346,732 350,894 1004,707
369,753 371,276 1042,988
370,014 368,802 1115,480
368,769 369,002 1108,759
354,833 350,690 1106,759
343 ,980 342 ,502 1 0 5 1 , 4 1 3
378,028 385,370 1046,783
399,595 403,092 1164,760
411,388 411,592 1202,141

149,291
147,270
151,172
167,231
168,298
162,647
166,886
172,431
173 , 4 7 8
185,189
194,068
198,841
212,737
231,626
238,267
248,299
262,959
267,570
254,031
280^024

7 0 . MANUFACTURING AND TRADE I I VENTORIES IN 1982 DOLLARS
(BILLIONS OF DOLLARS)
1952...
1953...
1954. . .
1955...
1956...
1957...
1958...
1959., .
1960. . .
1961. . .
1962...
1963...
1964...
1965...
1966...
196 7 , . .
1968,..
1969,..
1 970 . . .
1971...
1972...
1973...
1974.. .
1975...
1976.. .
1977., .
1978...
1979...
1980. . .
1981. , .
1982,..
1983,..
1984...
1985...
1986...

I Q
V

TOTAL FOR PERIOD

145,160
151,778
146,194
166,530
166,076
165,664
161,687
171,673
176,693
181,053
189,532
198,905
213,717
226,300
238,581
243,276
257 , 6 0 9
268,640
2 6 2 , 5 24
274^324

2 97 9 0 9
319^292
300,540
322,144
342,163
366,117
372,722
356,005
364,947
348,008
367,715
395 , 9 5 1
411,491

III Q

II Q

AVERAGE FOR PERIOD

1.64
.55
.64
.47
.45
.49
.58
.48
.47
.57
.47

1.62
1.53
1.61
1.46
1.48
1.49
1.60
1.46
1.49
1.56
1.48

1.63
1.52
1.62
1,44
1.47
1.50
1.62
1 .45
1.51
1.53
1.46

1.61
1.53
1.60
1.42
1.48
1.52
1.62
1.45
1.50
1.54
1.46

1.59
1,54
1.62
1.43
1.50
1.53
1.61
1.44
1.53
1.52
1 .47

.60
.57
.59
.44
.50
.52
.58
.45
.53
.49
.49

1.63
1 .56
1,59
1.44
1.57
1.53
1 .56
1.46
1.54
1.51
1.48

1.59
1.59
1.59
1 ,46
1 .53
1.53
1 .53
1.51
1.55
1.48
1.48

1.56
1.60
1.58
.43
L.52
.56
.53
,51
.54
-49
.49

1.53
1.60
1.57
1.44
1.51
1.55
1.51
1.51
1.54
1.47
1.48

1.54
1.63
.52
L.43
L.51
.57
.49
.51
.56
.46
.46

L.52
L.65
L.49
L .44
L.49
.60
.54
.48
.54
,46
,49

1.63
1.53
1.62
1.46
1.47
1.49
1.60
1.46
1.49
1.55
1.47

.60
.55
.60
L.43
L.49
.52
.60
.45
.52
.52
.47

1.59
1.58
1.59
1.44
1.54
1.54
1 .54
1.49
1.54
1.49
1.48

.53
.63
.53
.44
.50
.57
.51
.50
.55
.46
.48

1.59
.57
L.58
L .44
L.50
.53
.56
.48
.52
.51
.48

.46
.43
.41
.54
.53
.54
.59

1 .46
1.43
1.43
1.55
1.54
1.55
1.59

1 .47
1.41
1.42
1.55
1.52
1.54
1 .61

K44
1 .44
1.45
1.55
1.54
1.55
1.61

K44
1.44
1.48
1.55
1.56
1.56
1.64

.43
.44
L.49
L.56
L.55
L .55
.63

l!45
1.43
1.50
1.56
1.53
1.55
1.66

L.45
L.42
L.52
L.54
L.53
L.57
.69

L.41
L.42
L.52
L.52
L.54
L.58
L ,63

1.46
1.42
1 .42
1.55
1.53
1.54
1.60

.45
L.43
L ,44
L.55
L.53
L.55
.62

K43
1.43
1.48
1.55
1.54
1.55
1.63

.44
.42
.51
.54
.53
.57
.66

.'44
L.43
L.46
L.55
L.53
1.55
.63-

1.57
1 ,44
K52
1.71
1.59
1.57
1.58
1.58
1.59
1.61
1.69
1.67
1.53
1.58

1,55
1 .46

.51

1.49

.48

,46

K56

.54

.52

r.57

!59
.65
L.60
.58
L.56
L.59
L.63
L.66
L.70
1.56
1.58
1.55

1.62
1.65
1.63
1.57
1.55
1.59
1.60
1.68
1.72
1.54
1.58
1.56

.65
L.65
L.60
L.57
L.55
L.60
L.60
L .70
L.70
1.54
1.58
1.55

L .72
L ,63
L.56
L.56
L.56
L.60
L .60
L.72
L .70
.52
1.57
1.55

1.51
1.72
1.59
1.57
1.59
1.57
1.60
1.61
1.70
1.65
1.53
1.58

^54
.71
.59
.56
.56
.58
L.69
.62
.69
.60
.54
1 .57

K52
1 50
1^57
1.66
1.59
1.57
1.56
1.59
1.66
1.65
1.70
1.57
1.57
1.56

.48

K5*
1.72
1.59
1.57
1.56
1.56
1.70
1.63
1.67
1.61
1 .54
1 .55

1.53
1.49
1.5 5
1.67
1.59
1.56
1.57
1.59
1.68
1.64
1.70
1.57
1.56
1.57

1 . 51

K53
1.72
1.58
1.56
1.55
1.60
1.67
1,61
1.69
1.63
1 .54
1.56

.*45
.44
.45
.55
.53
.55
.61
. 59
.53
;55
.69
.59
.56
.56
.59
.71
.63
.70
.57
.54
.59

1.42
1.42
1.47
1.55
1.51
1.55
1.62

.56

U45
1.41
1.43
1.55
1.53
1.54
1.63
1.61
1.54

^66
.64
.60
.57
.55
.60
.60
.70
.71
.53
.58
.55

'is?

'.'.51
.71
.60
.58
.61
.5?
.57
,59
.74
.66
.51
1.59

l!?5
1.59
1.56
1.58
1.55
1.63
1.62
1.68
1.63
1.54
1.58

1.5*

NOTE: These series contain revisions beginning with 1948.




1 .66
1 .59
1.57
1.55
1.59
1 .67
1.64
1 .7 1
1 .57
1.57
1.55

.68
L.59
L.57
L.56
L.58
L .64

1.64
1.70
1.59
1.55
1.56

(NOVEMBER 1986)

C. Historical Data for Selected Series—Continued
Year

IQ

II Q

IV Q

* III Q

Annual

Year

IQ

II Q

III Q

IV Q

100 . EXPENDITURES IN 1982 DOLLARS FOR NEW PLANT AND
. DOL.)

EXPENDITURES IN CURRENT DOLLARS FOR NEW PLANT AND

61.

AVERAGE

Annual
AVERAGE

1952
1953
1954
1955
1956
1 957
1 958
1959
1960
1961
196 2
1963
1964
1965
1 96 6.
196 7
1968
1969
1970
1971
1972
1973
1974
1975

29.23
29.41
29.51
28.06
36.11
40 6 2
36 .36
34.11
39.22
37.57
40 03
40 .87
49 02
55.57
66 42
72 37
76.27
82.04
90.30
90.59
98.97
113.09
130 12
144.12

28.54
30.19
29.16
29.57
37.63
41 37
33 .25
35.38
40.63
37 .80
40 7 5
42 .66
50 37
58.34
69.82
72 38
74.73
84.21
92.37
92.90
100 .86
118.57
138 81
141 .56

26.91
30.26
28.67
32.03
38.48
41 07
32.7 1
36.94
38.94
38.43
41 .51
44 .81
52 .00
60.67
71.72
72 60
76.02
87.91
93.72
92.75
103 .27
122.69
143 00
141.04

27 .97
29.98
28.08
34.08
39.40
39.11
33 .03
37.10
38.97
39.54
41 .15
46 .34
53.67
63.52
73 .63
73.63
78.63
88.80
91.27
95.41
110.50
125.77
146 .7 9
142.93

28.16
29.96
28.86
30,94
37.90
40 .54
33 .84
35.88
39.44
38.34
40 .86
43 .67
51 .26
59.52
70 .40
72 .75
76.42
85.74
91.91
92 .91
103.40
120,03
139 .67
142.42

1952
1953
1954
1955
1956
1 957
1958
1959
1960
1961
196 2
1963 . ...
1964
1965
1966
196 7
1968

119.02
117.24
116.43
110 .11
133 .30
139 79
124.29
112.79
127 .03
123.14
129.01
129 85
1 54 28
172.34
201 40
211 07
215.08

115.29
118.59
115.02
114.95
137.44
140 .7 9
112 .85
116.33

110 .38
117.47
112.73
122.21
137 .91
138.34
109 .80
120.72

112.14
117 .68
109.64
128.21
138.31
130 .82
109 .80
121 .74

131 .56
135 80
1 58 63
181.31
208 20
209 8 7
208.43

133 .59
142 58
163 24
186.92
213 33
209 15
209.53

131 .36
146 3 8
168 7 9
194.45
215 42
210 46
214.34

1971

219.02

219.78

233.80
216.68

226 .02
220.15

1974
1975

272 .55
256.03

281 .92
245,93

275 .20
241.62

268.20
270 .22
240 .98

1977
1978
1979
1980
1981

176 64
201 56
2 40 16
278 .51
302.86

181 74
214 10
250 08
282 .09
311.92

190 .46
220 53
259 76
284.28
323.71

190.46
234 .84
269 .80
286 .38
322.38

184 .82
217 .76
254 .96
282 .80
315.22

273 .87
291 40
318 04
339 16
335.76

277.13
302 83
323 79
335 64
337.84

286 .07
305 16
329 61
330 .37
342.29

280 .17
318 29
336 82
325 .56
332.55

1983
1984
1985
1986

290.05
339 32
373 .56

294 .82
349 43
387 .86

308 .63
361 27
389 .23

325 .59
367 .78
397 .88

304.78
354 .44
387 .13

1977
1978
197 9
1 980
1981
1982
1983 ....
1984
1985
1986

114.19
117 .75
113.45
118.87
136.72
137 .44
114.19
117.89
127 .94
124.55
131 .38
138 65
161 23
183.76
209 59
210 14
211 .86
225.31
229.94
218 .91
233.13
260.60
274 .96
246.14
255.14
27 9.30
304.42
327 ,08
332 .66
337.11

290 16
341 50
371.84

297 34
350 63
387 .31

311,99
361 60
388 .58

328.62
367 96
397 .57

307 .04
355.41
386 .32

970A. D IFFUSIOB INDEX OF EXPEND
EQDIP
-ACTUAL
(PERCENT RISING OVER 1-Q SPANS)
-,
1952
61.9
23.8
19.0
61.9
38 .1
1953
54 8
61 9
83 3
45.2
35.7
1954
*
33.3
40.5
1955
90 .5
76 .2
88.1
54.8
54 .8
1956
71.4
90 5
90 5
23 .8
52 4
1957
54 8
52 4
31 o
57 1
1958
4 8
14 3
1959
85 7
71.4
78 6
81 0
33.3
1960
38.1
71.4
78.6
73.8
40.5
54.8
19.0
1961
42.9
66,7
1962
71.4
52.4
66.7
76.2
1963
83.3
33.3
81.0
81 .0
69.0
95.2
1964
85.7
1965
83.3
85.7
61.9
71.4
71.4
1966
90.5
88.1
61 9
196 7
35 7
40.5
52.4
69 .0
61 .9
38.1
196 8
61 9
54.8
64.3
90.5
71.4
196 9
28.6
47.6
1970
42.9
57.1
52 4
61 9
45 2
1971
35 7
90 .5
66 .7
69 .0
1972
714
66.7
76.2
81,0
1973
85.7
1974
71.4
66 .7
78.6
66 .7
54.8
38.1
28 .6
197 5
35 7
714
1976
71.4
81 .0
76 .2
1977
83 3
57 ,1
90 5
66 7
92 .9
78.6
95.2
1978
81 0
71.4
76 .2
76 .2
76 2
1979
61 9
57 1
54 8
76 2
1960
35 7
71 4
76.2
64.3
28.6
14.3
23.8
1982
42.9
95.2
85.7
47.6
38.1
1983
66.7
90.5
76.2
97.6
1984
59.5
64.3
76.2
61.9
1985
1986
970C.
E Q U I P . — E AR LY PROJ.
1952
1953
1954
1955
1956
1957
1958
1959 . . .
1 960
1961. ...
1962
1963
1964
1965
1966
1967
196 8
1969
1970
1971
1972
1973
197 4
197 5
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

80 0
66.7
33 .3
52 4
57 1
57 1
52 4
57 .1
69 ,0
57 .1
52 4
47 6
66.7
66 .7
52 4
52 4
66 7
66 .7
64 3
50.0
76 2
71.4
714
61 9
66 7
61.9
71.4
52.4
76.2
61.9
47 .6
47 .6
61.9
61.9

. FOR NEW PLANT AND
(PERCENT RISING OVER 1-Q SPANS)
49 .9
57.1
42 .9
71.4
85 7
85 7
28 6
61 .9
90 .5
52.4
61.9
61 9
85 .7
71.4
81 .0
52 4
52 4
66 .7
76 2
73.8
52 4
71.4
76 2
38 .1
61,9
66 .7
76.2
57.1
66.7
76.2
61.9
50.0
71.4
83.3

5o.o
57 1
38 .1
81 .0
81 .0
47 .6
31.0
66.7
42.9
52 .4
61 .9
61.9
47 .6
57 .1
81 .0
71.4
619
61 .9
66 7
66.7
33 .3
61 .9
81 .0
57 .1
69.0
57 .1
81.0
66.7
81.0
85.7
66.7
85.7
95.2
76.2

NOTE: These series contain revisions beginning with 1983,




73 .8
42 9
47 .6
81 .0
61 .9
52 .4
66 .7
61.9
61 .9
54.8
59 .5
66 .7
76.2
71.4
57 .1
47 .6
52.4
52.4
66 ,7
33.3
38.1
61.9
61 .9
52.4
66 .7
76.2
76.2
71.4
66.7
71.4
66.7
76.2
45.2
38.1

AND

970B. D

AVERAGE
41.6
59.5
38.7
77 .4
76 .8
45 .8
26 ,8
79.2
55.4
47.0
58.4
64.9
81.6
79.2
80.4
47 6
57 .7
70.2
44.0
48 .8
74.4
77.4
70 .8
39 .3
75.0
74.4
86 .9
75 .0
62 5
61 g
27.4
66.6
82.8
65.5

AVERAGE
61 .7
56 0
40.5
71.4
71.4
60 .7
44.7
61.9
66.1
54.2
58.9
59.5
69.0
66.6
67.9
56 .0
58.4
61.9
68.5
56.0
50 .0
66.6
72 .6
52,4
66 .1
65.5
76.2
61.9
72.6
73.8
60.7
64.9
68.4
64.9

1952
1953
1954
1955
1 956
1957
1 958
1959
1960
1961
196 2
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
197 5
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

57.1
66,7
57 .1
47 .6
85 7
57 1
38 1
85 7
81.0
52.4
57 .1
57.1
57.]
52 .A
52. i
47 (
66 ."
90..
57.
38
76 1
81 .0
76 .2
19 .0
66 .7
66 .7
81 .0
50.0
66 .7
57 1
47.6
47 .6
90.5
57.1

52.4
42 .9
42.9
85 .7
90 5
76 2
19 0
85 7
66.7
76.2
81.0
66.7
66.7
81 .0
66.7
42 9
57 .1
90.5
52,4
76 2
78 6
85.7
85 .7
23 .8
76 .2
7 1.4
76 .2
52 .4
38.1
47 6
38.1
61 .9
61 .9
76.2

33.3
52 .4
38.1
81 .0
76 2
47 6
66 7
90 ,5
42.9
59,5
61 .9
71.4
42.9
47 .6
57.1
47 6
57 .1
66 .7
52 .4
619
81 ,0
73 .8
59 .5
47 .6
69 .0
71.4
76 .2
81 .0
33 ,3
52 4
33.3
90.5
76.2
71.4

85.7
28 .6
54.8
81 .0
61 9
38 1
64 3
61 .9
52.4
76.2
50.0
59.5
66.7
76.2
54.8
52
71 .
38 .
45.
7 1,
90 .
76 .
47 ,
59 .5
66 .7
7 1.4
76 .2
54.8
38 .1
52 4
52.4
85.7
76,2
52.4

230. PERSON AL CONSUMPTIO N EXPENDITURES IN CURRENT DOLLARS
DOLLARS)
1952
1 953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
196 5
1966
196 7 .....
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

212 .7
230 9
235 .5
251 . 1
265.8
280 .9
289.0
308 .8
325 .5
334.4
354 .0
374 o
398 .8
427 .
467 .
491 .
532 .
581 .
625 .
671.
729 .
813.
880 .
967 .4
1091 .8
1211 .8
1332,6
1501 .8
1682 .2
1862.9
1996.3
2146.6
2363 .8
2530.9

216 .9
232 7
238 .2
256.1
268.4
283 .2
291 .9
314.6
331 .6
339 .1
359 .7
378.2
406 .4
434.4
472.7
500 .5
545 .8
592.7
635 .1
685.2
7 47 .0
827.9
907 .8
996 .6
1111.2
1239.2
1391 .1
1537.6
1688.9
1896.4
2023 .8
2213.0
2416.1
2576.0

219 .3
233 .6
240.5
260.2
271 .5
287 .7
296 ,9
319.8
331 .7
341 .9
363 .7
385 .1
414.9
443 .4
481 .7
507 .5
561.6
602.7
646 .8
696 .8
764.8
846.2
935.3
1029 .6
1139.8
1270 .2
1424.6
1590,0
17 49.3
1940.9
2065 .6
2262 ,8
2445.6
2627 .1

227 .4
233 .3
245.1
264.2
276.7
289.4
300 .7
321 .8
333.8
349.1
370 .2
389 .6
417 .1
457 ,4
486.9
514.7
570.1
614 .3
653.0
712.4
789.2
861.6
943.0
1057 .5
1174.6
1307.6
146 5.7
1637.5
1810.0
1960 .2
2117 .0
2315.8
2487 .2
2667.9

57.1
47 .6
48.2
73 .8
78.6
54 8
47 0
81 .0
60.8
66 .1
62.5
63.7
58.4
64.3
57 .8
47 6
63 .1
71.4
51.8
61 .9
81 .6
79.2
67 .2
37 .5
69 .6
70 .2
77.4
59.6
44 .0
52 .4
42,8
71,4
76.2
64,3

AVERAGE
219.1
232 .6
239 .8
257.9
270 .6
285.3
294.6
316.3
330 .7
341 .1
361 .9
381 .7
409.3
440.7
477 .3
503.6
552.5
597.9
640 .0
691.6
757 .6
837.2
916.5
1012 .8
1129.3
1257.;
1403.
1566.(
1732.(
1915.
2050.
2234,
2428.
2600.

(NOVEMBER 1986)

99

C. Historical Data for Selected Series—Continued
Year
231.
1952
1953
1954
1955
1956
1957
1958
1959
1960
196 1
1962
1963
196 4
1965
196 6
1 96 7

196 8
1969
1970
197 1
197 2
1973
1974
197 5
1976
1977
1978
197 9
1980
1981
1982
1983
1984
1 985
1986
233.
1952
1953
1954
1955
1956
1957
1958
1959
1960
196 1
196 2
1963
1964
1965
1966
1 967
1968
1969
197 0
1971
197 2
1973
1974
1975
1976
1977
1978
197 9
1980
1981
1982
1983
1984
1985
1986

II Q

IQ

768.1
803 .7
814.3
869.1
896 .5
916.2
926 ,0
977 .2
1009 .8
1023 ,5
1063 .6
1100 .2
1164.4
1221 .7
1293 .1
1336 . 5
1396.7
1451
.7
1488.1
1533 .0
1607 .9
1687.2
1677
.2
1706 .0
17 90 .4
1869 .0
1960 .8
1994.1
1974.1
2022 .4
2041 .0
2135 ,1
2246 .3
2311 .9

754.7
799 8
807 .1
855 .3
895 .1
914.3
916 5
964.3
997 .
1009
1053 .
1094
1145.
1 208 .
1 287 .
1319.
1378.
1442 .
1481 .
1520 .
1581 .
1689.
1667 .
1677 .
1777 .
1863 7
1923 ,0
1997 .5
2015 4
2022 .9
2031 .2
2094.2
2213 .8
2292 ,3

IV Q

7 7,2 .7

803 1
827 .3
878.0
899 .2
922 .6
939 7
986 .3
1005,7
1024 .6
1072 .8
1115.5
1184.8
1242 .3
1305 .5
1343 .3
1421.5
1459 .9
1501
.3
1541
.0
1629 .9
1694.5
1686 .7
1723.9
1809 .9
1886 0
1970 .3
2007 .9
1996 .3
2031
.5
2051
.8
2163 0
2253 .3
2342 .0

7 90 .0
803 .3
842 .3
892.7
908.4
925 .7
949 .4
989.6
1007
.8
1042
,9
1085
.8
1123
.6
1188
.0
1273
.2
1309
.5
1351 .5
1427.1
1472
.0
1497
.2
156 0,1
1667
.8
1686.8
1664.7
1740
.4
1837,8
1914.2
1989
.7
2018.0
2015
.6
2020 .0
2078,7
2191
.9
2271
,7
2351
.7

PERSONAL CONSUMPTION EXPENDITURES IN 1982 DOLLARS,
DURABLE GOODS
(ANNUAL RATE, BILLIONS OF DOLLARS)
73 ,9
7 9.3
79 .6
97.2
92 .9
92.5
85 .5
98 .3
99 .9
91.8
102,0
111.2
120.7
131.2
140.9
148 .4
159 .1
168.2
165.6
175.1
196.1
221 .8
209.9
198,7
230.6
251 .8
27 2 .4
262 9
231.9
248.4
249 .1
280.0
319 .0
336.8

72.2
80 .5
78.8
91.6
93 .9
94.8
86 .2
94,5
96 .9
91 .2
99.9
109.2
118.1
130,7
147,3
142 .1
155,8
168.8
163 .5
170.7
191.7
225,7
208.2
193,5
229.7
246 .7
252 .6
268 9
260.6
258.7
247 .7
263.3
311.1
332.3

236

69.1
79.3
81 .2
99.7
91 .9
91.0
86 5
99 .4
98.7
93 .7
103.1
112 9
124.2
135.9
144.8
147 .1
166 4
167 .6
166 2
180.0
201 4
220.0
211.6
211.7
232.4
256 .2
270 9
270 9
242.7
255.5
251 .8
288.5
318.8
357.4

76 .7
81 .6
86 .4
99.2
92 .5
91 .1
89.6
95.4
96 .4
97 .8
106.8
113 9
120.3
140.8
144,5
147 ,2
165 .3
166.7
154.8
187.4
212 .4
213.8
189.7
218.3
236.7
261 .1
273.9
263 4
248.6
240.4
262 .0
300 .5
326 .8
347.0

232.

i

AVERAGE
771.4
802 .5
822 .7
873 .8
899 .8
919.7
932 .9
979.4
1005.1
1025 .2
1069 .0
1108.4
1170.6
1236.4
1298.9
1337 .7
1405.9
1456.7
1492
.0
1538.8
1621.9
1689.6
1674.0
1711
.9
1803 .9
1883 .8
1961.0
2004.4
2000 .4
2024 .2
2050 .7
2146 .0
2246 .3
2324 .5

IQ

Year

Annual
•

113.7
118 .1
118.8
124,0
130.0
135 8
140.8
147 .7
153,8
156.8
162 .9
168.2
17 8 4
189 1
207 6
215 5
232 .6
250 2
268 2
282 .0
301.5
333 .5
376 8
411.2
446.4
485.6
534.4
600.9
671.8
737.3
762.6
810.9
870.3
902.3

115.9
117 .6
119 .9
125 .0
131.3
139 2
142.8
149.1
153.5
157.3
164 5
170.6
182 0
1 92 8
210 7
217 8
238 .6
254 2
27 1 9
284 4
308.4
344.0
388 1
423,2
456.0
491.9
548.5
623.6
686.4
745.7
776.7
827.0
873.9
907.4

MOTE; These series contain revisions beginning with 1983.

100



Annual

IV Q

1952
1953
. .
1954
1 955
1956
1957
1958
1959
1960
1961
1962
1 963
1964
1 96 5 ...
1 966
196 7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 ...
1978
1979
1980
1981*
1982
1983
1984
1 985
1986

28 .9
33 .0
31 .4
36 .5
• 37.9
40 ,3
37 .1
41.6
43 ,3
40 .0
45 .3
50 .2
55 .4
62.1
69.2
67 8
77.3
85 .8
85.4
93 .4
105.7
126 .3
120,2
124.8
156 .4
177.0
188 .9
215 6
225 0
2 41 .1
245 1
266.7
321 .2
347 .7

29 .1
3 2.9
32.1
38.8
38.0
39.8
36 ;3
43.4
44.2
41 .0
46 .6
51 .5
56.8
61.9 .
66 .5
71.2
79.3
86 .2
86.7
96.2
108.9
125.3
130 .1
158.9
181 .9
207 .
214.
204.
236 .
248 .
284.
331 .3
3 54 .0

27 .4
32 .7
31.6
40 .6
37.6
39.4
37 .0
44.2
43.7
42.3
47.1
52 ,2
58.6
63 .8
69.1
7 13
83.6
86 ,4
87 ,7
98 .5
112.3
125 .0
130,2
140 .0
162 .4
186 .5
210 .0
223 9
218 7
246 .9
252 8
295.2
331 .8
373.3

AVERAGE
29 .3
32.7
32,1
38.9
38.2
39.7
37.2
42.8
43.5
41.9
47.0
51 .8
56.8
63.5
68,5
70 .6
81.0
86.2
85.7
97.6
111.2
124.7
123.8
13 5.4
"161.5
184.5
205.6
219.0
219 .3
239 .9
252.7
289.1
331 .2 '
359 .3

31,5
32 .1
33.3
3 9.6
39.3
39.1
38.3
42.0 '
42.5
44.3
49.1
53 .3
56 .6
66 .1
69 .3
72.2
83 .8
66 .5
82.9
102.2
118.0
122.3
120.3
146.5
168.1
192 .6
215 .8
221.9
228 5
235.5
263 .8
310 .0
340 .4
362.0

ICENT OF GNP
AS A PEI
AVERAGE
73.0
80 .2
81.5
96.9
92 .8
92.4
86 .9
96 .9
98.0
93 .6
103.0
111.8
120.8
134.6
144.4
146 .2
161.6
167.8
162 .5
178.3
200 .4
220 .3
204.9
205.6
232 .3
253 .9
267 .4
266.5
245.9
250.8
252 .7
283.1
318.9
3 43.9

AVERAGE

(PERCENT)
1952 ....
1953
19 54
1955
1956
1957
19 58
1 959
• i960
1 961
1962
1963 .....

1964
1965
1966.
1967
1968
196 9
197 0
1971
197 2
1973
1974
1975
1976
1977
1 978
1979
1980. ....
1981
1982
1983
1984..
198 5
1986

61.6
62 3
64.0
63.7
63 4
62.8
65 1
63 .7
63 .1
64.6
62.7
63 .2
62.6
62.6
62.0
614
61 7
61 .8
62 9
62.5
62 5
62.0
61.7
63.5
63.1
63 .8
63 .1
62 0
62.9
62.5
64.1
65.7
64.4
64.7

62 .7
62.2
64.7
63.7
63 ,1
63.0
6 5 2
63.2
64,5
64.2
62.9
63 .0
62.9
62.5
61.8
62.1
61 .6
62.0
62 9
62.6
62 4
61 ;7
62.2
63.7
63.1
62.9
62 .4
62.1
63.2
62.8
64.1
65.7
64.5
65 .0

62 .4
62 6
64.5
63.4
63 .2
63.0
64 4
64.2
64.1
63 .5
62.8
62 .8
63.2
62.4
61.9
61 7
62 it
61.8
62 9
'
62.6
62 5
61.8
62,8
63.3
63.5
6 2.5
62 .2
62 .4
64.0
62.6
65.0
65.7
64 .4
65.2

62.5
63 ,4
6 4.3
63.4
63 .1
64.2
63 4
64.1
65,1
63 .3
63.5
62 .6

63.1
62.S
61.6
61.5'
62.1
62 .5
63 3
63.2
62 5
61.0
62.2
63 .0
63.7
63 .4
61 .9
63 .2
63.5
62.9
65 .9
65.3
64 ,7
65.3

62.3
62 .6
64.4
63.6
63,2
63.2
64.5
63 .6
64.2
63 .9
63.0
• 62.9
63.0
62.5
61.8
, 61,7
61 .9
62.0
63 0
62.7
62 5
61.6
62.2
63.4
63.4
63.2
62.4
62 .4
63.4
62.7
64.8
65.6
64.5
65 .0

.

(ANNUAL RATE, BILLIONS OF DOLLARS)

111.4
118.1
118.7
122 .3
129.
1 34
139..
146.:
150.S
156.C
161 .
167.5
17 5 :
185 i
204 ]
213 7
227 .e
245 t
26 4 7
278.3
293.1
327 .0
365 6
400.5
439.4
477.5
516.4
583.4
662.0
726.6
758.1
791.0
855.7
888.2

III Q

II Q

PERSONAL CONSUMPTION EXPENDITURES IN CURRI5NT-DOLLARS,
(ANNUAL RATE, BILLIONS OF DOLLARS)
DURABLE GOODS

PtUBlinTTTIBSC

NONDURABLE GOODS
1952
1 953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1 966
1967
1968
1969
1970
1971
1972
1973
1 974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

III Q

PERSONAL CONSUMPTION EXPENDITURES IN 1982 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

117 .9
117.5
121.3
127 .5
132.7
138 9
143.9
150 .8
154.6
159.5
166 4
171.1
183 1
199 9
211 4
220 6
241 .2
258 7 '
276 5
288 4
317 .4
3 53 .7
3 93 1
429.9
466.0
506.8
567.9
645.1
705 .2
752.7
786.6
837 .9
880.3
922.6

AVERAGE
114.7
117 .8
119.7
124.7
130 .8
137 1
141.7
148.5
153.2
157.4
163 .8
169.4
179 7
191 9
208 5
216 9
235 .0
252 2
270 3
283 3
305,1
339 .6
380 9
416.2
452.0
490.4
541.8
613.2
661 .4
740 .6
771.0
816.7
870.1
905.1

AVERAGE

SERVICES (ANN UAL RATE, BILLIONS OF DOLLARS) •
1952
1 953
1954
1955
1956
1957
1958
1959
1960
1961
196 2
1963

72.4
79 8
85 .4
92 ,3
96.8
106 2
112.4
120.9
131.3
138.4
147 2
156.4

196 5
196 7
1968
196 9
197 0
1 97 1

1972
1973
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

.

17 9 ;9
194 5
209.9
227 .5
2 50 3
275.1
300 0
330.5
359.9
394.2
442 .1
495.9
557.4
627.3
702.8
795.1
895.2
993.1
1088.9
1186.9
1294.9

74.1
81 .6
67 .3
93 .2
100.5
107 5
114.7
123.6
133.5
141.2
1 ')0 2
158.6
183 4
198.5
213.8
2 33 .8
256 3
230.2
307 0
336.7
369.1
406.7
455.3
505.8
571.7
649.0
722.4
812.2
923.2
1012.2
1117.6
1214.5
1319.7

76.0
83 .3
89 .0
94 .6
102.5
109 1
117 .1
126 .4
134.5
142.3
152 1
162.3

78.0
83 .8
90 .5
97 .1
104.7

111 4

218.4
239 3
262 1

118.5
129.1
136.7
145.3
154 7
165.2
17 7 4
191 4
206 2
221.9
245 .1
26 9 0

313 9
344.0
377 2
417.0
466.4
521.4
591.7
666 .1
742.5
844.2
948.4
1036'.1
1140 .6
1239.9
1346.4

3 21 7
353.9
385 7
429.7
481.1
540.6
608.2
682.0
770,5
876.3
972.0
1066.5
1167 ,9
1266.5
1383.2

186 91

•

75.1
82 .1
88.0
94.3
101 ,6
108 5
115.7
125.0
134.0
141.8
151 1
160.6
17 2 8
185 4
200 3

236 ,4
2'5 9 4
284 0
310 7
341 .3
373 0
411.9
461.2
515.9
582,3
- 656.1
• 734.6
831.9
934.7
1027*0
1128.7
1227.0
1336,1

(NOVEMBER

1986)

C. Historical Data for Selected Series—Continued
Year
238.

III Q

IQ

IV Q

Annual

PERSONAL CONSUMPTION EXPENDITURES IN 1982 DOLLARS,
NONOURABLE GOODS (ANNUAL RATE t BILLIONS OF DOLLARS)

1952
1953
1954
1955
1956
1957
1958.....
1959
1960
.
1961
156 2
1963
1964
1965.*...
1966.....
1967
1968
1969
1970
i971
1972
1973
1974
197 5
1976
1977
1978
1979
.
1980
1981
1982
1983
1984
1985
1986
240.

1952 .
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962 .
1963.
1964.
1965.
19'66.
1967.
1968.
1969.
1970.
1971.
19 7 2 .
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
1983 .
1984.
1985.
1986 .

374.7
389.4
389.0
410.9
425.9
43 2.5
43 5.7
454.5
46 5.9
470.4
,481.3
492.2
514.6
536.1
56 8.6
579.1
599.2
616.2
629.6
640.9
661.8
680.8
665.4
677.8
705.0
727.3
7 49.1
762.1
760.9
764.5
768.3
795.7
832.8
841.3

380.1
387 .2
394.7
414.6
425.5
438.6
443.2
457.0
463 .1
46 9.2
485.7
495.9
524.4
544.7
573.6
578.7
608.6
617.6
634.3
639.0
670.4
6 84.5
670.2
679 .8
712.1
728.3
753.5
766 .0
759.9
764.7
772.8
806.2
831.7
843.8

384.8
387.5
401.3
423.1
428.9
43 7 , 1
448.4
459.3
463 .6
47 5.5
489.7
496.5
526.0
560.8
57 1.5
582.7
607 .6
621.4
637.7
641 .8
682.2
679.4
663.9
681 .5
721 .8
7 40.9
766.3
772 .2
761.5
765.2
778.6
812.7
830.5
847.2

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

1952
1953,
1954.....
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
196 6
1967
1968
196 9
1970
1971
1972
1973
1974.,...
1975.,...
1976
1977
1978
1979
1980
1981
1982
1983
1984.....
198 5
1986
242.

366.7
388.7
390.2
404.3
427.4
430.7
43 2 . 3
452.3
460.7
465.3
480.2
492.4
505.1
531.2
563.4
576.3
594.2
613.4
628.4
639.4
647 .5
687.8
664.9
666.9
696.2
728.8
745.8
766.2
767.9
763.3
764.2
786.3
819.7
834.3

55.5
56.5
50.9
64.8
72.8
71.9
59.5
76.9
88.7
69.5
87.9
88*9
98.2
114.4
128.2
125.5
133.8
151.3
146.2
166.6
188.3
228.0
238.1
204.9
264.6
311,5
379.7
446.9
461.0
506.9
459.5
428.3
659.5
. 650.6

49.0
57.7
52.0
69.6
72.2
71.7
58.2
84.4
78.1
, 7 4.7
88.0
92.2
98.7
114.0
129.1
120.6
137.4
151.8
148.2
173.4
199.1
237.8
241.3
204.6
275.8
341.4
'420.2
463.2
425.0
515.3
46 7.8
481
6 57
667.1

52.5
55.7
54.7
71,3
72.8
73.6
64.1
78.4
77.4
81.2
89.3
95.7
100.0
117.4
127.6
126.5
136.8
158.1
153.5
177 .0
205.7
237.2
238.9
229.5
279.6
363.7
424.7
461.5
405.4
535.9
452.2
519.7
670.3
657 .4

57 .0
49.7
58.9
7 3.3
7 2.9
67.1
72.1
81.1
68.5
83 .0
85.4
95.8
101 .6
118.8
129.6
130.1
139.9
151.6
147.3
172.9
214.9
252.3
245.1
239.3
2 90 .6
359.6
442.7
447.8
456.4
504.0
409.6
579.8
661.1
669.5

376.6
388.2
393.8
413.2
426.9
434.7
43 9.9
455.8
463.3
47 0 . 1
484.2
494.3
517.5
543.2
569.3
579.2
602 .4
617.2
632.5
640.3
665.5
683.2
666.1
676.5
708.8
731.4
753.7
766.6
762.6
764.4
771.0
800.2
828.6
841.6

AVERAGE
53.5
54.9
54.1
69.7
72.7
71.1
63.6
80.2
78.2
77.1
87.6
93.1
99.6
116.2
128.6
125.7
137.0
153.2
148.8
172.5
202.0
238.8
240.8
219.6
277.7
344.1
416.8
454.8
43 7.0
515.5
447 .3
502.3
662.1

GROSS PRIVATE DOMESTIC FIXED INVESTMENT IN CURR
DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS)
50.4
54.0
53.5
60.4
66.5
6 9.6
64.9
72.1
77.7
7 2,4
79.3
83.0
92.7
101.9
114.4
110.5
126.3
140.5
144.0
154.3
183.5
213.2
222.0
217.4
247.8
296.4
3 53.5
425.0
460.6
478.9
483.6
471.0
564.0
625.2

51.3
54.6
54.6
63.5
67.8
69.2
63.2
74.8
7 5.7
73.6
81.9
86.5
93.4
104.9
115.2
114.3
126.3
142.7
144.0
163.2
187.2
218.5
225.3
219.7
256.2
319.7
385.8
435.0
424.6
492.5
47 2,9
492.5
597.6
648.0

48 .2
55.0
56.8
65.7
68.9
70.4
6 4.1
7 5.9
73.7
75.2
82 .7
88.4
94.9
107 .5
115.2
116.2
128.8
146.3
146.3
168.2
191.3
222 .1
229.6
227.7
262.2
331.0
400 .2
451.8
43 5 .0
500.2
461.2
525.2
605.8
6 54.3

iq
NOTE: These series contain revisions beginning with 1983.




Year
239.

IV Q

IQ

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
196 8
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
198 5
1986

315.9
330.6
338.2
359.3
373.8
388.8
398.0
417.5
43 9,6
453.0
473.6
492.6
522.0
546.3
576.9
601.0
628.2
660.7
689.7
710.8
742.7
776.3
794.4
816 .7
851.7
888.2
924.6
962 .4
986.9
1000.9
1019.2
1044.6
1083.0
1125.8

319.6
335.0
345.6
361.0
377,7
391.1
404.8
424.3
444.1
461.3
480.3
496.7
529.1
5 54.4
583.6
609.1
638.3
667.3
692.8
717 .0
750.0
784.6
801.9
829.6
854.8
889.9
939.2
969.1
981.3
1009.5
1023.5
1059.4
1094.6
1131.8

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
196 4
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

219.9
222.3
203.2
245.1
262.1
248.6
210.9
261 .7
288.7
238.3
287.7
291.9
3 24.7
362.1
396.9
368.7
387.7
412 ,0
379.9
415.5
439.5
515,7
501,1
370.6
444.7
492.0
544.0
582.2
556.7
552.3
464.2
427.1
649.3
638.2

199.9
225.1
206 .4
260 .8
258.3
245.3
206.2
283.1
261 .4
249.1
291 .2
306.9
3 23,6
364.3
390.9
361.7
397 .2
40 9 . 1
376.4
423.1
462.3
521.7
496.5
358.1
454.9
519.0
584.6
590.1
499.2
551.2
467.5
486.9
649.7
655.6

328.5
334.3
354.6
370.5
387.0
397.5
411 .5
435,0
447.9
46 9.7
489.3
513.1
541.8
571.7
593,4
621.6
6 54.2
683.9
704.6
731.0
773.2
793.5
811 .0
840.5
879.4
912 .2
949.6
982.4
1005.6
1014,3
1038.1
1078.6
1114.4
1157.5

321.9
334.1
347.4
363.6
380.1
392.6
406.1
426.7
443 .9
461.4
481 .8
502.3
532,3
558,5
585.3
612 ,3
641.8
671 .7
697.0
720.2
756.0
786.1
803.1
829.8
862.8
898.5
939.8
971.2
991.9
1009.0
1027 .0
1062.7
1098.7
1139.0

1952 . .
1953..
1954.,
1955..
1956..
1957. .
1958 . .
1959..
1960 , .
1961..
1962. .
1963..
1964. .
1965. .
1966..
1967..
196 8..
1969.,
1970. .
1971..
1972..
1973..
1974..
1975..
1976..
1977. .
1978..
1979..
1980..
1981..
1982..
1983..
1984..
1985
1986

203.0
213,9
210 .4
233 .4
244.9
242 .1
226 .1
247 .1
262 .0
245.5
265 .7
275.0
307 .8
329.8
361.2
332.1
368 ,6
385.4
374.1
383.8
431.5
481 .7
465.8
392.4
420.3
467 .8
512 .4
558.3
552.6
524.9
488.2
469.4
564.1
615.0

206.6
217.4
215.0
264.3
257 .1
249.2
222.2
262.4
258.3
270.5
294.7
315.6
324.5
369.9
389.1
378.8
392.0
419.5
390.6
425.9
473.8
511.4
465.5
394.4
452.8
546.9
583.3
575.7
467.7
560.7
448.6
524.8
658.9
643.8

220,8
201.5
225.7
268.9
253.8
230.3
246.4
274.1
233.6
278.4
280 .7
314.0
330.8
371.8
385.2
388.4
390.2
400.5
379.3
412.8
486.0
534.2
46 2.2
410.1
461.8
527.2
595.8
552.9
513.5
517.9
408.8
577,2
649.9
653.2

211 .8
216 .6
212.6
259.8
257 .8
243.4
221.4
270.3
260.5
259.1
288.6
307 .1
325,9
367.0
390.5
374.4
391 .8
410.3
381.5
419.3
465.4
520.8
481 .3
383.3
453.5
521.3
576.9
575.2
509 .3
545.5
447,3
504.0
652.0
647.7

XED INVESTMENT IN 1982
ILLIONS OF DOLLARS)

(A
50.5
54.5
55.7
64.0
68.0
69.7
6 5.1
74.4
75.1
74.7
81.5
87.3
94.2
106 .2
114.4
115.4
12 9.1
143.4
145.7
164.7
191.5
219.2
225 .4
225.2
261.7
322.8
388.2
441.9
445.3
491.5
471.8
509.4
598.0
650.0

323.6
336.7
351.4
363.8
381.8
393.1
40 9.9
429.8
443.9
461.7
484.0
506.7
536.1
561 .7
587,1
617.5
646.5
674.7
700.8
722.0
758.1
790.0
804.9
832.4
865.4
903.5
945.9
971.0
993 .6
1011 .4
1027.2
1068.3
1102.8
1140.8

241. GROSS PRIVATE DOMESTIC INVESTMENT IN 1982 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

243.

51 .8
54.3
58.1
6 6.6
69.0
6 9 .4
6 8.1
74.9
7 3.4
77 .7
82 .1
91.4
96 .0
110 .7
112.8
120.7
135.0
144.2
148 .5
173.2
204.1
223 .1
224.7
235.9
280.5
344.1
413.3
455.6
461 .0
494.3
46 9.5
548.8
624.4
67 2 .6

Annual

PERSONAL CONSUMPTION EXPENDITURES IK 1982 DOLLARS,
SERVICES
(ANNUAL RATE, BILLIONS OF DOLLARS)

204.9
214.4
214.1
243 .0
246.0
239 .3
219 .0
255.5
254.1
247.4
274.4
288.2
308.3
340.4
357.1
343.6
365.8
386.2
366.5
397 .8
436 .7
482 .1
459.0
388.4
425.9
493 .1
543.5
557.3
496.9
529.4
473.0
496 .2
592.7
638.1

193.6
214.0
220.8
247.9
245.8
241 .9
220.7
257.9
247,5
253.3
276.3
295.3
310.7
344.5
355.2
347.7
368.8
390.3
374.5
405 .4
441 .4
481.3
446 .7
397.8
429.1
502.2
550.2
564.9
497.2
525.0
458.1
525.8
598.3
643.1

205.9
213,0
224 .1
249.5
242.7
238, 1
233.5
254.8
247 .5
261.0
273.2
303,3
313.9
352.5
341 .2
359.1
379.7
378.6
378.2
411 .7
465 .0
477 ,9
420.6
40 5.7
450.3
505 .5
554.6
560.5
518 .1
507 .4
46 8.1
550 .3
615.9
658.4

201.8
213.8
217 .3
243 .5
244.9
240 .4
224.8
253,8
252.7
251.8
272,4
290 ,5
310.2
341 .8
353.7
345,6
370,7
385.1
373.3
399 .7
443 .7
480.8
448.0
396.1
431 .4
492.2
540.2
560.2
516 .2
521.7
471.8
510.4
592.8
638.6

(NOVEMBER 1986}

101

C. Historical Data for Selected Series—Continued
Year
245.

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
196 8
1969
1970
1971
1972
1973
1974
1975
1976
1977
1970
1979
1980
1981
1982
1983
1984
1985
1986
248.
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.
1981.
1982.
1983.
1984.
1985.
1986.

IQ

IV Q

Q

Annual

5.1
2.5
-2.6
4.4
6.2
2.3
-5.4
4.7
11.0
-2.9
8.6
5.9
5.5
12.5
13.8
15.0
7.6
10.8
2.2
12.3
4.8
14.8
16.1
-12.5
16.8
15.1
26.3
21.9
0.4
28.0
-24.1
-42.6
95.5
25.4

-2.3
3.2
= 2.6
6,1
4.4
2.5
-5.0
9.5
2.5
1.1
6,1
5.6
5.4
9.1
13.9
6,2
11.1
9.0
4.2
10.3
11.9
19.3
16.0
-15.2
19.6
21.7
34.4
28.1
0.5
22.7
-5.0
-11.2
59.9
19.1

4.3
0.7
-2 .1
5 .6
3.9
3.2
0 .0
2,5
3.7
6.0
6 ,6
7 .3
5.2
10.0
12.4
10.4
8.0
11.9
7 .2
8.8
14.4
15.0
9.3
1 .8
17 .4
32.7
24.5
9.7
-29.6
35.7
-9.0
-5.5
64.4
3 .1

5.2
-4.6
0.8
6.7
3.9
-2.3
4.0
6.3
-4.9
5.4
3.3
4.4
5.6
8.0
16.7
9.4
4.9
7.5
-1.2
-0,3
10.8
29.2
20.4
3.4
10.2
15.6
29.4
-7.8
-4.6
9.7
-59.9
31.0
36.7
-3.1

3 .1
0.4
-1.6
5.7
4.6
1.4
-1.5
5.8
3.1
2 .4
6.1
5.8
5.4
9.9
14.2
10

10.5
19.6
15.4
-5,6
16.0
21.3
28.6
13.0
-8.3
24 .0
-24.5
-7 . 1
64.1
11.1

9.4
9.3
9.4
9.0
10.2
10.5
9.8
9.1
9.6
9.1
9.0
8.9
9.2
10.0
10.8
10.4
10 .4
10.5
10.5
9.9
10.1
10.5
10.8
10.5
9.9
10.S
11.1
11.9
12.2
11.7
12.3
10.4
10.6
11.3

9.5
9.3
9.3
9.4
10.3
10.5
9.4
9.2
9.6
9.1
9.2
9.0
9.4
10.3
10.9
10.4
10.1
10.6
10.5
10.0
10.1
10.8
10.9
10.2
10.0
10.6
11.5
12.0
11.8
12.1
11.7
10.2
11.0
11.6

8.5
9.6
9.4
9.8
10.6
10 ,6
8.9
9.6
9.3
9.0
9.2
9.1
9.5
10.5
10.9
10.2
10.1
10.7
10 .4
9.9
10.0
10.9
11.0
10.0
10.2
10.7
11.7
12.2
11.7
12.3
11.3
10 .4
11.1
11.4

3.8
1,3
1,7
3.6
3.4
8.1
4.3
8.3
6..1
6 .9
11.5
9.0
8.7
3.0
3.2
5.2
8.1
9.4
2 .1
9.5
25 .0
29.3
23.6
4,0
= 6.6
22.7
20,7
38.9
34.7
22.7
= 45.6
-49 .4

4.0
0.9
2.3
2.3
4.9
7.7
3.3
0.4
5.1
7.0
7.6
8.5
10.2
10.8
7.6
7.8
6.1
5.1
9.8
5.7
2 .2
13.
14.
32.7
20.0
4.2
1,3
15.2
30.1
29,0
42.1
-2.1
-63.2
-77.1

2.1
1 .3
2 .7
3.3
5.7
7.4
3 .6
2.1
6 .5
6 .6
7.3
8.0
10.9
9.5
6,4
7 .4
5.6
5.3
8.4
6.1
3.8
21.1
10.7
29.4
17.0
5.3
6.8
21.8
46.8
30.9
14.5
-19.3
- 6 0 .0
-83.7

NOTE: Thtise series contain revisions beginning with 1983.

102



IQ

II Q

III Q

IV Q

Annual

CHANGE IH BUSINESS INVENTORIES AS A PERCENT OF GNP
(PERCENT)

1952
1953
1954
1955
1956
1957
1958
1959.....
1960
1961
196 2
1963
1964
196 5
1966
196 7
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

-0.7
1.1
1.5
0.5
-1.2
1.0
2.1
-0.6
1.5
1.0
0.9
1.8
1.8
1.9
0.9
1.1
0.2
1.1
0.4
1.1
1.1
-0.8
1.0
0.8
1.2
0.9
0.0
0.9
-0.8
-1.3
2.6
0.6

-0.7
0.9
-0.7
1.5
1.0
0.6
-1 .1
1.9
0.5
0 .2
1,1
0.9
0.8
1.3
1
C.8
1,3
0.9
0.4
0.9
1.0
1.4
.1
.0
.1
.1
.5
.1
0.0
0.8
-0 .2
-0.3
1.6
0.5

1,2
0.8
1.4
1.6
1.3
0.9
1.2
0.7
0.8
1.2
1.1
0.6

0.4
-1.1
1,2
-0.3
-0.2
1,7
0.1

1.4
-1.2
0.2
1.6
0.9
-0.5
0.8
1.3
-1.0
1.0
0.6
0.7
0.8
1.1
2.1
1.1
0.5
0.8
-0.1
0.0
0.9
2.1
1.3
0.2
0.6
0.8
1.2
-0.3
-0.2
0.3
-1.9
0.9
1.0
-0.1

0.8
0.2
-0.4
1.4
1.1
0.3
-0.4
1,2
0.6
0.4
1.1
1.0
0.6
1.4
1.8
1.3
0.9
1.0
0.3
0.7
0.9
1.4
1.0
-0.4
0.9
1.1
1.2
0.5
-0.3
0.8
-0.8
-0.2
1.7
0.3

PRIVATE RESIDENTIAL FIXED INVESTMENT AS A
PERCENT OF GNP
(PERCENT)

GROSS PRIVATE NONRESIDENTIAL FIXED INVESTMENT AS
A PERCENT OF GNP
(PERCENT)
8.9
9.6
9.2
10.2
10.5
10.5
9,0
9.4
9.4
9.0
9.1
9.3
9
10.7
10.7
10.3
10.4
10.7
10.1
10.0
10.3
10.8
10.9
10 .0
10.3
11.1
11.7
12.2
11.6
12.3
11.0
10.8
11.5
11.6

9,1
9 .4
9.3
9.6
10 .4
10.5
9.3
9.3
9.5
9.0
9.1
9.1
9.4
10.4
10.8
10.3
10.2
10.6
10.4
10.0
10.1
10.8
10,9
10.2
10.1
10.7
11.5
12 .1
11.8
12.1
11.6
10.4
11.0
11,5

ET EXPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
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
1981
1982
1983
1984
1985
1986

Year
247.

CHANGE IK BUSINESS INVENTORIES IN CURRENT DOLLARS
(ANNUAL RATE, BILLION DOLLARS)

1.0
1.6
3.6
2.9
7,3
6.1
2.5
2.2
7.7
6.9
6.6
9.5
10 .9
9.5
7.3
6 .4
5.0
6.8
7.5
4.0
4.5
22.5
14.9
32.9
14.7
-5.9
15.0
15.4
30.8
36.9
14.1
-25.8
-66.1
-105.3

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
1981
1982
1983
1984
1985
1986
251.

3,2
1.3
2.6
3.0
5.3
7 .3
3 .3
1.5

7 .4
5.5
5.6
8.5
6.3
3.2
16.8
16 .3
31.1
18.8
1.9
4. 1
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9

1952.
1953.
19 54.
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.
1981.
1982.
1983.
1984.
1985.
1986.

5.2
5.3
5.2
6.3
5.6

5.7
5.5
4.9
5.0
5.1
5.3
4.9
4.4
3.4

4.0
4.5
5.6
5.8
4.7
3.7
4.4
5.1
5.6
5.6
5.0
4.4
3.3
4.0
4.8
4,7

5.4
5.3
5.5
6.4
5 ,6
4.9
4.8
5.8
5.1
4.8
5.1
5.4
5.1

3.8
4.2
4.4
3.8
4.9
5.6
5.5
4.5
3.8
4.5
5.6
5.8
5.6
4.1
4.2
3.3
4.4
4.9
4.8

5.3
5.1
6.1
5.8
5.2
4.9
5.3
5.5
4.9
5.0
5.0
5.4
4.9
4.5
3.5
4.1
4.3
4.0
4.3
5.4
5.8
5.0
3.9
4.1
5.0
5.6
5.8
5.4
4.6
3.5
3.6
4.7
4.7
4.9

5.3
5.2
5.6
6.2
5.5
4.9
5.0
5,7
5.1
4.9
5.0
5.3
5.0
A.7
4.0
3.8
4.2
4.3
4.0
5.0
5.6
5.4
4,4
3.9
4.6
5.5
5.8
5.6
4.5
4.0
3.4
4.5
4.8
4.8

0.3
0.4
0.9
0.7
1.7
1.4
0.5
0.4
1.5
1.3
1.1
1.5
1.7
1.3
0.9
0.8
0.5
0.7
0.7
0.4
0.4
1.6
1.0
2.0
0.8
-0.3
0.6
0.6
1.1
1.2
0.4
-0.7
-1.7
-2.6

1.0
0.3
0.7
0.8
1.2
1.6
0,7
0.3
1.2
1.4
1.2
1.4
1.7
1 .4
1.0
0.
0.
0.6
0.8
0.6
0.3
1.2
1.1
2.0
1.0
0.1
0.2
0.8
1.2
1.1
0.8
-0.2
-1.5
-2.0

5.2
5.1
5.8
6.1
5.5
4.8
4.9
5.7
4.9
5.0
5.0
5.3
4.9
4.6
3.9
3.9
4.2
4.3
3.9
5.2
5.6
5.3
4 .4
4.0
4 .4
5.6
5.8
5.6
4.2
3.9
3.2
4.9
4.8
4.8

ET EXPORTS OF GOODS AND SERVICES AS A PERCENT OF
GNP
(PERCENT)
1.7
0.4
0.5
0,9
0.8
.8
.9
.2
.8
.6
.1
.2
.8
.3
.2
.0
0.6
0.6
0.8
0.9
0.2
0.7
1.8
1.9
1 .4
0 .2
-0.3
0.9
0.8

1.2
0.2
0.6
0.6
1.2

1 .0
1.3
1.3
1.4
1.6
1 .6
1.0
1.0
0 .7
0.5
1.0
0 .5
0 ,2
1.0
1.0
2 .1
1 .1
0 .2
0.1
0.6
1.1
1.0
1.3
-0.1
-1 .7
-1.9

0.6
0.3
0.7
0.8
1.3
1.6
0.8
0 .4
1.3
1.2
1.3
1.3
1.7
1.3
0.8
0.9
0.6
0.5
0.8
0.5
0.3
1.5
0.7
1.8
0.9
0.3
0.3
0.9
1.7
1.0
0.5
-0.6
-1.6
-2.1

(NOVEMBER 1986)

C.

Historical Data for Selected Series—Continued
Year

IQ

II Q

III Q

IV Q

AVERAGE
1952
1953
1954
1955
1 956
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
197 9
1960
1981
1982
1983
1984
1985
1986

.....

21.4
17.9
17.3
20.6
23.3
29.1
24.4
23.7
28.7
31.1
31.7
33.3
39.9
39.1
45.6
49 .7
52.1
52.4
66.7
71.8
77.8
100.1
141.7
162.0
170.6
186.3
203.8
265.2
346.5
380.7
373.0
343.6
373 4
378.4

19 .4
18.1
19.3
20.3
24.8
28.9
24 .4
24.2
29.7
30.0
33.6
35.7
39.5
44.2
45.8
48 .9
54.2
61.8
69.9
72.6
77.6
109.4
151.5
155.4
175.1
194.0
222.1
278,1
348.4
383.4
378.9
344.1
382 1
370.0

18.1
17.9
19.8
21.9
26 ,8
26.7
24.4
25.
30.
32.(
33. t
37 .(
4i.i
45. A
48.^
50 .i
56.
64
69.6
69.7
88.2
128 .3
159.9
168.9
184.8
190.3
250.9
320.6
358.9
384.8
335.9
364.7
3 86 2
368.2

18 .0
18.4
18.8
21.6
25.9
28.2
24.4
26 .2
30 .6
31 .2
33.6
36.0
40.9
43 .3
46.6
49 .1
56.8
62.4
69.4
75.3
81.9
118.7
152.9
159.0
180 , 5
195.9
233.2
301.0
350.1
382.3
359.9
357.7
389 2
362.3

Year

Annual

EXPORTS OF GOODS A D SERVICES IN CURRENT DOLLARS
N

252.

19 .2
18.1
18.8
21.1
25.2
28.2
24.4
25,0
29.9
31.1
33.1
35.7
40.5
42.9
46.6
49 .5
54.8
60.4
68.9
72.4
81 .4
114.1
151.5
161 .3
177,7
191.6
227 .5
291.2
351.0
382.8
361.9
352.5
382 7
369.8

1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
196 2
1963
1964
1965
1 966
1967
1968
1969
1970
1971
1972
1973
1974
197 5
1976
1977
1 978
1979
1980
1981
1982
1983
1984
1985
1986

....

256.

NET EXP ORTS OF GOODS AND SERVICE S IN 1982 D 3LLARS

255.

IQ

II Q

III Q

IV Q

253 . IMPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
(ANNUAL RATE , BILLIONS OF DOLLARS)
15.6
16.5
15.6
17.0
19.9
21.0
20 .5
22.5
24.4
22.8
25.5
26.4
28.4
30.1
36.9
41 .6
46.9
47.2
58 .6
62.4
75.6
90.6
116.8
132.8
147 .0
182.3
210,4
242.6
325.8
341.9
338.4
320.9
419.0
427.9

15.4
17.2
17.0
18.0
19.9
21.2
21.1
23.7
24.6
23.1
26.1
27.2
29.2
33.4
3 8.2
41.2
48.1
56.6
60.1
67.0
75.4
95.5
136.9
122,7
155.1
189.8
220.7
262.9
318.3
354.4
336,8
346.2
445.3
447.1

16.0
17.1
16.1
18.3
20,2
20,7
20.8
24.1
24.0
24.5
26.3
28.1
29.9
33.8
40.2
41,7
51.1
57.0
61.0
69.3
78.1
97.6
142.2
129.7
163.4
190.6
226.4
279,2
303.3
351,4
345.4
376.9
449.1
446 .0

17 . 1
16,3
16.3
19.0
19.5
20,6
21.9
23.7
22.9
25.1
26.8
28.2
30.9
35.7
41.0
43 ,9
51.1
58.1
62,2
65.7
83.7
105.7
145.1
136.0
170 . 1
196.2
236.0
305.2
328 . 1
347 .9
321.9
390.5
452 .2
473.6

257.
1952
19 53
19 54
1955
1 956
1957
1958
1959
I960
1961
196 2
1963
1964
196 5
196 6
196 7
196 8
1969
1970
197 1
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

17.4
-2.5
-0.9
4.4
-1 5
11 0
-7.8

-18.9
9 4
3 .8
-9.4
-6.6
9.7
-3.0
-7.9
-15.5
-28.7
-31.6
-31.4
-25.3
-52.2
-44.1
110

17.4
-0 2
-39.9
-39 0
-4.8
43 .5
59.7
40.4
16.1
-6 8.6
78 8

10.2
-4.0
1.5
-2.5
2 9
9 3
-10.6
-22.1
6 9
- 3 .0
-5.2
-1.4
4.8
-0.4
-11.6
-16.1
-27.5
-36.9
-27.7
-41.7
-49 .2
-36 .6
1 4
28.2
-8 7
-32.8
-30 7
-12.4
58.6
50.2
41.7
-14.6
-87.2
-108 1

2 .1
-2.8
3.3
0 .0
5 i
7 5
-9.0
-16.2
-2 4
- 5 .4
-6.5
-2 .6
5.6
-4.3
-18.2
-13.5
-29.2
-36.6
-27 .7
-42.7
-47 .7
-23 .4
-5 5
14.4
-13 4
-28.1
22 4
12.5
74.1
42.1
11.7
-35.0
-85.7
-113 8

- 2 .2
-1.7
5.9
-1.8
10 8
0 1
-13.8
-15.6
2 6
-6 .0
-9.0
3 .0
3.7
-3 .2
-17.2
-22.5
-33.2
-34.3
-33.3
-49.3
-48 .6
-22.4
-3 5
15.5
-218
-41.0
15 1
18.7
52.2
45.3
11 ,7
-46 .2
-92.7
-132 0

N
IMPORTS OF GOODS A D SERVICES IN 1982 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

60.1
68 6
65 5
718

83 7
87 .4
90.1
98.6
104.3
98 3
111.7
113.9
118 3
123 1
146 3
159 5
178.0
176 .5
207.2
204 .0
241 .7
271.8
255 .8
242.6
268 . 7
317 .7
329.8
345.2
355.4
334.8
333.7
326.4
429.9
448.2

60.1
71 2
70 2
77 0
83 8
88 .4
93.1
103.2
104.9
99 9
114.1
116.1
121 3
136 3
148 5
158 5
180 .6
208.2
208.9
221.8
236 .1
275.7
27 5 .2
224.3
280 .7
317.7
338.3
356.1
334.5
345.1
336.8
356.3
454.2
469.3

63.8
70 8
66 7
78 4
85 1
87 .0
91.6
103.8
102,3
106 2
115.3
118.5
124 0
137 0
155 9
156 2
191 .0
206 .9
206.1
230 .2
244 .3
271.2
272 .3
242 .5
291 .3
315.1
341.0
351.0
309 .6
349.0
347.8
387 .8
461.2
46 9.6

NOTE: These series contain revisions beginning with 1983.




69.1
68 0
67 6
80 5
81 .8
88 .8
96.3
101.9
97.9
109.0
116 .5
117.9
127 .8
142 5
157 8
167 7
191 .8
207 .7
211.1
2 19.7
2 56 .4
276.5
270 .2
253 .9
300 .9
317 .9
348 .2
360.1
328.4
344.5
324.3
401.6
46 7.7
494.8

6.9
-2.7
2.5
0.0
4 .3
7 0
-10,3
-18.2
-4 0
-2 .7
-7.5
-1.9
5.9
-2.7
-13.7
-16.9
-29.7
-34.9
-30.0
-39.8
-49 .4
-31 ,5
0 .8
18.9
-11 0
-35.5
-26 8
3.6
57 .0
49.4
26.3
-19.9
-83.6
-108 2

16 .0
16.8
16.3
18.1
19.9
20.9
21 .1
23.5
24.0
23.9
26,2
27.5
29.6
33.2
39.1
42 .1
49.3
54.7
60.5
66,1
78.2
97.3
135.2
130.3
158.9
189.7
223.4
272.5
318.9
348.9
335.6
358.7
441 . 4
448.6

AVERAGE
1952..
1953
1954
1955
1956
1957
1958
1959
I96 0
1961
1962
196 3
1964
196 5
1966
1967.
.
1968
196 9
1970
197 1
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

77.5
66 .0
64.6
76.2
82 . 2
98 . 4
82.3
79.8
95,0
102.1
102.3
107 .3
128.0
120.1
138.4
144.0
149 .3
144.9
175.8
178.7
189 .5
227 .7
266 .8
260.0
268.5
277.8
290 .8
340.4
398 .9
394.5
374.1
342.5
361.3
369 ,4

70.3
67.2
71.8
74,4
86.7
97.7
82.5
81.1
98.0
96.9
108.9
114.7
126.0
135.8
136.9
142.3
153.1
171.3
181.2
180.2
186.9
239.2
276.6
252.5
272.0
284.8
307 ,6
343,6
393.1
395.3
378.5
341.7
367.0
361.2

65.9
68.1
70.1
78.4
90.1
94.6
82.6
87.6
99.9
100.8
108.8
115.8
129.6
132.7
137,8
142.7
161,8
170.3
178.4
187.5
196.6
247 . 8
266.7
256.9
277.9
287.0
318 .5
363.5
383.6
391.1
359.5
352.8
375.5
355.8

66.9
66.3
73.5
78,6
92 .6
88 ,9
82.4
86.2
100 .5
102.9
107 . 5
120.9
131.5
139.3
140.5
145 .2
158.5
173.3
177.8
170.4
207.8
254.1
266 .7
269.3
279.1
276.9
333 .1
378.8
380 .6
389.8
336.0
355.5
375.0
362 .9

260.
GOVERNMENT PURCHASES OF GOODS AND SERVICES IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE
63.3
69 7
67 5
76.9
83 .(
87 .
92.f
101. <
102./
103 .
1 14 .!•
116 A
122 .(
134.'
152 .
160
185.
199. *
208.
218 .
244.(
273. i
268.1
240. i
285 .*
317.
339.4
353.2
332.0
343.4
335.6
368.1
453.2
47 0 . 5

AVERAGE

EXP ORTS OF GOOD S AND SERVICES IN 1982 D OLLARS

AVERAGE
1952
1953
1954
1955
1956
1957
1958
19 59
1960
196 1.
196 2
196 3
1964
196 5
1966 .
1967
1968
1969
1970
1971
1972
1973...
1974
1975
197 6
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

Annual

1952
1953
1954
1955
1956
1957
1958
1959
1960
1 961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

71.1
82 .0
79.8
74.6
77.5
86 .4
91.5
98 .2
97 .6
105.3
116 .2
122 .3
128.5
131 .8
150 .2
174.8
191.4
203.0
214.7
227.5
246.8
261.0
283.1
323 .1
350 .9
371.8
40 5.6
449 .2
509.1
570.1
622.1
668.1
693.2
777.3

75.7
82.8
75.7
74.3
79.6
86.8
94.6
98.4
99.6
107.1
116.9
121.4
130.2
13 5 . 8
155.2
177.0
197.4
206.0
215.7
230.0
248.9
263,3
295.5
329.7
354.9
384.1
417.6
458.6
528.2
577.0
625.7
6 7 5.2
733.3
799.0

77.7
82.6
75.0
75.7
80.0
87 . 8
96.4
97.8
102.1
108.7
118.9
124.4
130.1
140.3
162.0
181.4
199.6
209.2
219.1
234.0
249.6
265.0
304.1
338.9
358.2
392.3
433.4
472.8
532.6
591.9
647.1
680.7
743.8
829.7

78 .6
83.6
73 .7
76.5
81.5
88 .3
98.9
97.3
10 3.0
112.5
120.6
127.2
131.0
146 .3
167,1
185.8
202 .4
210 .8
223.1
238.0
254.8
276 ,8
313.8
348.5
363.8
401.1
444.2
490.7
551 .4
613 .3
671 .8
676.1
763.4
855,6

70.1
66.9
70.0
76.9
87.9
94.9
82.4
83.7
98.4
100.7
106.9
114.7
128.8
132.0
138.4
143.6
155.7
165.0
178.3
179.2
195.2
242.3
269 .1
259.7
274.4
281.6
312 .6
356.8
388.9
392.7
361.9
348.1
369.7
362 .3

AVERAGE
75.8
82.8
76.0
75,3
79.7
87.3
95.4
97.9
100.6
108 . 4
118.2
123.8
130.0
138.6
158.6
179.7
197.7
207.3
218.2
232.4
250.0
266.5
299.1
335.0
356.9
387.3
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4

(NOVEMBER 1986)

103

C.

Historical Data for Selected Series—Continued
Year

II Q

Q

III Q

IV Q

1952
1953
1954
1955
1956
1957
1958
1959.
1960
1961
196 2
1963
1964

....
...
....

1966
1 967
1 968
1 969
1 970
197 1 . . . . .
1 972
1973
1974
1975
197 6
197 7
1978.
....
1979
1980
1981
1982
1983
1984

377 1
411 . 9
397 4
364 8
360 .0
379 4
386.5
399.3
395.2
419.7
446 0
455 2
469.2

387 6
420,2
37 9 0
358.3
364 .9
381 6
392 .7
398.8
402.6
422.4
446 9
454 .4
472.7

3 96 7
420 4
37 2 4
3 63 2
362 4
382 1
397.1
397.1
406.6
426.7
4 52 1
46 4 1
470.3

398 3
423.5
364.9
3 59 0
367 .6
381 2
404.7
395.3
410.1
43 9.6
452 6
46 5 .5
471.1

513.5
56 9 .2
590 1
593 2
578.6
567 .6
576.4
57 2 5
567 8
577,5
582 4
5 80 ,2
592 5
606 .7
617.8
6 26.3
634 6
649 .2
6 50 2
695 3

523.4
57 3 . 1
600 5
596 0
569 .7
564 .0
574.1
568 6
580 2
577 .2
580 3
587 . 5
601 3
606.9
625.1
626.4
629 7
650,9
678 2
708 3

541,9
57 9 , 1
601 0
590 4
571 ,6
566 9
566 1
555 8
57 2 6
582 1
57 9 4
594 9
611 5
611.3
621.1
630.2
642 5
653.6
681 0
731 8

551.7
583 .2
599 0
585 3
570 .6
567 .4
566 .1
564.2
57 2 1
586 .8
57 9 0
593 .6
611 1
611.7
617.9
635.9
660 1
642.2
691.5
749 4

262.
389 9
419 0
378 .4
361 3
363 .7
381 1
395,3
397 .7
403.7
427.1
449 4
459 ,8
470.8
487 .0
532.6
576 .2
597 .6
591 2
572,6
566 . 5
570.7
565 .3
573 2
580 .9
580 3
589 . 1
604.1
609 . 1
620.5
629.7
641 7
649 .0
67 5 2
721 2

1986
263.

FEDERA
1932 DOLLARS

1952
1953
1 954 . . . .
1955
1956
1957
1 958.....
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
266.

SERVICES IN
(ANNUAL RATE, BILLIONS OF DOLLARS)

260.8
290 .9
266 4
991.4

H 3 .9
120 9
£23 0
117.0
9fi

. Q

248.7
248.2
248.3
236.3
259 4
300.4
309 0
299.0
279,8
255.5
253,6
240.4
223.9
226.3
222.1
223 8
228.4
236 .4
243 ,3
252.0
267.0
278 .2
271,2
305 8

269.2
299 3
247 5
214 7
216 9
226.4
224 1
222 5
220.4
230 8
248.1
245.5
246.8
241.3
267 1
302.8
313 4
299.8
268.9
249.1
252 .2
235,8
232.0
225.5
223 .4
230 8
230 3
233 9
251 6
256.0
260.5
278.5
296 3
311 4

280.8
296 5
237 3
2194
213 6
224.5
225 0
2 20 6
221.8
233 1
250.9
249.5
241.3
244.9
282 9
307,6
310 4
294,2
264.0
251.1
241 .7
220.0
225.2
225.7
225.4
238 0
238 3
237 3
248 2
262.7
273.8
277.6
295 6
329 9

279.8
296 7
228 9
214 1
217 2
219.9
2 29 4
219.8
223.2
240 7
249.4
248.0
239.9
255.2
285 9
306.6
305 7
289.5
260.4
246.6
236.4
223.9
224 .4
227.8
226.1
234 8
237 9
237 1
244 4
267,5
289.5
266.0
303 8
347 2

272.7
295 9
245 0
217 9
215 4
224 . 1
224 9
221 5
220.6
232 9
249 . 3
247.8
244.2
244.4
273 g
304,4
309 6
295.6
268,3
250,6
246 .0
230.0
226 . 4
226 . 3
224.2
231 8
233 7
236 2
246 9
259 .6
272 .7
275,1
291 7
3 23 6

AVERAGE
22 5
24 4
26 6
29 .6
32,1
35 .6
39.3
43 2
44 5
49 .2
52.4
56 .3
61.4
66 6
75.1
84.4
93.4
103 7
113 9
1 28 3
140 .0
154.2
173 .3
197 .6
218 6
229,2
250.7
277.1
312 .2
340 .8
359 .2
382.7
409.8
443.5

23 2
24 3
27 2
30 ,2
32 9
36 . 4
40.3
43 4
45 8
49 . 4
53.0
57 i
63,2
68 7
76.9
85.9
96,5
106 4
117 1
131 5
141 .6
1 57 ,7
180 .9
202 . 4
2 20 0
234 2
260.6
285.4
319.2
343.2
366.4
387.5
418,1
458.1

23 o
25 0
28 2
30 5
33 6
37 .2
41.4
43 4
46 8
50 2
53.8
58 8
64.2
71 4
78.9
87.5
98.8
108 5
121 8
133 6
145 2
161 9
186 . 4
209 .2
2 20 8
238 0
268.1
294.2
325.4
346.5
371.8
395.8
426.6
46 8.8

MOTE: These series contain revisions beginning with 1983.

104



23,6
25 7
28 5
31 . 1
34 3
38.2
42 .4
43 3
47 4
52 1
54.8
60 2
65.3
73 0
82.0
90.2
101.6
110 3
124 8
136 7
149 9
166 8
191 .2
214.2
223 0
243 4
274.3
302 .7
332.1
353.1
378.7
400.0
434.3
474.7

23 1
24 8
27 7
30 3
33 3
36 .9
40 .8
43 3
46 1
50 2
53.5
58 1
63.5
69 9
78.2
87.0
97 .6
107 2
119 4
132 5
144 2
160 1
182 .9
205 .9
220 6
236 2
263 . 4
289.9
322.2
345.9
369 .0
391.5
422.2
461.3

II Q

IQ

IV Q

III Q

FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES IN
CURRENT T i l l . L A R S
f AW Mil AT
RATS
ilTT.l.TnNR CiV DOLLARS)

1952
1953
1954
1955 . . .
1956
1957
1958
1959
1960
1961
196 2 . . .
.
1963
1964
196 5
1966
1967
1968
1969
1970
197 1
1972
1973
1974....
1975
1976...
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
265.

AVERAGE

STATE AND LOCAL GOVERNMENT PURCHASES OF GOODS AND

1952 .
1953
1954
1955
1956
195?
1958
1959
i960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
197 1
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

Year

Annual

GOVERNMENT PURCHAS1 S OF GOODS &ND SERVICES IN 1982
ARS )

261.

48.6
57 6
53.2
45 .0
45,4
50 .8
52.3
55.0
53.0
56,0
63 . 8
66 .0
67.0
65.2
75.1
90.3
98.0
99 .4

100.8
99.2
106 .8
106 .8
109.8
125 .5
132,3
142 .7
154.9
172.1
197.0
229.3
262.9
285 .5
283 .4
333 ,7

52. 5
58 5
48. 4
44. 2
46 , 7
50 . 4
54. 3
55. )
53. 9
57. 7
63 . 9
64. 3
67. D
67 1
78. 3
91.
100. )
99 , 5
98. 5
98 . 5
107 „ 3
105 . 3
114. S
127 . 3
134. 3
149.9
157 , L
173.
208. J
233. )
259. i
287 . j
315 . I
340 . )

54.7
57 6
46.7
45 2
46 . 3
50,6
55.0
54.3
55.3
58.5
65.0
65.5
65.9
69 0
83.1
93.9
100.8
100.8
97.3
100.4
104.4
103 , 1
117.8
129.6
1^7

1

154.3
165.4
178.6
207.2
245.4
275.3
284.9
317 . 2
360.9

55.0
57 .9
45.2
45.4
47 .2
50 .2
56.5
54.0
55.6
60.4
65 .8
67.0
65.7
73 3
85.1
95.5
100.8
100 .4
98.3

101.3
104.9
110 .0
122.6
134.3
140 .7
157 .6
169.9
188.0
219.3
260.2
293.2
276.1
329.1
380 .9

FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES
AS A PERCENT OF CNF
(PERCENT)

1952
1953 . . .
1 954
1955
19 56
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
1968...
1969
1970
1971
1972
1973
1974
1975
1976
1977 . . .
1978
197 9 . . .
1980
1981
1982
1983
1984...
1985
1986

14.1
15 5
14 5
11.4
10 .8
11.4
11.8
11.3
10.3
10 .8
11.3
11.1
10.5
9.6

9 9
11.3
11.4
10.6
10.1

9.2
9.2
8.1
7.7
8.2
7.6
7 5
7 .3
7 .1
7 4
7.7
8.4
8.7
7 .7
8 5

15. 2
15 )
13 I
11. )
11, )
11. I
12 .
11.0
10. >
10 . )
11,
10.
10.4
9."
10 'i
11.. t
11 ./t
10. it
9. J
9.(
9.C
7.<
7.
8.
7.
7 (
7 .C
7 (
7 t
7.(
8,3 I
B. >
8 .^
8 f

15.6
15 4
12 5
11.0
10 8
11.1
1 1

Q

in q
10.7
10.9
11.2
10 .7
10.0
9.7
10 7
11.4
112
10.3
9.5
9.0
8.5
7.5
7.9
8.0
7.7
7 6
7 2
7 0
7 6
7.9
8.7
6.3
8 3
9 o

15.1
15.7
119
10 ,9
10 . 8
11.1
11,9
10 .7

10.8
11.0
11.3
10.8
9.9

10.0
10 8
11.4
11.0
10,2
9,5
9.0
6.3
7.8
8.1
6.0
7.6

7 6
7 .2
7 3
7 7
8,4
9.1
7.8
8 .6
9 3

26 7. STATE AND LOCAL GOVERNMENT PURCHASES OF GOODS AND
SERVICES IN 1982 DOLLARS (ANNUAL RATE, BILLION DOLLARS)
1952
1953 . . .
1954
1955...
1956 , . .
1957
1958
1959
1 960
196 1
1962
1963 . . .
1964
196 5 . . .
1966
1967
1968
196 9
1970
1971
197 2
197 3
1974 . . .
1 97 5
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

116 3
120 9
130 9
141 5
146 1
153 .8
165.7
176 3
178 2
192 .8
197.3
207 .0
220.9
233 4
254.1
268.8
281.1
294 2
312.1
3 22 8
332 2
343 9
351 1
360.3
356 3
364.1
370.3
374.5
374.2
367.7
371.0
379.0
389.5

118 ii
120 (
131
143 f
148 C
1 5<j,;
168.5
176 *
182 I
191 i
198.(
208 c
225.5
239 \
256.3
270.3
287.1
296.2
300.1
314.9
321.9
332.8
348 2
3 51 7
357,0
3 56 7
371.0
373,0
373.5
370.4
369.2
372.4
381.6
396.9

115 9
123 9
13 5 1
143 8
148 8
157 .6
172.1
17 6 5
185 0
193 5
201.2
214 6
228.5
246 6
259.0
271.5
2 90.7
296.2
307.7
315.8
324,4
335.8
347 4
3 56 5
354.0
3 57 0
373.2
374.0
372.9
367 .5
368.6
376.0
385.4
401.9

118 4
126 8
136 0
144 9
150 4
161.3
175.3
17 5 5
186 9
198 9
203,2
217 5
231.2
250 6
265.8
276.5
293.2
295.8
310.2
320.8
329.7
340.3
34? 7
359 0
352.8
356 9
373.2
374.6
373.4
368.4
370.6
376.2
387.7
402.2

Annual
AVERAGE
52.7
57 . 9
48.4
44,9
46.4
50.5
54.5
54.6
54.4
58.2
64.6
65.7
66,4
68 7
80.4
92.7
100.1
100.0
98.8
99.8

105.8
106 .4
116.2
129 .2
136 .3
151,1
161 .8
178.0
208.1
242 .2
272.7
283 .5
311 .3
354.1

AVERAGE

15.0
15 6
13 0
11.1
10 .8
11.2
11.9
11.0
10.6
10.9
11.2
10.8
10.2
9.8

10 4
11.4
11.2
10.4
9.7
9.0
8.8
7.8
7.9
8.1

7
7
7
7

.6
6
.2
i

7 6
8.0
8.6
8.3
8 2
8 8

AVERAGE
117 3
123 1
133 4
143 4
148 3
1 57 .0
170.4
17 6 2
183 1
194 2
200.1
212 0
226 .6
242 5
258.8
271.8
288.0
295.6
304.3
315.9
324.7
335.3
346 8
3 54 6
356.0
3 57 2
370.4
373.0
373.6
370 . 1
369.0
373.9
383.5
397.6
(NOVEMBER 1986)

C. Historical Data for Selected Series—Continued
Year

IQ

II Q

SERVICES AS A PERCENT OF GNP
6.5
6.6
7.2
7.5
7.7
0
9
9
6
5
3
9.5
9.6
9.8
9.9
10.6
10.8
11.0
11.5
11.9
12.0
11.8
12,2
13.0
12.6
12.1
11.9
11.4
11.7
11.4
11.5
11.7
11.2
11.3

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
196 9
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
282.

284.
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...
1981...
1982...
1983...
1984...
1985...
1986...

IV Q

44.3
43.4
42.8
45.1
46.3
48.6
51,2
52.2
52.6
53.9
56.6
57,4
60.2
65.0
69.3
70.7
75.0
79.5
79.1
86.0
94.9
116.4
113.4
120.4
136.1
150.6
178.9
194.7
167 .4
188.8
173.0
192.3
229.6
255.5

Annual

6 .5
6.7
7.6
7.4
7.8
8.1
9.0
8.7
9.0
9.3
9.3
9.6
9,8
10,0
10.1
10.6
10 .9
11.1
11.8
12.0
11.9
11 .8
12 .5
12,9
12.3

11 .2
11 .7
11 .5
11 .2
11 .6

46.2
42.9
43.7
45.5
47.4
49.6
51.5
51.5
52.3
54.5
56.8
57.9
61 .0
65.7
69.4
72.3
76.4
80.0
80.7
87.4
99.8
20 .4
18.4
130.2
137.7
56.0
78.9
94.2
81.9
189.2
74.6
79.5
34.6
49.3

10.0
11.4
11.7
12.4
12.6
13.8
14.1
15.2
15.6
16.2
17.0
17.4
17.7
18.5
19.2
18.7
18.2
18.0
18.3
19.4
18.4
18.7
13.1
13.4
10.0
7.5
8.3
6.4
10.6
14.8
13.8
12.1
6.8

9 .3
10.4
11.6
11.9
12.4
12.9
13.9
14.4
15.3
15.7
16.3
17.2
17.3
18.1
18.4
19.8
18.5
18.7
18.1
18.8
15.4
17.3
16.6
13.9
12.2
8.6
8.2
4.0
4.3
12.3
11.9
15.4
8.4
8.1

12.4
13 .3
13.9
14.8
15.4
15.9
16 .6
17.0
17 .3
18.2
18 .7
19.8
18.3
18.5
17 .8
18 .7
18.1
17.8
15.6
13.5
11,2
8.3
10 .8
3 .6
6 .3
14.3
12.0
11.2
7.1
7.3

NOTE: These series contain revisions beginning with 1983.




IQ

II Q

IV Q

280. COMPENSATION OF EMPLOYEES
(ANNUAL RATE, BILLIONS OF DOLLARS)
6.5
7.0
7.5
7.5
7.8
8.5
8.9
8.6
9.2
9.4
9.4
9.7
9.9
10.0
10.4
10.8
11.1
11.2
12 . 1
12.1
11.9
11.8
12.6
12.8
12.1
11.8
11.6
11 .7

11.8
11,3
11.3
11 .6

6.6
6.7
7 .4
7.5
7.8
8.2
9.0
8.7
8.9
9.4
9.3
9.6
9.8
9.9
10.1
10.7
10.9
11.1
11 .8
12.0
11.9
11 .8
12.4
12 ,9
12.4
11.9
11.7
11 .6
11.8
11 .3
11.6
11.5
11 .2
11 .5

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,
1981.
1982.
1983.
1984.
1985.
1986.

43.7
43,4
43.9
46.1
48,0
49.2
52.2
51.3
52.4
55.5
56.7
58.4
61.7
66.9
69.1
71 .7
77.1
80.2
81.2
90.9
107 .7
128.5
121 .1
133.6
142 .1
157.5
185.3
187 .3
192 .6
173.8
188.3
207 .8
240.7
262 .1

44,4
43.4
43.5
45.4
46.9
48.8
51.5
51.7
52.1
54.3
56.6
57.7
60.5
65.1
69.6
71.1
75.4
79.3
80.2
86 .8
98.3
119.0
118.8
125 .4
137 .7
152.9
176.2
191.9
180 .7
186.8
175.5
190 .9
236.9
254.4

191. 5
208. I
208. 3
217. 3
238. 3
255. 5
255. +
274. I
294. I
298. 3
320. 5
337. 9
360. 3
387. 5
426. 9
463, 9
504. 5
556. S
609. j
642. 2
701. +
7 83. )
861.
919. +
1021,
1124. )
1263. J
1438. L
1590. •
1759. L
1879. I
1958. i
2153. 1
2316. 3

193.0
211.6
207.9
223.8
242.9
257.2
255.0
281.9
297.1
302.4
326,6
342.7
367.7
394,4
43 8.1
46 9.4
518.0
570.4
615.0
654.1
716.9
80 2.4
882.1
931.0
1045.1
1160.5
1311.5
1469,6
1611.8
1789.7
1899.3
1995.0
2195.4
2352.1

196.5
211 .7
208.5
228 .8
246.0
259.9
261.1
282.5
297 .9
307 .4
329.5
347.7
375.0
402.6
449.2
479.0
531.9
587.4
623 .4
664.5
731 .2
821.4
904.4
957 .2
1069.1
1192.7
1348.8
1508.4
1643.5
1827.3
1918 .4
2036.3
2234 .7
2380.9

Annual
AVERAGE

204.3
210.2
212.8
233 .8
251.8
258.4
267.4
285.8
297,4
314.1
333.0
353.9
381.0
414.6
457.6
489.8
544.5
599.1
625.2
676.7
755.4
844.0
917.0
987.1
1095.6
1229.3
1392.8
1549.5
1707.2
1853.6
1931 .1
2092.7
2275 .0
2423.6

196.3
210.4
209.4
225.9
244.7
257 .8
259.8
281 .2
296.7
305.6
327,4
345.5
371.0
399.8
443.0
47 5.5
524.7
578.4
611
659.4
726 .2
812.8
891 .3
9 48,7
1057 .9
1176.6
1329.2
1491.4
1638.2
1807.4
1907.0
2020,7
2214 .7
2368.2

14.5
14.4
14.0
13.3
13.2
13,3
13.4
12 .4
12.4
12.2
11.8
11.4
11.2
11.0

15.2
14.2
14.2
13.5
13.2
13.1
13.8
12.6
12.3
12.4
12.0
11.6
11.2
11.1
10.8
10.5
10 .2
9.9
9.6
9.7
9.9
10.6
9.9
9 .7

PROPRIETORS' INCOME WITH IVA AND CCADJ AS
PERCENT OF NATIONAL INCOME
(PERCENT)

AVERAGE
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.
1981 .
1982.
1983,
1984.
1985.
1986.

15.2
14.3
14.4
13.7
13.1
13.0
14.0
12.9
12.0
12.6
12.1

10.3
10.0
9.7
9.5
9.5
10.2
10.4
9.5
9.6
9.6
9.4
9,6
8.4
8.2
6.7
7.1
8.2
7.9

15.5
14.0
14.1
13.5
13.1
13.0
14.0
12,6
12.4
12.4
12.0
11.6
3
11 2
9
10.6
10 .2
10 0
9.5
9.7
9.7
10,5
9.5
9.6
9.5
9.4
9.8
9.6
7 .8
7.8
6.9
7.2
7.6
8.0

15.8
13.9
14.3
13.4
13.3
13.2
13.6
12,6

11.2
11 .1
10.7
10.6
10.2
9.9
9.6
9.7
10.0
10 .6
9.7
9.9
9.5
9.4
9.6
9.4
8.3
7.6
6.9
6.5
7 .7
7 .7

9.8
9.7
9.8

9.6
9.4
8.2
7.6
7.0
7.0
7.8
7.9

285,

RENTAL INCOME OF PERSONS WITH CCADJ
(ANNUAL RATE, BILLIONS OF DOLLARS)
9.0

Year

(PERCENT)

PROPRIETORS' INCOME WITH IVA AND CCADJ
(ANNUAL RATE, BILLIONS OF DOLLARS)
43.4
44.0
43.6
44.6
45.9
48.0
51.3
51.8
51.2
53.4
56.1
57.0
58.9
62.8
70.5
69.8
73.2
77.5
79.7
83.0
91.0
110.9
122.4
117.3
134.8
147.6
161.8
191.3
180.8
195.3
166.2
183.9
242.5
250.7

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
1981
1982
1983
1984
1985
1986

6.7
6.5
7.4
7.5
7.7
8.1
9.0
8.7
8.9
9.4
9.3
9.5
9.8
9.9
10.1
10.7
10.9
11.1
11.6
12.0
11.8
11.7
12.4
12.9
12.5
11,9
11,7
11.5
11.9
11.4
11.6
11.5
11.2
11.6

ill Q

OF NATIONAL INCOME

9.9
11.4
11.8
12.4
12.5
13.5
14.1
15.1
15.5
16.1
16.9
17.2
17 .3
18.3
18.7
19.5
18.1
18.2
18.7
18.5
18.5
18.4
13,6
13.6
10.7
5.9
10.6
6.8
9.4
15.9
15.8
12.4
5.6
8.3

9.4
10.7
11.6
12 .0
12 .4
13.1
13.9
14.6
15.3
15.8
16.5
17.1
17.3
18.1
18 .6
19.6
18 .4
18.4
18.2
18.6
17.9
18.0
16.1
13.5
11.9
8.2
9.3
5 .6
6 .6

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
1981
1982
1983
1984
1985
1986

3.1
3.3
3.8
3.6
3.6
3.4
3.8
3.5
3.6
3.7
3.5
3.5
3.3
3.1
3.0
2.9
2.6
2.3
2.2
2.1
2.0

0.
0.
0.
0.
0.
0.
0.
0.4
0,2

3.2
3.4
3.8
3.6
3.5
3.5
3 .8
3.5
3.6
3.6
3.5
3.5
3,2
3.1
2.9
3.0
2.5
2 .4
2.2
2.1
1.6
1.6
1.4
1.1
0.9
0.5
0.5
0.2
0.2
0.5
0.5
0.6
0.3
0.3

3.3
3.8
3.5
3.5
3.7
3.6
3.6
3.6
3 .5
3.4
3 .2
3.1
2.9
2.9
2 .4
2.3
2.1
2.1
1.8
1.6
1,3
1.0
0.8
0.5

3.5
3.8
3.6
3.5
3.5
3 .7
3.6
.6
.6
.5
.4
.2
.1
.9
.9
.5
.3
.2

.1
.8
.6
.4
.0
0.8
0.5
0.5
0.5
0,6
0.5
0.3
0.2
(NOVEMBER 1986)

15
0

G. Experimental Data and Analyses

nil l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l

Foreign currency per U.S. dollar
Year
and
month

Japan
(Yen)

1985
Jan
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.

254.18
260.48
257.92
251.84
251.73
248.84
241.14
237.46
236.53
214.68
204.07
202.79

West
Germany

France

(D. mark)

(Franc)

9.7036
10.0933
10.0776
9.4427
9.4829
9.3414
8.8513
8.5323
8.6599
8.0641
7.9095
7.6849

3.1706
3.3025
3.2982
3.0946
3.1093
3.0636
2.9083
2.7937
2.8381
2.6446
2.5954
2.5122

United
Kingdom
(Pound)

0.8872
0.9148
0.8887
0.8080
0.8011
0.7808 .
0.7243
0.7225
0.7330
0.7035
0.6946
0.6922

I

1

•

•

\
\

A

2.4384
2.3317
2.2752
2.2732
2.2277
2.2337
2.1517
2.0621
2.0415
2.0054
2.0243

7.4821
7.1575
6.9964
7.2060
7.0967
7.1208
6.9323
6.7215
6.6835
6.5628
6.6206

0.7020
0.6994
0.6815
0.6673
0.6574
0.6629
0.6635
0.6729
0.6804
0.7011
0.7023

300

V

A

r

\

\

260

E
B
V
\

Year
and
month

Italy

\J

V\ r
V*

(Dollar)

\

1.3240
1.3547
1.3840
1.3658
1.3756
1.3676
1.3526
1.3575
1.3703
1.3667
1.3765

1 71 "3 RH
1 , /U.DU

1986
Jan..

E
B

>
/
France (franc)

I

6
S

\^

sT

Mar!!
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..

Exchange value
of the U.S.
dollar1

/

A,

/J

/

(March 1973=100)

V

E
D

\S

J

/>

f

152.83
158.43
158.14
149.56
149.92
147.71
140.94
137.55
139.14
130.71
128.08

0.5
2000

E
O

r

1,548.43
1,559.45
1,528.50
1,533.10
1,478.31
1,420.33
1,410.23
1,387.67
1,401.08

1

zinAT

l.*4009
1.3879
1.3757
1.3899
1.3808
1.3885
1.3872
1.3885
1.3863

1400
1200
1000

1

J

1.6
Canada (dollar)
*

1.4

y-

E
D

l i f t 77
110.//

-'•"•"•L

116,05
115.67
113.27
113.77
110.38
107.50
107.15
106.58
107.90

Source: Board of Governors of the Federal Reserve System.

106

1.2

123.65
A

1.0

•xcha nge v alue c>f the U.S. dollar
(indf JX: M arch 1973 = 10c))
=
/-"*- ^ \

s

\

160

E
D

140
120
100

AJ

l i t III 111 III 111 III III III III III III III
73 74 75 76 77 78 79 80 81 82 83 84 85 86
'This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).




1600
1600

f

m 1 •

1 RPft ?1
L,OOO.d.L

0.7

600

19c on
LCD .OU

1.4070

0.9
0.8
0.6

*

Italy (lira)

j

10
9
6
7

/

t

A

rV

-

*V%

1,663.14

2.0

^%

1

2.6
2.4

/
1,948.76
2,042.00
2,078.50
1,975.89
1,984.45
1,953.92
1,900.33
1,873,51
1,903.42
1,785.43
1,753.72

m

\

A

\

J

1

(Lira)
1985
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
•Sept.
Oct..
Nov..

Canada

180

3.2
V CSerma ny (c. mar k)
Vest

United Kingdom (pound)

Foreign currency per U.S. dollar

220

HO

" \
199.89
184.85
178.69
175.09
167.03
167.54
158.61
154.18
154.73
156.47
162.85

Ratio scale

•

1

Japan (yen)

1986
Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.

III III III III III

Fore gn currency per U.S. dollar—

III III

80

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series t i t l e
(and u n i t of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). .
5. Average weekly i n i t i a l claims f o r unemployment insurance, State programs1 ( t h o u s . ) . . .
8. M f r s . 1 new orders in 1982 d o l l a r s , consumer
goods and materials industries ( b i l . d o l . ) . .
32. Vendor performance, percent of companies
receiving slower d e l i v e r i e s (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders f o r plant and equipment
in 1982 d o l l a r s ( b i l . d o l . )
29. New p r i v a t e housing units authorized by
local b u i l d i n g permits (index: 1967=100). . .
36. Change in inventories on hand and on order in
1982 d o l . , smoothed2 (ann. r a t e , b i l . d o l . ) .
99. Change in sensitive materials p r i c e s ,
smoothed2 (percent)
19. Stock p r i c e s , 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1982 d o l l a r s
(bil. dol.)
111. Change in business and consumer c r e d i t
outstanding (ann. r a t e , percent)
910. Composite index of 12 leading i n d i c a t o r s 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 d o l l a r s (ann. r a t e , b i l . d o l . )
47. I n d u s t r i a l production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars ( m i l . dol.)
920. Composite index of 4 roughly coincident
i n d i c a t o r s 3 (index: 1967=100)

Aug.
1986

July
1986

Net contribution to index

Sept.
1986

July
to
Aug.
1986

Oct.
1986

Aug.
to
Sept.
1986

Sept.
to
Oct.
1986

.

40.6

40 .8

40 .8

P40.6

0.15

0.00

-0 .17

.

370

379

369

343

-0.07

0.07

0 .22

.

84.78

85.25

r88.32

p86.94

0.03

0.17

-0.08

54

51

52

54

-0.12

0.04

0.09

r l 2 1 .6

r l 19 .5

r l 2 0 .9

p l 2 0 .0

- 0 . 24

0 .16

-0.11

33 .56

32 .26

r33 .60

p31.49

- 0 .09

0 .09

-0.15

.

140.3

133.4

127 .8

124.8

-0.15

-0.13

.

r-10,47

r-5.04

p-6.39

0.13

-0.03

rO .45

r - 0 .17

r - 0 .52

0.12

-0 .24

-0 .14

240 .18

245.00

238 .27

237 .36

0 .12

r 2 , 3 8 1 .7

r2 ,399 .4

r2,405.6

p2 ,423 .6

0 .24

7 .3

r6 .6

r5.4

p8.1

-0.04

rl79.4

rl79. 1

rl79.5

p i 8 0 .5

-0.17

0 .22

0 .56

100 ,105

rlOO,283

rlOO,448

plOO,746

0.15

0 .14

0 .32

2,609.8

r2,613.0

r2,609.4

p2,616.6

0.06

124 .9

125 . 1

r l 2 5 .2

p l 2 5 .2

r419,475

r421,937

p432,062

rl64.4

rl64.7

LAGGING INDICATORS
91. Average duration of unemployment1
15.0
(weeks)
77. Ratio, manufacturing and trade inventories
r l .55
to sales in 1982 d o l l a r s ( r a t i o )
62. Labor cost per u n i t of output, manufacturing-80 .4
actual data as a percent of trend (percent) . .
109. Average prime rate charged by banks
8 .16
(percent)
101. Commercial and i n d u s t r i a l loans outstanding
r339 ,331
in 1982 d o l l a r s ( m i l . d o l . )
95. Ratio, consumer installment c r e d i t
16 .41
outstanding t o personal income (percent). . . .
930. Composite index of 6 lagging i n d i c a t o r s 3
rl32.2
(index: 1967=100)

NA

-0.17

0 .08
-0.06

-0.07

-0.08
NA

0 .27

-0 .03
0 .26
0 .15

0 .18

0 .04

0 .02

0 .00

NA

0 .13

0 .53

NA

rl65.4

pl66.0

0.18

0 .43

0 .36

15.8

15.6

15.2

-0.37

0.09

0.27

r l .53

p i .49

NA

-0 .26

-0.53

NA

r80.3

r79.9

.6

-0.04

-0.15

0 .38

-0 .18

-0.28

0 .00

7 .90

7 .50

P 80

7 .50

r344,126

r342,413

p344,901

0 .37

-0.13

0 .28

rl6.47

pl6.66

NA

0 .23

0.73

NA

r l 3 1 .8

rl31.5

pl32.8

-0.30

-0.23

0.99

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
2

This series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor
for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.
2




107

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns
(mi
| l |'""
8. New orders for consumer goods
and materials, 1982 dollars, smoothed

.|U,..,M.M,n..l,IN.......I|.MM|M.M|.
DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
DATA
7/81
YEAR

Deviations
from

8. New orders for consumer goods y
and materials, 1982 dollars, smoothed

specific
troughs

SERIES
8*
BIL, DOL.
35
36

13.6
13,8

86.15
86.28

15.1
15.5
14.7
13.6

87.33
87.60
87.02
86.20

12/85
1/86
2/86
3/86

41
42
43
44

11.9
12.6
11.7
12.4

84.86
85.44
84.71
85.24

4/86
5/86
6/86
7/86

45
46

13,5
14.5

86.12
86.84

8/86
9/86

for
current
cycle

10/85
11/85

37
38
39
40

Actual
data

Percent

+30

50

• 95

1970

+25
+20

• «
• 90

40

10/82

• 65

+15

• 85
+10

+5
0

• 80

SERIES
8*
BIL. DOL.

20

36

.n

30

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
10/82
DATA
YEAR

•»

• 90

34 .7

86.15

37
38
39
40

34 .9
36 .6
37 .0
36 . 1

86.28
87.33
87.60
87.02

11/85
12/85
1/86
2/86

41
42
43
44

34 .8
32 .7
33 .6
32 . 5

86.20
84.86
85.44
84.71

3/86
4/86
5/86
6/86

45
46
47

33 .3
34 .7
35 .8

85.24
86.12
86.84

7/86
8/86
9/86

• 75

10/85

10

#7

0

• 70
-10

-15

-20

-25

36. Net change in inventories on
hand and on order, smoothed 8

• 85

• 80

MONTHS
FROM
REF.
TROUGH

35
36

Actual

12.16
15.68
18.37
25.94
29.14
13,91
-4.19
-10.47
-5.04
-6.39

100

8/66
9/86

33
34
35
36

- I -75

0 + 6 +12+18+24+30+36+42+48
Months from reference troughs

75

37
38
39
40

69,06
76,63
79.83
6 4,60

41
42
43
44

46.50
40.22
45.65
44.30

50

SERIES
363
ANN. RATE
B I L . DOL.
48 . 4 0
10/85
-2.29
56 . 0 3
5.34
11/85
62 . 8 5
12.16
12/85
66 . 3 7
15.68
1/86
18,37
25.94
29.14
13.91

2/86
3/86
4/86
5/86

-4.19
-10.47
-5.04
-6.39

6/86
7/86
8/86
9786

25

108

#-25

• -50

i i i i i l i i i i i l i i i u iiitiliiiiiliitiiliiiirliiiiiliiiii

0 + 6 +12 + 18 + 24+30+36+42+48
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1986 issue.
*This series is an MCD moving average placed o n t h e center month of the span. Specific trough dates used, however, are those for the actual monthly
series. a Numeral indicates latest month used in computing the series. "This series is a weighted 4-term moving average (with weights 1,2,2,1)
placed on the terminal month of the span.




•+*>

6/86
7/86

MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
ACTUAL
FROM
SPEC.
TROUGH
DATA
YEAR
1/83

-50

•+75

4/86
5/86

45
46

• •100

125

12/85
1/86
2/86
3/86

41
42
43
44

150

SERIES
363
ANN. RATE
BIL. DOL.
-2.29
10/85
5.34
11/85

37
38
39
40

1982.

• 65

36. Net change in inventories o n ;
hand and on order, smoothed

CURRENT MONTH
AND
ACTUAL
DATA
YEAR

Actual

ixx I

-J 0

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued

"r'T 1111 ! 11111 ! 1 " 11 ! 11111 ! 11

mini!

76. Industrial production, business
equipment

Actual
Devidata
ations
for
from
reference current
cycle
peaks

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA
YEAR
SERIES 76
1977«100
36

7.4

140.8

6.8
7.9
7.2
5.0

140.0
141.5
140.5
137.7

12/85
1/86
2/86
3/86

41

42
43
44

5.7
5,2
4.2
5.2

138.6
137.9
136.6
137.9

4/86
5/86
6/86
7/86

45
46
47

6.2
6.6

•139.2
139.7
139.6

76, Industrial production, business
equipment

11/85

37
38
39
40

Devi- Actual
ations data
from
for
specific current
troughs cycle

8/86
9/86
10/86

6.5

• 150

• 140

MONTHS D E V I FROM ATIONS CURRENT MONTH
FROM
AND
ACTUAL
SPEC.
YEAR
DATA
TROUGH 1 0 / 8 2

-

25

SERIES 76
1977=100
- 2 0
37
38
39

• 120

140.8
140.0
141.5
140.5

41
42
43
44

26.8
27.6
27.0
25.8

137,7
138.6
137.9
136.6

3/86
4/86
5/86
6/86

45
46
47
48

#130

29.7
28.9
30.3
29.4

11/85
12/85
1/86

40

• 140

27 .0
28.2
28.6
28.5

137.9
139.2
1-3 9 . 7
139.6

7/86
8/86
9/86
10/86

MONTHS
FROM
REF.
TROUGH

2/86

CURRENT MONTH
ACTUAL
AND
DATA
YEAR
SERIES
90
PERCENT

• 110

-

15

-

10

-J 0

90. Ratio, civilian employment to
population of working age
Actual

36

90. Ratio,, civilian employment to
population of working age

61

60

59

58

59.59

11/85

37
38
39
40

59.67
59.90
59.63
59.70

12/85
1/86

2/86
3/86

4.0

41
42

43
44

59.70
59.77
60.02
60.08

4/86
5/86
6/86
7/86

3.5

45
46
47

60.17
59.96
60.09

8/86
9/86
10/86

3.0

4.5

MONTHS D E V I FROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
J/83
DATA
YEAR

2.5

2.0

SERIES
90
PERCENT

57
32

3.18

59.59

11/85

33
34
35
36

3.26
3.49
3.22
3.29

59,67
59.90
59.63
59.70

1.0

55

37
38
39
40

3.29
3.36
3.61
3.6 7

59.70
59.77
60.02
60.08

4/86
5/86
6/86
7/8*

0.5

54

41
42
43

3.76
3.55
3.68

60.17
59.96
60.09

8/86
9/86
10/86

1.5

56

M...I.....
-6

I.....1

I.....I.I...I.....1.....I....I

• 60.5

• 60.0

• 59.5

• 59.0

• 58.5

12/85
1/86

2/86
3/86

• 61.0

0 + 6 +12+18+24+30+36+42+48
Months from reference troughs

0.0

• 58.0

• 57.5

• 57.0

• 56.5

Hill

0 + 6 +12+18+24+30+36+42+48
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p, 107 of the July 1986 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete S e s in "Titles and
Sources of Series," following this index)

Curfent

Series
number

^
Charts

604

56

'SSUe
>
Tables

Historical
data
(issue date)

92

Series
description

12/85

numbefs

C)

A
Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manuiacturing and trade, Dl
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars
Plant and equipment expenditures, current dollars
Plant and equipment expenditures, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
Profits, manufacturing and trade, Dl
Sales, manuiacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

Balance of payments -See International transactions.
Bank loans—See Business Loans.
Bank rates-See Interest rates.
Bank reserves
Free reserves.,
Member bank borrowings from the Federal Reserve....
Bonds—See Interest rates.
Borrowing-See Credit.
Budget—See Government.
Building —See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures-See Investment, capital.
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories- See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving

Canada-See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
Capital investment- See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force—See also Employment.
Employment
Employment as percent of population
Labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratto to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded..
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation ol employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nontarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six taggers, index
Six taggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows
Pfofitability
Twelve leaders, index
Twelve leaders, rate of change
See notes at end of index.

110



58
974
975
971
100
61
970
976
978
977
972
973

22
38
38
38
24
24
38
38
38
38
38
38

6
5
7
6
7
6
7
6
6
7
6
7
7
6
7
6
7
6
7
6
7
6
7
6

11/85
12/85
12/85
12/85
11/86
11/86
11/86
12/85
12/85
12/85
12/85
12/85

'3
2
,3
2
3
7
3
7
37
37
3
7

616
55

56
22

92
6
5

12/85
10/86

5
6
3
9

9
3
9
4

29
76
14
12
13

3
3
3
3

13,25
24
33
12,23
23

7
2
7
2

67
67
72
65
65

4/85
4/85

6/86
8/85
12/85
6/86
6/86

20
3
7
3
7
3
7

3
5
3
5

24
12
34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

6/86
6/86
6/86
5/86

32
32
32
26

82
84

20
20

64
64

97
11
965
333

24
24
37
48

66
66
75
86

8/85
8/85
2/85
2/85
10/86
7/86

14
14
22
22
22
51

914
35
34

11
29
29

60
70
70

1/86
10/86
10/86

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

4/86
4/86
4/86
4/86

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

60
'74'
60
66

9/85
9/85
1/86
1/86
10/85

5
"5
5
21

101
72
112

15,35
35
32

73
73
71

6/86
6/86
6/86

32
32
32

345
280

49
45

87
82

10/86
11/86

46
46

64

30,47

70,83

10/86

46

36
4

4
9

88

10/86

46

30
4

4
9

87

8/86

5

341
348
349

49
50
50

87
88
88

8/86
9/85
9/85

5
53
53

9/86

90
2
920c
90
4

1
0
3
9
1
1

930
930c

1
0
3
9

60

9/85
9/85

94
1
95
1
97
1
96
1
90
1
910c

1
1
1
1
1
1
1
1
1
0
3
9

60
6
0
6
0
60
60

1/86
1/86
1/86
1/86
9/85
9/85

60

'eo'

9/85
9/85
1/86

Current issue

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series
number

Construction
Building permits, new private housing
29
Contracts awarded, commercial and
industrial buildings .
9
Expenditures, plus machinery and equipment sales
69
Gross private fixed investment
Presidential, constant dollars
86
Presidential, percent of GNP
248
Presidential structures, constant dollars
87
Residential, constant dollars
89
Residential, percent of GNP
249
Housing starts
.
28
Consumer finished goods, producer price index
334
Consumer goods and materials, new orders
8
Consumer goods, industrial production
75
Consumer installment credit
Credit outstanding
. . . .
66
Net change
....
113
Ratio to personal income
.
. . .
95
Consumer installment loans, delinquency rate
39
Consumer prices- See also International comparisons.
All items
...
. . . .
320
Food
..
322
Consumer sentiment, index
....
.
58
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
525
Contracts and orders, plant and equipment,
constant dollars
20
Contracts and orders, plant and equipment,
current dollars
10
Corporate bond yields
116
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
110
Business loans
Loans outstanding, constant dollars
101
Loans outstanding, arrant dollars
72
Loans outstanding, net change .
.
112
Consumer installment credit
Credit outstanding
. . . .
66
Net change
113
Ratio to personal income
...
.
. 9 5
Consumer installment loans, delinquency rate
39
Credit outstanding, percent change
Ill
Mortgage debt, net change
33
Crude and intermediate materials, change in
producer prices
,.
.
98
Crude materials, producer price index ,., .
331

Charts

Tables

Historical
data
(issue date)

13,25

67

6/86

23
24

66
67

10/85
8/86

2
1
1
7

25
47
25
25
47
25
48
12,21
22

67
83
67
67
83
67
86
64
65

10/86
11/86
10/86
10/86
11/86
6/86
7/86
5/86
8/85

40
40
40
40
40
2
4
5
1
1
5
1
2

35
32
15,35
33

73
72
73
72

6/86
6/86
9/86
7/85

3
3
3
3
3
3
3
4

49
49
22

84,95
84
65

8/86
8/86
11/85

4
9
4
9
2
0

(page numbers)

description

53

90

12/85

5
5

12,23

66

5/86

2
1

23
34

66
73

5/86
9/85

2
1
3
5

32

72

10/86

15,35
35
32

73
73
71

6/86
6/86
6/86

3
2
32
32

35
32
15,35
33
13,32
32

73
72
73
72
72
71

6/86
6/86
9/86
7/85
8/86
9/86

3
3
3
3
33
34
3
1
3
1

28
48

69
85

6/86
7/86

5
1
50

557

54

91

8/85

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

11/85
12/85
12/85
5/86
10/85
12/85

5
5
5
5
5
6
5
6
5
6
5
5

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

7/85
7/85
7/85
7/85
8/86
10/86
10/86

1
7
1
5
1
7
1
5
5
4
3
4
3

39
32

33
12,21

72
64

7/85
1/86

3
4
1
7

.

965
951
974
963
966

37
36
38
36
37

10/86
1/86
12/85
9/86
8/85

2
2
5
3
7
5
1
2

.

962
975
952
950
964

36
38
36
36
37

1/85
12/85
1/86
1/86
7/85

*8
3
7
5
5
1
5

971
970
960
972
967

38
38
37
38
37

12/85
11/86
12/85
12/85
1/86

3
7
2
3
3
7
3
7
2
5

973
976
978
977
968
961

38
38
38
38
37
36

75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

12/85
12/85
12/85
12/85
7/85
8/86

'7
3
37
37
37
2
5
5

D
Debt-See Credit.
Defense and space equipment, industrial production
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
..
Personnel, civilian
...
Personnel, military
..
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'. .
. . . .
Shipments, manufacturers'
.
. . . .
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
.
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Capital appropriations, manufacturing
Coincident indicators.
..
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial production . .
Industrial production, components.
.
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
. . .
. .
Leading indicators . .
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Plant and equipment expenditures.
.
...
Profits, manufacturing
.
. . .
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components
Disposable personal income—See income.

.

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series." following this index)

Earnings—See Compensation,
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl ..
Employment, civilian
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment....
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, 01....
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age ..
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital,
fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP. current dollars, percent changes
GNP, ratio to money supply M l
Goods output in constant dollars
Implicit price deflator .
.
Per capita GNP, constant dollars.
. . . .
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment..
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Current issue
numbers)
Series ^
number Charts Tables

41
4
58
7
57
7

5
1
5
5
5
5

4c
8
48
40
974
4
1
93
6
42
4
50
7
90
4
6
60
5
92
6
2
1
43
5
42
5
41
5
48
4
42
46
4
45
4
47
4
44
4
9
1
3
7
44
4
5
4
3
1

3
9
1
7
1
7
38

12,16

91
6

"36'

14,17

3
6
5
1
5
5
1
7
1
6
1
6
12,16

3
6
1
6
5
1
5
1
5
1
5
1
1
7
5
1
5
1
5
1
5
1
15,18
18,51

1
8
1
8
1
8

8
9
9
1
9
1

"si"
62
7
6
6
2
7
4
8
9
9
1
62
6
1
6
1
6
1
7
4
6
1
8
9
8
9
8
9
8
9
62
89
8
9
89
8
9
6
2
62,89
62
62
62
61
77
II

74

19
1
9
4
23
1
97
1

Historical
data
(issue date)

4/86
5/86
10/85
9/86
9/86
8/86
12/85
8/86
9/86
4/86
8/86
4/86
4/86
4/86
1/85
1/85
8/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
4/86
8/86

Series
description
<*)

56
56
5
5
37
5
5
9
5
9
9
9

8/86

9/85
3
3
40
1
1

7
2
80
60

31
1

4/85
10/86
1/86

3
5
38
5

10/86

4/85
10/86
502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

53
53
53
53
53
53

81
81
83
91
91
81
81
83
81
81

11/86
11/86
11/86
10/86
10/86
11/86
11/86
11/86
11/86
11/86

43
43
43
43
43
43
43
43
43
43

84
70

311

10/86
10/86
10/86
10/86
10/86
10/86
5/86

10/86
10/86

49
28

63,80

38
38
38
38
38
30
14
38
38

50
50b
50c
200
200b
200c
107
49
310
217

19,40

31
20

80
71
63
84
80

10/86
10/86
10/86
10/86
10/86
10/86
8/86
10/86
10/86
10/86

46
60

16
16

61
61

4/86
4/86

12,16

61
77
74
61

8/86

961
21

39
40

36
16

8/86

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits..
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Current issue
(P^e numbers)
number Charts Tables
Series

28
29
89
249

25
13,25
25
47

67
67
67
83

Historical
data
(issue date)

6/86
6/86
10/86
H/86

Series
description

C)
24
24
40
40

I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
. .
Income on foreign investment in the United States . . .
Income on U.S. investment abroad. .
. . .
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
...
Personal income less transfer payments, constant dollars
Rate of change.
.
Total
. . . .
Personal income, ratio to money supply M2 ...
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
. .
Wage and benefit decisions, first year...
Wage and benefit decisions, life of contract . .
Wages and salaries in mining, manufacturing,
and construction
.
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures.
Nondurable manufactures
Total.
Total, components.
Total, Dl.
Total, rate of change
. .
Industrials, raw, spot market prices
Components
Diffusion index
.
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income.
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
. . ..
Mortgage yields, secondary market.
Municipal bond yields,
Prime rate charged by banks
Treasury bill rate .
. .
Treasury bond yields
Intermediate materials, producer price index,
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom.
. .
United States.
West Germany.
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States.
West Germany

310

10/86

345
280

49
45

87
82

10/86
11/86

46
46

64

30,47

70,83

10/86

4
6

346
95
286

49
15,35
45

88
73
82

10/86
9/86
3/86

46
33
26

287
225
224

47
40
40

83
80
80

3/86
10/86
10/86

26
11
11

227

40

340

49

31
4
62
5
61
5
28
8
29
8
20
2
5
2
23
2

4
9
5
7
5
7
45
4
7
4
5
1
9
40

87
9
3
9
3
82
8
3
82
6
3
6
3

8/86
8/86
8/86
3/86
3/86
10/86
9/86
9/86

5
57
57
47
47
4
6
1
1
1
1

5c
1
5
1
18
0
22
8

3
9
14,19
3
1
4
5

63'
7
1
82

9/86
9/86
9/86
11/86

i
i
30
4
7

23
8
24
8

4
7
4
5

8
3
82

11/86
11/86

4
7
4
7

25
8
38
4
39
4

47
50
50

83
88
88

n/86
9/85
9/85

47
5
3
5
3

5
3
1
3
35
3

1
9
2
3
48

6
3
6
5
8
5

9/86
6/86
7/86

1
1
2
1
5
1

10/86
8/86

2
4
6
7
7
6
7
5
2
2
6
5
57
5
5
4
9
1
7
3
20
6
3
7
4
20
6
3
47 14,20,58 63,94
7
8
9 6 '37'
6
7
5
4c
7
3
9

8/85
8/85
8/85
8/85
8/85
8/85

1
2
1
2
1
3
1
2
1
2
1
2

8/85
11/85

1
2

97
6
2
3

37'
28

7
9
7
5
6
9

1/86
1/86

2
5
2
5

5
92
6
4
5
28
8
29
8

12,16
3
6
1
8
4
5
4
7

6
1
7
4
62
82
8
3

1/85
1/85
4/86
3/86
3/86

8
8
8
4
7
4
7

6
7
16
1
19
1
18
1
17
1
19
0
14
1
15
1
32
3

3
5
34
3
4
34
34
3
5
3
4
34
48

7
3
7
3
7
2
7
3
7
3
7
3
7
2
7
3
8
6

12/85
9/85
9/85
9/85
9/85
6/85
9/85
9/85
7/86

3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
5
0

73
3
76
3
77
3
78
3
72
3
30
2
75
3

5
9
5
9
5
9
5
9
5
9
4
9
5
9

9
6
9
5
9
6
9
5
9
5
84,95
9
5

6/85
6/85
6/85
6/85
6/85
8/86
6/85

60
6
1
6
1
6
1
60
4
9
6
1

94
58
73
2
76
2
58
9
4
77
2
58
94
58
94
78
2
71
2
5
8
9
4
72
2
5
8
9
4
4 14,20,58 63,94
7
75
2
58
94

10/85
10/85
9/86
10/85
10/85
10/85
8/85
10/85

5
9
5
9
5
9
5
9
5
8
5
8
1
2
5
9

See notes at end of index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue

Series title
(See complete titles in "Titles and
Sources ot Series," following this index)

Series (page
number Charts

International comparisons- Continued
Stock prices
Canada
,
France
Italy
.
. . .
Japan ,
United Kingdom
..
. .
United Stales
West Germany
.. ,
International transactions
Balance on goods and services
....
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports ol domestic agricultural products
Exports ot goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
.,.
Imports, merchandise, adjusted, excluding military
Imports ol automobiles and parts
Imports ot goods and services
.
Imports of goods and services, constant dollars ..
.
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on loreign investment in the United States
Income on U S investment abroad
.
Net exports ot goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade, book value
Manufacturing and trade, change in book value
Manufacturing and trade, constant dollars
Manulactunng and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manulacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
.
Gross private domestic investment
Business inventories, change- -See Inventories.
Fixed investment, constant dollars
...
.
Fixed investment, current dollars
,
Nonresidential, constant dollars
Presidential, percent ol CiNP . . . .
.
Nonresidential producers' durable equipment,
constant dollars.
.
...
Nonresidential structures, constant dollars
Residential, constant dollars .
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
...,
..
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
...
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
Italy—See International comparisons.

flLmibers

>
Tables

Series

Historical
data
(issue date)

description
(*)

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

11/85
11/85
11/85
11/85
11/85
11/85
11/85

667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

8/86
8/86
12/85
8/86
12/85
11/86
11/86
8/86
12/85
12/85
8/86
12/85
8/86
11/86
11/86
12/85
8/86
8/86

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

255

44

82

11/86

250
251

44
47

82
83

11/86
11/86

44
44

68,81
81
83
91
68
68
60
68
68
68
76

9/86
11/86
11/86
7/85
6/85
11/86
1/86
10/85
6/85
11/86
12/85

40
40
40
17
17
17
5
17
17
17
37

9/86

17

6/85

17

30
26,42
245
42
247
47
559
54
65
27
77 15,27
915
11
71
27
31
26
70
27
975
38
36

13,26

78

27

38

26

97
11
965
914
9

68

6/85

17

24
24
37
11
23

66
66
75
60
66

2/85
2/85
10/86
1/86
10/85

22
22
22
5
21

69

24

67

8/86

243
242
86
248

42
42
25
47

81
81
67
83

11/86
11/86
10/86
11/86

40
40
40
40

88
87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

10/86
10/86
10/86
•11/86
11/86
11/86

40
40
40
40
40
40

27

23

66

5/86

15

24

23

66

5/86

15

20 12,23
10
23
100
24
61
24
970
38

66
66
67
67
76

5/86
5/86
11/86
11/86
11/86

21
21

652
651

93
93

8/86
8/86

57
57

57
57

L

See notes at end ol index.

112



68
63

30
30

70
70

10/86
8/86

28
28

62
62
26

...

Historal

Sertes

Series
number

(papers)
^ g nummsj
Charts
Tables

910
910c
950
14
104

10
39
36
33
31

78

27

38
84
8

26
20
12,21

68
6
4
64

6/85
8/85
5/86

917

11

60

1/86

104
31
105
31
85
31
106 13,31
102
31
107
31
108
31
33
32
118
34
117 34

7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
3

6/86
6/86
6/86
6/86
6/86
8/86
9/86
9/86
9/85
9/85

27
24
8

23
23
12,21

6
6
6
6
6
4

5/86
5/86
5/86

20 12,23

6
6

5/86

2
1

10
548
7
6

23
53
21
21

5/86
7/85
5/86
5/86

2
1
1
5
1
5
1
5

964
971

37
38

6
6
90
64
64
7
7
7
5
7
6

7/85
12/85

'7
i
s
3

88
87
86
248

25
25
25
47

6
7
67
67
8
3

10/86
10/86
10/86
11/86

40
40
40
40

517
543
721

53
53
58

90
90
94

11/85
12/85
10/85

5
5
5
5
58

580

54

9
1

12/85

5
6

49

20

6
3

10/86

1
4

62
62
370
358
82
84
21

30
15
50
50
20
20
16

7
0
7
0
88
88
64
64
6
1

9/86
9/86
10/86
10/86
8/85
8/85
8/86

2
8
2
8
5
2
52
1
4
1
4
5

453
452
451

51
51
51

8
9
8
9
8
9

4/86
4/86
4/86

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
'41
41
41
41
47

6
5
80
80
8
1
8
1
8
1
8
1
80
80
8
3

10/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86

3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9

292
293
614

46
46
56

82
8
3
92

5/86
5/86
12/85

48
48
5
6

<j3ta
(issue date)

description
(*)

Leading indicators, twelve

63
63
63
63
63
25
63

J
Japan—See International comparisons.

Labor cost per unit of gross domestic product
Labor cost per unit of output, business sector
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit ot, nonfarm husiness
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index .
...
,.

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

30
15
29

70
70
70

9/86
9/86
8/86

28
28
28

930
930c
952

10
39
36

60

9/85
9/85
1/86

7
4

Composite index
Composite index, rate of change . . . .
Diffusion index
Liabilities of business failures
...
Liquid assets, change in total
Loans—See Credit,

...

60
74
72
71

9/85
9/85
1/86
12/85
6/86

5
5
34
29

M
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Merchandise trade—See International transactions.
Military—See Defense,
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

1
7

6/85
/
•

1?

1
4
1
5

2
9
2
9
2
9
30
2
9
3
0
30
3
1
3
5
3
5

N
National defense—See Defense.
National Government—See Government,
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
,
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP0
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials . . . .
Overtime hours, manufacturing
P
Participation rates, civilian labor force
Both sexes 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles ..
Durable goods, constant dollars
. . .
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income,
Personal saving
Personal saving rate
Petroleum and petroleum products, imports

.

.

.

,.
....

.

,

•

1
5
1
5
1
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars'
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator, GIMP .
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods.
.
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
•.
Retail trade, Dl
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, honresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars,.
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
. .
With IVA and CCAdj, percent of national income .
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
..
..
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj.
Proprietors' income with IVA and CCAdj, percent of
national income

Raw industrials, spot market prices
Components
Diffusion index
'
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars.

Current issue
(page numbers)
Senes
number Charts Tables

20
10
100
61
970
90

12,23
23
24
24
38
17

66
66
67
67
76
62

320
322

49
49

Historical
data
(issue date)

Series
description
(*)

5/86
5/86
11/86
11/86
11/86
4/86

21
21

84,95

311
310
26
330
333
331
334
335
332

967
23

8/86

37
28

49
38
28

85
86
69

7/86
7/86
7/86
7/86
7/86
7/86
6/86

50
51
50
51
51
50
51

79
75
69

1/86
1/86

25
25

85
86

19
968
26

13,28
37
29

69
69
69
75
70

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

28
13,28

49
49

10/86
10/86
1/85

48
48
29
48
48
48
48
48
28

23'
23
9

6/86
6/86

51
25

11/85
7/85
8/86

25
25
28

12/85
12/85
12/85
12/85
6/85

37
37
37
55
35

370
358
916

50
50
11

88
88
60

10/86
10/86
1/86

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

9/86
9/86
9/86
9/86

26
26
26
26

286
287
972
960
15
916
22

45
47
38
37
29
11
29

82
83
76
75
70
60
69

3/86
3/86
12/85
12/85
11/85
1/86
9/86

26
26
37
37
27
5
26

81
282

29
45

70
82

10/86
U/86

26
47

3
7
28
4
5

25
8
9
3
8
9

47
3
3
2
5

8
3
7
2
67

S
Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars...
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving....
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index.....
Spot market index
....
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
...
500 common stocks, Dl
Surplus—See Government.

1/86
1/86
11/86

2
5
2
5
47

11/86
4/85
10/86

4
7
3
5
40

Current issue
Series (page numbers)
number Charts Tables

Historical
data
(issue date)

249

47

83

11/86

59
54

22
22

65
65

9/86
9/86

213

40

Series
description
(*)

24
14,22
22

20
20

10/86

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment..
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl ......
Number unemployed
Both sexes 16-19 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
Unemployment rates
15 weeks and over
Insured unemployment
Total ..
.
Unfilled orders, manufacturers'
Defense products
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons.

38
15,27
22
22

67
65
65
76
68
65
65

11/86
10/85
12/85
11/86
9/86
9/86

17
17
17
37
17
20
20

46
46
46
46
46

82
83
82
82
83

5/86
5/86
3/86
5/86
5/86

48
48

28
13,28
54

69
69
91

6/86
6/86
7/85

51
25
17

967
23

37
28

79
75
69

1/86
1/86

25
25

19
968

13,28
37

69
.75

11/85
7/85

25
25

114
115

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio
Vendor performance, slower deliveries

U/86

97
6
2
3
24
8

Residential fixed investment, percent of GNP....
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

Treasury bill rate
Treasury bond yields...

10/86

7
9
7
5
6
9
82

Series title

{See complete titles in "Titles and
Sources of Series," following this index)

34
34

72
73

9/85
9/85

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

4/86
4/86
1/85
1/85

446
445
447
444
37

51
51
51
51
18,51

89
62,89

4/86
4/86
4/86
4/86

44
45
43

18
18
18

62
62
62

4/86
4/86
4/86

561
96
25

54
21
21

91
64
64

7/85
6/85
6/85

17
0
18
0
32

3
1
3
1
12,21

7
1
7
1
6
4

1

12,16

91
6

3
6

6
1
7
7
7
4

57
56
973
77
59
54
295
298
290
292
293

1/86

30
30
17

W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index

8/86

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; "Q" indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide'1 also lists chart and table page numbers
for each series.

I-A. Composite Indexes
910.

Composite index of twelve leading indicators
(includes series 1, 5, 8, 12, 19, 20, 29t 32, 36, 99,
106, 111) (M).-Source 1
(10,39,60)

914.

Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

915.

Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M)-Source
1
(11,60)

10. Contracts and orders for plant and equipment in
current dollars (M).-Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(12,23,65)
13. Number of new business incorporations (M).-Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).-Source2
(26,68)
39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

18. Corporate profits after tax in 1982 dollars ( Q ) . Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).—Source 3
(17,62)

19. Index of stock prices, 500 common stocks <M) Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

920.

Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M) .-Source
1
(10,39,60)

21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing (M).—
Source 3
(16,61)

Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1 (29,69)
23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)

(28,69,79)

I-B. Cyclical Indicators

(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

(18,51,62,89)

16. Corporate profits after tax in current dollars ( Q ) . Source 1
(28,69)

917.

1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3

36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(13,26,68)

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

35. Corporate net cash flow in 1982 dollars (Q).-Source
1
(29,70)

37. Number of persons unemployed (M).—Source 3

Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)

940.

34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)

14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

916.

930.

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
Sources 1; 4; American Council of Life Insurance;
Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2

(23,66)
25.

Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)

26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3

43. Unemployment rate (M).—Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source 3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).-The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4

(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).-Source

1

(19,39,40,63,80)

51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).-Source 1

(29,70)

(19,63)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)

7. Manufacturers' new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2 (21,64)

28. New private housing units started (M).—Source
2
(25,67)

8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
land 2
(12,21,64)

29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

(12,16,61)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).—McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114



30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories,
book value (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Source 1
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sourcesland2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sources 1 and 2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M).-Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
61. New plant and equipment expenditures by business
in current dollars(Q).—Source 1
(24,67)
62. Index of labor cost per unit of output, manufacturing (M).—Sources 1 and 4
(15,30,70)
63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
65. Manufacturers' inventories, finished goods, book
value (EOM).-Source2
(27,68)
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q). -Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source

2

(24,67)

70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2
(27,68)
71. Manufacturing and trade inventories, book value
(EOM).-Sources 1 and 2
(27,68)
72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M).-Source 4
(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).-Source4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
2
(27,68)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
82. Capacity utilization rate, manufacturing ( M ) . —
Source 4
(20,64)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).-Source 4

(31,71)

86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)




88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)

I-C. Diffusion Indexes

950. Diffusion index of twelve leading indicator components ( M ) . - S o u r c e l
(36,74)
89. Gross private residential fixed investment in 1982
951. Diffusion index of four roughly coincident indicator
dollars ( Q ) . - S o u r e e l
(25,67)
components (M).-Source 1
(36 r 74)
90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)
952. Diffusion index of six lagging indicator components
(M).-Sourcel
(36,74)
91
- Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
9
(33,72)
^ Free reserves (M).-Source 4
by permission. This series may not be reproduced
94. Member bank borrowings from the Federal Reserve
without written permission from the source.)
(35,75)
(M).-Source4
(33,72)
961. Diffusion index of average weekly hours of produc95. Ratio, consumer installment credit outstanding to
tion or nonsupervisory workers, 20 manufacturing
personal income (M).—Sources 1 and 4
(15,35,73)
industries (M).-Sources 1 and 3
(36,74,77)
96. Manufacturers' unfilled orders, durable goods indus962. Diffusion index of initial claims for unemployment
tries (EOM).-Source 2
(21,64)
insurance, State programs, 51 areas (M).—Source
97. Backlog of capital appropriations, 1,000 manufac1 and U.S. Department of Labor, Employment and
Training Administration; seasonal adjustment by
turing corporations (EOQ).—The Conference Board
Bureau of Economic Analysis
(36,74)
(24,66)
98. Percent change in producer prices for 28 sensitive 963. Diffusion index of employees on private nonagriculcrude and intermediate materials (M).—Sources 1
tural payrolls, 172-186 industries (M).—Source
and 3
(28,69)
3
(36,74)
99. Change in sensitive materials prices (M).—Sources 1, 964. Diffusion index of manufacturers' new orders, 34-35
3, and Commodity Research Bureau, Inc.
(13,28,69)
durable goods industries (M).—Sources 1 and 2
100. New plant and equipment expenditures by business
(37,75,77)
in 1982 dollars (Q).-Sou r e e l
(24,67)
965. Diffusion index of newly approved capital appropri101
- Commercial and industrial loans outstanding in 1982
ations in 1982 dollars, 17 manufacturing indusdollars (M).—Sources 1, 4, and The Federal Reserve
tries (Q) .—The Conference Board
(37,75)
Bank of New York
(15,35,73)
966. Diffusion index of industrial production, 24 indus102. Change in money supply M2(M).-Source 4 (31,71)
tries (M).-Sources 1 and 4
(37,75,78)
104. Change in total liquid assets (M).—Sources 1 and
967. Diffusion index of spot market prices, 13 raw indus4
(31,71)
trial materials (M).—Sources 1, 3, and Commodity
105. Money supply M l in 1982 dollars (M).-Sources 1
Research Bureau, Inc.
(37,75,79)
and 4
(31,71)
968. Diffusion index of stock prices, 500 common stocks,
106. Money supply M2 in 1982 dollars (M).-Sources 1
42-82 industries (M).-Source 1 and Standard &
and 4
(13,31,71)
Poor's Corporation
(37,75)
107. Ratio, gross national product to money supply Ml 970. Diffusion index of expenditures for new plant and
(Q).-Sourcesland4
(31,71)
equipment by U.S. nonfarm business, 22 industries
108. Ratio, personal income to money supply M2 (M).—
(Q).-Source 1
(38,76)
Sources l a n d 4
(31,71)
971. Diffusion index of new orders, manufacturing—about
109. Average prime rate charged by banks (M).—Source
600 businessmen reporting (Q).—Dun & Bradstreet,
4
'
(35,73)
Inc. (Used by permission. This series may not be
110
Funds raised by private nonfinancial borrowers in
reproduced without written permission from the
credit markets (Q).-Source 4
(32,72)
source.)
(38,76)
m . Change in business and consumer credit outstanding
972. Diffusion index of net profits/ manufacturing and
(M).—Sources 1, 4, Federal Home Loan Bank Board,
trade—about 1,400 businessmen reporting (Q).—
and The Federal Reserve Bank of New York (13,32,72)
Dun & Bradstreet, Inc. (Used by permission. This
112. Net change in business loans (M).—Sources 1, 4,
series may not be reproduced without written
and The Federal Reserve Bank of New York (32,71)
permission from the source.)
(38,76)
113. Net change in consumer installment credit (M).—
973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
trade—about 1,400 businessmen reporting (Q).—
114. Discount rate on new issues of 91-day Treasury
Dun & Bradstreet, Inc. (Used by permission. This
bills (M).-Source 4
(34,72)
series may not be reproduced without written
U5
permission from the source.)
(38,76)
Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(34,73)
974. Diffusion index of number of employees, manufac116 . Yield on new issues of high-grade corporate bonds
turing and trade—about 1,400 businessmen reporting
(M).—Citibank and U.S. Department of the Trea(Q).—Dun & Bradstreet, Inc. (Used by permission.
sury
(34,73)
This series may not be reproduced without written
permission from the source.)
(38,76)
117> Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
975. Diffusion index of level of inventories, manufactur118

Secondary market yields on FHA mortgages (M).—
U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)

119. Federal funds rate (M).-Source4

(34,72)

ing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)

115

TITLES AND SOURCES OF SERIES—Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale t r a d e about 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1982 289. Net interest as a percent of national income (Q).—
dollars (Q).-Soureel
(42,81)
Source 1
(47,83)
245. Change in business inventories in current dollars 290. Gross saving (Q).—Source 1
(46,82)
(Q).-Sourcel
(42,81)
292, Personal saving (Q).-Source 1
(46,82)
247. Change in business inventories as a percent of 293. Personal saving rate (Q).—Source 1
(46,83)
gross national product (Q).—Source 1
(47,83)
295. Business saving (Q).—Source 1
(46,82)
248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)

298. Government surplus or deficit (Q).—Source 1

(46,83)

978. Diffusion index of selling prices, retail trade—about 249. Gross private residential fixed investment as a II—B. Prices, Wages, and Productivity
percent of gross national product (Q).—Source
400 businessmen reporting (Q)-Dun & Bradstreet,
1
(47,83) 310. Implicit price deflator for gross national product
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250. Net exports of goods and services in current dollars
(Q) .-Sou rce 1
(48,84)
source.)
(38,76)
(Q). -Source 1
(44,82)
311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
251. Net exports of goods and services as a percent of
II—A. National Income and Product
gross national product (Q) .-Sou rce 1
(47,83)
320. Consumer price index for all urban consumers
30. Change in business inventories in 1982 dollars (Q).— 252. Exports of goods and services in current dollars
(M).-Source 3
(49,59,84,95)
Source 1
(26,42,68,81)
(Q).—Source 1
(44,82)
322. Consumer price index for all urban consumers,
50. Gross national product in 1982 dollars (Q).—Source 253. Imports of goods and services in current dollars
food (M).-Sou rce 3
(49,84)
1
(19,39,40,63,80)
(Q).-Sourcel
(44,82)
330. Producer price index, all commodities (M).—Source
64. Compensation of employees as a percent of national 255. Net exports of goods and services in 1982 dollars
3
(48,85)
income (Q).-Source 1
(30,47,70,83)
(Q). -Source 1
(44,82)
331. Producer price index, crude materials for further
200. Gross national product in current dollars (Q).— 256. Exports of goods and services in 1982 dollars
processing (M).-Source 3
(48,85)
Source 1
(40,80)
(Q).-Source 1
(44,82)
332. Producer price index, intermediate materials, sup213. Final sates in 1982 dollars (Q) .-Source 1
(40,80) 257. Imports of goods and services in 1982 dollars
plies, and components (M).—Source 3
(48,86)
(Q) .-Sou rce 1

(44,82)

217. Per capita gross national product in 1982 dollars
(Q).=Sources 1 and 2
(40,80)

260. Government purchases* of goods and services in

220. National income in current dollars (Q).—Source
1
(45,82)

261. Government purchases of goods and services in

223. Personal income in current dollars (M).—Source
1
(40,63)

262. Federal Government purchases of goods and ser-

224. Disposable personal income in current dollars (Q).~
Source 1
(40,80)

263. Federal Government purchases of goods and ser-

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

265. Federal Government purchases of goods and ser- 341. Index of real average hourly earnings of production

current dollars (Q).—Source 1
1982 dollars (Q).-Source 1
vices in current dollars (Q).—Source 1
vices in 1982 dollars (Q).-Source 1

(43,81)
(43,81)
(43,81)
(43,81)

333. Producer price index, capital equipment (M).—
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)
335. Producer price index, industrial commodities
(M). - S o u rce 3
(48,85)
340. Index of average hourly earnings of production or
nonsupervisory workers on private rtonagrtcultural
payrolls (M).—Source 3
(49,87)

227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2
(40,80)

vices as a percent of gross national product (Q).—
Source 1
(47,83)

or nonsupervisory workers on private nonagricultural payrolls (M).—Source 3
(49,87)

230. Personal consumption expenditures in current dollars (Q) .-Source 1
(41,80)

266. State and local government purchases of goods and

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

231. Personal consumption expenditures in 1982 dollars
(Q) .-Source 1
(41,80)

267. State and local government purchases of goods and

232. Personal consumption expenditures in current dollars, durable goods (Q)-Source 1
(41,80)

State and local government purchases of goods and
services as a percent of gross national product
(Q) .-Sou rce 1
(47,83)

services in current dollars (Q).—Source 1
services in 1982 dollars (Q).-Source 1

(43,81)
(43,81)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).—Source 1
(41,80)

280. Compensation of employees (Q) —Source 1 (45,82)
282. Proprietors' income with inventory valuation and
235. Personal consumption expenditures as a percent of
capital consumption adjustments (Q).—Source
gross national product (Q).-Source 1

(47,83)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q).—Source 1
(41,81)

241. Gross private domestic investment in 1982 dollars

(Q).-Source 1

(42,81)

242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)

116



348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q) .-Source 3 (50,88)

(45,82)

358. Index of output per hour, all persons, nonfarm 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)

370. Index of output per hour, all persons, business
sector (Q).-Source 3
(49,88)

1

284. Rental income of persons with capital consumption
adjustment (Q).—Source 1
(45,82)
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).-Source 1
(41r81) 285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
239. Personal consumption expenditures in 1982 dolSource 1
(47,83)
lars, services (Q).-Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q)-Source 1
(42,81)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

287. Corporate profits before tax with inventory valua-

II—C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3

(18,51,62,89)
441. Civilian labor force (M).-Source3

(51,89)

442. Civilian employment (M).-Source 3

(51,89)

444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M).-Source3
(51,89)
percent of national income (Q).—Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).-Sou rce 3
(51,89)
(45,82)
288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES—Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers (M).—
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian tabor force participation rate, males 20
years and over (M).-Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

47. United States, index of industrial production ( M ) Source 4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).—Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
(M).-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production ( M ) . —
Statistics Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production ( M ) Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de ia Statistique et des Etudes Economiques
(Paris)
(58,94)

501. Federal Government receipts ( Q ) . - S o u r c e 1
(52,90)

588. Manufacturers' shipments, defense products ( M ) . Source 2
(54,91)

502. Federal Government expenditures (Q).—Source
1
(52,90)

727. Italy, index of industrial production (M).-lstituto
Centrate di Statistica (Rome)
(58,94)

II—E. U.S. International Transactions

510. State and local government surplus or deficit (Q)—
Source 1
(52,90)

728. Japan, index of industrial production (M). -Ministry
of International Trade and Industry (Tokyo)
(58,94)

602. Exports, excluding military aid shipments (M).—
Source 2
(56,92)

511. State and local government receipts (Q).—Source
1
(52,90)

604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

512. State and local government expenditures (Q).—
Source 1
(52,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

517. Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Sourcel
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Sourcel
(57,93)
622. Balance on merchandise trade (Q).—Source 1
(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States
(Q).-Sourcel
(57,93)

557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1
(57,93)

559. Manufacturers' inventories, defense products, book
value(EOM).-Source2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).-Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




668. Exports of goods and services, excluding transfers
under U.S. military grants (Q) .-Sou rce 1
(57,93)

732. United Kingdom, consumer price index ( M ) . - Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(59,95)

736. France, consumer price index (M).—Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M)-Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).-Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)

669. Imports of goods and services (Q).—Source 1
(57,93)

746. France, index of stock prices (M).-Institut National
de la Statistique et des Etudes Economiques (Paris)
(59,96)

II—F. International Comparisons

747. Italy, index of stock prices (M).-Banca d'ltaha
(Rome)
(59,96)

19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation
(13,28,59,69,96)

748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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