View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.




US. DEPARTMENT OF COMMERCE
Robert A, Mosbacher, Secretary
Michael R. Darby, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
CaroS S. Carson, Deputy Director
George R. Green, Editor
This report is prepared by the Business Outlook Division of the Bureau of Economic Analysis.
(Telephone: 202-523-0800) Technical staff and their responsibilities for the publication
are as follows:
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Computer system development
CharSes S. Robinson—Composite indexes
Mary D. Young—Data base manager
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
Frank de leeuw, Bureau of Economic Analysis, U.S. Department of Commerce
Andrea Kusko, Board of Governors of the Federal Reserve System
Peter S 8 Taylor, Council of Economic Advisers
V.
Charles A. Waste, 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
Composite Indexes: Latest Release . .

.

iii
v

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

1
1
1
1
4
5
5
6

NOVEMBER 1989
Data Through October
Volume 29, Number 11

YCLICAL BWO0CAT©[FSS
CYC

Al
A2
A3
A4

COMPOSITE [INDEXES m\Q)
THEBR GOSiPO^EWTS
Composite indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

CYCLICAL
BY EO©l^©!)iiie PROCESS
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

Chart
10
12
14
15

Table
60

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77

DOFFUSB0W EWDEIES
AND RATES OF 6BMNGE
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.

\

xi

"Y\




Chart
40
41
42
43
44
45
• • 46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

Civilian Labor Force and Major Components

51

89

Receipts and Expenditures
Defense Indicators

52
53

90
90

Merchandise Trade
Goods and Services Movements

56
57

92
93

Industrial Production
Consumer Prices
Stock Prices

58
59
59

94
95
96

Cyclical Indicators: New Composite Index Components
Current Adjustment Factors (August 1989 issue)
Historical Data for Selected Series
Business Cycle Expansions and Contractions (July 1989 issue)
Specific Peak and Trough Dates for Selected Indicators (May 1989 issue)
Supplemental Data and Analyses
....;.;.:.. ...
Alphabetical Index—Series Finding Guide
•.
Titles and Sources of Series

97

GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
"fi<:'"\

! o ) -'^i;•f^i;~r'^

V\'i

Price Movements
Wages and Productivity
(C; j
"CT |

Dljj
D2" |

E

F2 |

F3 I

L \[

•

^r " '

98

105
108
112

Readers are invited to submit comments and
suggestions concerning this publication. Address
them to Editor, Business Conditions Digest,
Business Outlook Division (BE-52), Bureau of
Economic Analysis, U.S. Department of Commerce,

AND CHANGES

Washington, DC 20230.

FOR THIS ISSUE

NEW F E A T U R E S

Weekly Updates
BCD data now are updated weekly on the Commerce
Department's Economic Bulletin Board (EBB); The last
2 calendar years of data for about 360 BCD series are
available in the 2YRDATA.BCD file. The file usually is
updated in the afternoon of the first working day of
each week. You must have an EBB account to download the
file. For information about the EBB, call 202-377-1986.

Changes in this issue are as folBows:

1. The series on productivity and costs (series 26, 63,
345, 346, 358, and 370) have been revised by the source agency.
These revisions reflect the incorporation of the 1988 Hours at
Work Survey* The periods covered by these revisions are as
follows:
1985
1986
1987
1988
1989

forward:
forward:
forward:
forward:
forward:

series
series
series
series
series

370;
345;
346 and 358;
63;
26.

Further information concerning these revisions may be
obtained from the U*S. Department of Labor, Bureau of Labor
Statistics, Office of Productivity and Technology, Division of
Productivity Research.
2. Historical data for series 26, 51-53, 62, 63, 69, 107,
108, 110, 223, 310, 311, 500-502, 510-512, 564, 565, and 965
are shown in appendix C (pages 98-104).
The December issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on January 5.




iii

COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING
INDICATORS: OCTOBER 1989
The composite index of leading indicators decreased 0.4 percent in October to 144.6
(1982=100), according to preliminary estimates released December 1 by the Commerce
Department's Bureau of Economic Analysis.
On the basis of revised estimates, the index increased 0.3 percent in September and
0.6 percent in August. A month ago, the Bureau reported estimates that showed the index
increased 0.2 percent in September and 0.5 percent in August. Manufacturers' new orders
for consumer goods and materials in 1982 dollars was the major contributor to the
September revision. Average workweek was the major contributor to the August revision.
Six of 11 indicators contributed to the October decrease in the index. They were,
ordered from the largest negative contributor to the smallest: average weekly initial
claims for State unemployment insurance, average workweek, change in manufacturers'
unfilled orders in 1982 dollars, index of consumer expectations, vendor performance
(slower deliveries diffusion index), and manufacturers' new orders for consumer goods
and materials in 1982 dollars.
Five of II indicators made positive contributions. They were, ordered from the
largest positive contributor to the smallest: building permits, money supply in 1982
dollars, change in sensitive materials prices, contracts and orders for plant and
equipment in 1982 dollars, and stock prices.
The composite index of coincident indicators, a monthly approximation of aggregate
economic activity, was unchanged in October at 133.7 (1982=100). The index decreased
0.1 percent in September and increased 1.0 percent in August.
The composite index of lagging indicators increased 0.4 percent in October to 120.2
(1982=100). The index decreased 0.4 percent in September and increased 0.2 percent in
August.
The leading index is designed to predict monthly movements in aggregate economic
activity, which is approximated by the coincident index. The lagging index is expected
to move, after a time lag, in the same direction as the coincident index and thus to
confirm the movements in the coincident index.
More data on the composite indexes can be found on pages 10, 60, and 106 of this
issue of Business Conditions Digest.

Next release date: December 29 for the November composite indexes,

A recorded telephone message on (202) 898-2450 provides information on the composite
indexes and their components immediately upon their release. The message is updated
weekly to include recently available data for composite index components that will be
incorporated into the next release.
This and other news releases are available electronically at the time of public
release through the Commerce Department's Economic Bulletin Board at a nominal charge
to users. For information, call (202) 377-1986.




METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1952, and a few charts use a two-panel
format which covers only the period since 1977.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984

Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.

Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
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!. 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

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

Economic
Process

Cyclical
Timing

\^
N.

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

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

Capacity utilization
(2 series)

Orders and deliveries
(6 series)
Consumption and
trade (2 series)

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

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

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

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

Comprehensive
employment
(1 series)

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

Consumption and
trade (4 series)

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

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment .
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

Business investment
expenditures
(1 series)

Consumption and
trade (1 series)

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

Inventories on
hand and on
order
(4 series)

Business investment
commitments
(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)

VII.
MONEY AND
CREDIT
(28 series)

.

B. Timing at BysSness Cycle Troyghs
^v

Economic
\Process

Cyclical^
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

TIMING
UNCLASSIFIED (U)
(1 series)




i:
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

11.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

Marginal employment.
adjustments
(I series)

Industrial
production
(1 series)

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

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

Inventory
investment
(4 series)

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

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

Profits and profit
.margins (2 series)

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

Orders and deliveries
( I series)

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

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

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)
•

1

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 other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident




indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
11 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should- be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 21 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 18
series at all turns (of the 18, 14 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984

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

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 produced. 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 B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1977.
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 1977) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1977) 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.

(Dec.) (Nov.)

(Nov.)

(Mar.)

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

Solid Sine indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Broken line indicates actual
monthly data for series where
a moving average is plotted.

iililiSiSiiiSIISBiiilll

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

Solid line with plotting points
indicates quarterly data.

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

Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.

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.

••••••

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

Dotted Sine indicates anticipated quarterly data over
various spans.
Arabic number indicates latest
month used in computing
the changes.

Broken Sine indicates percent
changes over 1-month spans.

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

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




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

Table 1. Symmary of Recent Data and Current Changes for Principal Indicators
Basic data2
Series title and timing classification

Unit
of
measure

1

Percent change

Annual average
1987

1988

1st Q
1989

Aug.
1989

Sept.
1989

Oct.
1989

144.7
133.4
120.0
111.2

144.8
133.9
120.2
111.4

145.2
133.7
119.7
111.7

144.6
133.7
120.2
111.2

2dQ
to
3d Q
1989

1st Q
to
2dQ
1989

Sept.
to
Oct.
1989

Aug.
to
Sept.
1989

3d Q
1989

2dQ
1989

I. CYCLICAL INDICATORS
Al. Composite Indexes
144.7
132.7
120.0
110.5

140.1
122.4
111.3
110.0

142.8
128.2
114.9
111.6

L,L,L... .967 = 100..
..do
L,L,L...
do
L,L,L...
..do
L,L,I—

N
A
106,3
121.7
145.8

N
A
105.8
N
A
N
A

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

Marginal Employment Adjustments:
* 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted4)

.. L,L,L Hours
. L,C,L.
do
housands...

41.0
3.7
320

41.1
3.9
305

41.1
3.9
3 06

41.1
3.8
313

41.0
3.8
325

41.0
3.8
316

41.1
3.8
320

40.8
3.8
357

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers

L,Lg,U....
L,Lg,U.... .967 = 100

0.615
153

0.701
158

0 . 7 18
154

0.699
153

0.679
148

0.681
147

0.669
148

910.
920.
930.
940.

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

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

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

[982 = 100...
do

145 . 4
131.9
119.2
110.7

0.3
-0.1
-0.4
0.3

-0.4
0.
0.4
-0.4

NA
NA
NA
NA

NA
NA
NA
NA

-0.5
0.6
0.7
-0.2
NA
NA
NA
NA

0.
0.5
0.
0.6

910
920
930
940

NA
NA
NA
NA

914
915
916
917

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

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 (inverted4)
43. Unemployment rate (inverted4)3
45. Avg. weekly insured unemployment rate (inv.4)3
*91. Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3

U,C,C... t.r., bil. hrs...
U,C,C... Millions
..do
C,C,C...
L,C,U.... housands

189.99 1 9 6 . 4 4 2 0 0 . 3 2 2 0 1 . 4 4
1 0 9 . 2 3 1 1 1 . 8 0 113.66 1 1 4 . 1 8
102.20 105.58 107.68 108.34
2 4 , 7 0 8 2 5 , 2 4 9 2 5 , 6 3 4 25 ,664

0.2
0.
-1.3

-0.7
0.
-11.6

0.
-0.1
-2.3

-0.2
0.
-3.8

1
21
5

0.680 - 0 . 0 1 2
0.7
150

0.011
1.4

-0.019
-0.6

-0.020
-3.3

60
46

202.33 201.67 202.79 203.93
114.24 114.29 114.20 114.33
1 0 8 . 9 1 108.89 1 0 9 . 0 9 1 0 9 . 3 2
25 ,657 2 5 , 6 9 4 25 ,607 2 5 , 6 0 4

0.6
-0.1
0.2
-0.3

0.6
0.1
0.2
0.

0.6
0.5
0.6
0.1

0.4
0.1
0.5
0.

48
42
41
40

0.

0.07

-0.03

90

0.3
0.
-0.1
-3.5
0.

-1.7
-0.1
0.
4.0
0.

0.
0.1
0.
2.5
0.

37
43
45
91
44

0.

0.2

0.6
0.6

0.7
0.8

50
52

0.

60.77

61.54

6 2 . 19

62.26

62.23

62.28

62.16

62.16

-0.12

•housands...
'ercent
do
Weeks
Percent

7,425
6.2
2.4
14.5
1.7

6,701
5.5
2.1
13.5
1.3

6,391
5.2
2.1
12.4
1.1

6,501
5.3
2.1
11.9
1.1

6,501
5 .2
2 .1
11.6
1.1

6,421
5 .2
2.1
11.3
1.1

6,584
5.3
2.1
11.4
1.1

6,561
5 .3
2.2
11.8
1.1

-2.5
-0.1
0.
-0.9
0.

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

3853.7
3153.7

U,Lg,U.... 'ercent
L,Lg,U....
L,Lg,U....
L,Lg,U....
Lg,Lg,Lg....
Lg,Lg,Lg....

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
*51. Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg,
and construction

C,C,C...
C,C,C...

4 0 2 4 . 4 4106 . 8 4132 .5 4 1 6 0 . 2
3264.5 3371.4 3390.9 3417.4 3421.7

2696.0 2794.8 2890.2

2907 .9 2 9 2 9 . 5

3422.4 3429.9

2933.3 2932.2

0.3

0.6

0.7

51

568.8

570.2

569.8

573.7

-0.1

0.7

-0.6

0.7

53

141.8
142.2
147.3
147.1
150.8
149.9
1843 .9 1 8 5 7 . 5

142.4
147.7
150.9

142.4
147.3
150.8

141.4
145.1
151.0

0.
-0.3
-0. 1

-0.7
-1.5
0.1

0.8
0.8
1.0
1. 1

0.3
0.1
0.6
0.7

47
73
74
49

84.1
84.0

83.7
83.8

82.8
83.2

-0.4
-0.2

-0.9
-0.6

0.
-0.2

-0.5
-0.1

82
84

1 2 6 . 0 1 1 2 4 . 7 1 126 .77 1 2 5 . 3 3
1 0 6 . 7 9 1 0 5 , 1 5 107.07 1 0 5 . 1 5

124.59
104.61

-1.1
-1.8

-0.6
-0.5

0.
-0.5

-1.0
-1.5

....do
90.68
84.57
87.20
88.70
88.11
87.88
87.27
88.23
do
2.50
3.93
4.34
3.34
-1.58
1.40
0.86
2.20
Bil. dol., EOP .. 4 0 0 . 7 2 4 4 7 . 8 7 4 6 0 . 9 0 4 7 0 . 9 2 4 7 5 . 1 2 4 7 4 . 2 5 4 7 5 . 1 2 477 .32
ircent
57.4
57.7
52.8
50.0
45.2
43.8
44.9
42.7

-2.7
2.44
0.2
-1.1

-0.4
1.34
0.5
-1.1

-0.7
-1.00
2.2
-2.8

-1.0
-1.94
0.9
-4.8

25
96
32

Bil. dol
449.21
do
434.31
1977 = 100
127 .8
126.78
Bil. dol
114.88
do
131.7
A.r., bil. dol...
I Q 1966=100
90.6

-0.3
-0.5
-0.1
0.7
0.6

N
A
N
A
-0.3
-1.0
-1.6

93.9

6.9

-2.0

1.6
0.6
0.7
1.8
0.4
1.3
-5.2

0.7
0.7
-0.4
1.8
1.9
5 .9
1.8

56
57
75
54
59
55
58

124.2
NA

124.9
N
A

0. 1
NA

-0.8
-3.8

-1.0
N
A

12
13

do
do

544.5

560.8

568.4

129.8
133,1
136.8
1669.0

137.2
141.9
143.9
177 1.6

140.7
146.0
148.4
1823.2

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

A.r., bil. dol

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

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

Percent
...do

81.0
80.5

83 .6
83.7

84.4
84.1

Bil. dol
....do

107.72
98.28

119.51
104.76

125.99
107.38

1977 = 100
do....

565.0

84.4
83.9

83.9
83.8

2940.5

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
L,L,L.
7. Mfrs.1 new orders in 1982 dollars, durable goods
L.L.L..
•8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
L,L,L.
25. Change in mfrs.' unfilled orders, durable goods3
L.L.L..
96. Mfrs.' unfilled orders, durable goods5
L,Lg,U.
*32. Vendor performance, slower deliveries3
L,L,L
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.

484.91
450.10
133.9
135.76
119. 12
144.2
93.7

508.92 517.18
454.89 457.49
139.5
138.5
139.66 1 4 2 . 1 5
120.26 1 2 0 . 7 1
144.5
142.7
95.9
90.9

520.67 526.29 524.58
460.82 466.30 464.19
138.9
139.1
138.9
144.77 144.86 145.90
1 2 3 . 0 4 1 2 3 . 3 9 124.07
153.0
89.6
95.8
92.5

N
A
N
A
138.5
144.47
122.12

B4. Fixed Capita! 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.
L,L,L.
L,L,L...
L,L,L

Bil. dol
do.
do.

121.2
124.1
126 .5
125.5
5 7 , 1 1 3 5 6 , 9 6 7 59 ,119 56 ,856

124.2
124.1
N 56 ,575
A

0.6
N
A

34.67

39.91

43.05

43.51

42.79

41.68

40.71

41.50

-2.3

1.9

1.1

-1.7

39.51
29.66

45.01
35.01

47.19
38.56

47 .72
38.94

47.80
37.98

46 . 8 1
37.13

46.67
35.37

46.86
36.50

-0.3
-4.7

0.4
3.2

1.1
1.0

0.2
-2.5

35.15

40.89

43.52

44.00

43.91

43.14

42.37

42.83

—1 I

1.

1.1

-0.2

20
24

Table 1. Summary of Recent Data and Current Changes for Principal
Basic data2

Unit
of
measure

Series title and timing classification1

Percent change

Annual average
1987

1988

80.65
29.79
7 8 06

75.76
39.30
100 2 0

1st Q
1989

•

2dQ
1989

Sept.
1989

Aug.
1989

3d Q
1989

Sept.
to
Oct.
1989

Aug.
to
Sept.
1989

Oct.
1989

1st Q
to
2dQ
1989

2dQ
to
3d Q
1989

I. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment—Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded, for commercial and
industrial buildings, floor space
L,C,U... Mil", sq.ft
11. Newly approved capital appropriations, mfg
U,Lg,U.. Bil. dol
97. Backlog of capital appropriations, mfg.5
C,Lg,Lg.. Bil. dol., EOP ...
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment in 1982 dollars

C,Lg,Lg..

A.r., bil. dol

do
C,Lg,Lg..
C,Lg,U.. 1977 = 100
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
89. Residential fixed investment in 1982 dollars

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

A.r., thousands..
1967 = 100

A.r., bil. dol

3 89

67

404.67

144.5
455.5
1,620
122.9
194.8

73.62
50.01

114 55

74.43
NA
NA

430 76 4 5 9 . 4 7

47 0 . 8 6

76.73
NA
NA

1,517
109.5
195 .6

74.73

27.9

-12.6

481.24

4 5 3 . 10 4 7 8 . 6 0 4 8 8 . 3 0 4 9 8 . 5 0
169.2
157 .6
165.0
168.8
517.2
493 . 8
5 01.0 511.4
1,488
116.0
194.1

85 . 5 2

1,352
106 , 0
189.3

1,339

104.4
185.2

169.7

502.43
169.4

NA
165,9

-1.3
-0.2

NA
-2.1

1,329
105 .9

1,268
105 . 2

1,420

108.1

-4.6
-0.7

12.0
2.8

509.02

1. 1
NA
NA

3.1
NAf
NA[

2 .5

66.89

2 .2

2.0
2.3
2.1

2 . 1
0.2
1. J

9
11
97

-10.9
-3.2
-3.2

-1.0
-1.5
-2.2

69
76
86
28
29
89

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
L,L,L
36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
L,L,L.
31. Change in mfg. and trade inventories3
L,L,L.
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3
L,L,L.
Inventories on Hand and on Order:
. 71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5

...do..

2 3.7

27 9

24.5

19.1

2 10 2

-5 .4

2.1

...do..

25.10
46.9

20.34
52.9

22.31
47 . 1

-2.35
61.2

4.91
44.1

6.90
33,4

-0.20
17 . 4

NA
NA

-7.10
-16.0

NA
NA

-24o66
14.1

7.26
-17 .1

1.48

1.79

1.22

-0.25

0.6 1

-0.63

-0.91

NA

-0.28

NA

-1.47

0.86

753.72 765.50 780.80 791.82 790.37 7 9 1 . 8 2
6 8 7 . 9 7 6 9 0 . 5 0 6 9 4 . 5 4 696 . 6 4 697 . 9 6 6 9 6 . 6 4
113.93 115.36 117.85 120.24 119.19 1 2 0 . 2 4

NA
NA
NA

0.2
-0.2
0.9

NA
NA
NA

2.0
0.6
2.2

0.3
2.0

1.50

1.50

NA

0.

NA

-0.01

279.48 281.31 282.22

281.31

NA

-0.3

NA

-0.3

0.7

78

0.29
327 . 0
-0.49

0.64
325 .7
-0.46

0.50
0.6
-0.02

0.35

-0.79

. -0.4
0.03

O06
-0o42

-0.33
-1.6
-O088

98
23
99

346.61 347.33

347.40

0.2

9.1

19

Bil. dol..

Lg,Lg,Lg.... Bil. dol., EOP . 7 0 0 . 7 6
664.72
Lg,Lg,Lg....
do
106.82
do
Lg,Lg,Lg....

1.50

1.52

255.11 276.56

280.22

1.50

Lg,Lg,Lg.... Ratio
L,Lg,Lg.... Bil. dol., EOP .

1.51

1.51

1.4

36
31

71
70
65
77

0.

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99. Change in sensitive materials prices (smoothed7)3

L,L,L... Percent
U,L,I 1967 = 100..,
L,L,L. Percent

Stock Prices:
•19. Stock prices, 500 common s t o c k s ©

L.L.I

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars...
79. Corporate profits after tax with IVA and CCAdj
80
do
in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L,L,I A.r., bil. dol...
do
L.L.L...
do
L.C.L....
do
L,C,L...
L,L,L... Cents
L,L,I 1977 = 100..,

142.0
126.8
174.0
159 .6
4.8
98.7

168.9
148.0
190.7
170. 1
6.0
98.7

173.6
147 .5
17 1.9
145 . 8
5 .9
98.2

161.1
133.2
172.9
145 . 0
4.8
9 8.2

149 .5
120.8
169.9
141 . 0
NA
98.1

- 7 .2
- 9 O7
0.6
-0.5
-1.1
0.

- 7 .2
-9.3
-1.7
-2 .8
NA
-0. 1

16
18
79
80
15
26

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

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

397 . 3
392.8

427 . 0
419.9

426 .9
416 .5

412.2
401 .9

402 . 7
392. 1

-3.4
-3.5

-2 „ 3
-2 ,4

34
35

1941-43=10.

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,Lg,Lg.. 1977 = 100....
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.. Dollars
62. Labor cost per unit of output, mfg.
a) Index
Lg,Lg,Lg.. 1977 = 100....
*b) Percent change3 7
Lg,Lg,Lg.., A.r., percent..,
64. Compensation of employees as percent of
national income3
Lg,Lg,Lg.. Percent

1.36
274.5
1.09

0.31
303.3
0.45

286.83 265.79

0.86
329.5
0.91

0.07
331.5
0.49

-0.26
326.2
-0.39

290.71 313.30

341.96

-0.21
325.0
-0.47

0.

7 08

171.9

177 . 1

181.9

184. 1

185 .7

1.2

0o9

63

0.730

0 . 7 44

0.768

0.77 8

0 . 7 83

1. 3

0„6

68

137.2
-0.9

138.3
1.5

139.6
1.6

139.2
1.7

140.3
1.6

O08

62
62

73.4

73.2

73.2

7 3.4

74.0

0.30
0.41
-0.68
-0.17
0.29
0.45
0.10
0 . 10
0.39
0.62
0.24
0,37
631.6
632.7
604.4
622.7
2430.0 2453.8 2431.0 2400.3

0.47
0.73
0.46
603.2
2430.2

140.2
1.5

140.7
2.1

143 .5
5 .7

0.4
0.6

2.0
3.6

-0.3
0.1

-0.1

0.2

0.6

-0.51
0.
-0.13
-2.9
-1.3

1.15
0.63
0.2 2
-0.2
1.2

85
102
104
105
106

0.208
0.074
0.023 - 0 . 0 0 8

107
108

N
A
N
A
-6.03 -42.02
N -27.72
A
N
A
NA
-6 0 8
N
A

33
112
113
111
110

B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23..
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 Mi 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
111.
110.

L,L,L..
L,C,U..
L,L;L.
L.L.L..
L.L.L..
C,C,C.
C,Lg,C.

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

Credit Difficulties:
39. Delinquency rate, installment loans (inverted4)3 5




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

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

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

L,L,L.,

Percent, EOP

6 .078
1.319

6 .289
1.350

6.499
1.406

6 . 7 07
1.429

N
A
N
A
NA
NA.
8.30
37.84
73.57
67.54
51.79
35.67
N
A 38.75
8.3
7.9
6.1
N
A
553 . 2 0 6 1 5 . 2 2 5 8 5 . 9 3 5 4 6 . 2 8
2.47

2.49

2.39

2.30

6 . 7 81
1.421
N
A
25 . 5 2
11.03
NA
NA

NA

0.04
0.48
0.83
0.61
0.62
0.65
0.41
0.24
N
A
6 02.6
604.6
6 06.8
2431.4 2 442.7 2447.1

1.421

1.416

NA
NA
91 . 9 3 - 2 9 . 2 6
31.88
7.27
6.6
N
A

NA

NA

1.420

0.44
0601
-0.17
0.3
0.5

-0.005

N
A
NA
6.82 -121 .19
NA - 2 4 . 6 1
NA
NA

NA

NA

0.35
0.03
N
A
0.4
0.2

0.004
N
A
36.08
NA
NA

NA

0.09

NA

Table 1. Summary of Recent Data and Cyrreot Changes for Principal Indicators—Continued
Basic data-'

Unit
of
measure

Series title and timing classification1

Annual
1987

Percent change

average
1988

1st Q
1989

3d Q
1989

2d Q
1989

Sept.

Aug.
Aug.
1989

Sept.
1989

Oct.
1989

to

1st Q

to

2dQ

to

Oct.
1989

Sept.
1989

to

2d Q
1989

3d Q
1989

I. CYCLICAL INDICATORS—Con.
B7. Money and C r e d i t - C o n .
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 b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business l o a n s 3 ©
*109. Average prime rate charged by banks 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101; Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3

. L,Lg,U...

Mil. dol
do

... L,Lg,Lg.... Percent
do...
... C,Lg,Lg....
• Lg,Lg,Lg....
do..,
do..
... C,Lg,Lg....
do..,
.. U,Lg,Lg....
do...
. Lg,Lg,Lg....
. Lg,Lg,Lg....
do..,
do...
• Lg,Lg,Lg....

241
756

-1,332

-569

2,357

1,654

6 .66
5.83
9.69
8.63

7.57
6.67
9.96
8.98
7.68
10.49
9.18
9.32

9 .44
8.53
10.12
9.19
7.46
10.91
10.97
10.98

7.64
10.16
8 . 09
8.20

-929
.1,833

242
687

210

9.73
8.44
9.72
8.84
7.25
10.50

9.08
7.85
9.19
8.25
7 .09
9.83

11 .89

10.78
10.66

11.36

245
693

465

8.99
7.91
9.08
8.26
7 .06
9.95

9 .02
7.72
9.29

8.31
7 .26
9.94

8.84
7.59
9.04
8.15
7.22
9.73

10.50

10.50

10.50

675

555

-35
18

0.03

-0.19
0.2 1
0.05
0.20
-0.01
0.

-0.5

354.19 3 6 4 . 9 5 3 7 7 . 2 8 385 . 8 8 3 9 6 . 7 2 4 0 0 . 9 0 3 9 7 . 6 6 396.75

• Lg,Lg,Lg....

-0.8

659.51 691.16
390.32 418.54

Percent...

15.57

15.69

1982 = 100

117.4
113.6

121.3
118.3

700.85
435.29

360
179

-1,171
-1,146

93
94

- 0 . 18
-0.13
-0.25
-0.16
-0.04

0.29
-0.09
-0.40
-0.35
-0.21

-0.65
-0.59
-0.53
-0.59
- 0 . 16
-0.67
-1.11
-0.70

119
114
116
115
117
118
67
109

-0.21
0.

703.61 703.00 703.61
NA
4 4 5 . 6 4 449 . 0 1 446 .57 447.14

. Lg,Lg,Lg.... Bil. dol., EOP . 6 0 7 . 7 2
364.07
. Lg,Lg,Lg.... Bil. dol

-138

-220

0.1

NA
0.1

-0.2

-0.41
0.92
0.38
1.4
4.0

0.4
2.4

66
72

15.76

15.77

15.74

NA

124.5
121.7

125 .9
123.7

126 .9
124.7

124.6

125 . 0

125.6

2.3

2.8

101

-0.03

NA

-0.05

-0.10

95

1.1

15.91

15.86

0.3
0.2
0.2
0.3
0.4

0.5
0.3
0.4
0.4
0.4

0.8
0.8

1.1
0.4
1.0
0.9

0.
-0.3

1.6
0.
1.6
1.7
1.9
1.9
1.1
0.7
2.1

310
320
320
322
330
335
331
332
333
334

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
Consumer price index for all urban consumers (CPI-U) © . . . .
Change in CPI-U (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities ©
PPI, industrial commodities ©
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods

1982-84 = 100
Percent
1982-84=100
1982 = 100
do

do
do
do

do

0.4

0.3

0.5

0.5

0.1

102.8
102.6
93.7
101.5
111.7
103.6

118.2
106.9
106.3
96.0
107 .1
114.3
106.2

122.8
110.9
110.1
102.3
111.3
117 . 3
110.4

124.8
112.8
112.2
104.2
112.5
118. 1
112 .7

125 .9
112.3
111.8
102.2
112.1
119.3
112.0

173.5

179.0

NA

NA

NA

94.0
188.9
100.8
111.1
108.9

93.3
197.7
101.3
113.0
111.1

NA

NA

NA

204 .6
101.7
113.8
111.6

2 07 .4
101.5

0.0

0.2

0.5

2 10,0

113.5

126 .2
112.3
111.9
102.3
112.3
120.2
112.5

126.7
112.7
112.4
102.3
112 .3
119.8
113.2

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

125 .9
112.0
111 .4
101.2
111.9

119.0
111.5

0.

0.6

-0.4
0.9
-0.4
-0.4
-1.9
-0.4
1.0

-0.6

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

1977 = 100...

..do..

do
do
do

114.2
111.9

NA
NA

1.4
-0.2

102.1
114.6

0.4

0. 3

112.5

NA

340

NA

341
345
346
370
358

1.3
0.6
0.4
0.5

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...

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

do....
Percent
.do.
do.

119.86 121.67 123.29
1 1 2 . 4 4 114.97 1 1 6 . 9 0
7 ,425 6 , 7 0 1 6,391
2,826
3,369
2,987
2,376
2,487
2,709
1,188
1,226
1,347
5,116
5 , 9 7 9 5 ,357
78.0
56.2
54.7

77.9
56.8
55.3

78.1
57.6
55.2

1 2 3 . 7 9 1 2 4 . 0 0 1 2 4 . 0 2 124.04 124.10
1 1 7 . 2 9 1 1 7 . 5 0 1 1 7 . 6 0 117.46 117.54
6 , 5 01 6 , 5 0 1 6 , 4 2 1 6 ,5 84 6 , 5 6 1
2 ,798 2,854
2,790
3,038
2,902
2,499
2,478
2,468
2,353
2,472
1,16 3
1,187
1,203
1, 193
1, 169
5,161
5 , 183 5 ,255
5 ,218
5 ,219
78. 1
57.7
56.0

77 .9
57 . 8

55 .8

77 . 8
57.8
56.5

77 .9
57.8
55 .6

78.0
57 . 5
56 .6

0.

0.

-0.1
2 .5

0.1
-0.3

8.9

-4.7
2.6
1.4

0. 1

0.4
0.3
1.7

-4.5

-1.0
5 .2

-0.5

1.3
0.9

5.1

-0.7

0.2
0.2
0.
2.0

-0.8
-2.8
1.1

-0.2

441
442
37
444
445
446
447

-0.3

0.1

0.1

1.0

0.8

-0.2

451
452
453

2.1
1 .6
1.3
-1 .3
1 .4
1 .7

0.

-0.9

-2.0
-1.0
-0.7
-3.2
1.1
1.6

500
501
502
510
511
512

0.1

0.

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.

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

- 1 6 1 . 4 - 1 4 5 . 8 - 1 4 7 .5 - 1 4 5 . 4 - 1 4 7 . 4
9 7 2 . 4 1 0 3 6 . 2 1053 .2 1043.1
911.4
107 2 . 8 1 1 1 8 . 3 1 1 8 3 . 7 1 1 9 8 , 6 1190.5
47 . 5
44. 3
48 . 8
51.3
49 .7
732.6
7 42.6
750.4
701.6
656.1
7 06 . 0
6 83 . 8 6 9 5 . 1
6 04 .8 6 5 1 . 9

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

30,812 31,783 30,832 30,315
NA
NA
NA
11,977
8,354
9 ,140 8,478
9 ,145
180.6
179.3
185.8
188.9
1,528
1,580
1,550
1,529
301.3
298.7
294.8
298.0

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

2 1 , 176 26 , 8 6 8 2 9 , 2 9 4 3 0 , 8 3 3 3 0 , 7 2 2 3 0 , 5 6 1 3 1 , 1 3 6
3,274
3,337
3,548
3,357
3 , 139
2 ,400 3,114
6,413
6,290
5 ,830 5 ,823 6,358
4,428
5,549
3 3 , 8 5 4 36,746 38,549 39,624 39,483 4 0 , 6 6 2 3 9 , 0 7 9
4,000
3,680
k,lll
4,470
3,47 1 3,209
4,119
5,426
6,215
5 ,643 5,754
5 , 8 9 6 5 ,942 6 , 0 7 8

D2. Defense Indicators
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 .

1977 = 100...

NA
NA

28,530
NA

NA
NA

8,7 44

7,956
182.3
1,515

10,650
182.0
1,511

182 . 1
1,516
308.2

NA
NA

9,329
176.2

NA
NA

33.9
-0.2

NA
NA

-1.7

-12.4

-1.5

-3.2
NA

-0.1

NA
0.7

NA
NA
4.7
0.8

0.9

NA

-0.3

-0.8
2 .3

5.3
6.3

-0.4
-5.4

517
525
548
557
570
564

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

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




NA
NA
NA
NA
NA
NA

1.9
4.3
2.0

-3.9
-5.4
14.5

NA
NA
NA
NA
NA
NA

-0.1

9.2

2.8
21.5
-7.2

-0.4
-7.9
2.0

6 02
604
6 06
612
614
616

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title

Percent change

_
E

Annual average

of

2d Q
1988

3d Q
1988

4th Q
1988

1st Q
1989

2d Q
1989

3d Q
1989

4th Q
to
lstQ
1989

1st Q
to
2dQ

2dQ
to
3d Q
1989

I

1986

1987

-29.37
97.99
127.36
-36.26
55.84
92.11
22.15
16.74

-32.37
111.54
143.91
-39.88
62.57
102.44
26.18
20.60

-27 .97 -30.59
132.45 126.80
160.42 157.39
- 3 1 . 8 0 -31.41
79.81
78.47
111.62 109.88
26 . 9 4
23.15
25.61
26.39

-28.96 -23.66
131.57
143.63
160.54 1 6 7 . 2 8
-30.34 -32.02
80.60
83.73
110.94 115.75
33.16
24.72
28.67
27 . 3 1

-26.86
142.17
169.03
-28.38
87.92
116.30
26.83
29.25

-27.89
145.86
173.76
-27 .55
91.42
118.98
26.93
31.95

NA
NA
NA
-27 .75
91.57
119.32
NA
NA

-3.20
-1.0
1.0
3.64
5.0
0.5
-19.1
2.0

-1.03
2.6
2.8
0.83
4.0
2.3
0.4
9.2

NA
NA
NA
-0.20
0.2
0.3
NA
NA

667
668
669
622
618
620
651
652

4231,6
37 17 . 9
15,385
3712.4
3013.3
2635.3
10,905

4524.3
3853.7
15,794
3830.0
3205.9
2676.6
10,970

4880.6
4024.4
16,334
3996.5
3477.8
2793.2
11,337

4838.5
4010.7
16,303
3989.2
3435.9
2773.3
11,273

4926.9
4042.7
16,388
4005.2
3511.7
2806.4
11,377

5017.3
4069.4
16,452
4051.0
3587.4
2835.9
11,466

5113.1
4106.8
16,567
4082.3
3689.5
2881.7
11,625

5201.7
4132.5
16,633
4113.5
3747.7
2887.6
11,622

5278.9
4160.2
16,698
4139.0
3808.4
2920.6
11,723

1.9
0.9
0.7
0.8
2.8
1.6
1.4

1.7
0.6
0.4
0.8
1.6
0.2
0.

1.5
0.7
0.4
0.6
1.6
1.1
0.9

200
50
217
213
224
225
227

do

2797.4
2446.4
406.0
384.4
942.0
878.1
1449.5
1183.8

3010.8
2513,7
421,0
389.6
998.1
890.4
1591.7
1233.7

3235.1
2598.4
455.2
413.6
1052.3
904.5
1727.6
1280.2

3204.9
2586.8
454.6
414.8
1042.4
899.2
1707.9
1272.8

3263.4
2608.1
452.5
410.7
1066.2
910.3
1744.7
1287.0

3324.0 3381.4 3444.1
2627 .7 2 6 4 1 . 0 2 6 5 3 . 7
46 7 . 4
46 6 . 4
471.0
420.5
419.3
424.9
107 8 . 4 1 0 9 8 . 3 1 1 2 1 . 5
912.0
915.0
909.7
1778.2 1816.7 1851.7
1295.2 1306.7 1319.0

3513.2
2694.1
488.5
43 8 . 3
1133.7
922.5
1891.0
1333.3

1.7
0.5
-0.2
-0.3
1.8
0.3
2.2
0.9

1.9
0.5
1.0
1.3
2.1
-0.6
1.9
0.9

2.0
1.5
3.7
3.2
1.1
1.4
2.1
1.1

230
231
232
233
236
238
237
239

do
do
do
do
do
do

659.4
639.6
652.5
634.1
6.9
5 .6

699.9
674.0
670.6
650.3
29.3
23.7

750.3
715.8
719.6
687.9
30.6
27.9

748.4
713.5
719.1
692.0
29.3
21.5

771.1
733.6
726 . 5
696.1
44.6
37.5

752.8
709.1
734.1
690.8
18.7
18.3

769.6
721.1
742.0
696 .6
27.7
24.5

775.0
719.8
7 47 .6
700.7
27 . 4
19.1

779.0
723.7
752.1
702.5
26.9
21.2

2.2
1.7
1.1
0.8
9.0
6.2

0.7
-0.2
0.8
0.6
-0.3
-5.4

0.5
0.5
0.6
0.3
-0.5
2.1

240
241
242
243
245
30

do
do
do
do
do
do

872.2
761.6
366.5
334,1
505.7
427 .5

926. 1
781.8
381.6
339.6
544.5
442.1

968.9
7 85.1
381.3
328.9
587.6
456.2

960.1
783.0
377.1
327 .9
583.0
455 . 1

958.6
775.9
367.5
319.8
591.0
456.1

1011.4
806.4
406.4
343.9
604.9
462.5

1016.0
799.7
399.0
335.5
617.0
464.2

1033.2
810.3
406.0
343.6
627 .2
466.7

1040.2
806.0
403.3
3 3 6.6
636.8
46 9 . 4

0.5
-0.8
-1.8
-2.4
2.0
0.4

1.7
1.3
1.8
2.4
1.7
0.5

0.7
-0.5
-0.7
-2.0
1.5
0.6

260
261
262
263
266
267

do
do
do
do
do
do

-97.4
-129.7
396.5
397.1
493.8
526.9

-112.6
-115.7
448.6
450.9
561.2
566.6

-73.7
-74.9
547,7
530.1
621.3
6 05.0

-74.9
-72.6
532.5
519.7
607.5
592.3

-66.2
-74.9
556.8
531.9
623.0
6 06 . 9

-70.8
-73.8
579.7
551.4
650.5
625 . 2

-54.0
-55.0
605.6
569.7
659.6
624.6

-50.6
-51.2
626.1
587.5
676.6
638.7

-53.5
-63.6
623.3
589.8
676.8
653.4

16.8
18.8
4.5
3.3
1.4
-0.1

3.4
3.8
3.4
3.1
2.6
2 .3

-2.9
-12.4
-0.4
0.4
0.
2 .3

250
255
252
256
253
257

do
do
do
do
do
do

3412.6
2511.4
282.0
11.6
282.1
331.9

3665.4
2690.0
311.6
13.4
298,7
353.6

3972.6
2907 .6
327 . 8
15.7
328.6
391.5

3933.6
2878.9
331.8
14.6
325 .3
383.0

4005.7
2935.1
327.0
16.3
330.9
396.4

4097.4
2997.2
328.3
16.1
340.2
415.7

4185.2
3061.7
359.3
11.8
316.3
436.1

4249.6
3118.2
355.5
9.8
307.8
458.4

4284.0
3171.9
343.6
5 .2
292.3
47 1 . 0

2.1
2.2
9.4
-26.7
-7.0
4.9

1.5
1.8
-1.1
-16.9
-2.7
5 .1

0.8
1.7
-3.3
-46.9
-5.0
2.7

220
280
2 82
2 84
286
288

do
do
do
do
Percent

525.3
544,6
124.9
-144.1
4.1

553,8
562.0
101.8
-110.1
3,2

642.4
593.8
144.7
-96.1
4.2

633.4
588.5
134.0
-89.1
3.9

669.8
592.8
149.6
-72.7
4.3

647 . 4
605.8
163.4
-121.9
4.6

693.5
586.4
205.7
-98.7
5.6

695.8
593.0
200.7
-9 7.9
5.4

700.3
612.2
191.1
-103.0
5.0

0.3
1.1
-2.4
0.8
-0.2

0.6
3.2
-4.8
-5.1
-0.4

290
295
292
298
293

1988

1989

II. OTHER IMPORTANT ECONOMIC M E A S U R E S - C o n .
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
do

A. National Income and Product
A l . 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

230.
231.
232.
233.
236.
238.
237.
239

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

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

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

A . r , bil.

dol

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

A2. Personal Consumption Expenditures
A r, bil dol
do
do
do
do
do
do

A3. Gross Private Domestic Investment

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
A5. Foreign Trade

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

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

220.
280.
282.
284.
286.
288.

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

290.
295.
292.
298.
293.

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

A6. National Income and its Components

A7. Saving

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

7 .1
-3.2
25.9
23.2
1.0

Differences rather than percent changes are shown for this series.
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.
7
This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
4

CYCLICAL INDICATORS
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. Mar.
P
T

Jan. July July Nov.
P T P T

910. Index of eleven leading •
(Series 1,5,8,19.20,29,

-20

920. Index of four roughly i
(Series 41,47,51,57)

5 ;

1952 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 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



NOVEMBER 1989 B C D

C s t U C A L INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
Au:? Arjr.
P T

Apr. Feb.
P T

Dec. NOT.
P T

Nov
P

Mar.
1

Jan. iu!y k:;y Nr>v
F T P
T

I Index: 1967=1001

f
3

Si

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

917. Money andfinancialflows(series 104,106, H I )

1952 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 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

ItCII NOVEMBER 1989



11

CYCLICAL INDICATORS
IA

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
July May
P

T

Aug. Apr.
P

T

Nov.

P

T

Mar.

P

Apr. Feb

T

far, iul.

F

July

r

P

Nov
T

thousands—inverted Kale)

new orders in 1982
industries (bil. doL

32. Vendor performance—stowa

Contracts and ordersforplant and e u n t e n t in
1982 dollars (ML doL)

1952 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 87 881989
Current data for these series are shown on pages 6 1 , 64, and 66.

12



NOVEMBER 1989

BCII

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued

29. ijtt private housing wits authorized by local

A

Is iratetries, smoothed1 (bldd.) rrTT

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

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

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

83. Index of consumer expectations2 (index: 1st Q 1966=100)

! r
1952 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69

,, ,8 79 80 81 82 83 84 85 86 87 881989

'This series is smoothed by an autoregressive-moving-average filter deveioped by Statistics Canada.
'This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's Survey Research Center.
Current data for these series are shown on pages 6 7 , 6 9 , 7 1 , and 97.

ItCII NOVEMBER 1989



1
3

CYCLICAL INDICATORS
IA

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
Aug. Apr
P T

Api. Feb.
P T

Dec. Nov.
P T

Nov. Mar.
P
T

Jan. July July Nov.
P T P T

120-1

1101009080-

3000280026002400220020001800-

150140130120110100-

90-

80500450-

400-

350-

300-

250-

200-

150 -

X952 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 87 881989
Current data for these series are shown on pages 62, 63, and 65.

14



NOVEMBER 1989

BCII

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Jan. July Jbiy Nov.

PI

P'

r

91. Average duration of

i'-, 77. Ratio, manufacturing and trade
I:
1982 dollars (ratio

62. Changer index of labor cost per

109. Average prime rate

1B1. Commercial and indusfrial loans

credR outstanding to personal income (percent)

120. Change hconsurnerlfcehdex for

1952 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 87 881989
'This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
Current data for these series are shown on pages 6 2 , 6 8 , 7 3 , and 97.

BCII NOVEMBER 1989



1
5

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
Dec

Jan. juty

H.A

p

r

F

T

July

Nov.

P

T

[Marginal Employment Adjustments
42-i

1. Average weekly hours of production or nonsupenrisory wipers,
& -\ manufacturing (hours) IL.L.L

4140-

3938 J

21. Average weekly overtime hours of production or nonsupernsory
rfacturing (hours) [ 7 7 7
4-1

3-

J*I

5. Average weekly initial claims for unemployment
I State programs (thousands-inrerted scale) [ T c

60. Ratio, hefr-wanted advertising in newspaperstoneiaiier j
of persons unemployed (ratio) h • _ >• i
ft %

46. He^wanted adverfising in newspapers (index: 1 9 6 7 = | | D )

1962

63

64

65

66

67

68

69

70

71

72

73

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 6 1 .

16



NOVEMBER

1989

BCII

CYCLICAL INDICATOR
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued

41. Employees on nonagricultu

e,crcii

40. Employees Wnona^iculturat

90. Ratio, civilian e m i n e n t to population

1962 63

64

65

66

67

68

69

70

7s

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on pages 6 1 and 82.

BCD

NOVEMBER 1989




1
7

CYCLICAL INDICATORS
B

|

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Jan. July
P T

July Nov.
P
T

| Comprehensive Unemployment]
3-1

5-

7- .
9-

1113-

4567- •

8- ,
91011-

234 -

•

5- ,
67-

10121416-

2022-

44. Unernptoymert rate, pmons u
12345-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 62.

18



NOVEMBER 1989

Bill

CYCLICAL INDICATORS

B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

I Comprehensive Output and Income 1

'j^
product in m t f t $ r s , Q (am. rate, bii. doL)
C.C.C

52. B U M income in 1982 dofet (am. rate, Ml. dot.)

SI, Personal incOTffcs* transfer payments in 1982

in 1982 (Wlaa.JiBjng, manufacturing,
(am. rate, Ml.

1 6> 63

S4

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 63.

BCII NOVEMBER 1989



19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Dec. Nov.

P

1962 63

64

65

66

67

68

69

T

70

71 72

73 74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

20



NOVEMBER 1989

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Jan iuiv
f

T

July

Nov.

P

T
160
140
120
100 '

80-

60

6. Manufacturers'new
durable goods
Si-Manufacturers' new orders in
' •.. jpods and materials industries
100

(id J

•'%

+6

4'n'i •
400
350 300
260 "

loo

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

J

87

Current data for these series are shown on page 64.

BCII

NOVEMBER

1989




21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

j Consumption and Trade
^Manufacturing and
in 1982 dollars

56. Manufacturing and trade safes in current dollars

in 1982 dollars (bil.

ent dollars (bil.

54. Sales of retail stores

cTu-

\

expendftures,
rate, bii. dot)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's Survey Research Center.
Current data for these series are shown on page 65.

22



NOVEMBER 1989

BCD

CYCLICAL INDICATORS
B

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
Dec
P

Nov.
P

NOD.

T

Mar.

fan. July

T

P

I

inly
P

I Formation of Business Enterprises j

12. Net business formation (index: 1967=100) I L L !

13. New business incorporations (thousands)

[Business Investment Commitments|

Contracts and orders for plant and equipment
in current dollars (bil. dot.) ( 7 7 7

27. ManufacteerS' new orders in 1982 dollars, noridefense
capital eoods industries (ML dol.)
. A V

24. Manufacturers' new orderstocurrent dollars, nondefense
capital goods industries (bil. dol.)

9. GpfetjNtfion contracts awarded for commercial and industrial
taidJBfs (mil. sq.ft.offloorspace; M ( # nming avfc—5-term)

.wL .. **.

fsTYi
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

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

BCII

NOVEMBER 1989




23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

July
P

Nov.
T

| Business Investment Commitments
97.

11. Newly appr

1,000 manufacturing

dcapi

11982 ddanfarnew plants
*<H.)
[Business Investment Expenditu

61. Expenditures h current
equipment Q (ana

for new plant am

safes and
expenonures

69. Machinery
business
( a m rate, bit

producawi.teanessequiBent

ltlu

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

2
4



NOVEMBER 1989

IICII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Dec.

Jan. July
P T

Nov.

P

T

July
P

Nov.
T

550500450400350300250-

200-

150-

100-

m
I 4-4 J
I-

j
0.8 J

,?001801
;6C140'.20100-

\
300-4

180-I .

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 ISO

Current data for these series are shown on page 67.

Bill NOVEMBER 1989



2
5

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Dre.
P

Nou.

Nov.
P

T

Mai.

Jan July
P T

T

July
P

Nov

T

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

36. Change in manufacturiif aadi trade inventories on hand and an
order in 1982 dollars <a«u»te, bit, dot; moving avg.-4-tentf)

31. Ctenge in
(an. rate, oil dot;
+ 60+30 A'
0- -30-

-60-»

38. Change in manufactuee^n^ntories, materials and supplies on
hand and on order (Wl d f t MCD moving avg.—4-term)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

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

26



NOVEMBER 1989

IMJI

CvCUCAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Dec Nov.
P
T

|Inventories on Hand and on Order)

1962 63

64

65

66

67

68

69

|jK

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 68.

BCII NOVEMBER 1989



2
7

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Nnv.

Mar.

Jan. July

Jyiy

P

Dec. Nov.
P
T

T

P T

P

98. Change in producer prices for sensitive crude and intermedate materials
+4T

+ 2*

0-2-

-6J

. Change in sensitive materip prices, smoothed1 (percent)

+4+2-

0-2-

400350300-

250200-

1503501
300-

250200-

150-

100-

240200160 •
120"

40 •

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

This series is smoothed by an autoregressive-moving-average ftlter developed by Statistics Canada.
1
Beginning with data for June 1981, 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 1989

I

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Dec.
P

fJr-v
1

(Profits and Profit Margins—Con. \

280-1
240-

80. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (am. rate, oil doL)

200-

160120-

80-

X
79. Corporate profits after tax with I M and CCAdj in
current dollars, Q (am. rate, bit, doL)

40-

2 & Ratio, corporate domestic profits after taxtocorporate domestic

ifcome, Q (percent) j j y [ ]

\

81. Ratio, corporate domestic profits after teuwth WA and CCAdj X 7
to corporate domestic income, Q (percent) |'U,L,L)
,\/
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents) (L.L,LJ

26. Ratio, implicit price deflator to unit labor cost, nonfarm business
•$«tor, Q (index: 1977=100)

H

10210098-

J

9694-

(Cash flows}

500i

35. C o # $ t e net cash flow in 1982 dollars, Q
(aigrate, ML dot)
V

400300-

200-

*
34. Corporate net cash flow in currant doBars, Q
{dm. rare, on. an.) n j n

1962

63

64

65

66

67

68

69

70

71

77.

73

71

7°;

1<G

81

82

83

100

84

85

86

87

J

88 1989

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

BCD

NOVEMBER 1989




29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Jan. July
P T

July
P

Nov.
T

81

82

Unit Labor Costs and Labor Share I

usmm sector, Q
00

68. Labor cost in cunrent dollars per
in 1982 dollars, flonfinancial

Output, manufacturing

62. Labor cost per

64. Cornpensationof

yf

•a percent of national income,

tjftercent)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85

86

87

88 1989

Current data for these series are shown on page 70.

30



NOVEMBER 1989

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Dec. Nov.
P
T

Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
T

85. Change in money w p l y Ml
(percent; MC&ffiWlng avg.—6-term)

102. Change in money stftly M2
:S> (percent; MCD «nfeg avg.—6-term)

104. Ghige in total liquid assets {percent; MCD moving avg.-6-tgJit) \IXX

105. Money supaiVMl in 1982 dollars (ML del.)

107. Ratio, gross national imduct to money supply Ml, Q (rati&

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

BCII NOVEMBER 1989



31

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec. Nav.
P
T

Jan. July
F

in mortgage debt held byfinancialinstitutions
insurance companies (arm. rate, bil. dol.)

T

July
P

Nov.
T
1.

.
*

I M S * change in business loans (ann. rate, bil. dol.;
moving avg.—6-teroi)

113. tMMange in consumer instalment credtt (am. rate, bil. dol.;MGDmoving avg.—6-term) j g T [

and consumer eredft outstanding

111. Change in
(ami.

by private nonfinanckl borrowers in credtt
(am. rate, Ml. dot) t

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

32



NOVEMBER 1989

Bill

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jar. July
P

I

July

NOD

P

T

[Credit Difficulties|
of business failures (rrildol.
LLl

100 T

200300
400'
600800
1000150020003000-

39. Percent of consumer
(percent—inverted

400050006000-1

loans delinquent 30 days aid over ; • •

1.61.82.02.22.42.62.8'

dol.-inverted scale)
L.U.U

the Federal Reserve ( h i d o S

94. Member bat* borrowi

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 72.

BCII

NOVEMBER 1989




3
3

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

July
P

Nov.
T

1918171615141312-

M

11- J
10- "

A

9876543-

171615141312"

.

11-

•

10-

'

98765-

181716151413-

118. Secondary market yiekteottfHA mortgages (percent) „,

m

1211- '

9876-

543-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

34



NOVEMBER 1989

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

Dec. Nov
P
T

July
P

Nov.
T

81

82

. Average a t e i M j charged by banks (percent!

tans outstanding in 1982 doHac*
\

196?.

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85

86

87

88 1989

Current data for these series are shown on page 73.

ItCII NOVEMBER 1989



35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Jan. July
P T

July Nov.
P
T

or nonsupervisory vnrken,
1-mo. span—.

1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
Current data for these series are shown on page 74.

36



NOVEMBER 1989

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Dec.
P

Nov.
T

Nov. Mar.

Jan. July
P T

My
P

Nov.
T

96|^fenufacturers' new
Sis-mo, span—-, 1

100-

50-

0-

96f||wr/approved
83706050403020-

(6-m jpan-^ 1-mo.
100-

50-

pi.

0-

Spot market * K H raw industrial materials

100-

50-

0-

J68. Stock prices, S W f K m n stocks, 39-82 mdustrie*
f
(9
| i span—.)

100 -

50-

0-

600 companies1 (4-Q sun)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

90807060504082

83

84

85

86

87

88 IS:

2 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.

Bill NOVEMBER 1989



3
7

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

July
P

Jan, July
P T

Nov.
T

July
P

No*1
T

Actual

Actual
Anticpated

[ Percentt

S f § Expenfturas for new plant and
\ equipments Mastrfes (1-Q span)
lexpendftures

{

manufacturing and trade (4-Q span)

\

* /

manufacturing and trade (4-Q span)1

£

(a) Actual
i orders, manufacturing i

pricn. manufacturing (4-Q span)

1001

60-

t profits, manufacturing and trade (4-Q span)1

977. tl i n g prices, wholesale trade (4-Q span)1

9«n

100-1

prices, retail trade (4-Q span)1

; and trade (4-Q span)1

973.

100-.

IOC-.

9080-

<«

•fttfteA-

70-

1977 78

79

80

81

82

83

84

85

86

87

88 1989

1977 78

79

80

81

82

83

84

85

86

87

88 1989

• This is a copyrighted series used by permission; It may not be reproduced without written permission from Dun fc Bradstreet, inc. Dun ft Bradstreet diffusion Indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.

3
8



NOVEMBER 1989

BCII

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

!•!•)•;.

Mar

P

Dec.

T

Jan July
P

July

Nn:

T

P

T

80

81

910c. ComnflattJaten nf efeventeadinyinrfcatnrc

920c. Compose index of four roughly coincident indicators

930c. Composite index of seven lagging indicators

47c. Index of industrial production

50c. Grass national product in 1982 d o t e (1-Q span)

51c. Personal incometesstransfer payments in 1982

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

NOTE: Data for these percent changes are shown occasionally i n appendix C. The "Alphabetical Index— Series Finding Guide" indicates the latest issue in which the data for each series were published.

Bill NOVEMBER 1989



39

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT

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

Dec. Nov.
P

T

July
P

Nov.
T

Q(mrate r bfl.do(.)

223. Personal income in
(am. rate, bil. dot)

bte personal income hi
Q (am. rate, ML dot.)

product in 1982 dollars,
ML dot)

213. FiiMHtein 1982 dollars, Q (am. rate

217. Per captelfess national product in 1982
(mi K « o u s . dol.)

capita disposable persn
T982 dollars, Q (am. rate, ttoilSdol.)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

40



NOVEMBER 1989

IICII

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

P

Jan. July

T

P

T

July

Nov.

P

T

Personal consumption expenditures—

?0'J •*

1962 63

64

65

66

67

68

69

70

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 198-

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

KCII

NOVEMBER 1989




41

OTHER IMPORTANT ECONOMIC MEASURES
IA

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Dec Nov.

Jan. July
P T

Nov. Mar.

July Nou.
P

Gross private domestic investment—

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

42



NOVEMBER 1989

IECII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
Dec. No»
P
T

Jan.
P

July

July

T

P

Nov
I

ftmual rate, Mtai do8a^ (current)!

Govanment purchases of goods and

I Annual rate, bttondofefs (1982)|

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

BCII

NOVEMBER 1989




4
3

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
Jan. Jl Jl
uy uy
P T
P

1962 63

64 65 66

67 68

69

70

71

72

73 74

75 76

77

78 79

80

Nov.
T

81 82

83 84

85 86 87

88 1989

Current data for these series are shown on page 82.

44



NOVEMBER 1989

IU II

O T H E R I M P O R T A N T E C l r : , =: M E A S U R E S
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components

| Annual rate, Won dotars (cuTent)|.

4500-|
4000-

3500300025002000-

220. Nafenal income, Q
1500-

280. Compensation of employees, Q
1000480440400-

360320280240-

286. Corporate prolts before tax with inveiriOfy valuation
and capital consomption adjustments, Q

200180160-

y—288. Net interest, Q

A.

140120-

D

10090807060-

282. Proprietors' income with inventory vafaafon and , r
capital consumption adjustments, Q

5040-

30-

20-

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

10-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

<"t

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

BUI

NOVEMBER 1989




45

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving

Annual rate, Won dofers (current)

1962 63

64

65

B6

P7

68

?-9

'0

71

72

73

74

75

76

77

78

79

80

81

82

S3

84

B5

86

87

88 1989

Current data for these series are shown on pages 8 2 and 8 3 .

46



NOVEMBER 1989

KCII

O T H t - : ••••••••: F

A I

/

-.

:.•

••:!-.OWAC M E A S U R E S

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income

I Percent of GNP |
70-,

Personal a p t prtion expendtures, Q

65-

60-1

269.'State and local government
of soods and services, Q
265. Federal Government purchases of goods and services, Q

248. NonresktenBal fixed

247, Change in business inventories, Q

Net exports of goods and sera es, Q
-5-

(Percent of National income
80-

64. Compensation of employees, Q
75-

70-

65 J

15-

10-

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

289. Net interest, Q
0-

285, Rental Income of persons wtth capital consumption
1962 63

64

65

66

67

68

59

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 83.

BCII

NOVEMBER 1989




47

OTHER IMPORTANT ECONOMIC MEASURES
BJ

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
lap. July
P

iiily

Nov.

P

T

T

310c. Implicit price deflator fir trass I Percent change at annual rate)
+ 15+ 10-

201

+ 50«

311c. Ffred-wefeMed price mfle <, gross domestic business product

+15+10+ 5"
0-

|6Hnonth spans ]

Producer price indexes—
330c. AH canmodirjes

+ 201

+100«

-10-*

335:. Industrial commodities
+201
+10-

k

\r

0"

-10"

331c. Crude materials for
further processing

332c Hiennedots materials, supplies, snd components
+20"
+ 10"
0"

V

-10-

333c. Capital equipment

334c. Finned consumer goods
t-10"

V
1977 78

79

80

81

82

83

84

85

86

87

88 1389

1977

78

79

80

81

82

83

84

85

86

-10-

87

88 1989

Current data for these series are shown on pages 8 4 , 8 5 , and 86.




NOVEMBER 1989

BCD

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Dec. Mov
P
T

Jan July July
P I P

Nov.
T

Consumer price indexes—

C h a r t B 2 . Wages a n d P r o d u c t i v i t y

| Wagesj

345. Average hourly compel
nonfarm business sec

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.

KCII

NOVEMBER 1989




49

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
Jan. July
P T

IWages Con4 ^ ^

July
P

Nov.
T

'iifh":,

in avefage

Percent change |

hourly earnings of production or nonsupervisory workers on private

340c Current-dollar earrings •':

MI<U
jfflHty

il^i.iiiiii

A <L'

dULl

+ 5-

(am. rate)

<%_

341c. Real earnings

gfiiXL

V'-1
-5-10-

Change ins
nonfarm business sector, Q—
, 345c. CurreapBar compensation _

4-quarter spans

; (am. rate)

-l-qu<

oJ

346c. Real compensation

«f

HO-I

i (ann. rate)

+ 5-

0-

4-quarter spans

Slif

Negotiated wage and benefit decisions—

-5-"

348. Average first-year (

VSfi-iV*"**^
langes over life of

349.

I i K t a : 1977^1001
;

I Productivity |

:

; ; /

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

V
Ou^wtperhc

irsons,
80-»

| Percent change I

Change in output per hour, all persons, buaness!

+ 10T

+ 5-

•

1962 63

64

65

66

1

67

68

69

70

71

72

73

74

75

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



¥

S-quarter spans

76
z

77

78

79

80

81

82

83

84

85

86

87

0-

a

-5-

88 1989

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

NOVEMBER 1989

ltd!

•.MHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Jan. July
P T

Ju!y
P

Nov.
1
130120110-

441. Civilian labor force (millions)
10090-

442. Civilian employ™** (miiliMe)
80-

70-

Civilian lal>or force partrapation rates

Macs 20 yean and over
85807b7065-

Bolil sexes 16-19 years of age
60555045-

452. Females 20 years I M over
40-

14-

Number unemployed

12-

37. Persons unemployed;

10-

r

86-

445. Females 20 years and over

4-

444. Mates 2ft years-*,
and over 2-

446. Both sexes 16-19 years of age

1 J
12-

Ml-time workers (mflta*) I /

10-

- v

448, Number of persons
2 -»

1962

S3

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 89.

IN:

NOVEMBER 1989




51

OTHER IMPORTANT ECONOMIC MEASURES
£)

GOVERNMENT ACTIVITIES

Chart Dt. Receipts and Expenditures
Jan. July
P T

Dec. Nov.
P
T

July Nov.
P
T

III

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

5
2



NOVEMBER 1989

IECII

MPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
Jan. July
P r

h>ly
p

ttev
T
40-

[Advance Measures of Defense Activity

353025-

517. Defense
(bii.dd;

gross obligations
3¥g.—6-tenn)

20-

15-

221
201816141210-

6J

240-1
2Z0200-

180160140120100-

141210-

6-

66

67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 SS JOS

Current data for these series are shown on page 9 0

ftCII NOVEMBER 1989



5
3

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
!1,V

Jan. July
P T

M,)r

July
P

Nov.
T

(Intermediate and Final Measures of Defense Activity]
defense and space equi

559. Manufacturers' inventories,
(WlrM),

561. Manufacturers' unfilled orders,
defense products (oil. dd.)

580. Defense
assistance (Ml doL)

**YH

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

r5

3-

-i',|5

2J

^
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

54



NOVEMBER 1989

C ' . ^ F M ' - J P ' IN1
£) I
I

'"

v

-\itASURES

GOVERNMENT ACTIVITIES—Continued

'

C h a r t D 2 . Defense I n d i c a t o r s — C o n t i n u e d

[Intermediate and final Measures of Defense Activity—Con.|
570. Employment, defense products industries (millions)

2.0-1

1.81.6-

m

1.41.21.0 J

Defense Department personnel (trillions)—
3.53.0-

577. Military personnel on active duty
2.5-

2.0-

1.5-

578. Civilian personnel, direct hire employment
1.0 J

400-

JHL

350300-

1 National Defense Purchases |

250-

200-

564. Federal Govemment purchases of goods and services, national
defense, Q (am. rate, WL dol.)

y*
^

150 -

100-

-J

50 J

565. National defense purchases as a percent of GNP, Q (percent)
1098-

jm]

7654-

1962 63

64

65

66

67

68

69

70

71

72

73

:v5

76

77

.'8

80

33

84

85

86

87

88 1989

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

ItCII

NOVEMBER 1989




5
5

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

614. Imports of p e t r f d p and petroleum
products (ML
616. Imports of automofcfp t and

1962 63

84

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

Current data for these series are shown on page 92.

5
6



NOVEMBER 1989

BUI

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

Jan. July
P T

July
P

Nov.
T

Kess ol receipts

750-j
650550-

xcess of payments

450-

Goods and services—

350-

250 -

150 H

50 J
650550450350250 4

150-4

50 J
140-»

120 H

ioo H

80-i
60 i
40-!

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 93.

BCD

NOVEMBER 1989




5
7

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Jan. July
P T

July
P

Nov.
T

Jan, July July
F T P

Nov.
T

[Index: 1977=100)

[Index: 1977=1001

Industrial production-

Industnal production—
150140130-

47. United States

\7

JH
721. OECP European countries

130 120-

120-

7

140 -

110-

110-

1U0 -

100-

90-

180 •
170'

160

m

150

.y^pfl

728. Japan

130 -

722. Urited Kingdom

120 -

140
130

110 -

120

100-

110

V)

100
90

J

140130120-

725. West Germany

ion -

110-

100 90

160-

150 130 i

140-

723. Canada

130-

120

726. France

120-

110

no —
:
10090

1977 78

79

80

81

82

83

84

85

86

87

88 1989

1977 78 79

80

81

82 83

84 85

86

87

88 1989

Current data for these series are shown on page 94.

58



NOVEMBER 1989

BCII

OTHER IMPORTANT ECONOMIC MEASURES
F

|

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices
Jan. July
P T

July
P

C h a r t F3. Stock Prices

Nov.
T

Jan. July
P T

[Percent change at annual rate]

luly
P

Nov.
T

1 index: 1967=1001

Stock prices—

Consumer prices-

28002400200018001600 140012001000 900800 700600500-

100 J
1977 78

79

80

81

82

83

84

85

86

87

88 1989

1977 78

79

80

81

82

83

84

85

86

87

88 1989

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

BCD

NOVEMBER 1989




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Q |

Year
and
month

910. Index o
f
eleven leading
indicators (series
1, 5, 8, 19, 20,
29, 32, 83, 92,
99, 106)

(1982=100)

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

(1982=100)

COMPOSITE INDEXES

930. Index of
seven lagging
indicators (series
62,77, 91, 95,
101, 109, 120)

940. Ratio,
coincident index
to lagging indexx

(1982 = 100)

(1982 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

108.9
(NA)

104.4
104.6
105 3

119.3
120.8
121 5

148.9
147.0
145 4

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

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

916. Profitability (series
19, 26, 80)

917. M n y and
oe
financial flows
(series 104, 106,
HI)

1987
January
February
March .

136.8
137.6
138.1

119.3
121.0
121.0

112.1
110.9
110.7

106.4
109.1
109.3

April
May . . . .
June

138.3
139.2
140.6

121.1
121.2
121.5

110.7

110.8
111.0

109.4
109.4
109.5

105.3
106.0
106.7

121.3
121.3
122.9

144.5
144.1
145.6

July
August
September

142.0
143.3
142.9

122.4
123.0
123.1

110.8
110.7
111.7

110.5
111.1
110.2

107.1
106.4
106.6

124.2

0)126.0
124.7

144.5
144.2
145.4

October
November
December

142.3
140.3
139.7

124.9
124.6
126.1

111.8
112.1
111.8

111.7
111.2
112.8

107.2
107.4

0)108.2

121.7
118.6
118.3

147.1
146.8
146.6

January
February
March

139.3
141.0
141.4

125.2
126.0
126.7

113.4
113.9
114.3

110.4
110.6
110.8

107.1
106.7
106.5

119.0
119.5
119.9

146.9
147.9
149.0

April
May
June

142.0
141.8
144.0

126.9
127.2
128.2

114.6
114.5
114.8

110.7
111.1
111.7

105.5
105.6
105.9

119.5
118.9
120.0

0)151.7
150.7
151.1

July
August
September

143.0
144.1
143 7

128.6
129.0
129.0

114.5
115.1
115 2

112.3
112.1
112 0

105.5
105.5
105 6

119.9
119.5
(NA)

150.3
150.1
147 4

October
November
December

144.0
144.1
145.1

130.4
130.3
131.1

115.0
116.4
116.8

113.4
111.9
112.2

105.1
104.9
105.6

0)146.0
145.6
144.7

131.8
132.0
132.0

118.1
119.3
120.1

111.6
110.6
109.9

(NA)

145.8
144.2
144.0

132.8
132.5
132.8

119.3
120.3
0)120.5

111.3
110.1
110.2

July
August
September

144.0
, rl44.8
rl45.2

132.6
0)133.9
133.7

120.0
rl20.2
119.7

110.5
rill.4
rill.7

October
November
December

pl44.6

3

pill.2

1988

146.9
146.6
(NA)

1989
January
February
March
April
May
June

2

133.7

120.2

NOTE: Series are seasonally adjusted except for those, indicated by (§), that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1
These series reached high values before 1987: series 940 (116.1) in January 1984 and series 914 (111.5) in February 1984.
2
Excludes series 57, for which data are not available.
3
Excludes series 77 and 95, for which data are not available.

6
0



NOVEMBER 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

J i l l EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year
and
month

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 programsx

(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.C

L, Lg, U

46. Index of help-wanted
advertising in newspapers

48. Employee hours in
nonagricultural establishments

(Ann. rate,
bil. hours)

(1967=100)

1987
January
February
March

40.9
41.1
41.0

3.6
3.6
3.7

355
350
338

0.512
0.531
0.572

136
140
150

187.54
188.59
188.56

April
May
June

40.6
41.0
41.0

3.5
3.8
3.7

329
325
325

0.583
0.601
0.614

149
153
152

187.66
189.72
189.97

July
August
September

41.0
41.1
40.6

3.8
3.8
3.7

321
299
293

0.626
0.663
0.661

153
161
158

190.41
191.22
188.29

October
November
December

41.2
41.2
41.1

3.9
3.9
3.8

294
300
311

0.669
0.682
0.662

162
H>162
155

192.23
192.77
192.93

January
February
March

41.1
41.0
41.0

3.9
3.7
3.8

348
314
303

0.652
0.673
0.691

153
156
158

193.12
194.48
194.35

April
May
June

41.2
41.1
41.1

3.9
3.9
3.9

299
305
294

0.701
0.700
0.711

157
160
156

195.81
195.44
196.43

July
August
September

41.1
41.0
41.1

3.9
3.9
3.9

321
298
290

0.714
0.700
0.688

159
160
153

197.24
196.77
197.53

October
November
December

41.2
41.2
41.0

4.0
3.9
3.9

E>290
297
301

0)0.735
0.716
0.731

161
158
161

198.76
198.14
199.16

41.1
41.1
41.0

3.9
3.9

E>4.0

296
303
318

0.691
0.729
0.733

156
155
151

200.31
200.32
200.33

D41.3
41.0
41.0

3.9
3.8
3.8

299
312
328

0.723
0.707
0.667

159
152
147

202.10
200.85
201.37

July
August
September

41.0
r41.0
r41.1

3.9
r3.8
3.8

338
316
320

0.687
0.681
rO.669

150
147

rl48

202.54
r201..67
r202.79

October
November
December

p40.8

p3.8

357

p0.680

pl50

0)p2O3.93

1988

1989
January
February
March
April
May
June

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.

lien

NOVEMBER 1989




61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| H

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Employment—Continued

u,c,c

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C.C.C

41. Employees
on nonagricultural payrolls

(Thous.)

L.C.U

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

Comprehensive Unemployment
U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

L, Lg, U

Lg, Lg, Lg

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programsx

(Percent)

(Percent)

(Thous.)

Lg, Lg, Lg

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Weeks)

(Percent)

1987
January
February
March

107,823
108,066
108,238

100,798
101,015
101,254

24,473
24,532
24,551

60.28
60.39
60.43

7,904
7,848
7,804

6.6
6.6
6.5

2.6
2.6
2.5

14.9
14.5
15.0

1.8
1.8
1.7

April
May
June

108,566
109,180
109,065

101,582
101,777
101,956

24,573
24,617
24,616

60.56
60.90
60.72

7,605
7,578
7,360

6.4

2.5
2.4
2.4

15.0
14.8
14.9

1.8
1.7
1.7

July
August
September

109,377
109,890
109,704

102,293
102,525
102,683

24,701
24,759
24,794

60.83
61.00
60.88

7,271
7,226
7,112

6.1
6.0

2.3
2.3
2.2

14.2
14.3
14.2

1.6
1.6
1.6

October
November
December

109,998
110,320
110,528

103,213
103,470
103,791

24,896
24,966
25,021

61.01
61.09
61.19

7,204
7,067
6,961

6.0

2.1
2.1
2.2

14.0
14.1
14.2

1.5
1.5
1.5

January
February
March

110,799
111,073
110,948

103,970
104,414
104,682

24,935
25,033
25,098

61.29
61.36
61.24

6,980
6,892
6,807

5.8
5.7
5.6

2.3
2.2
2.2

14.2
14.1
13.8

1.4
1.4
1.4

April
May
June

111,473
111,293
111,880

104,901
105,091
105,561

25,161
25,179
25,265

61.49
61.31
61.58

6,668
6,800
6,523

5.5
5.6
5.4

2.1
2.1
2.1

13.5
13.8
13.2

1.3
1.3
1.3

July
August
September

111,974
112,061
112,194

105,768
105,954
106,207

25,323
25,303
25,313

61.54
61.60
61.64

6,624
6,797
6,614

5.4

2.1
2.1
2.0

13.5
13.5
13.5

1.3
1.3
1.3

October
November
December

112,335
112,709
112,816

106,475
106,824
107,097

25,384
25,460
25,513

61.69
61.85
61.83

6,518
6,563
6,554

5.3

2.0
2.0
2.0

13.4
12.6
12.8

1.3
1.2
1.2

113,411
113,630
113,930

107,442
107,711
107,888

25,626
25,629
25,646

62.13
62.16
62.27

6,716
6,328
[H>6,128

5.4
5.1

H)5.0

2.0
2.1
2.1

12.7
12.1
12.4

1.2
1.1
1.1

114,009
114,102
0)114,445

108,101
108,310
108,607

25,671
25,672
25,648

62.22
62.22

5.3
5.2
5.3

2.1
[H)2.0
2.1

12.7
11.8

1.2
1.1

H)62.35

6,546
6,395
6,561

E>11.1

H>i.o

62.26
62.28
62.16

6,497
6,421
6,584

5.2
5.2
5.3

2.2
2.1
2.1

12.0
11.3
11.4

1.2
1.1
1.1

62.16

6,561

5.3

2.2

11.8

1.1

6.3
6.2

5.9

5.9
5.8

1988

5.6
5.4

5.4
5.3

1989
January
February
March
April
May
June
July
August
September

114,240
114,290
114,199

108,767rlO8,887

rl09,088

25,669
[H)r25,694
r25,607

October
November
December

114,327

0)plO9,321

p25,604

See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x

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

62



NOVEMBER 1989

IICll

CYCLICAL INDICATORS
CYCLICAL INDSCATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Illl

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

Timing Class

Year
and
month

PRODUCTION AND INCOME

ccc

CCC

50. Gross national product
in 1982 dollars

(Ann. rate,
bil. dol.)

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

ccc

(Ann. rate,
bil. dol.)

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

CCC

ccc

47. Index of
industrial
production

73. Index of
industrial
production,

74. Index of
industrial
production,

durable manufactures

nondurable
manufactures

(1977 = 100)

CL, L

(1977 = 100)

(1977 = 100)

CCC

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1987
January
February
March

3,783.0

3,640.8
3,680.2
3,699.8

3,109.1
3,129.4
3,132.8

2,650.6
2,670.7
2,675.2

542.4
541.6
544.6

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

1,622^6

April
May
June

3 9 823!5

3,718.5
3,734.1
3,745.4

3,132.7
3,132.6
3,129.0

2,674.8
2,670.5
2,670.9

538.5
540.3
540.4

127.4
128.2
129.1

130.9
131.4
132.0

134.6
135.7
136.9

1,645.'9

July
August
September

3,872^8

3,770.5
3,798,7

2,685.9
2,695.7
2,696.5

541.3
544.3
547.0

130.6
131.2
131.0

133.5
133.8
133.7

138.5
138.8
138.6

l,679.'i

3,817.4

3,144.7
3,152.4
3,152.3

October
November
December

3,935.6

3,894.3
3,886.8
3,944.9

3,205.2
3,188.5
3,236.2

2,748.8
2,733.2
2,779.3

549.4
551.8
552.1

132.5
133.2
133.9

136.8
136.7
137.3

138.1
139.6
141.3

1,72&\5

January
February
March

3,974.8

3,921.9
3,944.2
3,979.5

3,209,4
3,225.0
3,240.6

2,741.2
2,755.9
2,767.1

551.3
553.9
561.5

134.4
134.4
134.7

137.9
138.4
138.8

141.4
141.1
141.7

1,746^7

April
May
June

4,010.7

4,007.1
4,023.3
4,049.4

3,244.6
3,244.6
3,260.4

2,773.4
2,776.2
2,791.2

558.8
558.0
561.5

135.4
136.1
136.5

139.7
141.5
141.7

142.3
142.1
142.6

1,767.9

July
August
September

4,042^7

4,079.8
4,094.2
4,118.6

3,271.7
3,275.4
3,276.5

2,802.0
2,805.0
2,808.2

562.4
560.9
562.8

138.0
138.5
138.6

142.9
143.2
143.8

144.6
145.1
145.3

1,782.3

October
November
December

4,069^4

4,180.4
4,168.9
4,206.3

3,312.5
3,298.2
3,314.7

2,843.3
2,828.6
2,845.3

569.0
565.5
563.9

139.4
139.9
140.4

144.6
145.2
145.7

146.3
146.7
147.1

1,78^4

January
February
March

4,106^8

4,273.1
4,319.5
4,360.7

3,346.2
3,377.2
3,390.9

2,868.0
2,897.0
2,905.5

566.1
566.7
572.3

140.8
140.5
140.7

146.2
145.9
145.8

148.5
148.1
148.6

1,823*2

April
May
June

4,132*.5

4,387.1
4,396.3
4,417,5

3,390.3
3,384.4
3,398.1

2,908.2
2,902.8
2,912.8

566.4
563.4
565.3

141.7
141.6
142.0

146.9
147.1
147.4

149.6
149.5
150.5

1,843.9

(H>r4,160.2

r4,444.3
r4,458.5
r4,469.7

r3,408.2
r3,421.7
r3,422.4

r2,923.1
r2,933.3
r2,932.2

566.3
r570.2
r569.8

rl41.9
142.4
[H}rl42.4

rl46.8
E>rl47.7
rl47.3

rl50.8
rl50.9
rl50.8

E>rl,857!5

Dp4,510.3

H)p3,429.9

B)p2,940.5

H>p573.7

pl41.4

pl45.1

[H)pl51.0

1988

1989

July
August
September
October
November
December

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

lien

NOVEMBER 1989




63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

W m
131

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

H H

Capacity Utilization

Timing Class

Year
and
month

PRODUCTION AND
INCOME—Continued

Orders and Deliveries

L,C, U

L,C,U

82. Capacity
utilization rate,
manufacturing

84. Capacity
utilization rate,
materials

L, L, L

(Percent)

L, L, L

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

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

7. Constant
(1982) dollars

(Bil. dol.)

(Bil. dol.)

L, L, L

L.L.L

L, Lg, U

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

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

(Bil. dol.)

(Bil. dol.)

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L, L, L

32. Vendor
performanceslower deliveries
diffusion indexx

(Percent)

1987
January
February
March

79.6
80.0
80.3

78.7
78.7
78.7

97.34
102.40
104.78

89.79
94.46
96.40

79.68
84.09
84.78

-3.28
-1.26
1.19

367.42
366.16
367.35

51.5
51.2
51.9

April
May
June

80.2
80.4
80.8

79.1
79.3
79.8

107.64
107.92
108.77

98.93
99.01
99.70

83.76
83.48
85.66

4.55
5.26
4.24

371.90
377.16
381.40

52.8
54.0
56.8

July
August
September

81.5
81.5
81.3

80.6
81.1
81.2

109.94
106.99
109.68

100.40
97.44
99.34

84.02
83.84
85.98

6.04
2.58
1.30

387.44
390.02
391.32

58.9
60.3
61.5

October
November . . . . . . .
December

82.0
82.2
82.6

82.1
82.9
83.6

112.02
111.96
113.19

101.28
100.96
101.61

86.81
85.89
86.86

3.71
3.67
2.01

395.04
398.71
400.72

62.2
64.9
62.7

January
February
March

82.7
82.6
82.7

83.0
82.3
82.4

113.07
114.16
113.06

100.86
101.56
100.41

83.26
85.42
85.34

3.94
4.33
0.32

404.66
408.99
409.31

62.4
61.3
56.9

April
May
June

82.9
83.3
83.3

82.9
83.0
83.2

116.84
115.37
125.44

103.39
101.74
110.23

85.73
87.82
87.78

4.32
0.62
8.92

413.62
414.24
423.16

59.2
56.6
65.6

July
August
September

84.0
84.0
84.0

84.4
84.3
84.1

116.11
122.81
119.32

101.67
107.25
103.58

85.15
87.58
87.98

2.99
4.94
1.29

426.15
431.09
432.38

59.0
57.7
55.1

October
November
December

84.3
84.4
84.4

84.7

R85.1
84.9

122.79
123.04
R132.15

106.50
106.25
H>113.63

87.86
89.81

R92.68

4.35
3.16
7.97

436.73
439.90
447.87

54.6
51.6
52.6

0)84.7
84.3
84.1

84.6
84.0
83.7

128.48
124.11
125.38

109.81
105.71
106.61

90.76
89.02
86.32

4.90
3.18
4.94

452.77
455.95
460.90

54.0
53.3
51.2

84.5
84.3
84.4

84.2
83.8
83.6

129.37
123.52
125.14

110.01
104.68
rlO5.69

89.69
87.82
r86.81

6.04
0.56
3.42

466.94
467.50
470.92

53.2
49.3
47.5

July
August
September

r84.0
84.1
83.7

83.7
r84.0
r83.8

122.03
rl26.77
rl25.33

103.24
rlO7.O7
rt.05.15

82.90
r90.68
r88.23

4.92
r-1.58
r0.86

475.83
M74.25
K75.12

46.9
44.9
43.8

October

p82.8

p83.2

pl24.59

plO4.61

p87.88

p2.20

RP477.32

42.7

1988

1989
January
February
March
April
May
June

Mrji/prnKpr

liUVclllUcl

December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
1

These series reached high values before 1987:

6
4



series 25 (9.31) in March 1984 and series 32 (67.5) in November 1983.

NOVEMBER 1989

HOI

CYCLICAL INDICATOR:
CYCLICAL IMDSCATORS BY

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
C.C.C

C,C,C

Manufacturing and trade sales
56. Current
dollars

(Mil. dol.)

57. Constant
(1982) dollars

(Mil. dol.)

C.L.C

75. Index of
industrial
production,
consumer
goods

(1977 = 100)

C.L.U

U, L, U

Sales o retail stores
f
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Timing Class

Year
and
month

P H
H I

g i l l CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

59. Constant
(1982) dollars

(Mil. dol.)

L,C,C

L, L, L

L,L f L

55. Personal

58. Index of
consumer
sentiment1 2

12. Index of
net business
formation

consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

L,L, L

13. Number of
new business
incorporations1

©
(1st Q

1966=100)

(1967 = 100)

(Number)

1987
January
February
March

424 9 210
441,092
441,073

419,538
433,469
431,581

125.5
126.4
126.7

117,819
124,126
124,455

109,294
114,507
114,179

119i5

90.4
90.2
90.8

118.1
120.5
122.0

55,348
58,495
60,248

April
May
June

442,281
445,174
448,931

431,209
432,439
433,700

125.5
127.3
127.2

125,353
125,520
127,263

114,478
114,317
115,274

129^3

92.8
91.1
91.5

120.7
119.8
120.3

57,471
56,226
57,613

July
August
September

450,906
455,157
460,280

434,938
437,381
440,943

128.9
129.4
127.7

128,110
130,390
129,427

115,937
117,574
116,391

145!8

93.7
94.4
93.6

120.4
121.5
122.8

57,330
57,650
57,568

October
November
December

460,066
459,261
462,059

439,739
437,546
439,273

129.0
129.4
129.8

128,235
128,541
129,870

115,112
115,180
116,267

132!6

89.3
83.1
86.8

121.8
122.8
123.2

55,504
56,681
55,226

January
February
March

462,173
466,052
474,260

439,102
442,538
448,078

131.2
131.3
131.2

130,364
131,846
133,797

116,709
118,036
119,249

14^6

90.8
91.6
94.6

124.0
124.1
125.4

56,108
56,475
60,655

April
May
June

475,218
478,467
486,226

446,585
447,726
451,956

131.9
132.7
133.0

133,077
134,003
135,060

118,081
118,482
119,311

145.7

91.2
94.8
94.7

122.7
124.3
123.7

54,670
58,046
55,620

July
August
September

486,289
491,892
r491,565

449,198
452,694
r450,672

134.2
135.0
134.8

135,741
135,800
rl35,421

119,490
119,227
rll8,375

140! 9

93.4
97.4
97.3

123.3
124.5
124.2

56,915
r59,730
55,778

October
November
December

r499,180
501,400
506,186

r456,036
456,937
459,688

136.4
136.8
138.2

rl38,176
139,529
139,189

rl20,362
121,435
120,719

146! 6

94.1
93.0
91.9

124.6
123.2
125.5

56,557
54,530
58,516

January
February
March

511,881
507,328
507,555

458,846
454,219
451,603

138.5
138.7
138.4

140,040
139,428
139,516

120,724
120,300
119,756

142! 7

97.9
95.4
94.3

0)128.0

125.5
125.9

58,499
58,724
60,133

April
May
June

517,745
518,088
515,695

458,774
457,465
456,223

139.5
139.2

0)139.9

141,413
142,543
142,500

120,351
120,902
120,865

144.5

91.5
90.7
90.6

125.0
125.6
125.9

55,245
57,738
57,586

July
August
September

511,144
H)r526,290
p524,577

r451,971
E>r466,301
p464,190

rl38.7
rl39.1
rl38.9

143,555
rl44,860
0)rl45,9O4

121,657
rl23,390
Drl24,068

E>rl53.0

92.0
89.6
95.8

124.4
rl24.1
rl24.2

r54,478
p56,575
(NA)

October
November
December

(NA)

(NA)

pl38.5

pl44,466

pl22,118

93.9

pl24.9

1988

1989

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

These series reached high values before 1987: series 58 (101.0) in March 1984 and series 13 (65,318) in December 1986.
This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's
Survey Research Center.
2

NOVEMBER 1989




65

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS . .

^ |

Minor Economic
Process

Business Investment Commitments

Timing Class

L.L.L

L.L.L

20. Constant
(1982) dollars

10. Current
dollars

(Bil. dol.)

L, L, L

L, L, L

Manufacturers' new orders,
nondefense capital goods industries

Contracts and orders for
plant and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

(Bil. dol.)

L, C, U

9. Construction contracts awarded for
commercial and industrial buildings1 2

27. Constant
(1982) dollars

24. Current
dollars

(Bil. dol.)

U, Lg, U

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space3

(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.)

1987
January
February
March

31.78
31.99
31.99

35.45
36.31
36.21

27.20
27.28
26.88

31.40
32.18
31.73

82.42
73.52
77.97

7.66
6.83
7.24

21'.44

April
May
June

33.63
34.90
35.47

38.58
39.88
40.28

28.73
30.63
29.75

34.29
36.16
35.30

79.93
78.82
83.17

7.43
7.32
7.73

32'.26

29.56

35.91

69*. 17

74^4

July
August
....
September

37.49
35.01
34.52

42.82
40.28
40.00

32.28
29.85
29.39

38.32
35.82
35.57

83.00
83.56
84.70

7.71
7.76
7.87

October
November
December

35.60
35.44
38.27

41.11
40.29
42.96

30.22
30.66
33.03

36.45
36.19
38.44

82.21
76.89
81.64

7.64
7.14
7.58

January
February
March . .

38.31
39.54
36.82

43.68
44.64
41.78

33.87
33.82
31.92

39.89
39.79
37.65

77.27
91.15
75.85

7.18
8.47
7.05

April
May
June

38.95
36.29
40.68

44.85
41.88
46.20

33.75
31.52
35.46

40.45
37.85
41.78

71.02
71.69
75.36

6.60
6.66
7.00

4o!o"9

July . . .
August
September

41.18
44.39
39.82

46.51
49.91
44.12

36.21
38.81
34.86

42,35
45.25
39.99

79.51
75.38
73.37

7.39
7.00
6.82

40'.38

October
November
December

r39.34
39.98
43.67

r44.09
44.53
47.97

34.62
35.82
39.43

40.16
41.07
44.44

70.06
69.90
78.53

6.51
6.49
7.30

45! 28

January
February
March

45.03
41.48
42.64

49.10
44.81
47.67

40.35
37.19
38.14

45.24
41.31
44.02

78.61
70.87
71.37

7.30
6.58
6.63

H>p5o!6i

April
May
June

44.55
41.90
44.07

48.87
46.30
48.00

40.39
37.29
39.15

45.48
42.54
43.98

69.66
75.44
78.18

6.47
7.01
7.26

(NA)

7.23
6.21
7.94
6.94

74^55

78.06

1988

78.71

^

87^6

91.57

100*.20

1989

July
August
September

H>45.99
r41.68
r40.71

H>r49.92
r46.81
r46.67

0)41.44
r37.13
r35.37

E>r46.22
r43.14
r42.37

77.79
66.89
85.52

October
November
December

p41.50

p46.86

p36.50

p42.83

74.73

B>pll4!.55

(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. 2 Series 9 reached its high value (93.19 square feet and 8.66 square meters) in September 1985. C o n verted to metric units by the Bureau of Economic Analysis.

6
6



NOVEMBER 1989

HOI

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H H

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, Lg, Lg

C Lg, U

69. Machinery
and equipment
sales and
business
construction
expenditures

76. Index of
industrial production, business equipment

(Ann. rate,
bil. dol.)

(1977 = 100)

C, Lg, C

Lg, Lg, Lg

C Lg, C

28. New private housing
units started1

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

L, L, L

87. Structures * 88. Producers'
durable equipment
(Ann. rate,
(Ann. rate,
bii. dol.)
bil. dol.)

(Ann. rate,
thous.)

L.L.L

L, L, L

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

89. Gross private residential
fixed investment
in 1982 dollars1

(1967 = 100)

(Ann. rate,
bil. dol.)

1987
January
February
March

377*.O9

380.62

381.31
391.14
387.97

138.6
141.7
141.9

430.9

126". i

310.7

1,840
1,787
1,715

134.8
134.7
135.9

197°3

April
May
June

380.08

383*55

394.77
393.41
402.62

142.1
141.7
144.2

445'.6

117*7

327.9

1,622
1,607
1,583

127.7
119.6
121.4

197*8

July
August
September

393l05

401.61

412.10
410.61
424.92

145.6
145.6
146.3

472*.8

125*5

347°3

1,592
1,587
1,685

120.9
120.5
120.7

192*1

October
November
December

403!%

411*07

416.91
417.04
423.21

148.7
148.3
149.8

472 '.7

125.7

347.0

1,535
1,659
1,391

115.4
116.2
107.3

191.9

January
February
March

413.34

417°.63

432.80
432.06
438.93

151.2
152.4
153.3

483.6

121.8

361.8

1,391
1,511
1,528

100.8
115.2
119.6

189.1

April
May
June

427*54

43ll35

445.06
454.15
456.32

154.6
156.9
158.1

497.8

122 .*5

375.3

1,576
1,392
1,463

114.1
115.5
118.4

194.2

July
August
September

435*61

436*04

458.73
463.23
463.95

159.3
160.2
160.8

501.0

123*6

378*0

1,478
1,459
1 9 463

113.6
116.9
114.2

195.' i

October
November
December

442.li

433*51

463.94
462.23
465.80

160.2
161.2
162.6

492.° 7

12ll4

371.3

1,532
1,567
1,577

121.7
120.3
121.1

198*. i

459*47

451*35

475.20
475.31
485.30

163.8
165.0
166.3

5Ol".6

121'.i

379'.9

1,678
1,465
1,409

118.5
111.9
98.1

195°., 6

0)470.86

H>463.10

487.01
487.06

167.8
169.1

511.4

118.1

393.2

1 S 343
1,308
1,406

106.4
107.4
104.3

189*3

E>r517*2

rll9°7

K>r397*5

1,420
rl,329
rl,268

102.2
105.9
105.2

rl85°2

pi,420

108.1

1938

19S9
January
February
March
April
May
June

o/j
. OH

1 C.Q f.
1D3.O

484.04
E>r509.02
p502.43

rl68.5
H>rl69.7
rl69.4

(NA)

pl65.9

/inn
H-yU

July
August
September

a481.24

a47l"li

October
November
December

a483.04

a470*25

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
1
These series reached high values before 1987:
and series 89 (200.3) in 4th Q 1986.

NOVEMBER 1989



series 87 (151.4) in 2d Q 1985, series 28 (2,260) and series 29 (158.5) in February 1984,

67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Inventory Investment

Timing Class

Year
and
month

INVENTORIES AND INVENTORY INVESTMENT

L, L, L

L, L,L

30. Change in
business inventories in 1982
dollars x

(Ann. rate,
bil. dol.)

L,L,L

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars 1
Smoothed2

Actual
(Ann. rate,
bil. dol.)

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories

(Ann. rate,
bil. dol.)

L, L, L

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

Lg, Lg, Lg

Lg, Lg, Lg

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

70. Constant
(1982) dollars

(Bil. dol.)

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods

(Bil. dol.)

Lg, Lg, Lg

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars 1
(Ratio)

L, Lg, Lg

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order

(Bil. dol.)

1987
January
February
March

18.1

16.15
1.92
32.38

-2.36
0.48
9.83

64.1
21.3
35.1

April
May
June

13.3

14.81
47.64
35.65

16.59
23.99
32.16

July
August
September . . .

6.8

31.80
-3.77
44.10

October
November . . .
December . . .

56.6

January
February . . . .
March

-1.06
-0.59
1.82

659.20
660.97
663.90

644.61
644.61
645.70

103.41
103.02
103.23

1.54
1.49
1.50

236.33
235.74
237.56

26,
69,
34.0

2.71

666.12
671.89
674.73

645.85
648.83
649.82

102.94
103.23
102.57

1.50
1.50
1.50

240.38
241.47
244.17

35.53
29.80
22.64

32.7
3.9
44.9

2.76
1.75
2.20

677.45
677.78
681.52

651.04
649.93
652.18

103.84
104.66
104.04

1.50
1.49
1.48

246.94
248.68
250.88

75.32
41.99
51.71

31.30
46.18
55.07

90.8
64.5
75.5

2.18
1.02
1.04

689.09
694.47
700.76

657.41
660.63
664.72

105.04
105.86
106.82

1.50
1.51
1.51

253.06
254.08
255.11

34.3

3.24
37.39
4.68

44.33
31.55
22.94

39.3
46.2
36.6

3.81
0.25
1.32

704.03
707.89
710.94

666.50
669.06
670.20

107.42
108.16
108.08

1.52
1.51
1.50

258.92
259.18
260.49

April
May
June . .

21.5

4.88
22.64
22.33

15.38
13.19
13.68

43.8
47.0
72.1

2.52
2.83
2.21

714.59
718.51
724.52

671.42
673.13
675.32

108.09
108.43
109.02

1.50
1.50
1.49

263.01
265.83
268.04

July
August
September . . .

37.5

-8.81
39.50
35.16

14.34
14.86
19.81

E>91.
r78.6

1.43
[H>3.98
2.48

729.79
737.41
r743.97

674.74
678.75
681.92

109.82
110.78
111.62

1.50
1.50
1.51

269.47
273.45
275.93

October . . . . . .
November . . .
December . . .

18.3

-17.99
23.03
59.40

20.42
16.14
17.44

r-5.1
38.5
83.5

1.90
-0.42
-0.84

743.54
746.76
753.72

681.28
683.35
687.97

112.07
112.69
113.93

1.50

277.82
277.41
276.56

1988

63.

1989
January . .
February .
March . . .

24.5

18.66
-6.58
-20.08

27.59
28.76
10.58

73.0
39.0
29.4

1.74
0.31
1.61

759.80
763.05
765.50

691.10
690.75
690.50

115.38
115.66
115.36

1.51
1.52
1.53

278.30
278.61
280.22

April
May
June . . . .

19.1

5.66
4.37
rl7.78

-4.83
-5.18
r2.96

70.0
81.0
32.5

0.14
-0.77
-0.12

771.34
778.09
780.80

691.15
693.00
694.54

115.92
117.05
117.85

1.51
1.51
1.52

280.36
279.59
279.48

July . . . .
August . .
September

r21.2

r-1.87
r5.22
p-25,66

r8.02
r6.90
p-0.20

81.4
r33.4
pl7.4

3.37
r-0.63
p-0.91

787.58
r790.37

119.02
rll9.19

H>p791.82

r696.00
E>r697.96
p696.64

H>pl20.24

1.54
1.50
pi.50

0)282.85
r282.22
p281.31

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

October . .
November
December

See note on page 60.
Graphs of these series are shown on pages 15, 26, and 27.
1
These series reached high values before 1987: series 30 (83.4) in 1st Q 1984, series 36 actual (92.33) in February 1984, series 36
smoothed (79.84) in May 1984, and series 77 (1.58) in March 1986. 2This series is a weighted 4-term moving average (with weights 1,2,2,1)
placed on the terminal month of the span.




NOVEMBER 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

f f l l f PRICES, COSTS, AND PROFITS

Minor Economic
Process
Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices
L, L, L

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

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

(1967 = 100)

L, L, L

L, L, L

U, L, L

99. Change in sensitive materials
prices1
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
(Ann. rate,
bit. dol.)

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

L,C,L

L, C, L

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

80. Constant
(1982) dollars1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

1987

January
February
March

0.44
0.53
0.79

252.8
247.2
246.3

1.12
-0.25
0.76

1.27
1.07
0.92

264.51
280.93
292.47

131.4

117.8

164.9

151.8

April
May
June

0.43
2.25
1.69

253.8
272.6
276.4

0.98
1.20
1.31

289.32
289.12
301.38

139.4

124.7

169.8

155.5

1.11
1.43
1.10
0.72

1.39
1.40
1.32

310.09
329.36
318.66

148.3

133.0

180.3

166.1

5.0

September . . .

284,
288
292,

October
November . . .
December . . .

0.30
-1.28
0.49

1.13
0.70
0.41

280.16
245.01
240.96

148.9

131.9

180.9

164.9

4.7

0.00

294.6
292.0
293.1

0.90
0.89
1.11

292.5
288.9
292.3

0.78
0.36
1.19

0.30
0.24
0.33

250.48
258.13
265.74

159.9

141.8

189.1

171.7

5.2

0.80
0.41
1.25

0.45
0.51
0.65

262.61
256.12
270.68

166.9

147.3

187.0

167.8

5.4

July
August

4.6

1988

January
February
March
April
May
June

-0.22
-0.22
0.00

297,
301,
309,

July
August
September . . .

1.47
-0.22
-0.22

309.0
309,
306,

0.05
0.15
-0.14

0.65
0.58
0.44

269.05
263.73
267.97

173.2

0)151.2

189.7

168.6

5.4

October
November . . .
December . . .

-0.36
0.36
0.22

305.0
309.7
317.2

-0.25
1.96
0.94

0.27
0.40
0.54

277.40
271.02
276.51

0)175.6

151.1

0)196.9

172.3

5.3

1.52
0.36
0.71

324.7
329.3
334.6

1.41
1.40
0.69

0.75
0.95
1.04

285.41
294.01
292.71

173.6

147.5

171.9

145.8

5.2

April
May
June

0.21
0.78
r-0.77

[H>335.0
330.5
329.1

-0.80
-0.89
r-0.58

0.84
0.49
r0.15

302.25
313.93
323.73

161.1

133.2

172.9

145.0

4.7

July
August

r-0.85
-0.21
0.29

326.7
325.0
327.0

r-1.06
-0.45
0.45

r-0.22
-0.47
r-0.49

331.93
346.61
347.33

pl49.5

pl20.S

pl69.9

pHl.O

p4.2

325.7
314.8

-0.17

-0.46

E) 347.40
6
341.08

1989

January
February
March

September . . .

October
November . . .
December . . .

0.64
5

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
These series reached high values before 1987: series 98 (3.55) in July 1983, series 99 actual (3.21) in Aug. 1983 and smoothed (2.09) in
Nov. 1983, series 22 (6.9) in 1st Q 1984, and series 80 (190.3) in 3d Q 1985. 2This is a copyrighted series used by permission; it may not
be reproduced without written permission from Commodity Research Bureau, Inc. 3This series is smoothed by an autoregressive-moving-average
filter developed by Statistics Canada. '•See footnote 1 on p. 70. 5Average for Nov. 1-28. 6Average for Nov. .1, 8, 15, 22, and 29.
1

HOI

NOVEMBER 1989




69

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| H

Minor Economic
Process

Cash Flows

Profits and Profit Margins—Continued

Timing Class

U,L, L

L, L, L

L, L, L

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

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

26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector 2

(Percent)

Year
and
month

PRICES, COSTS, AND PROFITS-Continued

(Cents)

(1977 = 100)

L, L, L

Unit Labor Costs and Labor Share
L, L, L

Corporate net cash flow
34. Current
dollars
(Ann. rate,
bil. dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

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

(3)

1987

Lg, Lg, Lg

(1977 = 100)

(Dollars)

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
(Percent)

64. Compensation of employees as a
percent of national income

(Percent)

(3)

January
February
March

6.2

4*5

98.1

383'.2

378*0

171.2

0.731

138.6
138.0
138.3

101.0
100.6
100.8

73*7

April
May
June

6.2

5*6

98.8

394.1

389*. 1

171.3

0.727

137.2
136.9
136.6

100.0
99.8
99.6

73*5

July
August
September

6*.5

5*5

99.3

404.7

400'.8

171.6

0.726

135.6
136.6
138.0

98.8
99.6
100.6

73*3

October
November
December

6*1

4*4

98*6

407.'6

403*1

173*5

0.734

137.1
137.3
136.8

99.9
100.1
99.7

73*1

January
February
March

6.4

H>6*2

98*.9

419*6

412*5

173*5

0.732

137.2
137.7
139.2

100.0
100.4
101.5

73*2

April
May
June

6*3

5.9

98*3

426^2

419^9

176.9

0.740

138.1
137.7
138.5

100.7
100.4
100.9

73*2

July
August
September

6*.l

5.9

98.6

431.1

E>424*9

rl78.0

0.746

137.7
137.6
138.4

100.4
100.3
100.9

73°.3

October
November
December

6*2

5*9

99.1

B>43i*6

421*8

180'.2

0.756

139.9
138.9
138.2

102.0
101.2
100.7

73*i

January
February
March

5.1

5*9

98.2

426.9

416*5

181*9

0.768

138.4
139.2
141.1

100.9
101.5
102.8

73*2

April
May
June

5.2

p4.8

r98.2

412.2

401.9

rl84.1

0.778

139.2
139.2
139.3

101.5
101.5
101.5

73°.4

p5'6

(NA)

p98*l

p402*.7

p392*.l

H>pl85*7

E>p0.783

rl39.9
140.2
rl40.7

rlO2.O
102.2
rlO2.6

H>p74'.b

S>pl43.5

0)plO4.6

1988

1989

July . .
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 29 and 30.
X

IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
These series reached high values before 1987: series 81 (8.6) in 3d Q 1985
3
See "New Features and Changes for This Issue," page iii.
2

7
0



and series 26 (99.8) in 3d Q 1985.

NOVEMBER 1989

not

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

i § |

Minor Economic
Process

MONEY AND CREDIT

Velocity of Money

Money

Timing Class

L.L.L

85. Change
in money
supply M l 1

L.C.U

102. Change
in money
supply M2 1

L, L, L

L.L.L

L.L.L

104. Change
in total liquid
assetsx

105. Money
supply Ml in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Percent)

(Bil. dol.)

(Bil. dol.)

Year
and
month
(Percent)

(Percent)

C, C,C

107. Ratio,
gross national
product to
money supply
Ml 1

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

L,L,L

L,L,L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)

112. Net change
in business loans

(NA)

97.22
-19.66
-16.76

(Ann. rate,
bil. dol.)

1987

0.68
0.16
0.38

0.65

0.01
0.12

0.69
0.27
0.00

632.7
631.0
630.7

2,449.7
2,439.5
2,432.0

5.992

1.287
1.301
1.306

1.40
0.20
-0.71

0.40
0.04
0.09

0.25
0.66
0.39

E>636.8
635.9
629.8

2,431.2
2,423.8
2,419.7

6.014

1.307
1.312
1.315

-5.75
2.48
10.79

July
August
September

0.20
0.38
0.31

0.29
0.47
0.55

0.13
0.59
0.72

629.5
629.2
629.5

2,420.5
2,421.6
2,428.7

6.126

1.320
1.324
1.323

-22.62
-29.33
28.15

October
November
December

1.26
-0.36
-0.30

0.60
0.07
0.18

0.74
0.21
0.06

635.3
630.9
628.0

2,435.2
2,428.6
2,429.0

6.182

1.342
1.338
'1.356

29.58
-8.88
34.34

0.81
0.22
0.49

0.71
0.69
0.63

0.84
0.69
r0.68

630.4
630.8
631.8

2,436.0
2,448.8
r2,456.2

6.230

1.338
1.337
1.340

63.36
73.18
19.81

April
May
June

0.97
-0.01
0.70

rO.7O
0.32
0.44

r0.87
0.64
0.38

634.7
632.0
634.4

2,461.2
2,458.9
0)2,461.7

6.260

1.340
1.341
1.344

94.69
15.76
28.42

July
August
September

0.77
-0.01
0.17

0.36
r0.20
0.17

r0.97
0.41
0.18

636.7
634.5
633.0

2,460.5
r2,457.3
r2,451.6

6.293

1.349
1.351
1.357

33.38
14.70
-21.98

October
November
December

0.22
0.15
0.47

0.24
r0.57
0.33

0.46
0.57
0.79

631.4
630.8
631.7

2,445.6
r2,453.5
r2,453.7

6.372

1.374
1.363
1.370

36.38
15.43
80.89

January
February
March

-0.51
0.14
-0.14

-0.12
0.12
r0.30

0.09
0.28
0 75

625.0
623.4
619.6

2,437.0
2,430.2
r2,425.9

6.499

1.394
1.407
1.417

89.27
91.34
40.09

April
May . .
June

-0.41
-1.25
-0.39

rO.O7

-0.28
0.51

0.54
-0.08
0.27

612.8
601.8
598.5

2,410.6
2,390.8
2,399.4

6.707

1.424
1.431
B>1.431

52.54
0)123.64
26.44

July
August
September

rO.88
r0.04
r0.48

r0.95
r0.61
r0.62

rO.72
r0.41
p0.24

r602.4
r602.6
r604.6

r2,416.6
r2,431.4
r2,442.7

r6.781

rl.426
1.421
1.416

rl3.90
r91.93
r-29.26

p0.83
-0.10

p0.65

(NA)

p606.8

p2,447.1

pi.420

p6.82

January
February
March

..

April

May
June

1983
January
February
March

1989

October
November
December

2

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1
The following series reached their high values before 1987: series 85 (2.66) in December 1986, series 102 (2.67) in January 1983,
series 104 (1.20) in March 1984, series 107 (7.034) in 4th quarter 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended November 6 and 13.

ICII NOVEMBER 1989



71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

I j B

Minor Economic
Process

Credit Flows—Continued

Timing Class

Year
and
month

L, L, L

113. Net change
in consumer
installment
credit x

(Ann. rate,
bil. dol.)

L.L.L

111. Change in
business and
consumer credit
outstanding 1

(Ann. rate,
percent)

MONEY AND CREDIT-Continued
Bank Reserves

Credit Difficulties
L.L.L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets 1
(Ann. rate,
mil. dol.)

L.L.L

L, U, U

L,L,L

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

14. Current
liabilities of
business
failures 1 ®

(Mil. dol.)

Interest Rates

(Percent)

L, Lg, U

93. Free
reserves1©

94. Member
bank borrowings from the
Federal
Reserve1©

(Mil. dol.)

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate 1 ©

(Percent)

C Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury b i l l s 1 ©

(Percent)

1987
-19.58
19.61
27.43

3.6
1.5
3.8

409,432

3,220.7
3,586.0
3,249.5

April . . . . . . .
May
June

48.20
20.78
66.72

5.5
5.4
8.1

633,288

July
August
September . . ,

62.99
36.48
61.64

4.8
2.8
10.1

566,400

October
November . . ,
December . .

25.76
14.66
63.38

6.9
5.0
16.2

603,688

January
February . . .
March

86.20
65.77
57.44

7.2
10.6
6.7

April
May
June

40.96
46.15
64.86

11.3
7.4
8.3

July
August . . . .
September . .

16.45
65.51
22.68

11
4.3

October
November . .
December . .

30.91
63.37
61.13

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

January
February
March

2.43
2.40
2.28

656
388

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

3,222.5
2,488.5
3,332.4

-166
44
414

993
1,035
776

6.37

5.76
5.75
5.69

2,036.1
1,968.2
2,967.2

89
385
-147

672
647
940

6.58
6.73
7.22

6.32

3,004.2
1,663.5
3,985.0

2.47

186
298
252

943
625
777

7.29
6.69
6.77

5.80

520,240

3,894.1
4,625.5
3,291.7

2.44
2.32
2.19

213
737
-823

1,082
396
1,752

6.83
6.58
6.58

5.90
5.69
5.69

717,684

3,065.6
2,316.5
2,453.4

.31
.32
.34

-2,134
-1,538
-2,195

2,993
2,578
3,083

6.87
7.09
7.51

5.92
6.27
6.50

4,582.8
2,291.2
3,555.5

.45
.38
,42

-2,433
-2,288
-1,867

3,440
3,241
2,839

7.75
8.01
8.19

6.73

594,880

7.4
6.7
10.5

628,072

pi,825.5
p2,047.5
p2,026.8

.62
.48
2.49

-1,237
-1,742
-676

2,299
2,861
1,716

8.30
8.35
8.76

8.09

(NA)
64.52
45.18

(NA)
11.8
7.2

585,932

p2,100.0
p2,316.1
p2,948.0

-517
-333
-856

1,662
1,487
1,813

9.12
9.36
9.85

8.29
8.48
8.83

32.99
50.65
32.60

11

546,276

p6,145.6
pi,873.2
p2,186.0

-1,513
-689
-585

2,289
1,720
1,490

9.84
9.81
9.53

8.70
8.40
8.22

(NA)

p4,073.4
p2,960.0
pi,751.2

272
210
r245

694
675
693

9.24
8.99
9.02

7.92
7.91
7.72

p465

p555

1988

1989

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

-6.06
r31.88
p7.27
(NA)

rl.9
r6.6
(NA)

(NA)

(NA)

2

8.84
8.60

3

7.59
7.68

See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
x
The following series reached their high values before 1987: series 113 (132.08) in September 1985; series 111 (23.2) in June 1984, series 110 (897,756) in 4th quarter 1985; series 14 (829.2) in July 1983; series 39 (1.78) in February 1984; and series 93 (-7,328), series
94 (8,017), series 119 (11.64), and series 114 (10.49) in August 1984. 2Average for weeks ended November 1, 8, 15, and 22. 3Average for
weeks ended November 2, 9, 16, and 24.

72



NOVEMBER 1989

ROI

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

MONEY AND CREDIT-Continued

Minor Economic
Process
Timing Class

Year
and
month

Outstanding Debt

Interest Rates—Continued
Lg, Lg, Lg

116. Yield on
new issues of
high-grade
corporate

C Lg, Lg

115. Yield on
long-term
Treasury
bonds1©

bonds1©

(Percent)

(Percent)

U, Lg, Lg

117. Yield on
municipal
bonds, 20bond average1©

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
onFHA
mortgages1©

67. Bank rates
on short-term
business

(Percent)

(Percent)

loans1©

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

(Mil. dol.)

101. Constant
(1982) dollars

(Mil. dol.)

Lg, Lg, Lg

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

1987
7^46

7.50
7.50
7.50

570 9 415
572,049
574,335

366,883
365,245
363,848

365,058
361,629
359,534

15.67
15.54
15.52

10.02
10.61
10.33

8l24

7.75
8.14
8.25

578,352
580,084
585,644

363,369
363,576
364,475

356,594
354,363
353,859

15.55
15.53
15.64

7.72
7.82
8.26

10.38
10.55
11.22

8!20

8.25
8.25
8.70

590,893
593,933
599,070

362,590
360,146
362,492

350,329
346,961
349,558

15.67
15.64
15.69

9.61
8.99
9.12

8.70
7.95
7.96

10.90
10.76
10.63

8^47

9.07
8.78
8.75

601,217
602,439
607,721

364,957
364,217
367,079

350,583
349,536
352,283

15.44
15.50

9.81
9.43
9.68

8.82
8.41
8.61

7.69
7.49
7.74

10.17
9.86
10.28

8*.37

8.75
8.51
8.50

614,904
620,385
625,172

372,359
378,457
380,108

355,984
361,123
362,353

15.68
15.73
15.71

April . .
May . .
June . .

9.92
10.25
10.08

8.91
9.24
9.04

7.81
7.91
7.78

10.46
10.84
10.65

8^49

8.50
8.84
9.00

628,585
632,431
637,836

387,999
389,312
391,680

366,729
365,551
365,373

15.69
15.72
15.75

July . .
August
September

10.12
10.27
10.03

9.20
9.33
9.06

7.76
7.79
7.66

10.66
10.74
10.58

9^75

9.29
9.84
10.00

639,207
644,666
646,556

394,462
395,687
393,855

365,581
366,377
364,343

15.67
15.75
15.70

October
November
December

9.86
9.98
10.05

8.89
9.07
9.13

7.47
7.46
7.61

10.23
10.63
10.81

10! i i

10.00
10.05
10.50

649,132
654,413
659,507

396,887
398,173
404,914

366,809
367,657
371,481

15.53
15.70
15.68

January
February
March

9.92
10.11
10.33

9.07
9.16
9.33

7.35
7.44
7.59

10.69
10.88
11.16

10^97

10.50
10.93
11.50

682,020
687,397
691,162

412,353
419,965
423,306

373,170
379,030
379,647

[H>15.96
15.91
15.85

April
May
June

10.11
9.82
9.24

9.18
8.95
8.40

7.49
7.25
7.02

10.88
10.55
10.08

11^89

11.50
11.50
11.07

693,911
698,132
700,849

427,684
437,987
440,190

380,841
386,914
r389,894

15.82
15.88
15.87

9.20
9.08
9.29

8.19
8.26
8.31

6.96
7.06
7.26

9.61
9.95
9.94

10^78

10.98
10.50
10.50

700,344
r441,348
r391,613
r703,001 H)r449,009 H>r400,901
r446,571
[H)p703,607
r397,659

15.76
rl5.77
pl5.74

7.22
7.16

9.73

January
February
March .

8.59
8.58
8.68

7.60
7.69
7.62

6.61
6.61
6.66

8.79

April . .
May . .
June . .

9.36
9.95
9.64

8.31
8.79
8.63

7.55
8.00
7.79

July . .
August
September

9.70
10.09
10.63

8.70
8.97
9.58

October
November
December

10.80
10.09
10.22

January
February
March .

8.81
8.94

15.41

1983

1989

July
August
September
October
November
December

2

9.04
9.20

2

8.15
8.03

3

10.50
"10.50

(NA)

p447,139

p396,752

(NA)

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
"The following series reached their high values before 1987: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 109 (13.00) in August 1984. 2Average for weeks ended
November 3, 10, 17, and 24. 3Average for weeks ended November 2, 9, 16, and 23. ^Average for November 1 through 28.

NOVEMBER 1989



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

H i l l DIFFUSION INDEXES
950. Eleven leading
indicator components
(series 1, 5, 8, 19, 20, 29,
32, 83, 92, 99, 106)

Year
and
month

1-month
span

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

952. Seven lagging
indicator components
(series 62,77, 91, 95,
101,109,120)

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

962. Initial claims for
unemployment insurance,
State programs, 51
areas 1

963. Employees on
private nonagricultural
payrolls, 349
industries

6-month
span

1-month
span

6-month
span

40.9
54.5
63.6

72.7
63.6

100.0
100.0
100.0

78.6
35.7
42.9

57.1
57.1
57.1

80.0
17.5

67.5
72.5
85.0

88.2
35.3
52.0

69.6
82.4
78.4

55.6
59.3

81.8

25.0
100.0
75.0

61.0

67.3
65.8
64.8

May

59.1
54.5

June

81.8

81.8
68.2
72.7

50.0
75.0
87.5

100.0
100.0
100.0

57.1
50.0
35.7

42.9
64.3
71.4

10.0
92.5
45.0

77.5
42.5
77.5

73.5
78.4
15.7

80.4
94.1
90.2

61.9
58.6
59.7

66.8
67.6
69.5

July
August
September

72.7
68.2
45.5

72.7
63.6
63.6

100.0
100.0
62.5

100.0
100.0
100.0

42.9
35.7
71.4

57.1
64.3
71.4

57.5
72.5
25.0

57.5
67.5
87.5

64.7
84.3
37.3

92.2
59.8
62.7

65.3
60.6
63.0

71.3
73.5
73.2

45.5
22.7
31.8

36.4
36.4
36.4

75.0
50.0
100.0

100.0
100.0
100.0

85.7
57.1
28.6

92.9
100.0
85.7

90.0
40.0
27.5

37.5
50.0
60.0

86.3
23.5
5.9

27.5
62.7
80.4

67.8
64.5
60.7

71.5
71.8
72.2

January
February
March

40.9
63.6
59.1

31.8
45.5
86.4

62.5
87.5
100.0

100.0
100.0
100.0

85.7
71.4
42.9

78.6
85.7
85.7

37.5
32.5
62.5

42.5
65.0
32.5

80.4
29.4
60.8

45.1
41.2
33.3

60.7
63.5
63.0

69.9
70.2
71.5

April
May
June

63.6
36.4
81.8

77.3
86.4
72.7

75.0
100.0
100.0

100.0
100.0
100.0

42.9
42.9
57.1

42.9
57.1
57.1

77.5
30.0
57.5

20.0
42.5
57.5

94.1
29.4
31.4

23.5
86.3
96.1

62.8
61.3
67.2

73.9
73.9
69.1

July
August
September

31.8
54.5
45.5

59.1
63.6
45.5

75.0
100.0
75.0

100.0
100.0
100.0

42.9
71.4
57.1

35.7
78.6
71.4

52.5
27.5
80.0

62.5
47.5
32.5

70.6
20.6
76.5

66.7
82.4
25.5

63.6
58.0
55.4

70.2
74.6
73.5

October
November
December

40.9
40.9
68.2

77.3
50.0
36.4

100.0
75.0
100.0

100.0
100.0
100.0

64.3
85.7
50.0

85.7
100.0
100.0

52.5
45.0
22.5

45.0
35.0
60.0

72.5
5.9
70.6

40.2
37.3
68.6

63.9
68.2
64.6

73.9
74.5
75.8

72.7
22.7
18.2

54.5
36.4
22.7

75.0
50.0
75.0

100.0
100.0
75.0

78.6
85.7
71.4

100.0
85.7
78.6

70.0
55.0
40.0

32.5
32.5
30.0

29.4
41.2
45.1

43.1
30.4
17.6

68.3
60.5
61.0

75.1
69.5
68.2

72.7
18,2
40.9

18.2
31.8
r54.5

100.0
25.0
75.0

75.0
100.0
100.0

21.4
57.1
42.9

71.4
42.9
28.6

85.0
5.0
70.0

r35.0
r62.5
p30.0

92.2
7.8
56.9

45.1
r49.0
p36.3

58.2
55.6
59.7

66.0
r63.0
58.5

July
August
September

50.0
r50.0
36.4

p36.4

r50.0
100.0
50.0

266.7

57.1
57.1
28.6

60.0

30.0
r55.0
r62.5

r62.7
35.3
r82.4

55.6
r57.4
47.4

p60.9

October
November
December

p40.9

p30.0

p23.5

p58.2

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

1987
January
February
March

...

April

.. .

October
November
December

57.5

1988

1989
January
February
March

.

April
May
June

2

66.7

3

30.0

3

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on 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.
1
Figures are the percent of components declining.
2
Excludes series 57, for which data are not available.
3
Excludes series 77 and 95, for which data are not available.

74



NOVEMBER 1989

1ICII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INDEXES—Continued

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

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

1-quarter
span

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

967. Spot market
prices, 13 raw
industrial materials ©

6-month
span

1-month
span

9-month
span

968. Stock prices, 500
common s t o c k s 1 ©

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies2 ©

(4-quarter span)

1987

52.9
44.1
55.9

76.5
73.5
73.5

47.1
55.9
41.2

73.5
85.3
76.5

57.4
55.9
55.9

73.5
70.6
79.4

41.2
67.6
50.0

79.4
79.4
82.4

52.9
64.7
64.7

61.8
58.8
82.4

55.9
35
44

54,
66,
52.9

p47

April
May
June

72
35
45.6

55.9
r38.
p44.

(NA)

70.8
62.5
50.0

91.7
91.7
95.8

73.1
76.9
61.5

88.5
88.5
76.9

81.3
95.0

10.0
12.5
10.0

75.0
79.2
66.7

83.3
79.2
83.3

53.8
46.2
50.0

53.8
69.2
69.2

0.0
0.0
53.8

17.5
8.0
12.8

77

52.1
54.2
70.8

83.3
75.0
70.8

42.3
34.6
65.4

69.2
61.5
61.5

75.0
88.8
37.0

5.1
7.7
52.6

80

79.2
60.4
58.3

91.7
87.5
79.2

57.7
65.4
65.4

61.5
61.5
61.5

37.2
3.8
97.4

84.6
91.0
92.3

77

83,
60,
56,

79.2
83.3
91.7

42.3
46.2
38.5

57.7
53.8
65.4

30.8
28.2
69.2

79.5
64.1
84.6

72

75.0
75.0
66.7

91.7
70.8
68.8

42.3
69.2
76.9

57.7
69.2
61.5

84.6
23.1
74.4

97
78
86.8

72

64.6
29.2
60.4

75.0
62.5
62.5

69.2
65.4
57.7

46.2
53.8
53.8

100.0
92.3
39.5

94.7
100.0
97.4

(NA)

53.8
38.
38.

53.8
61.5
46.2

89.
78.
81.6

97.4
97.4
92.1

46.2

76.3
94.7
39.5

53

January
February
March

76

41

October
November . . .
December . . .

97.5
97.5
62.5

65

July
August
September . . .

39.
46.
93,

44

April
May
June

73.1
96.2
80.8

65

January
February
March

61.5
88.5
57.7

59

October
November . . .
December . . .

75.0
87.5
83.3

P51

82.4
73.5
73.5

50.0
70.8
70.8

'51

67.6
44.1
58.8

87.8
92.7
92.5

82

July
August
September . . .

98.
95.
83.

*54

80.9
73.5
82.4

88.5
96.2
80.8

°58

54.4
48.5
61.8

84.6
42.3
30.8

41

April
May
June

91.7
89.6
75.0

*63

91,
73,
89

31.2
64.6
60.4

*62

41.2
70.6
47.1

74

61

January
February
March

1988

(NA)

1989

79.2
50.0
85.4

July
August
September . . .

35.3
r63.2
55.9

r50.0
r45.8
r37.5

October
November . . .
December . . .

p50.0

p43.8

r62.
79.
r79.
p66.7

38.5
50.0
46.2
34.6
3
7.7

3

39.5

See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 42 industries through April 1987, on 41 industries through June 1987, on 40 industries through March 1988, on 39 industries
through February 1989, and on 38 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 the average for November 7, 14, 21, and 28.

IIC1I NOVEMBER 1989



7
5

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

H O I DIFFUSION INDEXES-Continued
Year
and
quarter

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

b. Later
projections

971. New orders, manufacturing1©

c. Early
projections
(1-Q span)

(1-Q span)

Anticipated

Actual

972. Net profits, manufacturing
and trade 1 ©
Anticipated

Actual

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade 1 ©

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

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

21.4
59.5
31.0
71.4

52.4
64.3
38.1
81.0

71.4
57.1
47.6
47.6

76
76
74
75

82
83
84
78

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

40.5
69.0
81.0
71.4

54.8
90.5
85.7
81.0

59.5
85.7
61.9
52.4

78
83
82
82

80
83
85
86

74
74
75
76

78
81
83
82

78
80
82
83

82
83
85
86

88.1
85.7
71.4
64.3

95.2
76.2
66.7
42.9

71.4
66.7
54.8
52.4

82
82
82
83

84
84
86
84

76
76
76
78

82
82
82
84

80
80
82
84

85
84
86
85

59.5
73.8
(NA)

66.7
61.9
57.1

71.4
52.4
66.7
52.4

80
75
(NA)

82
86
81
78

72
73
(NA)

80
84
80
77

80
76
(NA)

84
87
84
80

1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

H H
Year
and
quarter

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

Actual

975. Level of inventories,
manufacturing and trade1 @
Anticipated

Actual

DIFFUSION INDEXES-Continued
977. Selling price >, wholesale
trade1©

976. Selling price s, manufacturing * ©
Anticipated

Actual

978. Selling prices, retail
trade 1 ©

Anticipated

Actual

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

58
59
60
58

59
60
59
58

62
61
62
60

58
58
60
57

59
60
58
63

62
65
62
59

59
59
58
62

64
64
62
62

60
62
66
62

62
62
64
64

60
61
64
64

60
59
62
62

64
65
66
68

60
60
61
62

64
64
68
70

60
66
67
66

63
70
72
70

63
68
66
69

67
67
72
72

64
64
68
70

63
62
62
63

63
62
62
61

67
70
69
68

62
64
62
63

74
74
74
75

70
69
74
72

74
73
74
72

72
72
71
6£

70
70
73
70

68
71
70
72

62
60
(NA)

62
62
61
58

66
65
(NA)

63
64
60
60

72
72
(NA)

70
74
68
67

74
71
(NA)

72
72
69
66

73
71
(NA)

70
72
73
69

1986
First quarter
Second quarter . . . .
Third quarter .
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989
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.
x
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 1989

HCil

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1989
March

May

April

June

August1"

July

Septemberr

October?

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING »
(Hours)
All manufacturing industries

41.0

41.3

41.0

41.0

41.0

41.0

41.1

40.8

Percent rising of 20 components .

(40)

(85)

(5)

(70)

(30)

(55)

(62)

(30)

Lumber and wood products
Furniture and fixtures

40.0
39.8

40.
39,

39.7
39.4

+
0

39.8
39.4

39.6
39.5

40.2
39.6

40.2
39.6

40.4
39.4

Stone, clay, and glass products
Primary metal industries

42.2
43.5

42.
43.

41.9
43.2

+
+

42.2
43.3

42.3
43.0

42.5
42.9

42.2
42.8

42.3
42.7

Fabricated metal products
Machinery, except electrical

41.8
42.5

41.9
42.7

41.7
42.5

0

41.5
42.5

41.5
42.4

41.5
42.2

41.7
42.3

41.7
42.0

Electric and electronic equipment
Transportation equipment

40.6
43.1

41.0
42.8

40.7
42.5

0
0

40.7
42.5

40.6
42.6

40.9
42.7

41.1
42.8

41.0
41.5

Instruments and related products ..
Miscellaneous manufacturing

41.1
39.5

41.5
39.8

41.1
39.6

+

41.3
39.4

41.4
39.3-

41.1
39.4

41.0
39.0

41.1
39.0

Food and kindred products
Tobacco manufacturers2

40.4
36.3

40.7
38.1

40.5
39.5

+
+

40.7
40.1

41.0
37.9

40.8
37.3

41.1
40.1

40.8
40.9

Textile mill products
Apparel and other textile products

41.1
36.9

41.7
37.6

41.4
37.1

0
0

41.4
37.1

41.2
37.0

41.0
37.0

40.7
37.0

40.6
36.9

Paper and allied products
Printing and publishing

43.3
37.9

43.4
37.9

43.3
37.7

0
+

43.3
37.8

43.2
37.6

43.5
37.7

43.2
37.9

43.3
37.6

Chemicals and allied products ...
Petroleum and coal products 2 ...

42.3
43.2

42.6
44.3

42.1
43.9

+
+

42.5
44.6

42.5
44.3

42.4
43.7

42.5
44.5

42.2
44.2

Rubber and miscellaneous plastics products .
Leather and leather products

41.6
38.0

41.6
38.3

41.5
37.4

0

41.5
37.9

41.4
37.7

41.5
38.1

41.6
38.2

41.5
37.7

Durable goods industries:

Nondurable goods industries:

+

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

3

+ 125,377

+ 129,372

123,524

+ 125,137

122,031

+ 126,766

- 125,333

- 1249587

(44)

(72)

(35)

(46)

(35)

(63)

(56)

(50)

Percent rising of 34 components .
Primary metals
Fabricated metal products

-

11,885
12,910

+
•+

12,865
13,007

-

12,481
12,792

+

11,770
13,435

-

11,510
12,820

+

11,251
13,275

+
+

11,417
13,694

+

10,984
139776

Machinery, except electrical
Electrical machinery

+
-

22,255
18,272

+
+

22,731
19,890

-

22,288
18,677

+
+

23,348
19,593

+

20,917
19,773

+
-

22,643
19,424

+

22,555
20,951

-

21,525
20,163

Transportation equipment
Other durable goods industries.

+
-

37,050
23,005

o
+

37,062
23,817

o

33,470
23,816

-

33,414
23,577

+
-

34,012
22,999

+
+

36,514
23,659

+

32,575
249141

+
+

33,541
24,598

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling. The "r" indicates revised; " p " ,
preliminary; and "NA", not available.
1
Unless otherwise noted, data are seasonally adjusted by the source agency.
2
Not seasonally adjusted.
3
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.

NOVEMBER 1989



7
7

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

I

H | S L C E )IFFUSION
EE T D [

INDEX COMPONENTS: Basic Data and

)hed\ons of Change—Continued

1989

Diffusion index components

March

April
966.

May

July r

June

INDEX OF INDUSTRIAL PRODUCTION

September1"

August1"

0ctober p

1

(1977 = 100)

+

All industrial production
Percent rising of 24 components

2

140.7

+

141.7

-

141.6

+

(50)

142.0

-

141.9

+

142.4

136.4
167.1

(NA)
(NA)

124.2
90.2

-

124.1
89.4

(NA)
88.9

o
+

125.4
187.3

+

125.0
188.0

-

124.5
186.8

+
+

183.8
133.2

-

183.3
131.6

-

181.2
122.9

164.2
116.7

o

164.2
(NA)

135.9
167.5
+
+

125.4
186.7
181.4
131.3

135.5
170.2

+

+

137.2
170.8

_

123.9
87.2

0

123.9
87.3

122.9
89.2

125.2
187.5

141.4

+

136.9
169.0

135.1
168.0

-

(44)

(46)

(79)

142.4
(38)

(50)

(60)

(85)

o

Durable manufactures:
Lumber and products
Furniture and fixtures

+
+

133.4
165.8

Clay, glass, and stone products
Primary metals

+

125.5
88.4

I

124.7
90.1

Fabricated metal products
Nonelectrical machinery

+

123.8
183.0

I

123.1
184.7

Electrical machinery .
Transportation equipment

-

181.6
134.8

+

182.2
136.4

_

181.6
135.5

Instruments
Miscellaneous manufactures

+ 161.8
+ 112.5

+

163.0
115.3

+

164.3
117.1

165.7
119.1

146.6
109.2

147.2
105.9

147.9
104.2

-

147,3
97.1

123.6
111.5

+

123.8
111.9

-

123.5
111.4

150.1
199.0

•

150.2
200.5

+

124.8
186.5

-

+

181.9
134.2

-

0

164.5
118.3

166.0
119.1

Nondurable manufactures:
Foods
Tobacco products

'

-

145.4
101.5

Textile mill products
Apparel products

+ 119.7
- 109.9

I

122.5
111.3

Paper and products
Printing and publishing

o 151.7
+ 198.5

I

150.7
200.1

-

Chemicals and products
Petroleum products

+
+

159.2
97.0

I

159.3
97.3

-

Rubber and plastics products
Leather and products

+

176.4
61.2

178.0
61.4

+

+

158.2
96.9
180.5
60.3

152.4
199.9

159.9
97.9
+

t
0

182.3
60.8

147.6
(NA)

+

148.5
(NA)

(NA)
(NA)

123.1
110.7

123.2
111.1

(NA)
(NA)

+

152.8
200.9

+

151.4
202.1

-

(NA)
201.9

161.8
97.8

+
+

162.2
98.3

182.3
60.5

+

+

160.2
98.5

+

(NA)
98.8

182.7
60.2

(NA)
(NA)

182.5
60.1

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

98.1
+ 137.7

96.8
145.5

_

+
89.6
+ 143.5

89.1
144.5

*

101.2
129.2

94.0
137.1
90.5
146.6

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:

+

106.2
130.2

+

103.4
135.4

.90.6
150.2

90.8
152.1

o
-

90.8
150.8

+
+

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

(NA)
144.2

+

92.0
148.1

(NA)
146.9
(NA)
(NA)

The " r " indicates revised; " p "

preliminary; and " N A " , not available.
x
2

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

7
8



NOVEMBER 1989

ItUI

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

HH

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

Diffusion index c o m p o n e n t s

1989

March

April

June

May

July

96 1. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS
Raw industrials price index (1967 = 100) ....

+

Percent rising of 13 components

334.6

+

335.0

-

(54)

(58)

330.5

-

329.1 (38)

(38)

August

September

October

November1

+

-

-

2

326.7

-

(38)

325.0

327.0

(35)

(46)

(50)

325.7

314.8
(8)

Dollars

-

Copper scrap

(pound)..
(kilogram)..

+

1.032
2.275

•
+

1.058
2.332

Lead scrap

(pound)..
(kilogram)..

-

0.217
0.478

+

0.218 o
0.481

Steel scrap

(U S ton)
(metric ton)..

o 113.000
124.560

o 113.000
124.560

0.969
2.136

-

0.218 +
0.481

- 112.200
123.678

5.750 + 5.822
12.676
12.835

-

0.901 +
1.986

0.952
2.099

+

1.012 +
2.231

1.028
2.266

-

0.915
2.017

0.228 +
0.503

0.231 +
0.509

0.242
0.534

+

0.260
0.573

-

0.257
0.567

-

0.255
0.562

0.940
2.072

- 111.000
122.355

- 108.000
119.048

- 105.000
115.741

- 102.250
112.710

-

99.000
109.128

-

96.000
105.821

-

5.685
12.533

-

-

4.786
10.551

-

4.535
9.998

-

4.362
9.616

-

3.782
8.338

-

0.809
1.784

-

0.804 +
1.772

0.829
1.828

-

0.822
1.812

-

0.804
1.772

-

0.761
1.678

0.284

o

0.284 +
0.311

0.285
0.312

-

0.311

0.284
0.311

Tin

(pound)
(kilogram)..

+

5.022
11.072

+

Zinc

(pound)
(kilogram)..

+

0.954
2.103

-

0.879
1.938

-

0.854
1.883

(yard)..
(meter)..

o

0.282
0.308

+

0.283
0.309

-

0.282 +
0.308

0.284 +
0.311

0.286
0,313

(pound)..
(kilogram)..

+

0.578
1.274

+

0.614 +
1.354

0.635 +
1.400

0.638 +
1.407

0.670 +
1.477

0.698
1.539

-

0.686 +
1.512

0.693
1.528

-

0.677
1.493

(yard)..

+

0.630
0.689

+

0.650 +
0.711

0.708 +
0.774

0.768 +
0.840

0.815
0.891

-

0.784
0.857

-

0.782
0.855

-

0.774
0.846

-

0.752
0.822

5.200 + 5.220 + 5.250
11.464
11.508
11.574

-

5.180
11.420

-

5.000
11.023

1.048
2.310

-

1.025
2.260

63.000
138.890

o

63.000
138.890

0.461 1.016

0.457
1.008

0.144
0.317

0.144
0.317

Burlap

Cotton

Print cloth

(meter)..

5.290
11.662

-

Wool tops

(pound)..
(kilogram)..

-

6.650
14.661

-

6.250
13.779

-

5.570
12.280

-

Hides

(pound)..
(kilogram)..

+

1.048
2.310

-

0.975
2.149

-

0.954
2.103

-

Rosin

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

o

65.000
143.299

o

65.000 o 65.000
143.299
143.299

-

64.500
142.197

-

63.000
138.890

o

Rubber

(pound)
(kilogram)..

-

0.566
1.248

-

0.553 1.219

0.520
1.146

-

0.494
1.089

-

0.492
1.085

-

0.473 1.043

0.462
1.019

Tallow

(pound)
(kilogram)..

-

0.145
0.320

-

0.143 +
0.315

0.144 +
0.317

0.150
0.331

-

0.142
0.313

-

0.131 +
0.289

0.138 +
0.304

5.400
11.905

-

0.948 +
2.090

1.000 +
2.205

1.020 +
2.249

1.052
2.319

63.000 o 63.000
138.890
138.890

o
-

o

N O T E : To f a c i l i t a t e i n t e r p r e t a t i o n , t h e m o n t h - t o - m o n t h d i r e c t i o n s o f c h a n g e a r e s h o w n a l o n g w i t h t h e n u m b e r s : ( • • • ) • r i s i n g , ( o ) = u n c h a n g e d , a n d ( - ) = f a l l i n g .
The " r " indicates revised: " p "
preliminary; and " N A " , not available.
1
The index is the average for November 1 through 28.
2
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.

IlCSi

NOVEMBER 1989



7
9

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

ii
Year
and
quarter

b. Difference

(Ann rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
gross national

50. Gross national product in 1982 dollar

200. Gross national product in current dollars
a. Total

GNP AND PERSONAL INCOME

b. Difference

a. Total

c. Percent
change at
annual rate

product in 1982
dollars

c. Percen
change at
annual rate

(Ann. rate,
t)il. dol.)

(Ann. rate,
bil. dol.)

213. Final sales
in 1982 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

1986
4 ,181.3
4 ,194.7
4 ,253.3
4 ,297.3

13.4
58.6
44.0

7
1
5
4

3
3
7
2

3 ,721
3 ,704
3 ,712
3 ,733

1
6
4
6

58. 7
-16. 5
7. 8
21. 2

4 ,388.8
4 ,475.9
4 ,566.6
4 ,665.8

91.5
87.1
90.7
99.2

8
8
8
9

8
2
4
0

3 ,783
3 ,823
3 ,872
3 ,935

0
5
8
6

49. 4
40. 5
49. 3
62. 8

4 ,739.8
4 ,838.5
4 ,926.9
5 ,017.3

74.0
98.7
88.4
90.4

6
8
7
7

5
6
5
5

3 ,974
4 ,010
4 ,042
4 ,069

8
7
7
4

39. 2
35. 9
32. 0
26. 7

5 ,113.1
5, 2 0 1 . 7
r5 2 7 8 . 9

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

95.8
88.6
rll .2

4 ,106 8
4 ,132 5
r4 160 2

37. 4
25. 7
r27. 7

73.4

6 .6
-1 .8
C.8
2 .3

15,455
15,351
15,343
15,391

3,679 .2
3,697 .6
3,718 .3
3,754 .4

c .4

15,562
15,693
15,854
16,068

3,764 .9
3,810 .1
3,866 .0
3,879 .0

16,192
16,303
16,388
16,452

3,940 .5
3,989 .2
4,005 .2
4,051 .0

16,567
16,633
r l 6 69E

4,082 .3
4,113 .5
r4,139 .0

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

4 .4
c .3

e.6

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

4 .0
.7
.2
.7

1Q9Q
J.9O3

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

D
Year
and
quarter

7 9
7 1
r6 1

i

GNP AND PERSONAL INCOME-Continued

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

c

1.7
r'c

I
1 PERSONAL CONSUMPTION EXPENDITURES
232. Durable goods
in current dollars

231. Total in 1982
dollars

230. Total in curren t
dollars

Disposable personal income

.7
>

233. Durable goods
in 1982 dollars

in.

Per capita in
1982 dollars

225. Constant
(1982) dollars

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
)il. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

2,959. 2
3,006. 5
3,0?4. 3
3,063. 4

2,609
2,648
2,637
2,646

.2
.6
.3
.2

10 ,837
10 ,975
10 ,900
10 ,909

2,734
2,761
2,826
2,868

3
0
0
5

2,410. 9
2,432. 4
2,464. 4
2 ,477.8

381.8
393.6
426.4
422.0

363.
374.
401.
397.

7
5
9
5

3,142. 8
3,138. 1
3,223. 5
3,319. 4

2,672
2,632
2,675
2,726

.3
.5
.6
.2

10 ,993
10 ,805
10 ,953
11 ,130

2,914
2,989
3,055
3,083

7
4
9
3

2 ,478.
2 ,507.
• 2 ,536.
2 ,532.

3
7
5
3

401.2
419.2
439.3
424.5

376.
389.
403.
389.

1
3
8
4

3,376. 4
3,435. 9
3,511. 7
3,587. 4

2,757
2,773
2,806
2,835

.2
.3
.4
.9

11 ,232
11 ,273
11 ,377
11 ,466

3,148
3,204
3,263
3,324

1
9
4
0

2 ,570.
2 ,586.
2 ,608.
2 ,627.

8
8
1
7

446.4
454.6
452.5
467.4

408. 4
414. 8
410. 7
420. 5

2 , 8 8 1 .7
2,887 .6
r 2 , 9 2 0 .6

11 ,625
11 ,622
r l l ,723

2 ,641. 0
2 ,653. 7
rZ ,694. 1

466.4
471.0
r488.5

419. 3
424. 9
r438. 3

1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

3,689. 5
3,747. 7
r3,808. 4

3,381 4
3,444 .1
r3,513 .2

NOTE: 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 pages 40 and 41.




NOVEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

I l l
Voor

Year
ana
quarter
,.J

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

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

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

| j |

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

G O S PRIVATE DOMESTIC INVESTMENT
RS

241. Total in
1982 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

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

939.0
935.4
941.4
952.1

870.1
879.8
879.1
883.5

1,413.4
1,432.0
1,458.2
1,494.4

1,177.1
1,178.0
1,183.4
1,196.8

683.8
657.2
647.7
648.8

676.1
642.3
625.1
615.2

643.1
651.8
654.2
660.9

634.2
635.2
631.0
636.0

976.4
994.3
1,006.0
1,015.4

887.7
889.0
891.8
892.9

1,537.1
1,575.8
1,610.6
1,643.3

1,214.5
1,229.5
1,240.9
1,250.0

673.1
684.1
692.8
749.7

646.3
656.7
671.7
721.1

647.7
665.3
683.2
686.3

628.2
643.4
664.9
664.6

1,022.2
1,042.4
1,066.2
1,078.4

896.6
899.2
910.3
912.0

1,679.5
1,707.9
1,744.7
1,778.2

1,265.9
1,272.8
1,287.0
1,295.2

728.8
748.4
771.1
752.8

707.0
713.5
733.6
709.1

698.7
719.1
726.5
734.1

672.7
692.0
696.1
690.8

1,098.3
1,121.5

915.0
909.7
r922.5

1,816.7
1,851.7
rl,891.0

1,306.7
1,319.0

769.6
775.0
r779.0

721.1
719,8
r723.7

742.0
747.6
r752.1

696.6
700.7
r702.5

1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

rl,133.7

H
MM
Voor

year
and
quarter

rl,333.3

Hi

G OS P I A E
R S RV T
DOMESTIC INVEST.—Con.

245. Change in
business inventories in current
dollars
(Ann. rate,
bil. dol.)

30. Change in
business inventories in 1982
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT 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.)

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

850.3
869.3
880.3
888.9

765.2
776.0

358.5
368.7
369.9
368.8

324.4
335.4
334.2
342.4

491.8
500.6
510.4
520.1

419.6
425.7
430.9
433.6

63.3

13.3
6.8
56.6

906.9
916.8
933.2
947.5

776.6
774.9
783.5
792.1

375.6
378.2
384.5
388.1

338.1
334.7
340.7
344.9

531.4
538.6
548.7
559.4

438.5
440.1
442.8
447.2

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

30.0
29.3
44.6
18.7

34.3
21.5
37.5
18.3

945.7
960.1
958.6
1,011.4

775.1
783.0
775.9
806.4

374.1
377.1
367.5
406.4

323.8
327.9
319.8
343.9

571.6
583.0
591.0
604.9

451.3
455.1
456.1
462.5

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

27.7
27.4
r26.9

24.5
19.1
r21.2

1,016.0
1,033.2

799.7
810.3
r806.0

399.0
406.0
r403.3

335.5
343.6
r336.6

617.0
627.2

464.2
466.7
r469.4

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

40.7

41.9

5.4

7.1

-6.4
-12.2

-5.9
-20.8

25.4

18.1

18.8
9.5

rl,040.2

744.1
761.2

r636.8

See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

NOVEMBER 1989




81

OTHER IMPORTANT ECONOMIC MEASURES
IA

NATIONAL INCOME AND PRODUCT—Continued

g | |

253. Current
dollars

^Ann. rate,
bil. dol.)

(Ann. rate,

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

256. Constant
(1982) dollars

252. Current
dollars

255. Constant
(1982) dollars

250. Current
dollars

bil. dol.)

AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

and
quarter

NATIONAL INCOME

Uil

Exports of goods and services

Net exports of goods and services

Year

H H

FOREIGN TRADE

280. Compensation of
employees

257. Constant
(1982) dollars

(Ann. rate,
tnl. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

-87.1
-92.7
-100.8
-108.9

-110
-131
-142
-135

0
2
3
4

395.5
390.7
397.3
402.4

392.
389.
399.
406.

9
6
6
5

482. 7
483. 4
498. 0
511. 3

502.
520.
541.
541.

9
7
9
9

3,363. 4
3,394. 5
3,419. 3
3,473. 1

2, 4 6 3 . 8
2, 4 8 7 . 2
2, 523.3
2S 571.2

-106.0
-114.4
-115.3
-114.6

-118
-115
-118
-109

2
9
9
8

416.5
437.4
458.0
482.6

418. 7
439. 5
461. 3
484. 1

522. 5
551. 8
573. 4
597. 2

536. 9
555. 4
580. 2
593. 9

3,550. 5
3,616. 4
3,694. 8
3,799. 9

2, 615.0
2. 656.6
2, 709.8
2 778.7

-82.8
-74.9
-66.2
-70.8

-78
-72
-74
-73

2
6
9
8

521.6
532.5
556.8
579.7

517. 4
519. 7
531. 9
551. 4

604. 3
607. 5
623. 0
650. 5

595. 6
592. 3
606. 9
625. 2

3,853. 6
3,933. 6
4,005. 7
4,097. 4

2 819.4
2 878.9
2 935.1

-55 0
-51 .2
r-63.6

605.6
626.1
r623.3

569. 7
587. 5
r589. 8

659. 6
676. 6
r676. 8

624. 6
638. 7
i- 6 5 3 . 4

4,185. 2
4,249 6
p4,284 0

3 061.7
3 ,118.2
r3 ,171.9

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

*997.2
2

1989
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-54.0
-50.6

r-53.5

i

H

Year

rear
and
quarter

282. Proprietors'
income with IVA
and CCAdjx

(Ann. rate,
bil. dol.)

Q

NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental incorm
of persons with
CCAdjx

(Ann. rate,
bil. dol.)

295 Business

290. Gross saving

288.1Yet interest

286. Corporate
profits before tax
with IVA and
CCAdj*

S VN
AIG
292. Persona
saving

saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

269 .4
289 .5
279 .7
289 .2

9 .6
11 .5
11 .7
13 .5

292
280
279
275

7
9
7
2

327
325
324
324

9
4
9
0

559
523
508
510

6
0
8
0

550.8
542.8
545.5
539.3

135.9
155.0
106.6
102.0

306 .7
305 .8
305 .2
328 .7

14 .7
13 .0
11 .5
14 .3

279
293
313
308

9
7
0
2

334
347
355
370

2
2
3
0

529 5
535 0
551 1
599 .5

546.8
556.4
571.0
573.9

135.9
55.9
73.6
141.8

324 .C
331 .8
327 .C
328 .3

15 .6
14 .6
16 .3
16 .1

318 1
325 3
330 9
340 .2

376
383
396
415

6
0
4
7

619 1
633 .4
669 .8
647 .4

588.1
588.5
592.8
605.8

131.9
134.0
149.6
163.4

359 .3
355 . c
r 3 4 3 .6

11 .8
9 .8
r5 .2

316 .3
307 .8
p292 .3

436 .1
458 .4
r 4 7 1 .0

693 .5
695 .8
p700 .3

586.4
593.0
p612.2

205.7
200.7
rl91.1

1987
First quarter
Second quarter '. . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989
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.
1

IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



NOVEMBER 1989

HOI

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

I l l l SAVING—Continued
298. Government
surplus or deficit

Year
and
quarter

JH|

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

Percent of gross national product
235. Personal consumption expenditures

(Ann. rate,
bil. dol.)

(Percent)

(Percent)

248. Nonresidential
fixed investment

247. Change in
business inventories

249. Residential
fixed investment
(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

I9SS
First quarter
Second quarter
Third quarter
Fourth quarter

4.6
5.2
3,5
3.3

65.8
66.4
66.8

10.5
10.4
10.1
10.1

4.9
5.2
5.2
5.2

1.0
0.1
-0.2
-0.3

•-2.1

-174.7
-143.4
-131.3
-153.2
-77.3
-93.5
-116.3

4.3
1.8
2.3
4.3

66.4
66.8
66.9
66.1

9.7
9.8
10.0
9.8

5.1
5.1
5.0
4.9

0.6
0.4
0.2
1.4

-2.4
-2.6
-2.5
-2.5

-101.0
-89.1
-72.7
-121.9

3.9
3.9
4.3
4.6

66.4
66.2
66.2
66.3

10.0
10.1
10.0
9.9

4.8
4.8
4.7
4.8

0.6
0.6
0.9
0.4

-1.7
-1.5
-1.3
-1.4

-98.7
-97.9
p-103.0

5.6
5.4
r5.0

66.1
66.2
66.6

9.8
9.9
r9.8

4.7
4.5
4.4

0.5
0.5
r0.5

-1.1
-1.0
r-1.0

-127.2
....
....

65.4

-2.2
-2.4
-2.5

19S7
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1989
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

H j

SHARES OF GNP AND NATIONAL INCOME—Continued

Percent of GNP—Continued

Year
and
quarter

265. Federal Government purchases of
goods and services

Percent of national income

268. State and local
government purchases
of goods and services

(Percent)

(Percent)

64. Compensation of
employees

283. Proprietors'
income with IVA
and CCAdjx

285. Rental income
of persons with
CCAdjx
(Percent)

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj*•

289. Net interest

(Percent)

(Percent)

1986
First quarter
Second quarter
Third quarter
Fourth quarter

12.0
12.1

73.3
73.3
73.8
74.0

8.0
8.5
8.2
8.3

0.3
0.3
0.3
0.4

8.7
8.3
8.2
7.9

9.7
9.6
9.5
9.3

8.6
8.4
8.4
8.3

12.1
12.0
12.0
12.0

73.7
73.5
73.3
73.1

8.6
8.5
8.3
8.7

0.4
0.4
0.3
0.4

7.9
8.1
8.5
8.1

9.4
9.6
9.6
9.7

7.9
7.8
7.5
8.1

12.1
12.0
12.0
12.1

73.2
73.2
73.3
73.1

8.4
8.4
8.2
8.0

0.4
0.4
0.4
0.4

8.3
8.3
8.3
8.3

9.8
9.7
9.9
10.1

7.8
7.8
7.6

12.1
12.1
12.1

73.2
73.4
p74.0

8.6
8.4
p8.0

0.3
0.2
pO.l

7.6
7.2
p6.8

10.4
10.8
pll.O

....

8.6
8.8

11.8
11.9

....

8.7
8.6

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1989
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

See note on page 80.
Graphs of these series are shown on pages 4S and 47.
1

IVAJ inventory valuation adjustment; CCAdj, capital consumption adjustment.

NOVEMBER 1989




83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

E l
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982=100)

310c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

PRICE MOVEMENTS
Consumer price index
for all urban consumers

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

(1982=100)

311c. Change
over 1-quarter
spansx

(Ann. rate,
percent)

320. Index ®

(1982-84=100)

320c. Change
over 1-month
spans1

(Percent)

Consumer price index for
all urban consumers, food

320c. Change
over 6-month
spans*

(Ann. rate,
percent)

322. Index

(1982-84=100)

322c. Change
over 1-month
spansx

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1987
3.2

January . .
February . . . .
March

116.6

April
May
June

ii7li

July
. .
August
September

117.9

October
November
December

118i6

3.7

111.2
111.6
112.1

0.7
0.4
0.4

5.0
5.1
5.3

112.1
112.3
112.5

0.6
0.2
0.2

4.0
4.2
4.9

3.9

112.7
113.1
113.5

0.4
0.4
0.3

4.4
4.5
4.0

112.8
113.4
114.1

0.3
0.5
0.6

3.1
2.7
3.2

3.7

113.8
114.4
115 0

0.3
0.4
0 2

3.8
3.7
3 6

113.8
113.8
114 3

-0.3
0.0
0 4

3.0
2.3
2 1

3.6

115.3
115.4
115 4

0.3
0.3
0 2

3.9
3.3
3 7

114.5
114.7
115 3

0.2
0.2
0 5

3.4
3.0
3 0

3.3

115.7
116.0
116.5

0.4
0.2
0.3

3.9
4.0
4.4

115.7
115.5
116.0

0.3
-0.2
0.4

3.7
4.2
4.4

5.0

117.1
117.5
118.0

0.4
0.4
0.3

4.4
4.7
4.9

116.6
117.1

117.8

0.5
0.4
0.6

5.6
7.0
7.6

5.5

118.5
119.0
119.8

0.4
0.3
0.4

4.8
4.5
4.5

118.9
119.5
120.3

0.9
0.5
0.7

7.0
6.4
5.9

4.3

120.2
120.3
120.5

0.4
0.3
0.3

4.8
4.9
5 1

120.6
120.8
121.2

0.2
0.2
0.3

5.5
5.3
5 6

4.1

121.1
121.6
122.3

0.6
0.4
0.5

5.6
6.2
5.9

122.1
122.6
123.6

0.7
0.4
0.8

6.1
7.1
6.9

5.3

123.1
123.8
124.1

0.7
0.6
0.2

5.2
4.3
3.6

124.2
125.0
125.3

0.5
0.6
0.2

6.0
5.5
4.3

2.6

124.4
124.6
125.0

0.2
0.0
0.2

3.3

125.7
125.9
126.2

0.3
0.2
0.2

4.1

125.6

0.5

126.7

0.4

11517

3.8
11619

2.8
117*.9

2.4

11916

1988
2.0

January
February
March

119.2

April
May
June

126!6

July
August
September

121.9

October
November
December

123^3

119.9
4.8

12l!i
4.4
123 .'6

4.7

124.4

1989
January
February
March

12^5

April
May
June

125.9

July
August
September
October
. .
November
December

4.0

125!6
4.6

127.2
r3.2

rl26*.9

12816

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




NOVEMBER 1989

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

H i

330. Index ©

(1982 = 100)

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

Producer price index, all commodities
Year
and
month

PRICE MOVEMENTS—Continued

330c. Change
over 1-month
spans 1 ®

330c. Change
over 6-month
spans 1 ©

(Percent)

(Ann. rate,
percent)

335. Index ©

(1982 = 100)

335c. Change
over 1-month
spans 1 ©

(Percent)

335c. Change
over 6-month
spans 1 ©

(Ann. rate,
percent)

331. Index

331c. Change
over 1-month
spans1

(1982 = 100)

(Percent)

331c. Change
over 6-month
spansx

(Ann. rate,
percent)

1987
January
February
March

100.5
101.0
101.2

0.8
0.5
0.2

4.5
5.7
6.7

100.4
100.8
101.1

1.2
0.4
0.3

5.1
5.5
6.6

89.3
90.1
90.8

2.8
0.9
0.8

12.5
14.9
17.8

April
May
June

101.9
102.6
103.0

0.7
0.7
0.4

6.1
5.6
5.0

101.6
101.9
102.4

0.5
0.3
0.5

5.5
5.8

4.8

92.6
93.9
94.3

2.0
1.4
0.4

14.4
14.7
11.5

July
August
September

103.5

103.8
103.7

0.5
0.3
-0 1

4.4
3.1
2.3

103.1
103.7
103.5

0.7
0.6
-0.2

4.8
4.6
3.5

95.5
96.5
95.9

1.3
1.0
-0.6

7.0
2.4
1.1

October
November
December

104.1
104.2
104.2

0.4
0.1
0.0

2.1
1.9
2.3

104.0
104.2
104.2

0.5
0.2

0.0

2.5
1.7
2.3

95.8
95.0
94.8

-0.1
-0.8
-0.2

-2.9
-3.1
-2.7

January
February
March .

104.6
104.8
104.9

0.4
0.2
0.1

3.3
4.5
5.8

104.4
104.6
104.7

0.2
0.2
0.1

3.1
3.7
4.3

94.1
95.0
94.6

-0.7
1.0
-0.4

-0.4
2.1
4.5

April
May
June

105.8
106.5
107.2

0.9
0.7
0.7

6.4
6.2
6.2

105.6
106.1
106.4

0.9
0.5
0.3

4.7
4.6
4.1

95.6
96.0
96.9

1.1
0.4
0.9

5.4
4.7
5.4

July
August
September

107.9
108.0
108.1

0.7
0.1
0.1

4.6
3.4
3.4

106.8
107.0
106.8

0.4
0.2
-0.2

2.9
2.7
3.2

96.6
97.2
97.1

-0.3
0.6
-0.1

2.1
-2.5
1.9

October
November
December

108.2
108.3
109.0

0.1
0.1
0.6

4.9
5.3
6.4

107.1
107.5
108.1

0.3
0.4
0.6

5.3
5.9
7.0

96.6
94.8
97.8

-0.5
-1.9
3.2

11.1
9.0
14.1

110.5
110.8
111.5

1.4
0.3
0.6

U
9.3
r7.3

109.6
110.1

1.4
0.5
0.4

9.0
9.3
r8.1

101.8
101.5
103.7

4.1
-0.3
2.2

17.0
22.4

rll.3

112.3
113.2

0.7
0.8
r-0.3

4.0
2.2
1.4

rll2.4

1.2
0.5
rO.O

4.8
2.4
2.5

104.5
104.9

rll2.9

rlO3.2

0.8
0.4
r-1.6

2.8
-0.6
-2.7

July
August
September

112.7
112.0
112.3

r-0.2
-0.6
0.3

0.7

112.2
111.4
111.9

r-0.2
-0.7
0.4

1.1

103.2
101.2
102.3

rO.O
-1.9
1.1

-4.2

October
November
December

112.7

0.4

112.4

0.4

102.3

0.0

"U . 1

1988

1989
January
February
March
April
May
June

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

IIOI NOVEMBER 1989



110.5
111.8
112.4

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

|H|[
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

332c. Change
over 1-month
spansx

(1982 = 100)

(Percent)

PRICE MOVEMENTS—Continued

Producer price index, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1982 = 100)

Producer price index, finished consumer goods

333c. Change
over 1-month
spansx

333c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

334. Index

(1982 = 100)

334c. Change
over 1-month
spans 1

334c. Change
over 6-month
spansx

(Percent)

(Ann. rate,
percent)

1987
January
February
March

99.1
99.8
100.0

0.8
0.7
0.2

4.3
5.4
6.2

111.2
111.0
111.1

0.4
-0.2
0.1

1.6
1.3
1.3

102.0
102.6
102.9

0.7
0.6
0.3

4.2
4.6
4.8

April
May
June

100.3
100.8
101.3

0.3
0.5
0.5

5.5
5.1
5.3

111.4
111.5
111.5

0.3
0.1
0.0

0.7
1.6
2.4

103.4
103.6
103.7

0.5
0.2
0.1

3.8
2.6
3.1

July
August
September

101.8
102.3
102.6

0.5
0.5
0.3

5.7
5.2
4.6

111.6
111.9
112.4

0.1
0.3
0.4

1.1
1.1
1.3

103.9
103.9
104.5

0.2
0.0
0.6

1.7
1.2
0.4

October
November
December

103.1
103.4
103.6

0.5
0.3
0.2

5.0
4.5
4.7

112.0
112.1
112.2

-0.4
0.1
0.1

2.2
2.2
1.4

104.3
104.2
103.9

-0.2
-0.1
-0.3

1.4
1.4
1.0

January
February
March

104.3
104.6
105.0

0.7
0.3
0.4

5.1
5.7
6.9

112.8
113.1
113.2

0.5
0.3
0.1

2.5
2.9
3.2

104.6
104.6
105.0

0.7
0.0
0.4

1.9
2.7
3.7

April
May
June

105.7
106.3
107.1

0.7
0.6
0.8

7.0
7.0
7.0

113.4
113.7
114.0

0.2
0.3
0.3

2.7
2.8
4.5

105.3
105.6
105.8

0.3
0.3
0.2

3.7
4.3
4.4

July
August
September

107.9
108.2
108.6

0.7
0.3
0.4

5.6
5.1
4.5

114.3
114.7
115.7

0.3
0.3
0.9

3.9
3.7
3.9

106.5
106.8
107.3

0.7
0.3
0.5

4.0
4.2
4.6

October
November
December

108.6
109.0
109.5

0.0
0.4
0.5

5.4
5.8
6.2

115.6
115.8
116.2

-0.1
0.2
0.3

4.6
4.8
3.1

107.4
107.8
108.2

0.1
0.4
0.4

5.7
7.2
7.4

January
February
March

110.8
111.3
111.9

1.2
0.5
0.5

7.3
6.9
5.4

116.9
117.4
117.5

0.6
0.4
0.1

3.1
4.2
r4.5

109.5
110.6
111.2

1.2
1.0
0.5

8.7
10.1
r8.9

April
May
June

112.5
112.7
112.4

0.5
0.2
-0.3

2.5
1.1
0.7

117.4

118.2
rll8.8

-0.1
0.7
r0.5

3.1
2.7
4.6

112.0
113.1

0.7
1.0

rll2.9

r-0.2

4.8
1.6
2.4

July
August
September

112.2
111.9
112.3

-0.2
-0.3
0.4

-0.4

118.7
119.0
120.2

r-0.1
0.3
1.0

4.1

112.1
111.5
112.5

r-0.7
-0.5
0.9

October
November
December

112.3

0.0

119.8

-0.3

113.2

0.6

1988

1989

2.2

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




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

NOVEMBER 1989

IICII

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

H I

WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrollsl
Year
and
month

Current-dollar earnings
340. Index

340c. Change
over 1-month
spans2

Current-dollar compensation

Real earnings
340c. Change
over 6-month
spans2

(Percent)

(Ann. rate,
percent)

341c. Change
i over 1-month
spans2

(1977 = 100)

(Percent)

341c. Change
over 6-month
spans2
(Ann. rate,
percent)

19S7

345c. Change
over 1-quarter
spans 2

345c. Change
over 4-quarter
spans 2

(1977 = 100)

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised 3

(1977 = 100)

341. Index

Revised 3

Revised 3

345. Index

1.5

January
February
March

171.3
171.9
172 1

O.I
0.4
0.1

2.6
2.0
2.1

94.7
94.7
94.4

-0.7
0.0
-0.3

-2.4
-3.1
-3.3

186.2

April
May
June

172.5
172.9
172.9

0.3
0.2
0.1

2.3
2.6
2.9

94.1
94.0
93.7

-0.3
-0.1
-0.3

-2.1
-2.0
-1.5

187.4

July
August
September

173.2
174.1
174.6

0.2
0.5
0.3

2.8
3.3
3.3

93.7
93.8
93.7

-0.1
0.1
-0.1

-1.3
-0.5
-0.1

189.6

October
November
December

174.9
175.6
175.7

0.2
0.4
0.1

4.0
3.0
2.8

93.5
93.8
93.7

-0.2
0.3
-0.1

0.2
-0.1
-0.4

192.° 9

January
February
March . . .

176.6
176.7
177.0

0.5
0.1
0.2

3.6
3.5
3.3

93.8
93.7
93.5

0.1
-0.1
-0.2

0.1
-0.5
-1.0

194.0

April
May
June

178.0
178.7
178.6

0.6
0.4
-0.1

3.1
3.2
3.8

93.6
93.6
93.2

0.1
0.0
-0.4

-1.2
-1.8
-1.1

196.7

July
August
September

179.3
179.5
180.3

0.4
0.1
0.5

4.0
3.0
p3.5

93.2
92.9
93.0

0.0
-0.4
0.2

-1.0
-1.3

October
November
December

181.5
181.4
P181.7

0.6
-0.1
p0.2

93.1
92.9
p92.7

0.1
-0.2
p-0.2

n

n

n

n

3*.5

2.6

3°9

4.7
4.2
7.0
4.9

1988

C1)

2.4
5.1
5.6
4.8
5.2
5.5

199.2

p-1.0
5.9
5\4

202^6

1989
January
February
March
April
May
June

5,1
204*6

p5.4

5.6
207.4

July
August
September

p5.1
p21O.°6

October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter.
3
See "New Features and Changes for This Issue/ 1 page iii.
''This series has been discontinued by the source agency.

NOVEMBER 19S9




87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

| H

WAGES AND PRODUCTIVITY—Continued

Average hourly compensation, all employees,

Negotiated wage and

nonfarm business sector—Continued

benefit decisions

output per hour,
all persons,

Year

348. Average

Real compensation

and

first-year

month

changes @

346c. Change
over 1-quarter
spansx

346. Index

(1977 = 100)

Revised

2

346c. Change
over 4-quarter
spans l

(Ann. rate,
percent)

(Ann. rate,
percent)

Revised

2

Revised

(Ann. rate,
percent)

349. Average
changes over
life of
contract @

(Ann. rate,
percent)

2

1.1

-3.7

January

io6!8

370. Index

2.1

-6'.7

370c. Change
over 4-quarter
spans1

370c. Change
over 1-quarter
spans*

2

percent)

Revised

nonfarm business sector

(Ann. rate,
percent)

(Ann. rate,

(1977=100)
Revised

1987

February

358. Index of

Output per hour, all persons, business sector

2

Revised

2

(1977 = 100)

Revised 2

0.5

no!6

i!9

107.7

2.4

108! 6

2^9

109^5

l.l

Il6l2

1.5

111.0

CL9

110.5

6!s

.Illl5

i".5

11216

pi.6

ni*6

March

4.1

-2.1

Aprii
May . . . .

2.6

3.9

-CL4

100 .'3

11CL7

June

2.5

1.0

July

3.8

2.1

6'.2

100.5

August

111 !7

September

3.3

October
November

ioi.3

i'.o

3.4

2.8

2.4
112^

December
1988

1.8

-1.2

January

ioi!6

February

2.5

1.8
113.2

CL9

March

3.1

1.0

April

10U3

May

-2.1

2.4
112.6

0.4

June

3.4

0.4

July
August

. . .

10K4

3.1

3.2
113.4

CL6

September
October
November
December

. 3.5

1.4

ioi!7

0.2

2.1

b'.z

113^5

1989

February

p3.2

-0.3

January

1.1

p3.4
113.8

pCL7

10l'.7

March

-0.7

April
May

p5.0

p3.4

101.5

lli!2

1.6

111I9

June

p2.6

July
August
September

plO2.'l

p3.9

pi.2

p2.7

pll4.6

pll2*.5

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.
2
See "New Features and Changes for This Issue," page iii.




NOVEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

H I

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

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

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

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

(Percent)

(Thous.)

(Thous.)

January
February
March

118,873
119,119
119,263

110,969
111,271
111,459

7,904
7,848
7,804

3,649
3,594
3,532

2,864
2,822
2,870

1,391
1,432
1,402

6,430
6,382
6,231

5,187
5,326
5,168

78.2
78.1
78.1

55.7
55.8
55.9

54.2
54.8
54.4

April
May
June

119,394
120,102
119,647

111,789
112,524
112,287

7,605
7,578
7,360

3,482
3,443
3,440

2,757
2,708
2,640

1,366
1,427
1,280

6,110
6,039
6,043

5,122
5,098
4,979

78.1
78.2
78.0

56.0
56.3
56.2

54.5
55.6
53.6

July
August
September

119,884
120,245
120,008

112,613
113,019
112,896

7,271
7,226
7,112

3,340
3,259
3,165

2,674
2,662
2,666

1,257
1,305
1,281

5,895
5,814
5,664

5,103
5,046
5,050

78.0
77.9
77.9

56.3
56.4
56.3

53.8
56.0
54.1

120,429
120,527
120,701

113,225
113,460
113,740

7,204
7,067
6,961

3,194
3,114
3,061

2,620
2,602
2,605

1,390
1,351
1,295

5,756
5,655
5,562

5,142
5,287
4,979

78.0
78.0
77.8

56.4
56.4
56.5

55.1
54.8
55.4

January
February
March

121,035
121,165
120,936

114,055
114,273
114,129

6,980
6,892
6,807

3,106
3,053
3,064

2,568
2,596
2,450

1,306
1,243
1,293

5,550
5,526
5,473

5,113
5,101
5,087

77.9
78.1
77.9

56.6
56.7
56.6

55.9
55.0
54.1

April
May
June

121,328
121,203
121,524

114,660
114,403

115,001

6,668
6,800
6,523

2,941
3,065
2,889

2,471
2,492
2,485

1,256
1,243
1,149

5,338
5,413
5,163

4,953
4,676
5,073

78.1
78.0
77.8

56.6
56.5
56.6

54.5
54.5
56.2

July
August
September

121,658
122,000
121,984

115,034
115,203
115,370

6,624
6,797
6,614

2,832
3,077
2,905

2,565
2,467
2,456

1,227
1,253
1,253

5,215
5,491
5,293

5,102
4,972
4,862

77.8
78.0
77.9

56.7
56.8
56.8

55.9
56.1
56.0

October
November
December

122,091
122,510
122,563

115,573
115,947
116,009

6,518
6,563
6,554

2,911
2,996
2,953

2,413
2,445
2,422

1,194
1,122
1,179

5,176
5,273
5,317

4,727
4,819
5,033

77.8
77.8
77.8

57.0
57.4
57.3

55.2
55.1
55.2

January
February
March

123,428
123,181
123 264

116,711
116,853
117 136

6,716
6,328
6 128

2,938
2,853
2 688

2,455
2,306
2 367

1,323
1,168
1 073

5,295
5,024
5 028

4,837
4,697
4,709

78.1
78.1
78.1

57.7
57.5
57 5

56.0
54.8
54 9

April
May
June

123,659
123,610
124,102

117,113
117,215
117,541

6,546
6,395
6,561

2,952
2,705
2,737

2,448
2,480
2,570

1,146
1,210
1,254

5,247
5,104
5,131

4,930
4,609
4,801

78.3
77.9
78.2

57.6
57.7
57.7

55.7
55.8
56.6

July
August . .
September

123,956
124,018
124,040

117,459
117,597
117,456

6,497
6,421
6,584

2,734
2,790
3,038

2,613
2,468
2,353

1,150
1,163
1,193

5,218
5,183
5,255

4,505
4,553
4,612

77.9
77.8
77.9

57.9
57.8
57.8

55.2
56.5
55.6

October
November
December

124,105

117,545

6,561

2,902

2,472

1,187

5,218

4,466

78.0

57.5

56.6

1987

October
November
December

....

1988

1989

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

KCII

NOVEMBER 1989




OTHER IMPORTANT ECONOMIC MEASURES
f } I GOVERNMENT ACTIVITIES

H H

RECEIPTS AND EXPENDITURES
State and local governmentx

f'ederal Governmentx
Year
and
month

| U

DEFENSE INDICATORS

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1987
January
February
March

-199!i

86CL7

i 5 o6o!i

46^3

637 A

59CL8

25 9 911
34,669
28,986

11,166
13,121
12,272

196,585
199,440
199,308

6,129
7,650
9,769

April
May
June

-137.7

926.2

1,063.8

6o!i

658.'9

59^5

33,794
32,801
30,475

11,359
11,782
12,104

200,411
202,504
204,177

11,265
9,907
10,128

July
August
September

-14^9

92l!5

1,065^5

50.5

659.6

609.1

31,867
32,619
34,065

12,913
13,595
13,683

207,148
209,556
215,074

9,882
9,179
9,102

October
November
December

-164.4

937.4

i,ioi!7

48!6

668.9

620.9

29,233
30,794
24,532

10,555
9,353
11,820

212,355
212,086
205,974

9,864
9,824
7,036

January
February
March

-15i!8

944.'7

l,096*.5

50.8

684'.8

634!6

31,157
33,243
31,595

8,289
11,821
12,096

208,366
210,637
212,335

9,223
8,480
8,065

April
May
June

-141*. 5

973*.2

l,lli!7

52^4

69^2

646^7

33,172
32,294
36,167

15,035
13,958
13,721

210,520
214,223
219,469

9,871
8,215
13,829

July
August
September

-122.5

977.3

1,099.8

49!8

706^6

65^2

29,691
29,004
27,652

17,438
9,758
10,980

219,349
219,239
220,134

6,995
8,037
7,472

October
November
December

994'.6

l,162*.i

45.7

716.5

670.8

31,118
34,783
31,522

(NA)

~167!<5

217,720
222,122
223,937

10,695
8,391
10,407

January
February
March

-147!5

1,036^2

1,183^7

48!8

732^6

683! 8

31,580
30,058
30,859

226,193
224,553
219,856

6,815
8,159
10,461

April
May
June

-145.4

1,053.2

1,198.6

47.5

742.6

695.1

31 S 395
30,056
29,495

222,194
221,337
216,120

8,551
7,572
8,938

p-147.4

pi,043.1

rl,190.5

p44.3

p750.4

r706.0

30,996
p28,530
(NA)

220,028
p217 s 509
(NA)

7,626
r7,956
rl0,650

1988

1989

July
August
September

p9,329

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

1

90



NOVEMBER 1989

OTHER (IMPORTANT ECONOMIC MEASURES

J 3

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

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

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays,
military

588. Manufacturers' shipments, defense
products

570. Employment, defense
products industries

Defense Department
personnel
577. Military
on active

duty©
(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Thous.)

(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)

1987
January
February
March

187.3
188.9
188.6

31,122
31,233
31,169

158,833
157,779
158,084

22,243
24,096
23,259

8,755
8,704
9,464

1,590
1,589
1,590

2,179
2,172
2,168

1,060
1,066
1,069

288! 6

6.6

April
May
June

189.2
189.3
188.6

31,597
31,624
31,709

160,358
160,898
161,816

23,593
22,760
24,046

8,991
9,367
9,210

1,583
1,584
1,577

2,158
2,153
2,151

1,070
1,070
1,076

294'.6

6°.6

July
August
September

188.7
189.1
189.8

32,174
32,553
32,668

162,605
162,741
162,316

22,858
24,340
21,513

9,093
9,043
9,527

1,577
1,576
1,574

2,158
2,167
2,174

1,078
1,080
1,088

300^2

6^6

October
November
December

190.3
188.7
188.9

33,171
33,936
33,504

163,247
164,130
161,860

25,816
21,276
26,329

8,933
8,941
9,306

1,574
1,572
1,569

2,172
2,174
2,167

1,086
1,085
1,082

296^8

6.4

January
February
March

190.6
191.0
189.9

33,656
33,859
33,945

162,206
162,089
160,841

20,786
23,441
23,752

8,877
8,597
9,313

1,570
1,566
1,558

2,166
2,162
2,142

1,076
1,071
1,067

297^4

6^

April
May
June

187.9
185.5
184.6

34,069
34,695
35,328

162,171
162,009
167,117

26,548
20,130
23,765

8,541
8,377
8,721

1,559
1,557
1,556

2,108
2,100
2,104

1,060
1,054
1,045

298!6

6.2

July
August
September

184.9
184.9
184.5

34,799
34,071
34,839

165,449
164,451
163,092

24,243
23,321
20,636

8,663
9,035
8,830

1,550
1,548
1,542

2,111
2,122
2,138

1,034
1,039
1,048

296.° 1

6.°6

October
November
December

184.0
182.2
180.5

35,410
35,351
35,373

165,356
165,087
165,397

27,027
24,443
26,357

8,431
8,660
10,097

1,536
1,534
1,530

2,130
2,130
2,122

1,044
1,044
1,048

300.5

6!6

January
February
March

180.0
179.3
178.7

35,777
35,793
36,416

163,482
163,238
165,250

20,843
23,426
26,053

8,730
8,403
8,449

1,530
1,529
1,529

2,124
2,123
2,116

1,054
1,058
1,058

298.7

5^8

April
May
June

179.9
180.7
181.1

36,362
36,786
36,776

165,168
164,043
163,756

21,035
24,087
26,829

8,633
8,697
9,225

1,528
1,530
1,526

2,110
2,111
2,115

1,061
1,063
1,059

301'.3

5*.8

July
August
September

rl82.0
rl82.3
rl82.0

37,100
r37 5 402
p37,055

163,189

21,068
23,926
p29,634

8,193
r8,936
r9,240

1,522

rl62,209
rl63,619

rl,515
pi,511

2,117
2,126
2,130

1,055
1,066
pi,075

r308'.2

October

pl76.2

(NA)

pl64,660

(NA)

p8,288

(NA)

p2,128

(NA)

19SS

1989

December
See note on page 80.
Graphs of thgs® series are shewn m pages 54 and 55.

NOVEMBER 1989



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.)

616. Imports of automobiles and parts

614. Imports of petroleum and petroleum
products

(Mil. dol.)

(Mil. dol.)

1987
January
February
March

18,377
19,371
19,981

1,926
2,047
2,157

3,452
4,404
4,098

32,189
31,186
32,247

2,269
3,598
3,513

4,882
6,322
5,329

April
May
June

20,250
20,111
21,381

2,234
2,410
2,445

4,122
4,176
4,338

32,317
33,484
34,141

2,842
3,685
3,375

5,516
6,093
5,823

July
August
September

22,472
20,845
21,669

2,956
2,520
2,625

4,260
4,420
4,717

34,927
34,506
34,015

4,125
4,574
3,439

5,800
6,008
5,307

October
November
December

22,136
23,327
24,187

2,593
2,409
2,472

4,407
5,371
5,371

36,253
35,219
35,758

3,780
3,292
3,158

6,776
6,342
6,560

January
February
March

24,669
24,839
26,762

2,759
2,893
3,033

5,040
5,177
5,442

35,165
36,325
36,338

3,541
3,536
3,225

5,441
5,659
5,677

April
May
June

26,040
27,446
26,706

3,027
3,382
3,120

5,288
5,374
5,353

35,360
36,137
37,304

3,226
3,802
3,060

6,220
5,507
5,351

July
August
September

26,612
27,478
27,578

3,311
3,357
3,493

5,457
5,778
5,876

35,074
37,623
36,750

3,122
3,360
2,927

5,378
5,888
6,354

October
November
December

27,889
27,538
28 864

3,090
2,909
2 995

5,698
5,709
6 393

37,121
38,087
39 668

2,718
2,645
3,347

6,589
6,291
6 946

January
February
March

28,980
28,839
30,064

3,143
3,201
3,666

5,338
5,990
6,162

37,877
38,220
39,549

3,619
3,326
4,095

5,627
6,326
6,282

April
May
June

30,758
30,455
31,285

3,387
3,618
3,638

6,150
4,937
6,382

39,045
40,534
39,293

4,730
4,680
4,001

5,869
5,770
5,289

July
August
September

30,468
r30,561
31,136

3,657
3,139
3,274

6,371
6,290
6,413

38,709
r40,662
39,079

4,130
4,227
4,000

5,621
5,426
6,215

October
November
December

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1988

1989

See note on page 80.
Graphs of these series are shown on page 56.

92



NOVEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

H I

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

Income on investment

Merchandise, adjusted

Goods and services
669. Imports

622. Balance

(Mil. dol.)

(Mil. dol.)

618. Exports

(Mil. dol.)

620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1987
January
February
March

-31,190

104,315

135,505

•-38,661

57,255

95,916

25,117

19,755

April
May
June

-35,555

105,694

141,249

-39,819

60,015

99,834

22,744

20,554

July
August
September

-36,687

110,922

147,609

-40,606

64,297

104,903

23,578

21,904

October
November
December

-26,055

125,211

151,266

-40,414

68,699

109,113

33,265

.20,207

January
February
March

-28,682

127,810

156,492

-33,446

76,447

109,893

26,750

23,955

April
May
June

-30,586

126,800

157,386

-31,411

78,471

109,882

23,148

25,613

July
August
September

-28,964

131,573

160,537

-30,339

80,604

110,943

24,720

27,310

October
November
December

-23,659

143,626

167,285

-32,019

83,729

115,748

33,159

28,670

-26,864

142,169

169,033

-28,378

87,919

116,297

26,830

29,246

p-27,894

pl459865

pl73,759

r-27,554

r91,423

rll8,977

p26,932

p31,947

(NA)

(NA)

(NA)

p-27,751

p91,569

pll9,320

(NA)

(NA)

1988

1989
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 57.
balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

HOI NOVEMBER 1989



9
3

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS

! H |

Year
and
month

47. United States,
index of industrial production

(1977 = 100)

721. OECDx
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)

1987
January
February
March

126.2
127.1
127.4

113
116
116

142.2
141.5
143.6

112
113
113

105
109
110

110
113
112

114.2
117.6
120.2

124.9
126.4
127.1

April
May
June

127.4
128.2
129.1

116
117
116

142.5
140.2
145.5

116
117
114

109
110
111

113
114
112

117.9
122.3
118.7

127.9
127.6
128.9

July
August
September

130.6
131.2
131.0

117
116
117

146.7
146.7
149.0

114
117
116

111
111
111

115
116
114

118.1
113.2
117.5

130.5
132.0
133.2

October
November
December

132.5
133.2
133.9

119
119
118

151.4
152.0
153.7

117
117
116

111
112
112

117
116
117

122.7
121.2
116.5

134.3
135.3
135.6

January
February
March

134.4
134.4
134.7

120
119
120

154.4
158.5
157.9

117
117
117

112
112
113

117
115
117

126.9
121.5
124.1

136.0
136.2
137.4

April
May
June

135.4
136.1
136.5

120
120
121

157.8
156.4
159.2

117
118
120

112
113
115

117
118
119

124.8
123.1
125.4

137.5
138.8
139.0

July
August
September

138.0
138.5
138.6

122
123
rl23

157.9
162.3
162.5

118
122
121

116
116
117

119
119
120

128.5
126.0
124.1

138.6
140.6
140.2

October
November
December

139.4
139.9
140.4

122
124
rl24

160.6
165.2
165.7

121
120
122

113
118
117

119
rll9
rll8

127.6
129.1
132.2

139.0
138.2
139.2

January
February
March

140.8
140.5
140.7

125
124
124

167.4
164.4
173.2

122
122
122

118
117
117

118
118
118

127.9
130.3
126.9

rl38.9
rl39.5
rl39.2

April
May
June

141.7
141.6
142.0

126
123
126

167.0
168.0
171.4

126
120
125

120
118
120

118
116
116

127.0
125.2
128.9

140.2
rl40.4
rl39.9

July
August
September

rl41.9
142.4
rl42.4

rl27
pl27
(NA)

167.1
pl71.8
(NA)

rl27
rl27
(NA)

121
pl21
(NA)

118
pl20
(NA)

rl30.7
pl28.9
(NA)

rl39.6
rl39.9
pl40.5

October
November
December

pl41.4

1988

1989

(NA)

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




NOVEMBER 1989

Hill

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

H I
United States
Year
and
month

320. Index ©

(1982-84=100)

{Ann. rate,
percent)

738. Index ©

(1982-84=100)

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

735. Index ©

(1982-84=100)

United Kingdom

France

West Germany

Japan

320c. Change
over 6-month
spans1

CONSUMER PRICES

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

736. Index ®

(1982-84=100)

736c. Change
over 6-month
spans x

(Ann. rate,
percent)

732. Index ©

(1982-84 = 100)

732c. Change
over 6-month
spans x

(Ann. rate,
percent)

1987
January
February
March

111.2
111.6
112.1

5.0
5.1
5.3

103.9
103.9
104.3

2.5
0.6
1.5

104.6
104.7
104.7

1.3
1.5
1.2

119.6
119.8
120.0

4.1
3.9
3.4

117.5
118.0
118.2

5.4
3.8
2.6

April
May
June

112.7
113.1
113.5

4.4
4.5
4.0

105.3
105.5
105.3

2.1
3.3
2.1

105.0
105.0
105.2

1.7
1.7
1.0

120.6
120.8
121.1

2.2
2.5
2.5

119.6
119.7
119.7

2.2
2.0
2.7

July
August
September

113.8
114.4
115.0

3.8
3.7
3.6

104.7
104.8
105.8

-0.9
1.0
-0.2

105.2
105.1
104.9

0.6
0.4
0.8

121.3
121.6
121.7

2.3
2.3
2.8

119.6
120.0
120.3

3.7
4.6
4.8

October
November
December

115.3
115.4
115.4

3.9
3.3
3.7

105.8
105.3
105.1

0.0
-1.7
-0.6

105.0
105.0
105.2

-0.2
0.0
1.0

122.0
122.1
122.2

2.3
2.2
2.5

120.9
121.5
121.4

4.2
4.0
4.0

January
February
March

115.7
116.0
116.5

3.9
4.0
4.4

104.8
104.6
105.0

1.3
-0.2
0.4

105.4
105.6
105.7

1.1
1.7
1.3

122.4
122.6
123.0

2.6
2.8
2.3

121.4
121.8
122.3

3.8
3.8
4.5

April
May
June

117.1
117.5
118.0

4.4
4.7
4.9

105.6
105.7
105.5

1.0
2.3
1.3

106.0
106.2
106.3

2.1
2.3
1.9

123.6
123.9
124.2

3.3
3.4
3.6

124.3
124.8
125.2

5.7
7.7
8.3

July
August
September

118.5
119.0
119.8

4.8
4.5
4.5

105.3
105.6
106.4

1.3
2.5
1.9

106.3
106.3
106.3

1.5
1.7
1.9

124.7
125.0
125.3

3.3
3.3
3.7

125.4
126.8
127.4

9.5
8.9
8.7

October
November
December

120.2
120.3
120.5

4.8
4.9
5.1

106.9
106.5
106.2

1.7
-0.2
0.9

106.4
106.7
106.9

3.2
3.2
3.8

125.6
125.8
126.0

3.4
3.2
3.5

128.7
129.2
129.6

8.8
7.9
7.2

January
February
March

121.1
121.6
122.3

5.6
6.2
5.9

106.0
105.7
106.2

3.0
3.4
4.0

108.1
108.4
108.6

4.6
4.5
4.3

126.5
126.8
127.2

3.9
4.2
3.7

130.4
131.4
131.9

6.9
7.9
8.3

April
May
June

123.1
123.8
124.1

5,2
4.3
3.6

108.1
108.7
108.6

4.4
4.4
4.4

109.2
109.5
109.6

2.8
2.2
2.2

128.0
128.5
128.7

3.3
3.5
3.2

134.3
135.1
135.6

8.1
7.0
7.9

July
August
September

124.4
124.6
125.0

3.3

108.4
108.3
109.2

(NA)

109.5
109.4
109.6

(NA)

129.0
129.2
129.5

(NA)

135.7
136.1
137.0

7.3

October
November
December

125.6

198S

1989

(NA)

(NA)

(NA)

138.1

See note on |
Graphs of these series are shown on page 59.
1

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




1989

95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

| ^ | CONSUMER PRICES—Continued

737. Index ©

(1982-84=100)

737c. Change
over 6-month
spansx

(Ann. rate,
percent)

733. Index ©

(1982-84=100)

STOCK PRICES

733c. Change
over 6-month
spans1

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

748. Japan,
index of
stock
prices ©

745. West
Germany,
index of
stock
prices ®

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices @

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

Canada

Italy
Year
and
month

| H

1987
January
February
March

131.6
132.1
132.6

4.2
4.8
4.5

115.8
116.3
116.8

4.2
4.6
4.4

287.7
305.6
318.1

1,493.7
1,577.6
1,676.0

302.0
278.9
282.4

642.3
660.4
708.3

840.5
916.9
972.3

526.4
502.8
501.8

378.4
395.4
422.5

April
May
June

133.0
133.5
133.9

4.8
6.0
6.5

117.3
118.0
118.4

5.1
5.2
4.7

314.7
314.5
327.8

1,857.4
1,937.7
1,966.6

297.5
295.7
306.9

726.4
703.9
664.8

956.1
1,040.9
1,097.5

533.0
519.3
507.5

420.0
416.4
422.6

July
August
September

134.3
134.7
135.6

6.7
6.3
5.6

119.2
119.3
119.3

4.5
3.8
3.9

337.3
358.3
346.6

1,807.8
1,903.4
1,889.0

320.4
333.3
322.8

692.1
705.0
730.1

1,154.7
1,101.1
1,121.0

494.6
459.7
451.7

455.4
451.3
440.9

October
November
December

136.9
137.2
137.5

5.3
3.9
3.6

119.7
120.2
120.3

3.2
2.9
3.5

304.8
266.5
262.1

1,833.0
1,677.8
1,655.2

299.4
229.2
219.4

633.1
508.5
484.9

1,027.7
794.1
810.4

449.8
366.8
361.1

341.2
336.5
357.1

January
February
March

138.2
138.5
139.2

3.4
3.5
4.0

120.6
121.0
121.6

3.5
4.4
4.2

272.5
280.8
289.1

1,656.1
1,797.8
1,910.6

208.4
218.4
232.4

465.0
501.8
510.3

863.3
858.5
888.0

348.9
334.0
377.1

345.4
362.1
374.4

April
May
June

139.6
140.0
140.5

4.5
6.0
5.8

122.0
122.8
123.0

4.4
5.2
4.7

285.7
278.6
294.4

1,961.2
1,963.0
1,979.2

230.8
225.4
240.6

523.6
546.1
609.5

879.6
878.4
906.7

383.2
359.7
372.7

377.4
367.1
388.9

July
August
September

140.9
141.5
142.2

6.0
7.1
7.0

123.7
124.1
124.2

4.8
3.6
3.6

292.7
286.9
291.5

1,972.0
1,988.3
1,924.2

247.6
248.1
254.8

632.4
618.7
636.1

932.0
908.5
872.4

399.7
416.5
392.9

381.6
371.3
371.0

October
November
December

143.3
144.5
145.0

6.9
6.7
7.0

124.8
125.1
125.1

4.4
4.2
4.6

301.8
294.8
300.8

1,923.3
2,008.1
2,084.8

266.3
266.5
273.7

682.9
698.4
746.7

908.5
899.5
865.1

431.9
432.9
426.4

383.7
372.3
383.0

January
February
March

146.1
147.3
148.0

7.8
6.9
7.4

125.7
126.6
127.2

4.5
6.2
7.2

310.5
319.8
318.4

2,207.6
2,237.4
2,188.6

284.2
284.2
287.3

799.8
814.5
810.8

926.6
1,007.8
1,029.5

433.8
411.7
409.6

408.7
403.6
404.3

April
May
June

149.0
149.6
150.3

7.0
6.4
6.0

127.6
128.9
129.6

6.4
5.8
6.1

328.8
341.5
352.2

2,231.0
2,284.3
2,241.9

295.9
295.9
309.7

838.9
847.3
885.0

1,023.5
1,053.6
1,065.6

426.8
422.2
447.0

409.9
418.9
425.0

July
August
September

150.7
150.9
151.6

5.7

130.4
130.5
130.7

5.7

361.1
377.0
377.8

2,287.9
2,383.6
2,378.2

313.4
328.6
338.2

890.5
904.1
934.0

1,107.8
1,149.9
(NA)

476.9
p505.7
p510.3

448.7
453.1
445.5

October
November
December

153.1

377.9
p371.0

rp2,423.9
p2,464.0

(NA)

rp924.3
P887.1

rp479.0
p469.3

442.8
p441.3

1988

1989

131.2

See note on |
Graphs of these series are shown on page 59.
1

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

96



NOVEMBER 1989

CYCLICAL INDICATORS

Selected lagging index components

S e l e c t e d l e a d i n g i n d e x components
92.
Year
and
month

Change i n

manufacturers'

u n f i l l e d orders in 1982 dollars,
durable goods industries 1
Smoothed3

Actual

(Bil.

83.
Index of
consumer expectations 1 2

dol.)

(Bil.

62. Change in index of labor
cost per unit of output,
manufacturing 1
Smoothed3

Actual

dol.)

(1st Q
1966=100)

(Ann. rate,
percent)

120. Change in consumer price
index f o r services 1

Smoothed3

Actual

(Ann. rate,
percent)

(Ann. r a t e ,
percent)

(Ann. r a t e ,
percent)

1987

-3.66
-1.17
0.78

-0.79
-1.01
-0.90

80.9
81.6
83.3

11.0
-5.1
2.6

-0.3
-0.6
-0.3

5.2
4.1
4.1

3.9
4.0
4.0

4.20
3.89
3.58

-0.15
0.84
1.78

84.7
80.6
80.8

-9.1
-2.6
-2.6

-1.4
-2.1
-2.6

5.2
4.1
2.0

4.2
4.4
4.1

4.90
2.04
-0.12

2.75
3.23
3.05

83.3
85.8
84.2

-8.4
9.2
13.0

-3.7
-2.6
0.1

4.1
6.2
3.0

3.9
4.2
4.1

2.40
1.37
1.16

2.87
2.55
2.18

80.4
72.7
76.7

-7.6
1.8
-4.3

0.7
1.2
0.7

5.1
5.0
4.0

4.2
4.4
4.4

January
February
March

2.58
2.24
-2.01

2.02
1.95
1.38

80.9
81.9
85.2

3.6
4.5
13.9

0.8
1.4
3.4

6.0
5.0
4.0

4.7
4.9
4.8

April
May
June

2.86
-0.10
6.59

1.25
0.99
1.59

82.4
87.3
85.7

-9.1
-3.4
7.2

2.9
1.8
1.8

3.9
4.9
3.9

4.7
4.7
4.5

July
August
September

1.32
3.02
-0.20

1.90
2.24
2.11

82.3
88.8
89.5

-6.7
-0.9
7.2

0.7
-0.2
0.3

3.9
5.9
3.9

4.4
4.5
4.5

October
November
December

2.81
0.43
6.58

2.12
1.91
2.41

87.0
86.3
85.5

13.8
-8.2
-5.9

2.4
2.2
1.0

5.3
5.8
5.8

4.6
4.9
5.2

2.56
1.06
1.88

2.72
2.68
2.55

89.9
88.8
87.6

1.8
7.2
17.7

0.4
1.0
3.5

4.8
5.7
5.7

5.3
5.4
5.5

3.80
-0.20
2.91

2.64
2.31
2.20

83.2
80.1
82.0

-15.0
0.0
0.9

2.6
1.6
1.0

2.8
5.7
3.7

5.2
5.1
4.8

July
Augus!
September

2.81
r-2.70
rl.41

2.22

rl.57
rl.16

85.5
80.3
88.6

r5.3
r2.6
r4.4

rl.2
1.5
r2.1

6.6
3.7
1.8

4.9
4.8
4.4

October
November
December

pi. 18

p0.93

87.2

p26.7

p5.7

5.6

4.2

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

1989
January
February
March
April
May
June

See note on page 60.
Graphs of these series are shown on pages 13 and 15.
'These series reached high values before 1987: series 92 actual (8.31), series 92 smoothed (4.40), and series 83 (97.7) in March 1984;
series 62 actual (29.6) in March 1986 and smoothed (5.2) in March 1985; and series 120 actual (8.4) in July 1984 and smoothed (5.8) in September 1984.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's
Survey Research Center.
3
This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.

NOVEMBER 1989



9
7

C. Historical Data for Selected Series
Year

Jan.

Mar.

Feb.
51.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

943.7
974.1
1044.6
1075.2
1064.6
1109.9
1152.6

936.2
993.9
1055.7
1078.6
1063.0
1129.4
1159.0

)OLLARS1

PERSON
934.2
987.9
1055.5
1076.4
1059.7
1124.6
1153.8

935.8
995.9
1054.2
1077 .0
106 1.6
1129.8
1161.6

938.7
997.9
1057 .3
1082.3
1067.8
1133.7
1161.6

941.1
1013.3
1050.8
1083.9
1086.6
1135.3
1159.6

1218.5

1225 .2

1230.8

1233.4

1237.6

1318.1

1325.0

1334.8

1340.1

1344.0

1482.1
1546.0

1488.2

1495.3
1549.7

1502.2
1556.1

1670.1
1735.0
1747.7
18046
1931.8
1969.3
1883.8
1940.9
2027.6
2119.4
2246.1
225 8.9
2266.5
2258.9

1729.8
1745.2
1816 3
1937.8
1949.2
1873.1
1953.6
2029.2
2131.5
2257.5
2253.1
2262.3
2265.9

1738.8
1753.3
1 82 4 2
1938.1
1928.1

1743.5
1756.9
1836 7
1935.9
1920.5

1741.2
1762.4
1952.0
1925.1

1957.8
2038.2
2154.5
2263.7
2245.3
2264.7
2271.4

1968.9
2 042.3
2176.1
2249.1
2223.3
2266.9
2278.5

1975.8
2 05 3.4
2183.5
2248.6
2208.4
2261.8
2281.2

1984...

2400.1

2425.0

2436.5

2431.4

2429.2

1986...
1987...
1988...

2577.2
2650.6
2741.2

2598.1
2670.7
2755.9

2617.9
2675.2
2767.1

2648.4
2674.8
2773.4

2633.4
2670.5
2776.2

946.7
971.0
1040.6
1070.1
1065.4
1106.0
1154.0

945.2
972.8
1045.8
107 7.2
1062.5
1108.8
1150.5

1962...

1208.6

1964...
1965...
1966...
1967...

1304.9
1390.4
1480.1
1541.6

1969. . .
1970...
1971...
1972
1973...
1974...
1975...
1976...
1977...
1978...
1979...
19 8 0 . . .
1981...
1982...

51C.

958.8
1026.7
1073.4
1077.2
1091.7
1119.3
1157.4

968.4
1035.1
1070.2
1076.7
1106.6
1137.7
1150.9

967.8
1040.4
107 3.7
106 9.6
1108.2
1148.5
1145.6

1241.3

1245.3

1249.9

1256.3

1217.4

1233.9

1365.8

1371.4

1517.8

1526.4

1389.8
1479.7
1531.7
1595.8

1316.0

1518.7

1378.1
1471.3
1530.1

1339.6
1418.1
1503.1
1556.8
1627 .9

1718.2
1745.9
1763.8

1724.5
1745.9
1766.2

1730.7
1749.8
1769.8

1736.1
1732.9
1769.2

1733.0
1778.9

1963.0
1937 .0
1883.2
1984.8
2074.3
2197.1
2254.0
2204.6
2283.4
2255.5

1969.0
1930.1
1902.3
1987.9
2082.6
2202.8
2251.8
2212.7
2296.3
2250.7

2445.0

2460.4

2462.5

1975.3
1926.2
1911.3
1993.0
2098.8
2217.2
2247.4
2213.0
2295.9
2244.9
2308.5
2480.6

1986.8
1936.1
1921.2
1995.0
2108.1
2232.5
2253.2
2239.4
2285.2
2246.9
2344.3
2475.3

2000.0
1911.5
1921.5
2015.3
2107.2
2237.2
2257.3
2254.1
2276.8
2251.5
2360.2
2487.7

2627.4
2670.9
2791.2

2624.0
2685.9
2802.0

2629.9
2695.7
2805.0

2630.3
2696.5
2808.2

2635.7
2748.8
2843.3

2645.2
2733.2
2 82 8.6

949.1
1012.8
106 1.3
1085.9
1084.2
1122.8
1155.8

954.6
1020.9
1066.0
1081.5
1090.0
1120.9
1153.2

1242.3

1245.0

1351.4

1362.6

1511.7
1564.5

1516.9

1707.1
1738.1
1761.2
1958.3
1931.2
1881.7
1979.0
2060.4
2192.7
2251.0
2210.6
2272.1
2266.0

Annual

AVEIIAGE FOR ]3ERI0D

(ANNUAL RATE, BILLIONS OF DOLLARS)
939.3
978.5
1047.5
1078.4
1066.0
1115.0
1153.4

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

IV Q

III Q

1483.5
1545.6

1737.7
1736.1
1793.0

1734.5
1748.7

1740.9
1760.2

1991.7
1902.6
1923.1
2025.5
2117.1
2250.9
2255.3
2269.8
2268.3
2259.2
2383.3
2517.2
2588.3
2663.7
2779.3
2845.3

1935.9
1948.9
187 6 9
1950.8
2031.7
2135.1
2255 .8
2252.4
2264.5
2265.4
22 5 8 5
2420.5
2524.1
2597 .7
2665.5
2754.7

1948.7
1925.6
1879.7
1974.6
2052.0
2184.1
2249.6
2214.1
2266.9
2275.2
22 84 2
2435.2
2537.1
2636.4
2672.1
2780.3

948.3
1015.7
1059.4
1083.8
10 8 6 . 9
1126.3
1156.2

965.0
1034.1
1072.4
1074.5
1102.2
1135.2
1151.3

948.3
1004.4
1058.0
1078.0
1079.2
1125 .2
1154.8

1242.9

1250.5

1236.2

1359.9
1440.9
1517.8
1573.1
1650 2
1724.5
1747.2
1766.6

1379.8
1471.4
1529.4
1583.8
1666 6
1736.7
1734.0
1780.4
1920.5
1992.8
1916.7
1921.9
2011.9
2110.8
2240.2
2255.3
2254.4
2276.8
2252.5
2493.4

1348.8
1431.1
1508.4
1564.8
1637 2
1709.6
1739.2
1764.0
1859.3
1961.6
1930.6
1894.4
1981.5
2069.9
2191.3
2252.9
2232.8
2275.0
2260.9
2301.2
2454.2

2648.2
2753.8
2839.1

2627.6
2696.0
2794.8

1969.1
1931.1
1898.9
1988.6
2085.2
2205.7
2251.1
2210.1
2291.9
2250.4
2467.8
2533.6
2628.1
2692.7
2805.1

CHANGE IN P URSONAL INCOME LESS TRANSF ER PAYMENTS IN 1982 DOLLARS OVER 1-MONTH S PANS
AVEIIAGE FOR

1954...
1955...

-4.3
4.0

-1.9
2.2

-7.2
7 .3

-6.3
12.2

2.1
10.2

3.8
2.4

3.1
20.2

10.7
-0.6

7.2
10.0

5.4
7.0

12.7
10.3

-0.7
6.3

1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969. . .
1970...
197 1. . .
1972. . .

-4.0
-4.6
-2.4
5.9
10.6
-4.6
-4.0
-1.1
0.5
0.3
8.0
-2.5
-3.1
-1.8
8.3
8.0

8.3
-3.2
3.1
-3.6
1.3
10.3
4.9
12.8
3.2
1.6
3.5
11 7
4.5
-3.5
-1.7
8.1

1.3
4.0
6.9
3.1
1.4
6.8
4.6
6.5
3.1
5.1
2 .6
3 9
9.2
6.4
5.7
5.3

-2.2
-6.9
10.8

0.7
2.2
5 .7
8.4
7.0
2.6
6.6
4.9
9.2
5.7

6.1
7.2
4.2
0.0
7.7
4.2
2.4

2 .2
-2.6
-12.4
-3.9
1.8
2.6
5.9
10.4

-4.8
6.6
-2.0
-2.7
4.3
-3.5
7.3
2.9

-4.7
1.9
-1.7
4.5
12.5
3.9
5.0
5.0

-0.6
17.7
21.6
-6.5

3.5
10.2
7.9

1.8
23.3
1.7
-2.0
1.0
4.7
2.5
6.8
6.3
4.2

9.1
4.5
0.3
6.0

-7.6
1.7
12.0
-5.4
7.0
6.3
11.9
10.7

1.4
1.8

-0.7
1.2

7.0
-1.5

2.9
7.7

1.3
10.4

6 3

6 9

4 0
5.5
1.8
21.2

0.0
1.6
11.0

2.7
2.5
6.3

-11.0
-0.4
14.6

0.1
0.1

1.0
2 .2
9.9
12.4

1974...
1975...
1976...
1977 . . .

-12.7
-11.2
11.7
1.3

-11.6
-6.6
8.1
1 .0

-12.2
0.4
2.6
5 .5

-4.6

1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987...
1988...

-2.5
1.9
-1.7
-4.9
-0.7
8.8
-2.6
-5.0
-5.7
-15.3

6.3
-3.0
-2 .2
3.8
-1.6
13.2
8.4
10.2
9.5
6 .6

3.3
-4.1
1.3
3.0
4.2
5.8
1.7
9.5
2 .0
5 .0

-7.5
-11.1

-2.4
5.8
3.1
9.7
8.1
-2.3
0.2
-0.2
-3.0
10.3
9.2
1.7
0.2
0.4
1.4

6.3
6.4
1.2
5.4
8.6
3.1
15.3
-5.5
1.1
20.3
-2.5
8.1
2.5
25.9
16.1

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

-4.9
1.8
4.2
2.6
-5.2
0.8
4.6

-4.5
4.5
2.8
1.8
-1.3
2.5
1.7

-5.2
7 .1
5.9
2.4
-2 .1

-3.9
9 .8
3.3
-0.1
-0.3

-0.3

7.7

8.4

-0.1

3.9

2.9

2.0

1962...
1963...

4.0
2.3

3.9
1.7

7.6

5.0
4.1

4.1

1965...
1966. . .

4.7
3.0

2.3

5.0
4.2

6.9
5.5

9.3
6.5

1968...
1969. . .
1970...
1971...

6.4
2.8
-1.5
2.8

4.2
3.4
0.3
4.0

6.9
4.8
2.0
2.1

5.1
6.0
2.7
4.0

1973...
1974...

3.6
-9.8

-0.3
-12.2

0.9
-9.5

3.0
-4.9

6.2
4.5
-0.2
1.8
0.0
4.2
0.6

1976...
1977 . . .

6.9
2.8

1979...
1980...
1981...
1982...
1983.,.
1984...
1985...
19 8 6 . . .
1987...
1988...

3.7
-0.7
1.5
-1.9
0.6
11.4
6.7
7.0
3.9
3.4

7.4
2.5
7.3
2.3
-1.8
-0.9
0.5
0.6
9 .2
2.4
4.6
1.7
-1.7

5.9
2 .9
11.1
0.5
- 6 .2
0.1
3.5
2.7
5.3
5.7
11.5
3.7
4.8

4.6
4.9
10.1
-1.6
-7.7
-0.1
2.7
5 .4
0.7
0.0
5.6
0.0
3.0

4.4
4.4
7,3
-2.2
-6.0
1.3
-0.9
5.8
1.4
0.6
1.5
-0.6
3.5

0.4
8.1
5.6
1.2
9.2

5.9
5 3
0.8
3.3
2.5
8.5
2.4
7.0
2.4

1.2
3.8
5.5

-2.5
7.0

14.9
-0.2
2.8

-1.6
3.8
2.8

-2.1
-0.8
-10.4

2.9
1.7
4.3
6.7

3.9
1.0
2.0
4.2

3.7
1.0
3.6
8.4

-0.3
-7.8
-2.7
1.4
6.6
-1.1
-8.0
-6.6
-1.9
1.2

1.3
1.2
5.6

1.6
-3.2
6.1
-5.4
3.0
7.8
-3.0
-1.5
7.0
4.7

-4.2
12.9
1.9
4.9
3.2
-1.2
4.5
7.0
-2.5
-5.5
1.0
2.0
2.7
4.5
1.3

5.8

6.9

2.7
3.3
8.8
-2.5
-2.0

3.3
-0.3
8.6

3.8
3.8

3.8

5.9
5.8
6.9

-7.7
5.4
8.1
3.5

-2.7
0.2
6.7

6.8

13.5
-14.2
0.2

12.9
-0.5
2.6
2.2
8.2

-4.3

2.5
8.4
6.2
0.1
4.4

-6.6

-5.4
1.0
6.2
5.8
7.6
-1.1
8.7
-4.4
4.2
12.4
15.2
17.2
8.7
22.2

3.8
1.5
0.7

-1.8
2.8
10.5

0.6
1.6
3.8
5.7
3,5
3.3

6 .4
3.9
0.9
-3.3
2.9

-4.0
5.0
4.9

-2.6
-3.6
1.7
4.2

-0.1
8.3
3.9
1.5
0.8
6.9
2.9
7.6
4.1
3.4
5.9
9 3
6.5
4.0

3.5
0.4
4.1
7.1
-0 3
-12.2
-5.8
7.5
2.6

4.5
-0.1
1.8
0.3
0.7
1.7
4.4
4.4

7.0
9.9
3.7
-0.3
9.1
-4.2
-2.9
2.4
1.3
5.2
6.7
5 1
1.6
2.7
5 5
5.7
2.7
2.0
12.8
3.5
-1.0
6.6
2.9
7.7

2 .4
-1.7
-0.9
0.6
0.6
9.3
2 .5
4.9
1.9
-1.2

-2.2
-5.9
1.4
-0.8
5.8
1.5
0.8
1.9
-0.6

-0.6
0.5
4.3
-3.6
2.6
6 .0
0.2
0.5
4.0

-4.9

-0.4

6.8

6.4

2.3

1.8
1.4

5.0
0.2

1.7
-4.0

3.4
2.1

6.2
2.9

-4.1
-1.9

9.5
-1.7

4.3

2.0
4.9

2.9

8.3
6.0
4 1
5.7
5.8
1.0
2.5

6.3
2.9

7 .8
3.6
4.3

5.8
7.9
3 .1

-4.3
7.1

10.6
-2.5
9.5
4.9
5.7
7.2

3.7
5.5
3 9
1.6
-2.9
5.4
13.5
3.5
-4.4
2.5
6.8
3.6
1.4
10.7
-4.7
2 .6
13.7
6.3
8.5
5 .2

13.8

2.0
7.6
3 .4
-0.3
3.9
4.0
-0.1
6.0
3.6
4.0
6.5
6.5
3.6
4.2
5 0
3.8
0.0
3.3
8.4
-4.2
1.2
5.4
4.6
6.4
0.2
0.9
0.0
-0.3
5.7
5.8
3.0
3.1
4.8
2.6

AVERAGE FOR PERIOD
5.6

5.2

-4.3
6 .8
10.2
-2.6

-1.2
-4.3
5.3
13.0
-0.7

-2.4
1.9
-5.5
-0.8

-3.3
8.5
5.4
-1.7

1.2
5.2

1.0

1.6

4.9

2.2

5.2
2.5

4.5

1.6

2.5

3.0

3.7

4.0

5.6
5.7
1.1
0.9

5.5
5.6
2.7

4.6
4.2
-2.9
1.2

3.6
2.7
-2.9
2.9

3.9
1.6

-3.1
5.3

2.3
-0.3
3.5
8.2

3.2
3 7
5.8
3,7
0.3
3.0
1 -j

3.5
1.0

3.5
-1.0

4.9
-0.2

6.4
-3.8

-4.8

2.5
5 .8

2.9
7 .7

2.1
6.7

5.6
4.8

0.6
0.8
6.2
-5.2
0.9
5.6
0.8
-0.5
3.8
4.2

-0.6
0.4
4.3
-3.7
2 .4
6.0
0.2
0.4
3.9
2.5

-0.1
6.5
0.3
-1.5
7.8
2.4
3.9
1.8
9.7
6.0

1.0
7.7
-3.4
0.1
12.9
4.2
3.3
2.4
5.7
3.4

-2.9

-10.4

-10.5

6.7
3.5

6.7
2 .2

1.4
10.7
-4.7

1.0
4.9
-4.5
2.0
9.9
6.0
3.7
2.3
-1.1
3.5

6 .7
2 .7
7 .7
2.2
-2.9
0.2
0.7
1.3
8.6
4.9
7.7
3.1
2.2

2.6

13.6
6.0
8.3
5.2

12.9

5.4

4.3
-0.3
1.5
4.1
5.2
7 .1
-1.0
-5.7
1.4
-0.7
5.4
2.3
-0.7
1.2
0.4
3.6

NOTE: Unless otherwise noted, these series contain revisions beginning with 1985. Percent changes are centered within the spans: 1-month changes
are placed on the 26. month and 3-month changes are placed on the 3d month. Quarterly and annual figures are averages of the centered changes.
iThis series contains revisions beginning with 1986.




ERIOD

-4.5
4.5
2.8
1.9
-1.3
2 .5
1.8
4.4
4.2
1.8
6.1
2 3
2.3
4.7

(ANNUAL RATE, PERCENT)
3.0

D

5.2
5.2
0.3
1.4
9.9
4.0
-0.1
6.5
2.5
6.7
4 9
0.0
2.6
3.6
-3.5
3.7
4.7
1.6
0.6
5.8
4.2

2.0
7 .2
3.2
0.0
3.5
3.8
0.4
5.1
3.6
3.9
6.6
3.9
3.6
5.0
4.0
D.2
3.1

3.3
1.3

-0.8
5.5
10.5
2.1
-6.3
3.6
6.3
3.5
5 0
1.1
7.8
-4.2
1.6
12.1
5.4
5.1
3.3
5.8
4.1

-

2.9
+ .3
1.6

0.6
0.4
0.2
-0.5
5.6
5.3
2.8
3.2
3.8
3.5

(NOVEMBER 1989)

C. Historical Data for Selected Series— Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

5 2 , PERSONAL I NCOME 18 1982 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

1225.6

1053.5
1118,1
1148,9
1147.6
1213,6

1306.6
1353.7
1401.2

1314.6
1359.8
1415.3

1255 .4
1319.3
1365.6

1581,6
1659,0
1723.2
1827.9
1912.8

1591.1
1666.9
1733.6
1832.0
1913.2

1600.3
1670.7
1747.4
1843.0
1916.5

2001.5
2117.6

1998.5
2155.9

2011.4
2183.9

2024.7
2199.2

1508.5
1605.8
1689.1
1759.3
1849.7
1915.7
1962.7
2051.2

1273.7
1335.4
1374.0
1449,5
1531,1
1625.7
1702.9
1790.9
1872.1
1944.5
1989.7
2070.0

1284.6
1345.4
1387.7
1470.6
1563.7
1644,6
1721.8
1815.7
1899.1
1951.2
1995.3
2106.1

13 06.3
1354.7
1405.9
1491.0
1591.0
1665.5
1734.7
1834,3
1914,2
1945 ,5
2011.5
2179.7

1280.0
1338.7
1383.3
1459.5
1548.6
1635.4
17 12.1
1800.0
1883.8
1939 2
1989.8
2101.7

2213,5
2234.7
2326.8

2210.4
2244.2
2331,1

2224.2
2256.6
2330.3

2201.6
2251.6
2355.2
2449.6

2215.8
2185.0
2287 ,4
2370.7

2201.1
2212.3
2 3 06 .8
2387.8

2210.0
2220.8
2 318.1
2408.8

2606 .8
2600.0

2559.5
2601.0
2604.4

2574.5
2608.6
2628.7

2613.7
2638.5

2599.1
2613.0

2592.2
2574.8

2214.9
2231.2
2327.7
2425.3
2549.1
2605.7
2599.9

2208.2
2254.8
2350.6
2451.3

2609.3
2595.3

2198.9
2256.1
2366,2
2459.2
2593.5
2612.6
2657.4

2611.6
2641.5

26 02.2
2607.3

2724.7
2882 .1
2972.4
3086.4

2712.1
2885 .5
2972.2
3087.7

2663.0
2727.9
2902.8
2976.8
3088.0

2668.4
2761.5
2900.5
2994,0
3093.9

2681.4
2783,5
2914.0
2994.1
3103.7
3188.5

2690.4
2807.2
2936.5
3028.0
3123.0
3236.2

2660.4
2686.0
2842.7
2 96 1,9
3047.6
3123.8
3225.0

2679.2
2714.0
2857.7
2974,4
3092.5
3131.4
3249.9

2665.9
2721.6
2890.1
2973.8
3087.4
3149.8
3274,5

2680.1
2784.1
2917.0
3005.4
3106.9
3210.0
3308.5

267 1,4
2726,4
2876.9
2978.9
3083.6
3153.7
3264.5

298.9
313.2
342.6
356,1
325.2
348.1
367 .3
347 ,8
373.7
385.0
402.6
431.8
459.9
477.6
492,6
512.6

296.8
324.6
347.2
352,1
316.6
360.1
364,3
355.1
380.6
389.7
410.9
434.2
468.8
475.0
499.6
517 .2
500.8
489.4
514.5
545.0
537.0
480.6
512.7
538.0
570,4
579.8
536.3
538.9
510.2
491.8
526 ,9
536.4
543.2
539.7
559.4

989.2
1047.3

991.1
105 5.3

994.1
1057 . 8

998. 1
1073.2

1005.8
1073.0

1012.0
1081.4
1129.7
1152.0

1018.6
1087.2
1137.5
1150.7

1143 .4
1190.0

140.0
L193.4
236.4

1146.3
1199.1
1241.1

1209.0

1213.7

1218.0
1250.9

1219.8
1248.9

1207.1
1246.1

1251.1
1310.4
1367.8

L319.9
1362.0

1327.6
1367.0

1332.0
1368.2

1334.9
1375.5

1339.3
1378.3

1344.7
1380.6

1348.2
1387,2

1206.5
1244.7
1285.9
1343.4
1395.4

1204.9
1248.9
1297.6
1350.6
1401.2

1965. . .
1966...
1967...
1968...
1969...

1509.6
1601.9
1681.8
1745.2
1840.0
1914.8
1959.8
2035.9

505.9
1604.4
1689.0
1760.4
1848.1
1910.9
1959.3
2054.4

1509.9
1611.0
1696.5
1772.2
1861.1
1921.5
1969.1
2063.2

1520.6
1617.8
1694.9
1782.5
1862.4
1957.2
1973.3
2072.1

1530.3
1625.2
1702.4
1790.3
1874.0
1939.3
1979.2
2077.0

1542.4
1634.2
1711.5
1800.0
1879.8
1936.9
2016.5
2060.9

1550.6
1639.0
1719.7
1805.8
1892.5
1947.1
1991.3
2091.4

1551.8
1645.0
1722.5
1816.2
1899.0
1949.0
1993.2
2109.4

1588.8
1649.9
1723.2
1825.0
1905.8

2236.6
2184.2
2278.0
2366.6
2461.0
2591.0
2622.0

2216.5
2183.7
2290.9
2367.6
2473.0
2599.7
2614.7

2194,4
2187.0
2293.2
2378.0
2496.4
2606,6
2602,3

2195.5
2196.9
2302.8

2200.9
2201.5
2306.0

2207.0
2238.4
2311.7

2220.9
2214.8
2325.2

2513.1
2594.8
2581.5

2522.7
2592.2
2569.3

2589.5
2573.5

2651.2
2681.7
2822.8
2948.1
3023.8
3109.1

2661.2
2682.5
2846.7
2967.4
3047.5
3129.4

2668.8
2693.7
2858.5
2970.1
3071.5
3132.8

2682.6
2701.4
2854.4
2984.8
3103.5

2684.9
2716.6
2851.4
2966.1
3089.7

2670.0
2723.9
2867.2
2972,4
3084.3

1954...
1955...
1956. . .
195 7
1958...
1959. . .

509.8
516.5

511.4
516.9

487.7
522.2
547.5

488.4
527.2
546.1

490.6
531.4
549.4

516.5
544.5
574.2
572.1
534.1
538,0
495.6

488.5
515.9
549.8
576.6
572,0
536.8
532.1
491.6

490.9
514.7
552.2
577.3
569.4
539.1
531.2
485.6

491.8
521.9
552.8
5 82.1
566.8
543.3
526.9
484.1

496.9
534.5
549.7
501,7
496 .7
523.1
549.5
584.2
567.5
545.3
522.8
487.2

532.4
538.9
544,3

533.1
539.4
542.1

532.2
542.8
547.3

560.9

562.8

569,0

534.7
539.0
5 43.7
551.8
565.5

537.5
541.0
545.2
552.1
563.9

525.6
536.6
543.8

529.3
537.2
541.0

530.6
536.3
541.7

558.8

558.0

561.5

562.4

315.4
361.1

1961...
1962.,.
1963...
1964...
1965...
1966...

347.9
370,4
385.1
396.9
429,1
456,1

346.9
373,4
385.1
404.1
433,1
460.2

348.5
377,2
384.8
406.9
433.3
463,4

351.1
381.2
386.7
409.7
430.8
466.0

354.7
380.2
390.5
411.2
435.7
468.1

319.1
362.6
362.2
359.5
380.5
391.8
411.8
43 6.1
472.3

1968...
1969...
1970...
1971...
1972...
1973. . ,
1974...
1975...
1976. . .
1977...
1978..,
1979. . .
1980,..
1981...
1982. . .

487.8
512,7
511.7
486.7
501.6
540.0
544.4

493.8
510.2
509.9
484.3
506.1
544,2
541.6

496.1
515.0
511.6
486,0
511.4
543.0
537.2

498.0
515.2
504.0
488.0
513.5
544.5
536.8

500.8
517.5
498.5
491.1
514.8
544,6
536.7

504,8
519.4
546.0
5 84.8
562.7
545.7
521.9

507.4
524.3
550.4
5 84,0
557.9
537.5
522.1

510.0
528.2
557.4
5 86.9
550.9
539.7
520.2

512.7
532.5
569.8
578.8
543.3
539.4
514.8

1984...
1985..,
1986. . .
1987...
1988.,.

518.7
539.9
540.0

521.9
535.1
539.3

522.6
543.8
546.9

551.3

553.9

561.5

6 2 . INDEX OF LABOR COST PER UNIT OF OUTPUT
(1977=100)

1971...
1972...
1973...
1974,..
1975...
1976...
1977...
1978...
1979...
1980...
1981.„ .
1982...
1983...
19 8 4 . . ,
1985...
1986...
19 87 . . .
1988. . .

506.3
520.4

525.7
535.5
544.9

315.4
356.5

1969...

504.1
522.4

514.0
543,7
573.9
578.7
526.8
537.8
499.3

321.5
354.2

62.0
61.3
61.0

339.2
351.1
351.1
369.8
383.2
396 ,9
420.7
450.9
477.4

511.4
543.5
57 1.8
580.1
529.7
539.2
503.9

322.9
346.2

63.2

329.4
347.2
354.7
364.3
381,3
395.6
414.9
446.0
476.2

514.0
538.0
569.6
580.4
536.0
538.2
511.8

331.1
343.9

63.5

331.1
349.7
356.0
357.6
382.5
395.0
420.5
441.9
476.4

500.3
521.1
497.8
486.1
517.9
543.1

327.4
346.5

60.3
57.7
59.3
3l.4

339.1
354.7

500.0
519.9
500.0
487.0
513.2
551.7

326.4
346.4

60.3
58,3
58.9
61.1
64,9
62,3

335.3
355.4

500.0
519.0
499.8
489,0
515.3
545.9
537.5

320.1
348.6

60.1
58.2
58.5
61.5
64.5
62.7

330.1
352.1

330.0
348.8
350.2
327.4
350.8
358.6
362.3
3 80.9
392 . 1
418.4
439.8
474.0

316.9
343.7

57.6
59.4

57.5
59.8

1024.4
1094.8
1136.4
1149.1
1186.2
1222.0

1004.5
1064.2
1120.9
1148.5
1162.4
1210.2

AVERAGE FOR I'ERIOD
308.3
341.0
359.1
337 1
343.1
362.0
344.7
372,0
383.5
399.4
42 8.2
453.6
477,1

330.3
339.9
350.0
322 .4
361.6
361.8
359.7
382.1
393.1
414.6
438.7
473.5

312.6
341.9

1954...
1955. . ,
1956...
1957 . . .
195 8
1959...
1960. . .
1961. . .
1962. . .
1963..,
1964...
1965...
1966.,.
1967...

1095.6
1133.8
1151.1

IN 1982 DOLLARS , MINING MANUFACTURING, A.ND CONSTRUCTION
(ANNUAL RATE, BILLIONS OF DOLLA RS)

310.1
342.1

ERIOD

1032.8
1106.4
1141.7
1143.2
1194.2

994.1
1038.3

WAGES AND SALARIE

485.7
506.4
542.4
487.1
507.4
524.0
551.3
585.2
557.2
541.0
521.4
488.8
521.1
539.6
542 .1
542.9
555.6

MANUFACTURING'

295 .2
330.1
346 .9
349.1
327 . 0
354.0
358.8
359.9
381,8
393,4
417.8
440.1
474.6

304.8
338,5
356.4
341.1
337,2
353.4
350 2
368.7
3 82.7
397.3
421.3
450.2
476.9

501.5
521.1
495,7
486.9
517 .8
547.4
532.7
484.0
515,5
546,0
574,9
574,3
532.6
536.0
495.5
501.1
532.0
538.2
542.7
544.2
562.0

5 09.2
517.9
479.9
492.0
531.0
548.4
512.2
493.1
519.9
551.5
581.2
567,9
5 42.6
527.0
485.6
512 8
534.8
540.9
545.4
551.1
566.1

59.5
58,4

64.8

58.2
61.5
64.1
63.4
62.7

58.1
58.9
61.3
65 0
62.4

57.5
59.8
61.7
64 7
61.9

57.9
61.3
61.9
63 7
64.0

63.6

63.3

63.4

63,3

6 4,1

63.7

61.8
60.9
62.9

62.4
61.2
61.3

62,3
60.7
61.9

62.5
60.4
62.5

32,0

71.0

57 .7
62.3
61.8

57.9
60.8
62.0

58.1
60.8
61.9

58.0
61.3
62.6

59.0

63.3

64.2

64.6

64.7

63.7

61.7

61.9

61.8

61.9

,51s

63.9

64.0

64.4

63.6
63.7

63,3
63,6

62.4
61.4
61.7

J2.7

»0.9
sl.3

62.2
60.8
61.8

62.2
60.6
61.8

62.4
60.7
62.1

62.2
60,2
62.1

62.5
60.5
62.7
64.6

62.7
60.6
62.6

62.5
60.7
62.4

61.8
61.0
63.3
63.7

67,3

67.0

67.3

67.8

68.5

68.6

68.8

73.1
71.9
73.9
80.1
91.3
95,2
97,3
103.5

73.2
72.7
74.4
80.8
91.8
94,4
97.9
105.2

73.3
73.0
74.7
80.9
94,0
95.6
98.4
105.6

73.2
72.4
75.2
81.6
93.2
96,0
98.5
104.3

73.5
72.9
75.4
81.9
94.1
95,6
99.3
104.7

73.3
73.1
75.2
82.5
93,4
96.2
100.0
04.7

73.2
73.1
75.6
83,6
93 .1
96 .2
100.4
105.1

69.2
72.8
74.1
72.9
75.6
84.1
93.5
96.9
100.2
105.2

69.6
72.7
72.7
73.1
75.8
84.4
93.7
97.0
101.2
105.8

69.9
72.7
72.2
72.8
76.3
85.7
93.9
96.8
101.8
106,5

70.4
72.9
72.2
72.9
77 .0
87.0
94.0
97.1
102.2
107.1

72.8
73,2
79.0
90.0
94.6
97.2
102.6
07 .6

67 .2
72.3
73.2
72,5
74.3
80.6
92.4
95.1
97 .9
104.8

6 8.3
72 5
73.3
72.8
75.3
82.0
93.6
95,9
99.3
104.6

69.2
72 7
73.3
73.0
75.7
84.0
93.4
96 .7
100.6
105.4

0.4
2 8
2.4
73.0
77.4
87 .6
94.2
97.0
102.2
107 . 1

126.6
132.5
143.1
134.8
134.8
136.9
138.5
136.6
137.6

126.1
34.0
43.3
34.4
35.8
36.9
38.6
138.0
138.4

127.1
135.6
143.8
134.9
135.9
139.1
139.6
137.1
139.9

127.0
137.3
143.5
136.0
136.1
137.6
138.3
137.3
13 8.9

28.5
38.9
44.1
36.3
37 .0
38.2
37.4
36.8
38.2

119.0
129.5
141,4
140.6
134.6
138.0
138.4
138.3
138.0

124.5
131.5
143.0
138.2
134.8
136.8
138,2
136.9
138.1

126 . 3
132.5
143.2
135.2
135.0
137.1
138.3
136.7
137 .9

137.3
143.8
135.7
136,3
138,3
138.4
137.1
139,0

61.2
63.7

3 1 . 3

>3 0
35.0

122.0
125.0
131.0
131.5
142.2
143.3
138.9
138.1
135,0
134.9
136.8
136.3
137.8
138.4
137.2
136.9
138.1
137.7
NOTE: Unless otherwise noted, these series contain revisions
'This series contains revisions beginning with 1985,
118.5
129.7
142.5
141.5
134.5
138.1
137.1
138.6
137.2

118.7
129.1
140.6
140.6
134,7
137.0
137.6
138.0
137,7




119.7
129.8
141.2
139.6
134.5
138.8
140.5
138.3
139.2

26.6
32.0
43.6
37.7
34.4
37 .2
38.5
36.6
38.5

126.3
130.9
143.2
136.4
134.3
137.4

137.8
135.6
137.7
beginrr ng with 1986.

298.9
326 ,6
348.3
349 6
326,5
353.9
357=9
379,7
391.3
413.2
439.1
470.1
500.7
517.2
496.9
488.5
517.4
545.8
486.2
513.9
539.9
569,4
576.8
542 .2
535.7
503.2
498.6
528.7
538.8
543.4
544.5
560.8

AVE UGE FOR 13ERI0D

57.5
60.2
6 1.6
63.7
62.1

D5.5

Annual

1101.5
1137.8
1145.5
1191.5
1235.6

998.6
031.0

53.

FOR 5

IV Q

1005.3
1075.9
1122.8
1154.4
1172.6
1211.1

998.2
102 9 . 0

1974...
1975...
1976. . .
1977...
1978...
1979...
1980...
1981
1982...
1983...
1984..,
19 85 . . .
19 86 . . .
1987...
1988...

III Q

AVERAGE

1954...
1955...
1956. . ,
1957...
1958...
1959. . .
I960...
1961...
1962...
1963...

1971...
1972...

ii Q

)2.8

sO.9
)2.9
>3.8

127 .5

59.8
58.0
60.3
62.1
64 1
63.1
64.1
64.0
63,6
62.5
62,3
60.8
62.1
63.9
66,1
68.8
72 6
73.1
72.8
75.7
83.6
93.4
96.2
100.0
105,4
124.3
132.7
142.9
137.4
135.2
137.5
138.3
137.2
138,3

(NOVEMBER 1989)

99

C. Historical Data for Selected Series—Continued
Jan.

Year
62.
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...
19 8 4 . . .
1985...
1986. . .
1987...
1988...

Feb.

103.3
98.4
97.0
99.7
103.1
99.1
97.2
102.4
99.8
100.7
100.8
100.0
97.6
98.7
99.5
101.4
105.5
103.1
97 .1
95.4
98.6
104.9
103.0
99.2
99 .1
98.3
100.0
103.2
107.3
104.1
9 8.3
100.7
99.9
101.0
100.0
62.

103.5
98.4
97.4
98.9
103.6
98.4
98.2
102.6
99.4
100.6
101.6
100.1
98.4
98.9
100.0
100.7
104.7
103.0
97 .8
95.6
98.9
104.9
101.6
99.3
100.2
98.3
99.6
102.2
105.5
103.4
9 8.4
99.9
100.3
100.6
100.4

-5.8

4.1

1955 . . .
1956...
1957...
1958...
1959...
1960...
1961...
196 2 . . .
1963...
1964. . .
1965...
1966...
1967 . . .
1968...
1969. . .
1970...
1971...

-20.1
6.4
0.0
7.8
-12.5
-10.9
9.6
18.7
-3.7
-12.6
-9.3
2.0
3.9
16.1
3.6
24.3
6.8

2.1
8.5
-7.5
7 .7
-7.4 .
14.4
1.8
-5.5
-3.7
8.0
2.0
14.7
3.9
7 .7
-5.2
-4.9
1.7

197 3 ! . . '
1974...
1975...
1976. . .
1977...
1978...
1979. . .
1980...
1981...
1982 . . .
1983...
1984...
1985...
1986...
1987 . . .
1988. . .

12.1
18.0
18.8
7.9
1.2
11.0
22 .0
7.4
11.8
35.9
-19.6
-14.7
10.1
-9.1
11.0
3.6
62.

1973. . .
1974...
197 5 . . .
1976. . .
1977 . . .
1978...
1979...
19 8 0 . . .
19 8 1 . . .
1982...
1983...
1984...
1985...
1986...
1987...
1988...

Apr.

My
a

June

July

Aug.

Oct.

Sept.

Nov.

9. 1
-3.6
3 .9
3.3
10. 1
-3.8
-1.9
4.4
-1.3
-2.2
0.1
-3.5
2.2
3.1
0.6
3.1
10.2
0.5
-2.9
2.4
13.7
21.8
2 .2
1.8
6.8
7.8
8.7
5.9
16.8
-2.1
-0.8
5.1
0.8
-0.3
0.8

103.4
97.2
97 .9
99.3
104.4
98.3
99.2
102.3
99.6
100.3
102.2
99.2
97.6
99 .6
100.2
100.9
105.3
102 .8
97.8
95.6
98.5
106 .9
102.4
99.2
100.0
98.4
99.9
102.3
105.6
102.6
9 8.2
101.2
102.4
100.8
101.5

103.2
96.9
97 .9
99.6
104.5
97.4
99.8
101.1
100.6
99.2
101.5
99.0
98.2
98.8
100.7
101.4
104.9
102.3
96 .7
95.9
98.8
105.5
102.3
98.8
98.3
99.1
101.4
102.8
106.0
102 .0
9 8.6
99.7
100.4
100.0
100.7

102.8
96.6
98.3
99.8
103.1
97.5
100.4
100.6
100.8
99.7
101.6
98.5
98.0
99.1
100.4
102.1
104.3
102.3
97.0
95.8
98.6
106.0
101.4
99.1
98.1
98.4
103.3
102.7
106.5
101.4
9 8.4
99.3
100.9
99.8
100.4

101.6
96.4
98.8
99.2
101.2
97.7
100.7
100.5
101.5
99.7
102.0
98.5
98.3
99.6
100.9
102.0
104.5
101.7
96.9
95.2
98.8
104.6
101.5
99.3
97.6
98.8
104.1
102.6
106 . 3
101.1
9 8.0
100.0
100.9
99.6
100.9

101.3
96.6
102.1
99.4
101.5
99.5
100.2
99.6
100.4
101.1
101.7
97.5
98.2
100.2
101.4
102.0

101.7
96.8
99.4
99.6
100.7
100.9
100.1
99.2
100.4
100.8
102.1
97 .8
98.9
99.9
101.1
102 .3

101.2
96.5
95.3
99.5
103.8
101.0
99.2
97.5
99.2
103.4
101.2
105.7
100.1
97.9
100.1
100.4
98.8
100.4

102.0
95.9
95 .0
99.5
103.7
101.2
98.5
97.0
99.0
103.1
102.0
105.6
98.8
9 8.3
99.8
100.9
99.6
100.3

100.3
96.9
99.2
99.4
100.8
101.4
100.6
98.8
100.8
101.1
102.4
97.8
98.6
99.2
101.7
102.6
103.8
99.7
95.8
94.9
99.3
103.4
100.8
99.0
97.1
99.4
102.2
102.7
105 .7
98.5
99.0
99.8
101.0
100.6
100.9

101.0
96.6
99.9
100.4
99.6
101.5
100.9
98.7
100.8
100.9
102.0
97.8
98.1
98.3
102.3
102.8
103.5
98.7
95.0
95.1
100.2
103.1
100.1
99.0
97.2
99.0
102.6
103.4
106.0
98.8
99.1
101.4
101.7
99.9
102.0

101.3
98.1
99.5
102.0
99.4
101.6
101.8
98.9
100.5
100.9
100.9
98.0
99.4
98.1
101.2
103.3
103.5
98.3
94.8
95.6
101.1
102.7
100.0
98.9
97.2
99.5
102.0
104.2
105.7
99.5
99.2
100.3
100.8
100.1
101.2

8.4
11.0
6.8
-9.6
7 .7
21.6
6.8
2.0
-5.4
-14.9
-7 .4
1.8
-9.2
4.5
-5 .1
4.5

0.0

0.0

-3.9

IQ

II Q

100. 4
96. 6
99. 9
102. 5
100. 2
98. 2
101. 6
98. 4
100. 8
101. 9
100. 8
97 . 6
98. 6
98. 3
101. 4
103. 8
9
9 8.' 7
94. 8
97. 8
103. 9
102. 9
99. 6
98. 7
97. 2
99. 9
102. 7
105. 0
106. 1
99. 7

103.4
98.0
97.4
99.3
103.7
98.6
98.2
102.4
99.6
100.5
101.5
99 .8
97.9
99.1
99.9
101.0
105 .2
103.0
97.6
95.5
98.7
105.6
102.3
99.2
99.8
98.3
99.8
102.6
106.1
103.4

102.5
96.6
98.3
99.5
102.9
97.5
100.3
100.7
101.0
99.5
101.7
98.7
98.2
99.2
100.7
101.8
104.6
102 . 1
96.9
95.6
98.7
105.4
101.7
99.1
98.0
98.8
102.9
102.7
106.3
101.5
99.7
100.7
99.8
100.7

-11.7
8.5
6.1
11.7
0.0
14.2
-3.6
1.9
-5.6
5.9
-9.3
-7.5
12.0
3.7
5.5
10.5
1.7

-2.1
2.0
6.0
1.8
-9.2
7.8
-13.7
12.0
-14.3
-9.2
-2.0
10.2
-7.3
7 .6
9.3
-1.6
-1.6

-2.1
8.4
4.0
-13.7
2.0
7.8
-7.2
1.9
3.9
0.0
-3.9
0.0
5.8
-1.8
13.1
-3.3
5.0

4.9
1.5
32.9
16 .4
6.3
4.7
7.9
10.6
6.7
5.2
-8.2
-1.8
17.0
28.4
2 .6
13.9

8.3
10.9
-9 .7
5.1
1.2
-13.8
16.3
2 5.7
11.7
8.8
-5.9
4.6
-16.0
-20.8
-9 . 1
-9.1

3.2
4.5
12.2
-4.9
10.2
4.7
-2.1
33.8
4.7
9.7
-6 .7
-0.9
-4.3
5.4
-2.6
-3.4

100.
100.
99.
100.

7
1
7
7

100.6
100.9
100.8
100.6

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

-0.6
-9.9
7.8
-0.5
9.1
-6.6
5.9
2.6
5 .0
-4.3
0.4
-5.5
3.1
6.6
9.2
1.3
10.0
3.4
1.8
8.5
10.2
19.5
4.9
5.1
12.4
12.2
6.7
4.4
8.7
-11.7
-4.9
6.0
7.9
2.8
7.3

8.7
-4.2
4.5
1.1
10.5
-4.1
-3.0
4.4
0.2
-2.7
0.5
-3.7
4.0
3.0
2 .8
1.7
9.8
1.0
-1.1
4.3
15.7
22.0
1.4
2.4
9.1
9.3
7.9
4,9
15.0
-4.4
-0.6
4.0
0.5
-0.6
1 .4

8.4
-4.5
4.6
1.6
10.5
-3.9
-2.1
4.0
0.1
-2.7
0.7
-3.9
3.3
3.4
2.5
2.1
9.9
1.0
-1.1

6.2

8.3
-5.7
-18.6
3.9
3.8
-1.9

50.9
4.0
3.8
25.8
-5.4
-10.7

-25.4
4.0
-7.3
18.5
0.0
-5.5

0.0
-1.9
1.9
7.7
5 .8
-5.5

10.3
14.4
-12.4
1.9
3.8
-1.9

6.2
22.8
-1.9
23.2
-1.9
1.9
11.7
1.9

-1.9
3.9
2.0
6 .0
7.8
7.6
1.8
5.1
-3.2

14.4
-3.8
-9.4
0.0
9.8
7.5
3.6
1.7
-1.6

-5.6
5.9
6.1
12.2
-1.8
-1.8
7.2
1.7
15.8

1.9
3.9
2.0
-1.9
-5.4
9.4
7.2
-1.6
-20.5

-3.8
-3.8
2.0
-3.8
-8.9
9.4
5.3
0.0
-7.9

-1.9
-12.6
6.1
18.7
-1.9
-8.6
8.9
3.4
0.0

-7.
-15.
6.
7.
12.
-32.
-3.
-7.
1.
10.
0
-1.
-7
3
5
10
-3
10

-3.1
9.2
-8.6
7.8
8.8
0.0
11.3
16.5
4.7
2.5
-3.4
-4.4
8.2
0.9
-2 .6
7.2

6 .6
17.2
-3.8
0.0
4.9
4.7
12.3
-2.8
-9.6
-3.3
-10.8
-0.9
1.8
-5.9
-8.4
-6.7

0.0
7 .4
5.3
9.1
-2.4
1.1
3.2
2.9
15.7
-0.8
-13.2
4.6
-4.3
6.3
9.2
-0.9

3.2
4.4
2.6
1.2
12.7
7 .1
12.2
-4.6
14.5
1.7
-3.5
9.3
0.0
0.9
13.0
7.2

8.2
20.1
2.6
-2.4
7.4
8.2
1.0
9.9
15.3
4.3
4.6
0.9
21.1
9.0
-7 .6
13.8

11.6
19.8
1.3
3.8
4.8
7.0
13.2
-0.9
16.1
-2.5
10.2
1.8
-12.2
-10.6
1.8
-8.2

36
50
7
1
4
5
11
15
14
5
2
8
5
-7
-4
-5

10.7




d',2
1.4
-10.2
-1.1
6.5
-7.6
7.2
-4.1
-1.8
-1.3
5.4
2.1
4.5
8.1
0.1
0.1
0.8
2.8
8.2
-2.0
2.7
6.7
-3.0
8.5
25.3
7.0
7.0
-5.3
-0.2
-4.0
-4.8
-4.8
-1.8

100.9
97.1
99.8
101.6
99 .7
100.4
101.4
98.7
100.7
101.2
101.2
97.8
98.7
98.2
101.6
103.3
103.3
94.9
96.2
101.7
102.9
99.9
98.9
97.2
99.5
102.4
104.2
105.9
99.3
9 9.4
100.8
100.9
99.9
101.3

102. 0
97. 1
98. 9
100. 0
101. 8
99. 3
100. 1
100. 3
100. 4
100. 6
101. 6
98. 5
98. 3
99. 1
100. 9
102 . 1
104. 3
101. 2
96 . 3
95. 6
99. 6
104. 4
101. 2
99. 0
98. 0
98. 9
102. 0
102. 9
106. 0
100. 8
100. 2
100. 8
100.0
100 8

-3.6
4.2
8.5
2.0
-0.5
17 . 3
0.1
-7.2
-4.1
3.6
2.0
-0.4
3.4
0.9
5.0
6.0
0.6
-2.1
0.0
9^
1.4
3.4
5.1
4.3
9.2
-1.5
6.9
-0.8
-9.2
4.3
-0.8
0.4
4.6
-0.1

3.0
1.9
4.8
15.1
-0.7
-9.6
4.0
-2.5
-1.8
1.5
-5.5
2.1
2.5
-2.3
2.1
8.3
0.1
0.8
0.7
18.6
30.0
3.9
0.9
5.7
7.0
8.7
8.0
15.4
2.3
5.8
3.6
4.8
-3.0
-3.4
-0.1

-1
6
4
-0
0
4
-3
1
-0
-1
-1
3
1
5
5
2
0
Q
8
14
5
3
5
5
9
9
8
4
-5
0
1
0
-0
1

5
3
8
5
6
0
1
7
6
8
2
3
6
8
2
9
7
6
g
3
5
7
0
6
2
7
6
4
3
1
7
5
1
2
3

AVE RAGE FOR PERIOD

5 .5
-6.0

3.2
-5.6

-0.1
-4.7

-2.3
-2.9

-2 .4
-0.9

-4.2
0.9

-3.2
1.6
7.8

-1 .4
4.9
5.8

0.5
10.9
-3.8
-1.3
3.3
1.3
-3.3
1.4
-4.6
3.6
4.1
4.2

0.9
9 .9
-4.3
0.9
0.4
3.4
-5.2
0.5
-4.7
4.2
3.3
5.5

1.5
6.1
-3.7
3.1
-2.3
4.4
-5.1
0.0
-4.7
4.0
3.1
5.3

0.9
0.6
-2.4
4.5
-3.9
5 .4
-4.6
0.1
-3.8
4.1
3.6
5.5

5.6
1.7
1.4

4.1
1.3
2.2

l'.O
0.2
1.6

-6.3
10.6
3.0
-6.7
-0.1
0.4
1.0
-0.2
2.9
0.6
5.8
6.3
0.3
-2.1
0.6

-6.5
9.8
4.2
-5 .3
-1.4
0.1
-1.0
1.4
4.3
-1.2
4.2

8.0
1.3
0.5

-4.5
7.1
3.2
-6.7
1.9
-0.6
0.3
-2 .8
4.5
4.6
5.0
5.8
2 .0
2.3
1.7

-5.0
10.0
3.0
-7 .2
0.8
0.4
1.1
-1.4
4.2
3.1
5.1

9.6
1.5
0.8

1 .0
-2.2
2 .2
4.0
-5.7
3.7
-1.7
-0.3
-4.0
3.7
4.8
5 .8
5.4
2.9
0.6
2.4

0.3
-3.2
0.2

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

5.4
14.9
2 3.6
3.0
3.2
9.9
10.0
7.8

6.5
14.0
2 0.0
4.2

12.1

5.5
10.6

10.7

10.2

9.2

10.1

3.7

3.9

3.6

4.1

4.0

11.9
-0.1
2.7

18 . 1
0 .7
2 .2

14.8
22.5
2.2

2.9
-5.4
5.9
1.1
5.5
-3.5
2.8
-1.9
4.4
-5.0
0.2
-4.4
4.1
3.3
5.4
3.9
5.9
1.4
1.4
6.2
12.2
16.2
3.9

5.2
10.2
14.7

3.4
9.7
17.6

2.5
9.8
16.6

1.8
8.9
14.1

2.1
8.9
10.2

9.6
-7 .7
0.3
0.7
2.4
-2.1
1.8

7.9
-7.5
-0.2
0.4
2.0
-2.6
1.8

5.4
-7.8
-0.6
0.4
0.7
-3.7
0.7

3.1
-8.7
-0.1
-0.2
0.7
-2.6
-0.2

1.6
-8.5
1.5
-0.6
0.7
0.1
0.3

4.2
7.9
5.3
10.4
0.3
-3.3
2.7
1.8
0.8
1.2
2.2

5 .0
8 .5
5 .1
12 . 4
0 .4
- 0 .5
3 .7
2 .1
- 0 .9
0 .7
1 .0

8.6
9.0
8.1
5.1
14.8
-4.2
-0.7
4.8
1.8
-0.4
1.9

5.2
10.4
14.2
5.5
9.4
-7.5
0.0
1.4
2.4
-2.0
2.2

4.5
12.7
-6.2
-0.7
5.2
4.1
-0.3
3.4

101.1
96.8
100.2
99 .5
101.0
100.6
100.3
99.2
100.5
101.0
102.1
97.7
98.6
99.8
101.4
102 .3
104.1
101.0
96.1
95.1
99.4
103.6
101.0
98.9
97.2
99.2
102.9
102.0
105.7
99.1
9 8.4
99.9
100.8
99 .7
100.5

SMOOTHED DATA1

NOTE: These series contain revisions beginning with 1985.
Hhis series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.

100

-5 .1

7 .3
-5.6

7.1
11.2
10.2
5.2
10.8
-7.2
0.0
3.0
2.8
-1.4
2 .9

Annual

AVE RAGE FOR PERIOD

-2.0

A
CHANGE IN INDEX OF LABOR COST PER UNIT OF OUTPUT, M NUFACTURING,
(AN NUAL RATE, PERCENT)

IV Q

AVERAGE FOR PERIOD

-11.3

-14.9

III Q

Dec.

:HANGE IN INDEX OF LABOR COST PER UNIT OF OUTPUT, MANUFACTURING, ACTUAL DATA
(AN NUAL RATE, PERC ENT)

1954...

1954...
1955...
1956 . . .
1957 . . .
1958. . .
1959. . .
1960. . .
1961...
1962...
1963...
1964...
1965...
1966...
1967 . . .
1968...
1969...
1970...
1971...
1972...

Mar.

IfiDEJw OF LABOR COST PER UNIT OF OUTPU1 , MANUFACTURING—ACTUAL DATA AS A PERCENT OF TRENE
(P ERCENT)

°:t

3.1
7.8
7.8
8.0
1.0
-6.6
2.3
2.1
1.8
0.7
2.4

-3.0
-1.0
11.0
1.2
-3.9
6.4
3.4
-6 .5
2.1
-0.6
0.4
-2.7
4.1
4.2
5.3
5.8
2*.O
1.0
1.9
4.0
10.0
3.7
3.9
5.9
2.1
9.2
13.6
4.5
3.4
-8.3
0.3
-0.1
0.7
-2,1
0.3

-1.9
3.5
6.1
6.1
-5.6
8.0
3.7
-5.6
-1.1
0.6
-0.7
1.0
3.6
-0.7
4.5
6.9
0.1
-2.4
0.5
6.0
13.4
0.3
2.7
6.4
4.1
8.1
6.1
10.3
0.6
-3.5
2.9
2.0
0.6
0.9
1.9

1 6
-1 8
6 9
2 .5
1 .6
1 .8
2 0
-2 5
1 4
-1 9
0 1
-2 5
3 8
2 6
4 4
4 7
4 .5
0 .3
0 .7
5
12 .6
10
3 '.2
4.8
5 .0
9 .2
10 . 5
7 .0
- 5 .9
0 .6
2 .0
1 .4
- 0 .9
1 .5
(NOVEMBER 1989)

C. Historical Data for Selected Series—Continyed
Year

Jan.

Feb.
69.

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...
19 86 . . .
1987.,.
1988...

Mar.

1966. . .
1967. . .
1968.,.
1969...
1970...
1971...
1972...
1973...
1974...
1975,.,
1976...
1977...
1978...
1979...
1980...
1981..,
19 8 2 . . .
1983,..
1984...
19 8 5 . . .
1986.,.
1987...
1988...

May

31.49

30.46

29.39

28.90

28.48

34.51
41.77
38.04
36.71
41.00
40.60
42.41
44.34
50.23
57.33
67,78
72.84
94.67
97 .66
103.16
101.47
114.28
125.44
151,09
164.03
160.01
182.57
209.99
266.69
313.89
336.39
350.58
316.70
344.48
383.08
392 .88
381.31
432.80

35.07
42.65
36.64
37.56
40.62
40.81
43.51
45.16
50,04
58.12
67.62
72.32
91.65
99.90
105.99
101.95
113.74
124.03
153.01
164.23
164.79
184.67
214.61
266.66
319.14
332.71
359.09
305.36
347.81
392.77
399.51
391,14
432.06

35.56
41.47
36.47
37.99
41.20
40.27
44,23
44.72
50.57
59.95
70.45
71,67
92,59
102.45
104.72
103.46
114.87
127.84
153,04
159.61
165.88
188.71
218.41
279.84
315.97
343.95
353.80
310.73
354.06
404.72
392.53
387.97
438,93

38.02
41.29
35.24
38.39
41.62
40.42
44.82
46,07
51.32
60.67
70.60
7 1,10
93.90
101.35
105.25
101.79
114.97
132.27
154.28
160.46
167.62
191.65
230.38
276.44
311.72
348.91
342.64
314.91
359.73
393.93
396.06
394.77
445.06

38.51
40.89
34.63
39.50
41.92
40.07
45.51
46,87
52.58
60.82
70.86
7 1.56
91.69
101.65
104,91
103.23
115.20
133.44
156.28
159.70
170,60
194.58
226.82
281.56
311.35
346,87
346.91
304.07
371.32
397.68
384.90
393.41
454.15

10
1954...
1955...
1956 ...
1957..,
1958...
1959...
I960...
1961...
1962,..
1963. ..
1964...
1965...

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

28.22
34.39
41.84
40.01
36.04
40.17
40.65
42.90
45.16
48.45
55.67
66.29
73.90
74.27
96.66
106.32
100.98
106.7 8
119.32
150.63
169.02
160.27
178.03
208.36
257.25
296.10
322.47
356.10
317. 16
334.65
390.93
404.22
388.94
417.04
462.23

29.06
34.93
42.51
38.09
35.74
41.08
41.08
43.17
44,10
48.65
57.16
68.53
74.72
77.66
94.18
106.3 0
102.38
113.33
120.90
149.53
163.26
158.80
185.00
210.59
260.19
303.50
322.90
349.34
309.38
344.25
396.55
406.99
393.58
423.21
465.80

30.45
30.86
35.05
41 .96
37 .05
37.42
40.94
40.56
43.38
44.74
50.28

28.55
32.26

28.64
33.24

38.84

39.45
40.54
34.91
40.76
41.37
41.25
45 .52

MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION
EXPENDITURES
(ANNUAL RATE, BILLIONS OF DOLLARS)
28.27

1.59
0.58
5.66
V6.6 0
53.35
60.91
72.42
72.81
91.34
102.92
101.86
104.85
115,25
135.94
161.95
159.34
170.05
191.47
235.37
280.78
309.62
350.02
338.03
324.08
375.00
403.73
390.95
402 .62
456.32

28.29

28.36

27.34

39.50
39.99
34,32
41.31
42.53
39.90
45.10
47 .58
55.65
62.04
73.44
73,22
91.55
104.87
103.86
102.98
114.70
140.74
159.60
158.94
170.88
198.04
238.71
292 .31
315.16
350.15
336.41
319.03

39.51
41.24
35.16
40,24
40.26
41.69
46.17
47 ,82
53.98
61,59
74.67
74.04
92.42
105.15
103.13
104.14
116.65
139.88
159=53
159.52
173.76
201,65
244.65
298.30
305.85
360,48
326.53
318.45
376.01
404.23
386,88
410.61
46 3.2 3

39,34
40.39
35.26
40.74
41.31
42.16
45.30
48.18
54.64
63.68
74.58
74.13
93.96
107.83
101.22
106.02
115.40
142,47
164.83
158.88
173.20
202.57
251.42
294*89
319.94
356.53
325.03
324.04
387.46
395.41
381.96
424.92
46 3,9 5

40.62
40.62
35.07
40.50
40.97
42,58
45.12
48.91
55.26
64.94
75.42
73.20
95.40
107.10
100.38
105.56
116.57
145.33
168.28
161.93
175.04
207.83
252.68
301.19
322.46
350.27
319,85
323.82
384,94
402.83
391.93
416.91
463.94

1.198
1.261
1.326
1.357
1,324
1.322
1.337

1.200
1.266
1.338
1.355
1.322
1.324
1.335

1.206
,276
.335
.356
.331
.336
.328

1.292
1.248

1.285
1.248

,283
,241

397.49
385.27
412.10
458.73

244.93

393.52
394.97
386.81
434.60

2 95.17
313.65
355.72
329.32
320.51
378.65
399.04
384.70
415.88
461.97

.208
.2 82
.340
.352
.335
.353
.314
.313
.278
.249

.214
.211
.289
.342
,341
.327
,354
.315
.304
.269

1.200
1.232
.3 05
.350
.316
.337
.360
.310
.299
.256

1.194
1.257
1.317
1,359
1.324
1.325
1.342
1.3 09
1.293
1.248

1.205
1.275
1.338
1.354
1.329
1.338
1.326
1,311
1.2 82
1.246

.254

.241

,244

1.252

.267
,303
,359
,362
.297
,297
,351
,379
,349
.310
,311

.273
.302
.362
.359
.301
.294
.351
.380
.347
.305
.311

,296
.2 82
.304
1.371
1.349
1.299
1,294
1.344
1.367
1.343
1.297

.283
.298

.425
.471
1,444
1.405
1.360
1.358
1.339
1.290
1.356
1.370

.393
.437
.476
.439
.351
.369
.352
.337
.298
.338

1.273
1.3 04
1.349
1.3 86
1.312
1.280
1.321
1.378
1.3 46
1.323
1.305
1.363
1.402
1.433
1.481
1.418
1.336
1.369
1.328
1.300
1.322
1.352

1 ,252
1.296
1.268
1,303
1.360
1.363
1.299
1,293
1.348
1,383
1.350
1.307
1.310
1.378
1.419
1.458
1.457
1.407
1.353
1.361
1.333
1.290
1.345
1.369

92,97
100.00
104,62
102.29
114.30
125.77
152.38
162.62
163.56
185.32
214.34
271.06
316,33
337.68
354.49
310.93
348.78

1.227
1.301
1.345
1.320
1.337
1,361

1,233
1.304
1.348
1.316
1.337
1.362

1,237
1,309
1.356
1.311
1.338
1.358

1.254
1.304
1,358
1.329
1.334
1.350

1.303
1.257
1.251
1 .239
1 .258
1,2 88
1.294
1.316

1.298
1.254
1.252
1.2 46
1.262
1.281
1,2 99
1.326

1.297
1.257
1.250
1,248
1.270
1.279
1.300
1 ,332

1.295
1.2 49
1.247
1.246
1.277
1 .276
1.303
1.341

1.291
1.2 47
1.247
1.2 43
1.2 84
1.274
1.305
1.351

1 .266
1.288
1.269
1.305
1.355

.340
.295
.303
.337
.357
.337
.299
,330
.401
.438
.476
.439
,340
,372
.354
.335
.306
.340

1.328
1,294
1,301
1.341
1.351
1.332
1.297
1.344
1.394
1.443
1.467
1,440
1.344
1,367
1,362
1.337
1,307
1.340

1,322
1.294
1.306
1.353
1.347
1.324
1.297
1.350
1.397
1.439
1.466
1,440
1.347
1.360
1.349
1.323
1.312
1.341

1,342
1.276
1.309
1.360
1.360
1.326
1.298
1.356
1.394
1.430
1.470
1.433
1.344
1.362
1.341
1,314

1.315
1.281
1,308
1,373
1.341
1 .329
1.303
1.362
1.404
1.434
1.482
1.431
1.339
1.368
1.334
1.305

1.314
1.2 82
1.323
1,379
1.348
1.322
1.305

1.306
1.277
1.331
1.383
1.349
1.317
1.307

1.403
1.432
1.482
1.416
1,332
1.369
1.326
1.299

1.399
1.434
1.479
1.407
1.336
1.371
1.324
1.296

1.411
1.449
1.470
1.408
,346

1.349

1.351

1.357

,374

,420
,454
>458
.409
.352
,360
,328
,290
,338
.363

299.0

299.9

328.9
351.1
359.1
381.9
404.3
416.2

330.3
352.5
361.1
3 84.9
404.6
417.6

1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976,
1977.
1978.
1979,
1980.
1981.
1982.
1983.
1984.
1985.
19 86.
1987.
1988.

46 7.8
494,0
532.9
578.3
627.3
671.9
739.7
804.2
862.3
936.5
1047.6
1167 .5
1255,9
1396.4
1524.1
1695.6
1935.6
2168.5
2420.2
2600,8
2748.7
3003.5
3237,0
3441,1
3640,8
3921,9

46 5.8
496.5
533.1
5 84.0
628.3
679.5
7 44.8
808.3
866.0
947 ,1
1057,2
1170.3
1260.0
1406.6
1541.3
1713.8
1952.4
2180.8
2439.9
2616.0
27 46,9
3037,4
3264.1
3455.9
3680.2
3944,2

467,5
499,1
536,0
588,0
632.8
687.6
751,9
812,8
872.3
953.2
1066.6
1171.8
1264.1
1412.6
1557.6
1740.0
1975.8
2193.8
2 46 2.3
2626.1
2763.7
3061,4
3287.9
3473.9
3699.8
3979.5

7 .4

333.4
353. 1
360,2
388.1
408.3
418.4
450.2
469.3
502.8
539.8
590.5
633.9
693.4
758.0
831.8
878.1
959.4
1071.5
1179.0
1272.0
1423.1
1570.2
1769.2
1982.5
2191.8
2472.1
2642.4
2790.5
3065.6
3307,2
3510.1
3718,5
4007.1

1.2

1.250
1.293
1,263
1.3 04
1.359
1.369
1.298
1.289
1.343
1.3 89
1.354
1.306
1.3 07

.365

.331
.291

1.3

40

• 325

,397
.331
,288
.305
,351
,353
.327
.297
.350
.437
.468
.438
.345
.363
.351
.325
.311
.342

1.203
1.2 44
1.312
1.351
1,328
1.332
1.346
1.311
1.294
1.255
1.246
1,247
1.274
1.280
1.297
1.334
1.379
1.322
1.290
1.317
1.364
1.354
1.325
1,302
1.352
1.402
1.441
1.471
1.425
1,346
1.366
1.341
1.313
K319
1,350

AVERAGE FOR PERIOD
292.8
318.3

298.4
324. 1

293.0
314.2

355.1

359.9

359.8
6.3

382 . 1
404.3
416 .0
443.7
467.0 .
496,5
534.0
583.4

390.8
409.5
422.1
451.4
472.2
505.9
544.6
593.9

392.4
411.4
428.7
456.1
478.8
515.2
558.3
606.9

397 .6
412 .4
437.2
461.5
487 .4
523.4
571.1
619.1

356.3
367 .1
390.7
409.4
426 .0
453.2
476.3
510.2
552 .0
600.8

679.6
745.5
808.4

699.7
764.5
829.6

945.6
1057.1
1169.9
1260,0
1405.2
1541.0
1716.5
1954.6
2180.9
2440.8
2614.3
2753.1
3034.1
3263.0
3457.0
3673.6
3948.5

961.9
1084.1
1191.6
1292 .0
1431.8
1583.2
1788.2
1998.6
2202,3
2484.5
2655.9
2812.6
3074.8
3307.6
3509.9
3732.7
4026.6

717 .2
783.7
840.3
901.9
987.8
1113.4
1228.5
1332.1
1465.7
1631.4
1842.2
2063.7
2278.4
2567.5
2683.6
2 846,8
3137 .8
3331.7
3540.2
3795.5
4097.6

732.5
798.2
848.9
918.0
1031.0
1152.2
1250.6
1369.4
1502.8
1674.3
1902.7
2118.9
2372.2
2590.9
2729.2
2941,8
3188.3
3399.1
3597.8
3908.7
4185.2

707 ,2
772.9
831.8
894.0
981.6
1101.7
1210.1
1313.4
1451.4
16 07 .5
1812.4
2034.0
2258,5
2520.9
2670.8
2838.6
3108.7
3325.3
3526.2
3777.6
4064,5

333.9
354.8

336.0
357 .

335.2
359.1

339.8
360.8

342.3
359.8

345.8
359.8

345.8
360.3

347.8
359.3

328.7
350.5

390.8
409.9
421.6
451.2
471.8
506.1
544.8
593.2
636.7
700.0
764.6
828.1
884.7
965,8
1085.1
1192.9
1285.7
1432.0
1583.5
1788.6
1998.7
2199.4
24S0.8
2660.7
2817.1
3068.1
3298.3
3506,8
3734,1
4023,3

393,
410.
426.
452.
475.
508.8
549.1
598.1
641.8

394.0
410.9
428,0
454.5
47 6 .3
511.7
552.0
601.5
646.6

391.1
411.2
428,4
455.7
478.6
515.6
554.0
6 07.0
651.2

392,1
412.0
429.5
458,1
481,4
518.3
568.8
612.1

392.8
413.4
433.4
459.2
484.8
518.9
566.2
615,5

397.1
413.0
437.7
461.6
4 86.2
522,5
571.2
620,1

402.8
410.6
440.4
463.7
491.1
528.6
576.1
621.5

770.7
829.0
905.4
960.4
1095 .8
1202.8
1318.4
1440.2
1595,8
1806.8
2014.7
2215.9
2500.6
2664.7
2830.1
3090.8
3317 ,2
3513.0
3745.4
4049.4

777 .8
835.3
896.1
976.7
1100.3
1219.3
1315.6
1455.6
1616.2
1826.7
2048.3
2252.7
2543.5
2679.9
2839.1
3.118.4
3323.1
3524.7
3770.5
4079.8

784.3
840.0

722.7
7 89.0
845.7

727.5
793.8
845.7

732.8
797.8
847.4

737.2
803.0
853.6

989.3
1115.9
1228.5
1334.1
1465,9
1631.5
1841.6
2064.6
2277 .7
2572.5
26 81.4
2836.9
3133,7
3328.9
3538.5
3798.7
4094.2

997.4
1124,0
1237,8
1346.5
1475.6
1646.6
185 8,2
2078,3
2305,0
2 5 86.6
2689.6
2 86 4.3
3161.2
3343.0
3557 .4
3817 .4
4118.6

1017.6
1139.0
1250,0
1360,7
1484.4
1660.3
1884.5
2100.0
2342.
2586.
2708.
2910.
3164.
3374.
3573.
3894.
4180.

1033.0
1154.8
1248.3
1369,0
1505 .0
1675,5
1901.7
2119.8
2372.1
2593.9
2732.3
2942.2
3185.0
3386.3
3594,1
3886 .8
4168.9

1042.4
1162.9
1253.4
1378.5
1519.1
1687.0
1921.8
2137.2
2402.4
2592.6
2746.9
2 97 2.8
3215.5
3436.8
3625 .8
3944.9
4206.3

NOTE: These series contain revisions beginning with 1986.

47 .86

28.96
32.72
38.75
40.76
35.67
39.50
41.23
41.26
44,7 6
46 .9 5
53.37
62.07
72.20
73.24
93.33
103.62
103,15
104.63
115.99
137 .30
159.51
16 0.48
17 1.24
196.89
236.71
286 .52
315.87
348,48
335,45
320,01
371.73
398.92
390,45
404.67
453.10

AVERAGE FOR PERIOD

1.219
1.293
.345
.333
.331
.352
.312
.304
.262
.249
.238
.259
.293
.291
,310

290,8
301.5
327 .0
3 47 .9
359.4
379.6
404, 1
414.1

44.79
48.67
56 .03
66.59
74.68
75.04
95,41
106.57
101,25
108,56
118,93
148.50
166.85
160.33
179.36
208.93
256 .71
300.26
322.61
351.90
315.46
334.24
390.81
404.68
391,48
419.05
463.99

279.59
310.90
348.60
342.53
314.35
368.68
398.45
390.64
396.93
451,84

58.47
68.62
7 2.28

RATIO, PERSONAL INCOME TO MONEY SUPPLY M2
(RATIO)

1,344

42.88

230.86

1.193
1.255
1.322
1.361
1.320
1,320
1,340

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




40.36
45.33

54.76
62.44
74.23
73,80
92 .64
105.95
102.7 4
104.38
115.58
141,03
161.32
159.11
172.61
200.75

223. PERSONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
303

40.95
35.11
39.23
41.71

28.21
34.51
41,66
39.57
35,62
40.58
40.90

46.51
52.42
60.80
71.29
71.82
92.31
101.97
104.01
103.29
115.14
133,88
157.50
159.83
169.42
192.57

296,4

1.207
1.290
1.345
1.336
1.327
1.354
1.315
1,303
1,266
1.248
1.238
1.257
1.295
1.2 82
1.303
1,374
1.348
1.301
1.293
1.345
1.369
1.342
1.297
1.317
1,392
1.434
1.477
1,441
1.343
1.370
1.350
1.338
1.301
1.337

1,208
1.283
1.335
1,354
1.324
1.355
1.318
1,304
1,280
1 .249
1.2 46
1.251
1,301
1,273
1.299
1.360
1,359
1.301
1.287
1.349
1.376
1.350
1.295
1.308
1.387
1.439
1.476
1.436
1.370
1.366
1.353
1.337
1.287
1.338

Annual

AVERAGE FOR PERIOD

29.26

20

IV Q

7.2

(NOVEMBER 1989)

101

C. Historical Data for Selected Series—Continued
Year

II Q

III Q

IV Q

Annual

Year

IQ

63.
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.
1987.
1988.
107.

97.0
100.2
99.1
98.7
96.9
99.8
98.8
96.6
99.0
99.4
100.8
101.8
101.9
100.7
100.9
100.0
96.4
98.5
98.8
99.2
96.7
97.2
100.0
99.5
98.5
98.2
96.6
97.6
95.8
96.2
98.7
99.1
99.5
98.1
98.9
RATIO,

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
1987
1988
310.

97 .9
100.7
98.4
98.3
97.5
100.6
97.6
98.0
98.4
100.2
100.8
101.6
101.3
100.9
101.4
99.5
97.5
98.7
98.8
97.8
96.2
98.8
99.9
100.2
99.8
97.6
95.8
97.3
95.7
98.0
99.3
99.6
98.9
98.8
98.3

98.3
100.9
98.0
98.3
97.7
98.8
97.2
98.4
99.4
100.6
100.8
102.0
100.8
101.1
100.9
98.5
97.5
99.1
99.0
97 .2
96.2
100.3
99.3
100.7
99.6
97.1
95.8
97.8
95.3
98.7
99.1
99.8
98.6
99.3
98.6

99.1
100.5
98.3
97.7
99.2
98.6
96.6
99.0
100.0
100.2
100.4
102.4
101.3
101.5
100.3
97 .6
97.4
99.0
99.7
97.5
96.3
99.8
99.1
99.6
99.4
96.3
96.4
96 .9
95.4
98.7
99.2
99.0
97.7
98.6
99.1

98.1
100.6
98.4
98.2
97.8
99.4
97.6
98.0
99.2
100.1
100.7
102.0
101.3
101.0
100.9
98.9
97.2
98.8
99.1
97 .9
96.4
99.0
99.6
100.0
99.3
97.3
96.2
97.4
95.6
97.9
99.1
99.4
98.7
98.7
98.7

GROSS NATIONAL PRODUCT TO MONEY SUPPLY M l 3
(RATIO)
2.918
3.021
3.166
3.346
3.340
3.480
3.689
3.657
3.874
3.979
4.130
4.238
4.445
4.615
4.667
4.721
4.831
4.946
019
207
374
540
952
6.288
6.711
6.886
7.178
7.039
6.756
6.965
6.988
6.670
5 .992
6.230

2.912
3.066
3.203
3.361
3.333
3.543
3.6 86
3.7 02
3.903
3.997
4.157
4.287
4.456
4.587
4.714
4.754
4.869
4.932
5.07 1
5 .270
5 .448
5.600
5.964
6.213
6.499
6.739
6 .990
7 .149
7.110
6.770
7.000
6.908
6.440
6.014
6.260

2.922
3.115
3.237
3.412
3.395
3.519
3.674
3.755
3.954
4.042
4.155
4.336
4.545
4.5 82
4.711
4.831
4.895
4.935
5.078
5.312
5.509
5.718
6.010
6.301
6.538
6.7 02
6.818
7.223
7.005
6.728
7.019
6.781
6.263
6 .126
6.293

2 .957
3.158
3.286
3.390
3.451
3.581
3.641
3.811
3.957
4.061
4.131
4 . 3 86
4.609
4.587
4.683
4.833
4.824
4.949
5.117
5.413
5.546
5.849
6.057
6.259
6.641
6.7 47
6.902
7.171
6.808
6.818
7.034
6.696
6.058
6 . 182
6 .372

26 . 2
26.8
27.7
28.8
29.5
30.2
30.9
31.0
31.7
32.3
32.7
33.5
34.5
3 5.7
37.1
39.0
41.3
43.4
45.8
48.0
51.9
57.7
61.7
65.6
69.9
76.1
82.7
91.3
98.2
102.5
106.5
109.7
112.4
116.0
119.2

26 .3
27.1
27.9
28.9
29.6
30.4
30.9
31.2
31.8
32.3
32.8
33.6
34.8
35.7
37.5
39.5
41.9
44.2
46.1
49.0
53.0
58.6
62.5
66.9
71.6
77.8
84.6
92.8
99.4
103.3
107.3
110.6
113.2
117.1
120.6

26 .3
27.3
28.2
29.2
29.7
30.6
31.0
31.4
31 .9
32.4
33.0
33.9
35. 1
36 .0
37.9
40.1
42.2
44.7
46.7
50.0
54.8
59 .9
63.4
67.7
72.9
79.4
86.5
94.9
100,8
104.2
108.2
111 .3
114.6
117.9
121.9

26.5
27 .4
28.5
29.3
29.9
30.6
31.0
31.4
32.2
32.6
33.1
34.1
35.5
36.4
38.5
40.6
42.7
45 .3
47.3
51.2
56.3

89.0
96 .7
101.7
105.4
109.0
112.2
115.1
118.6
123.3

43.4
42.8
44.6
46.7
48.2
47 .9
49.3
50.1
50.2
50.5
50.4
51.0
51.9
54.6
56 .3
59.4
64.8
66.1
69.4
71.1
78.4
88.6
91.7
98.0
105.3
114.5
27.3
38.5
51.6

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
19 80
1981
1982
1983
1984
1985
1986
1987
1988

2.927
3.090
3.223
3.377
3.380
3.531
3.67
3.73
3.92

4.51
4.59
4.69
4.7 85
4.855
4.940
5 .07 1
5.300
5.469
5.677
5.996
6.218
6.492
6.725
6.899
7.180
6.990
6.768
7 .004
6.843
6.358
6.078
6 .289

310C.
26 .3
27.2
28.1
29. 1
29.7
30.4
30.9
31.2
31.9
32.4
32.9
33.8
35.0
35 .9
37.7
39.8
42.0
44.4
46.5
49.5
54.0
59.3
63.1
67 .3
72.2
78.6
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3

18,676
31,440
35,152
29 , 3 7 6
23,716
35,964
3 8,192
28,960
41,376
47 , 3 9 6
55,164
70,964
74,876
59,296
65,892
93 , 0 2 8
85 , 5 8 8
106 , 3 8 4
145,748
213,056
177,692
96,120
180,316
244,108
312,588
352,088
354,492
304,272
275,708

1954.
1955.
1956.
1957.
1958.
1959.
1960.
196 1 .
1962.
1963.
1964.
1965.
1966.
1967 .
1968.
1969.
1970.
197 1.
1972.
1973.
1974.
1975.
1976.
1977 .
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.
1986.
1987.
1988.

279 , 4 4 0
523,420

512,384
472,704
409,432
520,240




43.2
43.2
45.8
47.3
48.0
49.0
49.8
49.9
50.
50.
50.
51.
53.
54.
57.
61.
65.
67.
69.8
75.0
84.5
88.6
95.2
99.8
108.4
121.2
134.4
143.5
156.3
156.8
159.9
163.0
168.9
171.6
178.0

43.3
43.6
46.0
47.8
47 . 6
49.1
50.1
49.7
50.4
50.4
51.0
51.1
54.3
54.9
58.8
63.1
66.2
68.4
69.8
76 . 1
86.6
90.6
97.0
102.6
110.8
124.6
136.7
147 .9
156.8
157.7
160.7
164.9
170.6
173.5
180.2

19,524
39 ,524
36 ,408
33,068
24,720
49 ,792
41,348
32,420
49 ,208
56,924
68,816
76,908
63,476
80,636
109,192
84,340
113,944
32
132 , 3 4 8
81,544
03,720
95,380
184,888
2 5 8,9 72
332,872
367,280
164,420
344,572
263,456
310,152
655,136
524,944
594,744
633 , 2 8 8
717 , 6 8 4

27 , 132
38,476
31,572
29,108
30,368
46,040
35,136
40,876
46 ,436
53,252

26 ,724
37,380
30,836
28,688
42,620
42,360
37,232
50,100
52 ,080
61,324

69 , 8 7 6
58,748
69 , 9 9 6
85,848
97 , 3 1 2
76,236
117,548
137 , 3 8 0
182,044
175,916
111 , 5 6 4
189,020
288,260

66,312
48,844
76 , 9 4 4
101,236
84,556
88,164
120,392
167,760
157,656
131,896
151,916
217,016
298,624

413,680
2 7 2 , 5 12
354,208
270,816
411,916
475 , 9 6 8

301,552
338,212
270,980
190,208
468,636
586,504

673,160
566,400
594,880

762 , 7 8 8
603,688
628,072

CHANGE IN THE IMPLICIT PRICE DEFLATOR FOR GROSS
NATIONAL PRODUCT
(ANNUAL RATE, PERCENT)

1954.
1955.
1956.
1957 .
1958.
1959.
1960.
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 .
1987.
1988.

NOTE: Unless otherwise noted, these series contain revisions beginning with 1986.
^his series contains revisions beginning with 1949. 2This series contains revisions beginning with 1948.
3
This series contains revisions beginning with 1984. 4This series contains revisions beginning with 1952.
5
Year-to-year changes are computed from annual data.

12
0

43.7
43.1
45.4
47.0
48.0
47.8
49.7
49.9
50.6
50.0
50.6
51.1
53.0
54.4
56.8
60.7
65.1
67. 1
69.2
73.1
81.4
88.4
93.4
99.5
106.0
118.0
131.9
141.2
153.6
155.6
158.1
161.9
166 .3
171.3
176.9

1 1 0 . FUNDS RAISED BY PRIVATE NONFINANCIAL BORROWERS
CREDIT MARKETS4
(ANNUAL RATE, MILLIONS OF DOLLARS)

IMPLICIT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
(INDEX: 1 9 8 2 = 1 0 0 )

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
1987
1988

Annual

IV Q

II Q

INDEX OF UNIT LABOR COST, BUSINESS SECTOR2
( 1977 = 100)

2.3
7.9
5.3
7.1
6.7
4.5
6.1
5 .6
10.3
4.7
7.0
5.9
9.5
8.7
10.7
6.4
3.2
4.2

1.9
4.0
3.4
2.1
1.4
2.7
0.0
2.6
1.3
0.0
1.2
1.2
3.5
0.0
4.4
5.2
5 .9
7.6
2.6
8.6
8.8
6.4
5.3
8.2
10.1
9.2
9.5
6.7
5.0
3.2
3.0
3.3
2.9
3.8
4.8

0.2
2.9
4.4
4.1
2.2
2.7
1.3
2.6
1.3
1.2
2.5
3.6
3.5
3.4
4.3
6.2
2.9
4.6
5.3
8.4
14.3
9.2
5.9
4.9
7.5
8.5
9.3
9.4
5.8
3.5
3.4
2.6
5.0
2.8
4.4

43.4
43.2
45.5
47 .2
48.0
48.4
49.7
49 .9
50.4
50.3
50.7
51.1
53.2
54.6
5 7.3
61.3
65.3
67.4
69.5
73.8
82.7
89.0
94.3
100.0
107.7
119.6
132.6
142.7
154.5
156 ,7
159.1
162.8
167.5
171.9
177 .2
AVERAGE
23,014
36,705
33,492
30,060
30,356
43,539
37,977
38,089
47 , 2 7 5
54,724

61 ,247
68,992
64,844
67 , 4 2 8
83,403
96,022
83,582
114,567
145,809
183,575
172,306
113,745
192,810
272,491
358,650
282 , 4 0 9
318,508
250,047
367,536
560,257
623,87 4
625 , 8 4 9
553,202
615,219
PERCENT
CHANGE5

3.2
2.7
3.4
1.3
2.0
o!o

0.0
3.8
2.5
1.2
2.4
4.6
4.5
6.5
5.1
4.8
5.5
5.2
10.0
11.4
7 .6
7 .1
7 .3
8.5
8.3
12.1
7.8
3.6
4.7
3.0
3.3
1.8
2.4
4.7

1.6
3.2
3.4
3.6
2.1
2.4
1.6
1.0
2.2
1.6
1.5
2 .7
3.6
2.6
5.0
5.6
5.5
5.7
4.7
6.5
9.1
9.8
6 .4
6 .7
7.3
8.9
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
(NOVEMBER 1989)

C. Historical Data for Selected Series—Continued
Year
311.

IV Q

I Q

Annual

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
1987
1988
.

40.2
40.7
41.0
41.1
41.4
41.8
42.2
42.8
43.9
45.2
46.9
48.5
49.7
50.9
52.4
56.3
61.3
64.6
67.6
70.8
76.5
83.5
91.8
98.4
102 .3
106.2
109.7
112.7
115.7
119.9

40.3
40.9
41.0
41.2
41.5
41.9
42.4
43.1
44.1
45.6
47.3
48.7
50.1
51,0
53.3
57.2
61.9
65.2
68.5
72.2
78.4
85.5
93.5
99.4
103.2
107.2
110.6
113.2
116.9
121.4

40.5
40.9
41.0
41.2
41.6
41.9
42.5
43.5
44.4
45.9
47.8
48.8
50.4
51.2
54.4
58.6
63.0
65.9
69.1
73.4
80.1
87.4
95.6
100.7
104.3
108.1
111.3
114.0
117.9
123.0

40.6
40.9
41.0
41.3
41.7
42.0
42.5
43.8
44.8
46.4
48.3
49.3
50.6
51.6
55 .1
60.2
64.0
66.8
69.9
74.9
81.6
97,
101,
105,
108,
112,
114,

Year

40.8
41.2
41.4
41.6
41.9
42.3
42.8
43.7
44.6
46 .0
47.8
49.1
50.5
51.5
53.8
58.1
62.6
65.6
68.8
72.9
79.2
86.5
94.5
100.0
103.8
107 .6
111.0
113.7
117.4
122.2

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
1987
1988

FEDERAL GOVERNMENT SURPLUS OR DEFICIT
(ANNUAL RATE, BILLIONS OF DOLLARS)
1954...
1955...
1956...
1957 . . .
1958. . .
1959...
1960...
1961...
1962. . .
1963. ..
1964...
1965. . .
1966. . .
1967...
1968. ..
1969...
197 0...
1971...
1972. . .
1973...
1974.. .
197 5...
1976 ...
1977 . . .
1978...
1979 ...
1980. . .
1981...
1982 . . .
19 83. ..
1984. . .
1985...
1986 . . .
1987...
1988. . .

-10.6
1.8
6.6
4.7
-7.4
-2.9
7.6
-4.3
-5.7
-1.9
-3.0
4.6
0.6
-12.9
-9.8
11.4
-1.3
-18.5
-12.8
-8.8
-4.4
-47 .0
-53.8
-39.2
-47.5
-9.8
-37.8
-47 .4
-109.2
-186.2
-154.6
-161.6
-195.6
-199.4
-151.8

1960

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
1987 . . . . .
1988.....

73.9

1.6
4.2
-5.1
-4.1
2.0
-6 .7
4.0
1.3
-13.2
-12 .1
11.5
-13.1
-23.6
-20.6
-8.8
-10.6
-100,1
-48.6
-42.0
-25.3
-6 .0
-64.5
-49.2
-112.9
-17 1.4
-163,4
-211.1
-236,0

-5.1
4.7
5.3
2.8
-12.0
-1.7
1 .4
-3.9
-3.2
1.2
-2.4
-3.1
-3.2
-13.6
-2 .6
6.5
-14.9
-23.8
-10.2
-2 .9
-7.9
-64.7
-54.9
-51.9
-24.2
-20.0
-75.0
-62.5
-158.8
-177.3
-172.8
-202.7
-206.8

-1.9
6.4
6.4
-1.3
-9.9
-1.5
-1.1
-2 .2
-4.0
-0.2
-1.0
-3.4
-5.9
-13.0
0.3
4.3
-20.4
-22.2
-23.7
-1.8
-23.4
-65.8
-56 .8
-51.0
-20.4
-28.7
-68.0
-96 .0
-202 .6
-169.2
-187.5
-212 .2
-189.0

-141.5

-122.5

-167.6

68.4
70.0
78.7

84.1
91.3
91.0
99.7
109.9
114.6
119.6
119.6
137 .5
161.8
175.6
186.8
197.2
217.3
240.3
265.5
285.8

341.2
382 . 3
410.8
454.7
497.8
577.2
675.7
745.9
822.7
865.6
958.2

1006 .6
1060.1
1096.5

70. 1
67.2
72.3
80.3
88.5
90.7

-6.0
4.4

-4.2
0.3
-3.3
0.5
-1.8
-13.2
-6 .0
8.4
-12 .4
-22 .0
-16.8
-5 .6
-11 .6
-69.4
-53.5
-46 .0
-29.3
-16.1
-61.3
-63.8
-145.9
-176.0
-169.6
-196.9
-206.9
-161.4
-145.8

9 3.1
102 .7
110.2
113.3
120. 1
121.9
141 .6
162.9
183.3
189.8
210.7
224.8
249 .4
269.0

301.6
361.7
385.0
421.6
460.2
504.9
599.5
685 .0
754.0
837.4
885.3
969.9
1051.9
1063.8
1114.7

69.4

530.8

630.3
7 14.9
7 89.1
838.9
901.1
996.7
1037.7
1065.5
1099.8

NOTE: These s e r i e s contain revisions beginning with 1986.
'Year-to-year changes are computed from annual d a t a .




(ANNUAL RATE, PERCENT)

1.2
1.7
0.1
0.8
0.7
0.8
1.4
3.6
1.5
4.1

4.2
3.6
3.7
3.2
1.8
3.9
5.0

1.6
1.0
0.6
0.4
1.0
0.8
0.9

4.0
1.1
2.0
1.9
8.4
10.1
7 .4
4.3
3.1
6.9
8.9
9.2
9.2
5.3
4.2
3.3
2.8
2.7
3.7
5.5

1.3
0.4
0.1
0.6
1.2
0.9
0.7

1.1
0.5
0.5
0.7
0.9
1.1
2.1
2.2
3.2
3.9
2.6
2.8
2. 1
5.1
7.9
7.7
4.9
4.8
5.9

8.1
10.5
6.8
3.2
3.9
3.0
3.0
3.6
4.3

3.2
4.1

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....
1987
1988. ...

63.4
70.2
76.5
83.4
76.7
88.3

98.6
95.4
104.3
112.7
116.6
124.2
138.1
149.0
165.9
198.2
195.9
198.8
227.6
256 .7
281.4
294.2
328.5
371.6
407.2
488.0
539.4
628.2
636.7
636.5

711.1
7 96 .5
810.9
860.7
944.7

63.
72.
78.
92.3
97.2
97 .6
106.1
115.3
113.4
125.8
142 .9
149.7
171.2
201.3
197.6
201.2
228.9
260.2
291.0
261.7
336.4
379.6
434.9
498.9
535.0
635.8
641.1
666.0
721.9
758.7
815.9
926.2
973.2

64.0
74.1
78.2
83.2
80.2
90.5
96 .5

66.1
76.0
81.1
80.2
83.8
91.1
95.4
103.2
109.9
117.8
118.3
128.7
147 .7
158.1
188.0
200.3
193.6
208.1
240.1
273.9
299.8
316.3
351.4
398.4
471.4
522.4
585.6
641.7
633.1
675.5
742.7
805.3
853.8
937.4
994.6

64.2
73.1
78.5
82.5
79.3
90.6

99.8

108.5
116.4
116 .6
124.6
145 .4
153.6
182.5
199 .2
194.3
2 02 .8
232.4
264.2
303.4
307 .3
344.2
386.7
452.1
510.8
555.3
652.4
630.3

661.6
728.3
794.1
830.9
9 2 1.5
977 . 3

10

11
11 . 2
125 .8
143.5
152.6
176 .9
199.7
195 .4
2 02.7
232.2
263.7
293 .9
294.9
340.1
384.1
441.4
505.0
553.8
639.5
635.3
659.9
726 .0
788.7

827 .9
911.4
972.4

(ANNUAL RATE, BILLIONS OF DOLLARS)

69.2
72.9
80.4
92.2
92.3
95 . 0
103.7
111.7
115 .2
119.0
127.6
148.6
167.2
185 . 1
192.6
209.3
226 .6
242.6
267.2
311.3
371.9
399.1
438.7
476.3

0.5
0.4
0.5
0.6
0.9
1.7
2.5
1.3
3.3
3.9
1.9
3.1
3.1
6.0
8.8
7.5
4.2
5.4
5.3
8.7
9.5
10.3
5.2
3.1
3.7
3.2
1.9
3.7
3.3

Annual

501. FEDERAL GOVERNMENT RECEIPTS
(ANNUAL RATE, BILLIONS OF DOLLARS)

5 0 2 . FEDERAL GOVERNMENT EXPENDITURES
(ANNUAL RATE, BILLIONS OF DOLLARS)
1954
1955
1956
1957 . . . . .
1958
1959

IV Q

IQ

311C. CHANGE IN FIXED-WEIG
DOMESTIC BUSINESS PRODUCT

FIXED-WEIGHTED PRICE INDEX, GROSS DOMESTIC BUSINESS
PRODUCT
(INDEX: 1982=100)

92 .6
96.5
105.3
113.9
118.1
119.3
132.1
153.6
17 1. 1
187 .7
195 .9
214.1
230.3
263.8
275.7
323.2
382.1
408.2
449 .3
491.8
551.0
653.6
737.7
835 .7
844.7
930.2
1017.5
1042.8
1101.7
1162.1

80.2
89.6
91.7
93.9
102.9
111.4
115.3
119.5
125.3
145 .3
165.8
182.9
191.3
207 .8
224.8
249.0
269.3
305,5
364.2
393.7
430.1
470.7
521.1
615.1
703.3
781.2
835 .9
895.6
985.6
1034.8
1072.8
1118.3

1954.,..
1955
1956....
1957....
1958....
1959....
1960. . . .
1961....
1962. . . .
1963....
1964....
1965....
1966
1967
1968
1969
1970....
197 1. . . .
1972....
1973
1974....
1975
1976
1977
1978....
197 9 . . . .
1980. . . .
1981
1982
1983....
1984
1985
1986
1987 . . . .
1988. . . .

-0.6
-1.7
-1.0
-0.7
-2.6
-1.8
0.2
-0.7
0.1
0. 1
0.8
1.0
0.4
-1.2
0.2
0.0
3.6
0.3
5 .7
16.2
10.1
0.8
8.2
21.6
30.2
30.5
25.7
32.8
33.2
37.0
63.0
65.4
68.5
46.3
50.8

-1.0
-1.6
-0.9
-1.3
-2.4
-1.6
0.1
-0.1
0.5
0.5
0.6
0.4
0.9
-2.3
-0.1
0.4
3.1
2.3
16 .6
14.1
8.2
4.1
12.1
24.3
31.9
24.5
22.6
34.4
35.2
45.4
67.6
64.2
6 1.3
60.4
52.4

-1.5
-1.0
-0.7
-1.4
-2.9
0.7
0.0
0.1
0.6
0.6
1.3
-0.8
1. 1
-0.7
0.1
1.9
1.0
3.2
.5
12 3
6.5
7 .1
16.4
31.3
24.7
28.1
26 .4
36.3
36.3
51.1
62.2
64.7
63.4
50.5
49.8

-1.4
-0.9
-0.9
-2.0
-1.6
0.9
-0.1
-0.7
0.7
0.6
1.3
-0.6
-0.5
0.0
0.1
3.6
-0.3
4.4
22.1
11.4
4.0
5.8
24. 1
3 0 ..4
.9
27 .2
32.5
32.9
35.8
56.4
65.4
66.3
57.8
48.0
45.7

-1.1
-1.3

-0.9
-1.4
-2.4
-0.4
0.1
-0.4
0.5
0.5
1.0
0.0
0.5
-1.1
0.1
1.5
1.8
2.6
13.5
13.5
7 .2
4.5
15.2
26.9
28.9
27.6

26.8
34.1
35.1
47.5
64.6
65.1
6 2.8
5.1. 3
49.7
(NOVEMBER 1989)

103

C. Historical Data for Selected Series—Continued
Year

II Q

I Q

s

564.

28.4
30 5
33 7
37.7
40 2
45 1
48 4
52.6
57 2
61 2
67.4
72.9
81.4
90 5
102 9
i 15 i
130.7
145 .8
167 1
192.7
204.7
225 .7
259 8
286.8
318.8
344.4
378.0
418 0
437.2
467 .4
526 .0
564.5
615.3
637 . 1
6 84.8

28.7
31 2
34 6
38.1
41,4
45 4
49 7
53.4
58 1
62 4
69.0
7^.6
84 2
91 5
106 6
118 6
134.2
152.1
179 4
194.7
211.4
235.3
26 5 5
296.1
331,3
348.0
380.6
42 3 7
446.8
481.4
539.0
577.0
6 19.2
658.9
699.2

29.3
32 2
35 5
38.8
42 0
47 . 8
50 6
54.6
59.0
64 3
70.7
76.3
86 .7
95 2
109 6
122 7
137.8
155.7
176 8
196.9
216.2
245 .9
27 2 3
306 . 4
330.6
359.8
393.5
42 8 9
453.7
496 . 0
542 . 3
5 87 . 7
633.0
659 .6
7 06.0

S

1954
19 55
1956
1957
1958.....
1959... .
196 0
1961
196 2
196 3
1964... .
1965
196 6
196 7
196 8
196 9
197 0
197 1. .
19 7 2
197 3 . .
1974
197 5
197 6
1977
197 8
1979
1980
19 81
1982
1983.
.
1984
1985
1986
1987
1988

29 0
31 7
35 0
38.5
42 . 0
46 6
50 0
54.1
58 6
63 4
69.8
75 5
85 2
94 1
107 9
12 0 8
135 8
153.6
179 3
196.4
213.1
239.6
27 0 1
300.1
330 3
355.3
390.0
42 5 6
449.4
487 .7
540.5
5 81.8
626.3
656. 1
701.6

FEDERAL GOVERNMENT PU ^CHASES OF GOODS AND SERVICES,

565.

44.8
39.1
38.8
43.8
45.1
46 .9
44.7
46.9
51.9
5 1.3
512
48.6
56 .8
7 1.3
78.3
77 .8
7 8.8
75,6
78.3
78.0
79.1
87.7
91.4
98.1
104.1
115.9
135.9
157 .2
182 .2
208.5
226.9
249 .6
266.8
2 88 0
297.4

42.4
38.6
40.8
44.4
46.1
46.3
44.6
47.6
52.3
51.6
50 9
49 .7
60 1
72.4
79.4
78.2
76 0
73.8
78.6
77.6
82 . 0
88.3
92 .3
100.7
107 .8
118.4
139.3
164.6
190.3
213.3
233.0
252.9
277 .1
2 94 0
298.0

40.3
39.7
tO 8
t5 .2
f6 . 6
f6 . 3
f5.6
*7 . 8
2.1
51.4
50 3
50.9
64.4
74.5
79.1
79.9
76 1
72.9
76. 1
75.8
82.9
89.9
93.8
101.7
110.3
122.9
143 . 0
168.4
197.3
214.3
2 3 3.1
265.4
286.5
3 00.2
296.1

38.9
38.5
42.4
44.9
47.2
45.9
46 .2
49.4
52.0
51.6
49.4
54.7
66 . 8
75.5
79.8
79.9
76 2
74.0
76.7
78.5
86 .5
92 .5
96 .2
103 . 0
113.4
130.3
152.5
179.7
205 .4
221.5
244.1
26 8.6
280.7
296 .8
300.5

38
88
59
44
35
56
38
53
59
41
53
71
71
47
41
59
50
50
68
82
47
26
53
47
59
53
65
59
53
41
71
47
32
41
44

59
59
32
41
47
82
32
56
44
62
71
76
53
47
47
56
41
35
71
53
47
47
62
79
29
41
21
50
26
53
59
41
24
82
65

35
76
35
21
74
62
24
74
62
65
59
65
29
47
65
38
35
76
47
59
47
32
41
56
59
41
26
35
44
50
41
59
59
59
41

62
47
53
56
59
35
68
53
71
65
38
47
47
65
47
41
41
47
62
59
29
62
59
41
53
53
59
29
74
59
62
53
62
65
53

....

....
....
...

....

.....

48
68
45
40
54
59
40
59
59
58
55
65
50
52
50
48
42
52
62
63
42
42
54
56
50
47
43
43
49
51
58
50
44
62
51

NOTE: Unless otherwise noted, these series contain revisions beginning with 1986.
'This series contains revisions beginning with 1987.
2
This series contains revisions beginning with 1954.

104



30.8
33 1
36 .2
40.2
44.9
47 . 1
50 6
54.6
58 5
63 6
69 4
77 1
85 5
96 0
109 4
12 0 8
136.9
152 5
16 7 2
184.6
209.7
238.8
25 5 9
275.0
305 9
331.7
367 . 0
392 6
417.4
444 9
480 . 1
523.0
56 9 6
6 09 . 1
656.2

31.1
33 6
37.1
41.3
46 . 1
47 . 0
51 3
56.6
59 5
65 2
70 6
78 7
89 1
99 2
112 5
12 3 0
140 9
156 2
17 1 7
190 1
216. 1
245 8
25 8 6
280.6
311 5
341.6
375.3
39 8 7
424.1
449 5
489 . 1
531.8
579 8
620.9
670.8

1954
195s
1956
1957
1958
1959
1960
1961
1962
1963
196 4
1965 .

10.8
9 .7
9 .5
9.9
10.1
9.3
8.8
8.9
9.0
8.4
7 7
7 2
8 3
9 1
8 8
8.2
7 4
6 5
6.2
5.5
5 .6
5 .5
5 .2
5 .0
4.8
4.8
5 .2
5 .4
6 .2
6.2
6.1
6.6
6.7
6 6
6.0

10.2
9 ,2
9 .7
10.0
10,0
9.1
9.0
9.0
8.9
8.3
7 5
7 .5
8 4
9 0
8 7
8.1
7 4
6 .6
6.1
5.6
5 .7
5 .5
5 .2
5 .0
4.8
5 .0
5 .4
5 .8
6 .4
6 .2
6 .3
6.5
6.5
6 4
6.0

196 7
1968
1969
19 7 0
197 1 .
1972
1973
1974
1975
1976
1977 . .
1978
I979
1980
1981
1982 . . . .
1983
1984
1985
1986
19 87
1988

12.2
9 .9
9 .2
9.8
10.2
9 .7
8.7
9.1
9.2
8.7
8 0
7.1

11.5
9 .6
9 .6
9.9
10.3
9 .3
8.7
9.0
9.1
8.6
7 9
7 .2

8 9
9 1
8.3
7 9
7 .0
6.7
5.9
5 .5
5 .8
5 .3
5 .2
4.9
4.8
5 .1
5 .3
5 .9
6 .4
6.2
6 .4
6.4
6 6
6.3

9 0
9 .0
8.2
7 5
6 .7
6.6
5.8
5 .6
5 .6
5 .2
5 .1
4. 8
4 .8
5 .2
5 .5
6 .0
6 .3
6.2
6 .4
6.6
6 6
6.2

PRIATIONS 2 (PE RCENT RI 5ING

68 8
75 5
84 7
95 2
107 8
119 3
134 0
151 0
16 5 8
182 9
205.9
235 2
254 9
273.2
301 3
327 .7
363.2
391 4
414.3
440 2
47 5 .9
516.7
563 5
604. 8
651.9
AVERAGE

43
71
43
40
53
65
32
63
54
60
62
63
50

49
68
45
40
54
59
40
59
59
58
55
65
50

1968
1969
1970.....
197 1
1972 . .
1973.....
1974
1975
1976
19 7 7
1978..*..
1979 .
1980.....
1981
1982
1983
1984
1985 . . . . .
19 86
1987
1988

54
50
42
51
58
64
50
34
54
60
47
47
41
51
38
54
57
52
42
61
54

50
49
42
52
62
63
43
42
54
56
50
47
43
43
49
51
58
50
44
62
51

6 1
60
41
38
59
54
44
60
54
61
60
65
44
50
54
46
42
57
65
54
38
49
52
59
49
50
41
42
46
58
52
46
46
63
51

11.2
9 .6
9 .5
9.9
10.1
9.4
8.8
9.0
9.1
8.5
7 8
7 .2
8 0
9 0
8.9
8.2
7 6
6 .7
6.4
5.7
5 .6
5 .6
5 .2
5 .1
4.8
4.9
5 .2
5 .5
6 .1
6 .3
6 .2
6.5
6.6
6 6
6.1
AVERAGE

4-QUAR rER MOVING AVERAGE)

19 54
19 5 5
1956
195 7
195 8
1959
1960
196 1
1962
1963
1964.....
1965
1966 .

'

30.2
32 9
35.9
39.8
44.4
47 . 0
49 9
54.5
58 2

NATIO
(PERCENT)

41.6
39.0
40.7
44.6
46.3
46 . 4
45.3
47.9
52. 1
51.5
5 0.4
51.0
62 0
73.4
79.1
78.9
76 8
74.1
77 .4
77.5
82.6
89 .6
93.4
100.9
108.9
121.9
142 .7
167 .5
193.8
2 14.4
234.3
259.1
277.8
294.8
298.0
AVERAGE

195 4
1955
1956
1957
1958
1959.
1960
196 1
1962
1963
1964
1965.
1966.
1067.
1968
1969
1970
1971
1972
1973
1974
1975.
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986.
1987
1988

29.7
32 8
35.5
39.4
43 . 8
47 . 1
49 6
53.5
57 7
61 9
68 4
74 1
83 3
93 8
106 7
118 2
131.1
149 8
16 2 9
180 6
203.1
231.2
253 5
271.8
299 4
323.5
358.0
3 89 2
411.5
43 6 0
47 1.5
5 12 8
557 9
598.5
646.7

29.0
32 2
34.7
38.4
42 . 7
46 8
48 2
53.3
57 1
61 0
66 6
72 0
80 9
91 7
102 7
115 1
127.1
145 5
161 4
176 5
194.6
225.0
251 6
265.3
9 88 6
313.8
352 . 3
3 85 2
404.0
43 0 4
463 . 0
499 . 1
546 8
590.8
634.0

AVERAGE
1954.....
1955
1956
1957
1958.
1959.....
1960
1961
1962.....
1963
1964
1965.....
1966
1967
1968
1969. . . . .
197 0
197 1. . . . .
1972
1973
1974
1975
1976. . . . .
1977
1978
1979
1980
1981.....
19 82 . . . . .
1983
1984
1985
1986
19 87
1988

AVERAGE

IS)

AVERAGE
29.8
32 7
36 2
39.3
44 .4
47 9
51 2
55.9
60 2
65 8
7 1.8
78 1
88 6
99 2
112 6
126 6
140.6
160.6
193 7
2015
220.1
251.7
2 82 7
310.9
340 4
368.9
407.9
431 6
459.8
505 8
554.5
598.0
637.6
668.9
716.5

Annual

IV Q

III Q

II Q

IQ
512.

^ D O L L A R S ) '

1954.....
1955
1956
1957
1958
1959 . . . . .
I96 0. .
196 1. . . . .
1962. . . .
196 3 .
1964,....
1965.....
1966
1967 . .
1968. .
1969
197 0
1971..,.,
1972. . . . .
1973
1974
1975
1976
19 7 7
197 8
1979.....
1980
1981
1982 . . . . .
1983
1984
1985
1986
1987
19 88

Year

Annual

IV Q

III Q

511

61
54
43
40
6 8
42
50
57
59
63
61
59
43
50
57
43
40
65
61
53
38
52
57
46
51
45
49
36
53
60
48
42
61
58

54
63
43
40
58
55
42
60
56
60
60
63
47
50
54
47
42
56
62
58
42
44
54
55
49
47
44
43
46
56
54
48
48
61
(NOVEMBER 1989)

G. SyppfementaE Data and Analyses

III U ! | M

Foreign currency per U.S. d o l l a r
Year
and
month

Japan
(Yen)

(Franc)

5.5808
5.7323
5.6893
5.6704
5.7348
5.9310
6.2241
6.3919
6.3515
6.1975
5.9746
5.9994

1.6537
1.6965
1.6770
1.6710
1.6935
1.7579
1.8466
1.8880
1.8668
1.8165
1.7491
1.7563

\

v

240

/J \

127.36
127.74
130.55
132.04
137.86
143.98
140.42
141.49
145.07
142.21
2
143.62

6.2538
6.3004
6.3321
6.3223
6.5815
6.7135
6.4105
6.5085
6.5855
6.3339
2
6.2534

1.8356
1.8505
1.8686
1.8697
1.9461
1.9789
1.8901
1.9268
1.9502
1.8662
2
1.8406

Foreign currency per U.S. d o l l a r
Italy
(Lira)
1988
Jan
Feb....
Mar....
Apr....
May
June...
July...
Aug
Sept...
Oct
Nov
Dec
1989

1216.88
1249.62
1240.67
1240.99
1258.81
1305.56
1367.26
1397.93
1393.15
1353.36
1300.22
1295.61

Canada

0.5638
0.5703
0.5836
0.5880
0.6132
0.6439
0.6147
0.6271
0.6363
0.6300
2
0.6352

1.2855
1.2682
1.2492
1.2353
1.2373
1.2176
1.2075
1.2237
1.2267
1.2055
1.2186
1.1962

89.29
91.09
89.73
88.95
89.74
92.58
96.53
98.29
97.91
95.10
91.91
91.88

r

\
\

\

ISO

120
2.8
2.4

n

US -J
\

France (franc)

S

t

\

</

/

1
r

\

i
A

B

V
/

V

m

/

JS
J

A

Ar

(1

V

Ital 1

(lire
A-

y

J
/

r

Uol

mm

\

/

\

j

m

J
\

1.8
e
e

\

V

United Kingdom (pound)

Exchange value
of the U.S.
dollar 1
(March 1973=100)

x

^\

y
V

A

\

I

(Dollar)

n

West Germany (d. mark)

^\
\

200

K

V

Year
and
month

Jan
Feb
Mar....
Apr
May
June...
July...
Aug....
Sept...
Oct....
Nov
Dec....

0.5553
0.5688
0.5456
0.5324
0.5349
0.5628
0.5865
0.5894
0.5938
0.5751
0.5529
0.5477

320

J pan (y
a

\
127.69
129.17
127.11
124.90
124.79
127.47
133.02
133.77
134.32
128.68
123.20
123.61

Ratio scale

1

1988
Jan
Feb
Mar
Apr
May....
June...
July...
Aug....
Sept...
Oct....
Nov
Dec
1989
Jan
Feb....
Mar
Apr
May....
June...
July...
Aug
Sept...
Oct....
Nov
Dec

111

Foreign currency per u.s. dollar—

United
Kingdom
(Pound)

France

West
Germany
(D. mark)

\\w\\\\\\\\\\\\ III III III III HI

\

eoo

i

L.6

Canada (dollar)

1.4
1345.12
1355.28
1372.50
1371.80
1415.83
1434.40
1367.39
1384.24
1404.18
1369.24
2
1350.18

1.1913
1.1891
1.1954
1.1888
1.1925
1.1986
1.1891
1.1758
1.1828
1.1749
2
1.1706

95.12
95.77
96.99
97.24
100.81
103.09
99.12
100.44
101.87
98.92
2
98.31

—*K,

Exchange value of the U.S. dollar ^
(index: March 1973 = 100) _> \f

Ay
III III U l II in

|

|

—.
m

\\

1.2
1.0
ISO
140
12©

V\

A

\ fJx

m

II III III III III III Hi

76 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 8 8 7 @8 _ „
This index i s the weighted-average exchange value o f the U.S. d o l l a r a g a i n s t the c u r r e n c i e s o f the other G-10 c o u n t r i e s
plus S w i t z e r l a n d . Weights are the 1972-76 global trade o f each o f the 10 c o u n t r i e s . For a d e s c r i p t i o n o f t h i s i n d e x , see
the August 1978 FEDERAL RESERVE BULLETIN ( p . 700).
2
Average f o r November 1 through 24.
1

Source: Board o f Governors o f the Federal Reserve System.




105

G. S u p p l e m e n t a l Data a n d A n a l y s e s — C o n t i n u e d
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). .
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). . .
8. Mfrs.1 new orders in 1982 dollars, consumer
goods and materials industries (bil. do!.). .
32. Vendor performance—slower deliveries
diffusion index (percent)
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). . .
92. Change in mfrs.1 unfilled orders 2 1982
in
dollars, durable goods, smoothed (bil. dol.)
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks3
(index: 1941-43=10) . . . . .
106. Money supply M2 in 1982 dollars
(bil. dol.)
.....
83. Index of consumer expectations3
(index: 1st Q 1966=100)
910. Composite index of leading indicators4
(index: 1982=100) . .
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.).
... .
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. dol.) . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of roughly coincident"*
indicators (index: 1982=100) . . . . . .
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio). .
62. Change in index of labor cost per unit of
output, mfg., smoothed2 (ann. rate, percent).
109. Average prime rate charged by banks
(percent)
Commercial and industrial loans outstanding
in 1982 dollars ( m i l . d o l . ) . .
95. Ratio, consumer installment credit
outstanding to personal income (percent). . .
120. Change in consumer price index for services,
smoothed2 (ann. rate 9 percent)
930. Composite index of lagging indicators'*
(index: 1982=100)
.

July
1989

Aug.
1989

Net contribution to index
Sept.
1989

July
to
Aug.
1989

Oct.
1989

Aug.
to
Sept.
1989

Sept.
to
Oct.
1989

p40.8

.00

.07

- .22

320

357

. 19

.03

- .30

r90.68

r88.23

p87.88

.48

. 15

-.02

46.9

44.9

43.8

42.7

.08

.05

-.05

r49.92

r-4 6 . 8 1

r-46.67

p46.86

. 15

.01

.01

102.2

105.9

105.2

108. 1

. 10

.02

.08

2.2 2

rl.57

rl.16

p . 93

.21

. 13

-.07

r-.22

-.47

r-.4 9

-.46

.21

.02

.03

331.9 3

346.61

34 7 . 3 3

34 7 . 4 0

.24

.01

.00

r 2 / 4 16.6

r 2 , 4 31 . 4

r2,442.7

p2,447. 1

.20

. 15

.06

85.5

80.3

88.6

87.2

. 19

.31

- .05

144 . 0

r144.8

pl44.6

.56

.28

-.41

108,767

rlO8,887

r 109,088

pi 0 9 , 3 2 1

. 09

. 15

.22

r2,923.1

r2,933.3

r2,932.2

p2,940.5

. 18

.02

.20

142.4

rl42.4

. 10

.00

-.26

r451,971

r466,301

p464,190

NA

.78

. 11

N
A

132.6

133. 9

rl33.7

pl33.7

.98

. 15

.00

12.0

11.3

11.4

.36

.05

-.29

1 .54

1.50

pi.50

.52

.00

.05

. 10

.84

41.0

r41.0

338

316

82.90

r 1 41 . 9

r1.2

1. 5

r41. 1

r 1 45 . 2

r2. 1

p141 .4

11.8
NA
P

5.7

10.98

10.50

10.50

10.50

.28

.00

.00

r:391,613

r400/901

r397,659

p396,752

.53

.18

-.07

15.76

rl5.77

pi 5.74

.03

.09

NA

4.9

4.8

4.4

4.2

.05

.19

120.0

r!20.2

119.7

pi 2 0 . 2

. 17

.42

101.

N
A

-.13

.42

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized change for the component by the number of components and dividing that result by the index
standardization factor. See the January 1989 BUSINESS CONDITIONS DIGEST (pp. 97-102) for the standardization factors.
NA, not available. p9 preliminary, r, revised.
x

This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is smoothed by an autoregressive-moving-average f i l t e r developed by S t a t i s t i c s Canada.
This is a copyrighted series used by permission; i t may not be reproduced without written permission from the source: stock
prices, Standard & Poor's Corporation; consumer expectations 9 University of Michigan's Survey Research Center.
^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 0.142; for the coincident index, -0.186; for the lagging index, 0.030.
2

3

106



G. Syppiementai Data and Analyses—Continued
CB R Composite Indexes of Leading Indicators
IC

TIT IIS TIT

f

S
III 1 T

1 TI T
S T

SI
S

HI in

u
s

11il18il
1 l 1 l

ililil
l l l

II Ratio scale
I
240
220
200
180
160

CJBCR long-leading index (1967 = 100)
220
200
ISO

'/,

ISO
140

y,

120

100
CIBCR short-leading index (1967 = 100)

i

80

~J 80

M

ill ill lliltf

fa iliilfflli

11 l J
1 il U

a

il
l

il
l ui

11
1

S© 51 §2 SS S4 55 S8 57 Si Si @Q 81 ®2 S3 @4 65 66 67 68 88 70 71 12 73 74 75 78 77 78 7@ 80 81 82 83 84 85 Si 87 88 89
CIBCR long-leading index (1967=100)

CIBCR short-leading index (1967=100)

Month
1985

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

1986

1987

1988

1989

1985

1986

1987

1988

1989

171.8
174.9
173.2
175.8
179.0
181.6
182.3
184.5
186.2
183.2
185.8
187.9

188.8
188.3
186.6
192.4
193.3
193.7
195.2
195.5
197.4
197.2
199.4
204.6

203.2
205.0
204.8
205.5
204.1
205.1
207.5
206.7
205.0
205.1
206.1
206.0

206.3
210.5
210.8
212.8
213.9
214.3
216.0
217.3
217.1
215.6
218.0
219.7

219.5
218.5
215.3
219.5
220.3
r221.8
r222.3
223.6
r224.9
p223.2

rl71.9
rl71.5
rl72.0
rl71.6
rl72.9
rl73.4
rl73.8
175.1
rl75.9
177.1
176.0
178.6

rl79.6
rl79.5
180.2
rl81.4
rl81.8
rl82.5
rl82.4
184.2
rl85.4
rl85.9
rl87.1
rl90.0

rl89.6
rl91.3
191.8
rl91.6
rl94.1
rl96.5
rl96.4
197.8
rl97.1
rl96.3
rl94.9
194.0

rl93.2
rl94.4
rl94.8
rl95.9
196.0
rl98.8
rl97.7
rl98.2
rl98.0
rl98.4
rl98.8
r201.4

r201.7
r201.8
r202.4
r203.5
r201.8
r202.4
r201,5
r203.8
r205.1
p204.5

NOTE: These indexes are compiled by Columbia University's Center for International Business Cycle Research (CIBCR).
The components of each index are listed below, and the source is indicated for each component not shown in BCD.
Long-leading index: Building permits for new private housing units (BCD 2 9 ) 5 bond prices (Dow-Jones & Company), ratio
of price to unit labor cost in manufacturing (CIBCR), and deflated M2 money supply (BCD 106).
Short-leading index: Average weekly hours in manufacturing (BOD 1 ) , average weekly initial claims for unemployment
insurance (BCD 5 ) , layoff rate under 5 weeks (CIBCR), deflated new orders for consumer goods and materials (J3CD 8 ) , vendor performance (BCD 32), change in business population (CIBCR), deflated contracts and orders for plant and equipment
(BCD 2 0 ) , inventory change (National Association of Purchasing Management), change in industrial materials prices (Journal of Commerce), stock prices (BCD 19), and change in deflated total debt (CIBCR).
Further information about these indexes and their non-BCD components may be obtained from the Center for International
Business Cycle Research, Graduate School of Business, Columbia University, New York, NY 10027.




107

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue

Series (page n u m b e r s >
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

A
Agricultural products, exports
Anticipations and intentions
Consumer expectations, index
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing 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, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

604

56

83
58
974
975
971
100
61
970
976
978
977
972
973

13
22
38
38
38
24
24
38
38
38
38
38
38

9
7
6
5
7
6
7
6
7
6
6
7
6
7
7
6
7
6
7
6
7
6
7
6
7
6

2/89
12/88
7/89
7/89
7/89
10/88
10/88
10/88
7/89
7/89
7/89
7/89
7/89

616
55

56
22

9
2
6
5

7/89
9/89

92

7/89

2
0
3
7
3
7
3
7
2
3
2
3
3
7
3
7
3
7
3
7
3
7
5
6
3
9

B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve
Bonds—See Interest rates.

93
94

33
33

72
72

11/88
11/88

35
35

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 loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving
C
Canada—See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
Capital investment—See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
:
Cash flow, corporate, current dollars
Civilian labor force—See also Employment.
Employment
Employment as percent of population
Labor force
Unemployed
Coincident indicators
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm

economy

Earnings, real average hourly, private nonfarm

economy

Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Index
;
Rate of change
Ratio to lagging indicator index
Lagging indicators

Index

Rate of change
Leading indicators
Capital investment commitments
Eleven leaders, index
Eleven leaders, rate of change

Inventory investment and purchasing

29 13,25
76
24

67
67

9/89
1/89

24
12

14
12
13

72
65
65

7/89
1/88
7/89

34
21
21

33
23
23

101 15,35
72
35
112 32
295 46

73
73
71
82

4/89
4/89
4/89
11/88

32
32
32
26

82
84

20
20

6
4
6
4

1/89
1/89

1
4
1
4

97
11
965
333

24
24
37
48

6
6
6
6
7
5
8
6

5/88
5/88
11/89
5/89

2
2
2
2
2
2
5
1

914
35
34

29
29

6
0
7
0

5
2
6
2
6

7
0

1/86
9/89
9/89

442
51
90
17
441 51
37 18,51

8
9
6
2
8
9
62,89

3/89
3/89
3/89
3/89

9
9
9
9

920
920c
951
940
9

6
0
'74'
6
0
6
6

10/89
10/89
10/89
10/89
5/88

"5
5
2
1

101 15,35
72
35
112 32

7
3
7
3
7
1

4/89
4/89
4/89

3
2
3
2
3
2

345
280

49
45

8
7
8
2

11/88
11/88

4
6
4
6

64

30,47

70,83

9/89

4
6

10
39
36
11
23

346

49

8
8

11/88

4
6

340

49

8
7

8/88

5

341

49

348
349

50
50

8
7
8
8
8
8

8/88
7/89
7/89

5
5
3
5
3

53

19

6
3

11/89

1
1

920
920c
940

10
39
11

6
0

5

"60"

10/89
10/89
10/89

930

10

6
0

5

930c

39

10/89
10/89

6
0
6
0

1/86
10/89
10/89
1/88
1/88
1/88

5
5

914
910
910c

915

10
39

11

Money and financial flows

917

11

Profitability

916

11

See notes at end of index.

108



5

e0
o
6"
6
0

"5

5
5
5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer expectations, index
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit

Credit outstanding

Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items
Food
Services
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personalincome
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index
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

Current issue

Series (page n u m b e r s )
number Charts Tables

Historical
data
(issue date)

Series
description

(*)

29

13,25

67

9/89

9
69

23
24

66
67

5/88
11/89

2
1
1
7

25
47
25
25
47
25
13
48
12,21
22

67
83
67
67
83
67
97
86
64
65

9/89
10/88
9/89
9/89
10/88
4/89
2/89
5/89
4/89
1/89

4
0
4
0
4
0
4
0
4
0
2
4
'1
5
1
5
1
2

86
248
87
89
249
28
83
334
8
75

66

35

73

113
95
39

32
15,35
33

72
73
72

8/89
8/89 .
8/89
2/88

3
3
3
3
3
3
3
4

320
322
120
58

49
49
15
22

84,95
84
97
65

3/89
3/89
2/89
12/88

4
9
4
9

525

53

90

6/89

5
5

20

12,23

66

9/88

2
1

10
116

23
34

66
73

9/88
5/88

2
1
3
5

2
0

110

32

72

11/89

3
4

101
72
112

15,35
35
32

73
73
71

4/89
4/89
4/89

3
2
3
2
3
2

66
113
95
39
Ill
33

35
32
15,35
33
32
32

73
72
73
72
72
71

8/89
8/89
8/89
2/88
8/89
9/86

3
3
3
3
3
3
3
4
3
1
3
1

98
331

28
48

69
85

8/89
5/89

5
1
5
0

557

54

91

10/89

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

6/89
6/89
7/89
6/89
6/89
6/89

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

9/88
9/88
9/88
9/88
6/89
11/89
11/89

1
7
1
5
1
7
1
5
5
4
3
4
3

39
32

33
12,21

72
64

2/88
2/89

3
4
1
7

965
951
974
963
966

37
36
38
36
37

11/89
10/89
7/89
4/89
10/89

2
2
5
3
7
5
1
2

962
975
952
950
964

36
38
36
36
37

2/88
7/89
10/89
10/89
9/88

8
3
7
5
5
1
5

971
970
960
972
967

38
38
37
38
37

7/89
10/88
5/88
7/89
10/89

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

7/89
7/89
7/89
7/89
12/88
7/88

3
7
3
7
3
7
3
7
2
5
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Contlnyecl
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
E
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

Current issue
Series (page n u m D e r s )
number Charts Tables

441
578
577

51
55
55

48c

39

48

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, D!
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, civilian.
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Workweek, manufacturing....
Workweek, manufacturing, components.
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Expectations—See Anticipations and intentions.
Exports—See International transactions.
F
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
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves
G
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 Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.

17

40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
43
44
45
1

17
38
14,17
36
51
55
17
16
16
12,16
36
16
51
51
51
51
17
51
51
51
51
15,18
18,51
18
18
18
12,16

961

36

8
9
9
1
9
1

e'
i
62
7
6
62
7
4
8
9
9
1
6
2
6
1
6
1
6
1
7
4
6
1
8
9
8
9
8
9
8
9
62
8
9
8
9
8
9
8
9
6
2
62,89
62
62
62
6
1
7
7
7
4

Historical
data
(issue date)

3/89
6/89
6/89

9
5
6
5
6

8/89
8/89
8/89
7/89
8/89
4/89
3/89
6/89
3/89
3/89
3/89
4/89
2/88
8/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
8/89
8/89

'5
5
3
7
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
9
8
5

7/88

"5

Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
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

119

34

72

6/88

94
213
917

33
40
11

7
2
80
6
0

11/88
10/88
1/88

311

48

84

11/89

93

33

72

11/88

3
5
38
5

49

20

63

9/89

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
9
0
9
0
9
0
90
8
3

11/89
11/89
11/89
11/89
11/89
11/89
11/88

5
3
5
3
5
3
5
3
5
3
5
3
48

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

8
1
8
1
8
3
9
1
9
1
8
1
8
1
8
3
8
1
8
1

11/88
11/88
11/88
11/89
11/89
11/88
11/88
11/88
11/88
11/88

4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3

311
68

48
30

84
7
0

11/89
9/89

4
9
28

63,80
8
0
80
80
8
0
8
0
7
1
6
3
84
80

9/89
9/89
9/89
10/88
10/88
10/88
11/89
9/89
11/89
10/88

3
8
3
8
38
3
8
3
8
3
8
3
0
1
4
3
8
3
8

9
9

50 19,40
50b
50c
39
200
40
200b
....
200c
107
31
49
20
310
48
217
40

H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

- . .,,
(See complete titles in "Titles and
Sources of Series," following this index)

Series
description
(•)

46
60

16
16

6
1
6
1

3/89
3/89

1

12,16

5

36
16

6
1
7
7
7
4
6
1

8/89

961
21

7/88
8/89

'5
5

Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total

Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index...
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany

Current issue
Series ^page numDers^
number Charts Tables

Historical
data
(issue date)

Series
descriptio

C)
2
4
2
4
40
40

28
29
89
249

25
13,25
25
47

67
67
67
83

4/89
9/89
9/89
10/88

310

48

84

11/89

345
280

49
45

87
82

11/88
11/88

46
46

64

30,47

70,83

9/89

4
6

346
95
286

49
15,35
45

88
73
82

11/88
8/89
11/88

46
33
26

287
225
224

47
40
40

83
80
80

11/88
10/88
10/88

26
11
11

227

40

80

10/88

340

49

87

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/88
9/89
9/89
11/88
11/88
10/88
11/89
11/89

5
5
7
5
7
4
7
4
7
4
6
1
1
1
1

11/89
11/89
11/89
11/88

i
i
3
0
47

11/88
11/88

47
47

11/88
7/89
7/89

4
7
5
3
5
3

11/89
7/89
5/89

1
1
2
1
5
1

1/89
1/89
10/89
1/89
1/89
6/89

1
2
1
2
1
3
1
2
1
2
1
2

78
75

10/89
12/87

"\2

10/89
1/88

2
5
2
5

4/89
2/88

8
8

51c

39

51

14,19

63

108
282

31
45

71
82

283
284

47
45

83
82

285
348
349

47
50
50

83
88
88

53
13
335

19
23
48

63
65
85

76
75
557
73
74

24
22
54
20
20

67
65
91
63
63
63,94

47

14,20,58

966
47c

37
39

967
23

37
28

79
75
69

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

67
116
119
118
117
109
114
115
332

35
34
34
34
34
35
34
34
48

733
736
737
738
732
320
735

59
59
59
59
59
49
59

723
58
726
58
727
58
728
58
721
58
722
58
47 14,20,58
725
58

0/on
0/03

0
0

11/88
11/88

47
4
7

73
73
72
73
73
73
72
73
86

9/89
5/88
6/88
6/88
5/88
2/88
5/88
5/88
5/89

3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
50

96
95
96
95
95
84,95
95

4/88
4/88
4/88
4/88
4/88
3/89
4/88

6
0
6
1
6
1
6
1
6
0
4
9
6
1

94
94
94
94
94
94
63,94
94

6/89
6/89
6/89
6/89
6/89
6/89
6/89
6/89

5
9
5
9
5
9
5
9
58
5
8
1
2
5
9

See notes at end of index.




19
0

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States.
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade....
Inventory investment and purchasing, Cl
Manufacturing and trade
Manufacturing and trade, change
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manufacturers', change....
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars.
Contracts and orders, current dollars.
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad .
Italy—See International comparisons.

Current issue
(page numbers)
number Charts Tables
Serjes

Historical
data
(issue date)

Series
description
(*)

73
4
76
4
77
4
78
4
72
4
1
9
75
4

5
9
5
9
5
9
5
9
5
9
5
9
5
9

9
6
9
6
9
6
9
6
9
6
9
6
9
6

6/89
6/89
6/89
6/89
6/89
6/89
6/89

6
3
6
3
6
3
6
3
6
3
2
5
6
3

67
6
62
2
62
0
68
1
64
0
26
5
22
5
68
6
66
0
62
1
60
2
66
1
69
6
27
5
23
5
64
1
62
5
61
5

5
7
5
7
5
6
5
7
5
6
44
44
5
7
5
6
5
6
5
7
5
6
5
7
44
44
5
6
5
7
5
7

9
3
9
3
92
9
3
9
2
8
2
8
2
9
3
9
2
9
2
9
3
9
2
9
3
82
8
2
9
2
9
3
9
3

9/89
9/89
7/89
9/89
7/89
10/88
10/88
9/89
7/89
7/89
9/89
7/89
9/89
11/88
10/88
7/89
9/89
9/89

5
7
5
7
5
6
5
7
5
6
44
44
5
7
5
6
5
6
5
7
5
6
5
7
44
44
5
6
5
7
5
7

25
5

44

82

10/88

44

20
5
21
5

44
4
7

82
8
3

10/88
10/88

4
4
44

3
0
25
4
27
4
59
5
6
5
7
7
95
1
7
1
3
1
7
0
95
7

26,42
42
4
7
5
4
2
7
15,27
1
1
2
7
2
6
2
7
3
8

68,81
8
1
8
3
9
1
68
68
6
0
6
8
68
6
8
7
6

9/89
10/88
10/88
9/88
12/88
8/89
1/88
9/89
9/89
9/89
7/89

40
40
40
1
7
1
7
1
7
5
1
7
1
7
1
7
3
7

3
6

2
6

6
8

9/89

1
7

7
8

2
7

6
8

12/88

1
7

3
8

2
6

6
8

12/88

1
7

9
7
1
1
95
6
94
1
9

24
2
4
3
7
23'

6
6
6
6
7
5
60
6
6

5/88
5/88
11/89
1/86
5/88

2
2
2
2
2
2
5
2
1

6
9

2
4

67

11/89

1
7

23
4
22
4
8
6
28
4

4
2
42
2
5
4
7

8
1
8
1
6
7
8
3

10/88
10/88
9/89
10/88

40
40
40
40

88
8
7
8
9
29
4
21
4
20
4

2
5
2
5
2
5
4
7
42
42

6
7
6
7
6
7
8
3
8
1
8
1

9/89
9/89
9/89
10/88
10/88
10/88

40
40
40
40
40
40

2
7

2
3

6
6

9/88

1
5

24

2
3

6
6

9/88

1
5

2
0
1
0
10
0
6
1
90
7

12,23
2
3
2
4
24
3
8

6
6
6
6
6
7
6
7
7
6

9/88
9/88
10/88
10/88
10/88

2
1
2
1

62
5
61
5

5
7
5
7

9
3
9
3

9/89
9/89

5
7
5
7

2
3
2
3

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
Index
Percent change
Labor cost, price per unit of, nonfarm business...
Labor force—See Employment.
Lagging indicators
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.

110



68
63

30
30

70
70

9/89
11/89

28
28

62
62
26

30
15
29

70
97
70

11/89
11/89
11/89

28'

930
930c
952

10
39
36

60

10/89
10/89
10/89

74

28

5
5"

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.
fiV!
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate..
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Merchandise trade—See International transactions.
Military—See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml, constant dollars
Money supply Ml, percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

£
.
*
Series ^paee numDer ^
number Charts Tables
910
910c
950
14
104

Historical
data
(issue date)

Series
description
(*)
5

10
39
36
33
31

60
....
74
72
71

10/89
10/89
10/89
7/89
4/89

5
34
29

78

27

68

12/88

17

38
84
8

26
20
12,21

68
64
64

12/88
1/89
4/89

17
14
15

917

11

60

1/88

5

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

4/89
4/89
4/89
4/89
4/89
11/89
11/89
9/86
6/88
5/88

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

9/88
9/88
4/89

15
15
15

20

12,23

66

9/88

21

10
548
7
6

23
53
21
21

9/88
9/88
4/89
4/89

964
971

37
38

66
90
64
64
77
75
76

9/88
7/89

21
15
15
15
—
15
37

88
87
86
248

25
25
25
47

67
67
67
83

9/89
9/89
9/89
10/88

40
40
40
40

517
543
721

53
53
58

90
90
94

6/89
6/89
6/89

55
55
58

580

54

91

7/89

56

49

20

63

9/89

14

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
97
88
88
64
64
61

11/89
11/89
10/88
10/88
1/89
1/89
8/89

28

453
452
451

51
51
51

89
89
89

3/89
3/89
3/89

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/89
10/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

11/88
11/88
7/89

48
48
56

M
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
.
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0
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
Index
Percent change
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing

•

52
52
14
14
5

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

ALPHABETICAL IIMDEX—SERIES FINDING GUIDE—Contamued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
.....
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude 3nd intermedote m3teri3ls
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 Drices—See a'so International comDansons
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl....
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj.
Proprietors' income with IVA and CCAdj, percent of
national income
uiu^n

pi i s o
v u

\j\t\t

oiju

i i i i t t iIUiiyiICII

Curr(>nt issue
Series
number

20
10
100
61
970
90

(page numbers)
Tables
Charts

12,23

23
24
24
38
17

66
66
67
67
76
62

Historical
data
(issue date)

9/88
9/88
10/88
10/88
10/88
3/89

Series
description

(*)

21
21
'23'

49
49
15

84 95

84
97

3/89
3/89
2/89

49
49

311
310
26

48
48
29

84
84
70

11/89
11/89
11/89

49
38
28

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

5/89
5/89
5/89
5/89
5/89
5/89
8/89

50
51
50
51
51
50
51

967
23

'37'

79
75
69

10/89
1/88

'25'

69
69

8/89
2/89

51
25

12/88
12/88
11/89

25
25
28

98
99

28
13,28

25

uuuipai louiio

19
968
26

13,28

37
29

69
75
70

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

7/89
7/89
7/89
6/89
2/88

37
37
37
55
35

88

25

67

9/89

lumucis/
(page r"—k N
Tables
Charts

Historical
data
(issue date)

Series
description

(*)

249

47

83

10/88

40

59
54

22
22

65
65

8/89
8/89

20
20

213

40

80

10/88

38

69
57
56
973
77
59
54

24

22
22

67
65
65
76
68
65
65

11/89
8/89
8/89
7/89
8/89
8/89
8/89

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/88
11/88
11/88
11/88
11/88

26
48
48
48
48

98
99
588

28
13 28

54

69
69
91

8/89
2/89
9/88

51
25
17

967
23

37
28

79
75
69

10/89
1/88

25*
25

19
968

13 28

37

69
75

12/88
12/88

25
25

34
34

72
73

5/88
5/88

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

3/89
3/89
4/89
2/88

9
9
8
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

3/89
3/89
3/89
3/89
3/89

9
9
9
9
9

43
44
45

18
18
18

62
62
62

3/89
3/89
8/89

9
9
8

561
92

54
13

91
97
64
64

9/88
2/89
9/88
9/88

'is'

71
71
64

11/89
11/89
2/89

30
30
17

61
77
74

8/89

5

7/88

"5"

S
Salaries—See Compensation.
Sales
Final sales constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade
Retail sales, constant dollars
Retail sales current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
;...
Surplus—See Government.

40

14.22

22
38
15,27

T
Treasury bill rate
Treasury bond yields

U
370
358
916

50
50
11

88
88
60

10/88
10/88
1/88

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

9/89
9/89
9/89
9/89

26
26
26
26

286
287
972
960
15
916

45
47
38
37
29
11

82
83
76
75
70
60

26
26
37
37
27
5

22

29

69

11/88
11/88
7/89
5/88
9/89
1/88
9/89

26

81

29

70

45

82

9/89
11/88

26

282
283

47

83

11/88

47

47

R
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves free
Residential fixed investment, constant dollars

Current issue
Series
number

114
115

Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales constant dollars
Retail sales, current dollars

23
9

320
322
120

28

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

967
23
284

37
28
45

79
75
69
82

10/89
1/88
11/88

25'
25
47

285
93
89

47
33
25

83
72
67

11/88
11/88
9/89

47
35
40

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
Civilian
15 weeks and over
Insured unemployment
Unfilled orders, manufacturers'
Defense products
Durable goods industries, constant dollars, change
Durable goods industries, current dollars
Durable goods industries, current dollars, change
United Kingdom—See International comparisons.

96
25

21
21

15
15

y
Velocity of money
GIMP to money supply M l , ratio
Personal income to money supply M2 ratio
Vendor performance, slower deliveries

31
31

107
108
32

12,21

1

12,16

961

36'

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

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.




111

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.

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company
(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
and Dun & Bradstreet, Inc.
(23,65)
13. dumber of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis
(23,65)
14. Current liabilities of business failures ( M ) . - D u n
& Bradstreet, Inc.
(33,72)

34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
35. Corporate net cash flow in 1982 dollars (Q).—Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(26,68)
37. Plumber of persons unemployed (M).—Source 3
(18,51,62,89)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source 2
(26,68)

Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide" also lists chart and table page numbers
for each series.

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2
(29,70)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).—Source 3
(17,62)

I-A. Composite Indexes

18. Corporate profits after tax in 1982 dollars ( Q ) . Source 1
(28,69)
19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)
20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company
(12,23,66)
21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing ( M ) . —
Source 3
(16,61)
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.)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)

910. Composite index of eleven leading indicators
(includes series 1, 5, 8, 19, 20, 29, 32, 83, 92, 99,
106) (M).-Source 1
(10,39,60)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1
(60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).—Source
1
(11,60)
916. Composite index of profitability (includes series
19,26,80) (M).-Source 1
(11,60)
917. 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)
930. Composite index of seven lagging indicators (includes
series 62, 77, 91, 95, 101,109, 120) (M).-Source
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

(28,69,79)

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).—Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3
(29,70)

I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3
(12,16,61,77)

5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
28. Mew private housing units started (M).—Source
2
(25,67)
29.

Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

30.

Change in business inventories in 1982 dollars ( Q ) . Source 1
(26,42,68,81)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

31.

Change in manufacturing and trade inventories
(M).—Sources 1 and 2
(26,68)

7. Manufacturers' new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)

32.

Vendor performance, slower deliveries diffusion index
(M).—National Association of Purchasing Management and Purchasing Management Association of
Chicago
(12,21,64)

(12,16,61)

8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)
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)

112



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
(32,71)

42. timber of persons engaged in nonagricultural activities (M).-Source 3
(17,62)
43. Unemployment rate (M).—Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(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)

^%. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).—Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).—Source
1

(19,39,40,63,80)

51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).—Source 1
(19,63)

53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1
(19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Sourcel
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-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 (Used by
permission. This series may not be reproduced without
written permission from the source.)
(22,65)
59. Sates of retail stores in 1982 dollars (M).-Sources 1
and 2
(22,65)
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
61. ^ew plant and equipment expenditures by business
in current dollars(Q).—Source 2
(24,67)
62. index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70,97)

SOURCES OF SERIES—Continued
63. index of unit labor cost, business sector (Q).—Source
3
(30,70)
61 Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

65. Manufacturers' inventories, finished goods
(EO(Vi).—Source 2

(27,68)

68. Consumer installment credit outstanding (EOM).—
Source 4

(35,73)

67. Bank rates on short-term business loans (Q).—Source

90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)

91. Average duration of unemployment in weeks (M).—
Source 3

(15,18,62)

92. Change in manufacturers' unfilled orders in 1982
dollars, durable goods industries (M).— Sources 1,
2, and 3
(13,97)
93. Free reserves (M).—Source 4

(33,72)

(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost in current dollars per unit of gross

95. Ratio, consumer installment credit outstanding to

4

domestic product in 1982 dollars, nonfinancial corporations (Q).-Sourcel
(30,70)

69. ianufacturers' machinery and equipment sales and
holiness construction expenditures (M).—Source
2
(24,67)

personal income (M).—Sources 1 and 4
tries (EOM).-Source2

(27,68)

(21,64)

97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board
(24,66)

70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2

(15,35,73)

96. Manufacturers' unfilled orders, durable goods indus-

(27,68)

98. Percent change in producer prices for sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

72. Commercial and industrial loans outstanding in cur-

99. Change in sensitive materials prices (M).—Sources 1,

71. Manufacturing and trade inventories in current
dollars (EOM).-Sources 1 and 2

rent dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. index of industrial production, durable manufactory (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).-Source4
(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)

3, and Commodity Research Bureau, Inc.

(13,28,69)

100. New plant and equipment expenditures by business
in 1982 dollars (Q).-Source 2

(24,67)

101. Commercial and industrial loans outstanding in 1982
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (M).—Sources 1 and
4
(31,71)
105. Money supply Ml in 1982 dollars (M).-Sources 1
and 4
(31,71)

106. Money supply M2 in 1982 dollars (M).-Sources 1
and 4

(13,31,71)

S-C. Diffusion Indexes
950. Diffusion index of eleven leading indicator components (M). -Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of seven lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(37,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas (M).—Source
1 and U.S. Department of Labor, Employment and
Training Administration
(36,74)
963. Diffusion index of employees on private nonagricultural payrolls, 349 industries (M).—Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).—Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
38-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)

78. ianufacturers' inventories, materials and supplies
on hand and on order (EOM).—Source 2
(27,68)

107. Ratio, gross national product to money supply M l

79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Sou reel
(29,69)

108. Ratio, personal income to money supply M2 (M).— 970. Diffusion index of new plant and equipment expendi-

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)
83. index of consumer expectations (Q,M).—University
of Michigan, Survey Research Center (Used by permission. This series may not be reproduced without
written permission from the source.)
(13,97)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).-Source 4

(31,71)

(Q).—Sources 1 and 4
Sources 1 and 4

(31,71)
(31,71)

109. Average prime rate charged by banks (M).—Source
4

(15,35,73)

110. Funds raised by private nonfinancial borrowers in
credit markets (Q).—Source 4

(32,72)

111. Change in business and consumer credit outstanding
112.
113.
114.
115.
116.

(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York
(32,72)
Net change in business loans (M).—Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)
Net change in consumer installment credit (M).—
Source 4
(32,72)
Discount rate on new issues of 91-day Treasury
bills (M).-Source 4
(34,72)
Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(34,73)
Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the Treasury
(34,73)
Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)

86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Sou reel
(25,67)

117.

87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)

118. Secondary market yields on FHA mortgages (M).—

88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)

89. Gross private residential fixed investment in 1982
dollars (Q).-Source 1




(25,67)

U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)

119. Federal funds rate (M).-Source 4
(34,72)
120. Change in consumer price index for services (M).—
Sources 1 and 2

(15,97)

tures by business, 21 industries (Q).—Sources 1
and 2
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
973. Diffusion index of net sales, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)

113

TITLES AND SOURCES OF SERIES—Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1982
dollars (Q).-Soureel
(42,81)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

245. Change in business inventories in current dollars
(Q).-Sourcel
(42,81)

290. Gross saving (Q).-Source 1

247. Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)
248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source

1

(47,83)

978. Diffusion index of selling prices, retail trade—about
400 businessmen reporting (Q).-Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source

II—A. National Income and Product

251. Net exports of goods and services as a percent of
gross national product (Q).—Source 1
(47,83)

1

(47,83)

250. Net exports of goods and services in current dollars
(Q).-Sourcel
(44,82)

30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)

252. Exports of goods and services in current dollars
(Q).-Source 1
(44,82)

50. Gross national product in 1982 dollars (Q).-Source
1
(19,39,40,63,80)

253. Imports of goods and services in current dollars
(Q).-Source 1
(44,82)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

255. Net exports of goods and services in 1982 dollars

200. Gross national product in current dollars (Q).—
Source 1
(40,80)

256. Exports of goods and services in 1982 dollars
(Q).-Sourcel
(44,82)

213. Final sales in 1982 dollars (Q).-Source 1

257. Imports of goods and services in 1982 dollars
(Q).-Sourcel
(44,82)

(40,80)

217. Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80)
220. National income in current dollars (Q).—Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

(Q).-Source 1

(44,82)

260. Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services in
1982 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in current dollars (Q).—Source 1
(43,81)

(46,82)

292. Personal saving (Q).-Sou reel

(46,82)

293. Personal saving rate (Q).—Source 1

(46,83)

295. Business saving (Q).—Source 1

(46,82)

298. Government surplus or deficit (Q).—Source 1
(46,83)

SI-B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).-Sourcel
(48,84)
311. Fixed-weighted price index, gross domestic business product (Q).—Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).-Source3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source3
(49,84)
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).-Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Producer price index, capital equipment ( M ) . —
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)
335. Producer price index, industrial commodities
(M).-Source3
(48,85)

263. Federal Government purchases of goods and services in 1982 dollars (Q).-Source 1
(43,81)

340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,50,87)

227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as a percent of gross national product (Q).—
Source 1
(47,83)

341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M) .-Sou rce 3
(49,50,87)

230. Personal consumption expenditures in current dollars (Q).-Sourcel
(41,80)

266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)

345. index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3 (49,50,87)

231. Persona! consumption expenditures in 1982 dollars
(Q).-Source 1
(41,80)

267. State and local government purchases of goods and
services in 1982 dollars (Q).-Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q).—Source 1
(41,80)

268. State and local government purchases of goods and
services as a percent of gross national product

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,50,88)

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

(Q).-Source 1

(47,83)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1
(41,80)

280. Compensation of employees (Q).—Source 1

235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)

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)
233. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1
(41,81)
239. Personal consumption expenditures in 1982 dollars, services (Q).—Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)
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)

114



(45,82)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).—Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

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)
358. index of output per hour, all persons, nonfarm business sector (Q).—Source 3
(50,88)
370. Index of output per hour, all persons, business
sector (Q).-Sou rce 3
(50,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3

(18,51,62,89)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

441. Civilian labor force (M).-Source 3

(51,89)

442. Civilian employment (M).-Source 3

(51,89)

287. Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).—Source 1
(47,83)

444. Number unemployed, males 20 years and over

288. Net interest (Q).-Source 1

(45,82)

(M).-Source 3

(51,89)

445. Number unemployed, females 20 years and over

(M).-Source 3

(51,89)

TITLES k m SOURCES OF SERIES-Continued
446.

dumber unemployed, both sexes 16-19 years of
age (M).-SourceS
(51,89)

447.

Plumber unemployed, full-time workers ( M ) . —
Source 3
(51,89)

W.

Civilian labor force participation rate, males 20
years and over (M).—Source 3
(51,89)

452.

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)

Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

57S.

580.

II—D. Government Activities
500.

Federal Government surplus or deficit (Q).—Source
1
(52,90)

501.

Federal Government receipts (Q).—Source 1

(52,90)
502.
510.

Federal Government expenditures (Q).—Source
1
(52,90)
State and local government surplus or deficit (Q).—
Source 1
(52,90)

511.

State and local government receipts (Q).—Source
1
(52,90)

512.

State and local government expenditures (Q).—
Source 1
(52,90)

517.

525.

543.

Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis
(53,90)
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)
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)

588.

Defense Department civilian personnel, direct lire employment (EOM).—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
(55,91)
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)
Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

47.

United States, index of industrial production ( M ) . Source4
(14,20,39,58,63,78,94)

320.

United States, consumer price index for all urban
consumers (M).—Source 3
(49,59,84,95)

721.

Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

722.

United Kingdom, index of industrial production
(M).—Central Statistical Office (London)
(58,94)

723.

Canada, index of industrial production ( M ) . —
Statistics Canada (Ottawa)
(58,94)

725.

West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden)
(58,94)

726.

France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

727.

Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)

728.

577.

Civilian labor force participation rate, females 20
years and over (M).—Source 3
(51,89)

453.

Employment, defense products industries ( M ) . —
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)

dumber of persons employed part time for economic reasons (M).-Source3
(51,89)

451.

570.

Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)

732.

United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)

Il-E. US. International Transactions
602.

Exports, excluding military aid shipments ( M ) . —
Source 2
(56,92)

604.

Exports of domestic agricultural products ( M ) . —
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

733.

606.

Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)

735.

612.

General imports (M).-Source 2

614.

Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)

West Germany, consumer price index
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

736.

616.

Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)

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)

618.

Merchandise exports, adjusted, excluding military
(Q).-Source 1
(57,93)

737.

620.

Merchandise imports, adjusted, excluding military
(Q).-Sourcel
(57,93)

Italy, consumer price index (M).—Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)

738.

622.

Balance on merchandise trade (Q).—Source 1

651.

Income on U.S, investment abroad (Q).—Source
1
(57,93)

Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)

742.

United Kingdom, index of stock prices (M) .-Central
Statistical Office (London)
(59,96)

743.

Canada, index of stock prices (M).—Toronto Stock
Exchange (Toronto)
(59,96)

745.

West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)

746.

France, index of stock prices (M).-Institut National
de la Statistique et des Etudes Economiques (Paris)

747.

Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(59,96)

748.

Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

(56,92)

(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

559.

Manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

668.

Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)

561.

Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)

669.

Imports of goods and services (Q).—Source 1
(57,93)

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)




(57,93)

Il-F. International Comparisons
19.

United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

(M).—
percent
Econom(59,95)

(59,96)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102