Full text of Business Conditions Digest : October 1979
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BUSINESS
CONDITIONS
DIGEST
OCTOBER 1979
U.S. DEPARTMENT
OF COMMERCE
BUREAU OF
ECONOMIC ANALYSIS
U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division, Bureau of Economic Analysi:
Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. Tunstall—Collection and compilation of basic data.
Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is grateful!
acknowledged. Agencies furnishing data are indicated in the list of series and sources at th
back of this report.
This publication is prepared under the general guidance of a technical committee under th<
auspices of the Office of Federal Statistical Policy and Standards. The committee consists o
the following persons:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Most of the data contained in this repor
also are published by their source agencies. /
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address
follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.
Cyclical Indicators are economic time series
which have been singled out as leaders, coin
ciders, 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.
BUSINESS CONDITIONS DIGEST
lew Features and Changes for This Issue .
easonal Adjustments
1CD Moving Averages
leference Turning Dates
art I. Cyclical Indicators
'art II. Other Important Economic Measures
iowTo Read Charts
low To Locate a Series
luminary of Recent Data and Current Changes
1
1
1
1
4
5
5
6
OCTOBER 1979
Data Through September
Volume 19, Number 10
Chart
Table
A1
A2
A3
A4
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
10
12
14
15
60
—
—
—
B1
B2
B3
B4
B5
B6
B7
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit
16
19
21
23
26
28
31
61
63
64
65
68
69
71
C1
C2
C3
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
36
—
39
74
77
_
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has
been approved
by the Director of the Office of Management and Budget through September 1, 1980.
Chart
Table
A1
A2
A3
A4
A5
A6
A7
A8
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
40
41
42
43
44
45
46
47
80
80
81
81
82
82
82
83
B1
B2
Price Movements
Wages and Productivity
48
49
84
87
C1
Civilian Labor Force and Major Components
51
89
D1
D2
Receipts and Expenditures
Defense Indicators
52
53
90
90
E1
E2
Merchandise Trade
Goods and Services Movements
56
57
92
93
F1
F2
F3
Industrial Production
Consumer Prices
Stock Prices
58
59
59
A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 issue)
B. Current Adjustment Factors
, ..
,,
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions: 1854 to 1975 (July 1979 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
headers are invited to submit comments and
iuggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
J.S. Department of Commerce, Washington, D.C. 20230
NEW FEATURES
AND CHANGES
FOR THIS ISSUE
A limited number of
changes are made from
time to time to incorporate recent findChanges in this issue are as follows:
ings of economic
1. The series based on establishment employment data
have been revised by the source agency to reflect a new
benchmark (March 1978) and updated seasonal adjustment
factors. This revision affects series 1-4, 21, 40, 41 , 961,
jMd_963 from 1974 to date; series 26, 48, 63, 345, 346, 358",
370, and 570 from 1977 to date; and series 340 and 341 from
1972 to date.
Further information concerning this revision may be
obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Current Employment Analysis, Division
of Industry Employment Statistics.
2. Total private borrowing (series 110) and Change in
total liquid assets (series 104) have been revised by the
source agency for the period 1952 to date to reflect recent
revisions in money stock measures and flow of funds data.
research, newly available time series, and
revisions made by
source agencies in
concept composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
Further information concerning these revisions may be
obtained from the Board of Governors of the Federal Reserve
System, Division of Research and Statistics, Flow of Funds
Section (series 110) and Banking Section (series 104),
3. Revised data on Industrial production in Canada
(series 723) are shown graphically for 1971 through 1976.
This completes the revision introduced in the July issue.
Further information concerning this revision may be
obtained from Statistics Canada, Industry Product Division,
Ottawa, Canada KIA OT6.
4. Appendix C contains historical data for series 50,
200, 213, 217, 220, 224, 225, 227, 230-233, 235-242, 510512, 564, 565, and 960.
5. Appendix G contains cyclical comparisons for
series 30, 50, 106, 108, 910, and 920.
The November issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on December 4.
in
indexes, etc.
BEA PROJECTS
for economic
analysis
BUSINESS CONDITIONS DIGEST
A monthly report for analyzing economic fluctuations over a short span of years.
This report brings together many of the economic time series found most useful by
business analysts and forecasters. The dominant feature is the cyclical indicators
section in which approximately 110 business cycle indicators are each assigned a
three-way timing classification according to their cyclical behavior at peaks, at
troughs, and at all turns. This section also contains other valuable aids for the
analysis of business conditions and prospects, such as composite indexes of leading,
coincident, and lagging indicators and various diffusion indexes. A second section
contains other important economic measures such as prices, wages, productivity,
government activities, U.S. international transactions, and international comparisons.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability, A computer
tape containing data for most of the series is available for purchase.
LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years, 1860-1970.
This report has been developed from available statistics to provide a comprehensive,
long-range view of the U.S. economy. It is a basic research document for economists,
historians, investors, teachers, and students. It brings together under one cover, in
meaningful and convenient form, the complete statistical basis for a study of longterm economic trends. A computer tape file of the time series included in the report
is available for purchase.
COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS
The source
statements for FORTRAN IV programs used by BEA in its analysis of
time series are available on a single computer tape.
SEASONAL ADJUSTMENT PROGRAMS.-Two variants of the Census computer
program for measuring and analyzing seasonal, trading-day, cyclical, and irregular
fluctuations. They are particularly useful in analyzing economic fluctuations which
take place within a year. The X-11 variant is used for adjusting monthly data and
the X-11 Q for quarterly data. These programs make additive as well as multiplicative
adjustments and compute many summary and analytical measures.
DIFFUSION INDEX PROGRAM.-A computer program for computing diffusion
indexes, cumulated diffusion indexes, and summary measures of the properties of
each index.
SURVEY OF CURRENT BUSINESS
current economic developments.
A
monthly report for analyzing
This report provides a useful combination of current data for more than 2,500
statistical series and significant articles analyzing economic developments. These
data and analyses include such areas as the national income and product accounts,
the balance of payments accounts, plant and equipment expenditures, regional
personal income, and the input-output accounts.
BUSINESS STATISTICS
A
biennial reference volume containing stat-
istical series reported currently in the Survey of Current Business.
This report provides historical data back to 1947 for nearly 2,500 time series. The
series are accompanied by concise descriptions as to their composition, methods of
compilation, comparability, revisions, and availability. Also listed are the names and
addresses of organizations which provide the basic data for the series.
IV
METHOD OF PRESENTATION
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to periodic review by NBER and on occasion are
changed as a result of revisions in important
economic time series. The dates shown in this publication for the 1948-1970 time period are those
determined by a 1974 review. The turning dates for
the 1973-1975 period are detailed in NBER's 1976
Annual Report.
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD) The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
A. Timing at Business Cycle Peaks
Economic
Process
Cyclical
Timing
LEADING (L)
INDICATORS
(62 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(18 series)
TIMING
UNCLASSIFIED
(U)
1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
II.
PRODUCTION
AND
INCOME
(10 series)
III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(17 series)
Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)
Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Capacity
utilization
(2 series)
New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)
Comprehensive
employment
(1 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(4 series)
Consumption
and trade
(4 series)
Backlog of
investment
commitments
(1 series)
Business
investment
expenditures
(5 series)
Duration of
unemployment
(2 series)
Business
investment
expenditures
(1 series)
Comprehensive
employment
(3 series)
VII.
MONEY
AND CREDH
(26 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)
Inventories on
hand and on
order
(4 series)
Unit labor costs
and labor share
(4 series)
1 nterest rates
(4 series)
Outstanding
debt
(3 series)
Commodity
prices
(1 series)
Profit share
(1 series)
Interest rates
(1 series)
Trade
(1 series)
Business
investment
commitments
(1 series)
III.
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(17 series)
MONEY
AND CREDIT
(26 series)
Inventory
investment
(4 series)
Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash flows
(2 series)
Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Profits
(2 series)
Money flow
(1 series)
Velocity of
money
(1 series)
Unit labor costs
and labor share
(4 series)
Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)
(8 series)
B. Timing at Business Cycle Troughs
Economic
Process
Cyclical
Timing
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(40 series)
TIMING
UNCLASSIFIED
fU)
FRASER (1 series)
Digitized for
1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
II.
PRODUCTION
AND
INCOME
(10 series)
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)
Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
Consumption
and trade
(3 series)
Business
investment
commitments
(1 series)
Unfilled orders
(1 series)
Business
investment
commitments
(2 series)
Business
investment
expenditures
(6 series)
Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
Inventories on
hand and on
order
(5 series)
VII.
Bank reserves
(1 series)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through +1 at peaks and from -1 through
+3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. "L" denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
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.
Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
This part is divided into six sections which cover in the physical volume of inventories held by
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4)
is the compensation of government employees
still others relate to U.S. international transactions
and
purchases
from business and from abroad. It
or to selected foreign countries. The represented
v a r i a b l e s i n c l u d e incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
l a b o r r e s o u r c e s ; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts,
included in the components of GNP and are
compiled by BEA, summarize both receipts and t h e r e f o r e d e d u c t e d . More detail on U.S.
final expenditures for the personal, business,
international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product,
originate in the production of goods and services
final sales, and personal and disposable personal
attributable to labor and property supplied by
income. The four major components of the gross
residents of the United States. Thus, it measures
national product —personal consumption
the factor costs of the goods and services proexpenditures, gross private domestic investment,
duced. It consists of the compensation of
government purchases of goods and services, and
employees, proprietors' income, rental income of
net exports of goods and services—are presented in
persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts,
business saving (mainly undistributed corporate
briefly defined below, are described more fully in
profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market
major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for
components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and wholesale price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal
reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1968.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and other benefits) in current and constant dollars,
and financial services received in kind by individuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.
Section C. Labor
Unemployment
Force, Employment, and
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1968) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1968) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Basic Data
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman
number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)
Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale 1-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates
quarterly
data over 1-quarter spans.
Roman
number indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Solid line indicates percent
changes over 3- or 6-month
spans.
Arabic number indicates latest
month used in computing
the changes.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.
Solid line with plotting points
indicates percent changes over
3 - o r 4-quarter spans.
Roman
number indicates
latest quarter used in computing the changes.
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series
orDigitized
for titles,
FRASER
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data 1
Series title
Timing
classification3
Unit
of
measure
Percent change
Average
1977
1978
1st Q
1979
2d Q
1979
3d Q
1979
July
1979
Aug.
1979
Sept.
1979
July
to
Aug.
1979
Aug.
to
Sept.
1979
1st Q
to
2d Q
1979
2d Q
to
3d Q
1979
1
.22
cl
I. CYCLICAL INDICATORS
A. Composite Indexes
910 Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913 Marginal employment adjustments
914 Capital investment commitments
915. Inventory investment and purchasing
916 Profitability.
917 Money and financial flows
Lg,Lg,Lg
1967=100 ..
do. . . .
do. .. .
136.4
131.3
125.4
141.8
140.1
143.1
142.8
145.4
158.2
140.1
144.9
162.8
140.5
144.8
168.5
140.1
145.2
165.4
140.2
144.6
167.1
141.3
144.5
173.0
0.1
-0.4
1.0
0.8
-0.1
3.5
-1.9
-0.3
2.9
0.3
-0.1
3.5
91C
92C
93(
L,L,L
L,L,L
L,L,L
L,L,L
L,L,L
do.
do.
do.
do.
do.
...
...
...
.. .
...
97.2
113.4
103.8
95.2
145.1
98.1
115.7
106.2
93.2
149.0
98.3
114.7
108.0
92.5
146.3
96.2
114.1
107.0
92.1
144.8
95.9
115.3
105.1
NA
147.0
96.3
114.0
105.5
92.7
146.6
95.4
115.3
105.0
93.8
147.0
96.1
116.6
104.7
NA
147.3
-0.9
1.1
-0.5
1.2
0.3
0.7
1.1
-0.3
NA
0.2
-2.1
-0.5
-0.9
-0.4
-1.0
-0.3
1.1
-1.8
NA
1.5
91.
91^
91 C
91(
91"
40.0
3.2
3.8
382
1.2
1.9
-0.2
-0.1
-0.2
0.8
-0.3
0.0
-0.2
0.0
0.1
3.3
0.3
0.0
-2.0
-0.5
-0.2
-13.6
-0.2
-0.2
0.8
0.0
-0.2
0.3
-0.2
-0.1
0.791 -0.039
0.0
159
0.041
2.6
•0.022
-2.5
-0.003
1.3
6
4
L,L,L
c,c,c
B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Marginal Employment Ad]ustments:
*1 . Average workweek, prod, workers, mfg
21 . Avg. weekly overtime, prod, workers, mfg. 2 . .
2. Accession rate, per 100 employees, mfg. 2 . . . .
5. Avg. weekly initial claims (inverted 4 )
*3. Layoff rate, per 100 employ., mfg. (mv. 4 ) 2 ..
4. Quit rate, per 100 employees, mfg.2
L,L,L
L,C,L
L,L,L
L,C,L
L,L,L
L,Lg,U
Hours
do. . . .
Percent
Thousands. .
Percent
do. . . .
40.3
3.5
4.0
371
1.1
1.8
40.4
3.6
4.1
339
0.9
2.1
40.6
3.7
4.2
346
0.9
2.2
39.8
3.2
4.0
393
1.1
2.0
40.1
3.2
3.8
392
1.3
1.9
40.2
3.3
3.9
398
1.2
1.9
40.1
3.2
3.7
395
1.5
1.9
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed 2
46. Help-wanted advertising
L,Lg,U
L,Lg,U
Ratio
1967=100...
0.518
118
0.738
149
0.802
158
0.780
154
0.777
156
0.789
155
0.750
155
u,c,c
u,c,c
C,C,C
L,C,U
A.r., oil. hrs..
Thousands. .
do. . . .
do. . . .
156.63
87,302
82,423
24,346
163.84
91,031
86,446
25,598
168.16
93,301
88,724
26,486
168.09
93,205
89,353
26,630
169.24
93,880
89,761
26,644
169.27
93,949
89,713
26,723
169.00
93,578
89,718
26,595
169.45
94,113
89,853
26,615
-0.2
-0.4
0.0
-0.5
0.3
0.6
0.2
0.1
0.0
-0.1
0.7
0.5
0.7
0.7
0.5
0.1
4
4
4
4
U,Lg,U
Percent
57.10
58.60
59.39
59.06
59.31
59.39
59.12
59.42
-0.27
0.30
-0.33
0.25
9
6,855
7.0
3.9
14.3
2.0
6,047
6.0
3.2
11.9
1.4
5,878
5.7
3.0
11.4
1.2
5,880
5.7
3.0
10.8
1.2
5,994
5.8
2.9
10.4
1.1
5,848
5.7
2.9
10.0
1.0
6,149
6.0
3.0
10.5
1.2
5,985
5.8
2.9
10.6
1.1
-5.1
-0.3
-0.1
-5.0
-0.2
2.7
0.2
0.1
-1.0
0.1
0.0
0.0
0.0
5.3
0.0
-1.9
-0.1
0.1
3.7
0.1
3
4
4
9
4
1340.5 1399.2 1430.6 1422.3 1430.8
1 0 9 3 . 0 1147.6 1176.5 1175.7 1179.2 1182.3 1179.7 1175.7
944.3
9 9 7 . 8 1 0 2 5 . 8 1 0 2 4 . 3 1020.9 1 0 2 4 . 2 1021.1 1017.3
-0.2
-0.3
-0.3
-0.4
-0.6
-0.1
-0.1
0.6
0.3
-0.3
5
5
5
-0.3
-1.2
-1.6
5
-0.2
-0.6
0.4
-1.7
0.2
-0.7
1.0
0.4
4
7
7
4
-0.8
-1
-0.7
-0.6
NA
-0.3
8
8
8
Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
Ml. Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age 2
Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
L,Lg,U Thousands . .
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U Percent
4 2
45. Avg. weekly insured unemploy- rate (inv. ) . . L,Lg,U
do. . . .
*91. Avg. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg Weeks
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 .. Lg,Lg,Lg Percent
2
B2. Production and Income
Comprehensive Output and Income:
50. G N P i n 1972 dollars
52 Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars ..
53. Wages and salaries in mining, mfg., and construction 1972 dollars
Industrial Production:
M7. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . . .
c,c,c
c,c,c
c,c,c
A.r., bil.dol.
do. . . .
do. . . .
c,c,c
do. . . .
231.9
243.5
250.7
247.8
243.8
246.2
242.9
242.2
-1.3
c,c,c
c,c,c
1967=100..,
do. . . .
do. . . .
A.r., bil.dol.
138.2
130.0
150.5
615.6
146.1
139.7
156.9
639.5
152.2
147.5
161.9
658.6
151.9
146.6
162.5
647.3
152.2
145.6
164.1
650.2
152.8
147.2
163.9
151.5
144.1
164.1
152.3
145.5
164.4
-0.9
-2.1
0.1
L,C,U
Percent. . . . .
do. . ..
.....do. ...
82.0
83
82.7
84.4
84
85.6
86.7
84
88.0
85.9
83
87.3
85.3
NA
87.0
L,L,L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L
Bil. dol
.....do. ...
do. . . .
do. . . .
Bil.dol., EOP
Percent
76.32
59. 58
70.16
81.35
75.21
72.48
74.38
78.76
45.20
39.98
39.61
38.35
41.46
41.38
38.76
41.56
35.36
37.54
39.51
35.80
35.72
37.13
35.96
36.36
-1.04
1.57
3.66
6.88
3.20
1.22
0.11
4.60
184.32 228.18 2 4 8 . 8 4 2 5 8 . 4 6 262.12 2 5 7 . 4 2 2 5 7 . 5 3 262.12
55
64
74
60
51
75
55
55
2.6
2.2
-0.2
1.15
0.0
-5
5.9
4.9
1.8
4.49
1.8
-4
-6.2
-8.5
-6.0
-3.68
3.9
-1
-1.5
-3.4
-3.2
-1.98
1.4
-19
2
9
3
c,c,c
c,c,c
C,L,C
C,L,U
U,L,U
L,C,C
L,L,L
Bil.dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
I 01966=100
224.53
147.61
145.3
60,335
42,644
61.7
86.8
NA
282.15
158.95
NA
151.0
149.8
71,694 74,418
44,003 44,845
68.2
68.5
66.6
63.9
288.56
159.30
151.1
72,370
43,861
1.4
0.6
-1.8
3.1
2.8
NA
NA
1.0
2.2
1.1
60.4
64.5
66.7
6.8
3.4
1.6
-1.3
-0.5
0.5
-2.1
-7.8
-6.9
NA
NA
-0.8
3.8
1.9
0.4
-4.1
5
5
7
5
5
5
5
L,L,L
L,L,L
1967=100...
Number. . . .
132.0
130.5
126.5
132.9
36,509 39,985 42,371 43,046
NA
NA
132.6
NA
NA
NA
NA
NA
NA
NA
NA
NA
-1.1
1.6
NA
NA
C,L,L
c,c,c
L,C,U
0.5
1.0
0.2
B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6 New orders durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 do). .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32. Vendor performance 2 ©
Consumption and Trade:
56 Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars . .
75. Industrial production, consumer goods
54. Sales of retail stores ,
59. Sales of retail stores, 1972 dollars
55. Personal consumption expend., autos
58 Index of consumer sentiment©
,.
254.10
156.21
149.1
64,972
44,208
68.0
79.4
277.75
161.11
151.7
71,341
44,935
74.0
71.5
292.68
NA
160.28
NA
148.4
149.9
74,621 76,263
45,088 45,585
B4. Fixed Capital Investment
Formation of Business Enterprises:
*1 2 Net business formation
13. New business incorporations
1
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data 1
Timing
classification 3
Series title
Percent change
Unit
Average
of
July
measure
1977
1978
1st Q
1979
2d Q
1979
3d Q
1979
July
1979
Aug.
1979
Sept.
1979
to
Aug.
1979
Aug.
to
Sept.
1979
1st Q
to
2d Q
1979
2dQ
to
3d Q
1979
E
Z3
C
I. CYCLICAL INDICATORS-Con.
B4. Fixed Capita! Investment-Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
1 1. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg. 5 . . . .
Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. f i x e d investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol
L,L,L
Bil. dol
L,L,L
L,L,L
18.04
21.98
26.10
24.31
24.22
23.50
23.95
25.21
1.9
5.3
-6.9
-0.4
1
do. . . .
do. . . .
12.05
15.08
13.58
18.30
15.63
13.80
21.23
13.31
13.70
21.16
14.40
22.75
14.12
21.16
2.9
4.6
5.1
5.3
-9.7
-7.0
-2.3
0.3
2
2
do. . . .
5.2
-9.8
-1.4
2
9.9
-10.8
-5.2
3.3
-0.1
NA
NA
1
9
20.23
22.29
10.12
11.42
13.82
12.46
12.28
11.63
12.28
12.92
L,C,U
Mil. s q . f t . . .
62.96
80.73
88.25
83.85
92.17
Bil. dol
Bil. dol., EOP
15.99
16.73
56.50
63.28
68.61
70.85
88.17
NA
NA
88.48
U,Lg,U
C,Lg,Lg
98.92
22.58
C,Lg,Lg A.r., bil. dol.
135.80
153.82
165.94
173.48
175.29
do. . . .
C,Lg,Lg
C,Lg,U 1967=100...
C,Lg,C A.r., bil. dol.
194.45
230.22
260.69
263.24
147.8
129.3
160.3
140.1
169.3
147.2
A.r., thous. .
1967=100...
1,987
144.9
57.7
2,018
145.4
60.1
13.1
do. . . .
Bil. dol
Lg,Lg,Lg Bil. dol., EOP
do . . .
Lg,Lg,Lg
do. . . .
Lg,Lg,Lg
L,L,L
L,L,L
L,L,L
L,L,L
A.r., bil. dol.
21.41
5.6
-5.2
4.5
1.0
6
170.5
146.9
NA 2 7 2 . 9 6 2 7 8 . 5 0
171.6
171.4
171.0
148.2
NA
172.4
2.0
-0.2
NA
0.8
1.0
0.7
-0.2
NA
0.6
0.9
6
7
8
1,615
121.1
57.7
1,834
128.5
56.7
1,825
133.5
56.0
1,881
143.4
1.0
8.3
4.2
7.3
13.6
6. 1
-1.7
-0.5
3.9
-1.2
2
2
8
14.1
12.3
18.1
10.0
12.36
27.4
0.88
18.98
41.5
2.04
21.09
49.1
4.33
17.46
56.3
2.51
338.10
236.82
58.88
379.63
249.59
63.80
391.89
252.24
65.67
405.97
256.18
68.26
1,788
123.4
1,806
133.6
B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg, and trade invent. 2 . .
38. Chg. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order 5
L,L,L
do. . . .
L,L,L
L,L,L
L,L,L
.....do. ...
Lg,Lg,Lg Ratio
1.57
1.57
1.56
L,Lg,Lg Bil. dol., EOP
143.50
167.95
180.93
188.46
1.84
1.61
NA
NA
NA
3
5.8
13.70
41.0
2.16
NA
NA
NA
-1.68
-52.7
1.96
NA
NA
NA
-3.63
7.2
-1.82
NA
NA
NA
3
3
3
NA 4 1 3 . 7 8 417.19
NA 2 5 9 . 1 7 2 5 9 . 3 8
NA
68.91
69.15
NA
NA
NA
0.8
0.1
-0.3
NA
NA
NA
3.6
1.6
3.9
NA
NA
NA
7
7
6
NA
1.62
NA
MA 1 8 8 . 6 7 1 9 0 . 8 3
NA
15.38
93.7
0.20
1.63
-0.01
1.1
NA
NA
NA
7
4.2
NA
7
0.13
7.6
-0.06
1.2
9
2
1.8
5.0
1
1
1
7
8
1
2
0.05
B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Industrial materials prices®
L,L,L
U,L,L
Percent
1967-100...
0.69
210.4
1.22
231.0
273.4
1.97
294.1
Stock Prices:
*19. Stock prices, 500 common stocks®
L,L,L
1941-43=10.
98.20
96.02
99.35
101.18
L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L
A.r., bil. dol.
do. . . .
Cents
1967=100...
104.5
72.6
77.3
54.0
5.3
96.9
121. 5
78.5
83.1
54.2
5.4
95.6
142.0
87.3
87.6
54.4
6.0
94.7
139.3
83.7
87.9
53.4
5.6
94.4
NA
NA
NA
NA
NA
94.7
-1.9
-4.1
0.3
-1.8
-0.4
-0.3
NA
NA
NA
NA
NA
0.3
L,L,L
L,L,L
A.r., bil. dol.
do. . . .
171.7
115.4
194.1
121.5
216.0
129.8
217.3
127.4
NA
NA
0.6
-1.8
NA
NA
Lg,Lg,Lg 1967=100...
179.7
194.2
205.9
211.7
216.0
2.8
2.0
6
Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100..
0.951
154.3
1.020
164.1
1.075
171.5
1.104
174.2
NA
176.0
2.7
1.6
NA
1.0
6
6
75.8
75.7
75.5
75.9
NA
0.4
NA
6
0.92
0.78
0.84
0.59
Profits
16.
18.
79.
80
and Profit Margins:
Corporate profits after taxes
,
Corp. profits after taxes, 1972 dollars
Corp. profits after taxes, with I VA and CCA . .
do
in 1972 dol
1 5. Profits (after taxes) per dol. of sales, mfg
26. Ratio, price to unit labor cost, nonfarm bus
2
. ..
Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfm corp
*62 Labor cost per unit of output mfg
64. Compensation of employees as percent of
national income 2
.....do. ...
do. . . .
Lg,Lg,Lg Percent
1.91
1.97
297.6
297.3
1.97
298.1
297.3
0.0
0.3
106.22 102.71 107.36
108.60
4.5
175.1
176.4
1.78
176.6
0.7
-0.19
-0.3
1.2
0.1
3
3
B7. Money and Credit
Money:
85. Change in money supply (M1 ) 2
102. Change in money supply plus time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
105. Money supply (M1), 1972 dollars
*106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, G N P t o money supply ( M l ) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
1 1 2.
113.
1 10.
Flows:
Change in mortgage debt 2
Change in business loans 2
Change in consumer installment debt2
Total private borrowing
L,L,L
Percent. . . .
0.64
0. 54
L,C,U
L,L,L
L,L,L
L,L,L
do. . . .
. . . ..do. . . .
Bil. dol. . . . .
do. . . .
0.74
0.91
225.9
538.0
0.66
0.86
226.1
0.14
0.86
216.9
0.94
0.78
214.1
1.00
0.92
212.7
1.07
0.88
213.5
542.5
529.9
524.3
523.8
C,C,C
Ratio. . . . . .
. . . . . d o . .. .
6.367
6.382
1.964
6.028
2.028
6.383
C,Lg,C
2.112
2.112
2.106
L,L,L
L,L,L
L,L,L
L,L,L
A.r., bil. dol.
do. . . .
do. . . .
do. . . .
80.10
7.46
90.88
87.72
14.27
34.96
281.76
44.35
346.63
21.92
41.02
89.53
34.00
39.88
370.69
5.802
-0.21
340.06
NA
38.50
NA
NA
0.91
-0.25
0.32
1.13
0.92
0.92
212.5
1.02
0.95
212.1
524.4
523.7
523.4
-0.15
0.04
-0.5
-0.1
0.10
0.03
-0.2
-0.1
0.80
-0.08
-1.3
-1.1
2.113
2.106
2.098
87.31
41.51
77.54
29.78
29.35
4 4 . 2 2 -11.73
-0.016
29.32
NA
NA
-0.007 -0.008
-9.77
0.03
NA
14.44
NA
0.0
1.81
12.08
-1.14
9.0
-0.14
8
0.06
0.14
-0.7
-0.1
10
10
10
10
0.015
-0.006
10
10
NA
4.50
NA
NA
3
11
11
11
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data 1
Series title
Timing
classification 3
Unit
of
measure
Percent change
Average
1977
1978
1st Q
1979
2d Q
1979
3d Q
1979
July
1979
Aug.
1979
Sept
1979
July
to
Aug.
1979
Aug.
to
Sept.
1979
1st Q
to
2d Q
1979
«
2d Q
to
3dQ
1979
E
.i
1
I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (mv. 4 )®
39. Delinquency rate, instal. loans (inv. 4 ) 2 s . . . .
L,L,L
L,L,L
Mil.dol
Percent, EOP
Bank Reserves:
93. Free reserves (inverted 4 ) 2 ®
94. Borrowing from the Federal Reserve 2 ®
L,U,U
L,Lg,U
Mil.dol
do. . . .
Interest Rates:
119. Federal funds rate 2 ®
114. Treasury bill rate 2 ®
1 15. Treasury bond yields 2 ©
116. C o r p o r a t e bond yields 2 ©
117. Municipal bond yields 2 ®
1 18. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans 2 ®
*109. Average prime rate charged by banks 2 ®
L,Lg,Lg Percent
do.
C,Lg,Lg
do.
C,Lg,Lg
do.
Lg,Lg,Lg
do.
U,Lg,Lg
do.
Lg,Lg,Lg
do.
_g,Lg,Lg
do.
Lg,Lg,Lg
...
.. .
. ..
. ..
.. .
. ..
...
Outstanding Debt:
66. Consumer installment debt 5
Lg,Lg,Lg B t l . d o l . , EOP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,Lg,Lg Bil. dol
"'95. Ratio, consumer install, debt to pers. income 2 . Lg,Lg,Lg Percent
257.94 196.33 132.36
2.36
2.45
2.33
-253
462
5.54
5.26
7.06
8.20
5.68
8.72
7.84
6.82
-679
872
7.94
7.22
7.89
8.98
6.02
9.75
9 .80
9.06
-733
989
MA
NA
NA
NA
-1,188 - 1 , 0 4 7
1, 357
1,207
-989
1,179
10.47
10.94
11.43
10.18
NA
2.45
10.07
10.18
9.36
8.44
9.55
6.37
9.37
8.44
9.68
6.22
10.25
12. 27
11.75
12 . 34
11.72
NA
10.95
9.63
8.48
9.64
6.28
10.80
12.31
12.12
i
MA
NA
MA
NA
MA
NA
MA
-0.12
MA
MA
-904
-1,247
1,097
1,345
-85
-82
343
248
455
368
-141
-150
9
9
0.47
0.49
0.73
0.26
0.30
0.32
0.79
0.99
0.11
0.01
0.0
0.13
-0.15
NA
0.07
-0.03
0.77
0. 26
0.04
-0.04
0.06
NA
-0.03
0.40
11
11
11
11
11
11
6
10
MA
MA
9.26
8.35
9.47
6.13
9.45
8.42
9.57
6.20
10.46
10.58
11.37
0.19
0.07
0.10
0.07
0.12
11. 54
11.91
12.90
0.37
290.30 292.74
8.68
9.87
6.52
3
223.28 267.63 277.88
287.85
MA
0.8
NA
3.6
MA
6
113.13 1 2 6 . 3 1 1 3 5 . 9 3
143.19 1 5 2 . 0 3 149.15 151.63 155.31
15.06
NA
15.03
15.07
NA
1.7
2.4
NA
5.3
0.26
6.2
MA
7
9
1.0
0.1
0.0
1.0
0.0
0.9
?. 2
3.4
0.1
2.7
2.0
3.3
0.0
0.8
31
32
32
32
218.8
221.7
0.6
0.1
1.2
0.1
1.6
1. 5
2.1
1.5
0.3
1.8
3.5
2.1
3.5
2.4
2.3
3.1
3.3
4.0
1.4
3.3
33
33
33
33
33
0.6
0.6
1.7
2.0
34
-0.5
-1.6
2.0
-1.3
-0. 6
-1.0
2.0
-1.1
0. 1
34
34
34
37
0.4
0.6
-2.7
-1.3
-7.4
2.4
-0.2
-0.2
0.0
-2.2
1.5
1.2
0.9
0.8
1.9
6.8
-0.2
-1.6
44
44
3
44
44
44
0.1
0.0
1.7
-0.5
-0.1
-0.8
0.1
0.7
-0.4
45
45
45
NA
4. 5
NA
NA
2. 2
NA
50
50
50
51
51
51
NA
13.46
14.34
14.80
141.7
181.5
152. 0
160. 2
163. 8
195.4
207.0
1.0
227.7
214.1
167 .1
221.1
218.9
221.1
1.1
233.9
1.1
235.7
1.0
235.0
1.1
235.0
238.8
285.0
246.8
236.6
282.8
243.6
218.3
217.9
217.9
214.2
238.1
283.1
246.5
218.2
217.7
0.04
II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1 . Price Movements
310.
320.
320c.
322.
330.
331.
332.
333.
334.
Implicit price deflator, GNP
Consumer prices ( C P I ) , all items®
Change in CPI, all items, S/A 2
CPI, food
Producer prices (PPI), all commodities®
PPI, crude materials
PPI, intermediate materials
PPI, capital equipment
PPI, finished consumer goods
1972=100.. .
1967=100...
Percent
1967=100...
0.5
0.7
223.4
1.1
192.2
211.4
...
...
.. .
.. .
...
194.2
214.3
201.7
184.5
178.9
209.3
240.2
215. 5
223.9
270.2
229.2
199.1
192.6
210.1
206.2
231.7
276.0
237.2
215.2
210.9
do. . . .
196.8
212.9
223.9
227.8
232.3
230.9
232.2
233.7
. ..
...
. ..
...
108.4
209 .4
115.4
118. 8
109.0
228 .7
117.0
120.1
107.9
2 3 9 .4
115.5
118 .9
106.2
244. 1
114.0
118 .2
105.1
248 .9
112.8
118 . 3
105.6
105.1
104.6
do.
do.
do.
do.
do.
237.1
241.7
289.0
250.2
B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarrn economy
341 . Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business
370. Output per hour, private business sector
do.
do.
do.
do.
-0.5
C. Labor Force, Employment, and
Unemployment
441
442.
37.
444.
445.
446.
Labor
451.
452.
453.
Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
Millions . . . .
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .
Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age2
Percent
do. ..
do. . . .
9 7 . 3 7 100.42 102.47 102.30 103.20 103.06 103.05 103.50
90.54
94!38
97.21
96.90
97.51
9 6 '. 6 0 9 6 ! 4 1 9 7 . 2 1
5,994
5,848
6,855
6,047
5,878
5,880
6,149
5,985
2,252
2,300
2,271
2,727
2,178
2,129
2,273
2,249
2,150
2,324
2,486
2,236
2,181
2,213
2,209
2,153
1,642
1,559
1,519
1,537
1,512
1,450
79,7
48.1
56.2
79.8
49.6
58.0
80.2
50.3
58.7
79.7
50.2
57.9
79.8
50.9
57.5
79.9
50.7
57.9
475.0
486.8
485. 8
492. 9
-7.0
515. 3
1,525
1,561
79.7
51.0
56.4
79.8
51.0
58.1
0.0
-0.3
5.1
2.3
8.1
5.2
-0.2
0.3
-1.5
D. Government Activities
D1. Receipts and Expenditures
501.
502.
500.
511.
512.
510.
Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt. surplus or deficit 2
A.r., oil. dol.
do. . . .
do. . . .
do. . . .
do. . . .
do. . . .
375.4
432.1
421. 7
459.8
-46.3
298.8
271.9
26 . 8
-27. 7
331.0
303.6
27.4
-11.7
343.9
316. 3
27 . 6
345.9
NA
NA
326.1
3 33 . 2
19.7
2. 3
1. 3
4. 7
0. 6
3.1
-7.9
NA
NA
D2. Defense Indicators
517.
525.
548.
564.
Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases
Mil.dol
do. . . .
do. ...
A.r., oil. dol.
9,879 10,372 10,948 10,293
4,548
5,115
5,545
4,580
3,109
3,468
3,247
2,755
93.7
99.0
103.4
106.0
NA 1 2 , 5 9 4 11,116
NA
NA
6,521
2,304
3,334
3,033
NA
NA,
4,664
-11.7
NA
31.6
NA
NA
53.8
-6.0
-18.0
-4.2
2. 5
NA
NA
7.2
2.4
51
52
54
56
NA
NA
NA
NA
NA
NA
4.1
6.2
2.0
6.5
11.6
5.3
NA
NA
NA
NA
NA
NA
60
60
60
61
61
61
108.5
E. U.S. International Transactions
E1. Merchandise Trade
602.
604.
606.
612.
614.
616
Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts
Mil.dol.
do.
do.
do.
do.
do.
..
...
. ..
...
.. .
...
10,117 11,959 1 3 , 6 9 7 1 4 , 2 6 1
2,635
2,483
2,481
1,985
2,866
2,500
2,810
1,852
12,308 14,337 15,437 16,438
3,264
4,011
3,462
3,593
1,323
1,725
1,753
1,846
NA 1 5 , 6 6 9 1 5 , 8 2 1
3,141
NA
3,103
3,241
NA
3,022
NA 1 6 , 7 7 7 18,177
4,753
4,856
NA
2,113
NA
1,815
NA
NA
NA
NA
NA
NA
1.0
1.2
7.2
8.3
2.2
16.4
Basic data 1
Series title
Unii
of
measure
Percent change
Aveiage
1976
1977
?d (j
3d Q
4th 0
1st Q
2d 0
3d Q
1978
1978
1978
1979
1979
1979
1978
4th Q
to
1st Q
1979
2d Q
2d 0
to
3d Q
1979
1979
1st Q
to
Series number
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
II. OTHER IMPORTANT ECONOMIC
MEASURES-Con.
E2, Goods and Services Movements Except
Transfers Under Military Grants
dl ,
P2u
fT2
6V
dr2
( hu
t h0
(/ 7
M u c h , nun t x , n r t s
MirrluiiNKM ports
M u'n i ' r t f idi he1 1 <nce :
Inn nu i) U S in iMments ab n irl
IIK o i,i on f i t i K, mu'iMient in die U S
i M ' t ' * quods cind s i i y i a s
I , i t ) n r t i ) < i|ood Hid emu's
13 (i -|U ( i ijiidd iiid <-pr ins 2
28,686
Mi d 1
i1
1
d
d
rli
f|
d )
31,013
-2,326
7,322
3,328
42,940
40,540
2,400
30,204 35,471
37,922 44,018
-7,718 - 8 , 5 4 7
8,147 10,866
3,650
5,455
46,149 55,212
4 8 , 5 0 5 57,416
-2, 3 5 6 - 2 , 2 0 3
35,267 36,491
43,174 4 4 , 5 0 3
- 7 , 9 0 7 -8,012
10,256 10,526
5,402
5, 574
54,225 56,222
56,338 58,216
-2,113 - 1 , 9 9 4
39,315 41,348
45,684 47,463
- 6 , 3 6 9 -6,115
1 2 , 9 0 7 14,115
6,308
7,251
61,317 6 4 , 8 9 3
60,316 63,156
1,001
1,737
1273.0
1702.2
1266.4
1184.5
891.8
5,915
4,144
1340.5
1899.5
1327.4
1305.1
929.5
6,180
4,285
1399.2
2127.6
1385.1
1458.4
972.6
6,401
4,449
1395.2
2104.2
1379.6
1437.3
966.1
6,390
4,426
1407.3
2159.6
1395.1
1476.5
976.2
6,431
4,462
1426.6
2235.2
1414.6
1524.8
991.5
6,506
4,522
820.6
126.6
321. 5
372.5
1089.9
157.4
443.9
488.5
861.7
138.2
332.7
390.8
1210.0
178.8
481.3
549.8
900.8
146.7
343.3
410.8
1350.8
200.3
530.6
619.8
894.8
147.8
339.4
407.6
1331.2
200.3
521.8
609.1
905.3
147.5
344.7
413.1
1369.3
203.5
536.7
629.1
920.3
921.8
915.0
152.1
150.2
144.8
344.1
351.9
348.1
416.3
423.5
426.1
1415.4 1 4 5 4 . 2 1475.9
212.1
208.7
213.8
581.2
558.1
571.1
645.1
686.0
669.3
216.8
201.2
214.0
201.8
15.6
12.2
12.0
352.3
326.5
356.2
336.1
25.8
42,792
50,508
-7,716
15,161
7,763
67,563
67,146
417
NA
NA
NA
?IA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
618
620
622
651
652
668
669
667
0.6
2.6
1.2
2.2
50
200
213
224
225
217
227
5.2
3.9
254
9.4
3.5
6.4
-1,601
7.4
14.9
7.1
4.1
5.8
4.7
6.3
736 -1,320
A. National Income and Product
A1. G N P a n d Personal Income
'(I
( ft
M 1972 d o l l il
A I , hi 1 di 1
?no GNP n i i tent d H i -
d )
21 J
221
22)
^17
?^/
d j
f in il s u i t s , 1972(1 II i t - nispnseihlc poison il IIK nit', L Trent riul i
[ J i 1 , « .1 Ii [ins ma! mil no 1972 dull i t <
I', i t i Ii i , n P m 1 9 7 2 n ill ir
In L , 1 1 1 1 in . u s i h i i p i r ,111 n,.'( 1 9 7 / d - i
do
do
A i , do, HS
di
1430.6 1422.3 1430.8
2292.1 2329.8 2391.5
1418.4 1404.1 1420.8
1 5 7 2 . 2 1601.7 1 6 3 6 . 9
993.0
996.6
990. 3
6,512
6,460
6,483
4, 510
4, 536
4,487
0. 3
2. 5
0.3
3.1
0.5
0.1
0.3
-0.6
1.6
-1.0
1.9
-0.4
-0.3
0.4
-0.8
-0.6
-0.5
A2. Personal Consumption Expenditures
>J1
233
>jfi
239
23(J
/32
'3lj
>3/
I it il 1972 d'llnis
O'lMhn (muds, 1972 doll us
M nduiaUi qoods, 1 9 7 2 d ) J ' » s
SIM iu , 1 9 7 2 d o l l d i s
Tut .1 uim-nUlu'l rs
n i itili good*, d i M i n t (loll us
' n di,' ihl, iji od uinent dnlhrs
S
co ( irront .1 )IUs
A.r.,bil. d-il
.di
rin
.d
d I
do
d
di
924.8
147.0
346.6
431.2
1528.6
213.7
602.5
712.4
0.2
-3.6
-1.1
-1.1
1.7
2.7
0.8
2.3
3.8
1.1
1. 5
0.7
1.2
3.6
2.4
3.7
3.8
-0.7
-1.2
0.6
1.5
-2.4
1.8
2.5
231
233
238
239
230
232
236
237
A3. Gross Private Domestic Investment
241.
243.
30.
24U.
242.
24b.
TiiUil, 1972 d o l l a r s
Tot,.)! f i x e d investment, 1972 d o l l a r s
Change m business inventories, 1972 dol. 2 . . . .
T o t a l , current dollars
T o t a l l i x e d investment, current d o l l a r s
Chi], in bus. inventories, current dol. 2
do
do
do
do
do
do
173.4
166.8
6.6
243.0
233.0
200.1
186.9
303.3
281.3
214.3
200.2
14. 1
351.5
329.1
10.0
21.9
22.3
do
do
do
du
do
do
263.3
268.5
100.6
167.9
396.2
144.4
251.8
273.2
96.1
98.4
80.4
88.2
13.1
217.4
205.5
221.7
203.5
18.1
10.0
370.5
349.8
217.2
204.9
12. 3
373.8
354.6
395.4
361.9
392.1
372.1
20.0
20.6
19.1
33.4
20.0
272.4
272.6
98.1
97.6
174.3
466.6
161.7
304.9
175.0
476.2
162.5
313. 7
116.0
102.9
122.5
103.1
214.2
204.2
-0.1
-0.3
0. 3
0.9
1.4
2.1
-3.4
0. 3
-0.7
-1.5
5.8
5.8
2.1
14. 3
-0.5
-0.8
-8.1
-0.8
2.8
-13.4
241
243
30
240
242
245
A4. Government Purchases
of Goods and Services
2G1.
263.
2G7.
260.
262.
266.
T o t a l , 1972 dollars
Federal Government, 1972 dollars
State and local governments, 1972 dollars
Total, current dollars
Federal Government, c u r r e n t dollars
S t a t e and local governments, current dollars . . .
96.4
166.9
361.3
129.7
231.6
271.3
274.7
276.0
96.6
98.5
99.3
174.6
435.6
152.6
283.0
174.7
428.3
148.2
280.1
176.2
440.9
152.3
288.6
176.6
453.8
159.0
294.8
274.7
101.1
173.6
460.1
163.6
296.5
108.9
109.2
111.9
113.8
101.0
117.0
100.0
98.6
1.8
-1.7
0. 1
-3.0
1.4
2.9
0.6
-1.2
2.8
-0.9
0.4
2.1
0.5
2.9
261
263
267
260
262
266
5.6
0.2
6.2
9.3
7.9
2.8
256
257
255
252
253
250
NA
2.2
220
280
282
286
284
288
-0.5
0.4
1.4
2.8
A5. Foreign Trade
256.
257.
255.
252.
253.
250.
do
do. . . . . . .
do
do
do
do
E x p o r t s of goods and services, 1972 d o l l a r s . . .
Imports of goods and services, 1972 dollars . . .
Net e x p o r t s of goods and serv., 1972 dol. 2 . . . .
E x p o r t s of goods and services, current dol
Imports of goods and services, current dol
Net e x p o r t s of goods and serv., current dol. 2 . .
97.9
96.9
98.5
15.8
10.3
11.0
12.3
12.9
17.0
13.2
19.4
163.3
155.4
8.0
175.9
185.8
207.2
217.5
-10.3
205.7
213.3
213.8
220.6
224.9
229.4
243.7
251.9
266.4
271.7
-7.6
-6.8
-4.5
238.5
234.4
4.0
-8.1
-5.3
1724.3
1304.5
116.8
167.7
1703.9
1288.2
115.0
169.4
1869.0
1411.2
129.0
178.9
1897.9
1439.7
129.3
176.6
NA
1471.8
128.6
NA
-9.9
13.3
-1.0
2.9
4.1
6.0
2.2
8.5
2.2
7.5
-12.1
2.7
3.4
2.6
1.5
2.0
0.2
-3.8
A6. National Income and Its Components
229.
289.
282.
286.
284.
288.
National income
Compensation of employees
Proprietors' income with IVA and CCA
Corporate p r o f i t s with IVA and CCA
Rental income of persons with CCA
Net interest
do
do
do
do
do
do
1359.8
1037.8
do
do
do
do
89.3
126.8
1525.8
1156.9
100.2
150.0
22.1
24.7
83.8
94.0
109.5
106.8
236.2
203.3
276.1
230.7
324.6
253.0
25.9
24.4
1752.5 1820.0
1321.1 1 3 6 4 . 8
117.4
125.7
175.2
184.8
26.8
26.8
27.1
27.3
111.9
117.6
122.6
125.6
329.2
253.1
332.7
259.6
346.9
264.7
362.2
266.0
374.3
274.6
71.2
70.9
71.5
79.2
85.9
10.8
15.8
12.7
26.5
130.8
-3.2
0.7
4.3
-0.5
NA
-1.3
-1.8
-1.1
2.4
4.1
3.3
3.2
8.5
NA
NA
-22.1
NA
A7. Saving
290.
295.
292.
298.
293.
Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate 2
Percent
68.6
65.0
72.0
-35.7
5.8
-19.5
5.0
-0.3
4.9
5.0
5.0
2.3
4.8
4.7
5.0
5.4
NA
NA
66.9
NA
4.1
4.4
0.5
10.8
5.0
0.3
-3.1
0.4
NOTE: Series are seasonally adjusted except tor those indicated by ®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
'"
. . . . . .
see "Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated.
,
jnt. CCA = capital consumption adjustment. NIA = national income accounts.
il figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The
timing
of the series at peaks, at troughs, and at all turns: L = leading;C = roughly coincident; Lg = lagging, U = unclassified
. ..„ three-part
,
.., classification „.
3 code indicates the timing
4
inverted
Inverted series,
series. iince
Since tnis
this series tenas
tends to move counter to movements in general business activity, signs ot
of tne
the cnange
changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.
-1.3
290
295
292
298
293
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
-4
920. Index of four roughly coincident indicators (series 41, 47, 51,
930. Index of six lagging indicators (series 62, 70, 72, 91, 95, 109)
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.
http://fraser.stlouisfed.org/
Federal Reservem
Bank of St. Louis
JJ
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart Al. Composite Indexes—Con.
913. Marginal employment adjustments (series 1, 2, 3, 5)
-1
-11
914. Capital investment commitments (series 12, 20, 29)
-10
-30
-2
-3
_
-^
-13
-2
915. Inventory investment and purchasing (series 8, 32, 36, 92)
-4
-4
916. Profitability (series 19, 26, 80)
-5
917. Money and financial flows (series 104, 106, 110)
-3
-6
Digitized NOTE:
for FRASER
Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from
Current data for these series are shown on page 60.
940. Ratio, coincident index to lagging index
reference turning dates.
-]}
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components
1. Average workweek, production workers,
manufacturing (hours)
|L,LJL
3. Layoff rate, manufacturing (per 100 employees—inverted scale)
in
8. New orders for consumer goods and materials, 1972 dollars (bil. dol.)
32. Vendor performance, percent of companies reporting slower deliveries (percent)
3L.Contractsji$j)rde$J
Digitized forCurrent
FRASER
data for these series are shown on pages 61,
64, 65, and 66.
A
COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart A2. Leading Index Components—Con.
29. New building permits, private housing units (index: 1967=100)
36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.)
Euy
92. Change in sensitive prices, smoothed1 (percent)
104. Change in total liquid assets, smoothed1 (percent)
053
19. Stock prices, 500 common stocks
(index: 1941-43=10)
iThis series is a weighted 4-term moving average (with weights 1,2,2,1)
http://fraser.stlouisfed.org/
Current data for these series are shown on pages 67, 68, 69, and 71.
Federal Reserve Bank of St. Louis
106. Money supply-M2-in 1972 dollars (bil. dol.)
UL
placed on the terminal month of the span.
A I
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A3. Coincident Index Components
Current data for these series are shown on pages 62, 63,
41. Employees on
51. Personal income less transfer payments,
1972 dollars (ann. rate, bil. dol.)
47. Industrial production, total (index: 1967=100)
57. Manufacturing and trade sales, 1972 dollars (bil. dol.)
C
and 65.
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A4. Lagging Index Components
91. Average duration of unemployment (weeks—inverted scale)
Current data for these series are shown on pages
70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)
62. Labor cost per unit of output, manufacturing (index: 1967=100)
[Lg,Lg,Lg|
109. Average prime rate charged by banks (percent)
|Lg,Lg,Lg|
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bil. dol.)
95. Ratio, consumer installment debt to personal income (percent)
|lg,Lg,Lg|
62, 68, 70, and 73.
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
| Marginal Employment Adjustments]
Current data for these series are shown on page
1. Average workweek, production workers, manufacturing (hours)
21. Average weekly overtime hours, production workers, manufacturing (hours)
2. Accession rate, manufacturing (per 100 employees)
5. Average weekly initial claims, State unemployment insurance (thousands—inverted scale)
3. Layoff rate, manufacturing (per 100 employees—inverted scale)
XI
4. Quit rate, manufacturing (per 100 employees)
61.
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
| Job Vacancies]
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)
46. Help-wanted advertising (index: 1967=100)
| Comprehensive Employment |
Current data for these series are shown
48. Employee-hours in nonagricultural establishments
(ann. rate, bil. hours)
in nonagricultural activities (millions)
41. Employees on nonagricultural payrolls (millions)
40. Employees in goods-producing industries—mining,
manufacturing, construction (millions) rjrjjl
on pages 61 and 62.
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
[Comprehensive Employment—Con.
90. Ratio, civilian employment to total population of working age (percent)
|Comprehensive Unemployment]
37. Number unemployed, total (millions—inverted scale)
43. Unemployment rate, total (percent—inverted scale)
[uPT
45. Average weekly insured unemployment rate (percent—inverted scale)
91. Average duration of unemployment (weeks—inverted scale)
44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)
Current data for these series are shown on page 62.
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income
| Comprehensive Output and Income
Current data for these series are shown on page
50. GNP in 1972 dollars, Q (ann. rate, bif dol.f
52. Personal incomen1972 dollars (ann. rate, bil. dol.)
51. Personal income less transfer payments in 1972 dollars
(ann. rate, bil. dol.)
c,c,c
53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann. rate, bil. dol.)
63.
CYCLICAL INDICATORS BY ECONOMIC PROCESS^Con.
Chart B2. Production and Income—Con.
[ Industrial Production]
47. Industrial production, total (index: 1967=100)
74. Industrial production, nondurable manufactures
(index: 1967=100)
. Industrial production, durable manufactures
49. Value of goods output in 1972 dollars, Q
(ann. rate, bil. dol.) c C
[Capacity Utilization]
Current data for these series are shown on pages 63 and 64.
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)
82. Rate of capacity utilization, manufacturing (FRB), Q (percent)
84. Rate of capacity utilization, materials, Q (percent) |l,C,U|
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries
7. New orders, durable goods industries, 1972 dollars
(bil. doi.) rrrn
\
6. New orders, durable goods industries,
current dollars (bil. dol.)
8. New orders for consumer goods and materials
in 1972 dollars (bil. dol.)
25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg.—4-term)
96. Manufacturers' unfilled orders, durable goods industries
(bil. dol.)
32. Vendor performance, percent of companies
reporting slower deliveries (percent)
wn on page 64.
91
( vjj',.K',Ai
u^OK A T u ^ S
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
[Consumption and Trade
Current data for these series are shown on page
56. Manufacturing and trade sales in current dollars -
<WLdoL>
57. Manufacturing and trade sales
in 1972 dollars (bil. dol.)
75. Industrial production, consumer goods
(index: 1967=100)
C,L,C
54. Sales of retail
59. Sales of retail stores in 1972
55. Personal consumption expenditures, automobiles, Q
(ann. rate, bil. dol.)
58. Index of consumer sentiment (1st Q 1966=100)
65.
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment
Formation of Business Enterprises
12. Net business formation (index: 1967=100) L,L,L
13. New business incorporations (thousands)
Business Investment Commitments
20. Contracts and orders for plant and equipment
in 1972 dollars (bil. dol.)
X
10. Contracts and orders for plant and equipment
in current dollars (bil. dol.) [~[~[~[
27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.)
24. Manufacturers' new orders, capital goods industries,
nondefense, in current dollars (bil. dol.)
9. Construction contracts, commercial and industrial buildings
(mil. sq. ft of floor area; MCD moving avg.—5-term)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 Divisio
Current data for these series are shown on pages 65 and 66.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St.
Louis
OCTOBER
1979
BCII
23
CYCLICAL
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
Business Investment Commitments—Con.
i
11. New capital appropriations, manufacturing, Q (bil. dol.)
97. Backlog of capital appropriations, manufacturing, Q
(bil. dol.)
C,Lg,Lg
61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dol.)
Business Investment Expenditures
Current data for these series are shown on pages 66
http://fraser.stlouisfed.org/
Federal Reserve
?4Bank of St. Louis
69. Machinery and equipment sales and business
construction expenditures (ann. rate, bil. dol.)
76. Industrial production, business equipment
(index: 1967=100)
and 67.
OHTORFR 1Q7Q
itrjfc
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
[Business Investment Expenditures—Con.]
Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)
86. Total, Q
S
88. Producers' durable equipment, Q
| Residential Construction Commitments and Investment]
28. New private housing units started, total (ann. rate, millions)
29. New building permits, private housing units (index: 1967=100)
89. Residential fixed investment, total, in 1972 dollars, Q
(ann. rate, bil. dol.)
Current data for these series are shown on page 67.
http://fraser.stlouisfed.org/
OCTOBER 1979
Federal Reserve Bank of St. Louis
IICII
25
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment
| Inventory Investment]
30. Change in business inventories, 1972 dollars, Q (ann. rate, bit. dol.)
36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving avg.—4-term1)
|LLL|
31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.—5-term)
38. Change in stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.; MCD moving avg.—4-term)
iLLLl
tjhis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.
26
OCTOBER 1979
BCII
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment—Con.
Inventories on Hand and on Order
\
70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)
71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.) I Lg,Lg,Lg
65. Book value of manufacturers' inventories
of finished goods (bil. dol.) N ^
77. Ratio, deflated inventories to sales, manufacturing and trade
78. Stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.)
Current data for these series are shown on page 68.
http://fraser.stlouisfed.org/
OCTOBER 1979
Federal Reserve Bank of St. Louis
ltd*
27
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits
[Sensitive Commodity Prices[
*
92. Change in sensitive prices (percent; moving avg.—4-term1)
•
23. Industrial materials prices (index: 1967=100)
19. Stock prices, 500 common stocks (index: 194143=10)
I Profits and Profit Margins
18. Corporate profits after taxes, 1972 dollars, Q
16. Corporate profits after taxes, current dollars, Q
(ann. rate, bil. dol.)
rp~[
79. Corporate profits after taxes with IVA and CCA,
current dollars, Q (ann. rate, bil. dol.)
tThis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
69.
Current data for these series are shown on page
28
OCTOBER 1979
ItCU
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
Profits and Profit Margins—Con.
22. Ratio, corporate profits (after taxes) to total corporate domestic
income, Q (percent)
81. Ratio, corporate profits (after taxes) with inventory valuation and
capital consumption adjustments to total corporate domestic income,
Q (percent)
n n
15. Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents)
[03
26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1967=100)
[Cash Flows|
Current data for these series are shown on pages 69
35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)
\lll\
34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.)
I, , , |
and 70.
90
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
I Unit Labor Costs and Labor Share]
"1
63. Unit labor cost, private business sector, Q (index: 1967=100)
|Lg,Lg,Lg
"/
68. Labor cost (current dollars) per unit of gross forpestic product
(1972 dollars), nonfinandal corporations, Q (dollars)
62. Labor cost per unit of output, manufadurirjgjnde3y.9^=100^
64. Compensation of employees as a percent of national income, Q (percent)
1955 56
57
58
59
80
61
Current data for these series are shown on page 70.
62
63
84
65
86
67
68
69
70
71
72
73
74
75
76
77
78 1979
CYCLKAl
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit
+1.6-
85. Change in money supply—demand deposits plus currency (Ml)
(percent; MCD moving avg.—6-term)
+1.2+0.8-
^M^ rm. A^H/^
+0.40.0-
-0.4-
102. Change in money supply plus time deposits at commercial banks (M2) —
(percent; MCD moving avg.-6-term)
+1.6+1.2+0.8+0.40.0-
-0.4-
104. Change in total liquid assets (percent; moving avg.—4-term1)
+1.2-t
+0.8 H
r
rr\
,f*
V\ . rJ
+0.40.0250-
105. Money supply-Ml-in 1972 dollars (bil. dol.)'
L,L,L
?4fl-
2 ? n™
221-
2GO
560-
520-
106. Money supply-M2-in 1972 dollars (bil. dol.)
/
440-
360J
6.5-!
6 Or
107. Ratio, GNP to money supply Ml, Q (ratio)
I Velocity of Money]
1955 56 57 58 59 60 61 62 63 64 85 66 67 88
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 71.
69
70
71
72
73
74
75
76
77
78 197S
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
Credit Flows
Current data for these series are shown on pages 71 and 72.
33. Change in mortgage debt (ann. rate, bil. dol.)
112. Change in bank loans to businesses (ann. rate, bil. dol.;
MCD moving avg—6-term)
1777]
jj
113. Change in consumer installment debt (ann. rate, bil. dol.)
fuul
110. Total private borrowing, Q (ann. rate, bil. dol.)
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
[Credit Difficulties |
14. Current liabilities of business failures (mil. dol.inverted scale; MCD moving avg.—6-term)
39. Delinquency rate, 30 days and over, consumer installment loans
(percent-inverted scale)
93. Free reserves (bil. dol.-inverted scale)
UMJ
94. Member bank borrowing from the Federal Reserve (bil. dol.)
Up
Current data for these series are shown on page 72.
CYCLICAL INDICATORS
Bj
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(Aug.) ( A p r . )
P
(Apf.M'Feb
T
P
(Nov.;
'Mar.;
I
[interest Rates]
119. Federal funds rate (percent)
114. Treasury bill rate (percent)
Cjgjg
116. Corporate bond yields (percent) -—
115. Treasury bond yields (percent)
118. Secondary market yields on FHA mortgages
(percent)
j*"V
117. Municipal bond yields (percent)
yy/Xo
1955 56
57
http://fraser.stlouisfed.org/
Federal Reserve Bank
34of St. Louis
58
59
60
61
62
Current data for these series are shown on pages 72 and 73.
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
1
'1
•t
Interest Rates-Con.
is
1
1
i
1
J
67. Bank rates on short-term business loans (percent)
109. Average JHJmerate char^ bybanks
Outstanding Debt
66. Consumer installment debt (bil. dol.)
L&L&U
72. Commercial and industrial loans outstanding^,,.>weekly reporting large commercial
banks (bil. dol.)
95. Ratio, consumer installment debt to personal income (percent)
1955
56
57
58
59
60
Current data for these series are shown on page
61
73.
62
63
64
65
68
67
68
69
70
71
72
73
74
75
76
,77 78 1979
DIFFUSION INDEXES AND RATES OF CHANGE
Chart Cl. Diffusion Indexes
Current data for these series are
950. Twelve leading indicator components (6-mo. span—, 1-mo. span—)
951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—)
952. Six lagging indicator components (6-mo. span—, 1-mo. span—)
961. Average workweek, production workers, manufacturing—20 industries (9-mo. span—, 1-mo. span—)
962. Initial claims, State unemployment insurance—51 areas (percent declining; 9-mo. span—, 1-mo. span —
963. Employees on private nonagricultural payrolls—172 industries
shown on page 74.
(6-mo. span—, 1-mo. span—)
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.
964. New orders, durable goods industries—35 industries (9-mo. span—, 1-mo. span—)
965. Newly approved capital appropriations, deflated—17 industries (4-Q moving avg.•-»-•, 1-Q span-—)
966. Industrial production—24 industries (6-mo. span—, 1-mo. span—)
967. Industrial materials prices—13 industrial materials (9-mo. span—, 1-mo. span—)
968. Stock prices, 500 common stocks—54-82 industries (9-mo. span—, 1-mo. span—)
960. Net profits, manufacturing—about 700 companies1
This is a copyrighted series used by permission; it may not be reproduced without
Current data for these series are shown on page 75.
1
written permission from Dun & Bradstreet, Inc.
(4-Q span)
CYCLICAL
C I
INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.
Percent rising
Actual
•-»-•
Anticipated •••••••
Percent rising
Actual
-~
Anticipated* ••
970. Business expenditures for new plant and
equipment— 18 industries (1-Q span)
(a) Actual expenditures
(b) Later anticipations
(a) Actual expenditures
V
975. Level of inventories, manufacturing and trade (4-Q span)1
(c) Early anticipations
971. New orders, manufacturing (4-Q span)1
976. Selling prices, manufacturing (4-Q span)1
972. Net profits, manufacturing and trade (4-Q span)1
977. Selling prices, wholesale trade (4-Q span)1
•••./•-.
973. Net sales, manufacturing and trade (4-Q span)1
978. Selling prices, retail trade (4-Q span)1
1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart C3. Rates of Change
Percent changes at annual rate
910c. Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
930c. Composite index of six lagging ind
50c. GNP in constant (1972) dollars (1-Q span)
47c. Index of industrial production
48c. Employee-hours in nonagricultural establishments
51c. Personal income less transfer payments in 1972 dollars
A|
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
200. GNP in current dollars, 0 (ann. rate, bil. dol.)
223. Personal income in current dollars
(ann. rate, bil. dol.)
224. Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)
225. Disposable personal income in 1972
dollars, Q (ann. rate, bil. dol.)
217. Per capita GNP in 1972 dollars (ann. rate, thous. dol.)
Current data for these series are shown on pages 63 and 80.
227. Per capita disposable personal income in
1972 dollars, Q (ann. rate, thous. dol.)
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A2. Personal Consumption Expenditures
Annual rate, billion dollars (current)
Personal consumption expenditures-
Current data for these series are shown on pages 80 and 81.
Annual rate, billion dollars (1972)
OTHER
A
I
IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
Chart A3. Gross Private Domestic Investment
Annual rate, billion dollars (current)
Gross private domestic investment-
Current data for these series are shown on page 81.
245. Change in business inventories, Q
^^^^^^
Annual rate, billion dollars (1972)
30. Change in business inventories, Q
NATIONAL INCOME AND PRODUCT—Con.
Chart A4. Government Purchases of Goods and Services
Annual rate, billion dollars (current)
Government purchases of goods and services—
266. State and local
governments, Q
262. Federal Government, Q
Annual rate, billion dollars (1972)
261. Total, Q
267. State and local governments, Q
http://fraser.stlouisfed.org/
Federal Reserve•El,II
Bank of St.
Louis
nrynRCR
IQTQ
Current data for these series are shown on page 81.
tf.n- ;i
A
I
NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade
Annual rate, billion dollars (current)
252. Exports of goods and services, Q
\
253. Imports of goods and services, Q
250. Net exports of goods and services, Q
Annual rate, billion dollars (1972)
256. Exports of goods and services, Q
"" "
" VI
257. Imports of goods and services, Q
255. Net exports of goods and services, Q
Current data for these series are shown on page 82.
44
1Q7Q
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A6. National Income and Its Components
Annual rate, billion dollars (current)
280. Compensation of employees, Q
286. Corporate profits with inventory valuation and capital consumption adjustments, Q
Current data for these series are shown on page 82.
282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
288. Net interest, Q^
284. Rental income of persons with capital
consumption adjustment, Q
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A7. Saving
Current data for these series are shown
http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. Louis
/IP
[Annual rate, billion dollars (current)^-
290. Gross saving (private and government), Q
298. Government surplus or deficit, Q
on pages 82 and 83.
A
NATIONAL INCOME AND PRODUCT—Con.
Chart A8. Shares of GNP and National Income
Percent of GNP
235. Personal consumption expenditures, Q
265. Federal Government purchases of goods and services, Q
268. State and local government purchases
of goods and services, Q
\
\
jO-r^-o-O-O-r^^.
248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q
251. Net exports of goods and services, Q
247. Change in business inventories, Q
Percent of National Income
64. Compensation of employees, Q
283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
287. Corporate profits with inventory valuation and
capital consumption adjustments, Q
289. Net interest, Q
285. Rental income of persons with capital consumption adjustment, Q'
Current data for these series are shown on page 83.
47
B
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
| Percent changes at annual rate |
310c. Implicit price deflator,
310,
3lie. Fixed weighted price index, gross business
product (1-Q span)
311. Fixed weighted price index,
gross business product, Q
Producer prices—
330c, All cpmrnodities
Producer pnces—
330. Ail commodities
333. Capital equipment
Current data for these series are shown on pages 84, 85, and 86.
334c. Finished consumer goods
6-month spans |
PRICES, WAGES, AND PRODUCTIVITY-Con.
Chart Bl. Price Movements—Con.
Consumer prices-
Percent changes at annual rate
320c. All items (6-month span)
Chart B2. Wages and Productivity
345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)
340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
346. Real average hourly compensation, all employees
nonfarm business sector, Q
341. Real average hourly earnings of production workers,
private nonfarm economy1
Adjusted for overtime (in manufacturing only) and interindustry
Current data for these series are shown on pages 84, 87, and 88.
1
itrn
employment shifts
B
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart B2. Wages and Productivity—Con.
I Wages—Con. |
Change in average hourly earnings of production
workers, private nonfarm economy1 —
6-month spans (ann. rate)
«
340c. Current-dollar earnings / J VvvT
341c. Real earnings
<,
i
/
. . ]«. •}•**;
6-month spans (ann. rate) ( ' ;i \j
' jj
ij
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c. Current-dollar compensation
1-quarter spans (ann. rate)
4-quarter spans
346c. Real compensation
1-quarter spans (ann. rate)
V
4-quarter spans
Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann. rate)
349. Average changes over life of
contract, Q (ann. rate)
,
| Productivity [
370. Output per hour, all persons,
private business sector, Q
358. Output per hour, all persons, nonfarm business sector, Q
1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. ? One-month percent changes have been multiplied by a constant (12) so that they may be shown
See the current data table for actual 1-month percent changes.
against the background of the annualized changes over 6-month spans.
Current data for these series are shown on pages 87 and 88.
http://fraser.stlouisfed.org/
Federal Reserve
Rfl Bank of St. Louis
C
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
441. Civilian labor force, total (millions)
Labor force participation rates (percent)—
453. Both sexes 16-19 years o f ;
452. Females 20 years and over
Number unemployed (millions)—
37. Total unemployed
444. Males 20 years and over
X
445. Females 20 years
and over
446. Both sexes 16-19 years of
448. Number employed part-time for economic
reasons (millions)
447. Number unemployed, full-time
workers (millions)
Current data for these series are shown on page 89.
51
D
GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures
Annual rate, billion dollars (current)
502. Federal Government expenditures, Q
X
501. Federal Government receipts, Q
500. Federal Government surplus or deficit, Q
511. State and local government receipts, Q
512. State and local government
expenditures, Q
510. State and local government surplus or deficit, Q
Current data for these series are shown on page 90.
52
GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators
| Advance Measures of Defense Activity |
Current data for these series are shown on page 90.
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)
525. Defense Department military prime contract awards
(bil. dol.; MCD moving avg—6-term)
543. Defense Department gross unpaid obligations outstanding (bil. dol.)
548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.-6-term)
GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators—Con.
| Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967=100)
559. Manufacturers' inventories, defense products (bil. dol.)
561. Manufacturers' unfilled orders, defense products (bil. dol.)
580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg.—4-term)
588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.—4-term)
Current data for these series are shown on page 91.
http://fraser.stlouisfed.org/
Federal Reserve
54 Bank of St. Louis
ItfJft
D
GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators—Con.
[intermediate and Final Measures of Defense Activity—Con.
570. Employment in defense products industries (millions)
Defense Department personnel (millions)—
577. Military, active duty
578. Civilian, direct hire employment
National Defense Purchases]
Current data for these series are shown on page
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bil. dol.)
565. National defense purchases as a percent of GNP, Q (percent)
91.
OTHJTR '
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
602. Exports, excluding military aid shipments
(bil. dol.; MCD moving avg.—5-term)
<
604. Exports of agricultural products,
total (bil. dol.)
606. Exports of nonelectrical machinery (bil. dol.)
X
612. General imports (bil. dol.; moving avg.-4-term)
614. Imports of petroleum and petroleum
products (bit. dot.)
616. Imports of automobiles and parts (bil. dol.)
Current data for these series are shown on page 92.
56
U.S. INTERNATIONAL TRANSACTIONS—Con.
Chart E2. Goods and Services Movements
Annual rate, billion dollars
Excess of receipts
Excess of payments
Goods and services-
667. Balance on goods and services, Q
Merchandise, adjusted—
622. Merchandise trade balance
Investment income—
651. Income on U.S. investments abroad, Q
652. Income on foreign investments in the U.S., Q
NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.
itru
57
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
[index: 1967=100
Industrial production—
Current data for these series are shown on page
728. Japan 721. OECD European countries \
725. West Germany-
94.
INTERNATIONAL COMPARISONS—Con.
Chart F2. Consumer Prices
Percent changes at annual rate
Consumer prices—
Chart F3. Stock Prices
6-month spans
Stock prices—
Index: 1967=100
19. United States
320c. United States
748. Japan
735c. West Germany
736c. France
742. United Kingdom
732c. United Kingdom
737c. Italy
733c. Canada
Current data for these series are shown on pages 95 and 96.
59
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
^M COMPOSITE I N D E X E S
Year
and
month
910. Index of
12 leading indicators (series
1 , 3 , 8 , 12, 19,
20,29,32,36,
92, 104, 106)
920. Index of
4 roughly
coincident indicators (series
41,47,51,57)
(1967=100)
(1967=100)
930. Index of 6
lagging indicators (series
62, 70, 72,
91,95, 109)
(1967=100)
Lead ng Indicator Subgroups
913. Marginal
employment
adjustments
(series 1 , 2 , 3 ,
5)
914. Capital
investment
commitments
(series 12, 20,
29)
915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)
(1967-100)
(1967=100)
(1967=100)
916. Profitability (series
19, 26, 80)
(1967=100)
917. Money
and financial
flows (series
104, 106, 110)
(1967=100)
940. Ratio,
coincident
index to
lagging index
(1967=100)
1977
January
February
March
131.9
133.0
135.6
126.3
127.6
129.7
120.2
121.0
121.7
95.9
96.6
98.0
110.9
111.2
112.0
102.3
102.7
104.1
94.5
94.4
94.9
141.2
142.2
143.3
105.1
105.5
E>106.6
April
May
June
136.0
135.8
135.5
130.0
130.6
131.3
122.3
123.1
125.0
97.3
97.1
97.2
111.7
112.5
113.3
105.0
104.7
103.8
95.1
95.6
96.3
143.3
142.2
142.5
106.3
106.1
105.0
July
August
September
135.0
136.9
138.0
131.7
131.9
132.6
125.2
126.5
127.8
96.7
96.2
97.0
112.4
114.8
114.6
103.0
103.3
103.8
97.0
[H}97.2
96.1
144.8
146.9
148.2
105.2
104.3
103.8
1 39 . 1
139.4
140.2
133.8
134.7
135.7
129.4
131 .1
131.7
97.4
98.0
98.7
115.0
115.7
116.6
104.3
103.8
104.3
94.9
94.0
92.7
148.8
148.8
148.5
103.4
102.7
103.0
January
February
March
139.1
140.3
140.3
134.0
135.0
136.9
134.1
135.9
137.2
97.6
97.2
98.3
115.4
115.9
115.0
104.8
105.9
106.3
90.9
89.4
90.4
148.5
148.0
147. 4
99.9
99.3
99.8
April
May
June
141.5
141.8
142.5
139.3
139.5
140.1
137.8
140.0
142.0
99.0
98.0
97.8
114.9
115.0
116.1
106.9
107.2
106.9
92.1
93.8
94.1
147.5
147.8
143.5
101.1
99.6
98.7
July
August
September
141.2
142.0
142.9
140.5
141.4
141 .4
143.5
144.5
146.4
97.4
97.3
98.5
115.5
115.4
116.0
105.2
105.8
105.8
94.2
95.4
95.4
148.9
149.1
149.9
97.9
97.9
96.6
October
November
December
[R>rl43.6
r!42,8
r!43.1
r 143.0
r!44.3
145.5
148.1
152.7
155.2
r98.7
r98.8
E)r99.1
0)117.2
rl!6.2
H15.8
106.1
106.2
106.7
94.9
r94.1
r93.5
r!50.6
[R}r151 .1
rlSO.l
96.6
r94.5
93.8
January
February
March
r142.5
142.7
H43.2
144.8
144.9
[H>rl46.6
157.5
158.5
158.5
r98.5
r98.4
r98.0
113.9
114.4
115.8
107.4
108.1
E)108.6
r93. 2
T92.2
T92.2
r!48.2
H4G.1
H44.6
91 .9
91.4
r92.5
April
May
June
r!39.8
r!40.1
H40.5
H44.1
H45.6
161.9
162.5
164.0
r94,6
r97. 3
r96.6
114.0
rl!3.6
r!14.7
107.7
H07.1
106.3
r92.3
r91.7
p92. 3
H44.7
H44.3
H45.4
r89.0
r89.6
88.4
96.3
r95.4
p96. 1
H14.0
rl 1 5 . 3
pl!6.6
r!05.5
rl05.0
pi 04. 7
p92,7
p93.8
(NA)
H46.6
r!47.0
p!47.3
r87.8
r86.5
p83.5
.
October
November
December
1978
1979
July
August
September
. .
140.1
'140.2
1 4 1 .3
2
145.0
H45.2
144.6
144. 5
3
H65.4
167.1
P>173.0
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by |R). Seiies numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.
60
OCTOBER 1979
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
^| E M P L O Y M E N T AND U N E M P L O Y M E N T
Minor Economic
Process
Timing Class
L, L, L
Year
and
month
1977
1 . Average
workweek of
production
workers,
manufacturing
L, C, L
L, L, L
2. Accession
21. Average
weekly overtime rate, manufacturing
hours, production workers,
manufacturing
(Hours)
(Hours)
Revised 2
(2)
(Per 100 employees)
L, Lg, U
L, C, L
L, L, L
5. Average
weekly initial
claims, State
unemployment
insurance 1
3. Layoff rate,
manufacturing
4. Quit rate,
manufacturing
(Per 100 employees)
(Per 100 employees)
(2)
(2)
(Thous.)
Revised 2
Comprehensive
Employment
Job Vacancies
Marginal Employ iient Adjustments
L, Lg, U
60. Ratio, helpwanted advertising to persons
unemployed
(Ratio)
L, Lg, U
46. Index of
help-wanted
advertising
in newspapers
(1967=100)
U, C, C
48. Employeehours in nonagricultural
establishments
(Ann. rate,
bil. hours)
Revised 2
January
February
March
39.6
40.3
40.3
3.3
3.3
3.4
4.0
4.4
4.1
386
431
329
1 .3
rl.5
1 .1
rl.8
rl .8
1.8
0.439
0.434
0.450
105
106
108
152.25
154.82
154.81
April
May
June
40 3
40.4
40 5
r3.4
r3.5
r3 6
3.9
4.0
4 0
358
378
363
1 .1
1 .1
rl 1
1 .8
1 .9
1 .8
0.467
0.484
0.484
109
112
114
155.41
156.19
156.71
July
August
September
40.3
40 4
40.4
3.5
3 4
3.4
4.0
3 9
3.9
382
391
377
rl.3
rl 2
1 .1
1 .8
1 .8
1.9
0.537
0.535
0.539
121
122
120
157.16
157.32
158.02
October
November
December
40 5
40.5
40.4
3 5
3.6
r3.5
4 0
4.1
4.3
372
349
331
1 l
1.0
1.0
1 9
rl .9
2.0
0 573
0.597
0.674
128
133
140
158.77
159.05
159.06
39.6
40 0
40 5
3.5
3 7
r3 6
4.1
3 9
4 0
331
370
[uM?0
0.9
rl 0
1 0
rl .9
2 0
2 0
0.635
0 679
0 682
138
1 39
141
158.83
160.34
162.07
[H/40 7
40 4
40 5
r3 7
r3 6
r3 5
4 1
4 0
4 o
330
328
346
rl 0
1 0
1 0
r2 1
2 1
2 1
0 717
0 696
0 746
146
144
147
163.63
163 39
164.35
July
August
September
40 5
40 4
40 5
3 6
3 4
3 6
4 0
4 0
4 1
375
361
328
rO 8
rl 0
[R}0 8
2 0
r2 1
r2 1
0 718
0 752
0 759
149
150
152
164.43
164.54
164.81
October
November
December
40 5
40 6
40 6
3 6
3 7
r3 7
4 3
4 4
0 9
rO 9
0 9
r2 2
2 2
2 2
(H}0 821
0 81 6
0 81 7
1 61
1 61
IR>4 R
325
334
325
AC;
165.45
167.01
167.22
January
February
March
40.6
40.6
40 6
r3.7
r3.7
[H}r3 7
4.3
4.2
4.0
344
341
352
rO.9
rO.9
0.9
H>2.3
r2.2
r2.1
0.815
0.800
0.791
161
158
156
167.44
167.33
169.22
April
May
June
39.1
40 2
40 1
r2.7
r3.5
r3 4
3.9
4.0
4 0
438
352
390
rl .1
1 .0
rl 1
2.1
2.0
2.0
0.777
0.773
0 789
155
154
153
166.62
168.46
169.20
40 2
40 1
p40 0
3 3
r3 2
r>3 ?
3 9
3 7
p3 8
398
r395
p382
rl 2
rl 5
pi 2
1 9
1 9
pi 9
0 789
0 750
pO 791
155
155
p!59
169.27
169.00
[H)pl69.45
. .
1978
January
February
March
April
May
June
. .
fu\i
1979
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Current high values are indicated byjj); for
senes that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 16 and 17.
"Data exclude Puerto Rico which is included in figures published bv the source agency.
See "New Features and Changes for This Issue/' page iii.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
61
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
^fl EMPLOYMENT AND U N E M P L O Y M E N T -Con.
Minor Economic
Process
Timing Class
Year
and
month
Comprehensive Unemployment
Comprehensive E mployment-Con.
U,C,C
C,C,C
41. Employees
42. Persons
engaged in non- on nonagricultural payrolls,
agricultural
activities, labor establishment
force survey
su rvey
(Thous.)
Revised
1977
January
February
March
April
May
June
July
August
September
(Thous.)
2
L, C, U
U, Lg, U
L, Lg, U
L, Lg, U
L, Lg, U
Lg, Lg, Lg
Lg, Lg, Lg
40. Employees
in goodsproducing industries (mining, mfg., construction)
90. Ratio,
civilian employment to total
population of
working age
37. Number of
persons unemployed, civilian
labor force
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate
State programs 1
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.)
(Percent)
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
Revised
2
85 529
85 860
86 312
80,565
80 794
81 233
23 652
23 796
24*016
56 33
56 51
56 73
7115
7 4
A
1
1r
o
9
7 ?68
7 ^
n i
p
9
t. . 9
<L
7 4
q p
U
U
c
9
86 544
86,817
87 209
81 622
81,986
82 369
24 1 91
24,326
C£
p/l
c QAA
7 9
q 7
I/I
r
56.98
11
6,896
7 nnp
3.7
15.0
2.0
£??
C7
7.1
9A
q
1/1
1 4 . 30
1
87 407
87 684
87,999
00
C~[ C
OA
Appi
rj
in
c 7pic
82 849
83,287
OA
AQC]
C7
91
C
7 1 51
7Q(-
7 9
6
Q
7 p.
q o
0 . 0
4 pi
24,565
57.31
6,624
6.8
.0
4.0
6 654
6 635
6,187
6 8
6 7
6.3
4 0
3 8
3.7
88,136
88 839
89,257
83 549
83 908
84,125
24 635
24 740
24,750
57 35
57 80
57.95
January
February
March
89 560
89 767
89 948
84,421
84,735
85,246
24,838
24,893
25,107
58 10
58 1 1
58 1 9
6 292
6 092
6 3
6 1
c
C
April
May
June
90 430
90 710
Ql 91 fi
85 961
86 227
86 590
25 487
25 534
25 652
CO
qp
c. nc'i
c i
Cp
Af.
c
i qc
c i
cp pi
r
QC.A
5
July
August
September
91 069
91 ,372
91 ,604
86 686
86 880
87 032
25 71 0
25 71 6
25 767
58 61
58 71
58 80
c. i 7C
5 940
October
November
December
91,867
92,476
92 468
87,424
87,840
88,133
25,941
26,120
26 272
58.85
59 09
59 08
January
February
March
93 068
93 335
88 433
88 700
89,039
26 382
26 448
26,627
nq op
n
59 43
[H)59.45
c
April
May
June
92 987
93 1 34
93,494
89 036
26 565
on qqp
pc
89,626
93,949
93,578
[0)94,113
89,713
89 718
[u\p89,853
October
November
December
7
Ui
. 1
Q
1
p.
2.U
i .Oy
10 Q
1 0.0
1.9
ii .ny
13.9
1.8
13 7
1 8
1q c
1 p
13.7
1.7
3 5
q c
1q n
1 7
1 o c.
1 fi
q
19 A
1
r
q i
19/1
1
r
q pi
q i
19 9
1
/l
19
n
1 L . 0
1 -5
1 .0
1
1978
i co
0
P
n
c i
q q
n
3 5
5 964
5 9
5 9
11 4
11 5
5,836
5 877
5.8
5 8
6012
c
q
3.0
3 0
3 1
ppq
jr
p
q pi
ppi
n
7
5,871
26,674
59 00
59 00
59.19
LJH}26,723
26 595
p26,615
59,39
59.12
59.42
3 2
p
Q
1 2
1 3
11.8
1.3
11 n
1 9
1n 7
1 9
1 9
o
5.7
n
n
9
o pi
3.0
11.7
11 . O
L
1.3
5 937
5 929
JH}5,774
5 8
5 8
D5.6
3 1
[RV R
3.0
11 0
11 1
10.4
1 2
1 ?
1 .1
5,848
6,149
5,985
5,7
6,0
5 8
2 9
3 0
D2 9
[H}10.0
10 5
10 6
E)i .0
1979
July
August
September
93,499
cci
1 2
1 l
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by [R};for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 15, 17, and 18.
1
Data exclude Puerto Rico which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.
62
OCTOBER 1979
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
^9 P R O D O C T I O N AND INCOME
Minor Economic
Process
Timing Class
Industrial Production
Comprehensive Output and Income
C, C, C
C,C,C
50. Gross national product
in 1972 dollars
Persona income
223. Current
dollars
and
month
(Ann. rate,
bil.dol.)
52. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
C,C,C
51. Personal
income less
transfer payments in 1972
dollars
53. Wages and
salaries in
mining mfg
and construction in 1972
dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
47. Index of
industrial
production
total
(1967=100)
C,C, C
C, L, L
C,C,C
C,C,C
C,C,C
73. Index of
industrial
production
durable manufactures
74. Index of
industrial
production
nondurable
manufactures
(1967=100)
(1967=100)
49. Value of
goods output
in 1972 dollars
(Ann. rate,
bil.dol.)
1977
January
February
March
1 315 7
April
May
June
1,455.2
1 472 0
1 490 3
1,066.1
1 070 5
1 079 1
918.2
1 ,331.2
1 ,499.3
1,509.2
15186
July
August
September
1,353.9
October
November
December
1,36K3
930 9
99Q A
133.7
1 34 5
1 36 3
124.6
1 25 0
1 27 5
1,081.0
1,084.2
1 085 5
932.5
937.5
940 7
230.1
231.2
232 9
137.1
138.0
1 38 9
128.4
129.6
1 30 7
149.5
150.5
1 51 1
1 ^^7 n
1,547.7
i Rkn 7
i nod 7
1,097.7
i i n? 9
QA C 1
900
n
232.8
i ?Q n
139.3
1 01
947.7
i RI ^
151 .6
1,579.4
1,596.9
1,612.8
1,111.5
1,119.1
1,124.7
961.6
968.0
974.1
235.9
236.3
235.4
140.1
140.3
140.5
132.8
133.0
134.0
969.4
233.6
152.4
9 or I
140.0
i /i n Q
132.1
0
T 99
1 6L . 'J
J
1r o Q
1 b2 . 9
142.1
1 35 .0
1 53.8
1 44 . 4
1 55.5
1 55.8
157.0
637 . 2
993
QC9
Q
0
224.6
226 7
90/1
c
i on
c
146.5
1 47 3
1 AQ
0
131.5
1 09 i
1 ri
605 0
1
6i6.'e
622.5
7
152.3
152.4
152.4
624.2
1978
January
February
March
1
April
May
June
1 QQc; 9
July
August
September
1 ,407.3
October
November
December
1,426.*6
"367 8
1,618.5
i £"31 "3
1,119.3
"I
1 -\ qn i
1 , 1 oU . 1
1
CCA
r -j r
l\
r
i
1
TOT 9
-i 07 /i
Q79
oyou
on .Q9
9/1
n . oo
240
m
146.1
1 37 .6
1 37 .9
139,0
1/19
1
A 91
A
1 , 1 o/ .4
989 . 6
1 1 "3 £, 9
1 ,100.6
OQQ
1,704.2
1,139.9
993.1
243. 9
924o.
/i "3 0n
244.0
1,730.0
1,741.3
1 ,151 .8
1,154.7
1
1,000.5
1,002.9
i1 ,UUo
nn£. 1i
245.3
244.5
9/1 r
~\
^4b . 1
147,1
148.0
1 /I Q £
1 4o . b
141 .1
141 .8
-I/TO Q
1 42 . y
157.2
158.4
159.3
641 .8
1 7CI£ 1
9/1 a .A4
246
248.9
250.9
1 /I Q
1 44 .C6
145.5
146.8
1 59 .5
160.4
161 .7
6571s
1 ,0/0 . b
1c 07 o
I 70-1 n
1r c Q
ybo. /7
1 ,801 .4
1 ,826.8
E>1,183.9
i1 ,(Jm1 bn. n
U
1,023.4
1)1,032.5
1 834 3
1 851 4
1 872 1
1 175 1
1 174 7
1 1 79 6
1 023 9
1 024 6
1 028 9
249 7
250 5
0) 251 9
1 ,880 7
1,891.6
1,905,1
1 176 2
1,175.6
1,175.3
1 024 6
1 ,024.1
1 ,024.3
248 6
248.0
246.8
rl,024.2
i n?i i
ai m 7 ?
246,2
242 9
r r
I , T1r DO
. D
1,174.3
o
. 0
1 4y , 7/
150.6
151 .8
1/1/1
1979
January
February
March
1 430 6
April
May
June
1 ,422.3
July
August
September
fu\nl 4^0 ft
rl,931.9
rl,182.3
rl
Qd^ n
rn\nl
QRR 9
1 1 7Q 7
ol 1 7R 7
n9A9 9
151 5
1 C9 n
fu\i
co n
1508
152.4
H52.6
H52.8
y, 1 C 1
C
nl C^9
7
1 46 8
1472
fuM 4.8 fi
1607
1620
1 44 6
147.6
147.6
161 7
162.8
H63.0
H47.2
rl ZL/L 1
n1
/ir
r
[H) 658 6
ico n
H63.9
ri A/I i
1 r /i /]
[Hypl
b4.4
647.3
n /r
r r» 9
[jT\ n
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no-seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H>; for
series that move counter to movements in general business activity,current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 19, 20, and 40.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
63
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
H
Minor Economic
Process
P R O D U C T I O N AND
INCOME-Con.
Rffl CONSUMPTION, TRADE, ORDERS, AND D E L I V E R I E S
Capacity Utilization
L,C, U
Timing Class
83. Rate of
capacity
utilization,
manufacturing
(BEA)
Year
and
month
(Percent)
82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)
Orders and Deliveries
L,C, U
84 Rate of
capacity
materials
(Percent)
L, L, L
L, L, L
Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)
7. Constant
(1972) d o l l a r s
( B i l . dol.)
L, L, L
8. New o f d e r s
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)
L, L, L
L, Lg, U
25. Change in
unfilled orders,
durable goods
industries
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil.dol.)
(Bil. dol.)
L, L, L
32. Vendor
performance,
companies reporting slower
deliveries®
(Percent
reporting)
1977
January
February
March
80 '.7
si! 7
55.91
55,74
58,58
37.15
36.87
38.49
33.95
34.58
36,15
1 .35
0.46
0.60
166.86
167.32
167.92
44
55
56
82 'l
83^2
57,98
58.27
59.01
37.92
37.94
38.27
34.96
34.96
35.39
1 .55
1 .27
1 .39
169.46
170.73
172.12
58
56
58
82 'A
82.8
56.94
59.56
60,70
36.57
38.04
38.44
34.76
35.93
35.64
-0.69
1 .18
1 .44
171 .43
172.61
174.05
59
58
56
82^6
83.0
63,23
63,07
65,98
39.82
39.52
41 .14
35,82
35.89
36.34
3.01
2.91
4.35
177.06
179.97
184.32
56
50
56
82.6
82.6
62.61
65,54
68.14
38.62
40.11
41 ,.45
35.14
36.71
37.28
2.76
2.99
4.38
187.08
190.06
194.44
55
64
67
83'.9
85^0
69.25
68.90
68.31
41 .69
41 .23
40,57
38.47
37.65
37,33
3.69
3.88
2.72
198.13
202.01
204.73
64
64
66
85^2
86^4
65,94
70.59
72,40
38.85
41 ..23
42.07
36.38
37.97
37.67
0.83
2.62
3.92
205.56
208.18
212.10
56
65
66
86',4
M)88.2
76.46
76,91
76,83
44.12
43.98
43.63
38.66
38.40
38.78
6.37
5.52
4,. 19
218.47
223.99
228.18
68
66
68
[H>86!7
88 !o
79.65
81 ,31
E)83.09
44.64
45,17
JH>45.78
E>39.76
39.16
39.62
6.76
H)7,66
6.23
234.94
242,61
248,84
69
77
E)78
85*9
r£7.3
76.10
77,03
75,82
r41 .43
r41.73
40.98
37.16
T37.42
36.80
5.11
1.32
3.18
253.95
255.27
258.46
76
76
70
p85^3
p87^6
72.48
r74.38
p78.76
38.76
r39.61
D41.56
35.80
r35.72
p36.36
-1 .04
rO.11
p4.60
257.42
r257.53
[H)p262.12
60
55
51
*83
April
May
June
'84
July
August
September
82
October
November
December
*82
1978
January
February
March
. .
"84
April
May
June
84
July
August
September
'83
October
November
December
84
1979
January
February
March
....
B)84
April
May
June
83
July
August
September
October
November
December
(NA)
....
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byjj); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 20, and 21.
64
OCTOBER 1979
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR E C O N O M I C
PROCESS
Minor Economic
Process
Timing Class
c,c,c
c, c,c
56. Current
dollars
(Mil. dot.)
57. Constant
(1972) dollars
(Mil.dol.)
C, L , C
C, L, U
U, L, U
75. Index of inSales of retail stores
dustrial production, consumer
54. Current
59. Constant
goods
dollars
(1972) dollars
(1967=100)
(Mil.dol.)
F I X E D CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and trade
Manufacturing and trade sales
Year
and
month
H
Q[ CONSUMPTION, TRADE, O R D E R S , AND D E L I V E R I E S - C o n .
(Mil. dol.)
L, C , C
L, L , L
55. Personal
consumption
expenditures,
automobiles
58. Index of
consumer
sentiment ©
(Arm. rate,
b'i.dol.)
(1stQ
1966-100)
L, L, L
12. Index of
net business
formation
(1967=100)
L, L, L
13. Number of
new business
incorporations
(Number)
1977
January
February
March .
213,574
217,003
221,956
143,799
145,055
147,331
141.4
142.1
144.5
57,405
58,474
58,917
41,598
42,098
42,265
62^4
87^5
122.7
122.2
123.6
34,519
33,173
35,300
April
May
June
221,241
222,422
223,249
146,165
146,463
147,128
144.6
145.2
146.3
59,254
59,367
59,203
42,294
42,284
42,048
61 .'3
D89J
121.7
122.6
125.1
33,394
34,442
37,229
July
August
September
223,686
225,400
226,879
147,250
147,992
148,272
146.8
146.5
146.4
60,176
60,566
60,973
42,618
42,742
42,909
60.9
87.6
125.7
129.6
128.7
35,749
39,525
37,812
October
November
December
229,543
232,586
236,790
149,412
150,316
152,117
147.1
146.6
146.2
61,979
62,862
62,480
43,525
43,929
43,419
62.2
83.1
130.8
132.3
133.6
38,943
38,344
39,674
January
February
March
232,439
238,873
242,926
148,120
151,295
153,432
143.2
145.2
147.5
61,892
62,898
64,075
42,655
43,051
43,648
62^3
83.7
84.3
78.8
133.6
133.7
130.5
36,547
39,253
37,602
April
May
June
249,868
251,588
252,380
156,316
156,223
156,183
149.5
149.0
149.3
65,146
65,522
65,964
43,988
43,916
43,947
70 .'2
81 .6
82.9
80.0
130.7
131 .0
132.9
38,498
38,320
39,796
July
August
September
252,728
259,226
260,099
155,372
158,476
157,585
149.8
150.6
150.8
66,224
67,303
68,085
43,944
44,454
44,675
68'.9
82.4
78.4
80.4
133.4
133.0
133.0
39,403
42,605
41 ,827
October
November
December
266,724
269,792
272,537
159,846
160,556
161 ,105
151.2
151.3
151.5
68,971
70,158
70,918
44,991
45,498
0)45,724
7o'.6
79.3
75.0
66.1
[H)135.5
133.6
133.5
41 ,945
41 ,568
42,461
January
February
March
273,304
274,579
285,372
160,181
159,086
[H>164,058
150.6
151.5
0)152.9
70,855
71 ,122
72,045
45,102
44,759
44,944
[H}74.0
72.1
73.9
68.4
H31.4
rl 32 . 4
H 32 . 2
April
May
June
275,936
287,139
283,388
157,136
161 ,575
158,140
149.1
152.0
r!51.8
71 ,366
71 ,914
71 ,803
44,080
44,173
43,756
68.2
66.0
68.1
65.8
H30.4
H30.1
131.0
r288,565
[H)p292,679
(NA)
r!59,296
p!60,283
(NA)
rlSl.l
H48.4
p!49.9
r72,370
r74,621
[H>p76 s 263
r43,861
45,088
e45,585
p68.5
60.4
64.5
66.7
e!32.6
(NA)
1978
1979
July
August
September
r42,847
r42,061
H2,206
rA2 ,763
G>r43,741
42,634
(NA)
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated, "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 14, 22, and 23.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
65
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
BJ FIXED CAPITAL INVESTMENT-Con.
Minor Economic
Process
Business Investment Commitments
L, L, L
Timing Class
L, L, L
Contracts and orders for plant
and equipment
Year
and
month
10. Current
dollars
(Bil. dol.)
20. Constant
(1972) dollars
(Bil. dol.)
L, L, L
Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil. dol.)
L, C, U
U, Lg, U
C, Lg, Lg
9. Construction contracts for commercial and industrial buildings, f l o o r
space 1
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
97. Backlog of
capital appropriations, manufacturing
(Bil. dol.)
(Bil. dol.)
L, L, L
27. Constant
(1972) dollars
(Bil. dol.)
Square feet
(Millions)
Square meters 2
(Millions)
1977
January
February
March
16.90
16.77
16.32
11.62
11 .49
11 .16
14.43
13.96
14.27
9.95
9.59
9.78
53.56
51.27
67.45
4.98
4.76
6.27
14.'58
April
May
June
17.22
19.11
18.42
11.75
12.91
12.32
14.32
14.80
15.45
9.83
10.10
10.39
55.88
63.20
61.12
5.19
5.87
5.68
15'00
July
August
September
16.13
18.38
20.22
10.76
12.26
13.24
14.05
14.62
16.13
9.40
9.83
10.60
58.48
71.07
67.79
5.43
6.60
6.30
17.'46
October
November
December
17.68
18.59
20.74
11.64
12.06
13.34
15.84
16.18
16.94
10.46
10.54
10.96
63.06
70.62
72.04
5.86
6.56
6.69
16^92
January
February
March
20.90
22.09
20.48
13.33
14.05
13.08
16.17
17.19
17.18
10.36
10.97
11 .01
83.03
67.86
71.94
7,71
6.30
6.68
17 JO
April
May
June
19.04
21 .11
19.78
12.08
13.25
12.38
17.28
17.61
17.61
11.00
11.16
11.10
76.71
88.41
83.27
7.13
8.21
7.74
1 5 .' 08
July
August
September
21.47
22.71
r23.32
13.25
13.86
rl 4 . 1 7
17.45
18.36
19.84
10.90
11.35
12.18
74.82
79.21
86.38
6.95
7.36
8.02
16J4
October
November
December
25.45
24.58
22.84
15.28
14.75
13.53
21 .03
20.75
19.13
12.81
12.64
11 .50
84.55
91.08
81.48
7.85
8.46
7.57
18^62
25.02
25.99
[H)27.29
14.80
15.48
[H>16.62
21.41
22.87
[H}23.98
12.83
13.79
D14.84
88.51
[R>105.49
102.77
8.22
D9.80
9.55
0)22:58
25.38
22.50
25.06
H4.79
H3.04
r!4.52
20.77
20.96
21.75
12.33
12.24
12.81
93,59
87.09
84.08
8.69
8.09
7.81
pzilii
23.50
r23.95
p25.21
H3.31
r!3.70
p!4.40
20.23
r21.16
p22.29
11,63
H2.28
p!2.92
88.48
83.85
92.17
8.22
7.79
8.56
49.*28
50^68
53.94
56. '50
1978
59.73
59.94
60^78
63^28
1979
January
February
March
....
April
May
June
July
August
September
68.61
JH)P70.85
(NA)
(NA)
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by|H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated, "a", anticipated; and "NA", not available.
1
Graphs of these series are shown on pages 12, 23, and 24.
This is a copyrighted series used by permission; it may not be reproduced
2
without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Converted to metric units
by the Bureau of Economic Analysis.
66
OCTOBER 1979
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
|M F I X E D CAPITAL INVESTMENT-Con.
Minor Economic
Process
Timing Class
Year
and
month
Residential Construction
Commitments and Investment
Business Investment Expenditures
C, Eg, Eg
C, Eg, Eg
61. Business
expenditures
for new plant
and equipment,
total
69. Machinery
and equipment
sales and business
construction
expenditures
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
C, Eg, U
C, Eg, C
Lg, Lg, Eg
C, Lg, C
76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
87. Structures
88. Producers'
equipment
durable equip.
(1967=100)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
L, L, L
28. New
private housing
units started,
total
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits
(1967-100)
L, L, L
89. Residential
fixed investment, total, in
1972 dollars
(Ann. rate,
bil. dol.)
1977
January
February
March
130.16
181.50
183.15
188.92
142.1
142.8
143.2
126*3
37^5
88.8
1,519
1,856
2,064
124.6
134.5
143.1
53^5
April
May
June
134.*24
188.58
192.25
188.88
146,0
147.1
148.2
128^3
39^0
89.3
1,883
1,985
1,907
143.1
143.8
151 .0
57*9
July
August
September
140^38
195.08
198.96
201 .12
149.1
149,9
151.0
isois
39!9
90^9
2,062
2,023
1,982
145.4
153.4
144.3
59.3
October
November
December
138J1
204.15
205.05
205.76
150.8
150.8
152.3
1 31 . 7
40.1
91 !5
2,078
2,041
2,151
151 .5
152.7
151 .2
60.1
January
February
March
144.25
204.83
209.20
214.91
152.0
153,6
156.5
133J
40.2
93.0
1,744
1,659
2,011
139.2
137.7
140.7
59.*4
April
May
June
150.'76
221.86
220.94
228.18
158.0
158.4
160.1
140.3
43^9
96.*4
D2J76
2,037
2,093
154.6
141.8
[H)160.2
[H)60.'9
July
August
September
155.'il
230.58
238.02
246.70
161.7
163.4
163.8
141 .6
45. 'l
96.5
2,104
2,004
2,024
142.6
138.6
148.5
60*2
October
November
December
163^96
245.58
248.99
252.90
164.8
165.0
166.8
145 '.5
46^5
98^9
2,054
2,107
2,074
148.2
144.5
147.6
50.0
165.94
256.18
255.73
270.16
168,1
169.0
170.8
147 '.2
45^8
E>ioi^3
1,679
1,381
1,786
117.2
115.1
130.9
57.7
0)173.48
258,54
266.54
264.63
168.7
171 .4
r!71 .5
146.9
47\9
99*6
1 ,745
1,835
1 ,923
122.5
130.7
132.4
56.'7
July
August
September
a!75.29
r272.96
[H)p278.50
(NA)
r!71 .4
r!71.0
[H)pl72.4
DPI 48.' 2
g> P 48:5
p99^6
rl,788
rl ,806
pi ,881
123,4
133.6
143.4
p56.0
October
November
December
a!79.56
1978
1979
January
February
March
April
May
June
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byD; for
series that move counter to movements in general business activity, current low values are indicated by D- Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated, "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 24, and 25.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
ItO
67
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
^H INVENTORIES AND I N V E N T O R Y INVESTMENT
Minor Economic
Process
Timing Class
Year
and
month
Inventory Investment
L, L, L
L, L, L
36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data 1
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
Inventories on Hand and on Order
L, L, L
L, L, L
31. Change
in book value
of mfg. and
trade inventories, total
38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.
(Ann. rate,
bil.dol.)
(Bil.dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories
71 . Current
dollars
(Bil.dol.)
65. Mfrs.'
inventories of
finished
goods, book
70. Constant
(1972) dollars value
(Bil.dol.)
L, Lg, Lg
Lg, Lg, Lg
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
(Bil.dol.)
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Ratio)
(Bil.dol.)
1977
January
February
March
ii!s
15.11
11.99
15.05
5.60
9.52
12.49
30.6
29.4
40.5
1.50
0.80
1.35
313.29
315.73
319.11
226.11
226.81
227.89
54.42
54.70
54.91
1.57
1.56
1.55
134.37
1 35 . 1 8
136.52
April
May
June
13^4
15.76
8.77
9.78
14.16
13.73
12.31
39.8
22.0
21.7
0.87
0.97
0.20
322.42
324.26
326.07
229.16
229.84
230.81
55.39
56.35
56.84
1.57
1.57
1.57
137.39
138.36
138.57
July
August
September . . . .
16.6
7.94
22.78
19.14
10.13
11.16
15.06
9.7
31.9
38.7
-0.63
1.13
1.23
326.88
329.54
332.76
231.68
233.01
234.49
57.42
57.46
57.83
1.57
1.57
1.58
137.94
139.07
140.30
October
November
December
ii!s
3.02
20.26
17.06
15.80
14.56
13.79
7.4
32.1
24.5
0.58
0.88
1.74
333.38
336.06
338.10
234.60
235.77
236.82
58.45
59.02
58.88
1.57
1.57
1.56
140.88
141.76
143.50
January
February
March
16*.5
23.21
13.62
0)36.53
16.81
19.07
21.21
41.0
33.9
60.8
0.92
1.51
2.07
341.52
344.34
349.41
238.18
238.92
241 . 2 3
59.74
59.76
60.05
1.61
1.58
1.57
144.42
145.93
148.00
April
May
June
isle
29.34
17.71
15.10
25.47
0)27.18
24.29
60.4
33.7
33.8
1.83
2.00
2.38
354.44
357.25
360.06
242.94
243.93
244.65
60.71
61.07
61.57
1.55
1.56
1.57
149.84
151.84
154.22
July
August
September
12'.2
10.36
18.49
12.82
17.55
14.52
14.27
35.8
42.3
31.8
1.18
1.81
2.62
363.05
366.57
369.23
245.54
246.77
247.13
62.10
62.74
62.82
1.58
1 .56
1 .57
155.40
157.22
159.83
October
November
December
12^0
15.64
19.19
18.38
14.77
15.77
16.81
38.1
52.9
33.8
2.43
2.98
2.71
372.40
376.81
379.63
247.88
249.09
249.59
62.69
63.52
63.80
1.55
1.55
1.55
162.26
165.24
167.95
12.3
31.04
14.76
15.07
20.30
22.13
20.84
54.7
43.6
48.9
1)5.71
3.96
3.31
384.19
387.82
391.89
250.98
251 .38
252.24
64.67
65.48
65.67
1.57
1.58
1.54
173.66
177.62
180.93
0)1 8.' 1
29.44
r-2.04
r22.56
20.02
H6.96
H5.40
67.6
47.7
53.5
4.31
0.52
2.70
397.53
401 .50
405.97
253.80
254.71
256.18
67.10
67.28
68.26
1.62
1.58
1.62
185.24
185.76
188.46
plO.O
r21.82
p-4.51
(NA)
r!5.38
p!3.70
(NA)
0>r93.7
p41.0
(NA)
0.20
2.16
(NA)
r413.78
H)p417.19
(NA)
r259.17
H)p259.38
(NA)
0)1.63
^ pi. 62
(NA)
188.67
[H>190.83
(NA)
1978
1979
January
February
March
April
May
June
July
August
September
[H> 69 . 1 5
68,91
(NA)
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). C jrrent high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated, "a", anticipated, and "NA", not available.
Graphs of these series are shown on pages 13, 15, 26, and 27.
1
Series is a weighted 4-term moving average (with weights 1 , 2 , 2 , 1 ) placed at the terminal month of the span.
OCTOBER 1979
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
H9 PRICES, COSTS, AND PROFITS
Minor Economic
Process
....
U, L, L
L, L, L
Timing Class
92. Change in sensitive prices
Year
and
month
Stock
Prices
Sensitive Commodity Prices
Monthly
data
Smoothed
data 2
(Percent)
(Percent)
23. Index of
industrial
materials
prices (u)
(1967=100)
L, L, L
19. Index of
stock prices,
500 common
stocks (u)
(1941-43=10)
Profits and Profit Margins
L, L, L
L, L, L
Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bil dol.)
L, C, L
L, C, L
Corporate profits after taxes
with IVA and CCA 1
18. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
79. Current
dollars
(Ann. rate,
bil. dol.)
80. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
L, L, L
22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
1977
-1.76
[H)4.40
1.57
0.71
-0.14
0.69
210.2
216.4
222.8
103.81
100.96
100.57
9<L2
70^6
67^9
48] 6
io!2
0.43
1.04
-1.35
1.77
1.58
0.53
221.9
218.1
206.4
99.05
98.76
99.29
103.'?
72^6
76.'4
53.*8
i6!s
July
August
September
0.22
1.44
0.67
0.01
0.04
0.44
204.1
202.7
202.9
100.18
97.75
96.23
107.*2
73*9
87 !l
D 60".3
l6'.2
October
November
December
0.21
1.51
2.52
0.77
0.79
1.11
204.7
203.8
210.9
93.74
94.28
93.82
107\9
73J
77.'9
53!2
1CL3
January
February
March
0.67
0.03
1.27
1.49
1.32
0.87
219.7
219.9
219.8
90.25
88.98
88.82
106^7
71 '.2
70^4
47.*4
9*9
April
May
June
1.39
0.62
1.85
0.78
1.00
1.19
220.3
217.8
222.1
92.71
97.41
97.66
122!4
79^9
84.*7
55.7
10.'7
September
1,59
0.44
1.62
1.32
1.32
1.26
224.7
232.6
239.1
97.19
103.92
103.86
124^6
79 '.7
Q7J
56.'7
10.7
October
November
December
1.44
1.85
1.16
1.19
1.40
1.56
249.4
254.8
251.8
100.58
94.71
96.11
132! 3
83 ! 2
[H>89!7
56^9
11 !6
1.85
2.57
3.43
1.55
1.74
2.24
258.3
273.5
288.5
99.71
98.23
100.11
[H>142;6
87^6
54^4
[H)ll'4
294.5
293,8
293.9
102.07
99.73
101.73
139.3
83.7
87.9
53 '.4
11.0
297.3
0)298.1
2 9 7 ..3
102.71
107.36
[H)108.60
(NA)
(NA)
(NA)
(NA)
(NA)
January
February
March
April
May
June
....
1978
July
. .
AlHjUSt
1979
January
February
March
April
May
June
July
August
September
October
November
December
-0.38
r2.57
r2.95
1.14
1 .05
3.36
[H)2.24
rl .87
rl .79
1 .97
rl .97
1.78
3
308.9
[H)87\3
^104.68
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the hook. The "r" indicates revised, "p", preliminary; "e", estimated, "a", anticipated; and "NA", not available.
Graphsof these series are shown on pages 13, 28, and 29.
*IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2 Scrics
is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3 Average for October 2, 9,
and 16.
Average for October 3, 10, 17, and 2 1 .
OCTOBER 1979
69
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class
Year
and
month
^9 PRICES, COSTS, AND PROFITS-Con.
Profits and Profit Margins-Con.
U, I, L
L, L, L
Unit Labor Costs and Labor Share
Cash Flows
L, L, L
L, L, L
81. Ratio,
profits (after
15. Prof its (after 26. Ratio, price
taxes) per dollar to unit labor
and CCA to
corp. domestic
income 1
manufacturing
corporations
(Percent)
(Cents)
Lg, Lg, Lg
Net cash flewj , corporate
business sector 2 34. Current
dollars
(1967=100)
L, L, L
(Ann. rate,
bil.dol.)
35. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
n
1977
Lg, Lg, Lg
Lg, Lg, Lg
Lg, Lg, Lg
63. Index of
unit labor cost,
68. Labor cost
per unit of real
62. Index of
labor cost per
64. Compensation of employ-
sector
product, nonfinancial
corporations
manufacturing
of national
income 2
(1967=100)
Revi sed
(Dollars)
(1967=100)
(Percent)
3
January
February
March
6.5
5.3
96.8
162.5
1 1 2 .' 4
175!?
0 928
150.4
152.2
151 .9
76!2
April
May
June
7.3
5.5
97.0
170.5
115.8
178.8
0.945
152.3
152.8
153.6
75.8
July
August
September
[H>8.1
5.0
r97.4
176.2
117.5
180.2
0.954
154.2
154.8
155.7
75.5
October
November
December
7 ]
5 4
96 5
1 77 6
116 0
183 8
0 975
1 56 6
157 7
159.1
75 8
January
February
March
6.2
5'.6
94.7
178.i
114^4
189.4
1 .002
161.5
163.9
164.4
76J
April
May
June
7J
5.' 5
r95.8
195.5
123.5
192J
1 .009
163.1
163.2
163 3
75^6
July
August
September
7 2
5 4
%
n
1973
1 99
R
i qc p
i n?ZL
1 63 6
1 63 1
163.9
75 4
October
November
December
7.2
5.7
r96.0
205^7
125.8
199!6
1 .042
1 64 9
166.6
167.8
75.0
January
February
March
6 6
R >6 0
r94 7
9] 5 Q
!H)129 8
9 n^ Q
1 075
170.6
171 8
1 72 0
75 5
April
May
June
6.6
5,6
r94.4
0)217.3
H>1 J04
175 ?
173.3
r!74 0
75.9
(NA)
(NA)
p94.7
(NA)
(NA)
H75.1
rl 76 4
[H)n 176 6
(NA)
1978
1979
July
August
September
1 27. 4
(NA)
211.7
Jj)p216.0
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary, "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 29, and 30.
X
2
IVA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series 26 reached its high value (98.1) in 3d
3
quarter 1975; series 64 reached its high value (76.8) in 4th quarter 1976.
Scc "New Features and Changes," page i i i .
70
OCTOBER 1979
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
Rl MONEY AND C R E D I T
Minor Economic
Process
Velocity of Money
Money
L, L, L
Timing Class
85. Change in
money supply
(M1)
Year
and
month
(Percent)
102. Change
in money
supply plus
time deposits
at commercial
banks ( M 2 ) 1
(Percent)
104. Change in total liquid assets
Monthly
data
Smoothed
data 2
(Percent)
Revised ^
1977
L, L, L
L, L, L
L, C, U
(Percent)
Revised"
L, L, L
105. Money
supply ( M l )
in 1972
dollars
106. Money
supply (M2)
in 1972
dollars
(Bil.dol.)
(Bil.dol.)
Credit Flows
C, C , C
C, Lg, C
L, L, L
107. Ratio,
gross national
product to
money supply
(Ml)
108. Ratio,
personal income
to money supply
(M2)
(Ratio)
(Ratio)
33. Net change
in mortgage debt
held by financial
institutions and
ife insurance
companies
(Ann. rate,
bil.dol.)
1
January
February
March
0.73
0.57
0.57
0.93
0.78
0.78
0.92
1 .09
0.78
0.79
0.83
0.91
?25.4
224.5
224.4
533.1
532.1
532.9
5.726
1 .947
1 .954
1 .963
51 .70
57.72
69.95
April
May
June
0.88
0.34
0.53
0.84
0.56
0.73
0.83
0.66
0.83
0.91
0.83
0.76
224.7
224.5
224.5
533.5
534.2
535.1
5.794
1 .958
1 .960
1 .958
79.81
82.10
94.26
July
August
September
1.05
0.58
0.76
1.08
0.73
0.75
|H>1.14
1.07
0.91
0.82
0.94
1 .03
226.0
226.4
227.2
539.1
540.6
542.6
5.836
1 .961
1.960
1 .962
74.11
83.71
96.79
October
November
December
0.69
0.33
0.65
0.72
0.50
0.52
1.12
1.12
0.85
1 .04
1 .04
H)1.04
227.9
227.4
227.8
544.4
544.2
544.4
5.851
1 .971
1 .983
1 .993
87.62
87.00
96.48
January
February
March
0.94
0.15
0.23
0.82
0.42
0.39
1 .01
0.72
0.63
1 .01
0.93
0.82
[H)228.4
227.2
226.0
[H)545.0
543.8
541.6
5.872
1 .983
1 .991
2.011
76.55
77.64
91 .07
April
May
June
1.37
0.80
0.51
0.94
0.77
0.71
1.03
0.91
0.76
0.79
0.82
0.88
227.2
227.1
226.3
542.1
541.8
540.9
6.005
2.019
2.017
2.023
84.20
96.47
97.12
July
August
September
0.54
0.65
1.12
0.72
0.93
1.06
0.79
0.75
1.11
0.86
0.79
0.82
226.2
226.3
226.9
541.7
543.4
544.5
6.044
2.039
2.033
2.029
80.23
51)101 .65
94.21
October
November
December
0.14
-0.17
0.17
0.53
0.40
0.24
0.65
0.98
0.96
0.86
0.87
0.89
225.4
223.7
222.6
543.0
542.0
539.8
6.192
2.047
2.062
2.086
97.60
99.98
93.85
-0.42
-0.31
0.11
-0.09
0.19
0.32
0.86
0.73
0.67
0.90
0.89
0.80
219.7
216.5
214.6
534.5
529.4
525.8
D6.383
2.096
2.112
H)2.129
91 .70
84.80
86.66
H>1 .48
0.05
1.23
1.17
0.45
1.19
0.91
0.65
1.09
0.76
0.76
0.81
215.4
213.2
213.8
526.2
522.8
523.9
6.367
2.114
2.116
2.106
73.62
94.14
100.84
0.84
0.59
pO.91
1.07
0.92
pi .02
0.91
0.85
pi .09
0.88
0.92
pO.95
213.5
212.5
p212.1
524.4
523.7
p523.4
p6.382
r2.113
r2.106
p2.098
r87.3]
p77.54
(NA)
"0.58
"0.86
1978
1979
January
February
March
April
May
June
July
August
September
October
November
December
'.
....
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are fur identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the buuL. The "r" indicates revised; "p", preliminary; "e", estimated: "3", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 31, and 32.
"Series 102 reached its high value (1.25) in February 1976. 2Series is a weighted
4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3See "New Features and Changes for This
Issue," page iii. ^Average for weeks ended October 3, 10, and 17.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
71
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.
MAJOR E C O N O M I C
PROCESS
Qj MONEY AND C R E D I T - C o n .
Minor Economic
Process
Credit Flows-Con.
L, L , L
Tin iing Class
112. Net change
in bank loans
to businesses
Year
and
month
(Ann. rate,
bil.dol.)
L, L, L
113. Net
change in
consumer installment
debt
(Ann. rate,
bii.doi.)
L, L, L
110. Total
private
borrowing
(Ann. rate,
mil. dol.)
L, L, L
14. Current
liabilities
of business
failures©
(Mil. dol.)
Interest Rates
Bank Reserves
Credit D f f i c u l t i e s
L, L, L
L, U, U
39. Delinquency 93. Free
rate, 30 days
reserves©
and over, consumer installment loans
(Percent)
(Mil. dol.)
L,Lg, U
94. Member
bank borrowing from the
Federal
Reserved I)
(Mil. dol.)
L, Eg, Eg
119. Federal
funds rate©
C, Lg, Eg
1 14. Treasury
bill rate©
(Percent)
(Percent)
Revised '
1977
January
February
March
-5.36
11 .59
6.90
25.28
28.33
40.42
236,940
168.54
194.20
248.20
2.37
2.37
2.37
433
-114
155
61
79
110
4.61
4.68
4.69
4.60
4.66
4.61
April
May
June
0.54
4.16
11 .33
37.07
34.80
30.77
267,068
207.27
473.89
305.86
2.40
2.43
2.38
-62
72
-149
73
200
262
4.73
5.35
5.39
4.54
4.94
5.00
July
Aunust
September
6.59
13.61
7.81
28.88
35.22
34.14
310,644
577.82
338.25
E> 9 6 . 9 9
2.41
2.34
2.36
12
-872
-443
336
1,071
634
5.42
5.90
6.14
5.15
5.50
5.77
October
November
December
10.79
11 .81
9.72
38.48
43.15
42.95
312,384
115.69
200.29
168.32
2.41
2.24
2.36
-980
-705
-384
1 ,319
840
558
6.47
6.51
6.56
6.19
6.16
6.06
January
February
March
9.76
17.21
19.97
29.24
34.34
48.91
309,956
168.31
205.01
324.41
2.42
2.48
2.51
-176
-272
-38
481
405
344
6.70
6.78
6.79
6.45
6.46
6.32
April
May
June
18.10
26.24
21 .96
49.27
51.36
50.48
336,240
202.99
160.40
178.84
2.44
2.28
2.44
-475
-975
-974
539
1,227
1,111
6.89
7.36
7.60
6.31
6.43
6.71
July
August
September
13.61
11 .78
13.92
41 ,59
43.58
44.16
345,916
231.82
206.40
127.02
2.42
2.37
2.42
-1,146
•885
-993
1,286
1,147
1 ,068
7.81
8.04
8.45
7.07
7.04
7.84
October
November
December
10.90
8.77
-0.94
40.51
45.98
iH)52.79
53)394,412
175.34
178,93
196.54
2.35
2.34
2.45
-1,049
-417
-749
1,261
722
874
8.96
9.76
10.03
8.13
8.79
9.12
26.78
32.68
6.29
36.80
42.76
43.50
340,064
182.22
177.09
187.76
[fl> 2 . 1 2
2.31
2.33
-692
-764
-742
994
973
999
10.07
10.06
10.09
9.35
9.27
9.46
39.71
34.68
27.62
49.26
39.67
30.70
p370,688
242.76
(NA)
?.43
2.37
2.45
-899
H)-l,490
-1,175
897
H)l,777
1,396
10.01
10.24
10.29
9.49
9.58
9.05
r41 .51
r29.78
B>p44.22
29.32
29.35
(NA)
-989
r-904
p-1 ,247
1,179
1,097
pi, 345
10.47
10.94
E>11 .43
9.26
9.45
0)10.18
" - 1 ,405
3
1978
1979
January
February
March
..
April
May
June
July
August
September
October
November
December
2
9.68
(NA)
(NA)
1,637
3
13.07
"11 .47
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised, "p", preliminary; "e", estimated, "a", anticipated; and "MA", not available.
Graphs of these series are shown on pages 32, 33, and 34.
1
See "New Features and Changes for This Issue." page iii. 2 Average for weeks ended October 3, 10, and 17. ^Average for weeks
ended October 3, 10, 17, and 24. 4Average for weeks ended October 4. 11, 18. and 25.
72
OCTOBER 1979
ItO
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR E C O N O M I C
PROCESS
Efl| MONEY AND C R E D I T - C o n .
Minor Economic
Process
Outstanding Deb
Interest Rates-Con.
Tirniruj Class
Lg, Lg, Lg
C, L g , L g
U, Lg, Lg
Lg, Lg, Lg
1 16. Corporate
bond yields©
1 15. Treasury
bond yields®
1 17. Municipal
bond yields (u)
1 18. Secondary
market yields
on FHA
mortgages©
Year
and
month
(Percent)
(Percent)
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
67. Bank rates
on short-term
business loans
109. Average
prime rate
charged by
banks©
®
(Percent)
(Percent)
Lg, Lg, Lg
66. Consumer
installment
debt
(Mil. d o t . )
Lg, Lg, Lg
Lg, Lg, Lg
72. Commercial 95. Ratio,
consumer inand industrial
stallment debt
loans outstanding, weekly to personal
income
reporting large
commercial
banks
(Percent)
(Mil. rJol.)
1877
January
February
March
7.96
6.68
5.87
8.45
8.18
7.16
5.89
8.55
8.33
7.20
5.89
8.65
April
May
June
8.30
7.13
5.73
8.64
8.38
7.17
5. 75
(NA)
8.08
6.99
5.62
8.77
July
August
September
8. 12
6.98
5.63
8.77
8.06
7.01
5.62
8,77
8. 11
6.94
5.51
8.74
October
November
December
8.21
7.08
5.64
8.81
8.26
7.16
5.49
8.81
8.39
7.24
5.57
8.96
January
February
March
8.70
7.51
5.71
9.18
8. 70
8. 70
7 . 60
7. 63
5 62
5. 61
(\ N
' ' 'A
« )/
9 , 35
April
May
June
8. 88
7. 74
5 80
9 44
7.86
6.03
9.74
9.15
7. 94
6 . 22
A )1
V( N
>'"
190,426
192,787
196,155
109,531
110,497
111 , 0 7 2
13.09
13.10
13.16
199,244
202,144
204,708
111,117
111,464
112,408
13.29
13.39
13.48
207,115
21o!o50
212,895
1U.957
114,091
114,742
1 3.48
13*57
216,102
219,698
223,277
115,641
116,625
117,435
13.68
13.76
13.:;4
225,714
228,576
232,652
118,248
119,682
121 ,346
13.95
14.01
14.06
236, 7 5 8
241,'038
245 ,245
122,854
125,041
126,871
14.12
14.29
14.39
248,711
252,343
256,023
128,005
128,987
130,147
14.38
14.49
14.58
10.94
11.55
259,399
263,231
267,630
131 , 0 5 5
131 ,786
131 ,708
14.56
14.61
14.65
12^27
11 .75
11 .75
1 1 .75
270,697
274,260
277,885
133,940
136,663
137,187
14.76
14.81
14.84
[H)12.34
11 .75
11 .75
11 .65
281 ,990
285,296
287,854
140,496
143,386
145,688
14.99
H5.08
[H)15.11
11 .54
11.91
[H>1 2 . 90
290,297
iH)292,743
r!49,147
12.31
r!51 , 6 2 9
H5.03
p!5.07
6.25
7^50
6.25
6.25
6.25
I'AQ
6.41
6.75
6.75
7*80
6.83
7.13
7.52
8*64
7.75
7.75
11 J
1. AZl
D'-t
1978
9'. oo
July
August
September
October
November
December
9.27
8.10
6.28
9.96
8.83
7.88
6.12
9.81
8.78
7.82
6.09
9.81
9.14
8.07
6.13
9.98
9.30
8.16
6.19
9.30
8.36
6.50
10.04
10.23
9.47
8.43
6.46
9.52
6.31
10.24
10.24
6.33
i1 Un. cD
?fi
7.93
8 90
8 00
8 00
Q . no
o
uu
8.96
8.27
8 63
9.00
9^92
9.01
9.41
9.94
11 .44
1979
January
February
March
Q
y • or rj
8.43
8.45
April
May
June
9.69
8.44
5.28
(NA)
9.83
8,55
6,25
9.51
8.32
6.13
10.61
10.49
July
August
September
9.47
8.35
6.13
9.57
8.42
. .
D9.87
October
November
December
1
1 1 . 02
[H)S.68
'9.21
6 20
E)6^2
2
6.98
10.46
10.58
B>n'.37
3
(NA)
[H>pl55,314
(NA)
M56J21
14.17
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Dnadjusted series are indicated by ©. Current high values are indicated by[H); for
series that move counter to movements in general business activity,current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average for weeks ended October 5, 12, and 19. 2Average for weeks ended October 4, 11, and 18.
through 23. ^Average for weeks ended October 3, 10, and 17.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
IIUI
3
Average for October 1
73
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
I
I
I DIFFUSION I N D E X E S
950. Twelve leading
indicator components
(series 1,3, 8, 12, 19,
2 0 , 2 9 , 3 2 , 3 6 , 9 2 , 104,
106)
Year
and
month
1-month
span
6-month
span
951. Four roughly
coincident indicator
components (series
41,47,51,57)
1-month
span
6-month
span
952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)
1 -month
span
6-month
span
961 . Average workweek
of production workeis,
manufacturing (20
industries)
1 -month
span
9-month
span
962. Initial claims for
State jnemployment
insurance, week including the 12th
(51 areas)
1 -month
span
9- mo nth
span
Revised 1 Revised 1
963. Number of employees on private
nonagricultural payrolls
( 1 7 2 mdustr es)
6-month
span
1 -month
span
Revised
a
Revised '
1977
January
February
March
45.8
50.0
83.3
91.7
79.2
70.8
25.0
100.0
100.0
100.0
100.0
100.0
66.7
75.0
91.7
83.3
83.3
100.0
10.0
97.5
32.5
80.0
90.0
80.0
39.2
25.5
49.0
74.5
70.6
68.6
73.0
67.2
72.4
86.3
84.6
84.0
52.5
57.5
72.5
82.5
82.5
90.0
68.6
23.5
37.3
57.8
53.9
74.5
71.5
70.3
65.1
82.3
79.1
77.6
April
May
June
50.0
41.7
58.3
58.3
83.3
54.2
75.0
75.0
100.0
100.0
100.0
100.0
75.0
83.3
100.0
100.0
100.0
100.0
July
August
September
45.8
70.3
54.2
62.5
58.3
70.8
75.0
75.0
75.0
100.0
100.0
100. 0
75.0
91.7
83.3
100.0
100.0
100.0
22.5
55.0
67.5
45.0
72.5
10.0
80.4
24.5
82.4
65.7
82.4
68.6
70.3
57.8
67.2
75.3
76.7
79.7
October
November
December
75.0
70.8
58.3
66.7
75.0
66.7
100.0
100.0
100.0
100.0
100.0
100.0
91.7
100.0
75.0
100.0
100.0
100.0
80.0
40.0
45.0
25.0
67.5
90.0
76.5
41.2
90.2
70.6
78.4
86.3
64.2
73.3
75.3
80.5
84.0
82.3
January
February
March
45.8
62.5
41.7
58.3
54.2
58.3
25.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
91.7
100.0
100.0
100.0
0.0
77.5
92.5
82.5
70.0
55.0
33.3
47.1
54.9
76.5
56.9
47.1
68.3
69.2
69.5
83.1
79.1
77.6
April
May
June
66.7
54.2
62.5
54.2
50.0
58.3
100.0
50.0
75.0
100.0
100.0
100.0
66.7
100.0
91.7
100.0
83.3
83.3
75.0
15.0
52.5
45.0
65.0
95.0
82.4
11.8
58.8
52.9
60.8
60.8
68.0
57.8
66.6
73.5
72.7
71.2
July
August
September
45.8
50.0
62.5
62.5
83.3
66.7
75.0
100.0
62.5
100.0
100.0
100.0
83.3
83.3
83.3
100.0
100.0
100.0
50.0
42.5
65.0
87.5
50.0
42.5
49.0
42.2
94.1
51.0
76.5
17.6
64.5
60.5
62.5
73.0
77.3
79.7
October
November
December
r54.2
r37.5
r66.7
66.7
66.7
50.0
100.0
100.0
100.0
100.0
100.0
100.0
66.7
100.0
83.3
100.0
100.0
83.3
47.5
70.0
52.5
60.0
65.0
5.0
25.5
29.4
86.3
51.0
66.7
29.4
73.0
75.9
74.4
82.3
82.3
80.5
33.3
33.3
33.3
25.0
75-0
100.0
75.0
100.0
50.0
83.3
75.0
75.0
100.0
83.3
100.0
55.0
37.5
60.0
20.0
7.5
15.0
13.7
72.5
68.6
46.1
27.5
25.5
70.3
65.1
60.5
74.1
67.4
61.9
33.3
12.5
75.0
r62.5
r75.0
50.0
"33.3
91.7
58.3
83.3
83,3
100.0
100.0
0.0
90.0
32.5
10.0
p22.5
7.8
66.7
66.7
p54.9
(NA)
44.8
54.7
57.0
58.1
50.9
p50.0
1978
1979
January
February
March
April
May
June
. .
. .
r58.3
50.0
58.3
20.8
. .
July
August
September
r41.7
r50.0
50.0
2
40.9
3
60.0
2
3
36.4
30.0
r87.5
37.5
"66.7
5
66.7
83.3
75.0
5
62.5
37.5
p50.0
33.3
p54.9
(NA)
61 .6
48.3
p55.5
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950, 951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 36.
'See "New Features and Changes for This Issue," page iii.
2
Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
''Excludes series 57 for which data are not yet available.
5
Excludes series 70 and 95 for which data are not yet available.
74
OCTOBER 1979
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
BBI D I F F U S I O N I N D E X E S - C u n .
Year
and
month
964. Value of manufacturers' new orders,
durable goods industries (35 industries)
966. Index of industrial
production (24
industries)
965. Newly approved
capital appropriations,
deflated, The
Conference Board
(17 industries)
1 -quarter
span
1 -month
span
9-month
span
January
February
March
54.3
42.9
72.9
88.6
88.6
74.3
48
April
May
June
38.6
71 .4
57.1
80.0
80.0
82.9
77
July
August
September
31.4
74,3
62,9
88.6
85.7
74,3
56
October
November
December
57.1
68.6
65.7
88.6
92.9
91.4
48
January
February
March
40.0
65.7
60.0
90,0
94.3
77.1
62
April
May
June
65.7
52,9
54.3
82.9
85.7
94,3
27
July
August
September
31.4
82.9
60.0
88.6
74,3
91 A
59
October
November
December
82.9
42.9
60.0
88.6
91.4
92.9
45
January
February
March
57.1
45.7
65.7
80.0
80.0
52.9
59
April
May
June
25.7
62,9
48.6
r71 .4
p65.7
p45
967. Index o industrial
materials prices (u)
(13 industria materials)
968. Index of stock
prices, 500 common
stocks 1 ®
960. Net profits,
manufacturing 2 (u)
(about 700 companies)
1-t]uarter
span
4-quarter
span
4-Q moving
avg.
1 -mo nth
span
83.3
91.7
91.7
69.2
73.1
80.8
57.7
50.0
50.0
46.0
27.4
43.5
33.0
43.5
54.8
'72
60
58.3
72.9
68.8
83.3
87.5
83.3
34.6
34.6
15.4
50.0
46.2
46.2
49.2
37.0
46.0
54.8
29.0
17.7
78
57
70.8
72.9
83.3
89.6
87.5
83.3
34.6
50.0
50.0
3
45.8
29.2
41.7
56.5
23.4
15.3
26.6
27.4
22.6
74
"e\
68.8
75.0
66,7
75.0
79.2
75.0
50.0
37.5
57.7
3
45. 8
62.5
75.0
11.3
66.9
46.8
19.4
16.1
23.7
*78
48
72.9
66.7
72.9
83.3
79.2
91 .7
69.2
34.6
46.2
66.7
66.7
58.3
8.1
30.6
50.0
M9.1
62.1
^69.8
78
49
39.6
47.9
85.4
'48
87.5
54.2
83,3
87.5
87.5
85.4
50.0
61.5
80.8
69.2
80.8
84.6
90.7
90.7
59.3
48
70.8
83.3
70.8
87.5
87.5
91.7
65.4
69.2
76.9
88.5
92.3
88.5
P 52
66.7
79.2
87.5
87.5
77.1
81.3
88.5
80.8
42.3
54.2
52.1
66,7
58.3
58.3
50.0
61 .5
76.9
76.9
16.7
64.6
r66.7
58.3
50.0
p43.8
69.2
42.3
53.8
6-month
span
1 -month
span
9-month
span
1 -month
span
9-month
span
1977
3
3
3
3
3
1978
3
3
3
A
4
82.8
"86.2
87.7
78
28.8
98.3
37.3
"70.2
^67. 5
^68.4
'so
88.5
88.5
92.3
8.6
0,0
69 ..0
39.1
47.3
67.3
'74
96.2
96.2
88.5
94.8
35.5
85.5
18.2
32.7
57.4
80.8
84.6
91 .7
80.0
16.4
90.0
90.7
88.9
4
1979
July
August
September
40.0
r68.6
p60.0
October
November
December
(NA)
(NA)
r47.9
r41 . 7
p70.8
46.2
30.8
53,8
5
5
(NA)
64.8
92.6
53,7
70.8
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span, 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4 quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by © . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
1
Based on 62 industries through March 1978, on 59 industries through September 1978, on 58 industries through January 1979,
on 55 industries through June 1979, and on 54 industries thereafter. Data for component industries are not shown in table C2
but are available from the source agency.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc.
3
Based on 12 components (excluding print cloth).
^Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
5
Average for October 2, 9, and 16. Based on 12 components (excluding rosin).
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
licit
75
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Year
and
quarter
I - Q span)
(1-Qspan)
1976
First quarter ..
Second quarter
Third q u a r t e r , .
Fourth quarter
82
84
88
86
66.7
80.6
72.2
47.2
61.1
77.8
72.2
63.9
75.0
61.1
66.7
83.3
66.7
75.0
88.9
44.4
61.1
72.2
69.4
58.3
66.7
66.7
66.7
72.2
61.1
88.9
61.1
66.7
77.8
69.4
63.9
72.2
61.1
66.7
61.1
69.4
83
86
86
73
76
78
78
66.7
77.8
(NA)
66.7
72.2
66.7
55.6
72.2
69.4
77.8
85
81
(NA)
78
74
(NA)
80
80
78
78
76
74
72
74
76
80
84
82
82
81
80
80
82
84
90
87
80
81
84
85
82
86
90
86
1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
71
74
74
76
1978
First quarter . .
Second quarter
Third q u a r t e r . .
Fourth quarter
79
82
84
83
84
86
88
87
92
90
1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
Year
and
quarter
87
84
(NA)
70
88
84
78
974. Number of employees,
manufacturing and trade 1 (u)
Actuc
Actual
(4-Qspan)
(4-Qspan)
1976
First quarter . .
Second quarter
Third q u a r t e r . .
Fourth quarter
57
58
58
58
56
60
62
60
62
65
68
69
60
59
61
62
59
60
61
59
62
64
59
60
62
62
60
64
70
68
80
82
80
82
75
78
80
80
84
80
80
88
86
86
92
86
74
72
74
75
87
86
88
90
90
87
87
78
81
86
82
92
92
76
76
76
78
87
88
90
91
82
84
87
87
92
93
94
91
94
94
93
1977
First quarter ..
Second quarter
Third quarter. .
Fourth quarter
86
84
89
1978
First quarter . .
Second quarter
Third q u a r t e r . .
Fourth quarter
63
90
88
92
92
1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
60
(MA)
56
90
92
92
90
70
74
71
68
N O T E : Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted e x c e p t those, indicated by (u) , that appear to contain no seasonal movement. The "r" indicates revised; "p", p r e l i m i n a r y ; and "NA", not available.
Graphs of these series are shown on page 38.
'This is a copyrighted series used by permission: it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
http://fraser.stlouisfed.org/
76
Federal Reserve Bank of St. Louis
OCTOBER
1979
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
H9 S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Base Data and D i i e c t i u is o f Change
1979
Diffusion index components
February
March
May
April
961. A V E R A G E W O R K W E E K OF P R O D U C T I O N W O R K E R S , M A N U F A C T U R I N G '
(Average weekly hours)
All manufacturing industries
o
40.6
o
(38)
Percent rising of 20 components
40.6
39.1
(60)
+
40.2
-
August
September 13
2
+
40.1
(32)
(90)
(0)
July
June
40.2
40.1
40.0
(62)
(38)
(50)
Durable goods industries:
Lumber and wood products
Furniture and fixtures
39.6
38.8
+
+
40.0
39.1
39.1
38.1
+
+
39.4
38.5
o
o
39.4
38.5
-
39.3
38.4
+
39.6
38.1
Stone, clay, and glass products
Primary metal industries
41.6
42.2
+
42.0
42.0
41.2
41.8
+
41.7
41.4
41.6
41.2
+
41.4
41.3
o
-
41.4
41.0
o
o
40.7
42.0
+
-
40.8
41.9
40.3
40.8
+
40.2
40.9
+
39.9
37.9
41.1
40.6
40.6
41 .5
o
+
40.6
41.7
39.7
41.6
+
39.9
40.5
40.7
39.3
40.4
39.0
+
40.6
38.9
o
+
39.8
38.5
39.6
37.6
+
+
39.7
38.0
+
40.5
35.0
Fabricated metal products
Machinery, except electrical
+
+
41.3
42.5
o
41.3
42.4
39.1
40.5
+
+
40.7
42.0
Electrical equipment and supplies
Transportation equipment
+
40.7
42.7
o
40.7
42.3
39.0
37.9
+
+
40.4
41.5
Instruments and related products
Miscellaneous manufacturing industries
+
o
41.2
39.0
o
o
41.2
39.0
40.3
37.6
+
+
40.8
38.6
+
40.6
38.9
+
+
39.8
36.9
+
+
40.0
38.0
39.6
37.6
+
+
39.8
38.9
o
-
39.8
37.6
+
Nondurable goods industries:
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
+
40. 1
35.4
+
o
40.3
35.4
38.8
34.2
+
+
40.0
35.2
+
o
40.1
35.2
o
+
40.1
35.3
o
o
40.1
35.3
Paper and allied products
Printing and publishing
o
42.7
37.7
+
o
42.8
37.7
41.8
37.1
+
+
42.6
37.4
o
42.5
37.4
o
+
42.5
37.5
+
+
42.6
37.7
Chemicals and allied products
Petroleum and coal products
o
+
42.0
43.6
+
41.9
44.0
41.7
43.9
+
-
41.9
43.7
-
41 .7
43.3
+
+
41.9
43.6
+
+
42.0
43.7
+
41.8
43.8
41.3
36.3
39.7
35.6
+
+
40.9
36.1
+
40.7
36.4
+
40.6
36.6
40.1
36.4
o
+
40.1
37.0
-
72,476
+ r74,385
+
78,759
Rubber and plastic products, n.e.c
Leather and leather products
41.2
36.4
+
964. V A L U E OF M A N U F A C T U R E R S ' N E W O R D E R S , D U R A B L E G O O D S INDUSTRIES *
(Millions of dollars)
All durable goods industries
+
81,312
+
-
76,099
+
75,820
77,027
3
(40)
(49)
(63)
(26)
(66)
(46)
Percent rising of 35 components
83,088
42.4
37.6
(60)
(69)
Primary metals
Fabricated metal products
-
13,042
9,193
o
+
13,037
10,509
-
11,782
9,036
+
11,270
9,477
+
11,658
8,878
+
10,937
8,994
- rlO,707
+ r9,268
+
-
11,916
8,987
Machinery, except electrical
Electrical machinery
+
+
13,401
10,017
+
-
14,988
9,676
-
12,772
9,362
+
+
13,140
9,587
+
+
13,502
9,690
-
13,105
8,867
+ r!3,826
+ r9,833
+
+
14,324
9,972
Transportation equipment
Other durable goods industries
+
-
21,869
13,790
+
20,002
14,876
-
18,375
14,772
+
-
18,966
14,587
-
17,586
14,506
+
15,805
14,768
+ r!6,161
. r!4,590
+
+
18,713
14,847
NOTE:
To facilitate i n t e r p r e t a t i o n , the month-tu-month directions of change are shown along with the numbers: (+) - rising, (u) = unchanged, and ( - - ) = falling. The "r" indicates mvi;
"p", preliminary, and "NA", not available.
1
Data are seasonally adjusted by the source agency.
2
Revised. See "New Features and Changes for This Issue," page i i i .
3
Data for most of the 35 diffusion index components are not available for publication; however, they all are included in the
totals and directions of change for the six major industry groups shown here.
http://fraser.stlouisfed.org/OCTOBER 1979
Federal Reserve Bank of St. Louis
77
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
RN| S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Basic Da a and Directions uf Change Con.
Diffusion index components
1979
March
February
April
August 1 "
July r
June
May
September 13
966. INDEX OF INDUSTRIAL P R O D U C T I O N '
(1967=100)
All industrial production
+
1
Percent rising of 24 components
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products
Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments
Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products
Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
152.0
+
153.0
- 150.8
(52)
(67)
120.4
150.8
+ 123.7
- 150.2
-
12 1 . 7
148.8
+ 162.9
+ 173.2
- 139.9
+ 176.0
+ 164.0
+ 174.2
+ 143.7
+ 177.3
-
161.8
170.6
131.6
176.3
+
-
+
+
(17)
+1 5 2 . 4
+
r!52.6
+
- 151.5
(48)
(67)
(65)
152.8
+ 152.3
(42)
(71)
+ 124.3
- r!49.3
+
o
126.8
149.3
- 121.0
148.1
- 119.7
+ 148.9
+ 164.5
+ 164.3
+ 1 7 4 . 7 + r!75.1
139.4
+141.9
-1 7 4 . 7
+ r!75.9
+
165.5
174.4
135.5
174.0
+
-
+ 166.2
+ 173.7
+ 130.4
173.8
+
163.3
135.2
- 162.5
+ 136.2
159.5
153.7
+ 160.3
+ 155.6
144.3
130.7
142.7
- 121.0
+ 150.3
166.9
137.2
+
164.9
137.7
161.2
- 137.2
+ 163.8
- 136.1
+
163.1
154.0
+
+
163.5
154.5
-
159.4
152.3
+1 5 9 . 6
- 150.7
o 159.6
+ r!52.7
+1 4 1 . 5
- 128.2
+ 72.3
+
+
r!62.7
r!36.8
+
165.6
172.1
124.0
173.9
(NA)
(NA)
(NA)
- 154.0
- 139.9
+ 133.5
73.4
+ 142.3
+ 136.5
72.9
- 141.2
- 130.8
+
+
146.6
138.2
+
-
149.0
137.3
- 148.7
- 135.7
- 147.9
+ 136.8
+ 148.0
+ 136.9
+
153.0
135.2
152.7
+ 137.0
+ 152.8
+ 137.4
+
+
207.4
143.8
270.4
+
207.7
+ 145.4
265.5
+ 209.7
- 142.4
+ 270.0
+
o
207.8
r!43.9
r270.0
+
+
+
209.7
144.6
276.0
+ 212.0
- 143.7
- 271.4
+ 143.8
o
208.6
146.0
267.5
+
-
145.5
116.2
+
+
147.6
123.3
147.0
- 120.0
+ 149.2
+120.2
+
r!49.5
118.3
+
149.4
118.9
-
104.5
120.4
+
-
124.0
119.3
+ 130.1
- 118.6
+133.4
o 118.6
+ 137.5
+ rl!9.6
+
137.1
120.7
+ 145.8
+ 121.8
+ 125.3
135.7
+
126.9
135.6
+ 128.9
- 135.3
- 123.1
+137.8
+ r!23.2
- 137.3
128.8
136.4
- 125.1
+ 137.9
69.6
r!44.6
r!32.0
69.7
70.1
+
(NA)
(NA)
(NA)
(NA)
67.7
(NA)
(NA)
148.7
(NA)
(NA)
(NA)
141.1
+ 122.8
(NA)
(NA)
N O T E : To f a c i l i t a t e interpretation, the month-to-month directions of change arc shown along with the numbers. >-0 "- ris
'p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
78
OCTOBER 1979
IUJI
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
^9 S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Basic Data a n d D i r e c t i o n s o Change- - C o o .
D i f f u s i o n index components
1979
February
March
May
April
June
July
August
September
October1
-
+ 308.9
967. I N D E X O F I N D U S T R I A L M A T E R I A L S P R I C E S 2
Industrial materials price index (1967=100) . . . .
+
273.5
+
(77)
Percent rising of 13 components
288.5
+
294.5
-
(69)
(77)
293.8
o
293.9
+
(54)
(42)
297.3
+
(46)
298.1
297.3
(54)
(31)
3
(71)
Dollars
Copper scrap
Lead scrap
Steel scrap
Tin
Zinc
Burlap
C o t t o n , }'2 market average
Print cloth, average
Wool tops
Hides
Rosin
Rubber
Tallow
(pound). .
(kilogram). .
+ 0.714
1.574
+
(pound). .
(kilogram). .
+
0.195
+ 0.210
0.430
+
0.778
1 .715
-
0.709
1 .563
-
0.681
1 .501
-
0.663
1 .462
+
0.702
1 .548
+
0.725
1 .598
+ 0.762
1 .680
+
0.223
0.492
+
0.237
0.522
+
0.256
0.564
+
0.267
0.589
-
0.263
0.580
o
0.463
0.263
0.580
- 0.262
0.578
+104.000
114.639
+122.500
135.032
-102.500
112.986
- 92,000
101 .412
+107.000
117.946
- 98.400
108.466
- 91 .500
100.860
- 87.000
95.900
-87.000
95.900
(pound). .
(kilogram). .
+
+ 7.162
-
6.958
15.340
-
6.930
15.278
+
7.020
15.476
+
7.134
15.728
-
6.845
15.090
+
7.040
15.520
+ 7.483
16.497
(pound). .
(kilogram). .
+
(yard). .
(muter). .
o
(pound). ,
(kilogram).
-
(yard). .
(meter).
o
(pound). .
(kilogram). .
o
(pound). .
(kilogram). .
+
(U.S. ton). .
( m e t r i c ton). .
6.832
15.062
0,756
1. 6 6 7
15.789
+
0.379
0.836
+
0.395
0.871
o
0.395
0.871
o
0.395
0.871
+
0.397
0.875
-
0.368
0.811
-
0.360
0.794
+ 0.372
0.820
0.181
0.198
o
0.181
0.198
o
0.181
0.198
o
0.181
0.198
o
0.181
0.198
+
0.239
0.261
+
0.349
0.382
-
0.345
0.377
+ 0,346
0.378
0.606
-
0.584
-
0.574
1 .265
+
0.612
1.349
+
0.638
1 .407
-
0.619
1 .365
+
0.622
1 .371
+
0.624
1.376
+ 0.630
1 .389
+
0.670
0.733
+
0.721
0.788
-
0.720
0.787
-
0.708
0.774
-
0.654
0.715
-
0.644
0.704
- 0.628
0.687
+
2.838
6.257
+
2.850
6.283
o
2.850
6.283
o
2.850
6.283
o
2.850
6.283
+
2.888
6.367
+ 2.967
6,541
+
-
1.093
2.410
-
0.955
2.105
-
0.834
1 .839
-
0.820
1 ,808
-
0.795
1.753
+ 0.802
1 .768
0.370
0.816
1. 2 8 7
1 .336
0.604
-
0.661
0.595
0.651
2.600
5.732
+
2.638
5.816
0.898
+ 1.075
1 .980
2.370
1.098
2.421
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
o 28.500
62.831
(pound). .
(kilogram).
+
+
+
0.670
1.477
-
0.657
1 .448
+
0.677
1 .493
-
0.664
1 .464
-
0.649
1 .431
+
0.651
1,435
+ 0,683
1 .,506
(pound). .
(kilogram). .
+
+
0.248
0.547
-
0.247
0.545
-
0.217
0.478
+
0.227
0.500
-
0.225
0.496
+
0.228
0.503
- 0.223
0.492
(100 pounds). .
(100 kilograms). .
0.579
1 .276
0.205
0.452
0.623
1 .373
+
0.230
0.507
(NA)
(NA)
N O T E : To f a c i l i t a t e i n t e r r e l a t i o n , the m o n t h - t o - m o n t h d i r e c t i o n s of change are shown along wilh the i HImbe is ( + ) - i ising, io) :: unchanged, and ( i • - t a i l i n g . I f i t 1
, p r e l i m i n a r y , and "NA", not available.
x
Average for October 2, 9, and 16.
2
Data are not seasonally adjusted.
Components are converted to metric units by the Bureau of Economic Analysis.
3
Based on 12 components.
OCTOBER 1979
licit
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
Year
and
quarter
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
I,6b3.7
1,683.1
1,715.8
1 ,756.1
55.7
29.4
32.7
40.3
14.7
7.3
8.0
9.8
1,259.5
1 ,267.4
1,277.1
1,288.1
31 .6
7.9
9.7
11 .0
10.7
2.6
3.1
3.5
1,250.6
1,257.7
1,270.3
1,287.0
1,820.2
1,876.0
1,930.5
1,971.3
64.1
55.8
54.5
40.8
15.4
12.8
12.1
8.7
1,315.7
1,331.2
1,353.9
1,361.3
27.6
15.5
22.7
7.4
8.9
4.8
7.0
2.2
1 ,304.4
1,317.8
1,337.3
1,350.0
2,011.3
2,104.2
2,159.6
2,235.2
40.0
92.9
55.4
75.6
8.4
19.8
10.9
14.8
1,367.8
1,395.2
1,407.3
1,426.6
6.5
27.4
12.1
19.3
1.9
8.3
3.5
5.6
6,276
6,390
6,431
6,506
1 ,351.3
1 ,379.6
1,395.1
1,414.6
2,292.1
2,329.8
56.9
37.7
10.6
6.7
-2.3
p2.4
6,512
6,460
p61 .7
4.0
-8.3
p8.5
1.1
p2,391.5
1,430.6
1,422.3
pi,430.8
1 ,418.4
1,404.1
pi , 4 2 0 . 8
1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1978
First quarter . .
Second quarter
Third quarter..
Fourth quarter
1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
p6,483
GNP AND P E R S O N A L I N C O M E C o n .
Year
and
quarter
224. Current dollars
1976
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1,152.2
1,170.2
1,193.1
1,222.6
883.1
887.7
893.4
903.3
4,115
4,130
4,148
4,185
1 ,053.3
1,073.7
1,100.5
1,132.0
807.3
814.5
824.0
836.4
152.9
155.6
158.3
162.9
125.5
126.0
126.5
128.5
1,250.1
1,286.0
1,323.2
1,361.2
908.0
921 .5
936.3
951.8
4,200
4,255
4,313
4,375
1,169.1
1,190.5
1,220.6
1,259.7
849.2
853.1
863.7
880.9
174.3
175.7
178.9
186.4
135.8
136.6
138.2
142.4
1,395.0
1,437.3
1,476.5
1,524.8
956.6
966.1
976.2
991 .5
4,390
4,426
4,462
4,522
1 ,287.2
1,331.2
1,369.3
1,415.4
882.7
894.8
905.3
920.3
185.3
200.3
203.5
212.1
139.3
147.8
147.5
152.1
1 ,572.2
1,601.7
pi,636.9
996.6
993.0
p990.3
4,536
4,510
p4,487
1,454.2
1 ,475.9
pi , 5 2 8 . 6
921.8
91 5.0
p924.8
213.8
208. 7
p213.7
150.2
144.8
pl47.0
1S77
First quarter . .
Second quarter
Third quarter. .
Fourth quarter
1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 40 and 41.
OCTOBER 1979
ItO
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
^R GROSS P R I V A T E DOMESTIC INVESTMENT
^H PERSONAL CONSUMPTION E X P E N D I T U R E S - C o n .
236. Nondurable
goods in current
dollars
Year
and
quarter
238. Nondurable
goods in 1972
dollars
237. Services in
current dollars
239. Services in
1972 dollars
(Ann. rate,
bil.dol.)
240. Total in
current dollars
(Ann. rate,
bil.dol.)
241. Total in
1972 dollars
(Ann. rate,
bil.dol.)
242. Fixed investment, total, m
current dollars
243. F i x e d investment, total, in
1972 dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bit. dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
431 ,2
438.2
448.2
458.1
315.6
319.4
323,3
327.6
469.2
479.9
494.0
511 .0
366.2
369.1
374.2
380.4
233.5
241 .9
246.0
250.7
169.9
173.8
174.2
175.7
220.3
227.4
235.1
249.0
161 .0
164.1
167.5
174.6
467.7
475.5
483.0
499.2
328.9
329.6
332.1
340.0
527.1
539.3
558.7
574.1
384.5
386.9
393. 3
398 '.5
280.4
300.0
315.7
316.9
191 .0
199.6
206.7
203.0
261 .1
277.5
288.2
298.5
179.7
186.2
190.1
191 .7
505.9
521 ,8
536.7
558.1
337.3
339.4
344.7
351 ,9
596.0
609.1
629.1
645,1
406 1
407^6
413.1
416.3
327 .0
352.3
356.2
370.5
209 .0
216.8
214.0
217.4
304.1
326.5
336.1
349.8
1 92 .5
201 .2
201 .8
205.5
571 .1
581 .2
p602.5
348 , 1
344 1
p346.'6
669.3
zQf. . U
n
DOD
p712.4
423.5
426 1
p431 .2
373.8
395 4
p392 .1
217.2
221 7
p214. 2
354.6
361 .9
p372 , 1
204.9
203 5
p204 2
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
E
Year
and
quarter
GROSS PRIVATE
DOMESTIC INVEST.-Cnn.
245. Change in
business inventories in current
dollars
^M GOVERNMENT PURCHASESOF GOODS AND SERVICES
30. Change in
business inventories in 1972
dollars
260. Total in
current dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil.dol.)
13.2
14.5
10.8
1 .7
8.9
9.7
6.7
1 .1
355,1
357.5
362.4
370,3
264.7
262.9
262.7
262.6
126.9
127.5
129.8
134.6
96.1
95.9
96.4
97.1
228.2
230.0
232.6
235.7
168.7
167.1
166.3
165.5
19 3
22.5
27.5
18*5
11.3
13^4
16.6
11 "3
380 .0
391 '.6
400.5
41 2. 8
264 5
267*6
270 3
271 ',5
1 38 2
142.'6
1 45 6
151 \2
98 4
100 ' 3
101 8
10K8
241 8
249^0
254 9
261 .6
1 cc n
1 D D .U
22.8
25.8
20.0
20.6
16.5
15.6
12.2
12.0
419.4
428.3
440,9
453.8
270,7
271 .3
274.7
276.0
150.9
148.2
152.3
159.0
99.9
96.6
98.5
99.3
268.5
280.1
288.6
294.8
170.9
174.7
176.2
176.6
19.1
33.4
p20. 0
12.3
18.1
pi 0 , 0
460,1
466.6
p476.2
274.7
272.4
p272.6
163.6
161 .7
p!62.5
101 .1
98. !
p97.6
296.5
304.9
p313.7
173.6
174.3
261. Total in
1972 dollars
(Ann. rate,
oil. dol.)
262. Federal
Government in
current dollars
263. Federal
Government in
1972 dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil. dol.)
266. State and
local government
in current dollars
(Ann. rate,
br. dol.)
267. State and
local government
in 1972 dollars
(Ann. rate,
bil. dol.)
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter
Second quarter
Third quarter
Fourth quarter
167.3
1 CO C.
1 Do . D
169.8
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter
nli 7S
p
/ j . 0u
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41, 42, and 43.
OCTOBER
ltd)
1979
81
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
I
FOREIGN TRADE
Year
and
quarter
NATIONAL INCOME
AND ITS COMPONENTS
Exports of goods
and services
Net exports of
goods and services
255. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil.dol.)
1976
First quarter . . .
Second quarter .
Third quarter..
Fourth quarter
11 .8
10.0
7.0
3,2
17.5
16.2
16.1
13.3
155.9
160.9
166.9
169.6
93.8
95.4
97.6
97.7
144.2
150.9
159.9
166.4
76.3
79.2
81 .5
84.4
1 ,323.1
1 ,344.9
1,369.6
1 ,401 .6
1,001 .4
1,025.9
1 ,048.0
1,075.9
-9.2
-6.0
-6.3
170.5
178.6
180.1
174.2
96.5
99.4
-18.1
11 .1
10.9
13.2
5.8
97.3
179.8
184.7
186.4
192.3
85.4
88.5
87.3
91 .4
1,456.9
1 ,505.3
1 ,551 .1
1,589.8
1 ,110.1
1 ,141 .5
1 ,170.7
1 ,205.5
-22.2
-7.6
-6.8
-4.5
5.3
12.3
13.3
12,9
184.4
205.7
213.8
224.9
100.7
109.2
111 .9
113.8
206.6
213.3
220.6
229.4
95.4
96.9
98.5
101 .0
1 ,621 .0
1 ,703.9
1,752.5
1,820.0
1
1
1
1
4.0
-8.1
p-5.3
17.0
13.2
pi 9 . 4
238.5
243.7
p266,4
117.0
116.0
p!22,5
234.4
251,9
p271 .7
100.0
102.9
pi 0 3 . 1
1,869.0
1,897.9
(NA)
1977
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
100.5
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
,244.0
,288.2
,321 .1
,364.8
1979
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1,411 .2
1 ,439.7
pi ,471 .8
SAVING
Year
and
quarter
1976
First quarter ..
Second quarter
Third quarter. .
Fourth quarter
89,0
89.8
87.6
91 .1
22,0
21 .6
21.9
22.8
130.1
125,6
126.9
124 6
80.6
82.1
85.2
87.2
233.6
239.3
236.2
235.8
205.1
200.5
203.6
203.9
73.8
70.9
66.3
63.4
96.9
97.6
98.6
107,6
23.6
24,6
25,2
25.5
137.1
148.9
160.8
153.0
89.3
92.7
95,8
98.2
253.3
276.0
291 .6
283.6
213.9
226.8
243.2
238.8
52.5
65.9
71 .9
69.5
109,1
115.0
117,4
125.7
25.2
24.4
26.8
27.1
141 .2
169.4
175.2
184.8
101 .5
106.8
111.9
117.6
289.7
329.2
332.7
346.9
234.4
253.1
259.6
264.7
74.6
71 .2
70.9
71 .5
129.0
129.3
pi 28. 6
27.3
26.8
p26.5
178.9
176.6
(NA)
122.6
125-6
p!30.8
362.2
374.3
266.0
274.6
79.2
85.9
(NA)
(NA)
p66.9
1977
First quarter ..
Second quarter
Third quarter. .
Fourth quarter
1978
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 44, 45, and 46.
82
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
PJ SHARES OF GNP AND N A T I O N A L I N C O M E
^» SAVING --Con.
Year
ana
quarter
298. Government
surplus or deficit,
total
(Ann. rate,
bil dol )
293. Personal
saving rate
(percent of disposable personal
income)
(Percent)
Percen of Gross National Product
235. Personal consumption expenditures, total
( Percent)
248. Nonresidential
fixed investment
249. Residential
fixed investment
247. Change in
jusmess inventories
(Percent)
(Percent)
(Percent)
(Percent)
251. Net e x p o r t s of
goods and services
1976
First quarter
Second quarter
Third quarter
Fourth quarter
-45.3
-32.1
-33.7
-31.6
6.4
6.1
5.6
5.2
63.7
63.8
64.1
64.5
9.5
9.6
9.8
9.8
3.8
3.9
3.9
4.4
0.3
0.9
0.6
0.1
0.7
0.6
0.4
0.2
-13.1
-16.6
-23.5
-24.8
4.2
5.1
5.4
5.1
64.2
63.5
63.2
63.9
9.9
9.9
10.0
10.1
4.5
4.9
4.9
5.1
1.1
1 .2
1 .4
0.9
-0.5
-0.3
-0.3
-0.9
-19.2
5.0
2.3
10.8
5.3
5.0
4.8
4.7
64.0
63.3
63.4
63.3
10.1
10.4
10.5
10.6
5.0
5.1
5.1
5.1
1.1
1 .2
0.9
0.9
-1.1
-0.4
-0.3
-0.2
15.8
12.7
(NA)
5.0
5^4
p4.1
63.4
10 6
10.7
pi 0.8
4.9
4.8
p4.8
0.8
1 .4
u
pO
K
• ^8
0.2
-0.3
p-0.2
1977
First quarter
Second quarter
Third quarter
Fourth quarter
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1979
First quarter
Second quarter
Third quarter
Fourth quarter
p63.9
^1 S H A R E S OF GNP AND N A T I O N A L I N C O M E - - C o n .
Year
and
quarter
Percent of GNP -Con.
265. Federal Govt.
purchases of goods
and services
(Percent)
Percent of National Incc me
268. State and
local govt. purchases of goods
and services
(Percent)
64. Compensation of
employees
(Percent)
283. P i o p r i e t o r s '
income with IVA
and C C A 1
285. Rental income
of persons with
CCA1
(Percent)
(Percent)
287. C o r p o r a t e
p r o f i t s with IVA
and C C A 1
(Percent)
289. Net m'erest
(PorcRiit)
1976
First quarter
Second quarter
Third quarter
Fourth quarter
7,7
7.6
7 6
13.8
13.7
13.6
13^4
75.7
76.3
76 5
76.8
5.7
6.7
6 4
6^5
1 .7
1.6
1.6
1.6
9.8
9.3
9. 3
8.9
6.1
6.1
6.2
6^2
7.6
7.6
76.2
75.8
6.7
6.5
1 .6
1.6
9.4
9.9
7/ . 0
£,
13.3
13.3
11 J0. 9L-
7c
/ 0 . cD
C.
7.7
13.3
75.8
6.8
1 .6
9.6
6.1
6.2
6 2
6.2
7.5
7.0
13.3
13.3
76.7
75.6
6.7
6.7
6.3
6.3
6.6
6.6
(NA)
1977
First quarter
Second quarter
Third quarter
Fourth quarter
i\ Un. H-&
A
0 . M-
1978
First quarter
Second quarter
Third quarter
Fourth quarter
1 J . <+
7 r /]
/ D.4
6
7
. /
1 .6
1.4
i\ . D^
13.2
75.0
6.9
1.5
8.7
9.9
i1 n
U .n
U
10.2
12.9
13.1
p!3.1
75.5
75.9
(NA)
6.9
6.8
(NA)
1 .5
1 .4
(NA)
9.6
9.3
(NA)
7 i
/ . 1
1 q /l
7.1
7.1
6.9
p6.8
f. A
0. 1
6.5
1979
First quarter
Second quarter
Third quarter
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 46 and 47.
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
licit
83
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
^MJ P R I C E M O V E M E N T S
Implicit pr ce deflator,
gross national product
Year
and
month
310. Index
(1972=100)
310c. Change
over 1 -quarter
spans'
(Ann. rate,
percent)
Fixed weighted price index,
gross business product
3 1 1 . Index
(1972=100)
31 1c. Change
over 1 -quarter
spans'
(Ann. rate,
percent)
Consumer prices, a i l terns
320. Index
© 320c. Change
over 1 -mo nth
spans'
(1967=100)
(Percent)
Consumer prices, food
320c. Change
over 6-month
spans'
(Ann. rate,
percent)
322. Index
322c. Change
over 1-month
spans'
(1967=100)
322c. Change
over 6-month
spans'
(Percent)
(Ann. rate,
percent)
1977
6.0
January
February
March
1 38 .' 3
6.9
7.7
April
May
June
140^9
July
August
September
142.*6
October
November
December
144.8
175.3
177.1
178.2
0.7
1.0
0.6
7.9
8.1
8.3
183.9
187.7
188.6
0.6
2.1
0.5
179.6
180.6
181.8
0.7
0.4
0.6
7.5
6.4
5.9
191.2
191.8
193.0
1.4
0.3
0.6
5.2
182.6
183.3
184.0
0.3
0.4
0.4
5.2
5.4
5.2
193.0
194.1
194.7
0.0
0.6
0.3
4.1
5.1
4.9
6.5
184.5
185.4
186.1
0.4
0.5
0.5
6.0
6.4
7.3
195.1
196.6
197.7
0.2
0.8
0.6
7.4
8.5
187.2
188.4
189.8
0.7
0.6
0.8
8.3
8.9
9.8
200.0
202.2
204.7
1.2
1.1
1.2
191.5
193.3
195.3
0.8
0.8
0.9
9.5
9.4
9.6
208.1
210.5
213.5
1.7
1.2
1.4
8.8
196.7
197.8
199.3
0.6
0.6
0.9
9.5
9.0
8.5
213.7
214.6
216.0
0.1
0.4
0.7
8.7
200.9
202.0
202.9
0.8
0.6
0.6
9.2
217.9
219.2
221.3
0.9
0.6
1.0
204.7
207.1
209.1
0.9
1 .2
1.0
12.4
224.5
228.1
230.5
1.4
1.6
1 .1
211 ,5
214.1
216.6
1 1
1 .1
1 .0
13.1
232.7
234.3
?34.7
1 ,0
0.7
0.2
218,9
221.1
223.4
1.0
1.1
235.0
235.0
237.1
0.1
0.0
139!i
7.1
14K8
4.8
143^6
6.4
145.9
10.1
11.1
11.5
10.1
6.9
6.6
10.5
1978
January
February
March
April
May
June
6.3
147*0
6.6
148.2
10.6
iso.'s
July
August
September
153.4
October
November
December
1 5 6 . '7
10.5
152.0
7.2
155.2
8.7
158^5
10.4
10.7
13.8
14.6
16.6
14.2
12.6
11.3
9.6
8.4
7.4
10.4
13.0
13.9
1979
January
February
March
16CL2
April
May
June
163.8
July
August
September
9.3
10,0
162. " 3
9.3
10.1
166'.3
p8.4
p!67.'l
plO.O
p!70.'3
1.1
11 A
13.2
13.4
13.3
14.0
14.3
12.5
9.6
6.1
5.8
0.9
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesareindicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 48 and 49.
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changer;; are placed on the 4th month.
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.
Q| PRICE MOVEMENTS-Con.
Producer prices, all commodities
Year
and
month
330. Index©
330c. Change
over 1-month
spans 1
(1967=100)
(Percent)
Producer prices, crude materials
Producer prices, industrial commodities
330c. Change
over 6-month
spans'
(Ann. rate,
percent)
335. Index®
(1967=100)
335c. Change
over 1 -month
spans 1
(Percent)
335c. Change
over 6-month
spans 1
(Ann. rate,
percent)
331. Index
(1967=100)
331c. Change
over 1-month
spans'
33 1c. Change
over 6-month
spans'
(Percent)
(Ann. rate,
percent)
1977
January
February
March
188.1
190.2
192.0
0.4
1.0
1.0
9.5
9.3
7.2
188.4
190.0
191.7
0.5
0.8
0.7
7.3
7.3
7.4
210.6
217.0
218.6
-0.4
3.0
0.7
16.4
9.4
0.3
April
May
June
194.3
195.2
194.5
1.0
0.4
-0.4
6.5
4.8
3.5
193.3
194.2
194.7
0.7
0.5
0.3
7.8
7.2
6.8
222.0
220.3
211.8
1.6
-0.8
-3.9
-0.9
-8.0
-9.4
July
August
September
194.8
194.6
195.3
0.1
0.2
0.4
2.4
3.1
4.8
195.9
196.9
197.8
0.7
0.5
0.6
6.4
5.8
6.2
209.6
208.1
208.1
-1.0
-0.7
0.0
-10.6
-3.3
7.4
October
November
December
196.3
197.1
198.2
0.5
0.8
0.5
6.3
7.9
8.9
199.1
199.3
200.0
0.5
0.2
0.5
6.2
6.4
6.2
209.9
216.6
219.5
0.9
3.2
1.3
12.4
18.5
21.3
January
February
March
200.1
202.1
203.7
0.8
0.9
0.8
10.2
10.0
10.7
201.6
202.9
204.1
0.7
0.6
0.4
6.8
7.9
8.4
222.2
226.5
229.2
1.2
1.9
1.2
24.1
18.6
20.4
April
May
June
206.5
208.0
209.6
1.1
0.7
0.8
9.9
8.6
8.5
206.1
207.4
208.7
0.8
0.7
0.7
8.3
8.3
8.7
233.8
235.9
240.9
2.0
0.9
2.1
18.1
13.7
14.9
July
August
September
210.7
210.6
212.4
0.4
0.3
0.8
8.6
8.9
8.8
210.1
211.4
212.5
0.7
0.6
0.6
8.7
9.0
8.8
241.5
241.5
245.7
0.2
0.0
1.7
16.8
17.4
14.3
October
November
December
214.9
215.7
217.5
1.1
0.8
0.7
10.8
13.1
14.0
214.7
216.0
217.2
0.8
0.8
0.6
9.8
11.0
12.2
252.7
255.6
257.5
2.8
1.1
0.7
19.0
27.0
25.3
220.8
224.1
226.7
1.3
1.4
1.2
14.3
r!4.1
13.6
220.0
222.5
225.4
1.2
1.1
1.2
13.4
H4.4
15.0
263.4
272.2
275.0
2.3
3.3
1.0
17.5
r!6.8
16.5
230.0
r232.0
233.1
1.2
TO. 7
rO.5
13.9
12.9
13.7
229.0
r231.6
233.5
1.4
rl.2
rO.9
15.9
16.5
17.2
273.9
r276.2
277.9
-0.4
0.8
rO.6
15.3
8.2
10.4
236.6
238.1
241.7
1.5
0.9
1.6
237.2
240.3
243.8
1.6
1.4
1 .5
282.8
283.1
289.0
1.8
0.1
2.1
1978
1979
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unad|usted seriesare indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
the 4th month.
http://fraser.stlouisfed.org/ OCTOBER 1979
Federal Reserve Bank of St. Louis
ItO
1-month changes are placed on the
2d month and 6-month changes are placed on
85
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
RH| PRICE MOVEMENTS-Con.
Producer prices, intermediate materials
Year
and
month
332. Index
(1967=100)
332c. Change
over 1-month
spans'
(Percent)
Producer prices, tinished consumer goods
Producer prices, capital equipment
332c. Change
over 6-month
spans 1
(Ann. rate,
percent)
333. Index
(1967=100)
333c. Change
over 1-month
spans'
(Percent)
333c. Change
over 6-month
spans'
(Ann. rate,
percent)
334. Index
(1967=100)
334c. Change
over 1-month
spans'
(Percent)
334c. Change
over 6-month
spans 1
(Ann. rate,
percent)
1977
January
February
March
195.9
197.3
198.9
0.5
0.7
0.8
8.6
8.3
6.8
178.9
179.9
180.7
0.3
0.6
0.4
6.0
6.5
5.8
173.2
174.9
176.7
0.5
1.0
1.0
9.5
10.1
7.8
April
May
June
200.7
201.5
201.4
0.9
0.4
0.0
6.4
5.7
5.0
181.7
182.7
183.5
0.6
0.6
0.4
6.4
6.6
6.4
177.6
179.0
178.9
0.5
0.8
-0.1
7.2
5.9
4.5
July
August
September
202.1
202.8
203.8
0.3
0.3
0.5
3.6
3.9
5.0
184.5
185.7
186.4
0.5
0.7
0.4
8.1
8.0
8.5
179.3
180.0
180.6
0.2
0.4
0.3
4.2
4.1
5.0
October
November
December
204.3
205.4
206.4
0.2
0.5
0.5
5.9
6.8
7.1
188.9
189.9
191.1
1.3
0.5
0.6
8.6
8.5
8.8
181.3
182.6
183.3
0.4
0.7
0.4
6.0
7.0
7.8
January
February
March . .
208.0
209.6
210.9
0.8
0.8
0.6
7.7
7.8
7.9
192.3
193.4
194.4
0.6
0.6
0.5
7.3
7.8
8.1
184.6
186.2
187.5
0.7
0.9
0.7
9.5
9.2
10.1
April
May
June
212.0
213.3
214.4
0.5
0.6
0.5
7.2
7.0
7.0
195.7
197.2
198.7
0.7
0.8
0.8
8.3
8.0
8.1
189.7
190.8
192.3
1.2
0.6
0.8
10.1
8.6
9.0
July
August
September
215.4
216.8
218.2
0.5
0.6
0.6
8.5
8.9
9.4
200.1
201.0
202.1
0.7
0.4
0.5
8.0
8.2
7.9
193.7
194.0
195.8
0.7
0.2
0.9
8.3
8.3
9.3
October
November
December
220.8
222.6
224.2
1.2
0.8
0.7
10.8
11.8
12.8
203.4
205.1
206.4
0.6
0.8
0.6
8.6
9.5
9.5
197.4
198.6
201 .0
0.8
0.6
1.2
10.7
13.1
13.5
226.7
229.2
231.7
1.1
1.1
1.1
13.4
H3.8
13.7
208.5
210.3
211.5
1.0
0.9
0.6
10.8
rlO.2
9.7
203.8
206.3
208.6
1.4
1.2
1.1
13.3
r!2.9
10.9
235.1
r237.5
239.1
1.5
rl.O
rO.7
15.5
15.7
16.6
214.1
r215.3
216.2
1.2
rO.6
rO.4
9.2
7.7
7.0
210.1
r211.0
211.7
0.7
rO.4
rO.3
10.5
11.4
13.0
243.6
246.5
250.2
1.9
1.2
1.5
217.9
218.2
218.8
0.8
0.1
0.3
214.2
217.7
221.7
1.2
1.6
1.8
1978
1979
January
February
March
April
May
June
July
..
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48.
'Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.
86
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Con.
PH W A G E S AND P R O D U C T I V I T Y
Average hourly compensation, all employees,
nonfarm business sector
Average hourly earnings, production workers, private nonfarm economy, adjusted 1
Year
and
month
Current d o l l a r compensation
Real earnings
Current dollar earnings
341c. Change
over 6-month
spans 2
(Ann. rate,
percent)
345. Index
(1967=100)
(Percent)
(1967=100)
345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)
Revised 3
Revised 3
Revised 3
Revised 3
Revised 3
7.8
7.6
7.4
108.7
108.2
108.1
0.1
-0.5
-0.1
-0 1
-0,5
-0.8
203^8
0.7
0.7
0.5
7.2
7.0
7.2
108.0
108.2
108.2
-0.1
0.2
0.0
-0.2
0.5
1 ,1
207.0
197.8
198.5
199.7
0.7
0.4
0.6
7.6
7.3
7.4
108.5
108.4
108.7
0.3
-0.1
0.3
2.4
1 .8
2.0
210,8
201 . 4
202.5
203.6
0.9
0.5
0.5
8.4
8.4
8.6
109.3
109.2
109.3
0.6
-0.1
0.1
2.3
1 .8
1 .3
214^3
January
February
March
205.9
206.6
208,1
1 .1
0.3
0.7
8.8
8.7
8.9
109.8
109.4
109.4
0.5
-0.4
0.0
0.4
-0.1
-0.6
220.1
April
May
June
210.1
211 .1
212.4
1.0
0.5
0.6
8.0
8.2
8.3
109.5
109.1
108.9
0.1
-0.4
-0.2
-1 . 3
-0.9
1 ,0
224.1
July
August
September
214.0
214.9
216.5
0.8
0.4
0.7
7.7
7.8
8.2
109,1
108.9
108.9
0.2
-0.2
0.0
-1.5
-0,9
-0.3
228.8
October
November
December
218.1
219.2
220.9
0.7
0.5
0.8
8.2
8.7
8.2
108.7
108.6
108.7
-0.2
-0.1
0.1
-1 .1
-2,0
-2.9
233^7
January
February
March
222.6
224.0
225.2
0.8
0.6
0.5
8.2
7.7
7.4
108.5
107.8
107.3
-0,2
-0.6
-0.5
-3.3
-4.6
-5.5
239.4
April
May
June
226.8
227.5
229.0
0.7
0.3
0.7
7.5
7.5
p7.7
106.9
106.1
105.7
-0.4
-0.7
-0.4
-5.3
-5.0
p-4.8
244.1
230.9
232.2
p233.7
0.8
0.6
pO.6
340. Index
340c. Change
over 1-month
spans 2
(1967=100)
(Percent)
Revised 3
Revised 3
January
February
March
191 .0
191.9
192.9
0.8
0.5
0.5
April
May
June
194.2
195.5
196.4
July
August
September
October
November
December
1977
340c. Change
over 6-month
spans 2
(Ann. rate,
percent)
Revised 3
341. Index
341c. Change
over 1 -month
spans 2
345c. Change
over 4-quarter
spans 2
(Ann. rate,
percent)
Revised 3
9,0
7.9
6,5
7.5
7.5
8^0
6,8
8.3
1978
. .
11 .3
8.6
7.5
g'o
8. 7
,
8.8
8.7
s.'g
1979
July
August
September
105.6
105.1
pi 04. 6
-0.1
-0,5
p-0.5
10.3
p8.8
10.7
p8,2
p248.9
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing
Percent changes are centered within the
4th month, 1-quarter changes are placed on
of the 3d quarter.
3
See "New Features and Changes for This
OCTOBER 1979
IICII
only) and interindustry employment shifts.
spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
Issue," page
iii.
87
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Con.
^9 WAGES AND P R O D U C T I V I T Y - C o n .
Year
and
month
Average hourly compensation, al! employees,
nonfarm business sector-Con.
(1967=100)
1977
348. First year
average changes
Real compensation
346. Index
Revised
2
January
February
March
115!6
April
May
June
114.6
July
August
September
nsiz
October
November
December
nsie
346c. Change
over 1-quarter
spans 1
(Ann. rate,
percent)
Revised
2
Negotiated wage and benefit
decisions, all industries ©
346c. Change
over 4-quarter
spans'
(Ann. rate,
percent)
Revised
(Ann. rate,
percent)
349. Average
changes over
life of
contract
(Ann. rate,
percent)
2
0.8
9.0
o'y
2.2
(1967=100)
2
7.5
370c. Change
over 1-quarter
spans 1
370c. Change
over 4-quarter
spans'
(Ann. rate,
percent)
(Ann. rate,
percent)
Revi sed
2
8.9
6.0
6.2
5.4
119.4
9.5
6.3
nsis
i!i
(1967=100)
2
Revised 2
2^3
116.4
1.4
115^8
-o.'i
116.'?
6!9
ne.'s
CK2
ne'.o
b.'s
116.5
o!i
11 7.' 3
-6'.6
1 1 7 .' 6
p-l'.2
neie
-2.1
117.9
10.2
Revised
358. Index of
output per hour,
all persons,
nonfarm
business sector
4.6
118.5
1.3
1 .4
370. Index
Revised
1.2
-1.4
Output per hour, -all persons, private
business sector
-2.0
1978
January
February
March
116.5
April
May
June
nsis
July
August
September
nsis
October
November
December
11^6
3.2
13.2
-2.4
118.4
6.8
-0.5
-6! 9
-i".6
2.0
6.0
119^0
0.0
-0.1
-1.5
8.2
0.5
7.2
2.4
5.9
119.7
6.1
5.2
0.3
119^8
1979
January
February
March
115.5
April
May
June
114!6
July
August
....
September
-0.6
-5.0
p5.2
-3.0
118^9
plO.6
P7.7
-2.2
115^4
118^2
p-4.2
pl!2.8
P2.5
p-2.'e
p9.0
pO.l
p6.0
piisis
pl!5^5
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
'Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.
2
See "New Features and Changes for This Issue," page iii.
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
^J C I V I L I A N LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month
441. Total
(Thous.)
442. Employed
(Thous.)
Labor force participation rates
451. Males
20 years
and over
(Percent)
Number unemployed
452. Females 453. Both
20 years
sexes, 16-19
and over
years of age
(Percent)
(Percent)
37. Total
(Thous.)
444. Males
20 years and
over
(Thous.)
445. Females 446. Both
20 years and sexes, 16-19
over
years of age
(Thous.)
(Thous.)
447. Fulltime
workers
(Thous.)
448. Number employed
part-time
for economic
reasons
(Thous.)
1977
January
February
March
95,774
96,316
96,654
88,659
89,048
89,503
79.7
79.9
79.8
47.3
47.6
47.8
54.4
55.3
55.7
7,115
7,268
7,151
2,983
3,059
2,877
2,453
2,539
2,582
1,679
1,670
1,692
5,663
5,731
5,605
3,312
3,451
3,288
96,749
97,062
97,508
89,805
90,166
90,500
79.6
79.6
79.8
47.9
48.2
48.0
55.7
55.4
57.4
6,944
6,896
7,008
2,776
2,802
2,686
2,515
2,441
2,541
1,653
1,653
1 ,781
5,545
5,477
5,466
3,177
3,273
3,369
July
August
September
97,311
97,698
97,811
90,605
90,903
91 ,187
79.6
79.6
79.4
48.0
48.1
48.6
56.3
57.2
56.0
6,706
6,795
6,624
2,660
2,667
2,488
2,443
2,489
2,476
1,603
1,639
1,660
5,385
5,448
5,256
3,445
3,256
3,283
October
November
December
98,028
98,838
98,748
91,374
92,203
92,561
79.7
79.9
79.9
48.2
48.8
48.7
56.7
57.4
56.6
6,654
6,635
6,187
2,605
2,489
2,387
2,440
2,524
2,362
1 ,609
1,622
1,438
5,304
5,179
4,869
3,226
3,257
3,208
99,215
99,139
99,435
92,923
93,047
93,282
80.0
79.9
79.9
48.9
48.9
49.1
57.1
56.7
56.9
6,292
6,092
6,153
2,464
2,376
2,394
2,288
2,112
2,169
1,540
1,604
1,590
4,949
4,836
4,778
3,045
3,203
3,184
April
May
June
99,767
100,109
100,504
93,704
93,953
94,640
79.8
79.9
79.8
49.3
49.4
49.6
57.2
57.9
58.7
6,063
6,156
5,864
2,279
2,264
2,112
2,211
2,322
2,294
1,573
1,570
1 ,458
4,676
4,782
4,529
3,310
3,247
3,433
July
August
September
100,622
100,663
100,974
94,446
94,723
95,010
79.7
79.5
79.5
49.7
49.6
50.1
58.6
59.1
58.3
6,176
5,940
5,964
2,187
2,181
2,172
2,413
2,231
2,230
1,576
1,528
1,562
4,890
4,641
4,652
3,316
3,298
3,203
October
November
December
101,077
101 ,628
101 ,867
95,241
95,751
95,855
79.5
79.9
79.9
49.9
50.1
50.2
58.6
58.4
58.6
5,836
5,877
6,012
2,145
2,113
2,195
2,134
2,208
2,227
1,557
1,556
1,590
4,505
4,491
4,597
3,164
3,131
3,058
January
February
March
102,183
102,527
102,714
96,300
96,647
96,842
80.2
80.3
80.1
50.1
50.3
50.5
58.9
58.6
58.7
5,883
5,881
5,871
2,200
2,154
2,180
2,166
2,177
2,201
1,517
1,549
1 ,490
4,500
4,584
4,499
3,159
3,147
3,179
April
May
June
102,111
102,247
102,528
96,174
96,318
96,754
79.8
79.7
79.7
50.1
50.3
50.3
58.1
57.5
58.2
5,937
5,929
5,774
2,187
2,105
2,096
2,180
2,237
2,223
1 ,570
1,587
1 ,455
4,655
4,508
4,458
3,312
3,307
3,416
July
August
September
103,059
103,049
103,498
97,210
96,900
97,513
79.9
79.7
79.8
50.7
51.0
51.0
57.9
56.4
58.1
5,848
6,149
5,985
2,249
2,300
2,271
2,150
2,324
2,153
1 ,450
1,525
1 ,561
4,624
4,774
4,731
3,340
3,355
3,111
April
May
June
.. .
1978
January
February
March
1979
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 51.
ito
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
Dl
GOVERNMENT ACTIVITIES
Qj RECEIPTS AND EXPENDITURES
Federal Government 1
Year
and
month
Q DEFENSE INDICATORS
State and local governments'
Advance measures of defense activity
500. Surplus
or deficit
501. Receipts
502. Expenditures
510. Surplus
or deficit
511. Receipts
512. Expenditures
(Arm. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
517. Defense
Department
gross obligations incurred
(Mil. dol.)
525. Defense
Department
military prime
contract awards
(Mil. dol.)
543. Defense
Department
gross unpaid
obligations
outstanding
548. Value of
manufacturers'
new orders,
defense products
(Mil. dol.)
(Mil. dol.)
1977
January
February
March
-ll'.Z
366.8
404^6
24^2
285 '.4
26K3
9,804
9,763
9,873
3,354
4,369
4,819
49,258
50,229
50,761
2,067
1,918
2,425
April
May
June
-4CK9
370.8
411 '.6
24*.2
293!)
269 '.5
9,671
9,919
9,835
4,303
4,654
4,300
51,236
52,170
52,625
3,165
2,744
2,432
July
August
September
-53.6
375^8
429*4
30J
305^2
275J
9,498
10,486
9,143
4,624
4,623
4,255
53,383
54,262
52,697
1,967
2,422
2,003
October
November
December
-53.6
388 ! 2
441 !s
28!8
31CK7
281 ! 9
10,697
10,208
9,652
6,028
4,100
5,530
54,775
55,479
55,771
4,358
3,311
4,252
-49^4
397.8
447.3
30.'2
319^6
288 ! 8
10,959
10,410
10,272
4,552
4,071
5,878
57,304
58,401
58,986
2,798
2,520
4,394
-24.6
424.8
449.4
29.6
330.5
301.0
10,107
10,988
9,818
4,501
6,614
7,278
59,348
60,723
60,549
3,792
3,933
3,259
July
August
September
-20.4
442 '.1
462^6
22!7
331 !s
309'.!
10,188
10,169
10,436
3,682
4,500
4,863
61,833
62,028
62,730
2,133
3,216
3,272
October
November
December
-16'.3
463 "5
479^7
27J
342^6
315^5
10,733
10,619
9,759
4,480
6.467
4,490
63,006
63,440
64,470
3,841
4,371
4,083
-1K7
475.0
486 ^ 8
27.*6
343^9
316\3
10,833
10,065
11,945
5,527
4,354
6,753
65,120
48,267
67,128
2,781
3,858
3,101
April
May .
June
-7.0
485.8
492^9
19!?
345. ' 9
326J
9,377
10,993
10,508
4,605
4,616
4,422
68,883
68,468
63,976
3,213
3,618
2,49 7
July
August
September
(NA)
(NA)
p515^3
(NA)
(NA)
p333."2
12,594
11,116
(NA)
6,521
(NA)
70,252
81 ,542
(NA)
2,304
r3,033
p4,664
1978
January
February
March
April
May
June
.
..
1979
January
February
March
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and
"NA", not available.
Graphs of these series are shown on pages 52 and 53.
l
Based on national income and product accounts.
90
OCTOBER 1979
ItO
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Con.
|Q| DEFENSE INDICATORS— Con.
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Output of 559. Manufacdefense and
turers' invenspace equipment tories, defense
products
(1967 = 100)
(Mil. dol.)
561. Manufacturers' unfilled
orders, defense
products
580. Defense
Department
net outlays
(Mil. dol.)
(Mil. dol.)
588. Manufacturers' shipments, defense
products
570. Employment in defense
products
industries
(Mil. dol.)
(Thous.)
Defense Department
personnel
577. Military,
active duty ®
578. Civilian,
direct hire
employment (u)
(Thous.)
(Thous.)
564. Federal
purchases of
goods and
services
565. Federal
purchases as
a percent of
GNP
(Ann. rate,
bil. dol.)
(Percent)
1
Revised
1977
January
February
March
80.6
80.9
80.8
6,461
6,419
6,270
31 ,024
30,459
30,364
7,476
8,017
7,961
2,593
2,483
2,520
1,069
1,074
1 ,069
2,077
2,078
2,075
994
995
995
91 .'6
5.'6
April
May
June
81 .9
81.7
81 .8
6,227
6,231
6,305
31,114
31,384
31,319
3,% 9
8,404
8,023
2,415
2,474
2,497
1,085
1,088
1 ,098
2,071
2,070
2,075
C95
997
1 ,009
93.1
s!6
July
August
September
82.0
82.0
82.6
6,304
6,338
6,335
30,755
30,730
30,188
8,040
8,119
8,046
2,531
2,446
2,545
1,109
1,103
1,103
2,079
2,073
2,075
1,008
998
982
93.9
4*.9
October
November
December
79.6
79.9
81.6
6,178
6,273
6,389
32,019
32,743
34,430
8,563
8,652
8,782
2,527
2,588
2,565
1,066
1,068
1,093
2,072
2,069
2,060
983
985
983
96*4
4^9
January
February
March
82.6
80.8
83.9
6,451
6,622
6,634
34,633
34,511
36,108
8,209
8,061
8,433
2,595
2,642
2,796
1,120
1,125
1,138
2,065
2,062
2,058
982
982
982
97^6
4^9
April
May
June
84.9
84.9
85.6
6,734
6,840
6,823
37,150
38,382
38,914
9,338
8,303
9,113
2,750
2,701
2,728
1 ,142
1,160
1,170
2,054
2,046
2,057
982
988
1,000
9S\2
4.7
July
August
September
87.5
87.9
89.0
6,902
6,892
6,890
38,467
38,993
39,499
8,426
9,810
7,934
2,581
2,690
2,765
1 ,182
1,190
1 ,190
2,062
2,062
2,062
1,002
994
980
99.0
4^6
October
November
December
89.3
90.3
91.4
6,985
6,988
7,167
40,660
42,293
43,563
9,428
8,645
9,658
2,680
2,738
2,813
1,202
1,213
1 ,230
2,058
2,050
2,041
981
981
978
101 .*2
4.*5
January
February
March
92.4
92.4
92.9
7,411
7,512
7,599
43,409
44,515
44,588
9,602
9,360
9,473
2,941
2,751
3,028
1 ,235
1,254
1 ,269
2,040
2,030
2,026
972
971
968
103. '4
4. '5
April
May
June
92.9
92.5
92.3
7,574
7,832
7,980
44,854
45,670
45,138
9,566
10,157
9,190
2,949
2,804
3,029
1,275
1,280
1 ,290
2,022
2,018
2,024
968
972
979
106.6
4.5
r93.3
r93,4
p94.0
8,046
8,181
(NA)
44,656
r44,697
p46,464
10,906
rlO,429
p9,137
2,783
r2,992
p2,898
1,301
pi, 309
(NA)
2,027
r2,024
p2,027
982
p974
pi 08. 5
p4^5
1978
1979
July
August
September
(NA)
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 54 and 55.
x
See "New Features and Changes for This Issue," page iii.
http://fraser.stlouisfed.org/OCTOBER 1979
Federal Reserve Bank of St. Louis
ltd!
91
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Rl M E R C H A N D I S E T R A D E
602. Exports, excluding
military aid shipments,
total
Year
and
month
(Mil.dol.)
604. Exports of agricultural products
(Mil.dol.)
606. Exports of nonelectrical machinery
(Mil.dol.)
612. General imports,
total
(Mil.dol.)
614. Imports of
petroleum and
petroleum products
(Mil.dol.)
616. Imports of
automobiles and parts
(Mil.dol.)
1977
January
February
March
9,626
9,922
10,250
1,762
2,004
2,112
1,831
1,892
1,859
11,036
12,340
12,702
3,075
3,247
4,171
1,083
1 ,248
1,299
April
May
June
10,262
10,467
10,109
2,142
2,360
2,077
1 ,808
1,835
1,868
11,889
11,190
13,572
3,803
2,885
3,933
1,266
1,183
1,360
10,286
9,576
10,848
1,976
1,801
2,064
1,862
1,732
2,133
12,361
12,113
12,695
3,212
3,318
3,789
1,315
1,328
1,428
9,385
9,554
11,116
1,654
1,755
2,111
1,556
1,791
2,056
12,409
12,049
13,335
3,325
3,627
3,157
1,426
1,465
1,479
January
February
March
9,864
9,945
11,146
1,818
2,058
2,363
2,084
2,187
2,450
13,103
14,260
14,004
2,968
3,586
2,996
1 ,529
1 ,661
1,581
April
May
June
11,630
11,786
12,268
2,428
2,861
2,904
2,415
2,472
2,427
14,492
14,008
13,970
3,051
3,084
3,252
1 ,715
1,659
1,684
July
August
September
11,662
12,294
13,274
2,392
2,774
2,512
2,451
2,528
2,815
14,545
14,133
14,820
3,082
3,291
3,448
1,812
1,666
1 ,822
October
November
December
12,901
13,451
13,282
2,596
2,533
2,555
2,625
2,718
2,824
14,852
14,825
15,032
3,454
3,539
3,417
1 ,872
1,875
1,822
January
February
March
13,132
13,507
14,452
2,338
2,424
2,682
2,682
2,832
2,917
16,231
14,806
15,273
3,773
3,501
3,506
1 ,963
1 .706
1 ,539
April
May
June
13,883
13,862
15,038
2,547
2,450
2,909
2,706
2,859
3,034
16,036
16,342
16,937
3,795
4,137
4,101
1 ,956
1 ,851
1 ,730
July
August
September
15,669
15,821
(NA)
3,103
3,141
(NA)
3,022
3,241
(NA)
16,777
18,177
(NA)
4,753
4,856
(NA)
1 ,815
2,113
(NA)
July
August
September
...
October
November
December
.
1978
1979
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.
92
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Con.
HI G O O D S A N D S E R V I C E S MOVEMENTS ( E X C L U D I N G T R A N S F E R S UNDER M I L I T A R Y GRANTS)
Merchandise, adjusted 1
Goods and services
Year
and
month
667. Balance
(Mil. dol.)
668. E x p o r t s
(Mil. dol.)
669. Imports
(Mil. dol.)
622. Balance
(Mil. dol.)
618. E x p o r t s
(Mil. dol.)
Income un investments
620. Imports
(Mil. dol.)
651. U.S. investments abroad
(Mil. dol.)
652. Foreign
investments in
the U.S.
(Mil. dol.)
1977
January
February
March
-2,320
44,850
47,170
-7,667
29,518
37,185
7,775
3,192
April
May
June
-1,173
46,914
48,087
-6,564
31,075
37,639
8,080
3,519
July
August
September .
-1,659
46,897
48,556
-7,438
30,558
37,996
8,420
3,686
October
November
December
-4,272
45,935
50,207
-9,204
29,665
38,869
8,312
4,201
January
February
March
-5,707
49,085
54,792
-11 ,899
30,811
42,710
9,776
4,537
April
May
June
-2,113
54,225
56,338
-7,907
35,267
43,174
10,256
5,402
July
August
September
-1,994
56,222
58,216
-8,012
36,491
44,503
10,526
5,574
October
November
December
1,001
61,317
60,316
-6,369
39,315
45,684
12,907
6,308
1,737
64,893
63,156
-6,115
41,348
47,463
14,115
7,251
April
May
June
p417
p67,563
p67,146
p-7,716
p42,792
p50,508
P15J61
p7,763
July
August
September
(NA)
1978
1979
January
February
March
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
Balance of payments basis: Excludes transfers under military grants -;nd Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).
OCTOBER 1979
93
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
FN INDUSTRIAL P R O D U C T I O N
Year
and
month
47. United States, 721. O E C D 1
European counindex of industries, index of
trial production
industrial
production
(1967=100)
(1967-100)
728. Japan,
index of industrial production
725. West
Germany, index
of industrial
pioduclion
726. France,
index of indus
trial p r o d u c t i o n
722. United
Kingdom, ndex
of industrial
production
(1967=100)
(1967=100)
(1967=100)
(1967=100)
727. Italy, index
of industrial
production
(1967=100)
723. Canada,
index of indust r i a l production
(1967=100)
(2)
1977
January
February
March . .
133.7
134.5
136.3
152
152
153
191.4
188.8
191.4
153
152
154
157
155
157
122
123
123
153.6
153.4
153.8
150.4
148.4
149.8
April .
May
June
137.1
138.0
138.9
149
150
149
190.4
189.8
191.1
152
152
153
152
151
157
122
124
121
144.0
147.1
137.3
148.2
149.8
151.3
July
August
September
139.0
139.3
139.6
149
149
150
187.9
191.6
191.2
152
152
153
152
152
152
123
124
123
139.7
140.9
144.5
150.0
151.4
150.6
October
November
December
140.1
140.3
140.5
149
149
150
190.1
193.4
194.9
152
152
156
150
152
148
122
121
123
140.9
142.0
137.9
151.7
152.3
152.4
January
February
March .
140.0
140.3
142.1
153
152
150
196.9
197.0
199.5
157
152
152
152
152
155
123
124
123
143.8
146.1
145.9
152.8
155.3
155.8
April
May .
June
144.4
144.8
146.1
153
152
153
200.5
201.5
201.8
153
152
154
161
157
152
128
126
128
143.5
143.8
145.3
157.5
155.3
158.4
July
August
September
147.1
148.0
148.6
153
152
154
201.8
204.1
206.0
157
156
159
155
155
157
r!28
144.4
143.7
146.2
158.1
158.2
164.4
October .
November
December
149.7
150.6
151.8
r!57
157
r!53
206.9
207.6
210.1
159
159
159
157
159
161
r!25
154.3
154.7
151.9
163.5
164.4
165.3
151.5
152.0
153.0
r!56
r!57
r!58
210.2
213.1
212.6
159
157
161
158
158
161
r!20
131
133
r!52.7
r!59.9
r!55.7
165.9
165.5
166.6
April
May
June
150.8
152.4
H52.6
158
r!58
p!60
214.2
218.5
r218.8
161
160
164
158
161
p!61
r!32
r!34
156.2
151.5
r!37
H45.2
164.1
r!65.0
H63.5
July
August . .
September
H52.8
r!51.5
p!52.3
(NA)
p220.8
(NA)
n!68
(NA)
(NA)
p!36
(NA)
p!49.5
(NA)
167.1
p!66.8
1978
129
128
126
r!29
1979
January
February
March
(NA)
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
O r g a n i z a t i o n for Economic Cooperation and D e v e l o p m e n t .
2
See "New Features and Changes for This Issue," page iii.
94
OCTOBER 1979
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.
E9 C O N S U M E R P R I C E S
Japan
United States
Year
and
month
320. Index© 320c. Change
over 6-month
spans'
(1967=100)
(Ann. rate,
percent)
738. Index ©
(1967=100)
738c. Change
over 6-month
spans'
(Ann. rate,
percent)
735. Index®
(1967-100)
United Kingdom
France
West Germany
735c. Change
over 6-month
spans'
(Ann. rate,
percent)
736. Index®
(1967=100)
736c. Change
over 6- mo nth
spans'
(Ann. rate,
percent)
732. Index® 732c. Change
over 6-month
spans'
(1967=100)
(Ann. rate,
percent)
1977
January
February
March
175.3
177.1
178.2
7.9
8.1
8.3
236.0
237.2
238.7
8.2
8.8
6.1
154.0
154.9
155.5
4.7
5.3
5.2
204.1
205.5
207.3
9.5
9.3
9.7
276.9
279.7
282.4
18.9
16.0
14.7
April
May
June
179.6
180.6
181.8
7.5
6.4
5.9
242.6
244.9
243.6
5.6
7.1
7.2
156.2
156.9
157.6
4.5
4.2
3.2
210.0
212.0
213.6
11.3
10.8
10.4
289.6
291.9
294.9
11.2
11.9
11.6
July
August
September
182.6
183.3
184.0
5.2
5.4
5.2
243.0
243.0
247.3
6.9
3.7
2.8
157.4
157.3
157.1
3.1
2.2
1.8
215.5
216.7
218.6
9.7
8.8
8.1
295.3
296.7
298.3
9.4
10.2
9.5
October
November
December
184.5
185.4
186.1
6.0
6.4
7.3
248.6
245.7
245.1
2.2
1.1
2.0
157.3
157.5
157.9
2.2
2.0
2.9
220.3
221.1
221.7
7.1
7.6
8.1
299.6
301.0
302.6
8.4
6.5
6.0
January
February
March
187.2
188.4
189.8
8.3
8.9
9.8
246.1
247.1
249.4
1.4
3.5
4.6
158.9
159.7
160.3
2.5
2.9
2.8
222.8
224.4
226.4
8.4
9.3
9.9
304.4
306.2
308.1
6.3
5.5
5.6
April
May
June
191.5
193.3
195.3
9.5
9.4
9.6
252.1
253.5
252.1
7.0
7.7
4.9
160.7
161.1
161.5
2.9
2.7
1.5
228.9
231.1
232.8
11.7
11.2
10.1
312.6
314.4
316.8
7.5
9.7
9.2
July
August
September
196.7
197.8
199.3
9.5
9.0
8.5
253.1
253.3
256.4
5.0
2.9
2.5
161.5
161.0
160.6
1.6
1.8
2.4
235.7
237.1
238.6
10.2
9.8
9.6
318.2
320.3
321.6
10.1
11.0
10.7
October
November
December
200.9
202.0
202.9
9.2
10.4
10.7
256.8
254.1
253.7
0.1
-2.1
0.0
160.6
161.1
161.8
3.1
3.4
5.0
240.8
242.1
243.2
8.7
9.1
10.4
323.1
325.3
328.0
11.2
9.3
10.3
January
February
March
204.7
207.1
209.1
11 .4
12.4
13.2
253.9
253.1
255.1
0.5
2.8
4.5
163.5
164.5
165.5
5.4
5.6
5.2
245.5
247.1
249,4
9.8
10.4
10.9
332.9
335.6
338.3
1C. 6
10.1
12.7
April
May
June
211 .5
214.1
216.6
13.4
13.1
13.3
258.6
261.3
261.5
8.3
7.9
(NA)
166.4
167.0
167.8
6.0
r6.2
5.8
251 .8
254.5
256.6
11.9
12.6
(NA)
344.1
346.8
352.8
21.0
22.4
22.6
July
August
September
218.9
221.1
223.4
1978
1979
263,8
261.1
(NA)
168.8
H69.0
169.2
260.0
262.7
(NA)
368.0
370.9
374.6
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and
"NA", not available.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th m o n t h .
http://fraser.stlouisfed.org/OCTOBER 1979
Federal Reserve Bank of St. Louis
95
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS—Con.
flfl
El CONSUMER PRICES-Con.
19. United
748. Japan,
States, index index of
of stock
stock
prices®
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
1
1
stocks®
spans
spans
Canada
Italy
Year
and
month
(1967=100)
(Ann. rate,
percent)
(1967=100)
(Ann. rate,
percent)
(1967=100)
(1967=100)
STOCK PRICES
745. West
Germany,
index of
stock
prices®
746. France, 742. United
Kingdom,
index of
index of
stock
stock
prices®
prices®
747. Italy,
index of
stock
prices®
743. Canada,
index of
stock
prices®
(1967=100)
(1967=100)
(1967=100)
(1967=100)
(1967=100)
1977
January
February
March
238.8
243.4
246.5
17.0
14.8
12.7
178.0
179.7
181.5
9.3
9.5
10.0
112.9
109.8
109.4
343.8
344.7
341.3
119.5
118.3
118.1
116.0
109.7
101.6
149.6
157.0
164.2
52.9
50.0
48.7
107.1
108.1
110.2
April
May
June
249.5
252.6
254.3
14.7
13.4
12.3
182.5
184.0
185.3
9.8
7.8
7.3
107.7
107.4
108.0
339.3
343.3
340.7
124.0
128.4
125.2
93.9
97.2
104.0
164.9
180.3
178.6
46.2
44.4
43.4
108.3
105.5
104.6
July
August
September
255.8
258.2
261.5
13.0
12.5
12.7
187.1
187.9
188.9
8.2
8.6
9.1
109.0
106.3
104.7
339.6
345.0
351.2
124.3
126.0
124.9
99.8
105.3
109.7
178.4
191.6
208.7
43.9
45.3
50.3
106.7
104.4
100.0
265.0
267.6
268.9
12.8
11.6
12.5
190.8
192.0
193.3
8.4
9.5
10.0
102.0
102.6
102.1
345.0
332.5
328.6
126.4
128.5
125.4
111.9
111.3
105.3
210.4
197.7
198.8
46.2
43.6
40.0
97.4
96.3
100.4
January
February
March
271.1
273.9
277.4
10.3
10.9
11.5
194.0
195.3
197.5
8.5
9.3
9.6
98.2
96.8
96.6
339.0
348.3
359.7
126.5
127.9
126.1
98.0
100.3
120.0
198.2
187.7
187.5
40.7
43.5
42.8
98.5
97.1
99.1
April
May
June
280.0
282.7
285.1
12.1
12.6
12.0
197.9
200.7
202.4
11.0
9.6
7.3
100.8
106.0
106.2
371.8
371.0
373.2
124.9
124.0
127.1
130.6
133.3
135.7
191.9
202.9
201.2
41.4
43.2
44.0
105.1
107.1
108.8
July
August
September
286.8
288.3
292.9
12.7
11.8
11.5
205.4
205.5
205.2
8.6
8.2
7.7
105.7
113.0
113.0
382.8
380.3
387.6
129.1
132.3
136.4
149.8
150.6
165.1
204.4
220.3
223.3
44.8
48.4
57.3
110.3
118.0
122.3
October
November
December
295.5
298.6
300.1
12.7
13.8
14.1
207.3
209.0
209.6
6.8
8.7
10.9
109.4
103.3
104.5
395.0
398.9
404.9
138.7
134.8
133.9
158.7
155.4
158.7
217.4
208.1
213.3
57.5
51.6
51.2
126.8
123.0
128.4
January
February
March
305.1
309.7
313.8
14.5
15.6
16.0
211.2
213.2
215.7
10.9
10.1
9.9
108.5
106.9
108.9
416.1
409.9
405.7
135.0
131.9
131 .2
160.9
149.9
155.4
211.1
212.2
240.8
52.4
54.8
57.9
p!35.2
p!37.0
p!42.5
April
May
June
317.8
321.3
324.5
15.4
15,6
17.6
217.2
219.3
220.3
9.5
8.5
8.5
111.0
108.5
110.7
402.9
411 .1
402.3
130.6
127.8
121.7
1G4.5
162.0
171 .7
255.7
255.0
241 .0
54.1
56.8
58.0
p!46.3
pi 4 7 . 5
P157.2
July
August
September
327.4
330.7
339.0
111 .7
116,8
118,1
400.6
408.0
412.5
122.0
124.3
125.7
173.7
rp!82.8
rp200.8
232.8
233.9
rp236.7
58.8
61 .7
63.0
p!56.2
p!61 .4
rp!71.6
pl!3.9
p413.3
p!23.1
p200.5
p242.3
p63.2
p!66.6
October
November .
December
.
1978
....
1979
October
November
December
222.1
229.9
224.9
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th m o n t h .
96
OCTOBER 1979
APPENDIXES
B . Current Adjustment Factors
19 79
Series
13. Mew business incorporations
1
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
104.6
89.8
110.9
102.0
107.6
105.0
99.7
103.7
15. Profits (after taxes) per dollar of
s a l e s , manufacturing 2
33. Net change in mortgage debt
-1535
72. Commercial and industrial loans
outs tandi ng
517.
525.
543.
570.
Defense Department gross obligations
incurred 1 .
Defense Department military prime
contract awards
Defense Department gross unpaid
obligations outstanding .
.
. . .
Employment in defense products industries
580. Defense Department net o u t l a y s
109.4
92.8
1 3
1
604. Exports of agricultural products
606.
Exports o f nonelectrical machinery . . . .
614.
Imports o f petroleum a n d products
616.
Imports of automobiles and parts
. . . .
-1709
Sept.
Oct.
89.7
103.4
Nov.
Dec.
90.2
93.5
98 7
98 7
-20
131
922
1308
156
1022
-30
-307
-162
352
100 4
99 2
100 0
100 3
100 2
100 2
99 8
99 1
99 1
99 8
100 7
101 3
107 0
89 0
91 3
100 5
85 8
94 6
86 5
84 3
118 8
135 8
110 9
94.9
94.5
77.4
93.8
89.8
89.4
91 .0
72.0
72.6
163.9
144.7
107.0
102.9
105.4
104.1
101 .2
101.7
99.0
97.1
95.0
92.1
95.5
101 .0
103.7
104.0
100.7
100.0
99.6
99.7
99.8
100.1
99.9
99.7
100.1
99.9
100.0
100.4
94.8
98.0
106.3
96.3
101.2
104.0
94.1
103.5
103.8
98.4
103.9
92.9
104.0
97 2
107.3
104 1
102.4
94 9
87 5
87.1
89.4
107.8
110.8
107.4
95.1
94.7
110.5
106.3
107.3
103.0
95.4
91.2
93.2
100.8
99.1
103.3
104.3
92.8
104.8
105.8
91.9
103.3
100.1
103.1
93.9
93.3
101.4
101 .7
96.1
117.8
110.6
105.0
111.0
92.2
84.7
97.4
105.2
79.1
100.3
103.8
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc.,
rather than by the source agency. Seasonal adjustments are kept current by the Bureau of Economic Analysis. Seasonally adjusted
data prepared by the source agency w i l l be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description of the
method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-II VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM.
"Factors are the products of seasonal and trading-day factors.
"Quarterly
series; factors are placed in the middle month of the quarter.
3
These quantities, in m i l l i o n s of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.
97
C. Historical Data for Selected Series
Quarterly
Quarterly
Year
Annual
III Q
II Q
1 Q
...
...
...
...
1963
1964
1965
1966.
1967
1968
1969 .
1970
1971
1972
1973
1974
1975
1976
1977
1978 .
1979
467.5
486 .0
488 .9
525.1
573.2
592.1
626.2
605 .6
650.8
667.5
680.9
668.2
726.3
738.9
749.0
798.3
468.0
490.8
493.4
542.4
584.7
598.3
622 .4
614.4
660.3
667.9
685.6
684.4
718.6
735.7
758.7
804.3
473.7
495.9
489.2
554.6
585.7
612.5
616 .4
626 .1
667.0
675.7
676.7
702.1
726.2
731.9
776.9
805.8
468.3
487.7
490.7
533.5
576.5
598.5
621.8
613.7
654.8
668.8
680 .9
679.5
720.4
736.8
755.3
799.1
813.5
861.1
903.0
969.6
994 .4
1031.4
1074.8
1073.6
1095.3
1141.2
1229.8
1230.2
1171.6
1259.5
1315.7
1367.8
823.7
872.0
916.4
976.3
1001.3
1049.4
1079.6
1074.1
1103.3
1163.0
1231.1
1224.5
1169.9
1267.4
1331.2
1395.2
838.8
880.5
932 .3
985.4
1013.6
1061.8
1083.4
1082.0
1111.0
1178.0
1236.3
1216.9
1220.0
1277.1
1353.9
1407.3
846.9
883.9
952.0
992.8
1021.5
1064.7
1077.5
1071.4
1120.5
1202.2
1242.6
1199.7
1227.9
1288.1
1361.3
1426.6
830.7
874.4
925.9
981.0
1007.7
1051 .8
1078.8
1075.3
1107.5
1171.1
1235.0
1217.8
1202.3
1273.0
1340.5
1399.2
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
3 .0
-3.9
19.4
5.7
3 .9
6 .5
-5.3
10.0
-1.7
2 .8
-7.6
5.0
8 .2
2.6
5.9
7.9
0.5
2.6
-1.6
6.1
2.1
0.3
2 .9
9.1
-1.0
6 .9
5.3
0.4
4.1
3.7
13.8
8.2
4.2
2 4
5.9
6.0
0 .2
2 .8
10 .0
-4.2
1 7
5.3
3.0
3.9
6.9
8.9
7.6
0.7
3.9
3.9
-1.4
9.2
7 .6
9.5
-3.9
-9.1
10.7
8.9
1.9
5.1
5.1
6.0
2.8
2.8
7.2
1.8
0 .2
3.0
7.9
0.4
-1.8
6 .4
2.6
4.8
8.3
7.5
3.9
7 .1
3.8
5.0
4.8
1.4
3.0
2.8
5.3
1.7
2 .4
10.5
3.1
7.0
3.5
3.0
7.5
n!i
1961
1962
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
98
1947
.
1950
1951
1952 . ...
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1965
1966
1967 .
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
PERCENT
CHANCE 1
3.6
-5.0
22.3
7.8
5.6
9.7
-8 .3
15.0
-2.9
4 .7
-13.3
8.6
14.5
4.7
11.2
3.5
8.7
-2.0
13.6
10.8
0.8
4.0
-2.5
9.7
3.4
0.5
4 .8
15.6
-1.8
12.4
10.2
7.7
14.2
19.1
17.6
1.6
9.9
10.1
-3.9
23.9
20 .7
27.6
12 4
-28.1
31.6
27 .6
6.5
10 .2
10.9
13.4
6.7
6.9
18.0
4.8
0.5
8.0
21.8
1.3
-5.7
18.3
7 .9
15.5
27.4
0.5
4.8
4.5
17.3
11.5
6.2
-3.8
«.8
9.5
0 .4
4 .7
16.2
-7.7
9.7
6 .0
15.1
15.9
9.1
12.3
12.4
3.8
7 .9
7 .7
15.0
-7.6
30.1
9.7
22.7
12.1
DIFFERENCE 1
5.7
5.1
-4.2
12.2
1.0
14.2
-6.0
11.7
6.7
7 .8
-8.9
17.7
7.6
-3.8
18.2
1.5
9 3
19.4
3 .0
42.8
43.0
22.0
23.3
-8.1
41.1
14 .0
12 .1
-1.4
40.9
16.4
18.5
43.8
8.1
3.4
19.7
7.4
7 .9
2.9
-5.9
-10.6
9.5
24.2
6.3
17 2
7.9
11.0
7 .4
19.3
31.6
43.7
51.5
55.1
26 .7
44.1
27 .0
-3.5
32.2
63.6
63.9
-17.2
-15.5
70.7
67.5
58.7
200. GROSS NATIONAL PRODUCT IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
-2.0
4.1
0.6
8.7
8.1
3.8
3.9
-1 .3
6.7
2.1
1.8
-0.2
6.0
2.3
2.5
5.8
1947
1948
1949
1950
1951
1952
1953. .
1954
1955
1956 .....
1957
1958
1959.
I960 . ...
1961
1962
224.9
249 .6
260 .1
267.4
319 .9
341.1
365.4
362.0
387.5
411.9
438.9
435.8
476.0
506 .6
507.1
553.0
229.1
257.1
256 .6
276.9
327.7
341.3
368.8
361.8
395.4
417.4
441.0
439.9
489.9
506.5
518.2
562.1
233.3
264 .0
258 .6
294.5
334.4
347 .0
367.8
366.2
404.0
422 .4
448.2
453.1
486.5
506.2
527.2
567 .8
243.6
265.5
256.5
305.9
338.5
359.2
362.6
375.0
410.2
430.9
442.8
466.3
493.5
504.6
540.7
572.3
232.8
259.1
258.0
286.2
330.2
347.2
366.1
366.3
399.3
420.7
442.8
448.9
486.5
506 .0
523.3
563.8
3.9
1.6
8.7
3.0
3.2
1.1
-2.2
-3.8
3.5
8.4
2.0
-5.5
2.6
3.5
2.2
5.6
4.0
5.3
5.9
5.9
2.7
4 .4
2.6
-0.3
3.0
5.7
5.5
-1.4
-1.3
5.9
5.3
4 .4
1963
1964
1965
1966
1967 . ...
1968
580.2
622.4
665.4
733.7
777.5
837.3
913.0
964 .2
1034.0
1127.0
1265.3
1 3b9 .0
1454.7
1653.7
1820.2
2011.3
587.9
632.4
678.7
747.6
785.8
861.8
929.0
976.5
1056.2
1156.7
1288.4
1400.1
1498 .6
1683.1
1876.0
2104.2
600.5
642.1
695.1
759.0
803.1
880 .0
946.9
992.6
1072.4
1181.4
1317.5
1430.1
1564.0
1715.8
1930.5
2159.6
610.4
646 .0
713.3
771.7
818 .7
894.7
953.3
996.3
1091.2
1219.4
1355.1
1452.4
1598.0
1756.1
1971.3
2235.2
594.7
635.7
688.1
753.0
796.3
868.5
935.5
982.4
1063.4
1171.1
1306 .6
1412.9
1528.8
1702.2
1899.5
2127.6
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
PERCENT
CHANGE 1
20 0-C. CHANGE FROM PRECEDING PERIOD Ib GNP,
'
CU
T)
DIFFERENCE 1
4 .5
6 .0
-5.4
10.9
14.0
2.6
6.2
-0.6
12.5
1.7
8 .0
-7.0
9.7
13.1
2.5
12.3
4 .2
7.5
-3.5
9.5
7.8
0.2
3.4
0 2
7.9
5.5
2.1
4.1
13.9
-0.1
11.1
9.1
4.2
6.9
2.0
17.6
6.7
5.7
-1.0
4 .4
8.6
5.0
7.2
13.2
-3.4
-0 .3
9.0
5.7
10.3
1.5
-2.1
11.4
4.1
12.2
-5.2
8 .8
6 .2
8.5
-5.4
13.2
7.0
1 6
13.5
4.5
23 .2
26.3
-1.1
28.2
44.0
17.0
18.9
0.2
33.0
21.4
22.1
6.1
37.6
19.5
17.3
40 .5
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
7.9
12.0
19.4
20.4
5.8
18.6
18.3
10.9
37.7
35.8
45.9
13.9
2.3
55.7
64.1
40 .0
7.7
10.0
13.3
13.9
8.3
24.5
16.0
12.3
22.2
29.7
23.1
31.1
43.9
29.4
55.8
92.9
12.6
9.7
16.4
11.4
17.3
18.2
17.9
16.1
16.2
24.7
29.1
30.0
65.4
32.7
54.5
55.4
9.9
3.9
18.2
12.7
15.6
14.7
6.4
3.7
18.8
38 .0
37.6
22.3
34.0
40.3
40.8
75.6
30.9
41 .0
52.4
64.9
43.3
72.2
67 .0
46.9
81.0
107.7
135.5
106.3
115.9
173.4
197.3
228.1
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
NOTE: These series contain revisions beginning with 1976.
'Year-to-year differences and percent changes are computed from annual data.
IV Q
5 .0
4.2
-3.3
9.4
0.7
9.8
-38
7.8
4.1
4.8
-5.1
10 .8
4 .3
2 G
10 .0
0.7
200-B. DIFFERENCE FROM PRECEDING PERIOD IN GNP, CURRENT
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 . ...
III Q
50-B. DIFFERENCE FROM PRECEDING PERIOD IN GNP, 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
50-C. CHAN SE FROM PRECEDING PERIOD IN GNP, 197 2 DOLLARS
EN )
( NNUA
II Q
1 Q
464 .0
477.3
490.9
511.5
562.4
591.3
622.2
608.1
641.1
664.1
680 .4
663.4
710.7
740.7
736.6
1947 .
1948
1949
1 950 ....
1951 ....
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
Annual
IVQ
50. GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947 .
1948
1949
1950
1951 .
1952
1953.
1954
1955
1956 .
1957.
1958
1959
1960
1961
1962
Year
1962
8.4
10.2
-7.8
18.0
19.6
3.1
7.0
-0.6
14 .0
1.7
7.7
-6 .2
8.6
11.1
2.0
9 .4
7.6
12.5
-5.2
15.0
1C .1
C.2
3.7
-0.2
8.4
5.4
1.9
3 .8
12.2
0 .1
9.0
6.7
7.7
11.3
3.2
28.0
8 .4
6.8
-1.1
5 .0
8.9
4.9
6.7
12.6
-2.7
-0.2
7.1
4.1
18.8
2.2
-3.2
16.5
5.0
14.9
-5.5
10.0
6.3
8.3
-4.7
12.1
5.8
-1.3
10.7
3.2
11.1
11 .3
-0.4
10.9
15.4
5.1
5.5
0.0
9 .0
5.4
5.2
1.4
8.4
4.0
3.4
7.7
5.6
8.1
12.6
12. G
3.1
9.4
8 .5
4.7
16.0
13.8
15.9
4 .2
0 .6
14.7
15.4
8 .4
5.5
6.6
8.2
7.8
4.3
12.2
7.2
5.2
8.8
10.9
7.5
9.4
12.6
7.3
12.8
19.8
8.8
6.3
10.0
6.3
9.1
8.7
7.9
6.8
6.3
8.8
9.4
8.9
18 .6
8.0
12.1
10.9
6.8
2.4
10.9
6.8
8.0
6.8
2.7
1.5
7 .2
13.5
11.9
6.4
9.0
9.8
8.7
14.8
5.5
6.9
8 .2
9 .4
5.8
9.1
7.7
5.0
8.2
10.1
11.6
8.1
8.2
11.3
11.6
12.0
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
Annual
1 Q
II Q
III Q
213. FINAL SALES IN 1972 DOLLARS
ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967 .
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 .
1978 .
1979
1963
1964 .
1965 . ...
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1 Q
AVERAGE
II Q
III Q
IV Q
217. PER CAPITA GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(ANNUAL RATE, DOLLARS)
AVERAGE
463.9
473.2
491.3
507.0
549.0
584.0
618.2
611.5
635.2
656.5
677.9
670.2
705.7
727.1
740.3
777.5
468.4
480.4
496.1
517.4
553.3
594.8
621.1
609.7
642.7
662.0
678.0
674.4
713.3
734.0
747.1
789.1
470.8
483.9
495.9
534.4
570.1
592.9
620.6
617.1
652.5
663.0
682.0
684.0
718.9
732.7
752.1
796.3
471.0
490.6
496.9
532.5
578.7
605.3
621.4
624.6
657.8
670.3
679.7
696.8
718.0
735.8
770.2
801.0
468.5
482.2
495.1
522.9
562.8
594.2
620.3
615.8
647.1
663.0
679.4
681.3
714.0
732.4
752.4
791.0
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
3,241
3,275
3,310
3,391
3,668
3,790
3,922
3,768
3,903
3,972
3,997
3,832
4,037
4,122
4,033
4,247
3,251
3,321
3,284
3,469
3,723
3,780
3,933
3,737
3,946
3,976
3,984
3,845
4,110
4,097
4,085
4,287
3,240
3,339
3,300
3,568
3,781
3,803
3,891
3,774
3,986
3,960
3,993
3,921
4,049
4,063
4,121
4,303
3,264
3,358
3,257
3,631
3,769
3,876
3,835
3,827
4,006
3,986
3,924
4,004
4,074
4,023
,202
,293
3,249
3,323
3,288
3,515
3,735
3,812
3,895
3,776
3,960
3,974
3,974
3,900
4 ,068
4,076
4,110
4,282
805.9
855.0
889.7
956.0
979.9
1025.2
1065.0
1070.7
1087.4
1136.4
1218.1
1216.2
1191.0
1250 .6
1304.4
1351.3
816.8
864.0
905.8
958.4
993.9
1037.6
1067.4
1069.3
1093.3
1152.9
1216.3
1215.3
1206.5
1257.7
1317.8
1379.6
829.5
873.2
919.9
970.3
1001.4
1052.6
1070.0
1075.7
1106.0
1166 .0
1222.2
1214.9
1217.9
1270.3
1337.3
1395.1
839.8
876.1
943.2
972.3
1007.7
1057.0
1070.6
1068.2
1116.9
1191.3
1217.2
1192.9
1233.1
1287.0
1350.0
1414.6
823.0
867.1
914.6
964.3
995.7
1043.1
1068.2
1071.0
1100.9
1161.7
1218.5
1209.9
1212.1
1266.4
1327.4
1385.1
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
4,320
4,509
4,667
4,953
5,023
5,157
5,322
5,261
5,309
5,480
5,860
5,820
5,503
5,869
6,084
6,276
4,360
4,552
4,724
4,974
5,046
5,235
5,333
5,250
5,335
5,574
5,856
5,784
5,579
5,896
6,145
6,390
4,423
4,580
4,790
5,005
5,093
5,283
5,337
5,273
5,358
5,634
5,869
5,736
5,706
5,929
6,236
6,431
,449
,581
,875
5,027
5,118
5,283
5,293
5 ,206
5,390
5,738
5,888
5,644
5,731
5,967
6,256
6,506
4,388
4,556
4 ,764
4,990
5,070
5,240
5,321
5,248
5,348
5,606
5,868
5,746
5,630
5,915
6,180
6,401
220. NATIONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948 .
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
Annual
Year
IV Q
224. DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
190 .5
210.5
217.2
217.8
264.6
280 .6
300.6
294.9
317.5
340.0
360.3
354.3
389.5
412.9
410.7
448.5
191.7
218.1
212.2
228.0
270.7
281.1
302.8
295.4
325.9
344.8
362.1
355.4
402.1
413.0
419 .5
455.4
194.1
222.8
212.3
243.5
274.7
286.1
301.5
299.0
331.2
347.8
365.8
366.3
396.6
412.5
427.2
459.6
201.7
224.6
209.2
255.4
279.3
295.8
294.0
307.2
338.0
354.4
360.4
379.4
400.1
409.6
439.5
465.9
194.6
219.0
212.7
236.2
272.3
285.8
299.7
299.1
328.0
346.9
362.3
364.0
397.1
412.0
424.2
457 .4
471.2
505.8
547.1
606.3
641.2
690.3
750.2
787.9
835.0
919.1
1030.9
1108.5
1156.5
1323.1
1456.9
1621.0
479.0
515.3
559.0
617 .7
647.8
708 .6
763.8
795.7
851.8
937 .2
1051.2
1128.4
1188.6
1344.9
1505.3
1703.9
486.6
525.3
570.9
627 .7
660 .1
723.4
776.5
805.8
863.4
959.8
1073.6
1147.1
1243.2
1369 .6
1551.1
1752.5
494.6
530.4
586.9
637.1
674.2
735.4
781.2
804.0
882.1
991.7
1102.7
1159.9
1271.8
1401.6
1589.8
1820.0
482.8
519.2
566.0
622.2
655.8
714.4
767.9
798.4
858.1
951.9
1064.6
1136.0
1215.0
1359.8
1525.8
1724.3
225. DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1947 .
1948
1949 . ...
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 . ...
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
AVERAGE
165.8
178.7
187.5
200.8
219.3
229.8
247.3
253.5
264.4
284 .4
302.0
310.5
329.6
345.7
354 .3
377.5
163.7
186.1
186.8
200.2
224 .2
232.6
251.5
253.0
270.7
288 .8
305.8
312.6
336.7
349.7
359.7
382.8
170.9
192.7
186.5
207.6
226 .0
238.9
251.9
255.5
276.8
292.7
310.1
320.1
337.1
350.8
365.2
385.8
173.2
192.6
188.0
213.2
229.2
243.9
252.1
260 .6
281.2
299.0
310.3
325.2
341.1
351.2
372.4
389.5
168.4
187.4
187.1
205 .5
224.8
236.4
250.7
255.7
273.4
291.3
306.9
317.1
336.1
349.4
362.9
383.9
394.5
422.5
455.0
498.6
532.0
572.2
608.7
663.0
723.8
775.0
866.6
949.5
1025.4
1152.2
1250.1
1395.0
398.9
435.1
464.1
504.7
539.8
586.3
621.8
683.2
740 .2
787.0
890.9
973.1
1095.1
1170.2
1286.0
1437.3
405.0
442.2
479.2
514.8
548.6
592.3
639.7
696.2
748.1
806.2
911.4
999.7
1100.3
1193.1
1323.2
1476.5
412.7
448.3
490.2
523.5
557.7
601.9
651.5
701.4
759.1
837.0
937.7
1016.2
1125.8
1222.6
1361.2
1524.8
402.8
437.0
472.2
510.4
544.5
588.1
630.4
685.9
742.8
801.3
901.7
984.6
1086.7
1184.5
1305.1
1458.4
227. PER CAPITA DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS
(ANNUAL RATE, DOLLARS)
AVERAGE
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
321.7
324 .5
335.9
360.6
364.7
373 .8
394.1
98.4
13.7
39.7
51.3
50.4
72.6
85.5
90 .6
516.4
314.6
334 .2
335.9
358.3
372.5
377.9
399.7
396.4
422.6
443.1
454.0
453.2
480.0
488.4
497 .6
521.1
321.7
341.0
336.0
361.3
374.2
385.9
398.3
402.9
429.6
445.4
456.2
463.0
476.8
488.2
502.8
523.7
317.5
342.5
337.3
367.3
374.2
389.9
398.6
410.7
436.6
451.0
454.8
469.5
480.7
486.3
511.9
526.1
318.8
335.5
336.1
361.9
371.6
382.1
397.5
4021
425.9
444 .9
453.9
459.0
477.4
487.3
500.6
521.6
1947
1948
1949
1950
1951
1952
1953
1954 .
1955
1956
1957
1958
1959
I960
1961
1962
2,247
2,226
2,265
2,390
2,378
2,396
2,484
2,469
2,519
2,630
2,651
2,602
2 ,684
2,702
2,686
2,783
2,188
2,284
2,256
2,367
2,420
2,412
2,510
2,446
2,562
2,639
2,656
2,608
2,716
2,708
2,714
2,799
2,227
2,320
2 247
2,376
2,419
2,453
2,490
2,475
2,593
2,641
2,657
2,653
2,686
2,696
2,731
2,802
2,188
2,319
2,246
2,405
2,408
2,467
2,480
2,511
2,622
2,661
2,637
2,678
2,696
2,673
2,769
2,803
2,212
2, 88
2, 53
2, 86
2, 08
2, 34
2, 91
2 , 76
2, 77
2,643
2,650
2,636
2,696
2,697
2,725
2,796
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
530.6
559.7
595.5
636.2
661.6
686.3
701.8
727.4
761.4
783.7
845.1
846.7
829.8
883.1
908.0
956.6
535.5
575.8
603.4
639 .0
667.5
696.6
707.2
742.6
769.9
790.7
852.7
843.1
874.1
887.7
921.5
966.1
541.1
583.0
620.1
646.4
672.5
697.0
718.8
750.1
769.9
803.7
858.2
843.0
863.1
893.4
936.3
976.2
549.1
589.7
631.3
652.6
677.7
700.7
723.0
745.6
775.9
827.1
862.1
835.1
871.7
903.3
951.8
991.5
539.2
577.3
612.4
643.6
669 .8
695.2
712.3
741.6
769.0
801.3
854.7
842.0
859.7
891.8
929 .5
972.6
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
2,818
2,931
3,078
3,250
3,342
3,432
3,475
3,564
3,690
3,763
4,027
4,006
3,898
4,115
4 ,200
4,390
2,835
3,006
3.110
3,256
3,363
3,475
3,494
3,629
3,723
3,790
4,056
3,982
4,098
4,130
4,255
4,426
2,854
3,033
3,186
3,283
3,379
3,468
3,541
3,656
3,713
3,844
4,074
3,974
4,037
4,148
4,313
4,462
2,884
3,056
3,233
3,304
3,396
3,477
3,551
3,623
3,732
3,948
4,085
3,929
4,069
4,185
4,375
4,522
2,849
3,009
3,152
3,274
3,371
3,464
3,515
3,619
3,714
3,837
4 ,062
3,973
4,025
4,144
4,285
4 ,449
NOTE: These series contain revisions beginning with 1976.
(OCTOBER 1979)
99
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
Annual
1 Q
IIQ
II! Q
IV Q
230. PERSONAL CONSUMPTION EXPENDITURES, TOTAL, IN CURRENT
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
156.0
170.3
176.6
182.9
208.3
211.1
228.3
231.9
246.8
261.4
276.1
284 .0
303.5
319.8
328.5
347.5
159.9
174.0
178.2
186.8
203.8
215.1
229.9
234.3
251.9
263.9
278.3
286.8
309.1
325.9
333.1
353.0
163.5
176.9
177.6
200.4
206.2
217.2
230.5
236.4
256.0
266.8
282.8
291.7
314.2
326.0
335.7
357.0
167.6
177.8
180.1
197 .8
209.9
225.0
230.0
240.8
260.0
271.9
284 .4
295.4
316.2
328.0
342.7
363.4
161.7
174.7
178.1
192.0
207.1
217.1
229.7
235.8
253.7
266.0
280.4
289.5
310.8
324.9
335.0
355.2
1963
1964
1965
1966
1967
1968
1969
1970. .
1971. ...
1972
1973
1974
1975
1976
1977
1978
1979
367.2
390.5
417.7
455.9
478.6
517.6
563.8
606.4
648.6
705.9
787.2
854.0
935.7
1053.3
1169.1
1287.2
371.2
397.8
424.1
460.3
487.6
528.5
574.1
615.2
662.9
724 .7
801.0
879.2
964.9
1073.7
1190.5
1331.2
377.8
405.7
432.7
469.1
494.2
544.5
584.5
625.1
674.1
739.7
818.2
909.0
994.0
1100.5
1220.6
1369.3
382.1
407.5
446.1
473.9
501.1
553.1
596.4
628 .4
687.1
761.8
833.1
916.2
1021.6
1132.0
1259.7
1415.4
374.6
400.4
430.2
464.8
490.4
535.9
579.7
618 .8
668.2
733.0
809 .9
889.6
979.1
1089 .9
1210.0
1350.8
232. PERSONAL CONSUMPTION EXPENDITURES, DURABLE GOODS, IN
CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS)
1963
1964
1965
1966
1967
1968
1969 .
1970
1971
1972
1973. ...
1974
1975
1976
1977
1978
1979
19.4
22.0
22.8
27.7
33.8
28.9
32.9
31.2
36.2
37.6
40.0
36 .8
41.2
43.0
39.7
45.0
20.0
22.4
24.8
28.1
28.9
29.0
32.8
31.8
38.6
37.6
39.5
36.0
43.0
43.9
40.7
46.3
20.3
23.7
25.8
35.6
28.3
27.3
32.5
31.3
40 .3
37.3
39.1
36.7
43.9
43.4
41.9
46.8
22.0
23.3
26.8
31.5
28.3
31.4
31.9
33.0
39.4
38.9
38 .8
38.0
41.6
42.2
44 .0
48.8
49.8
55.0
61.4
68 .4
66.9
76.5
84.8
84.8
92.8
106.0
125.7
119.5
122.7
152.9
174.3
185.3
51.1
56.3
61.3
65.7
70.2
78.1
85.3
86.2
95.9
109.2
124.6
122.1
128.1
155.6
175.7
200.3
51.9
58.1
63.1
68.2
70.3
82.3
85.5
86.7
97.7
112.2
123.5
127.7
136.3
158.3
178.9
203.5
52.9
56.0
65.3
68 .4
71.2
83.1
86.2
82.1
102.0
117.6
121.1
118.7
143.5
162.9
186.4
212.1
235. PERSONAL CONSUMPTION EXPENDITURES, TOTAL, AS PERCENT
OF GNP
(PERCENT)
Annual
1 Q
1947 ....
1948. .
1949 . ...
1950
1951
1952
1953
1954
1955
1956.
1957
1958
1959 . ...
1960
1961
1962 .
1947
1946
1949
1950.
1951
1952 .
1 953 ....
1954
1955
1956
1957
1958
1959
I960
1961
1962
Year
20.4
22.9
25.0
30.8
29.8
29.1
32.5
31.8
38.6
37.9
39 . 3
36.8
42.4
43.1
41.6
46.7
51.4
56.3
62.8
67.7
69.6
80.0
85.5
84 .9
97.1
111.2
123.7
122.0
132.6
157.4
178.8
200.3
AVERAGE
III Q
IV Q
231. PERSONAL CONSUMPTION EXPENDITURES, TOTAL, IN 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1947
1948
1949
1950
1951
1952
1953
1 954 ....
1955 . .
1956
1957
1958
1959
1960
1961
1962
302.7
309.3
316.5
328.3
346.5
343.5
363.7
364.4
386.2
404.1
412.6
411.9
435.1
449.2
454.8
475.3
307.3
312.5
320.5
334.3
338.5
349.5
365.3
367.1
393.2
404.8
413.2
415.7
440.8
455.1
460 .8
480.7
307 .6
313.1
320.0
348.9
341 .4
351.0
364.4
372.7
397.4
406.0
416.1
421.8
444 .4
453 .6
462.2
484 .6
307.2
316.1
323.1
340.8
342.8
359 .6
363.5
379.5
403.6
410.2
416.9
426.5
445.6
454.1
471.1
490.8
306.2
312.8
320.0
338.1
342.3
350.9
364.2
370.9
395.1
406.3
414.7
419.0
441.5
453.0
462.2
482.9
1963
1964
1965
1966
1967.
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
493.9
517.4
546.7
581.7
595.1
620.8
649.9
665.4
682.3
713.7
767.7
761.6
757.2
807.3
849.2
882.7
498 .3
526.4
551.4
582.8
602.9
628 .0
653.0
668.7
689.5
728.1
766.8
761.7
770.2
814.5
853.1
894.8
504.8
535.0
559.8
589 .0
605.8
640.8
656 .8
673.6
693 .6
737.5
770.4
766 .6
779.7
824 .0
863.7
905.3
508.4
536.0
574.5
590.8
608 .8
644.0
661.9
668 .0
702.3
752.8
765.9
752.9
791.1
836.4
880.9
920.3
501.4
528.7
558.1
586.1
603.2
633.4
655.4
668.9
691.9
733 .0
767.7
760.7
774.6
820.6
861.7
900.8
233.
AVERAGE
II Q
PERSONAL CONSUMPTION EXPENDITURES, DURABLE GOODS, IN
1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1947
1948
1949
1950
1951 . ...
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
29.4
32.7
33.0
39.6
45.2
38.4
43.2
41.9
49 .2
50 .4
51.0
46.1
50 .6
52.2
48.6
53.9
29 .9
32.7
36.3
40.0
38.9
39.3
42.7
42.5
52.4
49 .9
49 .8
45.6
52.5
53.4
49.3
55.2
30.3
33.5
37.5
49.9
37.9
36.8
42.7
43.5
53.9
49.2
49.0
46.2
53.3
52.9
50.4
55.7
32.7
33.5
38.3
44.2
37.8
41.4
43.5
46.1
53.3
49.8
49.0
47 .8
50.8
51.5
52.8
58.1
30.6
33.1
36.3
43.4
39.9
38.9
43.1
43.5
52.2
49.8
49.7
46.4
51.8
52.5
50.3
55.7
1963
1964
1965
1966 .
1967 . ...
1968
1969
1 970 .....
1971
1972
1973. ...
1974
1975
1976
1977
1978
1979 .
59.2
64.1
71.4
80.4
77.5
85.2
92.2
89.7
93.6
106.4
124.9
115.4
106.4
125.5
135.8
139.3
60.4
65.6
71.4
76.9
80.9
86.6
92.0
90.7
96.5
109.2
123.0
114 .8
109 .4
126.0
136.6
147.8
61.1
67 .6
73.9
79.4
80.1
90.5
91.6
90.7
98 .7
111.8
121.2
115.6
115 .2
126.5
138 .2
147.5
62.0
65.4
76.9
79.1
80.2
90.7
91.7
84.5
103.7
117.6
118.1
104 .3
119 .7
128.5
142.4
152.1
60.7
65.7
73.4
79.0
79.7
88.2
91.9
88.9
98.1
111.2
121.8
112 .5
112 .7
126.6
138.2
146.7
236. PERSONAL CONSUMPTION EXPENDITURES, NONDURABLE GOODS,
IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 . . .
I960
1961
1962
69.4
68 .2
67.9
68.4
65.1
61.9
62.5
64.1
63.7
63.5
62.9
65.2
63.8
63.1
64.8
62.8
69.8
67.7
69.4
67.5
62.2
63.0
62.3
64.8
63.7
63.2
63.1
65.2
63.1
64.3
64.3
62.8
70.1
67 .0
68 .7
68.0
61.7
62.6
62.7
64.6
63.4
63.2
63.1
64.4
64.6
64.4
63.7
62.9
68 .8
67.0
70.2
64.7
62.0
62.6
63.4
64 .2
63.4
63.1
64 .2
63.3
64.1
65.0
63.4
63.5
69.5
67.5
69 .0
67.2
62.8
62.5
62.7
64 .4
63.6
63.2
63.3
64.5
63.9
64.2
64 .0
63.0
1947
1948
1949 . .
1950
1951
1952
1953
1954 . ...
1955
1956
1957 .
1958 . ...
1959 .
I960 . .
1961
87.7
95.1
96.3
94 .8
107.6
110.8
117.0
117.1
120.5
127.2
132.5
137.6
144 .3
148.8
153.9
159.3
90.1
97.0
95.3
96.3
107.1
113.0
116.9
117.1
122.2
128.1
133.9
138.9
145.6
131.8
154.7
160.6
92.1
97.0
93.5
100 .9
109.0
115.0
116.2
118.1
123.3
129.4
137.2
140.8
147.1
151.4
155.2
162.2
93.6
97.3
94.3
100.9
111.4
116.9
116.0
119.5
125.7
130.8
136.9
141.9
148.7
152.5
157.4
164.1
90.9
96.6
94.9
98.2
108.8
113.9
116.5
118.0
122.9
128.9
135.2
139.8
146 .4
151.1
155.3
161.6
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
63.3
62.7
62.8
62.1
61.6
61.8
61.8
62.9
62.7
62.6
62.2
62.4
64.3
63.7
64.2
64.0
63.1
62.9
62.5
61.6
62.1
61.3
61.8
63.0
62.8
62.7
62.2
62.8
64.4
63.8
63.5
63.3
62.9
63.2
62.2
61.8
61.5
61.9
61.7
63.0
62.9
62.6
62.1
63.6
63.6
64.1
63.2
63.4
62.6
63.1
62.5
61.4
61.2
61.8
62.6
63.1
63.0
62.5
61.5
63.1
63.9
64.5
63.9
63.3
63.0
63.0
62.5
61.7
61.6
61.7
62.0
63.0
62.8
62.6
62.0
63.0
64.0
64.0
63.7
63.5
1963
1964. ...
1965
1966
1967
1968
1969 . . .
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
165.2
172.7
182.6
200.5
209.6
223.0
240.8
259.0
272.4
287.6
321.4
360.6
393.7
431.2
467.7
505.9
165.9
175.7
186.0
203.9
211.2
227.6
244.9
262.4
276.7
296.4
327.6
372.1
405.5
438.2
475.5
521 .8
168.3
179.1
189.5
206.8
213.4
233.9
249.0
266.4
278.9
302.2
338.1
383.9
415.0
448.2
483.0
536.7
168.8
180.1
196.5
207.4
216.2
237.0
253.4
271.2
282.7
311.2
348.1
388.5
421.4
458.1
499.2
558.1
167.1
176.9
188.6
204.7
212.6
230.4
247.0
264.7
277.7
299.3
333.8
376.3
408.9
443.9
481.3
530.6
NOTE:
These series contain revisions beginning with 1976.
100
(OCTOBER 1979)
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
1 Q
II Q
III Q
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965 .
1966
1967.
1968
1969
1970
1971
1972.
1973
1974
1975
1976
1977
1978 .
1979 .
...
...
...
AVERAGE
49.9
54.6
58.1
62.3
67.9
73.1
80.2
85.3
91.1
98.1
104.9
111.9
120.5
130.2
137.6
146.1
51.1
56.2
8.3
3.9
9 .0
4.9
1.8
87.0
92.4
100.1
106.5
114.2
123.2
131.2
138.6
148 .0
52.0
57.2
59.0
65.4
70.1
76.7
82.1
88.3
94.9
102.1
108.7
115.5
125.9
133.3
141.4
150.5
50.4
55.3
58.2
63.0
68.5
74.0
80.6
86.0
92.1
99.2
105.9
112.8
121.9
130.7
138 .1
147.0
1947
1948 . ...
1949. . .
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
152.1
162.9
173.7
187.0
154.1
165.7
176 .9
190.6
202.2
206.2
157.7
168.5
180.1
194.1
210.5
160.4
171.4
184.3
198.0
213.7
156.1
167.1
178.7
192.4
208 .1
222 .8
228.3
249 .9
272.1
297 .5
233.0
256.8
225.6
247.2
262.6
283.4
243.9
266.6
290.3
275.1
269.1
312.3
340.1
319.1
348 .8
325.3
293.4
322.4
352.3
374.0
385.0
419.3
469 .2
527.1
431.3
479.9
539.3
397.4
442.7
494.0
558.7
302.4
333.0
363.8
408.9
456.7
596.0
609 .1
629.1
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
356 .6
511.0
574.1
645.1
239. PERSONAL CONSUMPTION EXPENDITURES, SERVICES, IN 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
391.3
437.5
488.5
549 .8
619.8
AVERAGE
I960
1961
1962
...
121.6
124.2
126.8
132.6
137.0
139.9
146.0
149.6
156.4
163.8
169.6
175.2
183.7
192.2
199.8
121.0
125.5
126.1
134.5
137.5
141.4
146.5
152.0
157.6
165.7
170.3
177.4
185.6
192.6
200.1
120.4
126.2
126.3
135 .6
137.4
143.3
145.2
153.3
160.5
167.9
172.2
178.1
188 .0
194 .4
120.8
124.6
126 .4
132.8
137.1
140.8
145.5
150.4
157.5
164.9
170 .2
175.8
184.7
192.3
1947 .
1948
1949
1950
1951
1952 .
1953 . ...
1954
1955
1956
1957
1958
1959
203.6
205.0
208.2
209.6
212.0
200.0
208.7
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 .
213.2
225.1
236.1
215.5
219 .6
2313
241.9
222.2
217.6
233 .9
239.1
229.7
240.7
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978 . ...
1979
247.8
259.3
269.7
282.6
295.4
302.7
316.3
331.9
341.1
348.8
366.2
384.5
406.1
250.5
262.6
273.0
285.2
252.5
266 .2
277.1
280.1
292.3
369.1
386 .9
288.4
299.3
307.5
324.2
338.7
345.6
357.0
374.2
393.3
380.4
398.5
355.3
372.5
390.8
407.6
413.1
416.3
410.8
296 .7
305.5
320.4
336.0
343.2
353.4
297 .7
309.6
328.8
339.7
347.4
361.9
241. GROSS PRIVATE DOMESTIC INVESTMENT, TOTAL, IN 1972
DOLLARS
(ANNUAL RATC , BILLIONS OF DOLLARS)
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964 .
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
NOTE:
251.6
264.0
275.0
287.2
297.3
306.3
322.4
336.5
344 .3
AVERAGE
I960
66 .6
83.0
61.8
90.0
100.3
77.6
89 .3
80.0
104.1
1U2.9
98.2
81.1
114.6
106.7
101.2
119.1
66.7
83.5
66.0
96 .2
94.0
80.8
86.2
84.2
106.1
102.5
100.1
88 .4
102.3
101.8
107.9
119.1
77.5
81.4
63.0
109 .0
85.5
87.8
78.8
90.0
108.0
102.0
91.9
98.3
109.6
94.7
111.3
114.8
70.1
82.3
65.6
93.7
94.1
83.2
85.6
83.4
104.1
102.9
97.2
87.7
107.4
105.4
103.6
117.4
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
118.3
130.1
146.7
161.0
150.9
155.1
168.9
154.7
162.2
179.1
122.9
131.9
148.5
164.0
147.1
160.6
170.6
154.8
168.4
186.2
127.8
132.2
152.5
160.1
153.3
159.9
171.6
156.7
167.0
190.2
124.5
132.1
150.1
161.3
152.7
159.5
168.0
154.7
166.8
188.3
204.6
207.4
204.9
197.4
134.6
169.9
191.0
189.8
133.3
173.8
199.6
216.8
176.6
153.7
174.2
129.2
134.3
152.6
160.2
159.4
162.6
161.1
152.7
169.7
197.6
211.8
170.6
148 .9
175.7
206.7
203.0
214.0
217.4
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
209.0
These series contain revisions beginning with 1976.
183.6
142.6
173.4
200.1
214.3
154.1
156 .4
158 .4
161.0
167.7
174.9
174.9
180 .0
189.8
192.5
195.7
I960
1961
1962
AVERAGE
154.8
155.0
157.4
161.8
165.3
171.2
175.7
177.0
185.4
191.6
194.9
196.8
155.8
155.6
157.5
161.7
162.7
170.3
176 .6
175.0
184.4
191.1
193.9
194.9
156.3
154.1
156.3
164 .4
166 .0
172.8
175.2
177.2
185.9
191.2
196.7
198.3
203.2
207.2
209.6
204.6
209.5
205.5
200.6
206.8
208.1
211.7
219.3
208 .1
214.8
220 .8
224.1
236.1
244.1
224 .2
223 .0
236.7
257.2
259.5
273.2
255.9
233.3
244.0
255.5
260 .8
259 .5
273.2
277.9
285.8
270.2
276.4
282.7
287.5
299.3
309.3
303.9
306.6
'21.5
228.2
239.3
253.5
258.3
266.0
275.1
280.3
286.0
291.1
310.9
305.0
302.0
211.6
217 .3
222.3
232.2
240.9
255.4
259.4
268.4
275.8
281.2
287.5
298.5
307.8
303.8
307.5
276 .8
283.5
287.4
251.8
289 .0
301.4
310.6
306.4
308.0
301.2
309 .5
315.6
328 .9
319.4
305.3
307.5
323.3
329.6
332.1
327.6
340.0
337.3
339 .4
344.7
351 .9
205.0
208.2
211.9
218 .5
321.5
332.7
343.3
AVERAGE
32.7
43.3
39.3
43.6
60.7
54.1
54.8
49.5
63.5
70.8
69.8
57.8
74.2
86 .8
66 .8
84 .6
31.6
46.1
32.7
50.5
63.9
47.5
56.1
50.4
67.9
70.4
69.8
56.5
83.2
77.7
72.7
86.2
31.8
47.9
35.7
55.4
58.7
51.1
54.2
53.1
70.1
71.3
71.8
62.5
73.6
73.5
77.7
86.4
39.7
46.1
33.4
65 .6
53.4
55.7
48.2
57.8
72.0
71.6
65.4
70.4
79.2
67.7
80.1
83.6
86.0
94.0
109.2
121.8
118.6
125.1
144.0
138.6
152.7
176.7
210.6
217 .3
177.7
88.9
96.4
110.1
126 .7
115.5
131.9
147.2
140.3
160.8
184.9
218.0
219 .9
175.2
241.9
92.3
97.4
114.3
123.
121.
132
150.
143.
161.0
191.0
93.6
98 .6
114.5
125.7
127.5
136.8
143.2
141.0
165.4
220.0
210.7
231.5
210.4
206.8
246.0
203.9
250.7
300.0
352.3
315.7
316.9
243.0
303.3
356.2
370.5
351.5
233.5
280.4
327 .0
200.5
242. GROSS PRIVATE DOMESTIC FIXED INVESTMENT, TOTAL, IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
69.7
81.2
71.5
79 .8
96 .8
86.6
87.9
79.4
98.0
104.2
98.7
83.2
103.3
118.5
93.9
116 .7
207.2
IVQ
240. GROSS PRIVATE DOMESTIC INVESTMENT, TOTAL, IN CURRENT
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
120.3
122.6
126.3
128.6
136.6
138.6
144.3
146.7
155.6
162.1
168.5
172.4
181.3
189.8
196.6
245.9
255.7
267.8
III Q
153.0
154.0
157.2
160.1
164.7
166.5
176 .1
175.8
181.4
191.6
193.1
193.4
216.5
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
228.5
II Q
238. PERSONAL CONSUMPTION EXPENDITURES, NONDURABLE GOODS,
IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
48 .8
53.2
57.5
60 .3
66 .9
71.5
78 .4
83.6
90.1
96.5
103.6
109.6
118.0
128.0
135.0
143.2
238 .2
...
1 Q
IV Q
237. PERSONAL CONSUMPTION EXPENDITURES, SERVICES, IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
Annual
Year
Annual
Year
34.0
45.9
3 5. 3
53.8
52.1
53.3
52.7
68 .4
71.0
69.2
61.9
77 .6
76.4
74.3
85.2
90.2
96.6
112 0
124.5
120.8
131.5
146 2
140.8
160.0
188.3
220.0
214.6
190.9
AVERAGE
32.3
40.0
39.3
41.2
50.2
48.9
52.4
52.1
58.9
64 .8
67.8
63.2
70.2
75.5
69.8
76.3
32.6
41.0
38.0
45.8
48 .7
49.9
53.0
53.1
61.9
66.1
67.5
61.6
72.8
73.4
71.1
79.1
34.5
41.8
37.4
50.6
48.3
46 .8
53.5
55.3
64 .0
67.2
68.6
62.4
73.6
71.2
72.6
80.0
38.3
41.8
38.6
50.6
48.3
50 .3
52.8
56.6
64.9
67.3
67.6
66 .3
72.7
70.7
75.1
79.4
34 .4
41 .1
38 .4
47.0
48 .9
49.0
52.9
54.3
62.4
66 .3
67.9
63.4
72.3
72.7
72.1
78.7
80 .1
89.4
98.1
110.3
106.3
119.8
135.3
136.0
145.2
171.9
198.8
83.6
«9.9
101.2
111.4
109.4
121.4
136.5
136.2
151.2
174.8
85.1
91.3
103 .8
110.7
111.5
124.3
138.6
137.5
156.2
178.8
88.1
92.6
106.9
108 2
115.8
129.8
137.0
138.4
161.9
189.7
204.6
203.6
202.6
207.0
208 .4
198.0
197.5
202.3
220.3
227.4
277.5
235.1
326 .5
336.1
202.5
203.6
208.8
249.0
298.5
349.8
84 .2
9u .8
102.5
110.2
110.7
123.8
136.8
137.0
153.6
178.8
202.1
261.1
304.1
288.2
205.7
201.6
233.0
281.3
329.1
(OCTOBER 1 9 7 9 )
101
C. Historical Data for Selected Series—Continued
Quarterly
Quarterly
Year
Annual
II Q
1 Q
III Q
Year
Annual
II Q
1 Q
IV Q
510. STATE AND LOCAL GOVERNMENT SURPLUS OR DEFICIT, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
1.3
0.4
-0.1
-1.4
0.0
0 3
-0.4
-0.6
-1.6
-1.0
-0.7
-2.5
1 7
0.2
-0.8
0.1
1.3
0.2
-0.8
-1.7
-0.6
0 6
1.0
-1.0
-1.6
-0.9
-1.3
-2.4
-1.6
0.2
-0.1
0.5
0.8
0.0
0 8
-0.8
-0.8
0.4
0.2
-1.4
-0.9
-0.7
-1.4
-2.9
0.7
0.0
0.1
0.6
0.8
0.1
-1.1
-0.9
-0.3
0.4
-0.1
-1.3
0 9
-0.9
-2.0
-1.7
0.9
-0.1
-0.7
0.7
1.0
0.1
-0.7
-1.2
-0.4
0.0
0.1
-1.1
1 3
-0.9
-1.4
-2.4
-0.4
0.1
0.4
0.5
1947
1948
1949
1950
1951
1952 .
1953
1954
1955
1956
1957
1958
1959 .
1963
1964
1965 . ...
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 . . .
1978
1979
0.2
0.9
0.9
0.6
-1.4
0 2
0.7
4.3
1.6
6.6
16.1
9.5
3.4
12.2
24.2
30.2
0.5
0.6
0.4
0.9
-2.5
0.4
1.0
3.9
3.2
16.3
13.9
8.8
5.5
15.2
24.2
29.6
0.6
1.3
-0.8
1.1
-0.6
0.9
2.8
2.4
4.2
10.3
11.7
7.7
7.7
18.5
30.1
22.7
0.5
1.2
-0.6
-0.5
0.3
0.2
4.0
0 .5
5.6
21.8
10.3
4.2
8.2
25.9
28.8
27.1
0.5
1.0
0.0
0.5
1.1
0.3
2.1
2.8
3.7
13.7
13.0
7.6
6.2
17.9
26 .8
27.4
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973 ....
1974
1975
1976
1977
1978
1979
AVERAGE
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957 .
1958 . ...
1959
I960
1961
1962
13.3
16.5
18.9
21.8
23.2
24.8
26.8
29.0
32.2
34.7
38.5
42.6
46.7
48.1
53.2
57.0
13.9
17.2
19 .8
22.7
23.7
25.7
26 .8
29.7
32.8
35.5
39.4
43.7
47.0
49.5
53.4
57.5
14.9
18.0
20.7
22.6
24.2
25.4
27.5
30.7
33.1
36.2
40.2
44.9
47.0
50.5
54.4
58.3
15.5
18.3
21.1
22.9
24.4
26.0
28.0
31.1
33.6
37.0
41.3
46 .0
46.9
51.2
56 .4
59.3
14.4
17.6
20.2
22.5
23.9
25.5
27.3
30.2
32.9
35.9
39.8
44.3
46 .9
49.8
54.4
58 .0
1963
1964
1965
1966
1967
1968 . ...
1969 . ...
1970
1971
1972
1973
1974
1975
1976 . ...
1977
1978
1979
60.8
66.3
71.7
80.5
91.5
102.6
113.6
125.6
143.9
158.9
174.6
192.3
220.7
245.6
261.3
288.8
61.7
68.2
73.8
82.9
93.5
105.8
116.6
129.5
147.9
160.8
178.2
199.3
227.6
248 .4
269.5
301.0
63.5
69.2
76.7
85.2
95.3
107.9
118.6
134.6
150.1
165.3
1B2.3
206.5
234.4
251.5
275.1
309.1
65.1
70.3
78.3
88.7
98.3
111.4
121.4
139.0
153.8
169.7
186.9
213.1
239.9
254.8
281.9
315.5
62.8
68.5
75.1
84.3
94.7
106.9
117.6
132.2
148.9
163.7
180.5
565. NATIONAL DEFENSE PURCHASES AS A PERCENT OF GROSS
NATIONAL PRODUCT
(PERCENT)
202.8
230.6
250.1
271.9
303.6
AVERAGE 1
1947
1948
1949
1950
1951
1952 . ...
1953
1954
1955 . ...
1956
1957
...
1958
1959
I960
1961
1962
4.2
3.9
4.9
4.6
7.5
12.4
13.4
12.2
10.0
9.3
9.9
10.2
9.7
8.7
9.1
9.2
3.9
4.0
5.2
4 .5
9.2
13.4
13.4
11.6
9.6
9.7
10.0
10.3
9.3
8.6
9.0
9.1
3.7
4.0
5.3
4.8
11.3
13.5
13.1
10.9
9.7
9.5
10.0
10.1
9.4
8.9
8.9
9.0
3.8
4.5
5.1
5.5
12.4
13.5
13.1
10.2
9.3
9.7
10.0
10.0
9.1
9.0
9.0
8.9
3.9
4.1
5.1
4 .9
10.1
13.2
13.3
11.2
9.6
9.6
9.9
10.2
9.4
8.8
9.0
9.1
1963
1964 . ...
1965 . ...
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
8.7
8.0
7.1
7.5
8.9
9.1
8.2
7.9
7.0
6.6
5.9
5.4
5.6
5.2
5.0
4.9
8.6
7.8
7.1
7.8
9.0
9.0
8.1
7.5
6.6
6.4
5.7
5.4
5.5
5.1
5.0
4.7
8.4
7.6
7.1
8.3
9.0
8.7
8.1
7.3
6.4
6.1
5.5
5.4
5.4
5.0
4.9
4.6
8.2
7.4
7.4
8.4
9.0
8.7
8.1
7.3
6.4
6.0
5.5
5.5
5.4
5.0
4.9
4.5
8.5
7.7
7 .2
8.0
9.0
8.9
8.2
7.5
6.6
6.3
5.6
5.4
5.5
5.1
4.9
4.7
I960
1961 .
1962
102
AVERAGE
14.6
16.9
18.8
20.5
23.1
24.5
26.3
28.4
30.5
33.7
37.7
40.1
45.0
48.3
52.5
57.1
15.2
17.5
19.0
21.0
23.1
25.0
27.8
28.7
31.2
34.6
38.1
41.3
45.3
49.6
53.3
58.0
15.7
18.0
19.9
21.8
23.4
25.8
27.7
29.3
32.2
35.5
38.8
42.0
47.7
50.5
54.5
58.9
16.3
18.4
20.0
22.0
24.1
26.4
27.9
29.8
32.8
36.2
39.3
44 .4
47.8
51.1
55.7
60.0
15.4
17.7
19.5
21.3
23.4
25.4
27.4
29 .0
31.7
35.0
38.5
42.0
46.4
49.9
54.0
58.5
61.0
67.2
72.6
81.0
90.1
102.4
114.3
129.9
145.5
165.5
190.7
201 .8
224 .1
257.8
285.4
319.0
62.3
68.8
74.2
83.8
91.0
106.1
117.6
133.3
151.1
177.2
192.0
208.1
233.1
263.6
293.7
330.5
64.1
70.5
75.9
86.3
94.7
108.8
121.4
137.0
154.4
175.5
194.0
214.2
242.1
269.9
305.2
331.8
65.6
71.6
77.7
88.2
98.6
111.6
125.4
139.5
159.4
191.5
197.2
217.3
248.1
280.7
310.7
342.6
63.2
69.5
75.1
84.8
93.6
107.2
119.7
134.9
152.6
117.4
193.5
210.4
236.9
268.0
298.8
331.0
564. FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES
FOR NATIONAL DEFENSE
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948 ....
1 949 ....
1950
1951
1952
1^53
1954
1955
1956
1957 .
1958
1959
1961
1962
1963
1964
1965 ....
1966 . . .
1967
1968
1969
1970
1971 ....
1972 ....
1973
1974
1975
1976
1977
1978
1979
8.9
10.3
13.4
12.5
30.3
45.6
49.5
41.9
38.1
40.3
43.9
45.4
45.5
43.8
46.7
51.3
8.6
10.6
13.6
14.1
37.7
46.9
48.3
39.8
39.1
40.2
44.6
45.9
45.6
44.8
46.8
51.1
9.3
12.0
13.1
16.9
42.0
48.5
47.5
38.4
38.0
41.9
44.3
46.5
45.1
45.3
48.5
50.9
9 .0
10.7
13.2
14.0
33.5
45.8
48.6
41.1
38.4
40.2
44.0
45.6
45.6
44.5
47.0
51.1
50.2
49 .8
47.1
55.1
69.4
76.1
75.3
75.8
72.0
74.7
74.1
74.6
81.4
85.7
91.6
97.6
50.5
49.5
48.3
58.4
70.4
77.2
75.6
72.9
70.1
74.4
73.1
75.8
82.8
85.3
93.1
98.2
50.2
48.9
49.3
62.7
72.5
76.7
77.1
72.7
68.9
71.7
72.5
77.9
84.2
86.2
93.9
99.0
50.3
47.9
53.1
65.0
73.5
77.4
77.0
72.7
70.0
73.3
74.4
79.6
86 .4
88.6
96.4
101.2
50.3
49.0
49.4
60.3
71.5
76.9
76.3
73.5
70.2
73.5
73.5
77.0
83.7
86.4
93.7
99.0
960. DIFFUSION INDEX OF NET PROFITS, MANUFACTURING,
ABOUT 700 COMPANIES 2 ® (PERCENT RISING OVER 1-Q SPANS)
1947
1948
1949
1950
1951
1952
1953 .
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967 ....
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
AVERAGE
9.4
9.8
12.7
12.4
24 .0
42.4
49.1
44.3
38.6
38.3
43.3
44.5
46.1
43.9
46.0
50 .9
AVERAGE
58
84
40
68
51
70
76
62
37
74
72
48
75
66
64
72
50
58
52
76
71
61
44
80
62
54
74
68
*50
79
50
60
52
65
76
65
*50
76
56
63
72
38
80
52
64
51
63
79
68
47
62
72
52
70
69
72
79
84
80
64
68
68
52
64
78
77
73
59
74
72
7«
70
78
84
79
70
72
65
52
68
82
76
64
65
76
78
78
76
79
82
68
70
70
60
62
76
78
76
52
76
72
74
80
79
81
83
66
72
76
55
62
77
80
76
52
77
76
78
74
79
83
73
69
72
62
57
71
80
76
60
69
74
76
38
80
58
52
54
52
77
70
NOTE: Unless otherwise noted, these series contain revisions beginning with 1976.
'Annual figures are computed from annual data for series 200 and 564. 2 This series is shown in this appendix for the first time.
IV Q
511. STATE AND LOCAL GOVERNMENT RECEIPTS, NIPA
ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1947
1948
1949
1950
1951 .
1952
1953 . ...
1954
1955
1956
1957
1958
1959
I960
1961
1962
512. STATE AND LOCAL GOVERNMENT EXPENDITURES, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
III Q
*66
70
52
70
69
(OCTOBER 1979)
F. Specific Peak and Trough Dates for Selected Cyclical Indicators
Specific dates are listed under the reference cycle dates to which they correspond. Numbers in parentheses indicate leads (-) or lags (+) of specific dates in relation to reference dates.
Specific trough dates corresponding to expansions beginning inSeries
March 1975
LEADING INDICATORS
1. Average workweek, production workers, manufacturing
3. Layoff rate, manufacturing (inverted)
8. New orders for consumer goods and materials, 1972 dollars .
12. Index of net business formation
19. Stock prices, 500 common stocks
20. Contracts and orders for plant and equipment, 1972 dollars . . .
29. New building permits, private housing units
32. Vendor performance, companies reporting slower deliveries . . .
36. Net change in inventories on hand and on order, 1972
dollars (smoothed 1 )
92. Change in sensitive prices (smoothed 1 )
104. Percent change in total liquid assets (smoothed 1 )
106. Money supply (M2) in 1972 dollars
910. Composite index of 12 leading indicators
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
47. Industrial production
51. Personal income less transfer payments, 1972 dollars
57. Manufacturing and trade sales in 1972 dollars
920. Composite index of 4 roughly coincident indicators
LAGGING INDICATORS
62. Labor cost per unit of output, manufacturing
70 Manufacturing and trade inventories 1972 dollars
72. Commercial and industrial loans outstanding
91 . Average duration of unemployment (inverted)
95. Ratio, consumer installment debt to personal income
109. Average prime rate charged by banks
930. Composite index of 6 lagging indicators
3/75
(0)
November 1970
9/70
10/70
11/70
(-2)
(-1)
February 1961
April 1958
12/60
(-2)
4/58
2/61
(0)
3/58
2/75
3/75
(-1)
1/61
(-1)
2/75
(-1)
8/70
(-3)
1/61
(-1)
4/58
4/58
12/74
12/75
(-3)
(+9)
6/70
(-5)
(-1)
10/60
10/70
1/70
(-10)
12/70
(+1)
3/75
2/75
(0)
(0)
(-1)
(0)
(0)
(-4)
12/57
3/58
(-4)
(-1)
12/60
2/58
(-2)
3/60
(-11)
12/57
2/61
4/60
(0)
(-10)
(-14)
(-9)
(-2)
1/58
1/58
(-3)
(-3)
5/58
(+1)
3/70
(-8)
(-1)
(-2)
9/70
(-2)
8/69
(-15)
2/75
2/75
(-1)
(-1)
2/70
(-9)
5/60
(-4)
12/60
4/75
3/75
3/75
3/75
3/75
9/75
12/75
7/70
(0)
(0)
(0)
(0)
11/70
11/70
NSC
11/70
11/70
(+6)
(+9)
NSC
NSC
(+1)
5/76 (+14)
1/76 (+10)
10/75
(+7)
4/77 (+25)
4/76 (+13)
7/71
(0)
(0)
2/61
2/61
1/61
2/61
(0)
(0)
(-2)
(-1)
(0)
12/61 (+10)
3/61
(+8)
6/72 (+19)
6/71 (+7)
3/72 (+16)
2/72
12/59
12/60
(0)
(0)
(+15)
(0)
(0)
(+3)
(-2)
5/61
2/75
1/75
3/75
(0)
(-1)
(+1)
NSC
October 1949
4/54
(-1)
4/49
(-6)
1/54
5/49
(-5)
3/54
9/53
(-4)
(-7)
(-2)
(-8)
6/49
7/49
(-4)
(-3)
3/54
(-2)
6/49
4/49
(-4)
(-6)
9/53
(-8)
10/53
(-4)
12/53
(-5)
1/49
3/49
(-9)
(-7)
3/58
(-1)
11/57
12/57
(-5)
11/53
11/53
12/53
NSC
11/53
(-6)
(-6)
6/49
6/49
(-4)
(-4)
4/58
4/58
4/58
4/58
(-4)
(0)
(0)
(0)
(0)
5/59 (+13)
3/58
(+4)
8/58
(+5)
11/61 (+9)
10/58
11/58
11/65 (+57)
11/61 (+9)
8/58
8/58
7/61
May 1954
(+4)
(+6)
(+7)
(+4)
(+4)
8/54
4/54
4/54
12/53
8/54
(-5)
(-6)
(+3)
(-1)
(-1)
(-5)
(+3)
NA
7/48
(-15)
6/49
(-4)
10/49
10/49
7/49
7/49
10/49
(0)
(0)
(-3)
(-3)
(0)
5/55 (+12)
(+5)
8/50
(+10)
10/54
10/54
2/50
(+4)
(+5)
12/49
5/55
(+12)
6/50
11/54
(+6)
7/55
(+14)
10/54
(+5)
(+2)
(+8)
NSC
NSC
3/50
(+5)
Specific peak dates corresponding to contractions beginning inSeries
November 1973
LEADING INDICATORS
1 . Average workweek, production workers, manufacturing
3. Layoff rate, manufacturing (inverted)
8. New orders for consumer goods and materials, 1972 dollars . . .
12. Index of net business formation
19. Stock prices, 500 common stocks
20. Contracts and orders for plant and equipment, 1972 dollars . . .
29. New building permits, private housing units
32. Vendor performance, companies reporting slower deliveries . . .
36. Net change in inventories on hand and on order, 1972
dollars (smoothed 1 )
92. Change in sensitive prices (smoothed 1 )
104. Percent change in total liquid assets (smoothed M
106. Money supply (M2) in 1972 dollars
910. Composite index of 12 leading indicators
ROUGHLY COINCIDENT INDICATORS
41 . Employees on nonagricultural payrolls
47. Industrial production
51. Personal income less transfer payments, 1972 dollars
57. Manufacturing and trade sales in 1972 dollars
920. Composite index of 4 roughly coincident indicators
LAGGING INDICATORS
62. Labor cost per unit of output, manufacturing
70. Manufacturing and trade inventories, 1972 dollars
72. Commercial and industrial loans outstanding
91. Average duration of unemployment (inverted)
95. Ratio, consumer installment debt to personal income
109. Average prime rate charged by banks
930. Composite index of 6 lagging indicators
4/73
10/73
3/73
3/73
(-7)
(-1)
(-8)
(-8)
(-10)
11/73
(0)
12/72
(-11)
1/73
December 1969
10/68 (-14)
4/69
7/69
4/69
(-8)
(-5)
(-8)
12/68 (-12)
4/69
2/69
(-10)
(-6)
6/69
(-6)
3/73
(-8)
12/68
4/74
(+5)
5/73
2/73
(-9)
7/73
2/73
(-4)
(-9)
10/74
6/74
11/73
11/73
11/73
(+11)
(+7)
(0)
(0)
(0)
3/75 (+16)
12/74 (+13)
12/74 (+13)
9/73
(-2)
2/74 (+3)
9/74 (+10)
9/74 (+10)
(-8)
(-12)
9/69
(-3)
9/68 (-15)
April 1960
5/59
5/59
2/59
3/59
7/59
3/59
(-11)
(-11)
(-14)
(-13)
(-9)
(-13)
11/58 (-17)
10/59
(-6)
(-12)
(-17)
9/56
4/57
4/56
4/59
7/59
(-9)
7/59
(-9)
1/69
5/59
(-11)
3/70
(+3)
4/60
10/69
NSC
10/69
10/69
(-2)
(-2)
(-2)
NSC
NSC
9/70
10/69
1/70
2/70
2/70
(+9)
(-2)
(+1)
(+2)
(+2)
11/55 (-21)
11/55 (-21)
7/55 (-25)
6/55 (-26)
7/56 (-13)
11/56
(-9)
2/55 (-30)
10/55 (-22)
11/58
(-10)
(-11)
2/69
August 1957
(0)
9/55
(-11)
(-23)
(-4)
(-16)
9/55 (-23)
July 1953
4/53
11/52
November 1948
(-3)
(-8)
12/47
-12/47
(-3)
6/48
4/53
9/52
(-10)
1/53
(-6)
2/53
11/52
(-5)
(-8)
7/52
(-12)
2/53
(-5)
*?A8
3/53
5/53
(-4)
(-2)
9/47
NSC
3/53
(-4)
6/53
7/53
(-1)
6/53
(-1)
(-11)
(-11)
(-5)
*l/43 (-10)
6/48
(-5)
-4/48 (-7)
10/47 (-13)
10/48
(-1)
(-4)
(-14)
NA
-1/47 (-22)
-1/48 (-10)
9/43
(-2)
7/48
(-4)
(-1)
3/57
(-5)
1/60
6/60
(-3)
(+2)
3/57
8/57
(-5)
1/60
1/60
(-3)
(-3)
2/57
2/57
(-6)
(-6)
3/53
5/53
(-4)
(-2)
2/61 (+10)
4/58
(+8)
9/57
9/57
9/57
1/58
(+1)
(+1)
(+1)
(+5)
(+4)
(+1)
3/54
9/53
(+8)
(+2)
11/48
9/60
9/49
(0)
(+10)
3/53
9/53
(+1)
(+2)
3/43
(-3)
4/54
2/54
9/53
(+9)
(+7)
(+2)
(+5)
NSC
6/60
12/60
7/60
6/60
(+2)
(+8)
(+3)
(+2)
12/57
9/57
(0)
(0)
10/48
12/48
10/48
11/48
NSC
NSC
2/49
(+1)
(-1)
(0)
(+3)
NOTE: Specific peaks and troughs mark the dates when individual series reach their cyclical turning points, whereas reference peak and trough dates indicate the cyclical turning points in
business activity as a whole. This table shows the specific peaks and troughs corresponding to post-World War II business cycles for the three composite indexes, their components, and selected
other series. The determination of specific turning points is not an entirely objective matter, and honest disagreement may exist among individual analysts. Therefore, the dates listed above should
not be interpreted as being absolute. See Measuring Business Cycles by Burns and Mitchell (NBER: 1946) for further information on dating specific peaks and troughs.
NA = Not available. This indicates that data necessary to determine a turning point are not available.
NSC = No specific cycle. This indicates that no specific turning point corresponding to the indicated reference date is discernible.
Q = Quarterly series. Leads and lags are measured from middle of quarter to reference date.
*Not necessarily the peak (trough), but the high (low) for the available data.
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
103
G. Experimental Data and Analyses
(Aug.) (Apr.)
) (May)
P
T
T
(Apr.) (Feb )
P
(Dec.) (Nov.
T
P
ITT Ml NT TMTTT TIT in£3M IN TTTTM IN IN IN
(Nov.)
P
T
III
(Mar.
T
1 1 1 1 1 1 1 1 1 Mj IM111
m
Ratio scale
220
200
Components of BCD series 26—
180
160
Unit labor cost, all persons, nonfarm business sector, Q
(index: 1967 = 100)
140
240
220
200
180
160
Implicit price deflator, gross nonfarm business product, Q
(index: 1967-100)
140
120
—' 100
Arithmetic
scale
2.1
Inventory-sales ratios in 1972 dollars (ratio)—
Manufacturing
2.0
1.9
1.8
1.7
1.4
Merchant wholesalers
1.3
1.2
1.1
Retail trade
1.5
1.4
1.3
IN I I I 1 I 1 H I I I I M l III I I I M l IN I I I I I I I I I Ml 1 1 1 1 1 1 Ml M i I I I .1.11 M l I I I 1 1 I f I I I 1 1 1 I I I I I I I I I I M l
1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979
NOTE:
Current data for these series are shown on page 105.
104
G. Experimental Data and Analyses—Continued
Implicit price deflator, gross nonfarm business product 1
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
(Index: 1967=100)
Aug.
Sept.
Oct.
Nov.
1975
...
153.0
155.0
157.5
159.9
1976
...
161.9
163.6
165.7
168.1
1977
...
169.8
173.6
176.2
178.3
1978
...
180.2
184.7
187.8
191.4
1979
...
195.1
r200.3
p204.8
Index of unit labor c o s t , all
Year
Jan.
Feb.
Mar.
Apr.
161.6
persons, nonfarm business sector 1
May
June
July
(Index: 1967=100)
Aug.
Sept.
Oct.
Nov.
1975
...
1976
...
165.4
167.8
170.5
173.9
1977
...
175.4
179.0
H80.9
H84.7
1978
...
rl90.2
H92.7
r!95.6
r!99.3
1979
...
r206.0
r212.1
p216.2
Inventory-sales ratio, manufacturing, in 1972 d o l l a r s 2
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Dec.
164.6
160.5
160.7
Dec.
(Ratio)
Aug.
Sept.
Oct.
Nov.
Dec.
1975
2.10
2.11
2.15
2.08
2.11
2.07
2.03
2.00
1.99
1.98
1.99
1 .96
1976
1.91
1.89
1.87
1.87
1,86
1,86
1.85
1.86
1.88
1.90
1.86
1 .82
1977
1.82
1.82
1.77
1.82
1.83
1.82
1.83
1.81
1.81
1.80
1.81
1 .78
1978
1.84
1.80
1.78
1.75
1.77
1,78
1.81
1,77
1.78
1.76
1.76
1 .75
1979
1.76
1.78
1.72
1.86
1.78
1.84
rl.85
pi. 86
(NA)
Inventory-sales ratio, merchant wholesalers, in 1972 dollars 2
Year
1975
1976
1977
1978
1979
Jan.
1 .34
1 .28
1 .29
1.32
1.33
Feb.
Mar.
1 .32
1 .28
1 .29
1.31
1 .35
Apr.
1.36
1 .27
1.37
1 .28
1.29
1 .33
1.30
1 .29
1.31
1.33
N ay
June
1 .36
1 .30
1 .27
1 .28
1 ,30
1.34
1,30
1.27
1.31
1.31
July
Aug..
Jan.
Feb.
J
Mar.
|
Apr.
May
1
June
1975
1 .44
1.39
1.41
1.39
1 . 34
1976
1 ,31
1.32
1.33
1.33
1,34
1977
1 ,32
1,30
1.31
1.32
1 . 32
1978
1 .40
1.38
1.38
1,37
1.39
1.39
1979
1 ,39
1.38
1.38
1.41
1.42
1.45
1 . 34
1.33
1 . 35
Sept,
Oct.
Nov.
1 .33
1 .30
1.25
1 .29
1 .34
1 .32
1 .33
1 .29
1 .32
1 .31
1 .31
1 .30
1 .28
1 ..27
1 .30
1 .30
1 .30
1 .27
1 .29
1 .29
1.31
pi. 31
(NA)
Inventory-sales ratio, retail trade, in 1972 dollars 2
Year
(Ratio)
July
Aug.
Dec.
1
1
1
1
.29
.28
.27
.31
(Ratio)
Sept.
Oct.
Nov.
Dec .
1 .34
1,35
1 .35
1 .37
1.34
1.32
1 .33
1 .33
1 .35
1 .33
1 .32
1 .30
1 .34
1 .35
1 , 36
1 .34
1 .34
1 .36
1 ,40
1.39
1.39
1 .38
1 .38
1 .35
1.47
pi. 42
(NA)
NOTE: Data for these series are plotted on page 104. The "r" indicates revised; "p", preliminary; "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
105
G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index
Basic data
(and
Series title
unit of measure)
LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
.
3. Layoff rate, manufacturing 1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion d o l l a r s )
32. Vendor performance, companies reporting
slower deliveries (percent)
.
. . .
12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 dol . , smoothed 2 (ann. rate, bil. do! . ) .
92. Change in sensitive prices, smoothed 2
(percent)
19. Stock prices, 500 common stocks
( i n d e x - 1941-43=10) .
104. Change in total liquid assets, smoothed 2
(percent)
.
.
.
.
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricul tural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars). . . .
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
.
920. Composite index of 4 roughly coincident
indicators 3 (index* 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment 1
(weeks) .
.
. . .
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index- 1967=100)
109. Average prime rate charged by banks
(percent)
. . .
.
72. Commercial and industrial loans outstanding
(mi 1 1 ion dol 1 ars )
.
. . .
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)
June
1979
July
1979
June
to
July
1979
Sept.
Aug.
1979
1979
July
to
Aug.
1979
Aug.
to
Sept.
1979
0.08
-0.09
-0.10
r40.1
P40.0
rl.5
pi. 2
-0.10
-0.33
0.36
r35.72
p36.36
-0.14
-0.01
0.11
60
55
51
-0.35
-0.19
-0.17
r!31.0
e!32.6
NA
MA
0.18
r!4.52
r!3.31
r!3.70
p!4.40
-0.20
0.07
0.14
132.4
123.4
133.6
143.4
-0.21
0.25
0.25
r!5.40
r!5.38
p!3.70
-0.00
-0.12
40.1
40.2
rl.l
rl.2
36.80
35.80
70
rl.79
1.97
rl.97
NA
1.78
NA
NA
NA
0.08
0.0
-0.10
101.73
102.71
107.36
108.60
0.06
0.30
0.08
rO.81
rO.88
rO.92
pO.95
0.23
0.15
0.12
523.9
524.4
523.7
p523.4
0.04
-0.06
-0.03
r!40.5
r!40.1
r!40.2
pl41.3
-0.28
0.07
0.78
r89,626
r89,713
r89,718
p89,853
0.08
0.00
0.15
1,024.3
rl,024.2
rl, 021.1
-0.00
-0.15
-0.24
r!52.6
r!52.8
r!51.5
p!52.3
0.04
-0.23
0.19
158,140
r!59,296
p!60,283
NA
0.16
0.13
NA
rl45.2
r!44.6
p!44.5
0.14
-0.41
-0.07
0.24
-0.30
-0.09
145.0
10.4
10.0
10.5
el, 017. 3
10.6
NA
256.18
r259.17
p259.38
NA
0.55
0.04
r!74.0
r!75.1
r!76.4
p!76.6
0.20
0.23
0.05
11.65
11.54
11.91
-0.21
0.72
2.89
0.52
0.36
0.80
-0.28
0.14
0.85
1.03
12.90
r!49,147
r!51,629
p!55,314
15.11
r!5.03
p!5.07
NA
164.0
r!65.4
r!67.1
p!73.0
145,688
NA
3.53
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This
2
This
3
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
106
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
ll|lllll
FROM
30. Change in business inventories,
1972 dollars
IJTI
R
rn
CURREFIT flRTR.
Af!P
ACTUAL
YEAR
PATA
.
TROUGH
r
G .Rirr> 30
Ann. RATE
n i l . not.
30. C hange in business inventories,
1972 dollars
.
1G.5
Deviations
from
spec,
trough
QD
Actual
data
for
current
cycle
1/78
13
15.G
11/78
III
12.2
I I 1/78
15
12.0
IV/78
1G
12.3
1/79
17
18.1
11/79
13
10.0
I I 1/79
PFVIHRTRS.
FROM A T l O f l S CURRF.flT QRTR.
Ann
ACTUAL
FROM
SPEC.
PAT A Y E A R
1/75
TROMPM
S E R I E S 30
Ann. RATE
12
R I L . POL.
1G.5
35.9
35.0
15.G
11/78
31.G
12.2
111/78
31. ^
12.0
IV/78
31.7
12.3
1/79
17
18.1
11/79
1°
10.0 I I 1 / 7 9
15
1G
QRTRS.
FROM
REF.
TROUGH
PEVI-
ATions
CURREMT ORTR.
AflP
ACTUAL
PATA YEAR
FROM
IV/73
ST. R I T S
A
50. GNP in 1972 dollars
cZc
• 1450
• 1350
1/78
12
10.1
13
Ih
50
rin. RATH
n IL.POL.
13G7.8
1/78
12.3
1395.2
1 1/78
13.3
I ' t 0 7 . 3 1 1 1/78
15
Ik.?, . J 4 2 G . G
IV/78
1G
15.1
11*30.6
1/79
17
11;. 5
1U22.3
1 1/79
18
15.1
1^30.8 M l / 7 9
O.RTRS.
FROM
SPF.C.
TROUPH
• 1450
1400
p r. v i -
AT I O M 5 C U R R F r i T Q RT R .
FROU ACTUAL
AflP
1/75
PATA YF.AR
-
+15 •1350
S F R I H S 50
Ann. RATE
• 1300
BIL. POL.
0
• 1300
12
• 1250
• 1200
-J
-6
-5
1G.7
13G7.8
1/78
13
19.1
1395.2
11/73
Ik
20.1
1U07.3 M l / 7 8
15
21.8
1U26.6
IV/78
1G
22.1
1U30.G
1/79
17
21.k
1U 2 2 . 3
11/79
10
22.1
1U30.8 M l / 7 9
0 +6 +12+18+24+30+36+42+48+54
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.
• 1250
-
-1-5
• 1200
-1
-6
0 +6 +12 +18 +24 +30 +36 +42 +48 +54
Months from specific troughs
0
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
106. Money supply (M2), 1972 dollars
ACTUAL
DATA
lui
4n
nrviT'i
A:IP
106. Money supply (M2), 1972 dollars
4/79
5/71
6/79
7/70
30
575
0/79
9/79
1.5
>565
CURRENT
ACTUAL
PAT A
2/75
^
• 555
i.r)R
nil.. POL.
10.4
• 545
10.1
542.0
539.8
5 3',.5
11/78
12/7C
1/79
*535
- +8
3/71
4/79
5/79
G/79
- +6
7/79
0/79
9/79
- +4
• 525
• 515
510
• 505
FROM
pr r
~-.
TROUT!
- +2
TURRET f l O f I T ! !
/\;;n
ACTUAL
PA™ V r . A R
-1
Ratio, personal income to money
f 10'!r IMS
.047
.062
9/78
10/78
11/73
.036
.096
.112
.129
12/78
1/79
2/79
3/79
.114
. 11G
.106
.113
4/79
5/79
C/79
7/79
108. Ratio, personal income to money
supply (M2)
+.20
• 2.15
+.18
+.16
• 2.10
+ 14
CUP.RF.MT f l O M T ' l
ACTUAL
A,'! n
yr A n
PAT A
+.12
• 2.05
sr^.inc /\T1T3
r in
+.10
40
0 .035
2 .029
41
42
43
44
0 .103
0 .118
9. 1 4 2
0 .152
2 .047 10/78
2 .062 11/78
i . 0 8 6 12/78
2 .096
1/79
45
4G
47
4C
0 .163
0 .135
9 .170
0 .172
2 .112
o 129
2 .114
2 116
2/79
3/79
4/79
5/79
49
50
51
52
0 .162
0 .169
0 .162
0 .154
2
2
2
2
6/79
7/79
8/79
9/79
196
113
106
098
9/73
0 +6 +12 +18 +24 +30 +36 +42 +48 +54
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.
http://fraser.stlouisfed.org/
Federal Reserve
108 Bank of St. Louis
Actual
+.22
|C,Lg,C
PF.VI-
ROf, A T i n : i s
SPEC.
FPon
5/75
TPonnM
• 495
0
+08
+•06
.2.00
+•04
+•02
• 1.95
-6
0 +6 +12 +18 +24+30+36+42+48+54
Months from specific troughs
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
"I"'"!'""!""'!
I
|'""|'"»|"<"|"'"|»"
Actual
ations
from
910. Index of 12 leading indicators,
composite index
HI
ref.
peak
PFVIA T l O f l S ouRRF.riT MOUTHn
A!l
FROM ACTUAL
DATA Y F A R
T D .oun!i 11/73
r'.OMTIS
FROM
nr r
current
cycle
!Rl r S 910
1157=100
9/78
.U2.9
U3. G 10/78
11/78
+25
Percent
U3.1
12/78
1/79
2/79
3/79
139.8
1'tO .1
1^0.5
I'^O.l
i;/71
5/79
G/79
7/79
+20
-i
+35
+30
+15
• 135
8/79
9/79
+10
• 145
MOMT'IS
FROf
SPEC.
TROI'm
+25
CURRFMT
ACTUAL
PATA
2/75
+20
S F R I r C 910
1 9 G 7 = 10 9
+5
U3.G
• 135
1^3.1
I'i2 '.7
125
31.';
31.7
32.0
+15
11/78
12/78
1/79
2/79
+10
5/79
G/79
+5
• 110
7/79
3/79
9/79
-10
• 115
-15
PrVIA T I O M S CURRFIIT
FROfl ACTUAL
11/73
PATA!
920. Four coincident indicators,
composite index
c,c,c|
-I -20 • IDS
920. Four coincident indicators,
composite index
c,c,c|
+35
+15
12/78
1/79
2/79
3/79
+30
+10
G/79
7/79
+25
Percent
• 140
+5
+20
USB
3/75
i 130
+15
9/73
10/78
11/78
-5
+10
29.0
-10
lhii.1
1 ii C . G
+5
-15
-6
0 +6+12+18+24+30+36+42+48+54
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the June 1979 issue.
Actual
data
for
current
cycle
Deviations
from
spec,
trough
910. Index of 12 leading indicators
composite index
-6
0 +6 +12+18+24+30+36 + 4 2 + 4 8 + 5 4
Months from specific troughs
01
ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
t issue
(page ni mbers)
Series
number
Charts
Tables
Historical
Series
data
ascriptions
issue date) issue date)
A
Accession rate, manufacturing
Agricultural products e x p o r t s
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
mpor s o automo l e s a n
Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Bui'dmg-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, D 1 . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving
2
604
16
56
61
92
4/79
12/78
61
970
58
974
975
971
976
978
977
972
973
24
38
22
67
76
65
2/79
38
38
38
38
38
38
38
38
76
76
76
76
76
76
76
76
2/79
55
61 6
22
65
92
9/79
10 / 70
1 <-/ 1 O
2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79
2/79
72
112
15,35
32
73
72
6/79
6/79
93
94
33
33
72
72
12/78
8/79
29
76
61
970
14
12
13
13,25
24
24
38
33
12,23
23
67
67
67
76
72
65
65
6/79
2/78
2/79
2/79
2/79
5/79
7/78
295
46
82
11/78
C
Canada-See International comparisons.
Capacity utilization
Manufacturing ( B E A )
Manufacturing ( F R B )
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash f l o w , corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction
83
82
84
20
20
20
64
64
64
9/79
9/79
9/79
97
11
965
24
24
37
66
66
75
8/79
8/79
2/79
914
35
34
11
29
29
60
70
70
3/79
9/79
9/79
442
90
441
37
51
18
51
920
920c
951
940
9
72
112
10
39
36
11
345
345c
280
110
11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
1 1/68*
11/68*
11/68*
11/68*
10/69*
1/72*
4/72*
60
32
3/79
7/79
6/79
3/79
8/79
6/79
6/79
11/75*
74
60
66
73
72
49
87
6/76*
10/72*
23
15,35
50
45
Series
number
(page n mbers)
Charts
Tables
Historical
Series
data
descriptions
(issue date) issue date)
920
920c
940
10
39
11
60
60'"
3/79
930
930c
10
39
60
3/79
914
915
913
917
916
910
11
11
11
11
11
10
39
60
60
60
60
60
60
910c
29
13,25
3/79
11/75*
7/79
11/75*
7/79
67
3/79
3/79
3/79
3/79
9/79
3/79
7/79
5/75*
00
6/79
p / /70
c/
y
4/69
rc
£.3
69
24
67
9/78
9/68*
248
87
86
249
89
28
47
25
83
67
10/69*
25
47
25
25
67
83
67
67
11/78
9/79
9/79
11/78
9/79
5/79
8
75
12,21
22
64
65
9/79
2/78
66
113
95
39
35
32
15,35
33
73
72
73
72
5/79
6/79
8/79
2/79
10/72
10/72
320
320c
322
322c
58
49
49,59
84,95
84,95
49
49
22
84
84
65
5/79
5/79
5/79
5/79
8/78
5/69*
5/69*
5/69*
5/69*
11/68*
20
10
116
12,23
23
66
66
73
9/78
6/78
1/79
9/68
34
112
110
72
32
32
72
72
73
6/79
2/79
6/79
7/64
66
113
95
39
33
35
32
33
32
73
72
73
72
71
5/79
6/79
8/79
2/79
8/79
525
564
548
517
53
55
53
53
90
91
90
90
8/78
10/79
8/78
8/78
39
32
33
72
64
2/79
8/79
11/72
12/74
970
965
951
974
963
967
38
37
36
38
36
37
2/79
2/79
6/79
2/79
6/79
4/78
11/68*
966
37
962
975
952
950
964
36
38
36
36
37
971
968
976
978
977
960
972
973
961
38
37
38
38
38
37
38
38
36
76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77
g
oo
15,35
15,35
10/69*
6/72"
ii/72
7/64
11/72
11/72
10/72
10/72
li/72
D
1/72
4/79
3/79
3/79
4/79
18,51
Composite indexes
Coincident indicators
Four comciders
Four comciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, r a t e of change
Construction
Building permits, new p r i v a t e housing
Expenditures, plus machinery and equipment sales . . . .
Gross private domestic f i x e d investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
11/72
Residential, total, constant dollars
11/72
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
11/72
Consumer goods, industrial p r o d u c t i o n
Consumer installment debt
Debt outstanding
Net change
,
Ratio to personal income
,
Consumer installment loans, delinquency rate
4/69
Consumer prices-See also International comparisons.
All items, index
ii/68
All items, percent changes
11/68*
Food, index
,
Food, percent changes
Consumer sentiment, index . . .
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
C o r p o r a t e bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing, total p r i v a t e
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
Crude materials-See Wholesale prices.
89
62
89
62,89
4/72*
4/72*
ii/72
11/72
87
82
6/76*
11/78
1 0/72*
10/69
64
30,47
70,83
9/79
10/69*
346
49
88
6/76*
10/72*
346c
50
88
6/76*
10/72*
340
49
87
8/79
6/72*
340c
50
87
8/79
6/72*
341
49
87
8/79
6/72*
341c
348
349
50
50
50
87
88
88
8/79
8/78
8/78
6/72*
6/72*
6/72*
53
19
63
8/79
NOTE: The following abbreviations are used in this index: Cl, composite index, Dl, diffusion inde;
*The identification number for this series has been changed since the publication date shown.
8/68
Series titles
(See complete titles in "Titles and Sources of
Series, " f o l l o w i n g this index)
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
,
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital a p p r o p r i a t i o n s , manufacturing
Coincident indicators
,,
Employees, manufacturing and trade
Employees on private nonagricultura! payrolls
Industrial materials prices
Industrial materials prices components
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
Prices, 500 common stocks
Prices, selling, manufacturing
Prices, selling, retail t r ade
Prices, selling, wholesale trade
Profits, manufacturing
Profits, net, manufacturing and trade . ,
Sales, net, manufacturing and trade
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Disposable personal income-See Income.
12,21
10/69*
ii/68*
4/69*
9/79'
6/78"
2/79
6/79
6/79
7/78
6/69*
11/68*
2/79'
9/79
2/79
2/79
2/79
10/79
2/79
2/79
12/78
11/68*
5/69*
11/68*
11/68*
11/68*
ii/68*
11/68*
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Curren t issue
(page n rnbers)
Series
Charts
Tables
Historical
Series
descriptions
data
(issue date) issue date)
E
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., and construction
Employees manufacturing and trade Dl
Employees on nonagricultural payrolls
Employees on private nonag. payrolls, Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
2
441
16
51
61
89
4/79
8/68
3/79
4/72*
48
17
61
7/79
8/68*
48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
7/79
8/68*
A?
Quit rate manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components . . . .
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.
4
446
445
447
444
91
44
45
43
37
1
961
16
51
51
51
51
15,18
18
18
18
18,51
12,16
36
62 "
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
r-f)
61
89
89
89
89
62
62
62
62
62,89
61
77
74
12/78
2/79
il/68*
12/78
8/68
6/79
3/79
4/79
7/79
4/72*
12/74
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, constant dol., NIPA . . . .
Imports of goods and services, current dol., NIPA
Imports of goods and services, total
Imports of petroleum and products
Net exports, goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves
119
34
72
7/79
6/78
4/79
6/69'
6/69*
8/68*
3/79
12/78
12/74
4/79
4/79
4/79
4/79
4/79
Charts
Tables
Series
Historical
descriptions
data
issue date) issue date)
48
48
30
84
84
70
9/78
9/79
7/68"
19,40
10/79
10/79
10/79
10/79
10/79
10/79
10/69*
10/69*
10/69*
10/69
10/69
10/69
217
31
20
48
48
40
63,80
80
80
80
80
80
71
63
84
84
80
10/79
10/69*
10/69*
10/69
46
60
17
17
61
61
7/79
12/74
21
1
16
12,16
12/78
12/78
961
36" "
61
61
77
74
28
29
89
249
25
13,25
25
47
67
67
67
83
5/79
6/72
6/79
4/69
310
310c
48
48
345
311
311c
68
50
50b
50c
200
200b
200c
107
49
310
310c
39""
40
9/78
8/79
9/79
9/78
9/78
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
Average workweek, components
Average workweek, Dl
3/79
12/74
8/68
12/78
4/72
Housing starts
Housing units authori/ed by local bldg. permits
Residential GPDI, constant d o l l a r s
Residential GPDI, percent of GNP
4/79
4/79
4/79
4/79
9/79
11/78
10/69*
84
84
9/78
9/78
10/69*
10/69*
49
87
6/76*
10/72*
345c
280
64
50
45
30,47
87
82
70,83
6/76*
11/78
9/79
10/72*
10/69
10/69*
346
49
88
6/76*
10/72*
10/72*
4/79
1
3/79
3/79
7/79
4/72
6/69
4/79
4/72
4/79
4/72*
12/78
8/68
12/78
1/79
94
213
917
33
40
11
72
80
60
8/79
311
84
84
9/78
311c
48
48
667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251
57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47
93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83
11/73
10/79
3/79
9/78
8/79
8/79
8/79
12/78
12/78
11/78
11/78
8/79
5/69*
5/69*
5/69
5/69*
Implicit price d e f l a t o r , GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees ,
Compensation of employees, pet. of nat'l. income . . . .
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income . .
C o r p o r a t e p r o f i t s with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private n o n f a r m economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, p r o d u c t i o n
workers, p r i v a t e n o n f a r m economy
Earnings, real average hourly, production
w o r k e r s , private nonfarm economy, percent changes .
Income on foreign investment in the U.S
12/78
8/79
12/78
l?/78
11/78
11/78
8/79
12/78
11/78
11/78
11/78
93
33
72
49
20
63
9/79
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
9/79
9/79
263
262
265
564
267
266
268
261
260
43
43
47
55
43
43
47
43
43
81
81
83
91
81
81
83
81
81
11/78
11/78
11/78
10/79
11/78
11/78
11/78
11/78
11/78
12/78
G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes . . . . . . . . .
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
Goods output in constant dollars
,
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest. -See Investment, capital.
C u r r e r t issue
(page n jmbers)
Series
3/79
F
Federal funds rate
Federal Government- See Government.
Federal Reserve, member bank borrowing f r o m
Final sales in constant dollars
Financial Hows, and money Cl
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA
Food See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
E x p o r t s , merchandise, total exc. military aid
E x p o r t s of agricultural products
E x p o r t s of goods and services, constant do!., NIPA . . . .
E x p o r t s of goods and services, current dol., NIPA
E x p o r t s of goods and services, exc. military
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
9/79
10/79
10/79
10/79
11/78
5/69*
5/69*
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
5/69
Personal income current dollars
5/69*
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
5/69'
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
of national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction . . . .
Incorporations new businesses
7/68*
Industrial materials prices
7/68*
7/68*
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
10/69
Durable manufactures
Nondurable manufactures
Total
11/73
10/69
Total components
10/69*
Total, Dl
,
10/69*
Total, rate of change
11/73
Installment debt-See Credit.
Insured unemployment
10/69
Avg. weekly initial claims, unemploy. insurance . . . . . .
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate
10/69
346c
95
286
287
225
224
227
50
15,35
45
47
40
40
40
88
73
82
83
80
80
80
6/76*
11/78
11/78
10/79
10/79
10/79
10/69
10/69*
10/69
10/69
10/69
340
49
87
8/79
6/72*
340c
50
87
8/79
6/72*
341
49
87
8/79
6/72*
341 c
652
651
288
289
220
52
223
51
51c
108
282
50
57
57
45
47
45
19
40
14,19
39
31
45
87
93
93
82
83
82
63
63
63
8/79
11/78
11/78
10/79
6/72*
5/69*
5/69*
10/69
10/69*
10/69
8/79
9/78
7/68*
82
11/78
10/69
283
284
285
348
349
53
13
23
47
45
47
50
50
19
23
28
83
82
83
88
88
63
65
69
79
1 1/7P
11/78
11/78
10/69*
10/69
10/69*
6/72*
6/72*
1/78
4/69
967
37
75
4/78
4/69*
67
65
63
63
63,94
78
75
2/78
76
75
73
74
47
24
22
20
20
14,20,58
966
47c
37
39
5
962
45
16
36
18
8/79
8/79
8/79
7/79
7/79
7l"'
8/79
8/78
8/78
8/79
7/78
2/78
2/78
2/78
7/79
11/68
9/79
7/79
61
74
62
7/79
6/69
6/78
6/69*
7/79
6/69
111
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Skills t i t l C S
iSi'c rnmpicii- t i t l e s in " T i t l e s .mil S(mo"ns oi
Sot it's," lulluwiiu] tins index)
1 i
1
I
1
1 1 1
1
1
II Is
in 1 1 1 ! hill 1
t II
1 1
T
L1
itl
i
67
116
119
118
117
109
114
115
ll
i i] i \ i 1 s s. i in !
l l
Hl](
ii
t
i (1
tl
[l
ll\
]Ml-
t
(|l|
f r i i \ h mil \ H 'il
1 i nn i 1 ! lU i i ( ii il -5
'i U i i'i ii il 1 1 n i) 11 suns
unnit
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
il |i K it Linn n
i| in in it
1 , I, [ ) ( L n t , in H] f
ll
F
i 1
Mil]
1
II
V
(II
t 1 K nindi
1
mil
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in
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IK n ( i n
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1 i l i l in hi t i
f ill
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I 1 il
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niii il K i n i ] i l ( t i
1 imti il St it
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Mill
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h
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t K i it
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111
t It ll
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Ini inn on t IK ifjn m y i s t i ( n
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In n K m U. mu s t r u t n
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f u nn i r i / r ntnin cm ML
i t nt il iH n
L
i
mv in m i i n i)
i i n t i INI
1
i m i s in i n t i i i i i t i n n y [
i it if ( MP
Mm h il (]iii)ds muni u t i i i n
In 1 1 to i s on Ii i d ml n n dei n t L IIKJI
In nitu i to s i l i s 'm infij it 1 'i irlf i t l H I i t d)
In n t o i \ i bstnunt md p IK I i in U
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limit f t n r m q md i id Dl
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md i | ) | i l i ( s i i i i, nil md i i ill mli|
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In
h
1
1 i
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82
83
11/78
11/78
10/69
35
73
73
72
73
73
73
72
73
8/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
(HI
It
i )lll(
til
1
IVI
T i t i l i in t i n t loll us
1 th 1 i i r t n t rji i n
J
i In i i i t i h j o o
di r
i
i TI
12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64
il
l
'
'
' '
I i
i
i
'
(
i
'
i
l 1,1
24
38
12,23
23
67
76
66
66
6/78
9/68
In i
i
'
I
1
i
652
651
57
57
93
93
8/79
8/ 7 9
5/69*
5/69*
68
62
63
26
30
70
70
70
70
9/79
9/78
1/77
9/79
7/68
11/68
10/72
930
930c
952
3
10
39
36
60
3/79
7/79
6/79
4/79
11/75*
910
910c
950
14
104
10
39
36
33
i
1
i
2/70
2/79
61
970
20
10
i
I
11/68
11/68*
9/7tf
i
I
I
t
i
1
J
59
59" "
59'"
59"'
59
49
96
96
95
95
96
96
95
95
95
95
49,59
84,95
84,95
1/79
1/79
7/79
7/79
1/79
1/79
1/79
1/79
1/79
1/79
5/79
5/79
1/79
1/79
9/72*
10/72*
10/72*
10/72*
10/72*
59'"
95
95
723
726
727
728
721
722
47
725
58
58
58
58
58
58
94
94
94
94
94
94
14,20,58
63,94
58
94
2/79
2/79
2/79
2/79
2/79
2/79
7/79
2/79
743
746
747
748
742
19
745
59
59
59
59
59
59
59
96
96
96
96
96
96
96
6/79
6/79
6/79
6/79
6/79
6/79
6/79
9/72*
L
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667
622
618
602
604
668
606
620
612
616
669
614
652
651
57
57
57
56
56
57
56
57
56
56
57
56
57
57
93
93
93
92
92
93
92
93
92
92
93
92
93
93
8/79
8/79
8/79
12/78
12/78
8/79
12/78
8/79
12/78
l?/78
8/79
12/78
8/79
8/79
30
245
247
65
36
77
915
70
71
31
975
78
26,42
42
47
27
13,26
27
11
15,27
27
26
38
27
68,81
81
83
68
68
68
60
68
68
68
76
68
9/79
11/78
11/78
6/78
5/79
6/79
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5/79
5/79
2/79
6/78
38
26
68
6/78
97
11
965
914
9
24
24
37
11
23
66
66
75
60
66
8/79
8/79
2/79
3/79
8/79
69
24
67
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60
68
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68
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64
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118
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971
37
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66
66
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66
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64
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77
75
76
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88
87
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248
25
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67
67
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517
721
53
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94
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358
370
370c
83
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63
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88
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64
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ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
93
89
249
453
452
451
51
51
51
55
233
232
238
236
239
237
231
230
235
22
41
41
41
41
41
41
41
41
47
292
293
614
46
46
56
61
970
20
10
90
24
38
12,23
23
18
320
320c
322
322c
49
49,59
49
49
59
54
40
83
69
57
56
973
77
59
54
24
14,22
22
38
27
22
22
295
298
290
292
293
46
46
46
46
46
84,95
84,95
84
13,28
37
27
311
311c
310
310c
23
26
967
26
92
4/69*
19
968
5/69
5/69*
330
330c
334
334c
331
331c
332
332c
333
333c
26
6/69*
114
115
976
978
977
525
109
91
60
5
962
3
15,18
17
16
36
12,16
446
445
447
444
37
51
51
51
51
18,51
16
62
9/79
358
370
370c
916
18
16
79
286
287
972
960
15
916
22
282
283
1/72
7/68
31
31
12,21
330
330c
334
334c
331
331c
332
332c
333
333c
92
1
284
28E
113
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
I-A. Composite Indexes
14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)
910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(1160)
18. Corporate profits after taxes in 1972 dollars (Q).—
Source 1
(28,69)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days a n d o v e r ( E O M ) . — A m e r i c a n B a n k e r s
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).—Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)
44. Unemployment rate, persons unemployed 15 weeks and
over (M).-Sources 2 and 3
(18,62)
917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,64)
45. Average weekly insured unemployment rate, State programs (M).—U.S. Department of Labor, Employment
Training Administration
(18,62)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)
46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)
1-B. Cyclical Indicators
1. A v e r a g e w o r k w e e k of production w o r k e r s ,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).—Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3
(16,61)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
http://fraser.stlouisfed.org/
114
Federal Reserve Bank of St. Louis
23. Index of industrial materials prices (M).—Source
3
((28,69,79)
24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)
48. Employee-hours in
(M).-Source 3
nonagricultural
establishments
(17,39,61)
49. Value of goods output in 1972 dollars (Q).—Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
52. Personal income, total, in 1972 dollars (M).—Source
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
28. New private housing units started, total (M).—Source
2
(25,67)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)
1
(19,63)
57. Manufacturing and trade sales in 1972 dollars (M).—
Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).-University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)
TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
( M ) . - S o u r c e s 1, 2, 3, and The C o n f e r e n c e
Board
(17,61)
84. Rate of capacity utilization,
4
85. Change in money supply Ml (demand deposits plus
currency) (M).—Source 4
(31,71)
1-C. Diffusion Indexes
61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)
86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)
950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)
62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)
89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1
(25,67)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)
65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)
91. Average (mean) duration of unemployment in weeks
(M)-Sources 2 and 3
(15,18,62)
66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)
materials (Q).—Source
(20,64)
92. Change in sensitive prices (PPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).—
Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)
67. Bank rates on short-term business loans (Q,M).—Source
4
(35,73)
94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)
95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(15,35,73)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4
nondurable
(20,63)
75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production,
(M).-Source 4
business equipment
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)
96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations,
(EOQ).-The Conference Board
manufacturing
(24,66)
102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M)-Source 4
(31,71)
104. Change in total liquid assets (smoothed) (M).—Sources
1 and 4
(13,31,71)
105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1, 3, and 4
(31,71)
106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M).-Sources 1, 3, 4 (13,31,71)
107. Ratio gross national product to money supply Ml (Q).—
Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
s e a s o n a l a d j u s t m e n t by B u r e a u of E c o n o m i c
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury
Department of the Treasury
bonds
(M).—U.S.
(34,73)
116. Yield on new issues of high-grade corporate bonds
( M ) . - C i t i b a n k and U.S. D e p a r t m e n t of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)
119. Federal funds rate (M).-Source 4
(34,72)
960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)
968. Diffusion index of stock prices, 500 common stocks—
58-82 industries (M).-Standard & Poor's Corporation
(37,75)
970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)
971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
115
TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)
income
223. Personal income
1
in
in
current
current
dollars
dollars
292. Personal saving (Q).-Source 1
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
II-A. National Income and Product
220. National
1
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)
(Q).—Source
(45,82)
(M).—Source
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44.82)
257.
Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
116
320. Index of consumer
3
prices, all items (M).—Source
(49,59,84,95)
322. Index of consumer prices, food (M).—Source 3(49,84)
330. Index of producer prices, all commodities (M).—Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Index of producer prices, capital equipment (M).—
Source 3
(48,86)
334. Index of producer
(M).-Source 3
prices, finished consumer goods
(48,86)
335. Index of producer prices, industrial commodities (M).—
Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
280. Compensation of employees (Q).—Source 1
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)
(45,82)
282. Proprietors' income with inventory valuation and capita!
consumption adjustments (Q).—Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)
311. Fixed weighted price index, gross business product
(Q).-Source 1
(48,84)
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
total, in
(42,81)
II-B. Prices, Wages, and Productivity
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
242. Gross private domestic fixed investment,
current dollars (Q).-Source 1
total (Q).—Source
(46,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
298. Government surplus or deficit,
1
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
(46,82)
293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1
(46,83)
286. Corporate profits with inventory valuation and capita!
consumption adjustments (Q).-Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)
II-C. Labor Force, Employment, and
Unemployment
37, Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
(45,82)
441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)
289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)
444. Number unemployed, males 20 years and over, labor
force survey (M).—Sources 2 and 3
(51,89)
288. Net interest (Q).-Source 1
TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)
47. United States, index of industrial production, total
(M)-Source 4
(14,20,39,58,63,78,94)
446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)
570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)
320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)
447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and
3
(51,89)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)
577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)
580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)
II-D. Government Activities
588. Value of manufacturers' shipments, defense products
(M)-Source 2
(54,91)
500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)
II-E. U.S. International Transactions
501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)
602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)
502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)
604. Exports of agricultural products (M).—Source 2;
seasonal a d j u s t m e n t by Bureau of E c o n o m i c
Analysis
(56,92)
510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department obligations incurred (M).—U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).—U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
(56,92)
614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal a d j u s t m e n t by Bureau of E c o n o m i c
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted,
(Q)-Source 1
excluding military
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).—Source 1(57,93)
557. Output of defense and space equipment (M).— Source
4
(54,91)
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)
559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)
669. Imports of goods and services, total (Q).—Source
1
(57,93)
561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Institute
Centrale di Statistica (Rome)
(58,94)
606. Exports of nonelectrical machinery (M).—Source 2;
seasonal a d j u s t m e n t by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2
721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)
728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).—The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock
Exchange (Tokyo)
prices
(M).—Tokyo Stock
(59,96)
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