View original document

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




U.S. DEPARTMENT OF COMMERCE
Philip M. Klutznick, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Acting Associate Director for
National Analysis and Projections;
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are™
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the .general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
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.

Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $4.75
domestic, $5.95 foreign. Foreign airmail rates
are available upon request. Address all
correspondence concerning subscriptions to the

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or 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.
Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make
checks payable to the Superintendent of
Documents.

BUSINESS CONDITIONS DIGEST

BCI»

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

1
1
1
1
4
5
5
6

OCTOBER 1980
Data Through September
Volume 20f Number 10

PART I.
CYCLICAL INDICATORS

Al I
A2
A3
A4

Bl
B2

B3
B4
B5
B6
B7

"CT"1
_
JC3J

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

Chart
10
12
14
15

Table
60
—
—
—

CYCLICAL INDICATORS
BY ECONOMIC
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

DIFFUSION INDEXES
AND RATES OF CHANGE
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,
1983.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
_A1

~A5

_Afi.

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

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

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

,

PART III. APPENDIXES
A. MCD and Related Measures of Variability (April 1980 issue)
QCDand Related Measures of Variability (April 1980 issue)
B. Current Adjustment Factors (September 1980 issue)
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide"
E. Business Cycle Expansions and Contractions
F. Specific Peak and Trough Dates for Selected Indicators (June 1980 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97

105
106
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

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

Changes in this issue are as follows:

1. Appendix C contains historical data for series 11,
14, 32, 39, 51, 61, 97, 340, 341, 965, and 970-978.
2. Appendix G contains cyclical comparisons for series
30, 43, 47, 50, 82, 86, 910, and 920.
The November issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on December 3.




BEA PROJECTS
for economic
analysis




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

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

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS

The source

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

SURVEY OF CURRENT BUSINESS
current economic developments.

A

monthly report for analyzing

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

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

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

IV

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators, (There are a
few exceptions: Four series which are included in
part S are also shown in part i! to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables, lost charts
begin with 1956, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1969.
Except for section F in part II, charts contain
shading which indicates periods of recession in
genera! business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present
adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Movirsg Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to 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,

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

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
>* Economic
\Process
CycllcalV
Timing
X,

LEADING (L)
INDICATORS
(62 series)

1.

EMPLOYMENT
AND
UNEMPLOYMENT

II.

PRODUCTION
INCOME
(10 series)

AND

(18 series)

IV.
III.
CONSUMPTION, FIXED
CAPITAL
TRADE,
INVESTMENT
ORDERS, AND
(18 series)
DELIVERIES
(13 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)
,.
Business
investment
expenditures
(1 series)

V.

VI.
PRICES, COSTS,
AND PROFITS

VII.
MONEY
AND CREDIT

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

INVENTORIES
AND
INVENTORY
INVESTMENT

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

(17 series)

(26 series)

(9 series)

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

. ... — . .
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

. —^ j
....
LAGGING (Lg)
INDICATORS
(18 series)

,,,

Duration of
unemployment
(2 series)

Velocity of
money
(2 series)
Interest rates
(2 series)
1

Unit labor costs
and labor share
14 series)

interest rates
(4 series)
Outstanding
debt
(3 series)

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

Inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

t
TIMING
UNCLASSIFIED
(U)

Comprehensive
employment
(3 series)

Trade
(1 series)

(8 scries)

Business
investment
commitments
(1 series)

;
,-... -

-__- -

, ,_

B. Timing at Business Cycle Troughs
Xw
Economic
\Process
CycllcalX
Timing
X^^

LEADING (L)
INDICATORS
(47 series)

",:

~~

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Marginal
employment
adjustments
(3 series)

Marginal
employment
adjustments
ROUGHLY
(2 series)
COINCIDENT(C) Comprehensive
INDICATORS
employment
(23 series)
(4 series)

LAGGING (Lg)
INDICATORS
(40 series)

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

TIMING
UNCLASSIFIED
fU)
(1 series)




II.
PRODUCTION
AND
INCOME
(10 series)

III.

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

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES

Inventory
investment
(4 series)

Industrial
production
(1 series)

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

Formation of

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)

AND
INVENTORY
INVESTMENT
(9 series)

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

' f
VI.
VII.
1
i
PRICES, COSTS, MONEY
AND PROFITS
ANDCREDIT
(17 series)
(26 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)

Inventories on
hand and on
order
(5 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)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
w e l l - e s t a b l i s h e d d i f f e r e n c e s in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through -hi 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 jor 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
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, 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 therefore deducted. 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 p r o d u c t — p e r s o n a l consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8),—The
Gross national product (GNP) is the market major e x p e n d i t u r e components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and producer 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 v 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 gnvernment.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1969.
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 financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES




Section C, Labor Force, Employment, and
Unemployment
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 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) tend to be significant as
leading indicators.

HOW TO READ CHARTS

Basic Data

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

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

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

Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.

Rates of Change

u5^^^

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

r

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

WE

-—i^

yt

< ' j T;

V : ";|1

yfiJTi

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




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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data 1
Timing
classification3

Series title

Unit
of
measure

Percent change

Average
2dQ
1978

1979

1980

3dQ

July

1980

1980

1980

Aug,
1980

Sept.
1980

to
Sept.

IstQ
to

;?<JQ

2dQ
to
3dQ

1980

July
to

1980

Aug,
1980

5
1

1980

Aug.

(.CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920. Four coincident indicators
93Q. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments
914, Capital investment commitments
916, Inventory investment and purchasing
916. Profitability
917. Money and financial flows

1967-100 ,.
do. . . .
do, . . .

141.8
140.1
143.1

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

...
...
...

98.1

96.8

95.7

89.4

92.9

92.0

92.8

115.7
106.2

113.5
105.9

110.1
102.2

104.2

107.5

106.4

107.3

. ..

149.0

145.5

I, I, I Hours
do. . . .
L.C.I.
Percent
1,1,1
L,C,L Thousands. .
1,1,1 Percent
do. . . .
L,lg,U

40.4

40.2

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

U,L
L.L.L
I.L.L
1 IL
1,1,1

93.2

140.1
145.1
166.4

91.7

133.5
144.7
183.4

' 89.4
136.8

124.1
138.0
182.8

98.4
88.9

127.2

130.8
136.0
164.1

99.7

NA
129.2

128.3
136.0
163.8

98.3
91.5

130.5
135.8
161.5

99.5
92.6

128.3

129.6

39.0

39.4

133.6
136.1
166.9
93.8

108.7
101.3
NA
129.6

2.4
0.2
3.3

-7.0

0.9
0.8
1.2
1.2
1.0

1.1
1.3
1.8
NA
0.

-6.6
-5.4
-3.7
-0.6
-7.0

1.0
0.2
0.3
6.3

0.3
0.
0.1
0.2
0.5
0.

-1.7
-0.4
-0.7

1.7

-oa
-1.4

-4 .6
-0.3

5.4
-1.4

-10.2

3.9
3.2
1.3
NA
1.6

910
920
930
913
914
915
916
917

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Marginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
21 , Avg, weekly overtime, prod, workers, mfg.2 . .
2. Accession rote, per 100 employees, mfg.2 . . . .
6. Avg. weekly initial claims (inverted4J
*3. layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4. Quit rate, par 100 employees, mfg.2
Job Vacancies:
00. Ratio, help-wanted advertising to persons
unemployed2
40. Help-wanted advertising
Comprehensive Employment:
48. Employee hours in nonagri. establishments . . ,
42. Persons engaged in nonagri, activities
*41 . Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age2
Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
43, Unemployment rate, total (inverted 4 ) 2
45. Avg. weekly insured unemploy-rate (inv. 4 ) 2 . .
*91. Avg. duration of unemployment (invfsrted 4 ) . .
44. Unemploy. rate, 18 weeks and over (inv. 4 ) 2 . .

3.6
4.1
339
0.9
2.1

3.3
4.0
381
1.1
2 .0

40.1

3.1
3.8
406
1.4
1.9

39.4

39.3

39.5

2.7
3.1
607
3.1
1.4

2.6
3.6
513
1.7
1.3

2.5
3.4
536
1 .7
1.3

2.7
3.7
502
2.0
1.3

2.7
3.8
501
1.5
1.3

-0.3

0.

Ratio
1967-100...

0.738

0.786

0.699

0.446

0.442

0.428

0.434

0.464

149

158

150

116

119

118

117

122

L,C,U

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

164.56
91,031
86,697
25,585

169.89
93,648
89,886
26,504

171.97
94,486
91,120
26,605

169.39
93,622
90,489
25,763

168.32
93,777
90,091
25,300

167.63
93,739
89,867
25,163

168.48
93,826
90,109
25,314

168.86
93,765
90,296
25,422

0.5
0.1
0.3
0.6

U,lg,U

Percent

58.59

59.25

59.17

58.41

58.27

58.29

58.23

58.28

-0.06

6,047

5,963

6,390

7,808

6.1
3.2

7.5
4.2

8,019
7.6
4.3

7,827

5.8
3.0

8,018
7.6
4.4

8,207

6.0
3.2

2.3
0.2
0.2

12.4

11.6

12.6

13.1

Llg.U
Ug,U

U.C.C

u,c,c
c,c,c

L,LQ,U

Thousands . .
Percent
do. . . .
Ug,U
=9<Lg,Lg Weeks
Lg,Lg,ig Percent
L,Lg,U

11.9

1.4

10.8

1.2

10.7

1.3

11.2

1.6

2.0

7.8
4.5
1.8

2.1

7.5
4.4
2.2

0.006
-0.8

-8.6
-0.3

0.030
4.3
0.2
-0.1

0.2
0.4
0.05

2.4
0.1
-0.1
-4.0
-0.1

-0.1

1
21
2
5
3
4

•0,004
2.6

60
46

-1.5
-0.9
-0.7
-3.2

-0.6
-0.4
-1.8

48
42
41
40

-0.76

-0.14

90

-22.2

-2 .7

-1.4
-1.0
-4.7
-0.3

-0.1
-0.2

-10.7
-0.4

37
43
45
91
44

-2.3
-1.4
-1.7

0.2
0.8
-0 .4

50
52
51

-49.5
-1.7
-0.5

•0.253

-22.1

-0.3
-0.1

0.5
15.5

1.4

0.2

B2. Production and Income
Comprehensive Output and Income;
SO GNP in 1972 dollars
62 Personal income in 1972 dollars
*51. Pars, ineoms less transfer pay., 1972 dollars , .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars

c,c,c
c,c,c
c,c,c
c,c,c

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

do

243.5

246.0

238.5

228.1

224.6

223.6

224.8

c,c,c

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

146.1
139.7
156.9

152.5
144 .1
165.5

144.6
133.9
158.3

141.2
129.2
155.3

140.1
128.0
154.2

141.0
128.9
155.5

639.5

152.5
146.4
164.0
653.1

659.7

636.9

636.3

84.4

85.6

83.4

77.9

75.1

L',C,'U

Percent. , „ . .
do. . . .
.....do. ...

Orders and Deliveries:
6 New orders durable goods
L,L,L
7. Now orders, durable goods, 1972 dollars
L.L.L
*8. New orders, eons, goods and mtls., 1972 dot. . L,L,L
26. Chg. in unfilled orders, durable goods2
L.L.L
90, Mfrs.' unfilled orders, durable goods8
L,Lg,U
*32 Vendor performance 2 ©
L.L.L

Bil.dol
do. . . .
do. . . .
do. . . .
Bil.dol.. EOP
Percent

71 .36 77.17
77.20
80.01
68.73
74.17
73.98
39.61
33.72
35.67
35.77
34.29
36.96
36.46
35.21
29.46
32.13
31.66
31.66
33.08
1.04
3.68
3.26
2.33
-1.50
1.68
-0.45
1.90
2 2 8 . 8 2 2 6 7 . 8 8 2 7 4 . 8 8 2 7 0 . 3 8 273 .51 272 .06 2 7 1 . 6 2 2 7 3 . 5 1

Consumption and Trade:
58. Manufacturing and trade sales
*67, Manufacturing and trade sales, 1972 dollars . .
76. Industrial production, consumer goods
04. Sales of retail stores
69 Sales of retail stores 1972 dollars
55. Personal consumption expend., autos
58. Index of consumer sentiment (u)

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

Bil.dol
do. . . .
1967-100...
Mil. del
do. . . .
A.r., bil.dol.
101966=100

254.26 288.28 309.65 293.99
156.32 159.82 158.76 148.54

L,L,L
L,L,L

1967=100...
Number. . , .

Industrial Production:
*47, Industrial production, total
73. Industrial production, durable rnfrs
74. Industrial production, nondurable mfrs,
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilisation rate, mfq., FRB 2
83. Capacity utilization rate, mfg., BEA*
84. Capacity utilisation rate, materials, FRB a . . . .

C.C.C
CXL

c,c,c

L.C.U

1 3 9 9 . 2 1431.6 1 4 4 4 . 7 1 4 0 8 . 6 1412.1
1145.2 1178.3 1182.2 1165.1 1173,9 1174.9 1174.4 1172.4
9 9 5 . 7 1024.1 1024.3 1006.9 1002.6 1002.9 1004.0 1000.9

84
85.6

82
87.4

80
85.5

76
78.7

0.
0.1

-o.;>

225.4

0.5

0.3

-4 .4

-1 .5

53

142.4
130.8
156.3

0.6
0.7
0.8

1.0
1.5
0.5

-5.2
-7.1

-4 .4
-3.5

-2.4
-3.5
-1.9
-0.1

47
73
74
49

-5.5

-2.8

32
83
84

-0.3

-4

NA
74.2

-6.8

NA
-4.5

B3. Consumption, Trade, Orders, and
Deliveries

C,C,C

c,c,c

70.19
41.48
37.16

64

149.1

41.40

63

150.8

45

148.3

33

143.3

35

32

34

NA
NA
143.2

66,741 73,837 77,997 75,200 79,023 78,287 78,761 80,021
44,314 44,800 44,344 41,777 43,033 43,086 42,922 43,092
68.0
69.2
71.5
52.5
59.9
79.4
66.0
63.5
54.4
67.8
62.3
67.3
73.7

8.1
7.8

-14.1
-14.9
-16.3
-3.83

7 .9
5.8
9.1

0.
-2.13

fl.5
2 ,,35

-0.2

0.7
5

-1.6

1.2
2

NA
NA
0.9
1.6
0.4

-5.1
-6.4
-3.4
-3.6
-5.8

NA
NA

39

NA 3 0 3 . 9 0 3 0 8 . 1 3
NA 1 5 2 . 0 3 1 4 8 . 8 7
142.3
141.8
141.9

-3.5
-4.1

2
1.4
-2.1

0.1
0.6
-0.4

-12

8.0

9.5

-26.6
-14,3

1.8
NA

NA
NA

-8.7
-5.7

2.S4

-0.7

5.1
3.0
14.1
24.6

fi
7
8
25
96
32
56
57
75
54
§9
55
58

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




132.9

131.7

128.9

117.7

39,996 43,714 43,882 41,394

NA
115.3
NA 4 4 , 0 5 8

117.4
NA

NA
NA

NA
NA

12
13

Basic data 1
Series title

Unit
of
measure

Timing
classification3

Percent change

Average
IstQ
1978

1979

2dQ

3dQ

July

1980

1980

1980

1980

Aug.
1980

July
to

Sept.
1980

Aug.
1980

to
Sept.

IstQ
to
2dQ

2dQ
to
3dQ

1980

1980

1980

Aug.

Series number

1

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

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments:
1 0. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods Indus., nondefense . . .
27. New orders, capital goods industries, nondefense 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
11, New capital appropriations, mfg
97. Backlog of capital appropriations, mfg.s
.
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment sales and business
construction expenditures
76 Industrial production business equip .
86. Nonresid. fixed investment, total, 1972 dol. ..

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

1 5 3 . 8 2 1 7 7 . 0 9 191.36 1 9 3 . 8 9 191.24

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

230.13 2 7 1 . 9 3 3 0 0 . 3 9 2 9 2 . 5 5
171.3
175.7 172.0
160.3
151.2
145.3
140.1 1 4 8 . 8

Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing

Bil.dol

L,L,L

do. . . .

22.01

25.33

26.06

22.77

24.02

24.86

23.96

23.24

-3.6

-3.0

-12.6

13.60
18.30

14.58
21.64

14.18
22.64

12.37
20.57

12.89
20.41

13.70
21.61

12.58
19.37

12.38
20.24

-8.2

-1.6

-12.8

-10.4

4.5

do. . . .

L,L,L

do. . . .

11.41

12.68

12.57

11.36

11.25

12.24

10.50

11.02

-14.2

L,C,U Mil. sq.ft. ..
U,Lg,U Bil.dol......
C,Lg,Lg Bil.dol., EOP

80.73
16.78
63.43

90.34
22.20
76.66

90.91
29.50
84.09

68.94
25.76
87.71

68.22
NA
NA

72.28

65.99

66.40

-8.7

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

2,020
145.4

1,744
123.8

60.1

56.7

1,263

1,053

91.7
51.7

72.5
40.7

NA 2 9 3 . 8 5 2 8 3 , 7 6
169.8 169,6
169.9
144.1

NA
169.8

-3.4

1,265

1,544
126.3

11.9
10.1

1,408
112.0

1

4.2

0.2

-9.1

-0.8

2
2

5.0

-9.6

-1.0

2

0.6

-24.2
-12.7
4.3

-1.0

1.3

L,L,L
L,L,L

L,L,L
L,L,L
L LL

5.5

-1.4

NA
-0.1

-2.6
-2.1
-3.9

NA
NA

NA
-1.3
-0.8

1,416
109.9

9,0
14.9

41.2

-16.6
-20.9
-21.3

33.7
54.5

2.3

99.8

-9.4

1.2

1
9

6
6
7
8

2
2<
8

85. 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 order2 . . .
Inventories on Hand and on Order:
71 Mfg and trade inventories total5
*70. Mfg. and trade invent., total, 1972 dol.5
65 Mf rs ' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order 5

do. . , .

L,L,L

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

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

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

14.1

0.3

19.02

10.62

-10.96

43.2
2.05

46.4
2.56

49.1
2.08

2.6

-8.91
30.8

-1.84

380.64 427.04 439.32 447.03
249.59 257.32 256.88 257.50
7 3 . 9 4 76.61
63.88 70.53
1.57

L,Lg,Lg Bil.dol., EOP

9.7

1.60

1.62

1.74

1 6 8 . 5 2 199.20 2 0 5 . 4 3 1 9 9 . 9 0

-6.8

NA -15.38 -11,51
NA
23.3
29.7
NA
1.37
-1.50

NA
NA
NA

NA 4 4 9 . 5 1 4 5 1 . 4 5
NA 2 5 7 . 9 0 2 5 7 . 4 3
NA
7 7 . 0 0 77.19

NA
NA
NA

NA

NA

0.03

NA

NA

-0.8

NA

1.70

1.73

NA 2 0 1 . 2 7 1 9 9 . 7 6

3.87
-6.4

-2.87
0.4
-0.2

0.2

NA
NA
NA
NA
NA
NA

3

-18.3
-3.92

NA
NA
NA

3
3
3

1.8
0.2
3.6

NA
NA
NA

7
7
6

0.12

NA

7

-2.7

NA

7

2.05

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23 Industrial materials prices@
Stock Prices:
*19 Stock prices 500 common stocks©
Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars . . .
79. Corp. profits after taxes, with IVA and CCA . .
80
do
in 1972 d o l . . . .
1 5. Profits (after taxes) per dol. of sales, mfg.2 . . .
26. Ratio, price to unit labor cost, nonfarm bus . . . . .

Percent
1967=100...

1.23

2.08

2.51

0.19

1.10

0.27

1.12

1.92

231.0

293.0

318.5

282.6

289.3

277.6

292.1

298.3

5.2

2,1

-2.32
-11.3

0.91

U,L,L
L,L,L

194143=10.

9 6 . 0 2 103.01 110.30 1 0 8 . 4 0 1 2 3 . 2 8 119.83 1 2 3 . 5 0 1 2 6 . 5 1

3,1

2.4

-1.7

13.7

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

121.5

144.1

158.0

127.1

78.5
83.1
54.2

85.7
85.6
51.6

88.8
72.6
41.4

69.9
75.2
41.7

UUL

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

95.6

94.3

93.6

93.3

L,L,L
L,L,L

A.r., bil.dol. :
do. . . . '

194.1
121.5

222.3
128.8

238.8
131.3

207.8
111.7

NA
NA

194.0

214.0

227.5

235.6

UL,L

UL,L

Cash Flows:
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), nonfin. corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of

Lg,Lg,Lg 1967=100...

5.4

5.7

5,6

4.4

NA
NA

3
3

239.5

3.6

1.7

6

NA
200.8

3.2
5.1

NA
3,3

6
6

1.0

NA

6

1.35
0.44
0.01

1.6
2.1

8
10
10
10
10

0.040 -0.057
-0.003 -0.013

10
10

-49.85
-41.38
-55.94
-55.6

3
11
11
11

77.4

0.66
0.67
0.97

0.60
0.71
0.95

0.41
0.60
0.65

-0.02
0.70
0.66

1.33
1.14
0.67

222.5
864.4

215.6
846.2

206.3
816.5

198.6
801.5

6.125
1.273

6.330
1.310

6.460
1.332

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

do. . . .

1

-13.0
-14.9

-19.6
-21.3
3.6
0.7
-1.2
-0.3

94.0

76.4

75.7

9
2

1
1
7
8
1
2

75.8

Lg,Lg,Lg Percent. . . . .

1.115
175.0

2,4

NA
NA
NA
NA
NA
0.8

1.220
194.4

1.020
164.1

0.80

NA
NA
NA
NA
NA

1.182
185.0

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

0.85

200.4

200.9

201.2

0.2

0.1

NA

B7. Money and Credit
Money:
85 Change in money supply (M1-B)2
102. Change in money supply (M2) 2
*104 Chg in total liquid assets (smoothed 6 ) 2 .
105. Money supply (M1-B), 1972 dollars
*106 Money supply (M2) 1972 dollars
Velocity of Money:
107 Ratio GNP to monev supolv (M1-B)2
108. Ratio, pers. income to money supply (M2)2 ..
Credit
33
1 12
1 13
110.

Flows:
Change in mortgage debt2
Change in business loans2
. ..
Change in consumer installment debt2
Total private borrowing




UUL
L,C,U
UUL
L,UL

UUL

1

ccc
C,Lg,C
UL,L

L,L,L
UUL
UUL

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

-0.30

-0.53
-0.52

0.04

0.04

0.88

1.80
1.21
0.67

1.27
0.69
0.71

201.7
818.2

0 .63
200.0
816.2

202.3
820.5

202.8
817.9

6.500
1.329

6.443
1.316

1.320

1.313

1.316 - 0 . 0 0 7

0.003

9 0 . 8 3 86.19 7 4 . 7 8 2 4 . 9 3
2 2 . 8 8 2 9 . 9 3 -11.45
14.27
4 4 . 3 5 35.50 20.41 -35.53
3 4 6 . 6 3 3 5 6 . 9 8 3 4 4 . 3 9 152.86

NA
24.54
NA
NA

43.37
13.28
-7.31

66.12
30.96

NA
29.39
NA

22.75
17.68

NA
-1.57
NA

0.92
1.51

0.18

1.2
0.5

7.49

0.2
-0.3

-0.43
0.10
0.01
-3.7
-1.8

NA
35.99
NA
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Timing
classification3

Series title

Unit
of
measure

Pwtent change

Average
IstQ
1978

1979

2dQ

3dQ

July

1980

1980

1980

1980

Aug.
1980

Sept.
1980

Aug.

July
to

to
Sept.

Aug.
1980

1980

LstQ
to
2dQ
L980

k.

2dQ
to
3dQ

E
3

B

1980

1, CYCLICAL IND1CATQRS~Con.
B7. Money and Credit-Con,
Credit Difficulties:
14. Liabilities of business failures (inv.4)®
39. Delinquency rate, instal. loans (iny. 4 ) 2 s

1,1,1
L,L,L

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

L,U,U 'Mil.dol
do

Interest Rates;
119. Federal funds rate2®
114, Treasury bill rate3®
1 1 5. Treasury bond yields2®
116. Corporate bond yields2®
117, Municipal bond yields2®
118. Mortgage yields, residential 2 ®,,
67. Bank rates on short-ton?) bus. loans3®
*109. Average prime rate charged by banks2®.

Mil.dol
Percent, EOF

ULg,Lg Percent
do.
C,lg,Lg
do.
C,Lg,Lg
do.
Lg.Lg.Lg
, U,lg,lg
do.
do.
Lg,lg,lg
do.
Lg.Lg.lg
do.
Lg.Lg.Lg

221.33 2 2 2 . 2 8 2 3 6 . 0 6 415.33
2.45

-679

872

.. .
.. r
...
...
...
...
...

Outstanding Debt:
66. Consumer installment debt5
Lg.lg.Lg Bil.dol., EOP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Bil.dol
*95. Ratio, consumer install, debt to pers. income2. Lg.U.Lg Percent

7.94
7.22
7.89
8.98
6.02
9.75
9.80
9.06

2.64

2,53

2.74

-1,131 -1,715 -1,070
1,338
1,907
1,279
11.20
10.04

-471

774

10.05

15.05
13.46
11.15
12.99

6.52

8.23

7.95

8.58

10.89
13.18
12.67

NA
15.67
16. 4 f

12.43
17.75
Ifi. M

13.40
11.56
11.61

8.74

12.69
10.05
10.02
12.03

2 6 7 . 6 3 303.13 3 0 8 . 2 4 2 9 9 . 3 5

9.84
9.24

28
390
9.03
8.13
9.83

-356

687

9.61
9.26

NA
NA

-1,086
1,244
10.87
10.32
10.94
12.74

NA

NA
NA

-75.9
-0.21

384
297

730
557

-645
-628

-599
-505

1.26
1.06
0.41
0.43
0.27
0.72

-2 .36
-3.41
-1.13
--0.96
-0.28
NA

-2 .85
-0.81

2.08

NA 4 4 5 . 6 9 3 4 5 . 4 1
NA
NA
NA

1.11

-0.08

-6.19
-4.71

119
114
.US
116
117
118
67
109

22.5

8.67

8.94

12.39

13.54

14.26

0.58
1.13
0.70
0.83
0.54
1.15

11.48

11.12

12.23

-0.36

NA 2 9 8 . 7 4 2 9 8 . 7 6

NA

10.43
12.18

11.48
8.13

10.53
12.31

126.31 1 4 7 . 0 6 161.16 160.17 162.85 160.32 162.90 1 6 5 . 3 5
14.34
NA
NA
14.99
14.90
14.56
14.06 13.96

NA
NA

0.41
0.15
0.63
0.97

14
39

93
94

NA

-2.9

NA

66

1.6
-0.10

1.5
NA

-0.6

1.7
NA

72
95

2.2
1.9

310
320
320
322

0.

-0.34

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310
320.
320c
322

1972-100...
1367-100...
Percent, ....
1967-100...

Implicit price deflator 6NF
Consumer prices (CPU, all items®.
Change in CPl all items S/A 2
CPl, food

330 Producer prices (PPI) all commodities®, ., .
331 , PPI, crude materials
332 PPI intermediate materials
>
333 PPI capital equipment
334 PPI finished consumer goods

152.0
195.4
0.7
211.4

165.5
217.4
1.0
234.5

174.5
236.5
1.4
245.5

179.0
245.0
0.9
249.4

182.9
249.6
0.6
257.3

247.8
0.
252.9

249.4
0.7
257.5

251.7
1.0
261.6

0.6
0.7
1 .8

0.9
0.3
1.6

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

209.3
240.2
215.5
199.1
192.6

235.6
282.2
242.8
216.7
215.7

259.0
302.6
271.3
230.1
237.5

264.1
293.2
275.6
237.0
242.7

272.3
327.0
281.7
242.7
251.1

269.8
313.6
279.3
241.3
248.2

273.1
331.6
282.1
243.5
252.7

274.1
335.8
283.7
243.2
252.3

1.2
5.7
1.0
0.9
1.8

0.4
1.3
0.6

do. . . .

212.9

229.8

242.6

248.5

253.4

252.1

253.6

254.5

0.6

do.
do.
do.
do.

109.0
226.9
116.1
119.3

105.6
247.1
113.7
118.3

102.3
261.1
110.1
117.7

101.4
268.0
109.5
116.8

101.7
273.4
109.8
117.3

102.0

101.9

101.2

-0.1

do.
do.
do.
do.
do.

-0.1
-0.2

2.6
3.6
-0.5

1.6
2.0
-3.1

1.6
3.0
2.2

-0.3

3.2
3.1
2.2
2.4
3.5

330
331
332
333
334

11.5

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

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

0.4
-0.7

2.4
-0.9

2.6
-0.5
-0.8

2.0

340

0.3
2.0
0.3
0.4

341
345
346
370

0.4
0.2
2.7
5.0
0.
1.9

441
442
37
444
445
446

C. Labor Force, Employment, and
Unemployment
441.
442.
37.
444.
445.
44B.
Labor
451
452.
453.

Millions ... M 1 0 0 . 4 2 102.91 104.19 104.70 1 0 5 . 0 9 105.20 105.02 105.03
96.94
do. . . .
94.37
97.80
96.89 97.07
97.00 9 7 . 0 1 9 7 . 2 1
6,047
5,963 6,390
7,827
7 , 8 0 8 8,018
8 , 2 0 7 8,019
Thousands. .
do. . . . I
3,542
2,252
2,223
2,593
3,719
3,730 3,682 1,744
do. . . .
2 , 2 3 6 2,213
2,271
2,600
2,601
2,702 2,628 2,473
1,559
1,528
1,526
1,666
1,774
do. . . .
1,698
1,709 1,610

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
Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes , 16-19 years of age2

,

-0.2

Percent
do. ...
do. . . .

79.8
49.6
58.0

79.8
50.6
58.1

0.
0.1
-2 .2

A.r., bil.dol.
do. ...
do. ...
do. . . . '•
do. . . . j
do. ...

432.1
459.8
-27.7
331.0
303.6

497.6
509.0
-11.4
354.6
330.0

27.4

24.6

79.5
51.2
57.6

79.6
51.4
56.9

79.5
51.5
56.4

79.5
51.6
57.4

79.5
51.7
55.2

79.5
51.3
56.7

0.
0.2

0.
-2 .3

-2.4

-1.3
-2.7
-3.7

-5.9
-5.8

1.7

0.
-0.4

1.5

0.5
-0.9
22.2
36.6
14.5

9.2
0.1
0.2
-0.7

-0.1

0.1
-0.5

451
452
453

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

538.4
529.9
561.3
579.1
-22.9 - -49.2
375.3
373.2
350.6
353.6
24.6

19.5

NA
611.0
NA*
NA
360.5
NA

-1.6

3.2
-0^6

0.9
-5.1

NA
5 .5
NA
NA
2 .0
NA

501
502
500
511
512
510

NA
NA
4.1
4.0

S48
564

2.0
13.2
10.0
NA
NA
NA

602
604
606
612
614
616

02. Defense Indicators
517.
525
548.
564,

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

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

10,360 11,132 1 3 , 2 4 6 13,346
5,157
5,356
6,149
7,413
3,467 3,284 3,875
4,591
99.0
108.3
119.6
124.1

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

11,955 15.136 17.705 1 8 . 2 6 3 18,626 18,075 19,103 18,701
2,483
2,896
3,430
3,131 3 , 5 4 3 3 , 3 0 0 3 , 6 8 2
3,648
2,500
3 , 0 0 9 3,391
3,711
4,081
3,985 4,230 4,027
14,333 17,195 21,064 19,910
NA 18,995 1 9 , 2 3 6
NA
3,278 4,676
6,782
6,329
NA
5.153
6,018
NA
1,725
1,853
1,965 1,851
NA
2,103
NA
2,139

NA 12,973 14,310
NA
6,768
NA
4,780
4,366 3,899
129.1

NA
NA
6,075

10.3

NA
-10.7

NA
NA
55.8

0.8
20.6
18.5

3.8

317

E. U.S. International Transactions
E1 . Merchandise Trade
602,
504.
606.
612.
614.
616.

F.xports, 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




...

.. .
...
.. .

5.7
11.6

6.1
1.3
16.8

1.7

-2 .1

3.2

-0.9

-8.7

-4 .8
'MA
NA
NA

-5.5
-6.7
-5.8

9.4

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title

Unit
of
measure

Percent change

Average
3tJQ

4th Q

IstQ

2dQ

3dQ

1979

1979

1980

1980

4th Q
to
IstQ

1980

1977

1978

1979

30,204
37,922
-7,718
8,147
3,650
46,177
48,543
-2,366

35,514
43,953
-8,440
10,743
5,518
55,260
57,560
-2,301

45,514
52,881
-7,367
16,492
8,365
71,627
70,408
1,220

42,815
50,885
-8,070
15,250
7,980
67,763
67,873

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

1431.6
2368.8
1421.9
1624.3
994.8
6,494
4,512

1422.3
2329.8
1404.1
1601.7
993.0
6,460
4,510

IstQ
to
2dQ

2dQ
to
3dQ

1980

2dQ
1979

1980

1980

c
3

S

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

Merchandise exports
Merchandise imports
Merchandise trade balance2
Income on U S investments abroad
Income on foreign investment in the U.S. . . .
Exports of goods and services
.
Imports of goods and services
Balance on goods and services 2

Mil. dol

do
do
do
do
do
do
do

-110

47,198
54,258
-7,060
18,050
8,731
74,773
72,267
2,506

50,237
59,462
-9,225
18,407
9,524
78,305
78,555

1433.3
2396.5
1426.2
1640.0
993.4
6,494
4,501

1440.3
2456.9
1439.0
1683.1
996.2
6, 509
4,502

-250

54,708
65,583
•10,875
20,846
10,752
85,647
86,470
-823

54,710
62,353
-7,643
16,772
10,417
81,522
82,780
-1,258

NA
8.9
NA
10.3
NA - 1 , 6 5 0
NA
13.3
NA
12.9
9,4
NA
10.1
NA
NA
-573

NA
NA
NA
NA
NA
NA
NA
NA

-3.1
-4.8
-4.3
-435

50
200
213
224
225
217
227

1.3
4.9
0.1
1.2
3.4
6.9
1.9
3.8

3,232
-19.5

618
620
622
651
652
668
669
667

0.2
2.4
0.9
2.9
0.8
0.
0.5

0.
-4.9

231
233
238
239
230
232
236
237

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

GNP in 1972 dollars
GNP in current dollars
Final sales 1972 dollars
Disposable personal income, current dollars ...
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers income, 1972 do). . .

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

1444.7
2520.8
1444.4
1737.4
998.5
6,514
4,502

1408.6
2521.3
1406.0
1755.9
983.1
6,337
4,423

1412.1
2583.0
1418.9
1807.5
991.4
6,334
4,447

0.3
2.6
0.4
3 .2
0.2
0.1
0.

-2.5

0,
-2.7

1.1
-1.5
-2.7
-1.8

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

Total 1972 dollars
Durable goods 1972 dollars
Nondurable goods 1972 dollars
Services 1972 dollars
Total current dollars
Durable goods, current dollars
Nondurable goods current dollars
Services current dollars

A.r.,btt, dol
do
do
do
do
do
do
do

.

861.7
910.8
900.8
9 2 4 . 5 915.0
925.9
935.4 936.5
922.4
127.4
1 4 6 . 7 145.4
138.2
147.1
146.7
144.8
146.9
133.6
354.1
332.7
349.1 344.1 349.2
355.1
347.8 348.0
343.3
390.8
435.6
440.8
410.8
428.3
426.1 4 2 9 . 9 433.6 437.0
1210.0 1 3 5 0 . 8 1 5 0 9 . 8 1 4 7 5 . 9 1 5 2 8 . 6 1580.4 1 6 2 9 . 5 1 6 2 6 . 5 1681.8
220.2
195.7
213.4
216.2
178.8
209.3
2 0 0 . 3 213.0
208.7
630.7
481.3
652.0
654.1 666.4
530.6
596.9
581.2
604.7
549.8
776.9
619.8
6 9 9 . 8 6 8 6 . 0 710.6
733.5 757.3
806.1

0.1
-0.9
-0.3

0.8
3.1
1.9
3.4
3.2

-2.7

-12.4
-1.8
-0.3
-0.2

-11.1
0.3
2.6

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

do. : , . . .
do
do
do. . . .
do
do,

200.1
186.9

214.3
200.2

13.1

14.1

303.3
281.3

351.5
329.1

215.2
205.5
9.7
387.2
369.0

21.9

22.3

18.2

33.4

14.5

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

268.5
100.6
167.9
396.2
144.4
251.8

273.2

274.3

272.4

273.1

Total 1972 dollars
Total fixed investment 1972 dollars
Change in business inventories, 1972 dol. 2
Total current dollars
Total fixed investment, current dollars
Chg in bus inventories current do!.2

221.7
203.5
13.1

395.4
361.9

214.2
207.1
7.1
392.3
377.8

207.7
206.3
1.4
387.2
381.7
5.6

203.2
202.9
0.3
387.7
383.0
4 .7

188.6
186.0
2.6
368.5
357.1

178.5
185.3
-6.8

-2.2
-1.6
-1.1

11.4

346.0
363.9
-17.9

-0.9

0.1
0.3

-7.2
-8.3

-5.4
-0.4
-9.4
-6.1

2.3
-5.0
-6.8

6.7

1.9
-29.3

241
243
30
240
242
245

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

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

256
257.
255.
252
253
250.

Exports of goods and services, 1972 dollars . .
Imports of goodsand services, 1972 dollars ...
Net exports of goods and sen/., 1972 dol.2
Exports of goods and services current dol
Imports of goodsand services current dol
Net exports of goods and serv., current dol.2 . .

98.6

99.4

98.1

97.4

174 .6
435.6
152.6
283.0

174.9
476.4
166.6
309.8

174.3
466.6
161.7
304.9

175.6
477.8
162.9
314.9

277.1
101.1
176.0
501.2
178.4
322.8

280.0
104.3
175.7
517.2
186.2
331.0

280.9
106.7
174.3
528.3
193.3
335.0

279.6
105.6
173.9
536.7
194.6
342.1

98.4
88.2
10.3

108.9

119.9
102.3

116.0
102.9

122.2
102.1

124.3
104.1

131. -7

128.3

126.9

106.7
25.0

99.9
28.3

95.3
31.6

175.9
185.8

207.2
217.5
-10.3

308.1
321.7
-13.6

307.0
309.2

312.1
293.5

-2.2

18.6

1 .0
3.2
-0.2

3,2
4.4
2.5

0.3
2.3
-0.8

2.1
3.8
1.2

-0.5
-1.0
-0.2

1.6
0.7
2.1

261
263
267
260
262
266

A5. Foreign Trade

do
do
do
do
do
do.

-9.9

97.9
11.0

17,6

13.2

20.1

20.1

257.5
262.1

243.7
251.9

267.3
269.5

-4.6

-8.1

-2.3

280.4
292.4
-11.9

6.0
2.5
4.9
9.9
10 .0
-1.7

-2.6
-6.4

3.3
-0.4
-3.9
11.4

-1.1
-4.6

3.3
1.7
-5.1
20.8

256
257
255
252
253
250

A6. National Income and Its Components

do
do
do
do
do
do

220 National income
282
286.
284.
288

Proprietors' income with IVAand CCA
Corporate profits with 1 VA and CCA
Rental income of persons with CCA
Net interest

290
295
292
298
293,

Gross saving (private and govt )
Business saving
Personal saving
Government surplus or deficit2 . , . ,
Personal saving rate2

NA
1 5 2 5 . 8 1 7 2 4 . 3 1 9 2 4 . 8 1897.9 1941.9 1 9 9 0 . 4 2 0 3 5 . 4 2 0 2 4 . 6
1156.9 1 3 0 4 . 5 1 4 5 9 . 2 1 4 3 9 . 7 1 4 7 2 . 8 1513.2 1 5 5 5 . 2 1 5 6 7 . 2 1590.1
130.0
120,5
124.2
134.5
130.8
130.3
100.2
116.8
129.3
175.0
152.8
NA
178.2
176.4
150.0
167.7
176.6
180.8
24.7
94.0

25.9

26.9

26.8

26.6

27.0

27.0

27.3

27.8

109.5

129.7

125.6

131.5

139.2

148.1

156.8

164.5

276.1
230.7

324.6
253.0

363.9
275.9

374.3
274.6

367.3
281.9

351.9
281.0

346.6
279.2

345.5
287.6

NA
295.0

65.0

72.0
-0.3

73.8
13.2

85.9
12.7

70.3
14.0

59.7
10.0

64.4

86.3

83.3

2.3
2.8
-3.3
-0.8

0.
6.4

-0.5

0.8
-7.3

-12.7
1.1
5.9

NA
1.5
3.1
NA
1.8
4.9

220
280
282
286
284
288

NA
2.6

290
295
292
298
293

A7. Saving

do
do
do
do
Percent

-19.5
5.0

4.9

4.5

5.4

4.3

3.5

1.7
3.7

-29.6
4.9

NA
4.6

-1.5
-0.6

7.9
-8.3

0.2

-0.3

3.0
34.0

-3.5

-31.3
1.2

-0.3

NOTE: Series are seasonally adjusted except tor those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated.
EOF = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. Ml A = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD-. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
s
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.




NA

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
(Now.) (Oct.)
P
T

(July)(May)

(Aug.)(Apr.)

(Apr.)(Feb.)

P I

P I

P T

(Die,) (Nov.)

P

T

(Nov.) (Mir.)
P
T

lndac 1967=3.00

910. Index of twelve leading indicator (series 1, 3, 8, 12, 19, 20, 29, 32, 36,

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

8tH

70-

/TV
•t-5

1948 49 50 51 52 S3 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 73 73 74 75 76 77 78 79 1980
NOTE: Numbers entered on the chart Indicate length of leads (-) and lags { + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10




OCTOBER

1980

BCI»

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart Al. Composite Indexes—Continued
(Nov.) (Oct.)
P
T

(JulyXMay)
P T

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

-9

911 1 Marginal emp%merit adjustments (series 1, 2, 3, 5)

(Dec.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

Index: 1967=100

ueX

*££»

10090-

,

H

110-

80-

914. Capital investment commitments (series 12, 20, 29)
-30

-10

120«

£

110-

-13

10090-

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

120-

jj

11010090-

110100-

917. Money and financial flows (series 104, 106, 110)
100-

S\l

9080-

-22
70 «

-2
60 -

940. Ratio, coincident index to lagging index

i r
^

120-

"^

110-

/v

¥ v
\

-7

-?

100908070'

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
NOTE: Numbers entered on the chart indicate length of leads (-} and lags (+) in months from reference turning dates.
Current data for these series are shown on page 60.

ItCII

OCTOBER 1980




11

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS-Continued

Chart A2. Leading Index Components
(Nov.) (Oct.)
P
T

(July)(Blay)
P I

<Aug.)(Apr.)
F T

(Nov.) (Mar.)
P
T

(Dec.) (Now.)
P
T

(Apr.)(Feb.)
P T

1. Average workweek, production workers,
manufacturing

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

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

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

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

20. Contracts and orders for plant and equipment,
Mm (bil. dol.) | L L L

1948 49

SO 91

S2 53

54

S5

96

S7

S8

Si

60

61

62

S3

64

6S 66

67

68

69

70

71

72

73

74

75

76

77

78

79 1980

Current data for these series are shown on pages 61, 64, 65, and 66.

12



OCTOBER 1980

BCII

CYCLICAL INDICATORS
A|

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
(Nov.) (Oct.)
P

(Aug.)(Apr.)

I

T

<Apr.)(Feb.)
P T

(Dec.)(N0y.)

f

T

(Nov.) (Mar.)

P

T

(index: 1967=100)

100-

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

^

92. Change in sensitive prices, smoothed1 (percent) 11,1,1,

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

LLL

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

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

1948 49 50 SI 52 S3 54 5S i6 57 §8 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, and 71.

ltd! OCTOBER



1980

13

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
(Nov.) (Get)
P
T

(JulyXMay)
P T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P T

(Dee.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

41. Employees on nonagricultural payrolls (millions)

51. Personal income less transfer payments,
1972 defers (ann.

57. Matiufacturing and trade sales, 1972 doHars (bil. dot.)

1948 49 50 51 52 S3 S4 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
Current data for these series are shown on pages 62, 63, and 65.

14



OCTOBER 1980

BCII

CYCLICAL INDICATORS
Aj

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
(Nov.) (Oct.)
P I

(July) (May)
P T

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

91. Average duration of unemployment (weeks—inverted

70. Manufacturing and trade

U,L

6Z Labor cost per unit of output, manufaduring (index: 1967=100)
Lg,Lg,Lg

109, Average prune rate charged by banks (percent)

72. Commercial and industrialtoans outstanding, weekly
reporting large commercial banks (bit. dol.)

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

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980
Current data for these series are shown on pages 62, 68, 70, and 73.

BCII OCTOBER



1980

15

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
(Aug.) (Apr.)
P T

(Hw.)
P

(Dec.) (Nov.)
P
T

(Apr.) (Fib.)
P
T

(Mar.)
T

[Marginal Employment Adjustments]
1. Average workweek, production worto, manufacturing (hours)

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

2, Accession rate, manufacturing (per 100 employees)

7
d

A.

5. Average weekly initial claims, State unemployment insurance (ttiousands—inverted scale)
ll.C.l

3. Layoff rate, manufacturing (per 100 efiftoyees-nnverled sc^ie) [1,1,11
tA*

4. Quit rate, manufacturing (per 100 employees)

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

7a

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 61.

16



OCTOBER 1980

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

| Job Vacancies |
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)
1.0-

0.2-

200175150125-

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

75180-

170-

[ Comprehensive Employment |

160-

48. Employee-hours in nonagricurtural establishments
(ann. rate, bil. hours)
.

150-

90-

42. Persons engaged m nonagricultural activities (millions)

s/ S

85-

I fuMl

80-

75 70-

4L Employees on nonagricutturai payrolls (millions)
;

| C t C,C [

,

6528272625242322-

jf

40. Employees in goods^roducing industries^nwwyig,
manuractunng, consinjciion ^minions;

2120-

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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

BUI OCTOBER



1980

17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
(Aug.) (Apr,)
P I

(Nov.)
P

(Dee.) (Nov.)
P
T

(Apr.) (Feb.)
F I

(Mar.)
T

[Comprehensive Employment-Con.

60-i

'

y*^
A
V

9ft Ratio, civilian employment to total population of working age (percent) /rw
:
v—,
^^H^

|U,Lg,U|
. J^\
r
AV^
Nr* 'v*

^jJ

9

58-

J

\ ^
L^

§655-

VyV ^M\/Lrt/WY~~A--//
|Comprehensive Unemployment!
37. Number unemployed, total (rnlions—inverted scale)

,.,„ _ E5S
^V^

\A^v

I

Z

78"

43. Unemployment rate, toy (percent-inverted scale)

:
^/WV^
\

JU
A/N

w

\f

!

__^__^u^—*v ru&ul

\

V>A/^
/-VA^/^^X>'"

^
\ -^ ^

^/

;:

J^™v
liiiAi^'ViL

*

I

;

um

\/^^

i weekly insured unemployment rate (percent—inverted scab)
" ~" "" *y
- "'

45.

234.
5-

91. Average duration of unemployment (weeks—inverted scab)
[ig.Lg.lgl

101214*

±

y^U

1618-

44. Unemployment rate, persons unemployed 15 weeks and over (pefcent^nverted scate)

0«

3-1

1956 97

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 62.

18



OCTOBER 1980

lltll

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
(Aug.) (Apr.)
P I

(Dee.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

160015001400-

[Comprehensive Outp|t and lncome|
50. GNP in 1972 dollars, Q (ann. rate, bil, do).)

1300120011001000900-

800 J

1300I200«
1100-

52, Personal income in 1972 dollars (ann. rate, W. doL)

1000900-

800-

700-

600 -

11001000-

51. Personal income less transfer payments in IS
(alia rate, bil. dd.)

900-

MI

800-

700-

600-

500-

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

260-!
240220200180160140J

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 63.

BCII

OCTOBER




1980

19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
(Aug.) (Apr.)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T
1/0-1

I Industrial Production]

•~3:

^

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

74. Industrial production, nondurable manufactures
1967=100)

140-

Lit-

Z
100-

73. Industrial production, durable manufactures
(index: 1967=100)

7
49, Value of goods output hi 1972 dollars. Q
(ann. rate, bil. dot)

|Capacity Utiiization|

iiyy65

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

90***^>^

^•N^"**-^*^*^^

f

rf Aw

/-**V-4^

^ s~^^^ *^~\

: ' '

:

v

^i/^N- ^ ** ***^i

^^

80-

^ d

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

V

z:

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

90-

1956

57

58

Si

60

61

62

63

§4

65

67

68

69

70

71

72

73

74

79

76

77

78

79

8© 1981

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

20



OCTOBER 1980

K€l»

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
. T
_

(Nov.)
P

(Mar.)
T

90-

|Orders and Deliveries]

P

6, New orders, durable goods irxtustries,
current dollars (bil. do!.)1

70-

Z

60*
59 -

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

49-

8. New orders for consumer goods and materia s
in 1972 dollars (hi dol)

25. Change in unfilled orders, durable goods industries
(bil. do!.; MCD moving avg.^4-tenn)

96. Manufacturers1 unfilled orders, durable goods industries
140-

100-

32. Vendor performance, peitent of companies
reporting slower deliveries (percent)
LL1
75-

251956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

77

78

79

80

1981

Current data for these series are shown on page 64.

OCTOBER 1980




21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.) (Apr.)
P

(Apr.) (Feb.)

T

P

(Nov.)
P

(Dec) (Nov.)
T

T

(Mar.)
T

[Consumption and Trade|

56. Manufacturing and trade sate tocurrent dollars-—
(bil. dol.)

57. Manufacturing and trade sales
in 1972 defers (UL dol.)

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

54. Sales of retail stores in current dollars (bil. doi,) —

59. Sales of retail stores in 1972 dote (U dol,)

55. Personal consumption expenditures, 3utomobitesr Q
(ana rate, bil 0oL)

/v

JT

/

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

1956 97

§8

99

60

61

63

63

64

69

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 65.

22



OCTOBER 1980

licit

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
(Aug.) (Apr.)

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

160-

I Formation of Business Enterprises
12. Net business formation (index: 1967=100)

140-

ML

45-

13. New business incorporations (thousands)
25-

20. Contracts and orders for plant and equipment
in 1972 dollars (bil. dol.)
10-

10. Contracts and orders for plant ami equipment
in current dollars (bil. doL) (TtTT

15-

new orders, capital goods industries,
in 1972 dollars (bil. dol.) X

24. Manufacturers' new orders,

loansofT

1956 57

58

59

60

61

62

63

9. Construction contracts, commercial and industrial buildings
sq. n. or noor area; MUJ moving avg.—o-ierm;*

64

65

66

67

68

69

70

71

72

73

74

4©-

75

7@

77

78

79

80 1981

1

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

OCTOBER




1980

23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
F T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

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

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

Business Investment Expenditures)

69. Machinery and equipment sates and business
construction expenditures (ana rate, bil. dol.)

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

1956

§7

m

59

60

61

62

63

64

65

67

68

69

7©

71

72

73

74

78

76

77

78

79

80 1981

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

24



OCTOBER 1980

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr.)
P
T

(Apr) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

180160140-

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

120-

86. Total. 0

100-

88. Produ<m'jiurable Equipment, Q

20 J
l

[Residential Construdion Commitments and Investment!

28. New private housing unit? smarted, total (ann. rate, millions)

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

89. Residential fixed i

(ann. rate, bil. doL)

1956

57

58

59

60

61

62

63

64

@5

66

67

68

69

70

71

72

73

74

77

78

79

80 1981

Current data for these series are shown on page 67.

IICII OCTOBER



1980

25

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued

Chart B5. Inventories and Inventory Investment
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dee.) (Nov.)
P
T

(Mar,)
T

I Inventory Investmentj
30. Change in business Inventories, 1972 (Wars, Q (am. rate, biUM)

36. Net change in inventories on hand and on order, 1972 dollars
(am, rate, bil. dol; moving avg.-^term1) [ M L ! ^

31. Change in book value, manufacturing and trade inventories ij/K
(ann. rate, bil. dd; Muu moving a v g , — w e r m ) /

\

n
fi

38. Change in stocks of materials and supplies on hand and on order,
manufacturing (biL dol.; MCO moving avg.—4-|etm) |L,L,L|

1956 S7

98

59

60

61

62

63

64

69

66

67

68

69

70

71

72

73

74

75

73

77

78

79

80 1981

1

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

26



OCTOBER 1980

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
(Aug.) (Apr.)

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

500n
4SO-

|inve!htories on Hand; and on Order]

1
71. Book value; manufacturing and trade inventories.
curort dollats (bil. dol.)

^

400*

2L

350-

300-

*

lUJJUi

250-

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

200J
90-!
858075706560555045-

4035-

302520-

77. Ratip, deflated inventories to sates, manufacturing and trade
(ratio) I,„|,1,1
1 A

1J^

1,7-

JS

z

^•^•^•Hr

1.6-

AwvT"

1.5220-1

/

160-

•SL

140120-

L

100-

7

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

80 •

x\
1956 57

58

59

60

40 J

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 68.

ItCII OCTOBER 1980



27

CYCLICAL INDICATORS
BI

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dae.) (Nov.)
P
T

(Nov.)

(Mir.)
T

[Sensitive Commodity'; Prices
92. Change in sensitive prices (percent; moving 8Vg.™4-term1)

, ;J ft

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

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

16, Corporate profits after taxes, cun-ent dollars, Q
(ana rate, bil, dol.)

|Profits and Profit Margins]

1& Corporate profits after taxes, 1972 dollars, Q
(inn. rate, bil doO

after taxes with |VA and CCA.
dollars* ^ van"- rate, bti, dot,) i.Q

79, Corporate profits after taxes with IVA and CCA,
current dollars, Q (ana rate, bil, dot)

1938 97

59

60

61

82

63

64

63

66

@9

70

71

72

74

79

76

77

78

79

80 1081

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 69.

28



OCTOBER

1980

ltd*

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

| Profits and Profit Margins—Con.]
14-

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

1210-

81, Ratio, corporate profits (after taxes) with inventory valuation and
capital consumption adjustments to total corporate domestic income,
Q (percent)

15. Profits (after taxes) per dollar of sales, all mamrfacturing corporatiohs, Q (cents)

26. Ratio, price to unrt labor cost, rwnfarm business sector, Q (index: 1%7=100)

v^^.

7\T

AX

«fis—aw

^s^~l

NZr

VA^_TM
-^v

ICashSFIowsl

s\r

35. Net cash flow, corporate, in 1972 dollars, g
(art),rate,;ML.4*) rpT

9694*
92-

2S0T
240*
220206188160140120 -

100-

60-

34. Net cash flow, corporate, hi current dollars, Q
(m rate, Ml. dot) nTTl
I

40-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1 8
9 1

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

ItCII OCTOBER 1980



29

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
(Aug,) (Apr,)
P I

(Dec) (Nov.)

(Apr,) (Feb.)
F T

P

(Nov.)
P

I

(Mar.)
T

I Unit; labor Costs and Labor Share I

a63. Unit labor cost, private business sector, Q
(indec 1967=100) |ig,Lg,Lg|

\ }-

68, Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfjnancU corporations, Q (dollars)

1] 1|J|) c-

62. Labor cost per unit of output manufacture (index: 1%7=100)

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

II

|Lg,Lg,Lg| ~*~

87

S8

m

60

61

62

S3

ss

©?

72

73

74

IS

76

60

Current data for these series are shown on page 70.

30



OCTOBER 1980

BCII

INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
(Aug.) (Apr.)

P

T

(Apr.) (Feb.)

P

(Dec.) (Nov.)

T

P

T

(Nov.)

(Mar.)

P

T

85. Change in money supply Ml-B ^ IL.L.L
(percent; MCD moving avg.—6-term) i

102. Change in money supply M2
s (percent MCD nroving av|.-6-tetrn) LLQ,U

* ; ~y,8
-f • - - H, *i.s

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

,<»

10$. Money suppty-Ml-B-in 1972 dollars (bil. do).)
iL-il

106. Money supply-M2-in 1972 dollars (bii, dol,)
L.L

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.

licit

OCTOBER




1980

31

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dee.) (Nov.)
P
T

(Nov.)

33. Change in mortgage debt (ana rate, bil. doU

ul

112. Change in bank loans to businesses
MOD moving av&—6-term)

frBuah,H.,dnl.;

ii

113. Change in consumer installment debt (ana rate, by, m)

110. Total private borrowing, Q (ana rate, bil. doi.)

il
l

§7

S8

m

60

61

62

63

64

69

6S

67

68

69

70

71

72,

73

74

7S

76

77

79

80 1981

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

32



OCTOBER 1980

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

[Credit Difficulties I
14, Current liabilities of business failures (mH. doLinverted scale; MCD moving avg.—&-tem)

50 T

100«

150-

AA>^VX,

J^£

^

"V

39, Delinquency rate, 30 days and over, consumer installment bans
(percent—inverted scale)
F^

1

^A.

J?-v=-

^SP ^\ft,

1.4-^
1.61.82.02.22.42.6-

*v=*v

^v

~Ji^AjJy

94. Member bank
the Federal Reserve

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 72.

OCTOBER




1980

33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
(Aug.) (Apr.)

P

(Dec.) (Nov.)

Apr.) (Feb.)
P
T

T

P

(Now.)

T

F

Interest Rates

114. Treasury bill rate
(percent)

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)
CjlL

118, Secondary market yields on FHA mortgages (percent)

__ 1 _„

117. Muoidpal bond ywkte (percent)

19S6

B7

S8

Si

60

©1

@2

S3

S4

65

66

71

72

73

74

73

7©

77

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

34



OCTOBER

1980

BCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P
T

(Nov.)

(Dae) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Mar.)
T

21-

[Interest Rates-Con.l

20191817-

131211-

67. Bank rates on short-term business bans (percent)

109. Average prime rate charged by banks (percent)

[Outstanding Debt]
66. Consumer installment debt (bil. doi.)

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

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

S7

5S

59

6©

61

62

63

§§

68

87

68

00

70

71

72

77

7B

79

80 1981

Current data for these series are shown on page 73.

BCII

OCTOBER 1980




35

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
(Aug.) (Apr.)
P

(Apr.) (Feb.)

T

P

(Hm.)
P

(Dee.) (Nov.)
P
T

T

(Mar.)
T

[Percent rising
950. Twelve leading indicator components (6-mo. span—, l*m Span---)
100-1

so-

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

loo-

95Z Six lagging indicator components; (6-mo. span—, 1-ma span—)
100-

so-

961, Average worfeweek, production workers, mantrfadurinf—20 industries (9-mo. span-—, 1-mo. span—)
100-

80-

962. Initial claims, State unemployment insurance—51 areas (percent declining 9-ma span—, 1-mo. span —)
1001

963, Employees on private nonagricufturai payroJls-172 industries (6-mo. span—, 1-mo. span—)

1956 57

58

59

SO

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 74.

36



OCTOBER 1980

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE-Continued

Chart Cl. Diffusion Indexes—Continued
(Aug.) (Apr.)

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

T

P

T

(Nov.)

(Mar.)

P

T

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

50-

1

oj
965. Newly approved capital appropriations, deflated—1? industries (4-Q moving avg<»-»-», 1-Q span •—*)

966. Industrial produdion-24 industries (6*mo. span^, l-mfc spai^—)

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

50-

*, 1-mo. span—••-)

968. Stock prices, 500 common stocks-53-82 industries (9-mo. span

700 companies1 (4fQ span)
..... ,

1956 57

58

§9

60

61

62

63

64

65

66

67

68

69

70

... ..,

71

.. :•

72

'

73

!!'.._

L

74

75

76

77

78

79

80

1981

1

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

KCII

OCTOBER 1980




37

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart CL Diffusion Indexes—Continued
(Dee.) (Nov.)
P
T

(Now.)
P

(Mar.)
T

Ogc.) (Now.)
P
I

Percent rising

970, Business expenditures for new plant and
equipment—II industries (1-Q span)
974. Number of employees, manufacturing and trade (4-Q span)1
7S-

975, Level of inventories, mamifacturing and trade (4-Q span)1

(a) Actual expenditures
70-

m*
1

971. New orders, manufacturing (4-Q span)

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

69-

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

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

so80-

973. Net sates, maniffacturing and trade (4-Q span)1

978. Selling prices, reMI trade (4*Q span)1

1001

100-

60 1969 70

71

72

1

73

74

75

76

77

78

79 1980

1969 70

71

72

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

38



73

74

75

76

77

78

79 1980

Dun & Bradstreet diffusion Indexes are based on

OCTOBER 1980

KCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE-Continued

Chart C3. Rates of Change
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Wov.)
P

(Dec.) (Wov.)
?
T

(Mar.)
T

Percent changes at annual rate
910c. Composite index of twelve leading indicators

(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)-

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57) ~-,~-(
. .^^^f.^—

-°~*

x

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

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

47c. Index of industrial production

48c. Employee-hours in nonagricultural establishments , '

""**""

51c, Personal income less transfer
payments in 1972 dollars

1956 S7

58

§9

60

61

62

63

64

66

67

68

69

70

71

72

73

74

75

76

77

79

SO

1981

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

ItCII

OCTOBER 1980




39

OTHER IMPORTANT ECONOMIC MEASURES
A|

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Hm.)
P
T

(Nov.)
P

(Mar.)
T

2600*
1400*
Jffl

1800-

200. GNP in current doHan* Q (ann. rate, bil. dd)

J
1400

2200*1

1400*
223. Personal income in current dollars
(ana rate, bl dol)

1088ftOO-

224. Disposable personal income in current
dolfcws, Q (ann. rate, bil. dol.)

uisposawe personal income in
dollars, 0 (ann. rate, bi dd.)
217. Per capita GNP in \m dollars (ann, rate, tta* doTJ

227. Per capita disposable personal income in
iy/z (xxiars, y (ann. rate, mous, dol.)

1956

57

58

Si

60

61

BZ

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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

40



OCTOBER 1980

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT-Continued

Chart A2. Personal Consumption Expenditures
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

Annual rate; billion dollars (current)

1956

57

SS

59

SO

61

62

63

64

6S

66

67

68

69

70

71

72

73

74

79

77

7S

79

80 1981

Current data for these series are shown on pages 80 and 81.

KCII

OCTOBER 1980




41

IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT-Continued

Chart A3, Gross Private Domestic Investment
(Aug.) (Apr.)
P

(Apr.) (Feb.)

T

P

T

(Now.)
P

(fee.) (Nov.)
P
T

(Mar.)
T

Annual rate, billion dollars (current))

Gross private domestic investment—

245. Change in business inventories, Q

Annual rate, billion dollars (1972)

^243, Total fixed investment, Q

57

m

Si

SO

SI

70

71

72

73

74

75

7S

77

78

'/9

§© 1981

Current data for these series are shown on page 81

42



OCTOBER 1980

BCII

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P
T
I:

(Apt) (Feb.)
P
T
;:

•"

'"I

(Dec.) (Mov.)
P
T

(Now.)

(Mar.)
T

]f

Annual rate, billion dollars (current)
Government purchases of goods and services-

266. State and kxal
governments, Q

Annual rate, billion dollars (1972)

180-

267. State and local governments, Q

x

263 Federal Government, C

60 J
1958

$7

58

59

60

61

62

63

64

6S

66

67

68

69

70

71

72

73

74

75

76

77

78

79

SO

1981

Current data for these series are shown on page 81.

OCTOBER 1980




43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT-Continued
Chart A5. Foreign Trade
(Aug.) (Apr.)
F T

(Dec.) (to.)
P
T

(Apr.) (Feb.)
P T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

320
380

7

240

160«
252. Exports of foods and services, Q

ia«

Imports of goods 3nd services, Q

250. Net exports of goods and services. Q

Annual rate, billion dollars (1972)
140-

i^H
256. Exports of goods and services, Q

100-

80-

257. Imports of goods and services, Q
4©

255. Net exports of goods and services. Q

+20

+10-

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

73

76

77

78

79

80

1981

Current data for thete terlet are $hown on page 82.

44



OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
..

P

(Nov.)
P

T

:n-

(Mar.)
T

i!

ir
Annual rate, billion dollars (current)
24MH

220010001800*
1600*
1460-

1000*

700-

•280. Compensation of employees, Q

_„; /T. \X M
_^LJfi]
_jzs£:
^^^
^

286. Corporate profits with inventory valuation and capital consumptioni ^justments, Q

V

——

180-

70so-

and capital consumption adjustments, Q
284, Rental income of persons with capital
consumption adjustment, Q| ^v

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

7S

79

SO 1981

Current data for these series are shown on page 82.

BCII

OCTOBER 1980




45

OTHER IMPORTANT ECONOMIC MEASURES
IA I
I

NATIONAL INCOME AND PRODUCT-Continued

Chart A7. Saving
(Aug.) (Apr.)
T

(Mow.)

(Dee.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

Annual rate, billion dollars (currant)

290. Gross saving (private and government),

298. Government surplus or deficit, Q

•r\s
57

S8

Si

80

61

62

S3

64

0S

66

67

68

69

70

71

72

73

74

75

76

77

7S

79

80

1981

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

46



OCTOBER 1980

IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
(Aug.) (Apr.)

F

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)
P • T

T

(Nov.)
P

(Mar.)
T

|Perc'ent of GNP]

235. Personal consumption expenditures, Q

268. State and local 1 government purchases
of goods and service^ Q
X j**^********

265. Federal Government purchases of goods and services, Q

248. Presidential fixed investment, Q
249. Residential fixed investment, Q
"247. Change in business inventories, Q
251. Net exports of goods and services, Q

Percent

[Percent of National'Income!
64. Compensation of employees, Q

283. Proprietors' income with inventory valuation
and capibl consumption adjustments, Q
287. Corporate profits with inventory valuation and
capital consumption adjustments, Q

\

285. Rental income of persons with capital consumption adjustment, Q ^

57

S8

59

60

61

62

63

64

86

67

68

69

70

71

74

7§

7$

77

79

30 1981

Current data for these series are shown on page 83.

ItCII

OCTOBER 1980




47

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Dee.) (Nov.)
P
T

(Mar.)
T

[Index: 1972-IQOl.
190180170'
ISO'

310q. implicit price deflator
6NP (1-Q span)

(PgE!!! changes at annuaTje]
+15+10 ^

310. Implicit price deflator, 6NP. Q
311c. Fixed-weighted price irxtext gross business
product (1-Q span)

31L Fixed-weighted price
gross business product, Q

Producer prices—
330c. All commodities

ULl

Index: 1967=100|

PnKtucer prices—

335c. Industrial commodities

330. All commodities

331. Crude fnaterlair

332. Intermediate materials

333. Capital equipment

333c. Capital equipment

[T]

d34. Finished consumer goods
334c Finished consumer goods

1969

70

71

72

73

74

78

76

77

78

79

1980

1969

70

71

72

73

74

75

76

77

79

1980

OCTOBER

1980

78

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

48



BCII

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart Bl. Price Movements—Continued
(Aug.) (Apr.)

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

Percent changes at annual rate

Chart B2. Wages and Productivity

earnings of production~worKers,
economy (current dollars)

340. Average
private

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

$41. Real average hourly earhings of production workers,

1996

§7

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

76

77

78

79

JJIJ

80 1981

1

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

lt€l» OCTOBER 1980



49

IMPORTANT
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
(Aug.) (Apr,)
P

(Dee.) (Nov.)
P
T

(Apr.) {Fet

T

P

T

Percent change

|Wage$~Con^|

ii
(nnonth
rate^
|
jknonth spans (ana rate)!. j _ji|

Change in average hourly earnings of production
arnings of production

'!
j j^j. « .

,

j{,

••« - '"T], ^^^jj^ I !> f1>1—'—*^*1— —
~-—ft * jviy^V^^^ywr '—
'/! t * T r 1 Tr * tf if g I—i

•»
.frM

s

340c. Current-dollar earnings xW&FWT > ?
4^r,
llar

<

Vb "li

!

'i M

t

'

34k. Real earnings vA

6-nionth spans (ann. rate) \ j! ij'

Change in average hourly compensation, all employees,
nonfarm business sector, Q345 crrentolar compsation
f|

j

—j—«—. iy'wj
^ ii'

1-quarter spans (aim. rate) js

1-quarter spam (ann. rate)

N^otiated wage and benefit derisions, all industries—
348, First year average changes, Q (ann. rate)-*349. Average changes over life of
contract Q (ana rate)
370. Output per hour, all persons,
private business sector, Q

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

370c. Change in output per hour, private business sector, Q
1-quarter spans (ana rate)

70

71

72

73

74

7S

76

77

78

70

80 1981

;
'Adjusted for overtime (in manufacturing only) and Interindustry employment shifts and seasonality.
One-month percent changes have been multiplied by a constant (12) to make
them comparable to the annuallzed 6-month changes. See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88,

50



OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
C I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

441, Civilian labor force, total (millions)

Labor force participation rates (percent)—

75-

453. Both sexes 16-19 years of age

452. Females 20 years and over
N umber unemployed (millions^—
37. Total unemployed

444. Mates 20 years and over
2-

445. Females 20 years
and over \

7*1

447. Number unemployed, fall-time"
workers (millions)

448. Number employed part-time for economic
reasons (mmnms)
A
V.

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

79

76

77

78

79

SO 1981

Current data for these series are shown on page 89.

ItCII OCTOBER



1980

51

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures
((Aug.) (Apr.)
P T

(Dee.) (Nov.)

(Apr.) (Feb.)
P
T

(Mar.)
T

Annual rate, billion dollars (current)

41U

600-1
S50800450400-

502. Federal Government expenditures, Q

501. Federal Government recess, Q

150"

100-

500. Federal Government surplus or deficit, Q

+1®

?l)
40
' 30

-/o

-leo
4110

511. State and local government receipts, Q

512. State and local government expenditures, Q
100-

80 «

510. State and local government surplus or deficit Q
«

1956

S7

58

59

60

61

62

63

64

69

66

67

68

69

70

71

72

73

74

7§

7S

77

78

79

80

1981

Current data for these series are shown on page 90.

52



OCTOBER

1980

RCH

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

[Advance Measures o); Defense Activity|
517, Defense Department gross obligations incurred
(tail, do!.; MCD moving avg.-6-term)

525. Defense Department military prime contract awards
(biLdoi.; MCD moving!! 3vg.-6-terni

^?

543. Defense Department gross unpaid obligations outstanding (tail, dol.)

543. Manufactrers' new orders, defme products
(bil. dol.; MCD moving avg.-6-term)

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 90.

OCTOBER




1980

53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES-Continued

Chart D2. Defense Indicators—Continued
(Aug.) (Apr.)
P I

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

(Nov.)
P

(Mar.)
T

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

559. Manufacturers' inventories, defense products

561. Manufacturers' united orders, defense products (bit. dol.)

580. Defense Department net outlays, military

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

i7

58 S0

i©

©1

S2

i

71

72

73

74

7®

80 1981

Current data for these series are shown on page 91.

54



OCTOBER

1980

BCII

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

(Apr.) (Feb.)
P
T

T

(Dee.) (Nov.)
P
T

[intermediate and Final Measures of Defense Activity—Con7|

!|

(Nov.)
P

<;

(Mar.)
T

!;

570. Employment in defense products industries (millions)

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

578. Civilian, direct hire employment

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

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

§7

58

S@

SO

61

62

S3

69

10 =

70

Current data for these series are shown on page 91.

OCTOBER 1980




55

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade
(Aug.) (Apr.)
P T

(Apr,) (Feb.)
P
T

(Nay.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

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

604. Exports of agWtural products,
total (bil. dol,)
606. Exports ot nonelectrical machinery (bit. dol,)

\

14"
1?-

bl2. General imports (bil. M; MCD moving avg.-4-term)

1

614, Imports of petroteum and petroleum products (fail, dol.)

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

1956

S7

58

Si

00

61

62

®3

64

65

6S

67

68

69

70

71

72

73

74

79

76

77

78

79

80

1981

OCTOBER

1980

Current data for these series are shown on page 92.

56



ItCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
(Aug.) (Apr.)

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

Annual rate, billion dollars

Excess of receipts
Excess of payments

667. Balance oh goods and services,

Merchandise, adjuste I622. Merchandise trade balance,
618. Exports,

Investment income—
651. Income on U.S. investments abroad, Q
65Z Income on foreign! investments in the U.S., Q
1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

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

ItCII OCTOBER 1980



57

IMPORTANT
F I

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production
(Aug.) (Apr.)

(te.) (Nov.)
P
I

(Apr.) (Feb.)

(Nov.)
P

(Mar.)
T

[index: 1967= ioo|
Industrial production—

721. OECD European countries

§7

88

S©

©@

©I

S2

©3

78

J9

©@ ISil

Current data for these series are shown on page 94.

58



OCTOBER 1980

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS-Continued

Chart F2. Consumer Prices
(Dec.) (Nov.)
P
T

(Nov.)
P

Chart F3. Stock Prices

(Mar.)
T

(Dec.) (Nov.)
P
T

6-month spans

Percent changes at annual rate
Consumer prices—

m

71

72

73

(Nov.)
P

(Mar.)
T

Stock prices-

19. United States

74

75

76

77

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

OCTOBER




1980

59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

^H COMPOSITE INDEXES

Year
and
month

910, Index of
12 leading indicators (series
1,3.8, 12, 19,
20,29,32,36,
92, 104, 108)

(1967-100)

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

(1967-100)

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

(1967-100)

040. Ratio,
coincident
index to
lyfjging index:

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

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

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

916. Profitability (series
l
19, 26, 80)

(1967-100)

(1967-100)

(1967-100)

(1967-100)

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

(1967-100)

(1967-100)

1978

January
February .
March

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

90.9
09.4
90.4

148.5
148.0
147.4

99.9
99.3
99.8

April
May
June

141.5
141.8
142.5

139.3
139.5
140.1

137.8
140.0
142.0

99.0
98.0
97.8

114.9
115.0
116.1

106.9
107.2
106.9

92.1
93.8
94.1

147.5
147.8
148.5

101.1

July
August
September

141.2
142.0
142.9

140.5
141.4
141.4

143.5
144.5
146.4

97.4
97.3
98.5

115.5
115.4
116.0

105.2
105.8
105.8

94.2
95.4
95.4

148.9
149.1
149.9

97.9
97.9
96.6

October
November
December

R)143.6
142.8
143.0

143.0
144.3
145.5

148.1
152.7
155.2

98.7
98.8

1)99. 1

[fi>117.2
116.1
115.7

106.1
106.2
106.7

94.9
94.1
93.5

150.6
(H)151.1
"" 150.2

96.6
94.5
93,8

January . .
February
March

142.6
142.3
143,2

144.8
144.9
[H}146.6

157.4
158.5
158.4

98.5
98.4
98.0

113.9
113.9
115.5

107.4
108.3
SD108.8

93.2
92.2
92.2

148. 6
145.6
144.5

92, 0

April
May
June

140.3
141.4
141.6

144.1
145.6
145.0

161 .8
162.5
163.6

94.6
97.3
96.7

113.6
113.3
113.9

107.8
107.3
106.6

92.3
91.7

91 .8

146.1
146.9
148.4

89.1
89.6
88.6

July
August
September

141.2
140.1
140.1

145.4
145.0
144.9

164.8
166.4
170.6

96,4
96.0
96.4

113.6
112.9
114.0

106.1
105.7
104.6

91.7
92.0
91.8

148.6
148.3
146.2

88.2
87.1
84.9

October ....
November
December ....

137.8
135.6
135.4

145.1
145.0
145.3

175.9
179.1
178.0

96.6
96.1
96.3

112.7
112.0
112.7

103.3
102.3
102.3

90.8
90.3
90.2

143.9
140.4
138.2

82.5
81.0
81.6

134.9
134.3
131.3

145.9
148.2
143.1

178.7
181.0
190.4

96.3
96.3
94.5

111.9
110.3
108.0

102,7
102.3
101.6

89.9
89.8

r88.4

137.0
138.1
135.2

81.6
80.2
75.2

104.5
103.3
104.8

99.9
98.2

130.5
125.6
r!25.6

71.5

r97.1

r88.0
r88.5
p90.2

74. B
r80.9

r!06.4
r!07.3
p!08.7

r98.3
r99.5
pl01.3

p91.5
p92.6

H28.3
H29.6
pi 29. 6

r83.0
r84.1
p81.5

99.6
98.7

1979
91.4
92.6

1980

January
February . . . .
March .
April
May
June

125.7
H22.7
r!23.9

140.4
137.4
136.1

H> 196.3
183.8
r!68.2

July
August . . .
September

H28.3
130.5
2
133.6

rl36.0
135.8
3
136.1

H63.8
161.5
"166.9

90.3
88.3
89.6

r92.0
r92.8
p93.8

{NAJ

October
November
December . .
NOTE; Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [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 "MA", not available.
Graphs of these series are shown on pages 10 and 11.
Series 916 reached its high value (97.2) in August 1977; series 940 reached its high value (106.6) in March 1977.
3
Excludos series 12 and 36 for which data are not yet available.
3
Exeludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.

60



OCTOBER

1980

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

B EMPLOYMENT AND UNEMPLOYMENT
B

Minor Economic
Process

L,L,l

Timing Class

Year
and
month

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

1. Average
workweek of
production
workers,
manufacturing

U L, L

5. Average
weekly initial
claims, State
unemployment
insurance1

3. Layoff rate,
manufacturing

(Thous.)

ployees)

(Hours)

ployees)

60. Ratio, helpwanted advertising to persons
unemployed

46, Index of
help-wanted
advertising
in newspapers

(1967=100)

(Per 100 em-

ployees)

L, Lg, U

(Ratio)

4. Quit rate,
manufacturing

(Per 100 em-

(Per 10D em-

(Hours)

u,c,c

L, Lg, U

L, Lg, U

L, C, L

L, L, L

I, C, L

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

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

1978

40 5

3 4
3.7
3 g

4 i
3.9
4 0

338
364
335

1 0
1.0
1 0

1 9
1.9
2 0

0 652
0,680
0.682

138
139
141

159 30
160.83
162.59

(H)40 9
40 4
do. d

H)3 8
3 5
3 5

4 2
4 0
4 Q

334
330
341

1 0
1 0
0 9

2 1
2 0
2 1

0 718
0.700
0 741

146
144
147

164 21
164 02
165 04

July
August
September

40 5
40 4
dn R

3 6
3 5
•3

C

4 0
4 1
4 2

362
345
328

0 9
0 9
(H)0 8

2 1
2 1
2 1

0 712
0 753
0 758

149
150
152

165 27
165 40
165 66

October . . . .
November
December

AH c;

0

f.

d ?

lffn?3

d.n K
dn A

o 7
o 7

0 0

A ^

0-3/1

161
1 fil

(U\/1 A

^d

166 30
Ifi7 Qn
168 20

January
February ...
March

/in .cb
4U
dn b
W. £
/in b
4U. c

3 .7
/

4

0

O/t/1

004

3./

d i
p,
4 .U

April
May
June

QQ "3
jy . j

2.y
3 .4
/1
3-3
.6

4 PI
.U
4 pi
4 . PI
U

3.3
3-5
.o
3.2

3n

January
February
March

39 7
40.0

Aprif
May
June

2 2

[H)0 828

n Q
in

7 9

2 2

n 81 R
0 821

O n
n Q
O n

9 9
fu\ p p

p i

n RI?
n ftnn

434
350
375

1 i

2 1

395
390
387

i .i
1 1

1 fiR

1979

AC\

0

An i
4U. 1

July
August
September

.

October
November
December

/in i
40. 1
/in 1
40. i
40,1

•2

7

7

Q

.y

y
3 .0
3 .9
Q

41
.1
4 PI
.0

•5/17

jyb
onr

i n
1

9

I

A

1.£
0

15

9 n
2 PI
1 .y
i Q

9 n

i .y
2 .u
PI
2 .u
PI
•1

Q

•1 C ~\

IfiR d^
168 86
i ?n "3.9

0

7QP)

-\ cp
1 Rfi

0

77C

15 }

1 fi? fin

0 777

154
153

IfiQ d^

155
155
159

1 7n 37
170 ?fi
1 7n AQ

0

7pp

7R1
7R^

0
0
0 ?on

1

1 7H 1 Q

01 p

(Tj\ 1 c 7

n 77ft

1 £fl

i ?n i^n
1 7n 70

0

n
3 .9

A f\~J

4U/

1 ,1
1.J
1 .£
0

1 .y
i Q

n 778

1 RQ

1 71 d7

3.2
3.0
3.1

3.9
3.9
3.6

404
375
440

1.3
1.3
1.5

1.9
1.9
1.9

0.714
0.713
0.670

154
151
145

0)172.24
172.09
171.57

39.8
39.3
39.1

3.0
2.6
2 4

3.0
3.0
3.3

569
635
617

2.9
3.5
2.9

1.5
1.4
1.4

0.500
0.409
0.428

122
112
115

170.49
169.27
168.42

r^Q n

2 5
r2 7

3 4
3 7

O d9ft
rO 434

nT ft

1 7
2 0
nl .D
PI c;

1 "3
1 3

n9 7
P^. /

536
502
ncni

40.1
40.1
40.2

3.2
3.3
3.2

January
February
March

40.3
40.1
39.8

April
May
June

/ino
^uy

0

In/ io/

1980

July
August
September

r39 4
n OQ

C

nl . 6
pi ^

nn

ficn

Hfi7 fi3
rl!7
ni

pp

r!68 48
n ico

oe

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®; for
series that move counter to movements in general business activity, current low values are indicated by (H>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 16 and 17.
1
Data exclude Puerto Rico which is included in figures published by the source agency.

lint

OCTOBER 1980




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

^fl EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process .

Comprehensive Unemployment

Comprehensive Employment-Con.

U, C, C

41. Employees
on nonagricultural payrolls,
establishment
survey

(Thous.)

Year
and
month

c,c,c

42. Persons
engaged in nonagricultural
activities, labor
force survey

Timing Class

(Thous,)

U, Lg, U

L, Lg, U

1, Ug, U

L, Lg, U

Lg, Ln. 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}

(Weciks)

(Percent)

L(C,U

1978

January
February
March

89,425
89,653
89,813

84,582
84,892
85,396

24,871
24,909
25,085

58.03
58.03
58.09

6,305
6,088
6,153

6.4
6.1
6.2

3.5
3.6
3.5

13.0
12,6
12.4

1.6
1.6
1.5

April
May
Juno

90,468
90,818
91,141

86,104
86,368
86,746

25,460
25,481
25,599

58.42
58.56
58.76

6,056
6,126
5,902

6.1
6.1
5.9

3.2
3.2
3.2

12.4
12.0
12.1

1.5
1.4
1.3

July
August
September

91,046
91,457
91,598

86,924
87,231
87,419

25,657
25,719
25,801

58.60
58.76
58.78

6,228
5,929
5,971

6.2
5.9
5.9

3.3
3.3
3.2

11.9
11.5
11.5

1.3
1.2
1.3

October
November
December

92,024
92,488
92,456

87,790
88,242
88,567

25,965
26,141
26,267

58.95
59.08
59.06

D5,788
5,882
5,984

5.7
5.8
5.9

3.0
3.0
3.0

11.8
11.1
10.6

1.3
1.2
1,2

92 897
93,189
93,303

88,858
89,109
89,455

26,363
26,377
26,537

59 19
59.33
59 3]

5 904
5,883
5 882

5 8
5.7
5 7

3 0
3.0
3.0

11 2
11 8

1 2
1.2
1 3

93 039
93 249
93 409

89,386
89,708
89,909

26,473
26,522
26,557

59 05
59 11
59 13

5 944
5 903
5 824

5 8
5 8
5 7

2

11 0

1 9

10 9
10 5

1 1

93 g-\ 7
93 689
94 140

90,054
90,222
90,283

26 582
26,528
26 554

RQ ^7

E qnq

fu\R 7

59 19

59

9 Q

fH^Q 4?

6 124
c qqn

C

2

94 180
94 223
94 553

Qn Adi

Of.

CCA

RQ 97

fi 1?1

c, q

o q

QD ^9

Of. en/i

RQ 1ft

fi HR7

5 8
R Q

1

oc con

6 044

•5

on cjo

59 27

3

qi n°,l

Iu>oc 71 c

CO

0/1

6

9fi coo

CO

0£

r\£
n-i f£.0,4/6

,

1979

January
February
March
April
May
June
July
August
September

,

October
November
December

Q

0

i\y\9 •A
(W £ o
9 Q

2

q
Q

11.3

]

lu\i1 u .i
[n/ n i
10 7
in 7

9

fu\i A

iny i . u
1 1
1 1
1 9

1

in e
in fi
in R

1 .3
1 .2
1.3

1 1
1 9

1980

January
February
March .

Qd cq/i
lu\0/l £9e
QA 9QQ

fCTsQI

1 flfi

01 ,1 44
y i i AA

-307

9
6 .C.
6 fi

CQ . nn
by uu

6,438

c

/IOC

April
May
June ....

93,912
93,609
93,346

90,951
90,468
90,047

26,121

58.63

25,745
25,422

58.47
58.12

7,265
8,154
8,006

July
August
September

93,739
93,826
93,765

r89,867
r90,109
p90,296

r25,163
r25,314
p25,422

58.29
58.23
58 28

8,207
8,019
7 827

October
November
December

3 .0
i

i nb
10. r
10.7

6.2

3 .1
3.3

7.0
7.8
7.7

3.7
4.3
4.6

11.3
10.5

7.8
7 6

4 5
4 3

11 6
12 6
1^1

7 R

-t

nA

A

11,0

1 .6
1.6
1,7

11 .7

1 8
2 1
9 9

. ...

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values am indicated bylH); 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.
Graphsof these series are shown on pages 14, 15, 17, and 18,
I

0ata exclude Puerto Rico which is included in figures published by the source agency.

62



OCTOBER

1980

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

^9 PRODUCTION AND INCOME

Minor Economic
Process
Timing Class

Year
and
month

Industrial Production

Comprehensive Output and Income

c,c, c

50. Gross national product
in 1972 dollars

c,c,c

Persona! income
223. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.}

52. Constant
(1972) dollars

c,c,c

c,c,c

51. Personal
income less
transfer payments in 1972
dollars

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

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

c,c,c

47. Index of
industrial
production,
total

(1967=100)

c,c,c

C, L, L

73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967-100)

(1967=100)

c,c,c

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

1978

January
February
March

1,367.*8

1,618.5
1,631.3
1,654.4

1,117.0
1,118.1
1,127.7

967.4
969.4
978.9

233.3
236.0
240.2

140.0
140.3
142.1

132.1
132.3
135.0

152.4
152.9
153.8

621 A

1,395."2

1,676.5
1,687.3
1,704.2

1,135.1
1,133.9
1,137.6

987.5
986.7
991.1

244.0
243.2
244.2

144.4
144.8
146.1

137.6
137.9
139.0

155.5
155.8
157.0

637. * 2

July
August
September

1,407^3

1,730.0
1,741.3
1,756.1

1,149.5
1,151.7
1,154.6

998.5
1,000.3
1,004.1

245.3
244.5
245.1

147.1
148.0
148.6

141.1
141.8
142.9

157.2
158.4
159.3

641 !s

October
November
December

1,426^6

1,781.0
1,801.4
1,826.8

1,163.3
1,172.0
1,181.6

1,013.0
1,021.4
1,030.5

246.3
248.7
250.7

149.7
150.6
151.8

144.6
145.5
146.8

159.5
160.4
161.7

657\3

January
February
March

1, 430^6

1,834.3
1,851.4
1,872.1

1,172.8
1,172.5
1,177.4

1,021.9
1,022.6
1,027.0

249.4
250.3
IB>251.6

152.0
152.5
i)153.5

147.0
147.2
|H>148.6

161.6
162.9
164.0

658^6

April
May
June

1,422.' 3

1,880.7
1,891.6
1,905.1

1,174.0
1,172.7
1,172.4

1,022.7
1,021.5
1,021.8

248.7
248.2
246.9

151.1
152.7
153.0

144.5
147.6
147.6

162.6
163.6
163.7

647.' 3

July
August
September

1,433.*3

1,933.2
1,946.5
1,960.1

1,180.9
1,179.7
1,177.2

1,023.0
1,021.4
1,019.5

246.1
243.1
242.6

153.0
152.1
152.7

147.2
144.4
145.9

164.8
165.2
165.4

651.'.3

October
November . . . .
December

1 S 440.*3

1,981.2
2,005.5
2,028.3

1,181.4
1,188.1
B)l, 191.0

1,023.5
1,030.6
K>1,033.2

241.9
241.0
241.6

152.7
152.3
152.5

146.0
145.2
144.8

164.8
165.0
165.3

655J

K>1 »444!7

2,046.5
2,055.7
2,070.0

1,190.5
1,182.1
1,174.1

1,030.5
1,024.8
1,017.5

239.9
239.1
236.5

152.7
152.6
152.1

144.7
144.1
143.4

[H>166.0
165.9
164.7

[H)659;7

1,408^6

2,072.0
2,079.0
2,090.4

1,166.7
1,164.1
1,164.6

1,010.1
1,005.5
1,005.1

231.8
227.7
224.7

148.3
144.0
H41.5

138.4
133.3
129.9

161.6
158,0
155.3

636^9

pl,412.'l

r2,124.2
r2,139.7
E>P2,159.5

rl,174.9
r1,174.4
pi, 172. 4

r1,002.9
r! 5 004.0
pi ,000. 9

r223.6
224.8
P225.4

r140.1
r!41.0
p!42.4

r!28.0
H28.9
p!30.8

r!54.2
r!55.5
P156.3

p636.*3

April
May
June

....

1979

1980

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 (g). Current high values are indicated byE); for
series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 19, 20, and 40.

OCTOBER 1980




63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME- -Con.

^Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

L.C.U

Timincj Class

83, Roto of
capacity
utilization,
manufacturing
(BEA)

Year
and
month

(Percent)

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

Orders and Deliveries
I, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, 1, L

I, L, L

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

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

L, L, L

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

L, L, L

L. Lfl, U

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil.dol.)

(Bil.dol.)

L, U L.

32. Vendor
performance,
companies ra>
port in?} slower
deliveries©
(Percent
reporting)

1978

April .
May
Juno

82^6

62.03
65.05
67.04

38.31
39.81
40.78

35.04
36.20
36.47

2, ,73
4 ,,06

85.'6

69.20
68.88
68.54

41.71
41.24
40.70

37.98
37.02
36.84

85^2

. ,.

82^6

83,'9

January
February
March

86.*4

67.39
71.29
72.71

39.76
41.64
42.25

se.'i

88! 2

76.42
77.21
76.54

*84

. .
....

July
August
September
October
November
December

.

*84

.

....

....

*83

*84

186.93
189,66
193.72

55
64
67

4 ,,00
2 ,,79

197.17
201.16
203.95

64
64
66

36.50
37.61
37.34

1.94
3,15
3,95

205.89
209.04
212.99

56
66
66

44.10
44.14
43.36

38.06
38.06
38.86

6,32

219.31
225.02
228.82

68
66
68

78.68
80.43
D81.65

44.16
44.68
D45.04

E>38.94
38.43
38.63

5.89

234.72
241.82
247.71

69
77
[H}78

2,23

3.45

5.. 71
3,80

1979

January
February
March

[H> 8 6 ^ 9

(H>88:4

[H}84

5.91

[H}7.10

85.*9

87^5

75.93
77.04
76.03

41.36
41.75
40.98

36.74
36.88
36.43

4.73
1.52
3.23

252.43
253.96
257.19

76
76
70

85^3

87.*2

74.58
74.76
77.65

39.82
39.81
40.91

35.95
35.44
35.93

0.71
0.40
3.45

257.90
258.30
261.74

60
55
51

84^4

86^3

76.52
75.90
77.20

39.71
39.15
39.43

35.60
34.34
34.19

0.98
2.15
3.01

2621.72
264.87
267.88

50
47
49

83.4

85*. 5

81.47
81.02
77.55

40.61
39.93
38,28

36.10
36.00
33.52

3.52
1.86
1.62

271,40
273.26
274.88

48
42
45

78.'?

72.42
67.33
66.45

35.62
r33.12
32.42

30.35
r28.95
29.07

0.21

77.9

April
May
June

-2.12
-2.60

|H>275.10
272.98
270.38

40
32
28

p74^2

73.98
r71.36
p77.17

35.77
r34.29
p36.96

31.66
r31.66
P33.08

r-0.45
pi. 90

272.06
r271.62
p273.51

32
34
39

"83

July
August
September ,

....
*82

October
November
December

81

1980

January
February
March

"so

April
May
June
July
August
September

p76

....
....

p75J
(NA)

1.68

October
November
December
NOTE: Series arc seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u), Current high values are indicated bylN); for
series that move counter to movements in general business activity,current low values are indicated by |R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "N A", not availtiblB,
Graphs of these series are shown on pages 12, 20, and 21,

64



OCTOBER 1980

ItCIt

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

H

^^ CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con,

Minor Economic
Process

Formation of Business Enterprises

Consumption and trade

c,c,c

Timing Class

C,C,C

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil.dol.}

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

C, L , C

C,L,U

U, L, U

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

(Mil.dol.)

FIXED CAPITAL
INVESTMENT

(Mil.dol.)

L,C,C

55. Personal
consumption
expenditures,
automobiles
(Ann. rate,
b : l.dol.)

L,L, L

58. Index of
consumer
sentiment® l

(1stQ
1966=100)

L, 1, L

12. Index of
net business
formation

(1967-100)

L, L, L

13. Number of
new business
incorporations

(Number)

1978

232,748
238,854
241,915

148,346
151,393
153,449

143.2
145.2
147.5

62,220
63,040
64,100

42,881
43,149
43,665

62^3

83.7
84.3
78.8

133.5
133.1
130.5

36,414
39,434
37,847

250,279
251,562
252,883

156,423
156,450
156,468

149.5
149.0
149.3

65,305
65,861
66,392

44,095
44,143
44,232

70^2

81.6
82.9
80.0

131 .9
132.1
132.7

39,585
39,059
39,860

253,690
259,732
260,457

155,750
158,585
157,533

149.8
150.6
150.8

66,794
67,469
68,006

44,322
44,563
44,623

68^9

82.4
78.4
80.4

133.3
132.5
133.3

40,152
41,007
41,553

266,934
269,692
272,424

159,972
160,370
161,050

151.2
151.3
151.5

69,164
69,871
70,832

45,117
45,312
45,669

70*6

79.3
75.0
66.1

D134.8
133.4
133.8

41,437
41 ,423
42,179

January
February
March

274,091
274,844
283,741

160,460
159,177
1)164,058

151.3
151.8
|H>153.4

71,293
71,266
72,045

45,381
44,850
44,944

H>74!6

72.1
73.9
68.4

131 .3
132.1
132.5

42,410
42,302
42,761

April
May
June

276,406
286,413
283,772

157,285
161,807
158,316

149.3
152.2
152.1

71,606
72,292
72,093

44,229
44,405
43,932

68^2

66.0
68.1
65.8

130.9
130.5
130.9

43,034
43,895
43,044

July
August
September

289,994
293,167
296,776

159,751
160,273
160,068

151.2
148.7
150.0

73,121
74,871
76,666

44,316
45,130
1)45,771

67^9

60.4
64.5
66.7

131.8
130.3
132.5

44,655
42,911
44,687

October
November
December

298,619
299,153
302,386

159,757
158,205
158,718

150.0
149.1
148.6

75,583
76,421
77,150

44,803
44,954
44,881

66.'8

62.1
63.3
61.0

131 .9
131.4
133.9

[H)46,478
44,811
43,579

1)312,730
310,571
305,657

161,600
160,189
154,500

147.9
148.4
148.6

79,464
77,993
76,534

45,695
44,365
42,972

71 .*5

67.0
66.9
56.5

131.0
129.8

44,447
44,583
42,615

295,277
292,478
294,203

150,706
147,103
147,805

145.3
142.4
r!42.1

75,011
74,587
76,001

41,859
41,460
42,013

52. S

52.7
51.7
58.7

120.5
117.8
114.8

42,461
41,974
39,746

r303,905
p308,134
(NA)

H52.027
p!48,871
(NA)

r!41.8
r!41.9
p!43.2

r78 5 287
r78,761
Dp80,021

r43,086
r42,922
p43,092

p59L9

62.3
67.3
73.7

115.3
6117.4
(NA)

44,058
(NA)

January
February
March
April
May
June

... .
..

July
August
September
October
November
December

. ..

1979

1980

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

NOTE- Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by®; for
series that move counter to movements in general business activity, current low values are indicated by JH>. 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.
Series 58 reached its high value (89.1) in 2d quarter 1977.

OCTOBER 1980




65

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^
1 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, floor
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)

1978

January
February
March

20.79
21.89
20.13

13.26
13.90
12.84

16.07
16.99
16.84

10.30
10.84
10.79

83.03
67.86
71.94

7.71
6.30
6.68

17JO

April
May
June

19.00
21.18
19.83

12.06
13.31
12.42

17.24
17.68
17.66

10.98
11.20
11.13

76.71
88.41
83.27

7.13
8.21
7.74

15J2

July
August
September

22.08
22.92
23.18

13.62
13.99
14.07

18.05
18.57
19.69

11.27
11.48
12.09

74.82
79.21
86.38

6.95
7.36
8.02

16J7

7.85
8.46
7.57

18.75

59.73

59!98

60 '.83

25.94
24.87
22.34

15.56
14.93
13.24

21.12
20.92
18.76

12.86
12.74
11.28

84.55
91.08
81.48

26.16
25.48
D28.10

15.40
15.17
E)16.99

21.23
22.48
23.60

12.72
13.56
H)14.60

88.51
E>105.49
102.77

[H)9.80

25.36
22.67
24.66

14.76
13.14
14.32

20.60
21.13
21.70

12.24
12.34
12.78

93.59
87.09
84.08

8.69
8.09
7.81

2K20

25.82
23.83
r24.52

14.55
13.38
r!3.69

21.23
21.08
21.58

12.20
12.00
12.21

88.48
83.85
92.17

8.22
7.79
8.56

22! 69

24.21
25.69
27.42

13.55
14.65
15.31

21.07
21.75
22.28

12.01
12.73
12.81

93.15
84.13
80.79

8.65
7.82
7.51

23^28

January
February
March

27.35
24.56
26.27

15.01
13.47
14.. 07

0)23.86
21.48
22.59

13.34
12.02
12.35

104.43
85.46
82.84

9.70
7.94
7.70

E>29'.50

April
May
June

24.20
21.18
22.92

H2.97
11.53
H2.61

22.16
19.59
19.95

12.02
10.79
11.26

72.90
62.72
71.19

6.77
5.83
6.61

p25^76

24.86
r23.96
p23.24

H3.70
H2.58
p!2.38

21.61
H9.37
p20.24

12.24
rlO.50
pll.02

72.28
65.99
66.40

6.71
6.13
6.17

October
November
December

63^43

1979

January
February
March
April
May
June
July
August
September

. ...

October
November
December

8.22
2K61

9.55

67.63

69!95

73^45

76.66

1980

July
August
September

84 '.09

E>p87'.7i
(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 byE); for
series that move counter to movements in general business activity,current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
1
Graphsof these series are shown on pages 12, 23. and 24.
This is a copyrighted series used by permission; it may not be reproduced without
written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. 2Converted to metric units by the Bureau
of Economic Analysis.




66

OCTOBER 1980

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^M FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.dol.)

Year
and
month

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

Timing Class

(Ann. rate,
bil.dol.)

C, Lg, U

C, Lg,C

Lg, Lg, Lg

C, Lg,C

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

(Ann. rate,
bit. 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)

U L, L

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

1978
January
February
March

144^25

205.29
209.48
213.55

152.0
153.6
156.5

133J

4C)'2

93^0

1,779
1,762
2,028

140.5
140.2
145.3

59.4

April
May
June

150.76

222.93
221.05
228.54

158.0
158.4
160.1

140.3

43^9

96.4

D2,182
2,018
2,092

157.4
142.6
D160.2

H)6o!9

July
August
September

155.' 41

230.65
236.47
245.60

161 .7
163.4
163.8

141 !6

45.1

96^5

2,090
1,983
2,014

144.3
136.6
141.4

60^2

October
November
December

163^96

245.93
249.54
252.58

164.8
165.0
166.8

145^5

46.5

98.9

2,001
2,111
2,052

143.9
145.0
146.8

60^0

January
February
March

165. ' 9 4

256.93
256.86
268.78

168.2
169.3
171.0

147.2

45.8

loiia

1,727
1,469
1,800

119.1
120.4
136.7

57.'?

April
May
June

173^48

261.20
268.02
265.92

168.7
171.2
171.2

146^9

47!9

99.6

1,750
1,801
1,910

125.0
133.1
132.4

5 6 . '7

July
August
September

179!33

274.41
278.61
280.10

171.3
171.6
173.4

150.7

48^7

[H}10K9

1,764
1,788
1,874

126.3
131.0
136.9

56^5

October
November
December . .

186.*95

285.29
279.46
287.54

172.3
172.6
174.1

150.*5

50.1

100.4

1,710
1,522
1,548

119.4
104.0
100.7

55^8

191.'36

297.92
^H)303 . 20
300.05

174.9
176.0
1)176.1

D151.2

[H)50.'3

100 *9

1,419
1,330
1,041

102.7
94.3
78.2

51. "7

.

....

1979

1980
January
February
March
April
May
June

E)193!89

291.99
293.49
292.17

174.2
171.9
r!69.8

145!s

49J

96^3

1,030
906
1,223

63.7
66.6
87.1

4o!7

July
August
September

a!9l'.24

r293.85
p283.76
(NA)

r!69.6
r!69.9
p!69.8

p!44J

p4e!7

p97.4

rl,265
rl,416
pi, 544

99.8
109.9
126.3

p4K2

October
November
December

a!93J7

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

 OCTOBER 1980


67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

Hfl INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventory Investment

I,L, L

1,1,1

L, U L

Inventories on Hand and on Order

36. Change in inventories on
30. Change in
hand and on order in 1972
business inven
dollars
lories in 1972
dollars
Monthly
Smoothed
data
data'

UL,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.

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

65. Wlfrs.'
inventories of
finished
70. Constant goods, book
(1972) dollars value

Lg, Lg, L|

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

L, Lg, Ly

78, Stocks of
materials and
supplies on
hand and on
order, mfg.

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

January
February
March . . . .

16.*5

21.07
13.75
[H>35.22

16.33
18.36
20.35

42.9
36.3
61.1

0.48
1.41
1.81

341.01
344.04
349.13

238.18
238.92
241.23

59.76
59.78
60.24

1.61
1.58
1.57

144,38
145.80
147.60

April . ...
May
Juno

is.'e

28.69
18.05
14.51

24.62
E>26.60
23.87

61.2
32.0
32.1

1.84
2.00
2.32

354.23
356.90
359.58

242.94
243.93
244.65

60.71
61.03
61.45

1.55
1.56
1.56

149.44
151.45
153.76

July
August
September

12.*2

14.94
18.77
14.06

18.12
15.95
16.00

37.0
42.9
38.8

1.95
1.64
2.94

362.66
366.23
369.47

245.54
246.77
247.13

61.85
62.65
62.74

1.58
1.56
1.57

155.71
157.35
160.29

October
November
December

12i6

14.46
18.32
19.09

15.84
15.69
16.45

42.0
54.3
37.8

2.19
3.19
2.84

372.97
377.50
380.64

247.88
249.09
249.59

62.75
63.64
63.88

1.55
1.55
1.55

162.48
166,67
168.52

28,12
14.56
13.64

19.57
21.22
19.68

56.8
47.2
39.8

[H>5.09

12^3

3.70
2.98

385.38
389.31
392.63

250.98
251.38
252.24

64.70
65.51
65,88

1.56
1.58
1.54

173.60
177.30
180.29

H>18J

28.62
-1,31
20.72

18.86
16.30
14.83

68.1
43.7
57.3

4.33
0.52
2.59

398.31
401.94
406.72

253.80
254.71
256.18

67.08
67.22
68.08

1.61
1.57
1.62

184.62
185.14
187.73

24.47

15.32
15.25

0)82.3
44.9
15.2

1.24
2.21
1.74

413,58
417.32
418.59

258.92
©259.42
257.63

68.62
68.95
69.87

1.62
1.62
1.61

188.97
191.18
192.93

(Bil.dol.)

(Bil.dol.}

(Bil.dol.)

(Ratio)

(Bil.dol.}

(Bil.dol,}

1978

1979

January
February . .
March
April
May
June
July
August
September

?.'i

October
November
December

2.46

-21.16

8.90

K4

-4.33
-8.72
-13.45

-2.88
-9.54
-10.12

53.4
37.8
10.2

2.24
2.52
1.51

423.04
426.19
427.04

258.18
258.13
257.32

69.75
69.94
70.53

1.62
1.63
1.62

195.16
197.69
199.20

January
February
March

0.3

-9.97
-16.31
-0.77

-9.77
-11.98
-11.13

57.3
42.1
48.0

2.48
2.54
1.21

431.82
435.32
439.32

257.47
256.82
256.88

71.78
72.76
73.94

1.59
1.60
1.66

201.67
204.22
[H>20S.43

April
May
June

445.53
445.80
447.03

258.65
257.83
257.50

75.76
76.21
76.61

[H)1,7S

14.8

-0.36
-2.85
-2.32

1.72

r-27.42
r-20.93

-7.17
r-7.18
r-12,39

74.4

2^6

205.07
202.22
199.90

r3.29
p-6.34

r-15.38
p-11.51

r29.7
p23.3

p-1.50

r449.51
(R>p451.45

r2S7.90
p257.43

77.00
[H}77.19

rl.70
pi. 73

1980

July
August ...
September .

1,10

p-6^8

(NA)

(NA)

3.3

(NA)

1.37
(NA)

(NA)

(NA)

(NA)

1.74

(NA)

201.27
pi 99. 76
(NA)

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated uy|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 sarins rultUitjnships 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 1980

ItO

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

JM PRICES, COSTS, AND PROFITS

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

I , L
U

L, L, L

Timing Class

92, Change in sensitive prices
Year
and
month

Monthly
data 2

Smoothed
data 3

(Percent)

(Percent)

23. Index of
industrial
materials
prices©
(1967=100)

L,L, L

19. Index of
stock prices,
500 common
stocks ®
(1941-43=10)

Profits and Profit Margins

L, L, L

L, L, L

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

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

L,C, L

L,C,L

Corporate profits after taxes
with I V A a n d C C A 1
79. Current
dollars
(Ann. rate,
bil, dol.)

80. Constant
(1972) dollars 2
(Ann. rate,
bil. dol.)

L, L, L

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

1978

January
February
March

0.74
0.27
0.94

1.47
1.36
0.90

219.7
219.9
219.8

90.25
88.98
88.82

106.'?

71 *2

70.*4

47.4

April
May
Jung

1.36
0.82
1.82

0.75
0.95
1.19

220.3
217.8
222.1

92.71
97.41
97.66

122.*4

79.*9

84 .'7

55.'?

10.'?

July
August
September

2.45
0.03
1.37

1.51
1.56
1.36

224.7
232.6
239.1

97.19
103.92
103.86

124^6

79!7

87^7

56\7

10.*7

1.32
1.60
1.22

1.09
1.17
1.40

249.4
254.8
251.8

100.58
94.71
96.11

132! 3

83!2

^89^7

56\9

ii!6

1.77
2.92
3.04

1.45
1.75
2.27

258.3
273.5
288.5

99.71
98.23
100.11

142^6

8?! 3

87.*6

54^4

1K4

-0.35
2.85
2.93

2.22
1.86
1.83

294.5
293.8
293.9

102.07
99.73
101.73

139.*3

83.*7

87.9

53.*4

n!6

July
August
September

1.63
1.09
3.47

2.14
2.18
1.97

297.3
298.1
297.3

102.71
107.36
108.60

148.'3

86.*9

86.'8

51. * 5

ii.*2

October
November
December

2.63
1.92
2.33

2.23
2.54
2.48

307.7
304.0
309.6

104.47
103.66
107.78

146.9

84.7

80.3

46.9

n.o

3.43
2.99

2.43

D2.74

316.2
D322.5
316.9

110.87
115.34
104,69

ED158.0

H>88!8

72.6

41^4

301.9
278.5
267.5

102.97
107.69
114.55

12?!i

69^9

75.2

41 ! 7

277.6
292.1
298.3

119.83
123.50
1)126. 51

(NA)

(NA)

(NA)

(NA)

. ...

October
November
December

9^9

1979

January «
February
March
April
May
June

1980

January
February
March

-1.05
-0.65
r-0.22
KK07

April
May
June

2.35

r-0.10
r-0.45

July
August
September
October
November
December

2.56
1.65
3.00

1.11

0.27
1.12
1.92

^299.3

5

[i>ii".5
9^3

(NA)

131.10

....

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®; for
series that move counter to movements in general business activity,current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
X
Graphs of these series are shown on pages 13, 28, and 29.
IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series
reaching highs before 1978: series 92 (monthly), February 1977 (4.95): series 80, 3d quarter 1977 (60.3). 3See footnote 1 on
5
page 68. ''Average for October 7} 14, and 21.
Average for October 1, 8, 15, and 22.

OCTOBER 1980




69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Qj PRICES, COSTS, AND PRORTS-Con.
Profits and Profit Margins-Con.
U, I, L

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

(Percent)

Year
and
month

L, I, L

81. Ratio,
profits (after
taxes} with IVA
and CCA to
corp. domestic
income1 2

Timing Class

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

L, L, L

I, U L

Ul, I

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

(Ann. rate,
bit. do!.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

(1967=100)

Lg, Lg, Lg

B8. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations
(Dollars)

Lg. Lg, Lrj

Lg, Lg, Lg

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

64. Compensfltion of employees as a percent
of national
income

(1967-100)

(Percent)

1978

Jmtuary
February ,
March

6^2

5.0

94.7

178J

11414

189*4

1.002

161.5
163.9
164.4

n.i

April
Mtiy
June

7li

5.4

95.'8

195!s

123^5

192."i

1.009

163.1
163.2
163.3

75^6

July
August
September

1\2

5l5

96^6

197.1

122^5

195^2

1.024

163.6
163.1
163.9

75*4

October . . .
November
December

Y.2

5!?

96\6

205^7

125^8

199^6

1.042

164.9
166.6
167.8

75!6

January
February
March

6.6

H>5.'9

94^7

216^6

129l8

205. '9

1.075

170.0
171.4
171.5

75^5

April
May
June

eie

S.*6

94.4

217.*3

127.'4

211!?

1.104

174.9
173.0
173.7

75^9

e!6

5.*8

94*. 2

228^3

130.*5

217!6

1.127

174.6
175.8
176.3

761s

5*. 5

5*.4

94*6

227.7

127.5

221.1

1.152

177.8
179.2
181.5

76.0

January . ,
February
March

4*6

5*6

93^6

i)238.*8

DlSl.'i

22?!5

1.182

182.8
185.1
187.1

7614

April
May , ,
June . . . .

sli

p4^4

r93*.3

207!8

ni!?

r235.6

IH>1.220

190.6
194.6
H98.0

July
August
September

(NA)

(NA)

p94!6

(NA)

(NA)

1979

July

August
September
October
November
December
1980

October
November
December

^p239!5

(NA)

[H)77l4

200.4
r2Q0.9
[R>p201.2

(NA)

....

NOTF: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted seriesare indicated by (u). Current high values are indicated bylH); 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.
^VA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series 81 reached its high value (8.1) in 3d quarter 1977; series 26 reached its high value (98.1) in 3d quarter 1975.

8

70



OCTOBER 1980

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

1 MONEY AND CREDIT
9

Minor Economic
Process

Money

L, L, L

Timing Class

85. Change in
money supply
(Ml-B)

Year
and
month

104. Change in total liquid assets

Monthly
data
(Percent)

(Percent)

L,L, L

L, L, L

L.C.U

102. Change
in money
supply (M2) 1

Velocity of Money

Smoothed
data 2

(Percent)

(Percent)

L, L, L

106. Money
105. Money
supply(Ml-B) supply (M2)
in 1972
in 1972
dollars
dollars

(Bil.dol.}

(Bil.dol.)

c,c,c

Credit Flows

C, Lg. C

L, L, L

107. Ratio,
gross national
product to
money supply
(Ml-B)

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

(Ratio)

(Ratio)

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

1978
1.11
0.00
0.48

0.66
0.41
0.64

0.83
0.82
1.08

0.99
0.93
0.89

D224.3
223.0
222.3

E>869.1
867.6
866.3

5.974

1.243
1.247
1.257

82.43
85.03
89.80

April
May
June ...

1.12
0.88
0.70

0.65
0.66
0.62

1.06
1.11
0.79

0.95
1.04
1.04

223.2
223.4
223.0

865.6
864.5
862.3

6.110

1.265
1.265
1.270

85.40
93.48
89.80

July
August
September

0.40
0.43
1.11

0.57
0.78
0.93

0.81
1.03
1.18

0.94
0.89
0.94

222.4
222.0
222.5

861.5
863.0
863.5

6.158

1.282
1.280
1.279

.89.15
101.17
92.98

October
November
December

0.20
0.79
0.73

0.77
0.74
0.57

0.66
1.24
1.11

0.98
0.99
1.02

221.1
221.4
221.6

862.8
863.6
862.9

6.258

1.287
1.293
1.303

94.51
94.62
91.61

0.03
0.19
0.89

0.43
0.45
0.91

0.61
0.79
1.20

1.00
0.91
0.85

219.6
217.6
217.3

858.5
852.9
852.0

6.341

1.303
1.310
1.312

100.84
82.15
88.18

1.57
-0.11
1.27

1.02
0.58
1.13

1.13
1.02
1.37

0.95
1.08
|H>1.14

218.7
216.2
216.7

852.6
848.7
849.6

6.281

1.305
1.305
1.300

75.24
91.96
94,76

July
August .
September

0.94
0.66
0.61

0.85
0.91
0.74

0.74
0.85
EDl.38

1.11
1.02
0.99

216.4
215.7
214.5

847.7
846.9
843.3

6.310

1.308
1.305
1.304

97.36
84.01
87.42

October
November
December

0.18
0.34
0.57

0.48
0.42
0.60

0.49
0.28
0.69

0.95
0.81
0.60

212.8
211.3
210.0

839.1
834.1
828.9

6.390

1.312
1.323
1.330

|H>103.69
77.12
51.59

January
February
March

0.44
0.82
-0.03

0.59
0.80
0.41

0.66
0.96
0.65

0.52
0.66
0.76

208.0
206.9
203.9

822.4
817.7
809.5

6.460

1.334
1.329
1.333

87.55
67.51
69.29

April
May
June

-1.18
-0.10
1.22

-0.21
0.79
1 .51

0.48
rO.72
rO.57

0.73
0.66
rO.60

199.7
197.8
198.2

800.5
799.9
804.1

[0)6.500

[H)1.337
1.331
1.318

50.12
16,79
7.87

0.92
E)1.80
pi. 27

1.51
rl.21
pO.69

rO.70
eO.75
eO.81

rO.63
eO.67
eO.71

200.0
202.3
P202.8

816.2
r820.5
p817.9

p6.443

rl.320
1.313
pi. 316

T43.37
P66.12
(NA)

January
February
March

. ...

1979

January .
February
March
April
May
June

1980

July
August
September

3

October
November
December

0.37

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®; for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 31, and 32.
'Series 102 reached its high value (1.64) in June 1975. 2See footnote 1 on page 68. 3Average for weeks ended October 1, 8,
and 15.

OCTOBER 1980




71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

R MONEY AND CREDIT-Con.
l

Minor Economic
Process
Timing Class

....

Credit Flows- -Con.
L,L.L

11 2. Net change
in bank loans
to businesses

Year
and
month

I, 1,1

L, I, L

(Ann. rate,
bil.dol.)

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

Bank Reserves

Credit Difficulties

110. Total
private
borrowing

L, I, L

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

14. Current
liabilities
of business
failures® 1

(Ann. rate,
mil. dol.)

L, U, U

L, L, L

(Mit.dol.)

(Percent)

(Mil. dol.)

Interest Rates

L, Lg, U

94. Membar
bank borrowing from the
Federal
Reserve ©
(Mil. dol.)

L, Lg, lg

c, Lg, Lg

119. Federal
fundsrate@

114, Treasury
bill rate®

(Percent)

(Percent)

1878

17.21
19.97

29.24
34.34
48.91

309,956

April
May
Juno

18.10
26.24
21.96

49.27
51.36
50.48

July . .
Auyust
September

13.61
11.78
13.92

October
November
December

January
February .
March

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272

202.99
160.40
178 84

2.44

336,240

2 28
2 44

-475
-975
-974

41 .59
43.58
44.16

231 82
206.40
127 02

2 42
2 37
2 42

-1 146

345,916

10 90
8 77
-0 94

40 51
45 98
52 79

394 412

475 34
1 78 93
196 54

2 35
9 *U
2 45

-1 049
-di 7

January
February
March

39.31
33 07
R 7fi

36.80
42 76

182.22
moo

H>2.12

£ -3

Kfl

April
May
Juno

3Q

fi?

AQ

OC

31 99

*}Q

fi?

9.76

...

, ,

481
405
344

-38

6 70
6 78
6.79

6.45

6 46
6 32

539
1 ,227
1 111

6 31
6 43
6 71

1 286
1 147
1 068

7 81
8 04
8 45

7 07
7 04
7 84

1 961

-885
-993

7 36
7 60

8 qe

8 1 °$
B 70

6.89

Q

799

7£

-74Q

R7A

i n rn

-692

994

10.07
iU . n^
I A Ub
iu . r\Q
i n uy

9.35
9 .97
if
9 .46

i ,jyb

in m
10.01
1 rt 9/1
10, fA
i n 9Q
1;U. es

bo
9 . GQ

1 » 1 7Q
i f /y

in .A i
l! U 4 /

1

ti U . 94
i] •} /i g

Q

19

1979

347 904

1 P7 7fi

355 864

242.76
?nn £^

pq 90

970

dO R^

9Q

^9

^n RA

July
Autjust . . .
September

ori 7fl

OQ

-5C

91 9 9n
907 t\ a

fl-5 oe

October
November
December

•3

79

91 in
A

EC

fuSAiA dnn

i oc on

[R)53 35
Pfi

-| £

one 7c

O-3

90 po

i 7

•300

7/IQ

in

0

2

-51

-JC.A

070

OO

7/19

QQO
yyy

/1 O

2 .4J

QQ7
by/

QQO
-oyy

9 17
9 AS,

1 777
1 one

1 J.QH

- i , 1 /b
1 1 7c

2
2
2

AC

npn

A7

ona
-yu^

EQ

1 ^10

O

AC

- i ,7En
1 /bU
-1 ,751
-1 ,079

c. 4o
2 ,bt)
en

184.31
138.02

2 . C/1
54

243.15
190.79
274.24

2.37
2.32
2.53

428 15
381 15
436 68

2 53
2 64
2 74

445.69
345 41
/MA \
INWJ

(NA)

no7
1 ,uy/

f] rt Q a

O./1/1

,; 1 .4J

ag

9.49
9 . Ub
nc

&o
9 . nf>
9 ,45
A f=

in T O
1 0. IB

1] -3 77
J J. //
•n "3 T Q

n . ji '»
4/

1,241
1,655
[H)2,824

13.82
14,13
17 19

12.04
12 81
[H)15 53

2 455
1 018
p365

(H)17 61
10 98
9 47

14 00
9 15
7 00

2,022
1 ,906
1 ,473

1 3 .1 B
1 "3 ?Q
13.78

11 .87
12.07

1980

January ,
February

March . . .
April
May
June

[H>55.48
35.83
-1.52

.,

2.47

-38.96
2.14

July
August
September

13.28
30.96
p29 39

October
November
December

2

?B 91

16.46
27.54
17.24

-23.82
-41.21
-41.56
-7.31
0 18
( NA\

344,388

pi 52 ,860

(NA)

-999

-1,465
[H}-2,680
-2 261
-835

p-114
p28
p-356
1 HQC
p- 1 ,Uob
n

3

-I

1 ryi

- 1 , 1 b4

P 390

9.03

8.13

p687

g 61
10.87

in 19

12.54

' 4 11 .39

„ 1 9/1/1
a

l S 358

3

Q 96

NOTC: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated byJH); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 32, 33, and 34.
9
^Series 14 reached its high value (96.99) in September 1977. ^Average for weeks ended October I. 8, and 15.
Avcrage for
weeks ended October 1, 8, 15, and 22.
**Average for weeks ended October 2, 9, 16, and 23.

72



OCTOBER 1980

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS . . . .

1 MONEY AND CREDIT-Con.
9

Minor Economic
Process

Interest Rates-Con.

Lg. Lg, Lg

C, Lg, Lg

U, Lg, Lg

116. Corporate
bond yields@

115. Treasury
bondyields@

117. Municipal
bondyields@

(Percent)

Timing Class

(Percent)

(Percent)

Year
and
month

Outstanding Debt

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary 37. Bank rates
n short-term
market yields
on FHA
business loans
mortgages®
®

109. Average
prime rate
charged by
banks®

66, Consumer
installment
debt

(Percent)

(Percent)

(Percent)

(Mil.dol.)

Lg, Lg, Lg

72. Commercial
and industrial
oans outtan ding, weekly
eporting large
commercial
:anks
(Mil.dol.)

Lg, Lg, Lg

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

1978

January
February
March

8.70
8.70
8.70

7.51
7.60
7.63

5.71
5.62
5.61

9.18
(NA)
9.35

8.90

7.93
8.00
8.00

225,714
228,576
232,652

118,248
119,682
121,346

13.95
14.01
14.06

April
May
June

8.88
9.00
9.15

7.74
7.87
7.94

5.80
6.03
6.22

9.44
9.74
(NA)

8^96

8.00
8.27
8.63

236,758
241,038
245,245

122,854
125,041
126,871

14.12
14.29
14.39

July
August
September

9.27
8.83
8.78

8.10
7.88
7.82

6.28
6.12
6.09

9.96
9.81
9.81

9".92

9.00
9.01
9.41

248,711
252,343
256,023

128,005
128,987
130,147

14.38
14.49
14.58

October
November
December

9.14
9.30
9.30

8.07
8.16
8.36

6.13
6.19
6.50

9.94

10.04
10.23

10.94
11.55

259,399
263,231
267,630

131,055
131,786
131,708

14.56
14.61
14.65

January
February
March

9.47
9.52
9.65

8.43
8.43
8.45

6.47
6.31
6.33

10.24
10.24
10.26

12^27

11.75
11.75
11.75

270,697
274,260
277,885

134,984
137,740
138,220

14.76
14.81
14.84

April
May
June

9.69
9.82
9.51

8.44
8.55
8.32

6.29
6.25
6.13

10.61
10.49

12^34

11.75
11.75
11.65

281,990
285,296
287,854

141,522
144,188
146,124

14.99
15.08
15.11

July
August
September

9.47
9.57
9.87

8.35
8.42
8.68

6.13
6.20
6.52

10.46
10.58
11.37

12.3\

11.54
11.91
12.90

290,297
292,743
297,189

149,503
152,048
155,661

15.02
15.04
B>15.16

October
November
December

11.17
11.52
11.30

9.44
9.80
9.58

7.08
7.30
7.22

12.41
12,24

isisi

14.39
15.55
15.30

299,375
301,782
303,131

155,971
154,213
154,592

15.11
15.05
14.95

15*. 67

15.25
15.63
18.31

304,503
306,798
H)308,235

159,215
162,201
162,074

14.88
14.92
14.89

9.98

11.44

1979

(NA)

(NA)

1980

January
February
March

11.65
13.23
|H>14.08

10.03
11 .55
(3)11.87

April . .
May
June ....

13.36
11.61
11.12

10.83

July
August
September

11.48
12.31
12.74

October
November
December

M2.96

7.35
8.16

[H}9.17

(NA)

(H>14.63

8.63
7.59
7.63

9.83

10.53
10.94
2

13.45
11.99
11.85

(H}17.'75

E/19.77
16.57
12.63

306,250
302,816
299,353

162,280
159,033
159,211

14,78
14.57
14.32

8.13
8.67
8.94

9.82
9.40

Ml. 08

12.60

12.39
13.54
14.26

11 ".56

11.48
11.12
12.23

298,744
298,759

160,318
• 162,898
B>pl65,347

r!4.06
p!3.96

9.01

3

13.67

(NA)

(NA)

"167,756

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 byE); for
series that move counter to movements in general business activity, current low values are indicated by[H>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 34, and 35.
1
2
3
Average for weeks ended October 3, 10, 17, and 24.
Average for weeks ended October 2, 9, and 16.
Average for October 1
through 24.
"Average for weeks ended October 1, 8, and 15.
OCTOBER




1980

73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Qj DIFFUSION INDEXES

Year
and

month

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

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

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

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

108)

1 -month
span

6-month
span

1-month
span

8-month
span

1 -mo nth

span

6-month
span

1 -mo nth

span

9-rnonth
span

963. Number of employees on private
n onagri cultural payrolls
(172 industries)

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

1 -month
span

1 -month
span

9-month
span

B- mo nth

span

1978

45.8
62.5
41.7

58.3
54.2
58.3

June

66.7
54.2
62.5

54.2
50.0
58.3

July
August
September

45.8
50.0
62.5

62.5
83.3
66.7

100.0

October
November . ,
December

54.2
37.5
66.7

January ....
February
March
April

January
February
March

.,

25.0
75.0

100.0

100.0
100.0
100.0

100.0
100.0

2.5

91.7

100.0
100.0
100.0

75,0
90.0
85.0

77.5
65.0
40.0

33.3
47.1
54.9

76.5
56.9
47.1

68.6
68.6
71.8

82.3
82.8
79.9

82.4
11.8
58.8

52.9
60.8
60.8

69.8
61.9
64,2

74.7
75.3
74.7

100.0
100.0
100.0

66.7

100.0

100.0
91.7

83.3
83.3

62.5

52.5
70.0
95.0

62.5

100.0
100.0
100.0

83.3
83.3
83.3

100.0
100.0
100.0

47.5
45.0
60.0

82.5
47.5
22.5

49.0
42.2
94.1

51.0
76.5
15.7

61,0
67.7
67.2

73.3
77.6
80,5

66.7
66.7
50.0

100.0
100.0
100.0

100,0
100.0
100.0

66.7

100.0

100.0
100.0

83.3

83.3

35.0
67.5
57.5

62.5
70.0
12.5

25.5
29.4
86.3

51.0
66.7
29.4

68.0
75.3
74.7

82.0
79.1
78.2

58.3
41.7
66.7

33.3
41.7
41.7

25.0
75.0

83.3
75.0
75.0

100.0
100.0
100.0

52.5
37.5
67.5

15.0
10.0
15.0

11.8
72,5
68.6

46.1
27.5

100.0

75.0
87.5
50.0

r2S.5

66.9
66,3
62,2

74.7
71.8
64.0

June

25.0
45.8
41.7

41.7
33.3
29.2

12.5
75.0
75.0

75.0
50.0
25.0

91.7
75.0
83.3

100.0
100.0

92.5
32.5

17.5
30.0
17.5

7,8
66 ,,7

56.9
49.0
31,4

49.7
58.1
57,8

60.5
53.8
51.5

July
August
September

45.8
29.2
54.2

37.5
33.3
45.8

100.0

100.0
50.0
75.0

66.7
83.3
75.0

100.0

50.0
50.0

83.3
75.0

75.0
45,0
72,5

32.5
25.0
90.0

21.6
23.5
49.0

57.0
54.4
52.9

68.1
55.5
55.2

October
November
December

16.7
20.8
50.0

41.7
45.8
16.7

62.5
50.0

75.0
75.0
25.0

83.3
41.7
50.0

50.0
58.3
50.0

37,5
57,5
65.0

45.0
32.5
27.5

35.3
33.3

65.1
55.2
53.5

59.3
63.1
56.4

41.7
29.2
33.3

25.0

58.3
66.7
41.7

66.7
66.7
50.0

75.0
10.0

17.5

16.7
H2.5

60.2
54.9
45.9

42.7
38.1
3S.O

50.0
50.0

55.0
17.5
17.5

28.2
29.1
22.7

r22.4
r24.7
p27.0

April
May

100.0
50.0
75.0
75.0

5.0

1979

May

100.0

83.3

0.0

66,7

r37.3
r54.9
86.3

8,8
53.9
68.6

!

5.9

1980

January
February . , .
March
April

r16.7

June
July
August
September

50.0

75.0
25.0

0.0

1

35.0

0.0
0.0

25.0

r83.3

2

66.7
33.3
33.3

0,0

2

66.7

3

50.0

0.0

2.5
5.0

r!7.5
p5.0

25.5
60.8
46.1

3.9

9

2.0
2.0
r9.8
(NA)

33.3
70.6

66.7
33.3

25.0
75.0

79.2

'80.0

0.0
0.0

0.0
0.0

16.7
41,7

12.5

May

0.0

r32.5

p62.7

85.0

(NA)

75.0

p57.5

r34.0
r63.4
p62.8

October
November .........
December . .
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data arg 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 962 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 36.
Excludes series 12 and 36 for which data are not yet available.
2
Exeludes series 57 for which data are not yet available.
3
Exeludes series 70 and 95 for which data are not yet available.

74



OCTOBER

1980

KCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

BBJ DIFFUSION INDEXES-Con.

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)

967. Index of industrial
materials prices @
(13 industrial materials)

January
February
March

37,1
60.0
45.7

85.7
91.4
80.0

74.3
42.9
57.1

85.7
80.0
94.3

48.6
80.0
65.7

88.6
80.0
88.6

77.1
45.7
62.9

91.4
97.1
91.4

62.9
45.7
62.9

82.9
80.0
61.4

25.7
62.9
51.4

65.7
62.9
60.0

42.9
57.1
60.0

54.3
45.7
75.7

48

October
November
December

51.4
45,7
54.3

62.9
62.9
42.9

53

January
February
March

72.9
40.0
31.4

22.9
28.6
34.3

71

April
May
June

17.1
34.3
42.9

r44.3
p50.0

pl5

70.8
83.3
70.8

33

July
August
September . . .

87.5
87.5
85.4

48

April
May
June

87.5
54.2
83.3

50

January
February
March

69.2
34.6
46.2

59

October
November
December

83.3
79.2
91.7

27

July
August
September

39.6
47.9
85.4

62

April
May
June

1-month
span

"48

1 -quarter
span

6-month
span

"so

9-month
span

1-month
span

49

1 -month
span

4-Q moving
avg.

9-month
span

968. Index of stock
prices, 500 common
stocks x ®

1 -month
span

9-month
span

960, Net profits,
manufacturing 2 ®
(about 700 companies)

1-quarter
span

4-quarter
span

1978
3

66.7
66.7
58.3

30.6
50.0

"49.1
"62.1
"69.8

*78

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

"82.8
"86.2
"87.7

*78

87.5
87.5
91.7

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

"70.2
"67.5
"68.4

'so

91.7
79.2
83.3

88.5
80.8
42.3

88.5
88.5
92.3

69.0

39.1
47.3
67.3

'74

*52

66.7
79.2
87.5

62.5
66.7
50.0

61.5
76.9
76.9

96.2
96.2
88.5

94.8
35.5
85.5

18.2
32.7
57.4

'?!

*45

62.5
54.2
70.8

56.2
54.2
45.8

69.2
42.3
53.8

80.8
84.6

90.7
88.9
75.0

'74

*45

16.7
62.5
56.2

66.7
50.0
54.2

46.2
30.8
53.8

63.0
68.5
68.5

r63

*51

52.1
39,6
45.8

pV?

64.6
52.1
58.3

58.3
58.3
45.8

*62. 5
61.5
76.9

{NA}

75.0
37.5
35.4

16.7
16.7
12.5

50.0
73.1
61.5

12.5
16.7
16.7

r!2.5
8.3
plO.4

11.5
15.4

3
3

8.1

8.6
0.0

1979

5

91.7

80.0
16.4
90.0

5

66.7
66.7
58.3

64.8
92.6
53.7

66.7
58.3
3
58.3

38.0
95.4

5
5

5

3

3.7

69.8
37.7
39.6

54

...

1980

July
August
September

71.4
51.4

p77.1

(NA)

0.0

r25.0
r66.7
p79.2

53.8
76.9
57.7
6

October
November
December

5
5

58.3
50.0

74.1
52.8

53.8

3.8

50.0
46.2

26.4
92.5
89.6

6

46.2

39.6
47.2
77,4

(NA)

90.6
94.3

92.5
88.7
76.4

65.4

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans; 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
.index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated b y ® . The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
x
Based on 62 industries through March 1978, on 59 industries through September 1978, on 58 industries through January 1979,
on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries thereafter. Data for component
industries are not shown in 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) .
A
Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
5
Based on 12 components (excluding rosin).
6
Average for October 7, 14, and 21.

OCTOBER




1980

75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

DIFFUSION INOF.XES-Con.

Year
and
quarter

a. Actual
expenditures

b. Later
anticipations

c. Early
anticipations

Anticipated

Actual

Anticipated

Actual

Anticipated

Actual

973, Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 1 ®

970, Business expenditures for new plant and
equipment (18 industries)

(4-Q span)

(4-Q span)

78
80
84
82

80
81
84
85

82
86
90
86

73
76
78
78

79
82
84
83

84
86
88
88

86
87
92

80
84
80
72

78
74
70
72

78
82
80
70

87
84
82
B'l

85
88
84
78

66
75
57
62

62
54
(NA)

66
73
59
61

73
62
(NA)

72
80
63
67

( I d span)

(1-Qspan)

(1-Qspan)

(4-Q span)

(4-Q span)

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

66.7
66.7
66.7
72,2

80
83
8?
82

80
86
88
84

71
74
74
76

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

61.1
66.7
61.1
69.4

83
86
86
86

82
83
88
86

66.7
77.8
83.3
77.8

66.7
72.2
66.7
72.2

55.6
72.2
69.4
77.8

85
81
73
78

52.8
63.9
(NA)

50.0
58.3
41.7

47.2
75.0
66.7
50.0

74
63
(NA)

(4-Q spf.n)

(4-Q span)

1977

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

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

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1980

First quarter ..
Second quarter
Third quarter..
fourth quarter

DIFFUSION INDEXES-Con.

Year
and
quarter

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

(4-Q span)

(4-Q span)

975. Level of inventories,
manufacturing and trade 1 ®

976. Selling prices, manufacturing 1 @

Actual

Actual

Anticipated

Anticipated

978. Sejling prices, retail
trade 1 ©

977. Selling prices, wholesale
trade 1 @
Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

(4-Q span)

(441 span)

(4-Q span)

1977

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

60
59
61
62

59
60
61
59

74
72
74
75

65
68
72
70

86
86
87
87

78
81
86
82

87
86
88
90

80
86
86
84

90
86
92
92

84
89
88

62
64
64
63

59
60
62
62

76
76
76
78

67
70
73
74

87
88
90
91

82
84
87
87

89
92
93
94

84
90
87
90

91
94
94
93

90
88
92
92

62
60
60
58

60
60
58
56

80
76
73
75

70
74
71
68

92
93
92
94

86
88
88
86

96
95
95
96

90
92
90

94
95
94
96

90
92
92
90

58
54
(NA)

54
56
48
50

67
61
(NA)

62
70
53
56

90
88
(NA)

87
90
83
86

92
90
(NA)

90
92
87
88

92
91
(NA)

90
93
84
90

1978

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

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1980

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

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The'Vindicates revised; "p", preliminary; 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.

76



OCTOBER

1980

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE-Con.

Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Direct ons of Change

Diffusion index components

1980

March

February

May

April

August r

July

June

September

961. A V E R A G E W O R K W E E K OF PRODUCTION WORKERS, MANUFACTURING '
(Average weekly hours)

39.8

40,1

All manufacturing industries
Percent rising of 20 components

39.8

39.3

39.1

r39.0

(55)

(0)

(10)

,.

o

(18)

(18)

(32)

(85)

r38.1 +
r36,6 +

38.8 o
37.5 +

38.8
38.2

+

39.4 +

39.5
(58)

Durable goods industries:

37.5
37.6

+

3 7 . 6 -*37.0

40.6
40.6

40.3
39.2

+

40.4
38.8

40.2 +
38.6 +

40.3 +
39.1 +

40.9
39.4

+
+

40.8
41.5

39.9
41.0

39.7
40.7

39.6 +
40.6 +

40.0 +
40.7 +

40.2
40.8

+

39.9
40.5

39.5
39.7

39.2
39.5

+

r39.0
r39.6

+
+

39.3 +
40.9

39.4
40.4

40.7
38.5

40.3
38.3

40.4
38.2

+

r40.1 +
r38.3 +

40.3
38.4 +

40.2
38.5

39.9
38.2

39.6
37.3

+
+

r39.7
r38.5

+

39.9
37.5

40.3
35.8

39.7
35.3

39.1
35.2

r38.8

+

35.1

39,0 +
35.0 +

o

42.5
37.2

41.7
37.1

41.4 o
36.8 +

r41.4 +
36.9 +

41.8
37.1

41.8
39.7

+

41.5
41.1

39.9
36.9

+ 40.1
+ 37.3

37.3 +
38.5

39.1
39.0

38.7
38.5

41.2
40.8

40.9
40.7

40.8
41.5

40.7
41.3

Electrical equipment and supplies . .
Transportation equipment

40.3
40.8

40.0
40.4

Instruments and related products
Miscellaneous manufacturing industries

40.9
39.1

40.4
38.6

+

39.7
37.9

39.3
37.7

+
+

39.6 +
38.2 o

41.1
35.9

40.8
35.3

+

42.9
37.4

42.6
37.2

+

41.9
40.7

... o

40.0
37.2

Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical

..

o

..
. .

....

0

+

Nondurable goods industries:
Food and kindred products
Tobacco manufactures
Textile mill products
..
Apparel and other textile products

...

Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products, n.e.c
Leather and leather products . . .

+

41.1
42.3

o

r42.2

41.0 +
42.0 +

r39.0

+
r36.1 +

40.3
36.8

66,454 +

73,979 -

71,364

(71)

39.2
36.7

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '
(Millions of dollars}

All durable goods industries

-

Percent rising of 35 components

81,021

-

(40)

77,546

-

72,416

-

-

(34)

(17)

(31)

67,328

Primary metals
Fabricated metal products

+

13,086
10,223

-

11,141
9,738

-

9,680
8,862

-

8,373
8,333

+

Machinery except electrical
Electrical machinery

+

14,247
11,440

-

14,000
11,109

-

11,651
10,737

+
-

12,701
10,022

+

Transportation equipment
Other durable goods industries

-

16,005
16,020

+
-

16,345
15,213

+
-

17,510
13,976

-

14,320
13,579

+

39.7
35.1
41.6
36.9

(43)

41.3
42.5
39.3
36.7

40.8 +

39.6
37.2

41.6
42.5
40.1
36.3

2

8,947 +
8,076 +
13,085 +

9,941
12,672 +
13,733 +

10,811 +

+

(51)

77,166

(77)

11,412
8,522

+
+

12,348
8,793

14,177 9,677 +

12,931
10,790

+
-

14,278
9,841

16,113 14,580 -

13,310
14,399

+
+

16,963
14,943

8,621

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-} - falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
Data for most of the 35 diffusion index components are not available for publication; however, they are included in the totals
and directions of change for the six major industry groups shown here.

ltd*

OCTOBER 1980




77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

j^l SELECTED DIFFUSION INDEX COMPONENTS; Basic Data and Directions of Change Con.
Diffusion index components

1980

February

Julyr

June

May

April

March

August^

September

966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100)
All industrial production

2

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

152.6

-

152.1

-

(35)

(38)

148.3

-

(12)

144.0

-

140.1

(17)

(17)

141.5

+

(25)

141.0

+

(67)

142.4
(79)

+

111.9
145.7

+
-

113.7
145.5

-

106.4
141.4

90.4

81.3

-

133.2

-

126,1

1123.0

+
+

125.3

+
+

126.9

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

+
-

167.0
179.2
125.7
174.8

o
-

166.5
179.2
123.8
173.5

+

163.2
177.0
115.1
173.8

-

162.1
171.4
109.8
171.0

+
-

158.3
166.6
110.0
169.2

157.6
165.0
110.8
167.0

o
+
+

157.6
166.9
108.9
169.1

+
+

156.9
166,8
113.2
170.9

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

-

162.4
130.2

-

156.4
125.3

-

148.8
105,2

-

140.8
104.5

+

134.5
109.7

+

134.2
112.0

+
+

135,0
113.7

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

-

159.2
151.6

+
+

159.5
152.8

-

157.1
151.2

-

149.5
147.3

-

143.1
143.7

+

138.6
144.0

o

137.3
144.0

+
+

144.0
133.8

+

142.0
136.1

-

139.9
131.3

137.1
128.6

-

133.6
127.2

131.5
121.5

+

132.7

69.9

+

68.5

67.8

+

(NA)
69.3

143.7
138.1

+
+

146.0
139,0

+
+

148.1
139.2

190.2
130.3
240.5

+
+

194.0
126.8
244.7

+

131.0

147.8

....

Nondurable manufactures;
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products . .

72.8

73,3

96.1

70.1

+

85.1

Paper and printing
Paper and products
Printing and publishing

+

153.6
139.9

-

152.7
139.2

-

148.2
136.5

-

145.7
135.5

+
-

146.2
135.4

Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products

+

217.4
144.6
266.8

-

213.6
140.7
264.4

-

209.1
137.4
261.8

-

199.2
133.0
248.1

-

191.1
131,3
242.9

Foods and tobacco
Foods
Tobacco products

+
+

149.0
120.0

+
+

149.3
122.2

-

147.8
121.9

+
-

149.5
116.2

-

149.0
113.9

148.3
118.9

-

+

+

136.0
130.4

+
+

137,2
131.8

+
+

143.4
132.5

+
+

145.0
133.9

+
-

150.0
133.2

+

149.8
134.3

+
+

154.9
134.8

-

136.6
142.3

-

132.7
136.0

-

123.5
133.1

-

120.8
128.1

-

120.0
123.9

-

(NA)
(NA)

+

.. .

(NA)
(NA)

(NA)
(NA)

(NA)

+

147.2
135.7
(NA)
(NA)

78.2

83.1

123.7

(NA)
145. 1

(NA)
(NA)
(NA)

123.2

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

+

90.5

NOTL : : To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) ~ rising, (o) ~ unchanged, and {• •) ~ falling. The "r " indicates njvisml,
"p", preliminary; and "IMA", not available.
l
a

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

78



OCTOBER

1980

ltd!

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^H SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
Diffusion index components

1980

February

April

March

June

May

July

August

September October 1

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

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

322.5 -

(73)

Percent rising of 13 components

316.9

-

301.9

-

(12)

(62)

278.5

-

(15)

267.5

+

277.6

+ 292.1

(54)

(0)

+

(77)

298.3

+

(58)

299,3

(65)

Dollars

Copper scrap

(pound).. +
(kilogram). .

0.971 2.141

0.732
1.614

-

0.674
1.486

+

0.688
1.517

-

0.679
1.497

+

0.760
1.675

-

0.732
1.614

-

0.716
1.578

+

0.727
1,603

Lead scrap

(pound). . o
(kilogram). .

0.346 +
0.763

0.364
0.802

-

0.313
0.690

-

0.220
0.485

-

0.216
0.476

+

0.218
0.481

+

0.256
0.564

+

0.294
0.648

+

0.300
0.661

Steel scrap

(U.S. ton). . + 100.000 - 98.000
(metric ton). .
110.230
108.025

- 91.800
101.191

- 71.000
78.263

- 63.000
69.445

+

68.000
74.956

+ 78.000
85.979

+ 89.000
98.105

+ 93.000
102.514

Tin

(pound). . +
(kilogram), .

7.910 +
17.438

8.368
18.448

-

7.918
17.456

+

8.063
17.776

-

7.810
17.218

-

7.742
17.068

o

7.742
17.068

+

7.974
17.579

-

7.733
17.048

Zinc

(pound). +
(kilogram). .

0.380 +
0.838

0.390
0.860

-

0.385
0.849

-

0.375
0.827

-

0.368
0.811

-

0.355
0.783

+

0.359
0.791

+

0.374
0.825

+

0.382
0.842

Burlap

(yard). . (meter). .

0.385 +
0.421

0.389
0.425

-

0.362
0.396

-

0.350
0.383

-

0.337
0.369

-

0.324
0.354

+ 0.331
0.362

-

0.325
0.355

-

0.313
0.342

Cotton

(pound). . +
(kilogram). .

0.810 1.786

0.788
1.737

-

0.787
1.735

-

0.779
1.717

-

0.725
1.598

+

0.783
1.726

+

0,857
1,889

+

0.875
1.929

-

0.854
1.883

Print cloth

(yard). . +
(meter). .

0.651 +
0.712

0.682
0.746

+

0.695
0.760

-

0.691
0.756

-

0.690
0.755

-

0.675
0.738

-

0.668
0.731

-

0,656
0.717

+

0.660
0,722

Wool tops

(pound)
+
(kilogram). .

3.200 +
7.055

3.500
7.716

-

3.460
7.628

-

3.250
7.165

-.

3.200
7.055

o

3.200
7.055

+

3.400
7.496

+

3.460
7.628

+

3.500
7.716

Hides

(pound). . (kilogram). .

0.745 1.642

0.592
1.305

-

0.490
1.080

-

0.405
0.893

-

0.380
0.838

+

0.476
1.049

+

0.522
1.151

-

0.474
1.045

+

0.483
1.065

Rosin

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

42.000 + 48.000
92.593
105.821

0 48.000
105.821

- 46.500
102.514

- 45.000
99.207

o

45.000
99.207

o 45.000
99.207

o 45.000
99.207

o 45.000
99.207

Rubber

(pound)
+
(kilogram). .

0.833 1.836

0.750
1.653

-

0.711
1.567

-

0.682
1.504

-

0.680
1.499

-

0.678
1.495

+

0.688
1.517

+

0.756
1.667

+

0.800
1.764

Tallow

(pound). . (kilogram). .

0.170 +
0.375

0.181
0.399

-

0.180
0.397

-

0.168
0.370

-

0.152
0.335

+

0.167
0.368

+

0.187
0.412

-

0.179
0.395

-

0.169
0.373

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) - falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
1
Average for October 7, 14, and 21.
2
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.

ItCII

OCTOBER




1980

79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNPANO PERSONAL INCOME

Year
and
quarter

b. Difference

a. Totul

(Ann, rate,
bil.dol.)

217, Per capita
GNPin1972
dollars

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann, rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

c. Percent
change at
annual rote

213. Final sates
in 1972 dollars

(Ann. rate,
dollars)

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

(Ann. rate,
hil.dol.)

1977

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

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

64.1
55.8
54.5
40.8

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

40.0
92.9
55.4
75.6

2,292.1
2,329.8
2,396.5
2,456.9

56.9
37.7
66.7
60.4

2,520.8
2,521.3

63.9
0.5

p2,583.0

P61.7

8.7

8.9
4.8
7.0
2.2

22.7
7.4

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

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

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

1.1

15.5

6,084
6,145
6,236
6,2!56

1.9
8,3
3.5
5.6

27.6

,315.7
,331.2
,353.9
,361.3

15.4
12.8
12.1

6,512
6,460
6,494
6,509

1,418.4
1,404.1
1,426.2
1,439.0

6,514
6,337

1,444.4
1,406.0
pMlB.9

1978

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

,367.8
,395.2

8.4
19.8
10.9
14.8

6.5
27.4
12.1
19.3

1,407.3

1,426.6

1979

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

4.0

1,430.6
1,422.3
1,433.3
1,440.3

-8.3
11.0

1,444.7
1,408.6
pl,412.1

4.4
-36.1
P3.5

10.6

6.7
11.9
10.5

-2.3

3.1

2.0

7.0

1980

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

10.8

0.1
p10.2

GNP AND PERSONAL INCOME Con.

Year
and
quarter

(Ann. rote,
bil.dol.)

(Ann. rate,
bil.dol.}

p6,334

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224, Current dollars 225. Constant
(1972) dollars

1.2
-9.6
pl.O

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Qurat)IB goods
in 1972 dollars

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

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.}

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

1977

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

1,250,1
1,286.0
1,323.2
1,361.2

908.0
921.5
936.3
951.8

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

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

849.2
853.1
863.7
880.9

174.3
175.7
178.9
186.4

135.8
136.6
138.2
142.4

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

956.6
966.1
976.2
991.5

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

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

882.7
894.8
905.3
920.3

185.3
200.3
203.5
212.1

139.3
147.8
147.5
152.1

1,572.2
1,601.7
1,640.0
1,683.1

996.6
993.0
993.4
996.2

4,536
4,510
4,501
4,502

1,454.2
1,475.9
1,528.6
1,580.4

921.8
915.0
925.9
935.4

213.8
208.7
213.4
216.2

150.2
144.8
146.9
146.7

1,737.4
1,755.9
pi,807.5

998.5
983.1
P991.4

4,502
4,423

1,629.5
r1,626.5
pi,681.8

936.5

220.2
195.7

145.4
127.4
pi 33.6

1978

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

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1980

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

p4,447

910.8

P922.4

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 40 and 41.




OCTOBER

1980

IICII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

BRj GROSS PRIVATE DOMESTIC INVESTMENT

^H PERSONAL CONSUMPTION EXPENDITURES-Con.
236, Nondurable
goods in current
dollars

Year
and
quarter

(Ann. rate,
bil.doL)

238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dol.)

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1972 dollars

(Ann. rate,
bil. dol.)

242. Fixed investment, total, in
current dollars

243, Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.}

1977

467.7
475.5
483.0
499.2

328.9
329.6
332.1
340.0

527.1
539.3
558.7
574.1

384.5
386.9
393.3
398.5

280.4
300.0
315.7
316.9

191.0
199.6
206.7
203.0

261.1
277.5
288.2
298.5

179.7
186.2
190.1
191.7

505.9
521.8
536.7
558.1

337.3
339.4
344.7
351.9

596.0
609.1
629.1
645.1

406.1
407.6
413.1
416.3

327.0
352.3
356.2
370.5

209.0
216.8
214.0
217.4

304.1
326.5
336.1
349.8

192.5
201.2
201.8
205.5

571.1
581.2
604.7
630.7

348.1
344.1
349.2
355.1

669.3
686.0
710.6
733.5

423.5
426.1
429.9
433.6

373.8
395.4
392.3
387.2

217.2
221.7
214.2
207.7

354.6
361.9
377.8
381.7

204.9
203.5
207.1
206.3

652.0
654.1
P666.4

354.1
347.8
p348.0

757.3
776.9
,p806.1

437.0
435.6
p440.8

387.7
368.5
p346.0

203.2
188.6
p!78.5

383.0
357.1
P363.9

202.9
186.0
p!85.3

First quarter
Second quarter
Third quarter
Fourth quarter
1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter
1980

First quarter
Second quarter
Third quarter
Fourth quarter

. .

D
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST -Con.

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

^H GOVERNMENT PURCHASESOF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. do!.)

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.}

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

1977
19.3
22.5
27.5
18.5

11.3
13.4
16.6
11.3

380.0
391.6
400.5
412.8

264.5
267.6
270.3
271.5

138.2
142.6
145.6
151.2

100.3
101.8
101.8

241 .8
249.0
254.9
261.6

166.0
167.3
168.5
169.8

22.8
25.8
20.0
20.6

16.5
15.6
12.2
12.0

419.4
428.3
440.9
453.8

270.7
271.3
274.7
276.0

150.9
148.2
152.3
159.0

99.9
96.6
98.5
99.3

268.5
280.1
288.6
294.8

170.9
174.7
176.2
176.6

19.1
33.4
14.5

First quarter
Second quarter
Third quarter
Fourth quarter

12.3
18.1

274.7
272.4
273.1
277.1

163.6
161.7
162.9
178.4

101.1

7.1
1.4

460.1
466.6
477.8
501.2

101.1

296.5
304.9
314.9
322.8

173.6
174.3
175.6
176.0

0.3
2.6
p-6.8

517.2
528.3
p536.7

280.0
280.9
p279.6

186.2
193.3
pi 94 . 6

104.3
106.7
p!05.6

331.0
335.0
P342.1

175.7
174.3
p!73.9

98.4

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter

5.6

98.1
97.4

1980

4.7

First quarter
Second quarter
Third quarter
Fourth quarter

11.4

p-17.9

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41, 42, and 43.

OCTOBER




1980

81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

FOREIGN TRADE

Year
and
quarter

252. Current
dollars

255. Constant
(1972) dollars

250. Current
dollars
(Ann. rate,
bit. do!.)

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

256. Constant
(1972) dollars
(Ann. rate,
bit. dot.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

22D. National income in current
dollars

280. Compensation of

employees

257. Constant
(1972) dollars

253. Current
dollars

(Ann. rate,

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

bil.dol.)

(Ann. rate,
bil.dol.)

1977

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

-9.2
-6.0

n.i

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

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
101.0

1,621.0
1,703.9
1,752.5
1,820,0

1,244.0
1,288.2
1,321.1
1,364.8

17.0
13.2
20.1
20.1

238.5
243.7
267.3
280.4

117.0
116.0
122.2
124.3

234.4
251.9
269.5
292.4

100.0
102.9
102.1
104.1

1,869.0
1,897.9
1,941.9
1,990.4

1,411.2
1,439,7
1,472.8
1,513.2

25.0
28.3

308.1
307.0
p312.1

131.7
128.3

321.7

106.7

309.2
p293.5

99.9

2,035.4
2,024.6

1 9 555,2
1,567.2

(NA)

pi,590.1

-6.3
-18.1

10.9
13.2
5.8

-22.2
-7.6
-6.8
-4.5

5.3
12.3
13.3
12.9

96.5
99.4

170.5
178.6
180.1
174.2

100.5

1978

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

98.5

1979

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

4.0
-8.1

-2.3
-11.9

1980

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

-13.6
-2.2
pi 8.6

P31.6

p!26.9

P95.3

NATIONAL INCOME AND ITS CQMPQNENTS-Con,
Year
and
quarter

282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann. rate,
bit.dol.)

284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bit.dol,)

286. Corporate
prof its with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

SAVING

288. Net interest

(Ann. rate,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil.dol.)

292. Personal
saving

29h. Business
saving

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

1977

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

96.9
97.6
98.6
107.6

23.6
24.6
25.2
25.5

137.1
148.9
160.8
153.0

89.3
92.7
95.8
98,2

253.3
276.0
291.6
283.6

213.9
226.8
243.2
238.S

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
130.3
134.5

27.3
26.8
26.6
27.0

178.9
176.6
180.8
176.4

122.6
125.6
131.5
139.2

362.2
374.3
367.3
351.9

266.0
274.6
281.9
281.0

79,2
85.9
70.3
59.7

130.0

27.0
27.3

175.0
152.8
(NA)

148.1
156.8

346.6
345,5

279,2
287.6
p295,0

p83.3

1978

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

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1980

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

120.5
P124.2

p27.8

p!64.5

(NA)

64,4
86.3

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 1980

KCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

MM

Qj SAVING-Con.

Year
and
quarter

298. Government
surplus or deficit,
total

(Ann. rate,
bil.doi.)

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

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

(Percent)

SHARES OF GNP AND NATIONAL INCOME

248. Nonresidentia!
fixed investment

249. Residential
fixed investment

247, Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

i

1977

-13.1
-16.6
-23.5
-24.8

4.2
5.1
5.4
5.1

64.2
63.5
63.2
63.9

-19.2
5.0
2.3
10.8

5.3
5.0
4.8
4.7

15.8
12.7
14.0
10.0

1.7
-29.6

First quarter
Second quarter
Third quarter
Fourth quarter

9.9
9.9
10.0
10.1

4.5
4.9
4.9
5.1

1.1
1.2
1.4
0.9

-0.5
-0.3
-0.3
-0.9

64.0
63.3
63.4
63.3

10.1
10.4
10.5
10.6

5.0
5.1
5.1
5.1

1.1
1.2
0.9
0.9

-1.1
-0.4
-0.3
-0.2

5.0
5.4
4.3
3.5

63.4
63.3
63.8
64.3

10.6
10.7
10.9
10.8

4.9
4.8
4.8
4.7

0.8
1.4
0.6
0.2

-0.3
-0.1
-0.5

3.7
4.9

64.6
64.5

10.8
10.6

4.4
3.5

p65.1

plO.5

0.2
0.5
p-0.7

-0.5
-0.1
pO.7

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter

0.2

1980

First quarter
Second quarter
Third quarter
Fourth quarter

(NA)

p4.6

p3.6

M SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

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

Percent of National Income

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

64, Compensation of
employees

(Percent)

283. Proprietors'
income with IVA
and CCA 1
(Percent)

285. Rental income
of persons with
CCA

1

(Percent)

287. Corporate
profitswith IVA
and CCA 1
(Percent)

289. Net interest

(Percent)

1977

7.6
7.6
7.5
7.7

13.3
13.3
13.2
13.3

76.2
75.8
75.5
75.8

6.7
6.5
6.4
6.8

1.6
1.6
1.6
1.6

7.5
7.0
7.1
7.1

13.3
13.3
13.4
13.2

76.7
75.6
75.4
75.0

6.7
6.7
6.7
6.9

1.6
1.4
1.5
1.5

7.1
6.9
6.8
7.3

12.9
13.1
13.1
13.1

75.5
75.9
75.8
76.0

6.9
6.8
6.7
6.8

1.5
1.4
1.4
1.4

9.6
9.3
9.3
8.9

6.6
6.6
6.8
7.0

7.4
7.7

First quarter
Second quarter . .
Third quarter
Fourth quarter

13.1
13.3

76.4
77.4

6.4
6.0

1.3
1.3

8.6
7.5

7.3
7.7

p!3.2

CNA)

9.4
9.9
10.4

9.6

6.1
6.2
6.2
6.2

1978

First quarter
Second quarter
Third quarter
Fourth quarter

8.7
9.9
10.0
10.2

6.3
6.3
6.4
6.5

1979

First quarter
Second quarter
Third quarter
Fourth quarter
1980

First quarter
Second quarter
Third quarter
Fourth quarter

p7.5

(NA)

CNA)

(NA)

(NA)

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.
1

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

ItCII

OCTOBER




1980

83

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY

Q PRICE MOVEMENTS
|
Implicit price deflator,
gross national product
Year
and
month

310. Index

11072-100}

Fixed weighted price index,
gross business product

310c. Change 311. Index
over 1 -quarter
spans1

(Ann. rate,
percent)

(1972-100)

31 1c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

Consumer prices, all items
320. Index © 320c. Change
over 1-month
spans1

(1967-100)

(Percent)

Consumer prices, food

320e, Change
over &-nnonth
spans1

322. Index

(Ann. rate,
percent)

(1967^100)

322c. Change 322c. Change
over 1 -mo nth over 6-month
spans'
spans1

(Percent)

(Ann, rate,
percent)

1978

....

i5o!s

0.9
0.8
1.2

12.2
12.7
14.6

191.5
193.3
195.3

0.7
0.8
0.9

9,3
9.3
9.5

207.2
209.6
212.7

1.3
1.2
1.5

13.5
12,8
11.8

196.7
197.8
199.3

0.7
0.6
0,9

9.7
9.4
8.9

213.5
214.6
216.2

0.4
0.5
0.7

11,0
10,1

200.9
202.0
202.9

0.9
0.6
0.6

9.5
10.6
10.9

218.3
219.9
222.2

1.0
0.7
1.0

11.4
13.3
13.8

10.0

204.7
207.1
209.1

0.9
1.1
1.0

11.1
12.0
12.9

225.3
228.4
230.6

1.4
1.4
1.0

12.9
12.8
11.1

10.1

211.5
214.1
216.6

1.0
1,0
1.0

13.2
12.9
13.3

232.0
233.5
234.2

0.6
0.6
0.3

9.1
6.3
6.4

10.4

218.9
221.1
223.4

1.1
1.0
1,2

13.4
13.3
13.8

235.3
235.5
237.9

8:?
1.0

6.8
6.9
9.3

8.4

225.4
227.5
229.9

1.0
1.0
1.2

14.5
15.3
15.9

239.8
241.4
244.8

0.8
0.7
1.4

B.2
8.0
7.9

11.2

233.2
236.4
239.8

1.4
1.4
1.4

15.7
15.4
14.8

244.8
244.7
247,1

0.0
0.0
1.0

7.3
6.6
4.7

10.4

242.5
244.9
247.6

0.9
0.9
1.0

11.7
10.2

248.4
249.2
250.5

0.5
0.3
0.5

247.8
249.4
251.7

0.0
0.7
1.0

252.9
257.5
261.6

1.0
1.8
1.6

8.8

155^2
8.7

8.7

, ....

200.4
202.1
204.5

152!6

153^4

October
November
December

8.1
8.5
9.2

10.5

10.6

7.2

July
August
September

0.6
0.6
0.8

148^2

147*.6

April
May
Juno

187.2
188.4
189.8

6.6

6.3

January
February
March

158.*5

156.*7

9.1

1979

January
February ,
March
April
May
June

9.3

16CK2
.

162^3

. .
9.3

163^8

166^3

....

July
August
September

16?!2

October
November
December

uoie

8.5

17CL4
8.4

173.*9

1980

January
February
March
April
May
June
July
August
September

, ...

9.5

174!5

178^6
10.7

179*.0

183.'l
plO.4

p9.1

pl82.'9

p!87!?

9,3

6,7
10.7
12.1

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 pages 48 and 49,
1
Percent changes arc centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes arc placed on the 2d month, and 6-month changes are placed on the 4th month.




OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY—Con.

^Q PRICE MOVEMENTS-Con.
Producer prices, all commodities
Year
and
month

330. Index®

330c. Change
over 1-month
spans1 @

(1967=100)

(Percent)

Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spans1 @

335. Index®

335c. Change
over 1 -month
spans 1 ®

(Ann. rate,
percent)

(1967=100)

(Percent)

335c. Change
over 6-month
spans1 ®

(Ann. rate,
percent)

331. Index

(1967=100)

331c. Change
over 1-month
spans 1

33 1c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

1978

January
February . . .
March

200.1
202.1
203.7

1.0
1.0
0.8

10.7
11.4
11.8

201.6
202.9
204.1

0.8
0.6
0.6

7.2
8.3
8.9

221.6
224.2
229.0

1.2
1.2
2.1

24.6
19.1
21.4

April
May
June .

206.5
208.0
209.6

1.4
0.7
0.8

10.9

8.6
8.7

206.1
207.4
208.7

1.0
0.6
0.6

8.6
8,6
8.4

234.5
235.6
241.3

2.4
0.5
2.4

19.9
17.0
16.1

July
August
September

210.7
210.6
212.4

0.5
0.0
0.9

8.3
7.5
7,7

210.1
211.4
212.5

0.7
0.6
0.5

8.5
8.5
8.3

242.6
242.5
246.8

0.5
0.0
1.8

16.6
17.4
13.7

October
November
December

214.9
215.7
217.5

1.2
0.4
0.8

9.8
13.2
13.9

214.7
216.0
217.2

1.0
0.6
0.6

9.6
10.8
12.5

253.2
255.3
257.3

2.6
0.8
0.8

17.2
23.1
23.4

January
February
March

220.8
224.1
226.7

1.5
1.5
1.2

14.5
15.7
15.3

220.0
222.5
225.4

1.3
1.1
1.3

13.8
15.0
16.1

262.6
269.1
274.2

2.1
2.5
1.9

16.4
16.1
17.1

April
May
June

230.0
232.0
233.5

1.5
0.9
0.6

15.1
13.1
14.0

229.0
231.6
234.0

1.6
1.1
1.0

16.5
16.9
17.4

273.2
275.1
278.4

July
August
September

236.9
238.3
242.0

1.5
0.6
1.6

14.0
13.5
14.4

237.5
240.6
244.2

1.5
1.3
1.5

18.2
17.1
17.0

October
November
December

245.6
247.2
249.7

1.5
0.7
1.0

15.8
19.2
17.1

249.0
250.6
253.1

2.0
0.6
1.0

254.9
260.2
261.9

2.1
2.1
0.7

14.5

r!4.2

260.6
265.9
268.6

1979

0.7
1.2

17.5
12.3
12.9

284.6
285.2
291.4

2.2
0.2
2.2

16.2
17.7
17.4

20.4
22.1
21.0

294.5
298.4
301.7

1.1
1.3
1.1

10.7
16.2

3.0
2.0
1.0

18.7
r!7.7
16.3

299.5
307.5
300.9

1.0

11.8
8.8
7.3

290.4
294.1
295.1

-0.4

6.6

1980

January
February
March

0.3

262.8
r264.2
265.2

July
August
September

rO.5
rO.4

269.8
273.1
274.1

April
May
June

1.7
1.2
0.4

12.8
12.0
10.2

9.5

271.3
r271.9
273.0

275.6
277.3
278.2

rO.2
rO.4

1.0
0.6
0.3

313.6
331.6
335.8

-0.7

2.7
-2.1
-3.5

1.3
0.3

-2.8
-2.9
-4.3

9.6
16.3
24.5

6.3
5.7
1.3

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 48.
1
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

OCTOBER




1980

85

OTHER IMPORTANT ECONOMIC MEASURES
B

|

PRICES, WAGES, AND PRODUCTIVITY—Con.

^H PRICE MOVEMENTS-Con.
Producer prices, intermediate materials
,

Year
and
month

332. Index

(1967-100)

332c. Change
over 1 -month
spans1

(Percent)

Producer prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans'

(Ann. rate,
percent)

333. Index

(1967=100)

333c. Change
over 1-month
spans1

(Percent)

333c. Change
over 6-month
spans1

(Ann, rate,
percent)

334. Index

(1967-100)

334c. Change
over 8-month
spans1

334c. Change
over 1 -mo nth
spans'

(Ann. rate,
percent)

(Percent)

1978

January
February ....
March

208.2
209,7
210,9

0.8
0.7
0.6

7.6
7.5
7.9

192.2
193.3
194.5

0.6
0.6
0.6

7.7
7.6
8.1

134.5
186.1
187.2

0.6
0.9
0.6

April
May
Juno

211.9
213.1
214.5

0.5
0.6
0.7

6.7
6.9
7.1

195.6
197.0
198.6

0.6
0.7
0.8

8.4
8.4
8.4

189.5
190.8
192.2

1.2
0.7
0.7

10.2

July
August
September ....

215.1
216.8
218,3

0.3
0.8
0.7

8.6
9.3
9.3

200.1
201.3
-202.5

0.8
0.6
0.6

7.7
8.4
8.0

193.7
194.3
195.7

0.8
0.3
0.7

8.6
8.3
9.5

October
November
December

220.8
222.8
224.3

1.1
0.9
0.7

11.3
11.8
12.6

203.0
205.1
206.4

0.2
1.0
0.6

8.6
9.1
9.2

197.5
198.6
201.1

0.9
0.6
1.3

10.6
12.5
13.4

January . . . . . .
February
March

226.9
229.2
231.6

1.2
1.0
1.0

13.3
13.4
14.2

208.5
210.3
211,6

1.0
0.9
0.6

11.1
9.9
9.9

203.7
206.1
208.4

1.3
1.2
1.1

12.7
12.7
11.1

April
May
June

235.0
237.3
239.7

1.5
1,0
1.0

15.3
16.2
17.2

214.0
215.0
216.4

1.1
0.5
0.7

9.5
7.4
7.6

209.7
210.8
212.0

0.6
0.5
0.6

11.2
12.2
13.7

July
August
September

243.6
247.1
250.7

1.6
1.4
1.5

17.7
17.6
17.8

218.2
217.9
219.5

0.8
0.7

7.0
7.5
7.9

214.8
218.3
222.2

1.3
1.6
1,8

14.9
16.9
17,6

October
November
December . . .

255.0
257.3
260.2

1.7
0.9
1.1

20.4
21.7
19,4

221.4
222.9
224.8

0.9
0,7
0.9

9.6
11.4
11.7

224.8
227.9
229.9

1.2
1.4
0.9

18.3
18,5
18.0

267.3
272.6
273.9

2.7
2.0
0.5

15.7

r14.6

228.4
230.0
232.0

1.6
0.7
0.9

13.8
H2.7
12.2

233.6
237.6
241.4

1.6
1.7
1.6

15.6
r!3.3
12.5

274,3
r275.4
277.1

0.1

9.2>

rO.4
rO.6

1,8

11.6
12.1
9.9

241.7
r242.6
243.8

0.1

12.9
13.1
9.2

279.3
282.1
283.7

0.8
1.0
0.7

9,3
9,2
9.8

9.0
9.3

1979

-0.1

1980

January
February
March
April
May

June
July
August
September

13.4

7.1
7.3

236.2
r236.6
238.1
241.3
243.5
243.2

rO.2
rO.6

1.3
0.9
-0.1

2<>8.2
252.7
252.3

rO.4
rO.5

1.8
1.8
-0.2

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 48.
l
Percont changes are centered within the spans:
the 4th month.




1-month changes are placed on the 2d month and 6-month changes are placed on

OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY—Con.

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

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

Real earnings

Current dollar earnings
340. Index

(1967=100)

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

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

341. Index

341c. Change
over 1 -month
spans2

(1967=100)

(Percent)

-0.3

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

345. Index

(1967=100)

345c. Change
over 1-quarter
spans2
(Ann. rate,
percent)

345c, Change
over 4-quarter
spans2
(Ann. rate,
percent)

1978

205.8
206.5
208.1

1.1
0.3
0.8

8.5
8.6
9.0

109.6
109.3
109.4

April
May
June

209.9
211.1
212.5

0.9
0.6
0.7

8.1
8.4
8.3

109.6
109.3
109.1

-0.3
-0.2

July
August
September

214.0
215.0
216.6

0.7
0.5
0.7

8.1
8.0
8.2

109.1
109.0
108.9

-0.1
-0.1

October
November
December

218.3
219.4
221.0

0.8
0.5
0.7

8.2
8.5
8.2

108.7
108.6
108.6

-0.2
-0.1

222.6
224.0
225.2

0.7
0.6
0,5

7.8
7.6
7.5

108.4
107.8
107.3

April
May
June

226.7
227.6
229.2

0.7
0.4
0.7

7.5
7.6
8.2

July
August
September

230.8
232.3
234.3

0.7
0.6
0.9

October
November
December

235.0
237.3
239.4

January
February
March
April
May
June

January
February
March

. ..

0.5
0.1
0.2

0.6
0.3
0.0

11.4

226!5

cU4
7,3

-0.9
-0.7
-1.0

224!4

-1.5
-1.3
-0.9

228 ! 9

-1.4
-2.1
-2.9

233^7

-0.2
-0.6
-0.5

-3.3
-4.2
-4.9

239^5

106.9
106.3
105.9

-0.4
-0.6
-0.4

-5.2
-4.9
-4.5

244.' 2

7.5
8.8
9.1

105.5
105.2
104.9

-0.4
-0.3
-0.3

-5.1
-4.0
-4.0

249! 2

0.3
1.0
0.9

8.4
8.9
9.6

104.2
104.1
103.8

-0.7
-0.1
-0.3

-5.3
-5.5
-5.5

25^6

240.3
242.4
245.2

0.4
0.9
1.2

9.8
9.4
9.8

102.7
102.2
102.0

-1.1
-0.5
-0.2

-5.2
-5.2
-4.4

261* !i

246.2
248.3
250.9

0.4
0.9
1.0

rIO.O

101.4
101.4
101.5

.-0.6
0.0
0.1

r-1.4
r-0.6
p-1.5

r268!6

r252.1
r253.6
p254.5

rO.5

H02.0
rl01.9
plOl.2

rO.5
-0.1

0.0

0.0

8\9
8.4
S\6

8,6
8\8

1979

January
February
March

.

. .

10.2

B.9
8.1
B.9
8.5
9^6
9.0
9^7

1980

July
August
September

0.6
pO.4

r9.4
p7.0

10.5

p9*7

rll.O

p8.4

p273^4

p-0.7

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
l
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
of the 3d quarter.

OCTOBER 1980




87

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

JQ WAGES AND PRODUCTIVITY-Con.
Average hourly compensation, all employees,
nonfarm business sector-Con,
Year
and
month

Real compensation
346. Index

(1967=100)

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

346c. Change
over 4-quarter
spans1
(Ann. rate,
percent)

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

(Ann. rate,
percent)

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

(1967-100)

370c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans'

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

(Ann. rate,
percent)

(1967-100)

1978

January
February
March

neie

April
May
June

ne.'o

July
August
September

ns.'s

October
November
December . ,

3.4

115.*6

-2.0

-0.7

-0.8

6!i
6!6

-i.'i
-i.*7

13.2

6.8

7.2

8.2

6.0

mis

119!]

-1.5

6.*7

0.3

5.2

116.*7

6!a

117.*4

•-6!?

117.*6

-lie

neie

-i'.7

115^4

»i!6

115!6

r-i.*2

119.'?

6.1

116!2

ns.'z

P-O.'S

114^9

1.9

2.1

5,9

6!i

119.*8

1979

January
February
March

nsia

April
May
June

ni!i

July
August
September

112^9

October . ,
November
December , .

in'.'?

2.8

-0.9

-4.2

118'.9

10.5

-4.0

-i!s

-i.'i

-2.0

7.8

-3^4
-4.3

-3.1

5.3

-2.6

118'.3

9.0

8.5

6.1

luia

-1.4

-0.3

6.0

117.*7

1980

January
Februory
March

noii

April
May

-5.5

p8.6

r-2.4

m'.7

plOJ

p6.8

r!09.'5

pio9!a

r-2.7
r116.8

June
July
August
September

-0.3

p6.4

p-2.*7

pl.l

pll.6

rll3.8

pi. 4

p7.3

pii4!e

pll7*.3

October
November
December . .

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©. Series numbers are far identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" 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.




OCTOBER 1980

KOI

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

^Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.}

(Thous.)

Labor force participation rates
451. Males
20 years
and over

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

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed
37. Total

(Thous.)

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

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous,}

ber employed
part-time
for economic
reasons

(Thous.)

1978

99,118
99,009
99,281

92,813
92,921
93,128

79.8
79.7
79.8

48.9
48.8
49.0

57.1
56.8
56.8

6,305
6,088
6,153

2,437
2,361
2,379

2,314
2,126
2,171

1,554
1,601
1,603

4,948
4,812
4,799

3,071
3,227
3,204

April
May
June

99,819
100,242
100,458

93,763
94,116
94,556

79.8
79.9
79.8

49.4
49.5
49.6

57.3
58.3
58.3

6,056
6,126
5,902

2,274
2,278
2,171

2,219
2,295
2,275

1,563
1,553
1,456

4,644
4,802
4,581

3,281
3,226
3,329

July
August
September

100,656
100,731
100,944

94,428
94,802
94,973

79.7
79.7
79.6

49.8
49.6
50.0

58.6
59.1
58.3

6,228
5,929
5,971

2,190
2,177
2,180

2,425
2,219
2,241

1,613
1,533
1,550

4,887
4,612
4,647

3,266
3,256
3,348

October
November
December

101,189
101,610
101,815

95,401
95,728
95,831

79.6
79.9
80.0

50.0
50.1
50.1

58.6
58.5
58.5

5,788
5,882
5,984

2,139
2,110
2,198

2,107
2,215
2,212

1,542
1,557
1,574

4,475
4,491
4,609

3,231
3,163
3,082

January
February
March

102,061
102,379
102,505

96,157
96,496
96,623

80.0
80.1
79.9

50.1
50.3
50.4

58.9
58.8
58.6

5,904
5,883
5,882

2,167
2,138
2,164

2,195
2,202
2,212

1,542
1,543
1,506

4,514
4,565
4,539

3,203
3,176
3,311

April
May
June

102,198
102,398
102,476

96,254
96,495
96,652

79.8
79.7
79.7

50.2
50.4
50.3

58.2
57.9
57.7

5,944
5,903
5,824

2,190
2,130
2,169

2,199
2,208
2,196

1,555
1,565
1,459

4,637
4,533
4,515

3,279
3,283
3,284

July
August
September

103,093
103,128
103,494

97,184
97,004
97,504

79.9
79.8
79.9

50.8
51.0
50.9

57.9
56.3
58.2

5,909
6,124
5,990

2,254
2,286
2,282

2,160
2,304
2,164

1,495
1,534
1,544

4,617
4,727
4,715

3,274
3,298
3,167

October
November
December

103,595
103,652
103,999

97,474
97,608
97,912

79.7
79.5
79.5

50.9
50.9
51.1

57.9
58.1
58.6

6,121
6,044
6,087

2,317
2,335
2,303

2,250
2,197
2,257

1,554
1,512
1,527

4,796
4,770
4,791

3,315
3,392
3,519

104,229
104,260
104,094

97,804
97,953
97,656

79.4
79.6
79.4

51.4
51.3
51.0

58.2
57.4
57.3

6,425
6,307
6,438

2,577
2,507
2,696

2,304
2,254
2,255

1,545
1,547
1,487

5,046
4,942
5,168

3,513
3,406
3,418

104,419
105,142
104,542

97,154
96,988
96,537

79.5
79.9
79.4

51.5
51.5
51.3

56.3
57.9
56.5

7,265
8,154
8,006

3,246
3,671
3,710

2,534
2,670
2,596

1,485
1,813
1,700

5,875
6,740
6,621

3,816
4,349
3,999

105,203
105,025
105,034

96,996
97,006
97,207

79.5
79.5
79.5

51.6
51.7
51.3

57.4
55.2
56.7

8,207
8,019
7,827

3,730
3,682
3,744

2,702
2,628
2,473

1,774
1,709
1,610

6,781
6,600
6,530

4,113
4,148
4,204

January
February
March

1979

1980

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. Unadjusted series are indicated by (g). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 51.

OCTOBER




1980

OTHER IMPORTANT ECONOMIC MEASURES
D I

GOVERNMENT ACTIVITIES

^g RECEIPTS AND EXPENDITURES
Federal Government'
Year
end
month

0

DEFENSE INDICATORS

Advance measures of defer se activity

State and local governments'

500. Surplus
or deficit

501. Receipts

502. Expenditures

510, Surplus
or deficit

511. Receipts

512. Expend!tures

(Ann. rate,
bil. dot.)

(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

525. Defense
Department
military prime
contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

548, Value of
manufacturers'
new orders,
defense products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dot.)

1978

-49! 4

30*2

319^6

288 ! 8

10,537
10,659
10,155

4,853
4,741
4,909

57,304
58,401
58,986

2,735
2,529
4,393

-24*.6

424^8

449*4

29^6

330 ! 5

301 !6

10,242
10,793
10,094

4,970
6,204
7,081

59,348
60,723
60,549

3,761
3,946
3,237

442 J

462^6

22^7

331 '.B

309 !i

10,327
10,278
10,256

3,928
4,924
4,855

61,833
62,028
62,730

2,157
3,214
3,279

463^5

479^7

2?!i

342^6

315^5

10,214
10,484
10,282

4,343
6,509
4,568

63,006
63,440
64,470

3,867
4,381
4,101

-ll!7

475!6

486*8

27^6

343^9

316.3

10,787
10,250
11,741

5,706
4,773
5,763

65,120
48,267
67,128

2,684
3,871
3,102

-?!6

. ,

447^3

-16.3

April
May
June

39?! 8

-2Q.4

January
February
March

485! 8

492^9

19!?

345. "9

326J

9,297
10,935
10,926

4,936
4,720
5,117

68,883
68,468
68,976

3,181
3,640
2,464

July

August
September
October
November
December
1979

January
February
March
April
May
Juno
July ,
Auqust
September

-1K3

504^8

516J

25^3

359^8

334! 5

12,657
11,052
11,965

6,135
5,282
6,364

70,252
81,542
71,886

2,332
3,029
4,237

October
November
December . . . .

-15.*7

524*7

540." 4

25.*8

368 .*7

342," 9

11,679
10,730
11,565

4,318
5,670
5,489

64,325
68,634
68,525

3,048
4,033
3,787

-22.9

538.4

561.3

24.6

375.3

350.6

12 S 563
12,419
14,757

5,515
7,152
5,781

70,088
68,497
72,961

3,3^2
3,680
4,594

-49 .'z

529.*9

579 .'l

19.*5

373^2

353.6

13,639
14,206
12,193

7,572
7,483
7,184

73,766
74,848
75,204

4,948
5,279
3,546

(NA)

p61l!6

(NA)

(NA)

p366!5

12,973
14,310

6,768

(NA)

76,366
76,506

4,366
r3,899
p6,075

1980

January
February
March

. . ... .

April
May .
June
July
August
September

(NA)

(NA)

(NA)

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 52 and 53.
x
Based on national income and product accounts.

90



OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
D

I

GOVERNMENT ACTIVITIES—Con.

^J DEFENSE INDICATORS— Con.
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

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

(1967=100}

(Mil, dol.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.j

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

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann, rate,
bil. dol.)

(Percent)

1978

January
February
March

82.6
80.8
83.9

6,441
6,606
6,626

34,633
34,511
36,108

8,493
8,271
8,375

2,532
2,652
2,795

1,120
1,125
1,138

2,065
2,062
2,058

982
982
982

97^6

4^9

April
May
June

84.9
84.9
85.6

6,736
6,828
6,804

37,150
38,382
38,914

9,056
8,217
9,072

2,719
2,714
2,705

1,143
1,162
1,173

2,054
2,046
2,057

982
988
1,000

98^2

4^7

July
August
September

87.5
87.9
89.0

6,901
6,896
6,905

38,467
38,993
39,499

8,394
9,638
8,592

2,604
2,688
2,773

1,184
1,193
1,195

2,062
2,062
2,062

1,002
994
980

99!6

4^6

October
November
December

89.3
90.3
91.4

7,013
7,004
7,170

40,660
42,293
43,563

9,026
8,762
9,407

2,706
2,748
2,832

1,207
1,219
1,236

2,058
2,050
2,041

981
981
978

1QK2

4^5

January
February
March

92.3
92.4
93.0

7,397
7,485
7,586

43,409
44,515
44,588

9,645
9,452
9,525

2,838
2,765
3,029

1,242
1,262
1,278

2,040
2,030
2,026

972
971
968

103.4

4^5

April
May
June

92.1
92.4
92.2

7,573
7,806
7,953

44,854
45,670
45,138

9,299
9,781
9,425

2,915
2,824
2,996

1,283
1,289
1,299

2,022
2,018
2,024

968
972
979

106.'6

4^5

July
August
September

92.9
91.9
93.8

8,048
8,178
8,553

44,656
44,697
46,000

10,499
10,103
9,982

2,814
2,988
2,934

1,310
1,312
1,324

2,027
2,024
2,027

982
974
960

109^6

4^5

October
November
December

95.4
96.4
96.7

8,871
9,275
9,462

46,010
46,893
47,492

9,982
10,206
11,182

3,038
3,150
3,188

1,336
1,349
1,356

2,030
2,029
2,020

964
967
967

niie

4*7

97.0
97.2
97.1

9,592
9,619
10,075

47,769
48,196
49,401

11,341
10,632
11,235

3,076
3,253
3,389

1,359
1,366
1,377

2,029
2,032
2,033

964
965
966

ngie

4.'?

April
May
June

97.6
97.2
r96.8

10,277
10,451
10,588

51,061
52,902
53,011

11,356
11,061
11,480

3,286
3,440
3,435

1,373
1,375
1,373

2,028
2,031
2,034

969
975
988

124J

4i9

July
August
September

r97.2
r97.6
p98.7

10,908
11,177

53,922
r54,496
p56,762

11,303
rll,135
pll,567

3,453
r3,324
p3,809

1,371
pi, 379

2,044
2,049

990
973

pl29.'l

p5.'6

1979

1980

January
February
March

(NA)

(NA)

(NA)

(NA)

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©.Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 54 and 55.

OCTOBER 1980




91

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

Q MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol.}

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil. dot.}

1978

9,863
9,938
11,143

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,221
14,005

3,000
3,626
3,094

1,529
1,661
1,581

11,628
11,776
12,264

2,428
2,861
2,904

2,415
2,472
2,427

14,491
14,012
13,970

3,162
3,038
3,229

1,715
1 ,659
1,684

July
August
September

11,656
12,286
13,275

2,392
2,774
2,512

2,451
2,528
2,815

14,543
14,130
14,821

3,194
3,257
3,307

1,812
1 ,666
1,822

October
November . . .
December

12,901
13,448
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,818
15,028

3,347
3,489
3,588

1,872
1,875
1,822

January
February
March

13,265
13,616
14,297

2,338
2,424
2,682

2,682
2,832
2,917

16,528
14,605
15,358

3,580
3,634
3,667

1,963
1,706
1,589

April
May . .
June

13,979
14,083
14,817

2,547
2,450
2,909

2,706
2,859
3,034

15,841
16,438
16,835

3,832
4,000
4,199

1,956
1,851
1,730

July
August
September

15,691
15,713
15,822

3,103
3,141
3,059

3,022
3,241
3,153

16,806
18,277
18,407

4,692
4,949
5,662

1,815
2,113
1 ,849

October
November
December

16,680
16,928
16,742

3,254
3,415
3,434

3,251
3,172
3,240

19,037
18,548
19,665

6,050
5,351
6,502

1,805
1,984
1,871

17,348
17,233
18,534

3,439
3,520
3,331

3,297
3,454
3,423

20,945
21 ,640
20,607

5,614
7,741
6,991

1,899
2,035
1,960

18,468
17,678
18,642

3,285
3,083
3,024

3,571
3,620
3,943

19,308
20,528
19,893

5,185
7,191
6,611

1,710
1,999
1,843

18,075
19,103
18,701

3,300
3,682
3,648

3,985
4,230
4,027

18,995
19,236

5,153
6,018

2,103
2,139

(NA)

(NA)

January
February
March
April
May
June

. ,.

1979

1980

January
February
March
April
May
June

....

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 page 56.

92



OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Q GOODS A N O S E R V I C E S M OVEMENTS {Exci- UDING TRANSFER S U N D E R MIUTAF1Y GRANTS)
|

teMerchandise, adjustec 1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dot.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol. }

618, Exports

(Mil. dol.}

Income on nvestments

620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol. }

652. Foreign
investments in
the U.S.

(Mil. dol.}

1978

January
February
March

-4,969

49,319

54,288

-11.141

30,922

42,063

9,607

4,539

April
May
June

-2,795

54,156

56,951

-8,295

35,404

43,699

9,957

5,474

July
August
September

-1 ,933

56,432

58,365

-7,508

36,828

44,336

10,557

5,717

October
November
December

493

61,131

60,638

-6,815

38,900

45,715

12,851

6,343

2,732

65,667

62,935

-5,114

41,805

46,919

14,263

7,225

-iin

67 763

67 873

-8 070

42 815

50 885

15,250

7 980

July
August
September

2,506

74,773

72,267

-7,060

47,198

54,258

18,050

8,731

October
November
December

-250

78 305

78 555

-9 225

50,237

59,462

18,407

9,524

-823

85,647

86,470

-10 875

54 708

65,583

20,846

10 752

p81 522

p82 780

p-7 643

p54 710

p62 353

p!6 772

plO 417

(NA1

(NAl

( N/H
\ "H)

(N/n
\ wn)

( Nfl^
\ wt\)

1979

January
February
March
April
May
June

1980

January
Februery
March
April

May

p-1 258

June
July
August
September

(Mb)

( N/n
\Wn)

(N&}
\ >"H)

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (3). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).

OCTOBER




1980

93

OTHER IMPORTANT ECONOMIC MEASURES
F |

INTERNATIONAL

COMPARISONS

Qj INDUSTRIAL PRODUCTION

Year
and
month

47, United States, 721.0ECD 1
European counindex of industrial production tries, index of
industrial
production

(1967-100)

(1967-100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of indus
trial production

722. United
Kingdom, index
of industrial
production

(1967-100)

(1967-100)

(1967-100)

(1907=100)

727. Italy, index
of industrial
production

(1967-100)

723. Canada,
index of industrial production

(1967-100)

1978

January . ,
February
March

140.0
140.3
142.1

153
152
150

196.9
197.0
199.5

157
152
152

152
152
155

123
124
123

143.8
146.1
145.9

150.0
151.8
152.2

April
May .
Juno

144.4
144.8
146.1

153
152
153

200.5
201.5
201.8

153
152
154

161
157
152

128
126
128

143.5
143.8
145.3

154.3
151.8
154.8

July
Auqust
September

....

147.1
148.0
148.6

153
152
154

201.8
204.1
206.0

157
156
159

155
155
157

128
128
138

144.4
143.7
146.2

1S4.1
154.0
158,8

October
November
December

....

149.7
150.6
151.8

157
157
158

206,9
207.6
210.1

159
159
159

157
159
161

125
126
129

154.3
154.7
151.9

158.3
158.8
161.8

152.0
152.5
153.5

154
156
157

210.2
213.1
213.1

159
157
161

158
159
161

122
132
133

152.8
160.0
156.0

160.8
161,0
162.0

151.1
152.7
153.0

158
158
158

214.4
218.2
218.5

161
164
164

159
163
163

132
134
136

156.7
151.9
145.1

160.3
162.1
160.6

153.0
153,1
152.7

163
158
161

221.2
221.8
220.5

168
164
164

168
168
165

134
130
128

150.4
150.1
159.4

163.1
163.3
165.4

152.7
152.3
152.5

163
163
163

225,0
228.1
228.4

166
167
167

161
163
165

129
132
130

166.8
167.3
164.7

164,7
163.7
160,8

152.7
152.6
152.1

164
164
164

230.9
243.3
235.0

168
170
170

165
166
166

130
128
r!25

166.8
174.0
173.2

160.9
161.2
164.2

148.3
144.0
r!41.5

163
160

168
164
163

r!23

p!61

238.8
236.4
234.0

166
159

June

175.5
161.5
r!66.2

160.6
157.3
156,5

July
Autjust
September

H40.1
rHl.O
p!42.4

(NA)

p235.0

p164.6

p!56,6

1979

January
February
March
April

....

May
Juno
July .
Autjust
September
October
November
December

....
....

1980

January
February
March

April
May

October
November
December

. ..

....

(NA)

p167
(NA)

124

p!61

124

(NA)

r!24
(NA)

(NA)

(NA)

....
....

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (g). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and
"NA", not available.
Graphs of these series are shown on page 58.

'Organization for Economic Cooperation and Development.

94



OCTOBER

1980

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Q CONSUMER PRICES

Japan

United States
Year
and
month

320. Index® 320c. Change
over 6-month
spans 1

738, Index©

France

United Kingdom

736. Index® 736c. Change
over 6-month
spans 1

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

West Germany

738c. Change
over 6-month
spans'

735. Index®

735c. Change
over 6-month
spans 1

(1967-100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

M 967= 100)

(Ann. rate,
percent)

January
February
March

187.2
188.4
189.8

8.1
8.5
9.2

246.1
247,1
249.4

3.0
3.9
4.1

158.3
159.1
159.5

2.4
2.4
2.5

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.7
6.5
6.8

April
May
June

191.5
193.3
195.3

9.3
9.3
9.5

252.1
253.5
252.1

5.4
5.9
3.6

160-.0
160.3
160.8

2.8
2.2
1.9

228.9
231 .1
232.8

11 .7
11.2
10.1

312.6
314.4
316.8

8.4
9.0
8.5

July
August
September

196.7
197.8
199.3

9.7
9.4
8.9

253.1
253.3
256.4

3.6
3.1
2.9

160.5
160.3
160.2

2.1
2.4
2.5

235.7
237.1
238.6

10.2
9.8
9.6

318.2
320.3
321.6

8.8
9.4
9.8

October
November
December

200.9
202.0
202.9

9.5
10.6
10.9

256.8
254.1
253.7

1.2
-0.7
0.9

160.3
160.8
161.4

3.0
3.5
4.3

240.8
242.1
243.2

8.7
9.1
10.4

323.1
325.3
328.0

10.3
10.2
11.2

January
February
March

204.7
207.1
209.1

11 .1
12.0
12.9

253.9
253.1
255.1

1.8
3.1
4.6

162.9
163.6
164.4

4.4
4.3
4.7

245.5
247.1
249.4

9.8
10.4
10.9

332.9
335.6
338.3

11.4
11.4
13.2

April
May
June

211 .5
214.1
216.6

13.2
12.9
13.3

258.6
261.3
261.5

7.3
7.0
5.3

165.3
165.7
166.6

6.0
5.8
5.8

251.8
254.5
256.6

11 .9
12.6
11.7

344.1
346.8
352.8

21.5
21.4
22.1

July
August
September

218.9
221.1
223.4

13.4
13.3
13.8

263.8
261.1
264.4

6.7
6.9
6.9

167.7
167.8
168.3

6.0
6.4
6.1

260.0
262.7
264.9

12.7
12.4
12.8

368.0
370.9
374.6

23.2
23.7
21.5

225.4
227.5
229.9

14.5
15.3
15.9

267.7
266.7
268.3

6.0
8.9
10.8

168.7
169.3
170.1

4.0
5.4
5.6

268.1
269.8
272.0

14.2
14.7
15.6

378.5
381 .8
384.6

15.4
16.8
17.4

233.2
236.4
239.8

15.7
15.4
14.8

270.8
273.3
275.5

9.9
9.5
9.9

171.0
172.8
173.8

5.6
5.6
5.7

277.2
280.2
383.4

15.0
15.0
14.1

394.1
399.7
405.1

20.4
20.5
20.5

242.5
244.9
247.6

11.7
10.2
9.3

280.2
282.7
283.5

9.5
8.2

174.9
175.6
176.5

6.9
5.5
4.7

286.7
289.3
291.1

12.9
12.3
(NA)

419.0
422.8
426.8

18.5
15.8
14.1

1978

1979

October
November
December

. .

1980
January
February
March
April
May
June

....

July
August
September

247.8
249.4
251.7

October
November
December

284.2
283.7
(NA)

CNA)

176.8
177.0
177.0

295.5
298.4
(NA)

430.4
431.3
434.1

•)•

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesareindicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
'Changes over 6-month spans are centered on the 4th month.

OCTOBER 1980




95

OTHER IMPORTANT ECONOMIC MEASURES
F |

INTERNATIONAL COMPARISONS—Con.

Q STOCK PRICES

Qj CONSUMER PRICES-Con.
748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

746. France,
index of
stock
prices®

742. United
Kingdom,
index of
stock
prices®

747. Italy,
index of
stock
prices®

743. Canada,
index of
stock
prices©

(1967-100)

(1967-100)

(1967^100)

(1967-100)

(1967-100)

(1967-100)

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

100.3
120.0

198.2
187.7
187.5

40.7
43.5
4^.0

105.3

19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over B-month common
stocks®
spans'
spans1
Italy

Year
and
month

Canada

(1967-100)

(Ann. rate,
percent)

(1967-100)

(Ann. rate,
percent)

Murch

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

8.5
9.3
9.6

April
May
June

280,0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

11.0

9.6
7.3

100.8
106.0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201.2

41.4
43.2
44.0

106,9
109.4
109.1

July
Auyust
September

286.8
288.3
292.9

12.7
11.8
11.5

205.4
205.5
205.2

8.6
8.2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

116.7
120.8
129. S

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

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51,6
51.2

122.3
129.1
131.7

January
February
March

305.1
309.7
313.8

14.5
15.6
15.6

211.2
213.2.
215.7

9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131.2

160.9
149.9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

138.4
141.1
150.7

April
May
June

317.8
321.3
323.9

14.9
15.5
17.8

217.2
219.3
220.3

9.5
8.5
8.5

111.0
108.5
110.7

402.9
411.1
402.3

130.6
127.8
121.7

164.5
162.0
171.7

255.7
255.0
241.0

54.1
56.8
58.0

149.5
154.8
168.9

July .
August
September

326.7
330.6
339.2

19.2
19.4
21.7

222.1
222.9
224.9

7.9
8.8
9.5

111.7
116.8
118.1

400.6
408.0
412.5

122.0
124.3
125.7

173.7
188.6
207.4

232.8
233.9
236.3

58.8
61.7
63.0

169.4
178.6
191.7

October
November
December

345.5
350.3
356.6

25.8
26.1
23.1

226.5
228.7
230.1

10.0
10.4

113.6
112.8
117.2

408.2
403.4
410.8

123.5
118.3
118.8

187.5
189.1
186.8

238.9
215.6
217.1

62.6
58.6
55.4

175,2
189.3
199.5

Jg n ua ry
February
March

367,9
374.3
378.2

23.0
22.3
20.2

231.3
233.3
235.8

10.3
10.6

120.6
125.5
113.9

420.1
425.5
413.0

117.2
123.3
118.1

203.8
207.4
185.4

224.3
239.4
231.6

59.8
61.1
61.1

224.7
256.3
203.2

April
May
June

384.3
387.8
391.3

18.0
17.2
18.9

237.2
240.0
242.7

10.0
11.0
11,5

112.0
117.1
124.6

417.6
422.9
423.8

116.5
118.8
120.6

189.0
201.1
201.4

228.1
230.3
240.7

61.0
61.5
64.8

212.8
216.4
227.5

July
August
September

398.0
402.0
410.4

130.4
134.3
137.6

424.9
429.1
rp438.7

121.2
121.7
rpl!9.6

rp20Q.l
rp204.6
rp209.5

255.9
256.7
262.6

66.0
74.4

rp81.9

240.0
232.3
rp239.6

p!42.6

p448.7

p!21.4

p210.4

p269.8

p91.4

p240.9

(1967-100)

1978

January
February

, ..

10.9

98.0

99.1
98.7

1979
10.9
10.1

9.9

1980

October
November
December

244.5
246.8
249.0

9,9

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.

96



OCTOBER

1980

C. Historical Data for Selected Series
Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

Quarterly

July

Sept.

Aug.

14. CURRENT LIABILITIES OF BUSINESS FAILURES
(MILLIONS OF DOLLARS)

Oct.

Nov.

Annual

Dec.

IQ

II Q

31.73
19.25
21,04
19.40
23.40
43.75
40.10
41.64
50.28
45.32
57.07
59.56
78.97
65.49
81.28
68.43

56.06
83.92
76.50
55.34
74.91
81.66
134.64
121.14
134.70
175.30
201.30
197.20
184.80
296,22
277.99
353.38

41.27
84.67
61.99
63.33
71,94
92.69
122.61
107.35
144.78
161.10
201.67
172,03
268.95
250.41
301.83
305.18

56.02
73.58
53.24
74.15
59.25
102.18
101.1-9,
101.69
143.04
133.23
164.24
160.44
239.92
288.52
334.56
271.66

81.26
65.94
56.55
66.71
77.21
117.63
104.17
119.20
140.17
145.65
161.06
163.15
244.94
254.96
299.21
422.37

234,61
308.11
248.28
259.53
283.31
394.16
462.61
449.38
562.69
615.28
728.27
692.82
938.61
1090.11
1213.59
1352,59

331.67
98.28
119.32
347.83
97.58
71.72
302.19
106.73 161.48
340.94
69.98 195.45
83.41
58.65
272.68
249.14
96.85
127.14
119.84 121.72 396.69
129.00 111.32
544.35
86.79
208.58
513.61
218.67 245.62
595.35
344.66 242.59 755.00
252.87 136.88 1119.25
277.60 200.44
716.48
200.29 168,32
610.94
697.73
178.93 196.54
184.31 138.02 547.07

350.80
360.97
330.10
301.83
246.18
303.28
450.29
569.13
466.51
467.50
800.95
905.79
813.34
987.02
542.23
716.38

335.38
361.50
377.13
275.39
214.69
249.26
654.45
418.44
571.78
585.81
603.09
670.00
819.83
1013.06
565.24
685.84

311.37
251.37
376.26
347.06
207.44
340.43
386.33
385.02
448.34
649.95
894.08
1685.14
661.61
484.30
850.81
718.08

1329.22
1321.67
1385.68
1265.22
940.99
1142.11
1887.76
1916.94
2000.24
2298.61
3053.12
4380.18
3011.26
3095.32
2656.01
2667.37

III Q

IV Q

®
TOTAL FOR PERIOD

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961..,
1962...
1963...

12.96
19.16
26.44
21.68
26.21
23.31
29.59
37.87
42.89
54.06
64.44
73.56
53.67
81.52
106.61
160.96

25.62
27.57
22.16
16.01
19.47
27.27
47.77
42.06
49.19
65.41
65.30
58.59
60.94
88.08
90.50
94.72

17.48
37.19
27.90
17.65
29.23
31.08
57.28
41.21
42.62
55.83
71.56
65.05
70.19
126.62
80.88
97.70

15.30
31.93
21.25
17.06
29.53
27.52
42.51
35.97
41.87
57.10
83.98
71.91
69.19
86.11
121.83
100.76

13.81
24.58
22.67
23.50
21.19
32.79
38.49
34.71
59.90
52.55
56.25
50.92
73.31
80.47
91.51
118.27

12.16
28.16
18.07
22.77
21.22
32.38
41.61
36.67
43.01
51.45
61.44
49.20
126.45
83.83
83.49
86.15

13.88
21.80
19.54
21.09
22.79
39.83
32.23
32.54
48.69
44.30
65.38
51.20
61.73
69.17
91.57
120.51

21.44
31.18
18.45
26.42
16.32
28.53
32.58
36.03
55.04
43.51
50.76
54.50
97.59
102.69
146.83
65.23

24.42
25.11
20.70
20.60
22.80
23.89
16.65
15.25
18.86
17.57
29.74
26.64
35.05
20.14
18.76
33.82 • '37.08
36.80
29.00
36.38
35.07
33.12 ' 34.78 42.78
50.00
39.31
39.89
52.90
47.43
45.42
56.72
47.27
48.10
53.21
50.38
54.74
84.46
81.51
80.60
70.26 119.21
116.66
98.84
119.09
96.16
91.83 262.11
85.92

1964...
1965...
1966...
1967...
1968...
1969...
1970.,.
1971.,.
1972...
1973...
1974...
1975...
1976...
1977.,.
1978...
1979.,.
1980...

96.73
89.27
103.18
108.17
104.49
75.03
137.28
168.80
101.62
205.84
337.28
391.14
257.07
168.54
168.31
182.22

123.94
111.98
95.54
113.45
79.60
89.99
139.39
150.90
191.33
137.16
213.13
384.76
211.76
194.20
205.01
177.09

111.00
146.58
103.47
119.32
88.59
84.12
120.02
224.65
220.66
252.35
204.59
343.35
247.65
248.20
324.41
187.76

112.88
83.25
110.14
103.82
80.11
118.76
131.90
153.80
148.47
119.34
209.76
372.08
206.42
207.27
202.99
242.76

93.42
133.11
96.38
93.37
91.41
92.60
147.89
249.49
190.14
167.95
375.69
357.79
233.28
473.89
160.40
200.45

144.50
144.61
123.58
104.64
74.66
91.92
170.50
165.84
127.90
180.21
215.50
175.92
373.64
305.86
178.84
273.17

125.64
121.48
69.88
72.55
90.27
112.73
251.92
147.03
204.62
206.19
153.40
242.03
305.55
577.82
231.82
212,20

95.18
135.04
178.09
108.90
65.77
62.83
169.59
155.56
253.62
190.15
232.68
222.44
263,96
338.25
206.40
287.44

114.56
104.98
129.16
93.94
58.65
73.70
232.94
115.85
113.54
189.47
217.01
205.53
250.32
96.99
127.02
186.20

93.77
82.07
108.05
81.63
65.38
116.44
144.77
144.70
152.97
185.66
306.83
1295.39
183.57
115.69
475.34
395.75

32. VENDOR PERFORMANCE, PERCENT OF COMPANIES REPORTING SLOWER DELIVERIES
(PERCENT REPORTING)

®
AVERAGE FOR PERIOD

1948...
1949, .,
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

35
16
54
84
28
37
21
54
48
33
28
58
44
38
56
50

34
12
62
85
22
37
24
60
46
28
28
62
30
40
56
52

26
10
60
74
18
40
27
66
49
25
32
62
27
40
55
54

36
14
60
58
19
38
30
71
50
28
34
62
28
47
48
60

31
12
66
46
23
36
35
70
39
30
38
62
32
48
46
58

30
12
64
38
34
34
36
65
40
29
38
62
34
48
42
54

36
22
83
34
50
30
40
70
56
38
44
60
36
49
44
42

36
38
94
38
47
30
41
72
52
34
49
62
40
52
44
48

38
53
96
50
46
25
47
72
47
32
57
64
41
55
48
52

38
60
88
50
46
22
53
72
44
36
58
64
39
55
48
48

32
58
87
34
44
20
52
66
46
29
58
56
38
51
48
48

17
50
84
31
40
20
50
56
36
25
52
50
38
53
48
46

32
13
59
81
23
38
24
60
48
29
29
61
34
39
56
52

32
13
63
47
25
36
34
69
43
29
37
62
31
48
45
57

37
38
93
41
48
28
43
71
52
35
50
62
39
52
45
47

29
56
86
38
43
21
52
65
42
30
56
57
38
53
48
47

32
30
75
52
35
31
38
66
46
31
43
60
36
48
49
51

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976. ..
1977,..
1978. ..
1979...
1980...

55
68
74
48
50
62
56
38
52
78
85
18
42
44
55
69

54
72
85
51
55
61
58
44
52
84
88
16
50
55
64
77

60
66
86
38
54
61
50
46
58
88
88
17
52
56
67
78

60
72
82
39
52
68
52
52
58
90
84
22
58
58
64
76

63
70
75
36
52
69
72
53
60
92
79
24
58
56
64
76

55
66
69
38
52
70
69
50
60
89
76
26
62
58
66
70

59
62
70
41
56
66
50
48
63
83
72
30
60
59
56
60

65
64
73
43
46
68
45
49
63
88
68
36
64
58
65
55

74
62
72
44
46
66
45
48
65
90
52
44
60
56
66
51

72
60
70
50
52
65
38
50
73
90
46
45
50
56
68
50

70
66
64
51
60
62
36
48
70
91
32
44
48
50
66
47

66
72
57
48
56
64
36
51
77
88
22
39
45
56
68
49

56
69
82
46
53
61
55
43
54
83
87
17
48
52
62
75

59
69
75
38
52
69
64
52
59
90
80
24
59
57
65
74

66
63
72
43
49
67
47
48
64
89
64
37
61
58
62
55

69
66
64
50
56
64
37
50
73
90
33
43
48
54
67
49

63
67
73
44
S3
65
51
48
63
38
66
30
54
55
64
63

2.23
2.70
2.23
2.05
1.99
1.97
1.84
1.47
1.48
1.51
1.60
1.67
1.79
1.70
1.61
1.65

2.37
2.69
1.97
2.23
1.85
2.02
1.79
1.44
1.49
1.55
1.60
1.75
1.78
1.67
1.63
1.79

2.02

2.49
2,85
2.38
2.10
2.05
1.90
1.98
1.53
1.53
1.57
1.76
1.52
1.60
1.81
1.69
1.64

2.29
2.91
2.22
2.06
2.25
1.82
1.91
1.50
1.51
1.52
1.75
1,43
1.68
1.79
1.65
1.68

39. PERCENT OF CONSUMER INSTALLMENT LOANS DELINQUENT 30 DAYS AND OVER
(PERCENT)
1948...
1949...
1950...
1951...
1952...
1953...
1954. ..
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980..,

2.31

2.22
2.70
2.20
2.03
1.87
2.05
1.61
1.52
1.50
1.57
1.56
1.71
1.81
1.69
1.59
1.69

2.59
2.49
2.37
2.42
2.12

2. 11
2.81
2.73
2.08
1.91
1.83
2.07
1.62
1.46
1.50
1.63
1.55
1.60
1.84
1.69
1.60

2.49
2.85
2.38
2.10
2.05
1.90
1.98
1.53
1.53
1.57
1.76
1.52
1.60
1.81
1.69
1.64

2.34
2.70
2.45
2.31
1.98
.75
.99
.55
.54
.47
1.70
1.50
1.64
1.85
1.67
1.59

2.21
2,80
2.43
2.09
2.08
1.88
1.94
1.55
1.49
1.46
1.74
1.49
1.64
1.83
1.64
1.57

2.29
2.91
2.22
2.06
2.25
1.82
1.91
1.50
1,51
1.52
1.75
1.43
1.68
1.79
1.65
1.68

2.17
2.91
2.17
2.17
2.19
1.83
1.86
1.49
1.51
1.50
1.71
1.36
1.73
1.83
1.61
1.68

1.68
1.79
1.75
1.86
1.57
1.57
1.83
1.81
1.72
2.01
2.54
2.71
2.46
2.37
2.48
2.31

1.66

1.59
1.69
1.75
1.87
1.59
1.63
1.80
1.72
1.76
2.01
2.56
2.74
2.34
2.40
2.44
2.43

1.68

1.63
1.76
1.76
1.72
1.56
1.64
1.79
1.78
1.85
1,99
2.61
2.63
2.40
2.38
2.44
2.45

1.71
1.82
1.76
1.64
1.55
1.68
1.87
..
.
. . . 1.75
1.93
2.02
..
.
2.63
2.60
2.65
2.39
2.39
2.41
2.34
2.42
2.37
2.47
2.45

..
.
..
.
..
.
..
.
2.94
2.45
2.37
2.51
2.33

t
tt
t

2.65
2.41
2.43
2.28
2.37

1.63

..
.

2.22
2.55
2.26
2.11
2.14
2.01
1.83
1.44
1.53
1.48
1.75
1.52
1.70
1.80
1.61
1.67

2.20
2.69
2.30
2.09
1.99
1.97
1.81
1.47
1.54
1.54
1.63
1.56
1.71
1.76
1.63
1.73

1.71
1.81
1.77
1.67
1.48
1.68
..
.
..
.
1.85
1.90
. . . 2.00
2.11
2.65
2.48
2! 59
2.53
2.36
2.41
2.36
2.42
2.35
2.45
2.59
1.65

NOTE: These series contain no revisions but are reprinted for the convenience of the user.




END OF PERIOD

..
.
..
.

2.67
2.09

2.15
1.92
1.98
1.65
1,50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76

1.70
1.65
. . . 1.74
1.69
. . . 1.63
1.76
. . . 1.90
. . . 1.72
. . . 1.96
2.27
. . . 2.80
2.47
2.29
2.40
2.19
2.24
2.36
2.45
2.34
2.64
2.50

1.66

1.63
1.76
1.76
1.72
1.56
1.64
1.79
1.78
1.85
. . . 1.99
2.61
2 '9
.4
2.63
2.40
2.45
2.38
2.37
2.44
2.51
2.45
2.33

2.20
2.69
2.30
2.09
1.99
1.97
1.81
1.47
1.54
1.54
1.63
1.56
1.71
1.76
1.63
1.73

2.02
2.67
2.09
2.15
1.92
1,98
1.65
1.50
1.52
1.57
1.55
1.65
1.761.68
1.64
1.76

1.70
1.65
1.74
1.69
. . . 1.63
1.76
1.90
. . . 1,72
1.96
2.27
. . . 2.80
2.47
2.59
2.36
2.40
2.36
2,36
2.42
2.45
2.64
2.59
1.65

2.02
2.67
2.09
2.15
1.92
1.98
1.65
1.50
1.52
1.57
1.55
•1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.74
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80
2,47
2,40
2.36
2.45
2*64

(OCTOBER 1980)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.

Mar.

Feb.
51.

Apr.

May

June

Aug.

July

Sept

Oct.

Nov.

Dec.

IQ

PERSONAL INCOME, LESS TRANSFER PAYMENTS , IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)

1948..,
1949...
1950.,.
1901...
1952...
1953..,
1954...
195S...
1956...
1957...
1958...
19S9...
1960...
1961...
1962...
1963...

335.4
343.4
351.7
384.2
396.6
423.0
423.8
437.2
469,5
482.6
476.5
495.0
517.3
S16.1
S42.1
560.4

336.7
343.0
348.5
381.8
404.0
425.6
423.2
438.4
470.9
484,6
476.6
497.0
SIS. 9
316.6
544.9
362.1

344.2
343,9
354.5
385,6
405.6
429,7
420.9
442.2
470.6
485,7
47S.8
501.4
514,3
518,1
548.0
364.9

342.3
342.3
358.3
392.0
403.5
430.2
419.0
446.3
476.0
485. 7
471.5
50S.1
517.0
520.5
S51.2
566.8

343.0
342.8
362,8
392.1
403.4
432.4
421.1
451,1
474.1
484.7
473.4
507.6
519.6
322.7
351.8
568.2

1964...
1965...
1966...
1967...
1968...
1969, .,
1970...
1971...
1972...
1973...
1974.,.
1975...
1976...
1977...
1970...
1979..,
1980.,.

584.1
626.2
667.3
696.3
718.9
755.1
775.3
786.1
815.9
868.8
880.2
844.6
872.4
915.6
967.4
1021.9

590.1
628.3
670.3
696.8
724.9
757.8
776.0
785.8
821.8
875.4
873.4
840.4
880.6
921.0
969.4
1022.6

593,2
629.1
672.4
699.4
728,2
761.4
779.6
788.4
026.0
879.3
869,8
840.3
883.9
928.9
978.9
1027.0

597.6
632.9
674.4
701.0
729,4
763.2
783.8
789.9
832.6
880.2
868.0
840.3
889.7
930.5
987.5
1022.7

601.9
638.6
677.8
701,7
734.7
765.3
783.5
791.3
834.1
881.0
869.4
846.8
891.7
935.5
986.7
1021.5

349.7
339.7
364.6
395.9
410.3
433.0
421.4
4S3.2
475.7
487.1
476.7
SOS. 7
520. 1
526.5
553.5
571. 8
603.7
642.3
682,3
704.3
739.5
767.4
780.6
788,7
824.2
883.9
870.9
848.7
891.0
938,7
991,1
1021.8

II Q

III Q

IV Q

Annual

AVERAGE FOR PERIOD

347.9
338.3
369.9
394.8
406.2
431.9
421.6
4S9.1
470.6
487.9
485.7
S08.2
519.2
527,1
556.1
571.7

351.0
341.0
376.7
•399.3
415.9
429.1
425.5
459.3
477.5
488.8
484.2
502.8
517.5
529.6
556.0
573.8

351.7
344.8
377.6
396.9
421.4
427.9
428.6
461.3
480.6
487.5
487.4
501.8
517.2
530,4
556.2
577.3

3S3.5
339.3
380.4
399.8
421.5
430.0
430.3
465.2
484.3
486.7
488.6
502.4
518.3
53S.S
557.0
S80.3

352.8
342.2
383.2
400.0
419.8
430.3
433.5
467. S
434.6
484.7
495.1
507.3
515,4
541.0
SS9.7
580.3

348.8
34S.5
387.4
400.3
421.2
427.6
436.1
470.3
484.9
481.0
496.0
516.1
512.0
543.3
561.9
534.6

338.8
343.4
351.6
383.9
402.1
426.4
422.6
439.3
470.3
484.3
476.3
497.8
515.8
516.9
545.0
562.5

34S.Q
341.6
361.9
393.3
407,4
431,9
420.5
450.2
475.3
485.8
4173.9
507.1
518.9
523.2
SS2.2
568.9

606.3
644.9
634.5
706.6
743.2
769.9
782.3
789.5
838. S
887.9
873.5
849.6
893.7
943.1
998.5
1023.0

611.5
647.5
685.6
709.8
745.6
773.0
784.6
791.7
845.7
886.9
867.5
855.9
897.0
945.7
1000.3
1021.4

614,0
652.2
686.1
711.0
747.6
774.4
784,8
792.5
845.3
892.5
863.8
861.6
899.7
950.2
1004.1
1019.5

613.9
638.3
689.3
710.4
749.5
775.8
776.0
795.0
853.1
894. S
863.5
364.6
903.9
960.3
1013.0
1023.5

618.8
663.1
691.9
714.8
752.3
774.9
775.0
799.8
859.0
894.7
856.3
868.2
911.8
965.9
1021.4
1030.6

625.0
666.2
690.9
720.5
754.7
776.9
778.0
807.3
865.1
892.3
851.0
867.3
916.0
972.0
1030.5
1033.2

589.1
628.0
670,0
697,6
724.0
758. 1
777.0
786.8
821.2
874.5
874. S
841. 8
879.0
921.8
971.9
1023.8

601.1
637.9
678.2
702.3
734.5
765.3
782.6
790.0
830.3
881.7
869.4
84S.3
890.8
934.9
9S8.4
1022.0

350.2
341.4
374.7
397.0
414.5
429.6
425.2
459.9
476.2
488.1
48S.8
504.3
518.0
529.0
556. 1
574. 3
610.6
648.2
685,4
709.1
745.5
772.4
783.9
7K1.2
843.2
889.1
868.3
85§.7
896.8
946.3
1001,0
1021.3

351.7
342.3
383.7
400.0
420.8
429,3
433.3
467.7
484.6
484.1
493.2
508.6
515.2
S3 9. 9
559.5
581.7

346.4
342.2
368.0
393.6
411.2
429.3
425.4
454.3
476.6
485.6
482.3
504.4
317.0
527.3
553.2
571.8

619.2
662.5
690.7
715,2
752.2
77S.9
776.3
800.9
859.1
893.8
856,9
866.7
910.6
966.1
1021.6
1029.1

605.0
644.2
681.1
706.1
739.0
767,9
780.0
792,2
830.4
804.8
867,3
B!)2.4
894,3
942.3
993.7
1024.1

51-C. CHANGE IN PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS, OVER 1-MONTH SPANS
(COMPOUND ANNUAL RATE,

1948...
1949..,
1950...
1951...
1952,,.
1953...
1954...
1953...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

15.1
-17.1
23.8
-9.5
-10,5
7.7
-10.2
3.1
-2.0
-5.3
-10.7
-2.4
2.8
10.0
-2.6
-3.2

4.8
-1.4
-10,4
-7.2
24,8
5.2
-1.7
3.3
3.6
5.1
0,3
5.0
-3.2
1.2
6.4
3.7

30.3
3.2
22,7
12.6
4.9
12.2
-6.3
10.9
-0.8
2.8
-2.0
11,2
-3.7
3.5
7,0
6.1

-6.4
-3.4
13.6
21.8
-6.0
1.4
-5.3
11.7
14.7
0,
-10.3
9.2
6.5
5.7
7.2
4.1

2.5
1.8
16.2
0.3
15.6
6.3
6.2
13.7
-4.7
-2.4
•4.9
6.1
6.2
5.2
1.3
3.0

26.1
-10.3

1964...
1965...
1966 ...
1967.,,
1968 ...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

-1.0
2.3

13.0
4.1
5.5
0.5
10.5
4.4
1.1
-0.5
9.0
9,5
-8.9
-5.8
11.9
7.3
2.5
0.8
-6.4

6.5
2.3
3.8
4.6
5.6
5.9
5.7
4,0
6.3
5.5
-4.8
»0.1
4.6
10.8
12.4
S.3
-8.2

9.3
6.7
3.6
2.8
2.0
2.9
6.7
2.3
10.0
1.2
-2.5
0.3
8.2
2.1
11.1
-4.9
-8.4

9.0
11.4
6.2
1.2
9.1
3.4
-0.5
2.1
2.2
1.1
2.0
9.4
2.7
6.6
-1.0
-1.4
-5.3

io!a
—2 * 6
0.6

-2.4
13.2
12.7
5.3
-15.1
-8.7
7.3
-0.5
-5.5
-9.6
-3.1

51-C.

4.6
-10.7
7.6
-1.5
4.1
S.6
-6.4

16,2
-S.S
10.8
-1.8
5.4
8.3
-6.1

1957...
1958...
19S9...
1960...
1961,.,
1962,..
1963,,,

2 .9
0.
-6.5
1.5
7.0
0.9
2.9
1.7

0.3

1964...
1965...
1966...
1967...
I960.,,
1969...
1970.

1971!!!

1972...
1973...
1974...
1975...
1976...
1977...
1978.,.
1979...
1980...

24.4
14.6
32.7
-7.5
11.7
0.5
19.1
2.2
-3.6
-12.0
-3.9
5.8
-0.2
4.5

2.4
14.2
2.9
-7.0
17.1
-3.3
9.1
5.4
8.1
-3.1
8.2
-2.4
-0.7
1.8
0.4
7.6

6.3
-17.5
9.3
9.1
0.3
6.1
4.9
10.6
9.6
-2.0
3.0
1.4
2.6
12.2
1.7
6.4

-2.4
10.8
9.2
0.6
-4.7
0.8
9.3
6.1
0.7
-4,8
17,2
12.4
-6.5
13.0
6.0
0.

-12.8
12.2
14.0
0,9
4.1
-7.3
7.4
7.4
0.7
-8.8
2.2
22.9
-7,6
5.2
4.8
9.3

16.7
-5.1
12.0
-1.4

5.3
5.0

10.8
4.9

5.0
9.1

-0.2
11. B

10.0
9.1

12.7
5.8
—1 7

6.2
2.9

4.0

S.S
3.9
4.9
3.6
3.4
10.8
-1.3
-7.9
9.3
4.5
3.4
2.2
-1.9
1.3

2.0
3.3
2.2
0.3
1,2
-0,6
7.8
-5.0
8.3
3.7
5.9
4.7
-2.2
-3.6

-1.0
3.1
2.2
-12.7
3.9
11.7
2.7
-0.4
4.3
5.7
13.5
11,2
4.8

7.7
4.6
-1.4
-1.5
7.5
8.6
0.3
-9.6
9.1
11.0
7.2
10.4
8.6

6.1
12.3
5.7
1.7
0.9
S.7
4.1
6.1
8.7
2.6
1.2
9.1
3.8
7.9

-6.0
-4.8
18.9
-3.3
-11.4
-3.0
0.6
16.8
-12.1
2,0
25.2
-1.2
-2,1
1.4
5.8
-0.2

3.6
7.2
4JS
8.1
3.3
-4.4
-3.9
-13.3
4.0
2.1
2.7
-0.9
4.2
5.5
0.4
-O.S

4^0
2.6
1.2
22.9
S.S
3.6
1.3
3.7
5.8
9.3
1.4
-2.6

11.2
10.0

10 !o

3.9
3.1
4.7
12.7
8.9
-3.2
-7.2
-1.2
5.7
7.8
11.2
3.1

7.4
-4.6
12,0
LI. 5
5.1
3.1
0,6
10.4
4.7
1.2
1.1
6.0
4.6
6.7
4.1
5.0

2,5
6.S
15.4
1,4
12,8
-4.6
7.1
7.6
5.0
0.4
9.9
-3.2
-2.2
3,0
2,0
4.0

-3.0
1.8
10.8
3.S
-0.1
-0,1
7,2
8.0
3.7
-5.2
7.5
12.2
-3,8
10.1
4.2
5.2

3.9
-0.4
12.6
3.8
6.0
1.7
2.2
7.9
3.4
-0.7
3.6
4.4
-0.7
6.2
3.5
4.1

7.3
8.4
6.0
2.8

7.0
6,3

7.S
8.9
2.9
5.6

-1.2
-5.9

3.2
O.g
0.2
-0.4
2.1
0.5
4.1
3.3
4.3
5.2
-2.0
-4.7

3.7
2.2
1.9
11.0
4.0
-3.1
6.3
4.0
5.0
5.4
-0.9
-1.6

7,0
6.6
3,7
4.3
4 .8
3.0
0.3
3.9
7.4
3.2
-4.5
2.4
5.7
6.2
6.2
0.4

6.4
8.4

-6.1
5.8
0.3
0.8

-4.1
4.6

-1.4

4.9
3.6
2.2

s!i
3.6
1.5
5,6
9.3
6.8

-9.6
-4.9

7.9
5.9
3.1

CHANGE IN PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS, OVER 3-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)

1948...
1949,..
1950,,.
1951...
1952,.,
1953...
1954...
195S .

i9ss!!!

AVERAGE FOR PERIOD

PERCENT)

6.9
6.3
4.4
2.9
5.8
3.0
0 6
5^7
11.5
7.9
-9.2
-7.2
5.8
4.1
1.5
0.5
-2.2

8.5
-1.3
7.7
8.4
7.1
6.2
-4.5

0.7
-4.3
4.4
-1.4
4.9
3.5
2.2

2.6
-4.1
8.4
-0.2
3.S
6.9
4.6

0.1
-2.7
8.8
2.9
4.8
5.2
4.4

-4.8
11.9
11.1
4,7
3,1
0.5
10 , 3
4.4
1.2
0.8
6.0
4.6
6.6
4.1
5.0

6.0
2.9

9.6
4.3
4.3
2,6
6.0
4.4

8,2
6,7
4.6
2.8
5.5
4.0
3,9
2.8
6.1
2.6
-1.8
3.1
5,1
6.4
7.3
-0.4
-7.3

7.3
8.4
6.0
2.8
6.4
3.2
0.5
0.2
-0.9
2.1
0.5
4.1
3.3
4.3
5.1
-2.0
-4.8

3, a

5.0
4.3
3.6
s!s
9.3
6.7
-9.7
-4.9
7.9
5.8
2.9
-1.4
-5.9

H .6
9 ff,
5.7

l!9
8.4
5.4
-5.4
-1.9
8.2
6.7
8.6
0.3
-7.7

-0.2
17.5
11.2
4.4
6.5
-2.0
19 I
if, t 1
2 ,1

NOTE: These series contain revisions beginning with 1959.




-4.6
13.6
2.9
2.7
1.6
2.5
12 . 0
1.8
12.6
2.5
1.7
5.2
3.6
3.5
6.0
7.8
6.1
3.2
7.8
3.6

-4.S

-0^2
2.9
3.5
2.6
4.4
1.8
S.S
4.5
0.1
-2.8

AVERAGE FOR PERIOD

-10.9
15.4
4.1
-3.2
2.2
-5.6
6.6

9.8
-S.S
8.7
1.7
5.5
6.7
-5.7

7.0
-3.2
14.3
B.4
3.9
3.7
0.3

6.2
1.7
14,3
4.6
11,6
-3.1
6.6

-4.0
§.9
7.3
0.3
1.9
-1.6
7.2

0.9
i.O
3.6

6.4
0,9
7.0
-4.5
-1.5
S.O
1.9
4.7

2.8
-5.5
7.3
9.3
-2.4
8.0
3.1
4.1

4.7
-0.4
11.2
3.8
5.8
1.4
2.1
7.7
3.3
-0.6
3.2
3.8
0.2
5.4
3.4
4.0

6.2
6.9
3.2
3.6
4,7
3,6
-0 .1
1.6
7.8
3.2
-2.9
6.0
3.7
S.6
5.6
-0.2

6.9
8.2
3.6
4.4
3.5
0.7
-1 ,0
7.7
7.9
-0.9
-6.5
5.5
6.S
7.1
7.7
4.0

6.9
6.8
4.1
3.6
5.0
2.9
0 .6
3.6
7.0
2.9
-4.2
2.7
5.2
5.9
5.8
0.7

-2.1
16.2
7.5
7.6
-3.0
4.2

6,1
1S.O
1.0
11.3
-4.6
7.0

1.2
11.8
5.2
15.9
-1.7
8.5

2 .9

3.4
9.4
-3.7
-1.6
S.4
3.1
4.0

4.2
0.3
9.3
-5.3
-2.2
3.0
2.0
3.9

12.2
-1.0
2.4
-4.5
-0.7
6.S
0.6
6.2

6.1
-3.3
9.3
3.6
-1.6
8.9
2.7
4.6

3^6
-5.2
7.2
11.9
-4.0
10.1
4.2
5,2

-1.4
-8,1
5.3
12.4
-1.7
5.0
2.5
2.6

3.0
1.1
-S.O
4.8
1.8
3.1
4.4
2.8

6.S
5.7
4.7
4.7
6.1
4.1

7.0
6.3
2.2
3.9
4.5
3.7

5.1
8.6
2.8
2.2
3.4
3.1

4.9
10.0
3,7
2.8
3.6
1.0

7.4
8.9
2.8
S.5
3.9
1.3

8.3
5.6
4.2
4.9
3.0
-0.3

7.5
4.5
4.2
3.S
S.4
3.7

1.9
10.6
3.9
-3.2
6.2
4.0
5.0
5.4
-0.9
-1.7

2.8
7.1
3.0
-4.5
7.3
4.6
7,5
5.9
0.2

4.2
6.4
3.6
-S.I
10.0
6.8
8.3
8.7
3.7

1.3
-3.2
6.0
9.7
-0.1
-5.7
4,1
7.5
9.5
10.9
5.5

-3.3
0.8
10.3
3.5
-0.2
-0.3
7.2

2.1
1.4
7.1
0.7
3.8
1.1
7.7

0.2
5.7
2.7
-0.9
4.4
2.4
4.4
5.6
0.
-0.6

s!9

7.9
9.7
-0.1
-5.8
2.7
7.4
9.5
10.9
5.5

10.9
7.6
-6,2
-8.5
3.7
5.3
3.0
3.6
2.8

4.4
9.7
6.7
-8.1
-4.7
7.3
5.5
4.3
-0.2
-5.3

5.0

3.1
5.5
4.3
4.3
V.2
7.6
S.6

z.9
6.6
3.6

J .2
C.9
2.7
2.7
C.4
3.9
3.4
S.4
5.6

-0.8
-S.O

(OCTOBER 1980)

C. Historical Data for Selected Series—Continued
Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

Quarterly

July

Aug.

Sept.

Nov.

Oct.

Dec.

IQ

340. AVERAGE HOURLY EARNINGS, PRODUCTION WORKERS IN PRIVATE NONFARM ECONOMY
(INDEX: 1967=100)

II Q

III

Q

IV Q

AVERAGE FOR PERIOD

1948...

46.0
48.2
50,0
53.7
56.4
59.6
61.7
63.7
67.0
70.3
73.2
75.8
78.4
80.8
83.5
85.9

1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954...
1955...
1956...

1957. . .
1958...
1959...
1960...
1961...

1962. ..
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975.,.
1976...
1977...
1978...
1979...
1980...

Annual

87.1
89.7
93.4
97.7
103.1
109.7
117.0
125.5
134.3
142.2
151.1
165.0
177.3
191.0
205.8
222.6

87.2
90.0
93.6
98.1
103.6
110.3
117.6
126,3
134.7
142.6
152,0
166.2
178.3
191.9
206.5
224.0

87.4
90.3
93.9
98.4
104.2
111.0
118.4
126.8
135.4
143.3
153.0
167.7
179.1
192.9
208,1
225.2

87.6
90.4
94.5
98.9
104,6
111.5
118.8
127.6
136.3
144.4
154.1
168.0
180.3
194.1
209.9
226.7

87.8
90.9
94.7
99.1
105.2
112.2
119.5
128.5
136.6
144.7
155.8
169.2
181.6
195.4
211.1
227.6

87.9
91.1
95.2
99.7
105.8
112.9
120.2
129.0
136.9
145.6
157.7
170.6
182.2
196.5
212.5
229,2

88.2
91.3
95.3
100,3
106.3
113.4
121.0
129.7
137.8
146.5
158.2
171.2
183.5
197.7
214.0
230.8

88.6
91.6
95.6
100.4
106.8
114.0
122.0
130.5
138.3
146.8
159.6
172.7
185.2
198.5
215.0
232.3

8 8. ,8
91.9
96.1
100.9
107.5
114.6
122.6
130.8
138.9
148.2
161.2
173.3
186.2
199.7
216.6
234.3

89.3
92.5
96.9
101.8
108.6
116.2
123.7
131.4
140.4
149.5
163.1
175.9
188.5
202.5
219.4
237.3

88.9
92.3
96.5
101.4
108.0
115.4
122.9
131.1
140.0
148.8
162.2
.174.3
187.2
201.5
218.3
235.0

89.6
92.7
97.2
102.4
109.3
116.5
124.3
133.1
141.5
150.6
164,5
176.3
189.5
203.6
221.0
239.4

87.2
90.0
93.6
98.1
103,6
110.3
117.7
126.2
134.8
142.7
152.0
166.3
178.2
191.9
206.8
223.9

340-C. •CHANGE IN INDEX OF AVERAGE HOURLY EARNINGS OVER 1-MONTH SPANS
(MONTHLY RATE, PERCENT)

87.8
90.8
94.8
99.2
105.2
112.2
119.5
128.4
136.6
144.9
155.9
169.3
181.4
195.3
211.2
227.8

88.5
91.6
95.7
100.5
106.9
114.0
121.9
130.3
138.3
147.2
159.7
172.4
185.0
198.6
215.2
232.5

89.3
92.5
96,9
101,9
108.6
116.0
123.6
131.9
140.6
149.6
163,3
175.5
188.4
202,5
219.6
237.2

88.2
91.2
95.3
100.0
106.2
113.2
120.7
129.2
137.5
146.0
157.5
170.6
183.0
196.8
212.9
229,8

AVERAGE FOR PERIOD

1949. . ,
1950. . .
1951. . .
1952 . . .
1953. . .
1954. . .
1956. . .
1957. . .
1959, . .
1960. . .
1961. . ,
1962. , ,
1963. . .
1964.,.
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975.,.
1976.,,
1977...
1978...
1979...
1980...

0.1
0.8
0.5
0.7
0,4
0.4
1.0
0.9
0.5
0.3
0.3
0.6
0.8
1.1
0.7

0.1
0.3
0.2
0.4
0.5
0.5
0.5
0.6
0.3
0.3
0.6
0.7
0.6
0.5
0.3
0.6

0.2
0.3
0.3
0.3
0.6
0.6
0.7
0.4
0.5
0.5
0.7
0.9
0.4
0.5
0.8
0.5

0.2
0.1
0.6
0.5
0.4
0.5
0.3
0.6
0.7
0.8
0.7
0.2
0.7
0.6
0.9
0.7

0.2
0.6
0.2
0.2
0.6
0.6
0.6
0.7
0.2
0.2
1.1
0.7
0.7
0.7
0.6
0.4

0.1
0.2
0.5
0.6
0.6
0.6
0.6
0.4
0.2
0.6
1.2
0.8
0,3
0,6
0.7
0.7

0.3
0.2
0.1
0.6
0.5
0.4
0.7
0.5
0.7
0.6
0.3
0.4
0.7
0.6
0.7
0.7

0.5
0.3
0.3
0.1
0.5
0.5
0.8
0.6
0.4
0.2
0.9
0.9
0.9
0.4
0.5
0.6

0.2
0.3
0.5
0.5
0.7
0.5
0.5
0.2
0.4
1.0
1.0
0.3
0.5
0.6
0.7
0.9

0.1
0.4
0.4
0.5
0.5
0.7
0.2
0.2
0.8
0,4
0.6
0.6
0.5
0.9
0.8
0.3

'

0.4
0.2
0.4
0.4
0.6
0.7
0.7
0.2
0.3
0.5
0.6
0.9
0.7
0.5
0.5
1.0

0.3
0.2
0.3
0.6
0.6
0.3
0.5
1.3
0.8
0.7
0.9
0.2
0.5
0.5
0.7
0.9

o!2
0.4
0.4
0.6
0.5
0.5
0.7
0.6
0.4
0.5
0.6
0.5
0.6
0.7
0.6

340-C. CHANGE IN INDEX OF AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS
{COMPOUND ANNUAL RATE, PERCENT)

0.2
0.3
0.4
0.4
0.5
0.6
0.5
0.6
0.4
0.5
1.0
0.6
0.6
0.6
0.7
0.6

0.3
0.3
0.3
0.4
0.6
0.5
0.7
0.4
0.5
0.6
0.7
0.5
0.7
0.5
0.6
0.7

0.3
0.3
0.4
0.5
0.6
0.6
0.5
0.6
0.6
0.5
0.7
0.6
0.6
0.6
0.7
0.7

0.3
0.4
0.4
0.6
0.5
0.5
0.6

0.5

0.5
0.7
0.6
0.6
0.6
0.7
0.7

AVERAGE FOR PERIOD

1948. . .
1949. . .
1950. . .
1951. . .

1956. . .
1959. . .
1961. . .
1962. . .
1964...
1965
1966..
1967..
1968,.
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..

3 4
4.7
5.0
6,5
6,5
5.9
7.8
8.0
6.4
7.3
7.3
6.9
7.6
8.5
7.8

3 6
5.0
4.7
6.7
6.7
5.9
8.0
8.1
6.2
8.7
7.6
6.6
7.5
8.6
7.6

3 3
5.1
6.8
6.7
6.6
7.7
5.9
6.0
9.8
7.7
6.8
7.4
9.0
7.5

2.7
3 6
5.3
6.2
7.0
6.9
6.8
5.2
6.2
9.7
7.7
7.0
7.2
8.1
7.5

3.4
3 6
4.9
6.3
6.7
7.5
6.7
5.4
6.0
10.2
7.9
7.9
7.1
8.4
7.6

NOTE: These series contain revisions beginning with 1975.
employment shifts.




3.2
3 5

3.0
4 3

3.4
3 5

3.1

3.4
4.4
5.3
6.6
6.9
5.5
6.0
6.6
9.7
7.5
7.9
7.5
8.1
8.5

3 5

5.1
6.5
6.6

5.1
6.6
7.2

5.5
6.6
7.1

5.4
6.7
6.3

5.8
6.4
6.3

6.5
6.6
6.6

6.8
6.5
6.8

4.9
6.7
6.6

4.3
5.1
6.3
6.8

6,4
5.3
6.9
11.0
6.7
8.0
7.2
8.3
8.2

5.6
5.5
6.2
10.8
7.7
7.8
7.8
8.1
7.5

4.5
5.6
6.8
9.5
8.1
7.7
7.4
8.0
8.8

6.4
6.8

7.3
6.5

6.6
6.3

7.1
6.4

8.7
6.7
8.2
7.4
8.2
9.1

8.7
7.3
8.4
8.3
8.2
8.4

8,5
6.7
7.3
8.3
8.5
8.9

8.2
6.9
7.3
8.6
8.2
9,6

7.8
7.3
6.2
8.6
7.5
6.8
7.5
8.7
7.6

6.6
5.3
6.4
10.3
7,4
7.6
7.2
8.3
7.8

These series are adjusted for overtime (in manufacturing only) and interindustry

3.3
4.5
5.1
6.4
6.5
6.6
7.3
7.0
6.4
6.8
8.5
7.0
7.7
8.4
8.3
9.0

3.8
4.7
5.4
6.5
6.7
6.9
6.7
6*2
6.5
9.3
7*4
7.5
7.6
8*3
8.2

(OCTOBER 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan,

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

341. REAL AVERAGE HOURLY EARNINGS, PRODUCTION WORKERS IN PRIVATE NONPARH ECONOMY
(INDEX: 1967=100)

II Q

ill Q

IV Q

AVERAGE FOR PERIOD

1948, . »
1950. . .
1951. , .
1952. . .
1953. . .

...

19S4...
1955. . ,
1956, . .
1957. , ,
1958, . ,

1959,..
1960...
1961. . .

196? . . .
1963. . .

1964.
1965.
1966,
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.

94.2
96.1
97.4
99.2
101.2
102,9
103.1
105,7
108.7
110.3
107.3
105.5
106. S
108.1
109.3
107.8

94.0
95.8
97.8
99.0
101.0
102.7
103.1
105.2
108.9
111.1
108.0
105.3
106.0
108.6
109.6
108.4

94.4
96.4
97.5
99.5
101.4
102.7
103.3
105.9
109.1
110.4
106.9
106.0
106.7
108.1
109.4
107,3

94.5
96.2
97.7
99.8
101.5
102. S
103.1
106. 2
109,6
110.4
107.0
105.9
107.1
108.1
109.6
106.9

94.6
96.5
97.8
99.8
101.7
103.0
103.3
106.4
109.6
109.8
107.0
106.3
107.5
108.3
109,3
106.3

94.7
96.3
98.1
100.0
101.9
103.0
103.5
106.3
109.5
110.0
107.4
106.5
107.4
108.4
109.1
105.9

95.0
96.5
98.0
100.3
101.8
103.0
103.8
106.5
109.8
110.6
107.0
105.8
107. S
108.5
109.1
105.5

95.4
97.0
97.7
100.0
101.9
103.0
104.4
107.0
110.0
108.8
106.6
106.3
108.0
108.5
109.0
105.2

95.4
97.0
98.1
100,1
102.2
103.2
104.3
107.1
110.1
109.4
106.4
106.0
108.0
108.7
103.9
104.9

95.4
97.4
98.1
100.3
102.2
103.4
104.1
107.1
110.6
109.1
106.1
105. 9
108,1
109.2
108.7
104.2

95.6
97.3
98.5
100.4
102.3
103.5
104.4
107.2
110.6
108.7
105.7
106.1
108.4
109.1
108.6
104.1

95.8
97.2
98.7
100.7
102.6
103.2
104.4
108.1
111.1
108.7
105.7
105.8
108.5
109.1
108.6
103.8

94.2
96.1
97.6
99.2
101.2
102.8
103.2
105,6
108.9
110.6
107.4
105.6
106.4
108.3
109.4
107.8

341-C. CHANGS IN INDEX OP REAL AVERAGE HOURLY EARNINGS OVER 1-MONTH SPANS
(MONTHLY RATE, PERCENT)
1948 . , ,
1949...
1950, . .
1951 . . ,
1952 . . .
1953. . .
1954, . .
1955. . .
1956. . .
1957. . .
1950. . .
1959. . ,
1960. . ,
1961.. .
196? . , ,
1963. , ,

1964.
1965.
1966.
1967.
196Q.
1969.
1970.
1971.
1972.
1973.
1974.
197S.
1976.
1977.
1970.
1979.
1980.

0.6
0.3
0.3
0.1
-0.1
0.8
0.7
0.
-0.6
-0.4
0.2
0.1
0.5
-0.2

0.2
0.3
-0.4
0.2
0.2
0.2
0.
0.5
-0.2
-0.7
-0.6
0.2
O.S
-0.5
-0.3
-0.6

Q.2
0,3
0.1
0.3
0.2
-0.2
0.2
0.2
0.4
0.1
-0.4
0.5
0.2
0.
0.1
-0.5

0.1
-0.2
0.2
0,3
0.1
-0.2
-0.2
0.3
0.5
0.
0.1
-0.1
0.4
0.
0.2
-0.4

0.1
0.3
0.1
0.
0.2
0.5
0.2
0.2
0.
-0.5
0.
0.4
0.4
0.2
-0.3
-0.6

:.oi.7
102.8
103.3
106.3
109.6
110.1
107.1
106.2
107. 3
108.3
109.3
106.4

95.3
96.8
97.9
100.1
102.0
103.1
104.2
106.9
110.0
109,6
106.7
106.0
107.8
108.6
109.0
105.2

95.6
97.3
98.4
100.5
102.4
103.4
104.3
107.5
110.8
108.8
105.8
105.9
108.3
109.1
108.6
104.0

..
.

0.1
-0.2
0.3
0.2
0.2
0.
0.2
-0.1
-0.1
0.2
0.4
0.2
-0.1
0.1
-0.2
-0.4

0.3
0.2
-0.1
0.3
-0.1
0.
0.3
0.2
0.3
0.5
-0.4
-0,7
0.1
0.1
0.
-0.4

0.4
0.5
-0.3
-0.3
0.1
0.
0.6
0.5
0.2
-1.6
-0.4
0.5
0.5
0.
-0.1
-0.3

0.
0.
0.4
0.1
0.3
0.2
-0.1
0.1
0.1

0.6
-0.2
-0.3
0.
0.2
-0.1
-0.3

0.
0.4
0.
0.2
0.
0.2
-0.2
0,
0.5
-0.3
-0.3
-0.1
0.1
0.5
-0.2
-0.7

94.7
96.9
98.0
100.0
101.9
103.1
103,8
106.5
109,7
109.7
1Q6.7
10S.9
107.3
108.4
109.0
105.6

AVERAGE FOR PERIOD

..
.

Q!'

94.6
96.3
97.9
99.9

63.8
67. S
69.3
69.0
70.9
74.4
76.6
79.4
82.3
83.4
84.5
86.8
88.4
90. 2
92.2
93.7

0.2
-0.1
0.4
0.1
0.1
0.1
0.3
0.1
0.
-0,4
-0.4
0.2
0.3
-0.1
-0.1
-0.1

0,2
-0.1
0.2
0.3
0.3
-0.3
0.
0.8
0.5
0.
0.
-0.3
0.1
0.
0.
-0.3

6 '2
.
0.1
0.3
0.2
0.
0.
0.5
0.3
-0.2
-0.5
0.1
0.3
-0.1
0.1
-0.4

341-C. CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER 6-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)

..
.

..
.

0.1
0.
0.2
0.2
0.2
0.1
0.1
0.1
0.1
-0.1
0.2
0.2
0.2
0.1
-0.1
-0.5

0.2
0.2
Q.
0.
0.1
0.1
0.3
0.3
0,2
-0.2
-0.3
-0.2
0.2
0.1
-0.1
-0.3

0.1
0.1
0.2
0,2
0,1
0.
0.
0.3
0,3
-0.2
-Q.2
-Q.I
0.2
0.1
-Q.I
-0.4

0.1
0.1
0.2
0.2
0.
0.1
0.3
0.2
-0.2
-0.2
0.
0.2
Q,
0.
-0.4

AVERAGE FOR PEHXOI)

1948...
1949...
1950..,
1951...
1952 , . .
1953...
19S4...
195S...
1957...
1958. , ,
1959...
I960...
1961...
1962...
1963...
1964. . .
196S.
1966.
1967.
I960.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979,
1980.

..
.

1.7
0.6
3.5
2.4
0.7
-0.6
4.1

1.9
0.9
2.8
2.6
1.3
-0.4
3.9

1.2
1.9
2,6
2.6
0,8
0.8
3.7

2.0
1.4
0.4
2.6
1.6
0.7
1.5
2.6

2.5
1.8
0.7
1.7
1.5
0.3
2.6
2.4

2.1
1.3
1.1
1.2
1.6
1.0
1.9
2.3

-0.5
-3.7
-0.5
2.3
0.
0.6
-3.3

-1.4
-3.1
l.l
2.5
-0.1
0.3
-4.2

-2.0
-2,5
1,6
3.1
-0.2
0,
-4.9

-1.1
-1.8
1.0
2.9
-0.1
-0.9
-5.2

-2.6
-1.2
1.5
2.8
0.8
-0.7
-4,9

-1.7
-1.0
-0.1
2.5
1.1
-1.0
-4.5

1.9
2.5
0.8
1.0

2.1
1.7
1.4
1.2

2.3
1.8
1.3

1.7
1.9
1.8
2.0
-2.4
-1.7
0.1
1.8
2.1
-1.5
-5.1

1.1
2.1
1.5
1.9
-2.0
-2.5
-0.2
1.7
1.5
-1.3
-4.0

0.2
1.6
3.5
2.9
-2.3
-3.1
-1.4
2.1
1.4
-0.9
-4.0

1.8
2.8
2.0

1.4
0.8
3.0

2.1
1.1
2.8

i!e
1.1

0.

0.1

0.9
0.3

2,5
0.9

3.3
0.5
-2.9
-2.0
0.4
0.2
1.5
-2.1
-5.5

3.9
0.6
-4.5
-0.8
1.4
0.1
1.4
-2.9
-5.5

3.9
3.9
-1.3
-3.1
0.7
2.6
-0.1
0.3
-4.1

4.5
2.4
-4.6
-3.3
0.3
1.9
2.1
-1.4
-5.3

NOTE: These series contain revisions beginning with 1975. These series are adjusted for overtime (in manufacturing only) and interindustry
employment shifts.

100



3.2
1.5
0.7
1.8
1.6
0.7

2.4
:>.o
-}1.8
-1.3
0.8

y,.i

0.6
-0.9
-<l.9

2.1
2,0
1.2
1.2
1.3
1.0
1.9
2.3
2.3
-2,2
-2.4
-0.5
1.9
1.7
-1.2
-4.4

1.8
1.6
2.6
2.2
1.5
0.1
2.7
3.9
1.2
-4.0
-2.0
0.7
0.7
1.7
-2.1
-5.4

1.7
1.4
2.0
1.7
0.7
1.6
3.1
2.3
-2.3
-2 . 2
Q.4
2.0
1.0
-1.0
-4.7

(QCTOBtR '

C. Historical Data for Selected Series—Continued
Quarterly
Year
IQ

II Q

Quarterly
111 Q

Annual
TOTAL

1.77
1.86
2.69
4.04
3,61
1.95
2.69
2.87
2.39
2.99
2.76

1964
1965
1966 . .
1967 . . .
1968
1969
1970
1971 . . .
..
1972
1973
1974
1975
1976
..
1977
1978
1979
1980

2.06
1.84
3.26
3.71
3.21
1.94
2.94
2.52
2.46
2.52
3.27

2.29
1.87
3.90
3.38
2.43
2.20
3.13
2.27
2.72
2.82
3.66

2.05
2.28
4,01
3.43
2.33
2.23
3.13
2.71
2.70
3.15
3.94

8.17
7.85
13.86
14.56
11.58
8.32
11.89
10.37
10.27
11.48
13.63

4.12
5.08
6.54
6.03
5.95
6.80
6.68
5.70
-6.57
9.72
12.86
11.39
11.38
14.58
17.10
21.61

4.66
5.54
6.77
5.98
5.72
7.75
6.48
5.52
7,09
10,92
14.98
10.98
12.22
15.00
15.12
21.20

4.91
5.58
5.96
5.89
6.35
7.60
6.32
5.92
7.21
11.67
16.38
10.18
11.83
17.46
16.17
22.69

4.34
6.15
6.02
5.95
6.64
7.44
5.86
5.94
8.43
12.20
12.68
12,87
14.36
16.92
18.75
23.28

18.03
22.35
25.29
23.85
24.66
29.59
25.34
23.08
29.30
44.51
56.90
45.42
49.79
63.96
67.14
88.78

965. DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS,
(PERCENT RISING OVER 1-Q SPANS)
DEFLATED, 17 INDUSTRIES
1948
1949
1950
1951
1952
1953
1954
1955 . . .
.
1956
1957
1958
1959
1960
1961 . . .
1962
1963

'•77
53
62
36
42
45
80
33
62
42
65

50
39
77
33
30
74
59
27
74
65
65

36
62
42
53
53
62
33
62
48
71
65

*48
67
45
44
53
56
42
60
58
59

53
74
74
48
39
62
50
53
62
80
35
27
56
48
62
48

71
74
48
45
48
56
42
42
71
53
53
48
62
77
27
33

56
65
27
48
65
42
36
77
53
59
47
30
45
56
59
48

39
45
45
65
48
42
33
48
62
53
29
68
59
48
50
53

55
64
48
52
50
50
40
55
62
61
41
43
56
57
50
46

61. BUSINESS EXPENDITURES FOR NEW PLANT AND EQUIPMENT,
TOTAL
(ANNUAL RATE, BILLIONS OF DOLLARS)
,.

1964
1965
1966
1967
19g8
1969
1970
1971
1972
1973
1974
1975
1976.*...
1977
1978
1979
1980

AVERAGE

36
86
59
50
30
53
45
56
56
42

1964
196 5
1966
1967
1968
1969
1970
1971
1972
1973
1974 . . .
.
1975
1976
1977
1978
1979
1980

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
196i
1962
1963

IQ

IV Q

11. NEWLY APPROVED CAPITAL APPROPRIATIONS, 1000 MFG.
CORPORATIONS1 (BILLIONS OF DOLLARS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

Year

AVERAGE

21.12
20.67
17.94
23.69
27.49
27.68
27.88
26.51
33.85
38.17
34.53
31.92
36.38
35.03
37.46
38.10

21.10
19.47
18.66
25.44
26.84
28.38
27.50
28.09
35.46
38.62
31.43
33.05
37.93
35.39
38.16
39.58

21.09
18.50
20.99
26.17
25.15
28.44
26.93
30.53
36.22
38.35
30.82
34.61
36.39
35.89
38.99
41.82

21.84
17.57
22.95
26.26
26.27
28.26
26.50
32.42
36.83
36.62
31.11
34.44
36.12
37.12
38.58
43.04

21.30
18.98
20.21
25.46
26.43
28.20
27.19
29.53
35.73
37.94
31.89
33.55
36.75
35.91
38.39
40.77

45.33
50.70
60.25
65.23
68.09
72.52
78.22
79.32
86.79
96.19
107.27
114.57
114.72
130.16
144.25
165.94

46.26
53.31
62.96
65.60
66.29
73.94
80.22
81,61
87,12
97.76
111.40
112.46
118.12
134.24
150.76
173.48

47.12
55.08
64.31
65.48
67.77
77.84
81.88
80.75
87.67
100.90
113.99
112.16
122.55
140,38
155.41
179.33

48.81
57.69
65.90
65.66
69.05
77.84
78.63
83.18
91.94
103.74
116.22
111.80
125.22
138.11
163.96
186.95

46.97
54.42
63.51
65.47
67.76
75.56
79.71
81.21
88.44
99.74
112.40
112.78
120.49
135.80
153.82
177.09

III Q

IV Q

97. BACKLOG OF CAPITAL APPROPRIATIONS, MANUFACTURING1
(BILLIONS OF DOLLARS)
1948.
1949
1950
1951
1952
1953
1954
1955
1956.
1957
1958
1959
1960
1961.
1962
1963
1964
1965.
1966. . .
1967
1968
1969
1970
1971
1972
1973 .
1974
1975
1976.
1977
1978
1979
1980.

1964 .
1965.
1966,
1967.
1968
1969
1970
1971
1972 .
1973
1974. ...
1975.
1976.
1977 . . .
.
1978 .
1979.
1980

END OF PERIOD

5.66
4.88
6.62
11.82
11.48
7.24
8.13
9.09
7.96
8.19
9.05

5.76
4.65
8.26
11.97
10.30
7.09
8,81
8.50
8.07
8.16
9.66

5.61
4.82
9.85
11.92
9.13
7.07
9.41
8.41
8.07
8.54
10.48

5 '6
.1
4.82
9.85
11.92
9.13
7.07
9.41
8.41
8.07
8.54
10.48

11.33
14.83
19.00
19.98
20.03
21,40
23.13
20.20
19.42
26.03
39.84
49.10
46.07
49.28
59.73
67.63

12.41
15.91
20.21
19.83
19.93
22.71
22.50
19.48
20.40
29.62
44.80
47.59
46.39
50.68
59.98
69.95

13.69
16.78
20.28
19.89
20,28
23.23
21.71
19.29
21.40
33.36
50.01
45.34
45.89
53.94
60.83
73.45

13.96
17.92
20.21
19.86
20.85
23.44
20.86
18.89
23.28
37.11
49.79
46.45
47.53
56.50
63.43
76.66

13.96
17.92
20,21
19.86
20.85
23,44
20.86
18.89
23.28
37.11
49.79
46.45
47.53
56.50
63.43
76.66

965. DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS,
DEFLATED, 17 INDUSTRIES
(PCT. RISING, 4-Q MOVING AVERAGE)
1948
1949
1950
1951
1952
1953
1954
1955.
1956.
1957 .
1958
1959
1960
1961
1962
1963

Annual

5.81
5.25
5.46
11.15
11.95
7.94
7.52
9.50
8.13
8.31
8.56

AVERAGE

41
72
42
44
50
64
34
64
53
61

'48
67
45
44
53
56
42
60
59
59

50
60
60
43
39
59
54
45
60
55
62

44
62
53
45
39
67
42
52
55
61
64

*53
63
44
42
57
54
43
60
57
62

62
63
48
46
54
52
42
51
59
64
48
34
58
60
49
45

55
64
48
51
50
50
40
55
62
62
41
43
56
57
50
45

60
64
42
49
56
48
41
57
67
50
39
50
53
61
48
51

61
58
41
50
58
44
41
64
62
50
38
54
57
48
52
47

60
62
45
49
54
48
41
57
62
56
42
45
56
56
50
47

970A. DIFFUSION INDEX OF BUSINESS EXPEND. FOR NEW PLANT
(PERCENT RISING OVER 1-Q SPANS)
AND EQUIP. — ACTUAL

AVERAGE

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
1980

61.1
38.9
61.1
83.3
61.1
77.8
38.9
50.0
94.4
63.9
5.6
77.8
75.0
33.3
55.6
33.3

61.1
16.7
72.2
88.9
27.8
63.9
38.9
75.0
88.9
50.0
5.6
77.8
75.0
52.8
72.2
72.2

47.2
19.4
100.0
66.7
22.2
47,2
30.6
86.1
77.8
50.0
25.0
83.3
41.7
36.1
66.7
83.3

52.8
25.0
94.4
50.0
66.7
30.6
38,9
88.9
63.9
16.7
55.6
52.8
36.1
69.4
47.2
63.9

55.6
25.0
81.9
72.2
44.4
54.9
36.8
75.0
81. "2
45.2
23.0
72.9
57.0
47.9
60.4
63.2

94.4
77.8
86,1
50.0
66.7
83.3
77.8
50.0
44.4
83.3
77.8
38.9
66.7
66.7
61.1
66.7

63.9
83.3
86.1
41.7
47.2
66.7
47.2
61.1
50.0
61.1
86.1
44.4
80.6
75.0
88.9
77.8

75.0
83.3
66.7
25.0
66.7
75.0
58.3
44.4
55.6
83.3
61.1
38,9
72.2
88.9
61.1
83.3

88.9
75.0
58.3
58.3
50.0
41.7
19.4
75.0
83.3
66,7
63.9
36.1
47.2
44.4
66,7
77,8

80.6
79.8
74.3
43.8
57.6
66.7
50.7
57.6
58.3
73.6
72.2
39.6
66.7
68.8
69,4
76.4

NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
]
This series contains revisions beginning with 1978.




MQ

(OCTOBER 1980)

101

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Year
IQ

II Q

III Q

Annual

IV Q

9700, DIFFUSION INDEX OF BUSINESS EXPEND. FOR NEW PLANT
AND EQUIP.— LATER ANTIC.
(PERCENT RISING OVER 1-Q SPANS)

AVERAGE

1943
1949
19^0

igfjl
1952
1953
1954
1955
1956
1957
1958
19S9
I960
1961
1962
1963

8e!i

33.3
36.1
86.1
77.8
30.6
47.2
86.1
58.3
69,4
75.0
69.4

27.8
47,2
86.1
77.8
36.1
58.3
72.2
38.9
80.6
52,8
58.3

4l!6
38.9
74,3
81.2
42.4
29.8
84,7
63,2
59.7
70.8
70.8

69.4
69.4
72,2
50.0
61.1
94.4
69.4
33.3
77.8
77.8
72.2
16.1
61.1
61.1
77.8
66.7

1964
1963
1966
1967
1960
1969
1970
1971
1972
1573
1974
1975
1976
1977
1978
1979
1930

41.7
47.2
30.6
80,6
83.3
58,3
13.9
88.9
72.2
50.0
72.2
80.6

.n!i

58.3
41,7
44.4
86.1
44.4
0.
91.7
83.3
30.9
83.3
75,0

63.9
80,6
75,0
55,6
83.3
83.3
61.1
58.3
63.9
77.8
77.8
41.7
77.8
72.2
69.4
72.2

7S.O
61.1
66,7
41.7
75. Q
61.1
25.0
47.2
88,9
72.2
61.1
50.0
72.2
69.4
63.9
66,7

63.9
69.4
58,3
47,2
88,9
55.6
44.4
72.2
75.0
75.0
55.6
61.1
63.9
58.3
7?,. 2
72.2

63.0
70.1
68,0
48.6
77.1
73.6
50,0
52.8
76.4
75.7
66.7
47.2
68.8
65.2
70.8
69,4

971. DIFFUSION INDEX OF NEW ORDERS, MANUFACTURING-ACTUAL1 © ( PERCENT RISING OVER 4 -QUARTER SPANS)
1948
1949
19§g
1951
195?
19§3
1954
1955
1956
1957
19 5 9 . . . .
1959
1960
1961
1962
1963
1964
19613
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1970 . . .
..
1979
1900

68
89
60
77
50
76
82
65
42
83
74
52
81
71

76
78
62
76
54
84
76
67
<iG
84
65
62
7?
74

ao

84
84
88
72
78
BO
64
70
84
90
82
54
80
83
83
81

82
88
71
78
81
68
68
82
88
84
50

ao

80
83
85

80
68
70
72
56
82
77

AVERAGE

58
86
68

*78
76
*71
56
82
77

62
79
60
72
76
76

*58
66
84
72
53
68
74
52
75
72
74

83
88
84
69
79
76
60
70
86
88
74
@4
78
82
06
73

82
86
82
72
80
72
55
74
84
86
59
71
78
82
86
78

82
85
86
71
79
77
61
70
84
38
75
60
79
82
85
79

56
80
63
65
76
74

972. DIFFUSION INIJEX OF NF.T PROFITS, MFG. AND TRADE —
ACTUAL1 © (PBHCBNT RISINtt OVER 4-QUARTBR SPANS)
1948
1949
1950
1951
195?
19§3
1954
1953
1956. . . , .
1957
1958
1P59
1960
1961
1962
1963
1964
1965
19@g
1967
1968
1969
1970
1971
1972
1973
1974
1S75
1976
1977
1978
1979
1980

54
82
38
60
49
71
72
59
38
74
68
48
73
64

62
69
4S
64
52
74
70
58
42
78
58
52
72
68

74
78
82
65
70
70
61
63
74
78
74
52
76
71
73
78

78
80
82
65
73
74
S6
64
76
79
76
53
74
74
76
74

78
57
48
56
52
76
C.9

AVERAGE
40
81
50

76
52
62
70
70

*54
62
78
66
46
60
72
50
68
68
70

79
80
78
64
72
68
55
66
79
76
71
58
72
74
78
70

79
83
76
69
74
66
56
70
80
76
63
66
74
76
78
72

69
64

'si

*58
54
75
69
*48
75
57
58
71
68

'

78
80
80
66
72
70
57
66
77
77
71
57
74
74
76
74

Year

IQ

II Q




IV Q

970C. DIFFUSION INDEX OF BUSINESS EXPEND. FOR NtiH PLANT
AND EQUIP.— EARLY ANTIC.
(PERCENT RISING OVER 1-Q SPAM'S)
1948
1949
1950
1951
1952
1953
1954
19S5
195g
1957
1958
1959

55.6
41.7
47.2
72.2
72.2
16,7
72.2
83.3
58.3
61.1
50.0

1961
1962
1963
19g4
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

50.0
69.4
41.7
75.0
97.2
5H.3
33.3
77.8
5!>,6
7<S.2
52.8
66.7

55.6
36.1
38,9
77.8
63.9
41.7
30.0
69.4
55.6
52.8
55.6
66.7

55.6
66.7
72.2
50. Q
55.6
58.3
38.9
41.7
75. 0
86.1
7S.O
66.7
75.0
66.7
61.1
55.6

I960

36,1
63.9
86.1
66.7
27.8
63,9
86.1
55.6
50.0
69.4
88.9
72.2
77.8
50.0
61.1
63.9
55.6
58.3
44.4
63.9
86.1
52.8
61.1
66.7
66.7
72.2

80. 6
50.0
63.9
S2.8
66.7
66.7
66.7
63.9
47.2
61.1
69.4
66.7
66.7
66,7
61,1
69,4

80.6
75.0
69.4
63.9
SS.S
58.3
50.0
50. D
50.0
72.2
61.1
61.1
83.3
72.2
69.4
77.8

ssle

971. DIFFUSION INDEX OF NEW ORDERS, MANUFACTURING —
ANTICIPATED1 ® {PERCENT RISING OVER 4 -QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1954
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

71
82
72

75
83
66

*80
77
67
83
69

*58
82
80
76
58
82
81
67
82
76

*63
80
76
68
61
82
76
77
32
76

80
84
86
82
80
82
76
76
82
88
86
72
82
80
82
80

82
86
83
82
83
85
71
78
86
90
80
59
84
86
83
84

84
134
88
SO
1)2
83
74
05
88
88
B5
7Q
ft 8
HB
88
80

65
82
70
74
64
72
79
76

,

*52
84
72
72
72
65
85
75
71

r&

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

AVERAGE

34 !a
39.6
66.0
79,8
59,7
32.0
70.8
70.2
59.7
54,9
6J.2

76.4
66.0
70.8
54.2
59.8
61.8
52.8
53.5
54.2

70. a

72.9
61.8
71. !»
68.1
64.6
68.8

AVERAGE

*74
80
70
*62

ao

71!
73
'82
76
72
80
73

83.
85
84
81
81
80
74
81
88
87
80
73
86
84
86
72

82
85
86
81
82
82
74
8()
86
88
83
68
85
84
83
79

60
72
50

67
74
48
'S8

*72
73
60
78
68

'.58
74
72
69
52
77
75
64
79
72

76
71
63
54
78
74
74
78
72

36
78
58
49
64
60
78
70
64
62
79
66
73
71
76

77
80
84
75
74
78
70
71
76
82
80
68
76
78
79
78

80
84
86
74
80
79
66
74
82
85
74
§8
80
30
82
82

82
83
84
76
78
77
70
80
84
84
79
66
84
84
84
80

81
84
82
76
73
76
66
78
83
80
77
67
82
82
33
70

50
74
54
56
56
66
7S
68

Annual

82
70
76
74
78

972, DIFFUSION INDEX OF NET PROFITS, MFG. AMD TRABE-ANTICIPATED1 © (PERCENT RISING OVER 4-QUARTER SPANS)

NOTE: These series contain no revisions but ore reprinted for the convenience of the user.
'This Is a copyrighted series used by permission; It may not be reproduced without written permission from Dun & Bradstreet, Inc.

102

III Q

AVERAGE

*64
70
50
58
74
72
66

*76
72
68
76
72
80
83
84
75
76

7a

68
76
81
83
78
65
80
81
82
78

(OCTOBER 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Year

Year

Annual

IQ

II Q

III

Q

973. DIFFUSION INDEX OF NET SALES, MFG. AND TRADE —
ACTUAL © (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 . .
..

*42
76
76
*70
54
82
78

58
82
58
70
78
76

61
64
84
74
52
68
78
52
72
76
75

84
87
85
72
82
78
64
74
85
86
80
66
80
84
88
82

84
86
82
74
84
76
62
76
86
85
70
70
80
85
88
82

83
85
86
72
82
80
66
73
84
86
79
63
81
82
86
84

*43
69
79
60
74
50
84
78
67
46
87
63
58
78
74

40
88
67
67
71
53
82
78

80
82
88
71
79
80
70
70
82
86
82
57
82
80
84
87

83
84
88
70
82
84
66
72
82
89
84
58
81
81
86
84

974. DIFFUSION INDEX OF NO, OF EMPLOYEES, MFG. AND TRADE —
ACTUAL © (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

44
50
64
55
56
48
54
58
54
40
56
56
47
56
54

44
56
62
56
58
46
56
57
53
44
60
54
50
55
56

44
64
58
58
58
49
58
58

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

55
60
65
58
57
59
54
48
56
63
58
44
57
60.
62
62

58
61
66
58
60
60
54
52
58
62
59
44
58
59
64
60

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

AVERAGE

48
64
58

*45
58
60
56
49
57
58

48
59
52
54
56
55

51
52
60
57
49
49
58
50
53
55
56

*45
58
53
51
56
55

59
64
63
58
58
58
51
53
62
60
56
48
58
61
64
60

60
64
62
58
60
58
50
55
60
60
49
52
58
62
63
58

58
62
64
58
59
59
52
52
59
61
56
47
58
60
63
60

975. DIF. INDEX OP LEVEL OF INVENTORIES, MFG. AND TRADE —
ACTUAL © (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961 . . ,
.
1962
1963

53
82
61
62
78
74

47
48
84
54
53
51
54
68
63
43
62
66
50
64
60

44
53
80
48
60
48
62
68
59
46
68
60
50
62
62

37
68
72
50
58
47
62
68

64
68
74
68
68
71
66
62
64
73
78
58
62
74
76
80

66
71
74
66
68
70
61
62
66
76
79
52
65
72
76
76

AVERAGE

39
78
58

42
62
74

*56
49
61
67

48
64
56
56
62
62

52
50
65
65
53
50
62
54
56
61
63

67
72
73
65
70
70
62
62
72
75
78
56
68
74
76
73

65
73
74
64
70
68
58
60
71
76
69
57
69
75
78
75

66
71
74
66
69
70
62
62
68
75
76
56
66
74
76
76

47
64
59
53
62
62

1948
1949
1950
1951
1952
. .
1953
1954
1955
1956
1957
1958 . . .
.
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975 . .
..
1976
1977
1978
1979
1980

IV Q

67
85
70

74
82
68

*84
80
68
86
72

'S7
82
81
79
58
87
84
66
84
82

62
84
79
72
61
86
81
82
86
78

45
86
71
73
74
63
86
78
74
72
86
72
82
78
80

82
85
88
80
82
86
74
78
83
88
86
75
82
82
86
85

86
87
90
82
86
88
73
80
88
90
78
62
84
86
87
88

86
88
90
82
86
86
78
86
90
90
86
73
90
90
92
84

86
89
86
82
84
83
76
84
88
88
82
74
87
86
90
78

58
86
68
75
65
72
82
77

974. DIFFUSION INDEX OF NO. OF EMPLOYEES, MFG. AND TRADEANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)
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
1980

1948
1949
1950
1951 .
1952
1953
1954 . . .
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967 . , , ,
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

'?i
81
70

*62
81
80
76
*86
79
74
84
78
85
87
83
82
84
86
75
82
87
89
83
71
86
86
89
84

AVERAGE

*S6
55
53
56
54

57
59
63
60
58
60
56
58
61
62
60
54
62
61
62
58

58
59
62
60
60
59
54
56
60
60
58
54
60
59
62
56

56
58
62
60
60
60
56
57
60
61
59
52
60
60
61
58

54
56
52
56
54

*46
56
56
56
50
56
56
52
56
55

55
58
62
60
60
60
58
55
58
60
61
53
56
59
59
60

56
58
63
60
60
60
56
58
60
63
56
48
60
60
60
60

42
65
47

50
69
47

*57
60
52
60
56

*46
58
61
59
48
62
60
53
63
60

48
57
61
54
48
63
58
57
62
58

32
57
56
45
54
47
62
58
56
52
62
54
56
58
60

60
64
66
65
63
66
62
60
61
69
70
64
60
65
67
70

63
64
68
66
66
68
61
62
66
72
67
54
64
68
70
74

63
64
69
63
67
66
64
65
66
72
72
50
70
72
73
71

63
66
69
62
66
66
58
65
66
70
72
54
68
70
74
68

These are copyrighted series used by pen

AVERAGE

50
56
56
53
50
56
56
54
57
54

54
62
54

38
66
54
52
50
50
60
60

Annual

46
59
57
56
54
48
58
56
54
51
57
52
54
54
55

52
62
56

50
62
54
57
53
54
57
56

975. DIF. INDEX OF LEVEL OF INVENTORIES, MFG. AND TRADEANTICIPATED ©
(PERCENT RISING OVER 4-QUARTER SPANS)

NOTE: These series contain no revisions but are reprinted for the convenience of the user.
they may not be reproduced without written permission from Dun & Bradstreet, Inc.




III Q

973. DIFFUSION INDEX OF NET SALES, MFG. AND TRADE-ANTICIPATED ®
{PERCENT RISING OVER 4-QUARTER SPANS)

AVERAGE
47
88
68

*39
60
90
54
72
50
76
80
64
40
82
72
49
80
71

II Q

IQ

IV Q

'S4
61
55
*49
56
56
55

AVERAGE

47
64
48

*48
57
60
57

'ei
58
54
61
58
62
64
68
64
66
66
61
63
65
71
70
56
66
69
71
71

(OCTOBER 1980)

103

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Year

IQ

NQ

ill Q

IV Q

976. DIFFUSION INDEX OP SELLING PRICES, MANUFACTURING-ACTUAL ( ) (PERCENT RISING OVER 4-QUARTER SPANS)
§
1948
1949
1950
1951 . . . .
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961 . . .
..
1962 . . .
..
1963
1964
1963
1966
1967
196^
1969.
1970. . . .
1971
1972
1973
1974
1975
1976
1977. . .
1978... .
1979
1980 .

41
92
50
33
44
50
70
70
52
58
58
52
54
50

52
86
46
58
44
56
68
64
52
60
55
50
53
54

56
58
70
70
74
82
80
74
70
82
92
81
80
86
87
92

54
61
72
70
76
80
80
76
72
84
96
78
82
86
88
93

82
73
32
60
47
64
72

32
92
63

*si

1964
1963... .
1966
1967
I960
1969
1970
1971 . .
1972
1973
1974
1973
1976
1977
1973
1979
1980. . . , .

44
94
48
48
46
53
71
74
54
62
57
51
35
S2

61
85
42
58
43
60
68
71
54
64
56
31
32
56

60
63
78
74
81
85
87
83
80
90
96
80
84
87
89
96

56
60
76
74
82
85
83
86
81
89
96
79
80
86
92
95

*53
59
55
52
54
54

56
64
78
72
78
82
78
68
72
86
94
78
80
87
90
92

56
65
76
73
80
82
7S
70
74
90
89
78
82
87
91
94

56
62
74
71
77
82
78
72
72
36
93
79
81
86
89
93

29
94
63

AVERAGE

72
81

*54
47
63
74

'59
63
54
34
SO
60

*50
§0
70
78
66
62
64
52
54
54
58

58
68
82
80
82
86
86
73
82
92
94
81
80
88
93
95

60
70
78
82
85
85
84
74
80
96
91
81
88
90
94
96

58
65
78
78
82
85
86
80
81
92
94
80
83
38
92
96

.

1964
1965
1966. . .
..
1967
1968
1969
1970
1971
1972
1973
1974
1973
1976
1977
1978
1979
1980

*56
46
60
71

*S3
60
54
54
54
55

978. DIFFUSION INDEX OP SELLING PRICKS, RETAIL TRADEACTUAL <g) (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1953
19S6
1957
1958
1959
I960
1961
1962
1963

*67
78

48
68
74
60
56
58
52
52
53
55

90
78
38
60
48
69
79

85
76
52
56
44
66
12

23
95
64

38
94
44
53
44
49
6S
64
54
62
54
52
55
52

49
82
43
32
42
55
66
64
32
65
58
50
52
54

*S8
62
56
57
54
58

52
64
70
58
59
59
54
54
54
61

36
62
78
74
88
91
86
86
73
90
92
80
86
90
91
94

56
61
78
80
83
90
86
84
78
87
97
84
86
86
94
95

60
67
84
84
88
90
85
73
79
93
96
86
92
92
94
94

58
70
80
87
92
89
86
74
81
93
92
88
86
92
93
96

'so

Year
IQ

AVERAGE

977, DIFFUSION INDEX Ob* SELLING PRICES, WHOLESALE TRADE-ACTUAL @ (PERCENT RISING OVER 4-QUARTER SPANS)
1940
1949
195Q
1951
19^?
1951
1954
1955 .
1956.
1957
195g
1959
1960
1%1
1962 .
19$3

Annual

*57
64
55
52
53
56

AVERAGE

'67
79
*53
46
58
68
*56
62
56
53
54
56
58
65
80
81
89
90
86
79
78
91
94
84
88
90
93
95

II Q

III Q

976. DIFFUSION INDEX OF SELLING PRICES, MANUFACTURINGANTICIPATED © (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949 . . .
1950
1951
1952
1953 . .
1954
195S
1956
1957
195g
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975. .
1976
1977. .
1978 .
1979
1980

34
90
62
56




*48
82
55

'4*6
55
66
64
52
60
58
56
56
56

66
70
50
58
48
60
66
62
54
64
56
54
52
56

58
61
72
68
75
78
78
75
72
83
92
68
80
86
87
88

57
62
63
70
76
80
75
75
70
83
90
74
80
82
87
86

38
60
68
71
75
78
77
76
70
80
89
76
78
82
85
87

46
82
50

*58
62
56
57
53

50
54
70
67
55
60
62
55
56
54

57
58
65
74
74
75
79
76
68
73
86
86
75
78
82
86

58
60
68
72
76
79
76
76
72
80
89
76
78
31
84
88

*50
66
69

977. DIFFUSION INDEX OF SELLING PRICES, WHOLESALE TRADE—ANTICIPATED ® (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 . .
197Q
1971
1972
1973
1974
1975
1976
1977. .
1978
1979
1980

44
90
56

48
34
50

'so

*62
65
55
59
52

54
70
74
62
66
68
55
58
55

*45
56
§8
66
34
54
60
IS 6
39
'55

22
73
6CI
50
56
48
64
68
70
59
69
56
36
54
54

61
62
63
76
78
79
77
80
70
80
88
87
80
80
84
88

60
62
72
73
32
80
30
82
78
86
94
74
82
36
90
90

59
64
'?6
69
78
80
£12
B2
80
68
92
70
82
86
87
92

58
60
12
74
78
80
80
82
74
84
91
76
84
84
90
90

30
92
68
56
53
51
71
72

978. DIFFUSION INDEX OF SELLING PRICES, RETAIL TRADEANTICIPATED © (PERCENT RISING OVER 4-QUARTER SPANS)
1948
1949
1950
1951
1952
1953
1954
1955. . .
1956
1957
1958
1959
1960
1961
1962
1963
1964
196 5
1966
1967
1968
1969* *
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

33
94
52

42
33
44

58
62
55
57
52

'4*8
48
67
66
55
62
60
55
57
54

*44
S3
66
60
52
62
56
55
55
54

58
58
63
76
81
84
80
80
67
76
87
88
81
86
90
90

60
59
70
76
34
84
30
80
74
85
89
75
82
84
38
92

57
60
76
72
86
84

24
90
63
55
50
48
66
69

Annual

AVERAGE

*i'8
46
88
58

NOTE: These series contain no revisions but are reprinted for the convenience of the user. These are copyrighted series used by permission;
they may not be reproduced without written permission from Dun & Bradstreet, Inc.

104

IV Q

S:L

80
741
88
92
12
84!
89
92
92

'S3
67
66
*60
60
55
53
55

AVERAGE

*49
82
36
*49
56
69
70

'es
62
56
58
54
60
62

7a
7.J
79
SO
80
82
76
84
91
77
82
84
88
90

AVERAGE

12
65
64
45
52
42
§g
66
64
52
66
37
32
35
57

*62
59
34
56
34

57
62
75
78
87
36
30
30
74
83
93
79
86
33
92
90

58
60
71
76
84
84
80
80
72
83
90
78
83
87
90
91

'4*2'
84
51
*46
51
66
65

(OCTOBER 1980)

E. Business Cycle Expansions and Contractions in the United States

Duration in months
Business cycle reference dates

Cycle

Contraction
(trough from
previous
peak)

Expansion
(trough to
peak)

Trough from
previous
trough

Peak from
previous
peak

Peak

Trough
December 1854
December 1858
June 1861
December 1867
December 1870

.... June 1857
October 1860
Aprill865
June 1869
October 1873

18
8
iZ
18

30
22
46
18
34

48
30
M
36

'"40
M
50
52

March 1879
May 1885
April 1888
May 1891
June 1894

March 1882
March 1887
July 1890
January 1893
.... December 1895

65
38
13
10
17

36
22
27
20
18

99
74
35
37
37

101
60
40
30
35

June 1897
December 1900
August 1904
June 1908
January 1912

Junel899
September 1902
May 1907
.... January 1910
.... January 1913

18
18
23
13
24

24
21
33
19
12

36
42
44
46
43

42
39
56
32
36

December 1914
March 1919
July 1921
July 1924
November 1927

August 1918
January 1920
May 1923
October 1926
August 1929

23
2
18
14 13

14
10
22
27
21

35
51
28
36
40

iZ
17
40
41
34

43
13
1
11
10

50
80
37
i5
39

64
63
88
48
15

93
M
45
56
49

8
10
1
1
16

24
106
36
58

47
34
117
52

32
116
47
74

Average, all cycles:
1854-1980 (28 cycles)
1854-1919 (16 cycles)
1919-1945 (6 cycles)
1945-1980 (6 cycles)

19
22
18
11

1

34
27
35
3
49

52
48
53
59

53
49
53
3
60

Average, peacetime cycles:
1854-1980 (23 cycles)
1854-1919 (14 cycles)
1919-1945 (5 cycles)
1945-1980 (4 cycles)

20
22
20
11

4

46
46
46
45

47
547
45
6
49

March 1933
june!938
October 1945
October 1949
May 1954

.

.

April 1958
February 1961
November 1970
March 1975

. .. May 1937
.... February 1945
.... November 1948
July 1953
. .. August 1957
April 1960
December 1969
November 1973
January 1980

NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and
that include the wartime expansions.
1
4

29 cycles.
24 cycles.

2
15
5

cycles.
13 cycles.

28
24
26
6
39

2

Korean war, and Vietnam war), the postwar contractions, and the full cycles
3
6

7 cycles.
5 cycles.

Source: National Bureau of Economic Research, Inc.




105

G. Experimental Data and Analyses

Year
and
quarter

Unit labor cost,
all persons, nonfarm
business sector 1

Implicit price
deflator, gross
nonfarm business
product 1
(Index: 1967-100)

Components of BCD series 26—;

(Index: 1967=100)

1978
180.2
184.7
187.8
191.4

190.2
192.8
195.6
199.3

195.1
200.3
204.7
208.4

206.0
212.1
217.3
221.8

213.7
r220.4
p225.2

I Q....
II Q . . .
Ill Q . .
IV Q . . .

HI I n r P M 111 i n mpi|:

Implicit price deflator, gross nonfarm
business product, Q '
(index: 1967 = 100)

228.2
r236.3
p239.6

1979

I Q....
II Q . . .
Ill Q . .
IV Q . . .
1980

I Q....
II Q , . .
Ill Q . .
IV Q . . .

Inventory-sales ratios in 1972 dollars 2
Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1967-100)

Inventory-sales ratios in 1972 dolars (ratio)

Retail trade
(Ratio)

1979
Jan.
Feb.
Mar.
Apr.
May.
June

1.76
1.78
1.72
1.86
1.78
1.84

1.33
1.35
1.30
1.33
1.30
1.31

1.39
1.38
1.38
1.41
1.42
1.45

July
Aug.
Sept
Oct.

1.84
1.86
1.87
1.87
1.91
1.90

1.31
1.31
1.31
1.30
1.29
1.30

1.46
1.42
1.37
1.41
1.40
1.37

Jan.
Feb.
Mar.
Apr.
May.
June

1.87
1.88
1.92
2.06
2.09
2.10

1.29
1,27
1.37
1.31
1.38
1.37

1.34
1.35
1.38
1.42
1.43
1.40

July
Aug.
Sept
Oct.
Nov.
Dec.

r2.07
p2,05
(NA)

rl.30
pi. 43
(NA)

1.38
pi. 37
(NA)

Nov.

Dec.
1980

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980

NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
1
Source: U.S. Department of Labor, Bureau of Labor Statistics.
^Source: U.S. Department of Commerce, Bureau of Economic Analysis.

106



G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing 1
(per TOO employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies reporting
slower del i veries (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 do!., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive prices, smoothed2
(percent)
19. Stock prices, 500 common stocks
(index- 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands )
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars). . . .
47. Industrial production, total
(index- 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators 3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent) . .
72. Commercial and industrial loans outstanding
(milliondollars)
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)

June
1980

July
1980

Net contribution to index
Sept.

Aug.
1980

1980

June
to
July
1980

July
to
Aug.
1980

Aug.
to
Sept.
1980

0.34

0.10

1.20

-0.30

0.60

r39.0

r39.4

2.9

1.7

2.0

29.07

31.66

r31.66

P33.08

0.45

0,

0.27

28

32

34

39

0.14

0.07

0,21

114.8

115.3

el!7.4

NA

0.06

0.26

NA

r!2.61

r.L3.70

r!2.58

p!2.38

0.19

-0.20

-0.04

109.9

126.3

0.40

0.28

0.49

NA

-0.19

39.1

87.1

r-12.39
r-0.45

99.8

r-15.38
0.27

p-11.51
1.12

p39.5
pi. 5

1.92

-0.09

0.24

MA

0.30

0.36

0.40

114.55

119.83

123.50

126.51

0.28

0.19

0.18

rO.60

rO.63

60.67

60.71

0.10

0.13

0.15

804.1

816.2

r820.5

P817.9

0.58

0.20

-0.15

r!23.9

r!28.3

r!30.5

P133.6

3.55

1.71

2 . 38

90,047

r89,867

r90,109

p90,296

-0.16

0.21

0.21

1,005.1

rl,002.9

rl, 0 0 4 . 0

-0.11

0.05

-0*20

r!41.5

r!40.1

r!41.0

pl42.4

-0.27

0.18

0.35

147,805

r!52,027

p!48,871

NA

0.62

-0.46

r!36.0

r!35.8

P136.1

-0.07

-0.15

0.22

13.1

0.05

-0.51

-0.36

0.07

-0.09

136.1

11.7

11.6

12.6

pi, 0 0 0 . 9

HA

257.50

r257.90

P257.43

NA

r!98.0

200.4

r200.9

0201.2

0.3J3

12.63

11.48

11.12

12.23

-2.24

-0.70

3.24

165,347

0.15

0.35

0.49

159,211

160,318

162 ,898

0.08

14.32

r!4.06

p!3.96

NA

-0.90

-0.34

r!68.2

r!63.8

r!61.5

p!66.9

-2.62

-1.40

HA
0.07

NA
3.34

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.
l
This
2
This
3

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.




107

G. Experimental Data and Analyses— Continued
Recession Comparisons: Current and Selected Historical Patterns
QRTR5.
FROM
REP.
PEAK

|"'»|""'|'""|"M1|M,

30, Change in business inventories,
1972'dollars

Tin

CURRENT QRTR.
AND
ACTUAL
DATA YEAR

43. Unemployment rate, total (inverted)

SERIES 30
ANN. RATE

Devi
at Kins
from
reference
peaks

Actual
data
for
current
cycle

BIL. DOL.

18.1 11/79
7.1 111/79
1.4 IV/79

-3
-2
-1

0.3

I1/80

2.6

-6.8

Actual

1/80

-1

HI/80

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

1980

1980
•6

SERIES 43
PERCENT
2
1
0

-0.4
-0.3
0. P

5.8
5.9

11/79
12/79

6.2

1/80

1
2
3
4

-0.2
0.
0.8
1.6

6.0
6.2
7.0
7.8

2/80
3/80
4/80
5/80

5
6
7
8

1.5
1.6
1.4
1.3

7.7
7.8
7.6
7.5

•7

+1

6/80
7/80
8/80
9/80

•8

+2

•9

+3

• 10

+4

-J +5

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

47. Industrial production index
fcj^c]
Percent

SERIES 50
ANN. RATE

1957

BIL. DOL.

-3
-2
-1

0
1
2

-1.6
-0.8
-0.3

1422.3 11/79
1433.3 111/79
1440.3 IV/79

0. P 1444.7

-2.5
-2.3

• 1500

+5

1/80

1408.6 11/80
1412.1 111/80

• 155

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA YEAR
1/80

-

0

•1450

m In 111 inn inn li MI 11 MI ill in it inn

0

-5

11/79
12/79

152.7

1/80

-0.1
-0.4
-2.9
-5.7

152.6
152.1
148.3
144.0

2/80
3/80
4/80
5/80

5
-7.3
6
-8.3
7 -7.7
8 -6.7

141.5
140.1
141.0
142.4

6/80
7/80
8/80
9/80

+ 6 +12 +18 +24 +30 +36
Months from reference peaks

NOTE:

For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1980 issue.

108



• 150

-5

152.3
152.5

0. P

-J

0

SERIES 47
1967=100
-0.3
-0.1

•1400

•n +10

»145

• 140

-10
• 135

-15
I ii 111 imilimilmiilnmliimliim

•6

0

+6

+12 +18 +24 +30 +36

Months from reference peaks

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns-Continued
82. Rate of capacity utilization,
manufacturing (FRB)

QRTRS .
FROM
REF.
PEAK

Actual
data
'percent)

CURRENT QRTR.
ACTUAL
AND
DATA YEAR
SERIES 82
PERCENT

85.9
11/79
85.3 111/79
8 4 . 4 IV/79
83.4

1/80

77.9
11/80
75.1 HI/80

90

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA YEAR
PEAK
1/80
SERIES 910
1967=100
-2
-1

85

0

0.5
0.4

135.6
135.4

11/79
12/79

134.9

1/80

1
2
3
4

-0.4
-2.7
-6.8
-9.0

134.3
131.3
125.7
122.7

2/80
3/80
4/80
5/80

5
6
7
8

-8.2
-4.9
-3.3
-1.0

123.9
128.3
130.5
133.6

6/80
7/80
8/80
9/80

0. P

75

1973
• 110

-1 70

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
REF.
AND
FROM ACTUAL
DATA YEAR
PEAK
1/80

86. Nonresidential fixed investment,
total,; 1972 dollars
C,Lg,C I

-3
-2
-1
»160

+5

0
1
2

1980
• 150

920. Composite index of 4 coincident
indicators

SERIES 86
ANN. RATIU
B I L . DOL
146.9 ' l I / 7 9
-2.8
150.7 111/79
-0.3
-0.5
150.5 IV/79

0. P

-3.9
-4.7

151.2

• 155

1/80

145.3

11/80
144.1 HI/80

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

• 145

SERIES 920
1967=100

H40

-2
-1
0

-10

-6

0. P

145.0
145.3

11/79
12/79

145.9

1/80

1
2
3
4

-0.5
-1.9
-3.8
-5.8

145.2
143.1
140.4
137.4

5
6
7
8

-6.7
-6.8
-6.9
-6.7

136.1
136.0
135.8
136.1

6/80
7/80
8/80
9/80

0 +6 +12 +18 +24 +30 +36
Months from reference peaks

NOTE:

• 135

10

2/80
3/80
4/80
5/80

»130

-15

-0.6
-0.4

-I -15

• 125

In in miilmiilimiliini Illinium

-6

0 +6

+12 +18 +24 +30 +36

Months from reference peaks

For an explanation of these charts, see "How to Read Charts" on p. 107 of the July 1980 issue.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Serins titles
(Sfie complete titles in "Till s?s and Sou no of
Suries," f al lowing this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
data descriptions
(issue date: (issue date)

A
Accession rate manufacturing
Agricultural products, exports
Anticipations and intent ions
Business expenditures, new plant and equipment . . . . .
Business expenditures, now plant and equipment, Dl . .
Consumer sentiment indox
Employees, manufacturing and trade, 01
Inventories, rnanufacturinfj and trade Dl
Now orders, manufacturing, Dl , ,
Prices soiling manufacturing 01
Prices, sellini], retail trade, PI ...
Prices soiling wholesale trade Dl
Profits net manufacturing and trade 01
Solos nsst manufacturing imd trade Dl
Automobiles
tispptidi lures, personal consumption
Imports of automobiles and parts

2
604

16
56

61
92

8/80
8/80

8/68

61
970
§8
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

10/80
10/80

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

55
616

22
56

65
92

9/79
8/80

8/80

10/80
10/80
10/80
10/80
10/00
10/80
10/80
10/80

10/69*

B
Balance of payments-See International transactions.
Hank loans to businesses, loans outstanding
Rank loans to businesses, net ehanqi!
Bank rates -Set* Interest rates.
Bunk reserves
Free reserves
,
.
Member bank borrowing from f-'ecteral Reserve
[Jonds-Sfie Interest rates,
tJorrowiiif) -See Credit.
Budpt -See Government.
I'luildi [»[)• See Construct ion.
Business equipment, industrial production
Business expend i tures, new plant and equipment
Business expenditures, new plant and equipment, Dl . , , ,
HuoinejS for mat ton _
Business inventories-See Inventories,
ilusi ness loans-See Bank loans.
Business savimj

72
112

15,35
32

73
72

6/79
6/79

93
94

33
33

72
72

9/80
9/80

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

3/80
3/80

295

46

82

11/79

8/80
1/80

10/80
10/80
10/80

C
Canada-See International comparisons,
Capacity utilization
Manufacturing IBHAi
Manufacturing (FBB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, 01
Capital investment- 'See Investment, capital.
Capital investment commitments, Cl . .
Cash flow, corporate, constant dollars
Cosh flow, corporate, current dollars
. ,
Civilian labor force- See also Employment.
Employment
huployrnau as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite indox, rate of change
Diffusion index
Hatio to lagging indicators, composite index . .
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compen sit ion. overage hourly, all Employees,
nonfann business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent yhiintjes
Compensation of employees ....
Compensation of employees, per gent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
['•a mi rigs, average hourly, production workers,
private nonfarm economy . . .
Kami rigs, average hourly, production workers,
private nonfarm economy, percent changes
fiornings, real average hourly, product ien
workers, private nanfarm 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

24
24
37

66
66
75

11
29
29

60
70
70

9/80
9/79
9/79

442
90
441
37

51
18
51
18,51

89
62
89
62,89

3/80
2/80
3/80
2/80

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

7/80
7/80
6/79
9/80
8/79
6/79
6/79

Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
11/72
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to persons! income
Consumer installment loans, delinquency rate
4/69
Consumer prices-See also International comparisons.
AH items index
11/68
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. . .
Corporate bond yields
.
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Borrowing total private
Commercial and industrial loans outstanding
. .
Consumer installment debt
Debt outstanding
Net change
...
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt net change
. . ........
Crude materials-See Wholesale prices.

10/80
10/80
10/80,

914
35
34

345

345c
280

49
50
45

74""

60
66
73
72
87
87
82

Composite indexes
Coincident indicators
Four coincides
Four coinciders rate of change
Ratio to lagging indicator index
.
Lagging indicators
Six laggers
Six lapgprs rote of chants
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
,
Profitability
Twslve leaders
Twelve leaders rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales —
Gross private domestic fixed investment
Nonrssidential os percent of GNP
Nonrssidential structures constant dollars
Nonresidential total constant dollars
. .

11/72
11/72

9/79
9/79
9/79

97
11
965

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

1/72
1/72

Charts




Tab IBS

11/75*

60*"

7/80
9/80

60

7/80

11/75*

9/80
9/80
7/80
7/80

5/75*

10
39
11

60

930
930i;

10
39

914
915
913
917
916
910

11

60
60
60
60
60
60

n
11
n
11

91Qc

29
9
69

13,25
23
24

67
66
67

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

8
75

12,21
22

64
65

7/80

66
113
95
39

35
32
15,35
33

73

5/79
6/79
8/79

10/80

li/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/80
5/80
5/80
5/80
8/80

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

66
66
73

7/80
7/80
1/79

9/68'

112
110
72

32
32
15,35

n

6/79

11/72

66
113
95
39
33

35
32
15,35
33
32

525
564
548
517

n
73
n

72
73

9/79

10/69*

64

30,47

70,83

346

49

88

10/72*

346c

50

88

10/72*

340

49

87

10/80

50

87

10/80

6/72*

341

49

87

10/80

6/72*

341 c
348
349

50
50
50

87
88
88

10/80
11/79
11/79

6/72*
6/72*
6/72*

53

19

63

4/80

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 . .

6/72*

340c

8/80
8/79

4/69

a/80

9/68*

11/79

10/69*

9/79
9/79

11/79

io/69*

9/79
3/80

6/72

12/79

11/79

10/72
10/72

7/64

7/64

6/79

11/72

73
72
73
72
71

S/79

10/72
10/72

53
55
53
53

90
91
90
90

s/ao
10/79
a/so ;
s/eo

10/69*

39
32

33
12,21

72
64

10/80
10/80

11/72
12/74

970
965
951
974
963
967

38
37
36
38
36
37

10/80
10/80

11/68*

966

37

962
975
952
9SO
964

36*"

38
36
36
37

971
968
976
978
977
960
972
973
961

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

a/79

8/79

10/80

il/7J!

4/80

D

Debt-See Credit.
Defense
Military prime contract awards
,
National defense purchases
4/72*
New orders, defense products
4/72*
Obligations incurred
11/75* Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
ii/72'
Capital appropriations, manufacturing ...
11/72
Coincident indicators
Employees, manufacturing and trade
10/72* Employees on private nonagricultural payrolls

10/72*
10/69

7/ao
9/eo
9/80
9/ao

10
39

4/72*

11/79

Historical Series
datii descriptions
(issue dale (issue dntti)

7/ao

920
920s
940

Prices, 500 common stocks
Prices selling manufacturing
Prices selling retail trade
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.

NOTE: The following abbreviations are used in this indox: Cl, composite index; 01, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication data shown.

110

Current issue
( pap nw hers)

Seriiss
numter

38*"

6/79

10/80

ii/68*

9/80
5/80

4/69*

9/79
6/78

10/80
6/79'

6/69*
11/63*

6/79
9/BO

10/80
9/79

10/80
10/80
10/80
10/79
10/80
10/80
9/80

ii/68*
5/69*
11/60*
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)

Current issue
{page numbers)

Series
number

Charts

Tables

Series
Historical
data descriptions
{issue date) [issue date)

E

Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., and construction
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonag. payrolls, 01
Employment ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial ctaims State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate, manufacturing
Unemployed both sexes 16-19years old
Unemployed, females 20 years and over
Unemployed fult-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 Dt
Equipment-See Investment, capital,
Exports-See Foreign trade and International transactions.

2
441

16
51

61
89

8/80
3/80

48

17

61

9/80

48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16

961

36

62
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62
62,89
61
77
74

9/80
9/80

10/80
9/80
9/80
2/80
3/80
7/79
2/80
7/80
6/78
8/80
9/80
8/80
3/80
3/80
3/80
3/80
2/80
8/80
3/80
3/80
3/80
3/80
3/80
2/80
8/80
2/80
2/80
8/80
9/80

F
Federal funds rate
Federal Government-See Government.
Federal Reserve member bonk borrowing from
Final sales in constant dollars
Financial flows, 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
Exports merchandise total exc military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA. ...
Exports of goods and services, current dol., NIPA
Exports of goods and services exc military
Exports of nonelectrical machinery
Imports merchandise adjusted exc mililary
Imports, merchandise, total
Imports of automobiles gnd 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 dot., 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

1/79

94
213
917

33
40
11

72
80
60

9/80

311

84
84

11/79

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

7/80
7/80
7/80
8/80
8/80
11/79
11/79
7/80
8/80
7/80
8/80
8/80

93

33

72

10/79
9/80

n/79

n/79

11/79
7/80
8/80
11/79
11/79
11/79
9/80

G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local percent of GNP
Total constant dollars
Total current dollars

20

63

9/79

502
501
500
512
511
510
298

. 52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/79
9/79
9/79
10/79
10/79
10/79
11/79

263
262
265
564
267
266
268
261
260

43
43
47
55
43
43
47
43
43

81
81
83
91
81
81
83
81
81

11/79
11/79
11/79
10/79
11/79

49

n/79
11/79
11/79
11/79

Series titles
{See complete titles in "Titles and Sources of
Series," following this index)

Gross business product
Fixed weighted price index
Fixed weighted price index percent changes
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP, constant dollars
4/72*
GNP constant dollars differences
GNP constant dollars percent changes
8/68*
GNP, current dollars
8/68*
GNP current dollars differences
GNP, current dollars, percent changes
11/68*
GNP ratio to money supply
8/68
Goods Output in constant dollars
Implicit price deflator
.
. . .
Implicit price deflator percent changes
4/72*
Per capita GNP, constant dollars
12/74
Gross private domestic invest. -See Investment, capital.
6/69'
6/69*
8/68*
12/74

4/72'

Current issue
{page numbers)

Series
number

Charts

Tables

Historical SONGS
data descriptions
(issue date) lissusdate)

n/79

48
48
30

84
84
70

19,40

217

31
20
48
48
40

63,80
80
80
80
80
80
71
63
84
84
80

46
60

17
17

61
61

7/79
2/80

21
1

16
12,16

8/80
8/80

961

36

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

3/80
8/80
9/79

n/79

10/69*

48
48

84
84

11/79
11/79

10/69*
10/69*

49

87

50
45
30,47

87
82
70,83

49

88

50
15,35
45
47
40
40
40

88
73
82
83
80
80
80

8/79
11/79
11/79
10/79
10/79
10/79

ib/69
10/69*
10/69
10/69
10/69

49

87

10/80

6/72*

311
311c

68
50
SOb
50c
200
200b
200c
107
49
310
310c

39""

40

11/79
9/79
10/79
10/79
10/79
10/79
10/79
10/79
7/80
9/79
11/79

n/79

10/79

7/68'
10/69*
10/69*
10/69*
10/69
10/69
10/69
10/69*
10/69*
10/69

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 D 1
Housing
Housing starts
Housing units authorised by local bldg permits
Residential GPDI, constant dollars
Residential GPDI percent of GNP

12/74
12/74
8/68

9/80
6/72
4/69

1
4/72
6/69
4/72

Implicit price deflator, GNP
310
Implicit price deflator, GNP, percent changes
310c
4/72* Imports-See Foreign trade and International transactions.
8/68
Income
Compensation, average hourly, all employees,
nonfarm business sector
345
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
345c
Compensation of employees
280
Compensation of employees, pet. of nat'I. income
64
Compensation, real average hourly, all employees,
11/73
nonfarm business sector
346
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
346c
Consumer installment debt, ratio to personal income . . 95
Corporate profits with 1 VA and CCA
286
Corp. profits with IVA and CCA, pet. of nat'I. income .
287
Disposable personal income, constant dollars
225
Disposable personal income, current dollars
•224
Disposable personal income, per capita, constant dol. . . 221
Earnings, average hourly, production workers,
private nonfarm economy
.
340
Earnings, average hourly, production workers,
5/69*
private nonfarm economy percent changes
340c
5/69*
Earnings, real average hourly, production
341
workers private nonfarm economy
Earnings, real average hourly, production
5/69
workers, private nonfarm economy, percent changes .
341 c
5/69*
Income on foreign investment in the U S
652
Income on U S investments abroad
651
5/69*
Interest net
288
5/69*
Interest, net, percent of national income
289
National income
220
Personal income constant dollars
52
5/69
Personal income current dollars
223
5/69*
Personal income, less transfers, constant dollars
51
Personal income, less transfers, constant dols. rate of chg. 51c
Personal income ratio to money supply
108
5/69
Proprietors' income with IVA and CCA
282
10/69*
Proprietors' income with IVA and CCA, percent
of national income
283
11/72
Rental income of persons with CCA
284
Rental income of persons with CCA, pet. of nat'I. income
285
348
Wage and benefit decisions first year
Wage and benefit decisions life of contract
349
53
Wages and salaries, mining, mfg., and construction
13
Incorporations new businesses
23
7/68*
Industrial materials prices
7/68*
Industrial materials prices components
967
7/68*
Industrial materials prices Dl
Industrial production - See also International comparisons.
76
Business equipment
..
75
Consumer goods
73
10/69
Durable manufactures
74
Nondurable manufactures
11/73
47
Total
10/69
10/69*
966
Total Dl
10/69*
47e
Total rate of change
11/73
Installment debt-See Credit.
Insured unemployment
10/69
5
10/69*
Avg, weekly initial claims, unemploy. insurance ......
Avg. weekly initial claims, unemploy. insurance, 01 ... 962
45
Avg weekly insured unemployment rate
10/69

10/72*
10/72*

11/79 • 10/69
10/69*
9/79
10/72*
10/72*

50

87

10/80

6/72*

49

87

10/80

6/72*

50
57
57
45
47
45
19
40
14,19
39
31
45

87
93
93
82
83
82
63
63
63

10/80
7/80
7/80
11/79
11/79
10/79
2/80
1/80
10/80
10/80
6/80
11/79

6/72*
5/69*
5/69*
10/69
10/69*
10/69

11/79

11/79
11/79
11/79

10/69*
10/69
10/69*
6/72*
6/72*

4/80
3/80
5/80

4/69'

5/80

4/69*

£
47
50
50
19
23
28
37
24
22
20
20
14,20,58
37
39
16
36
18

71
82
83
82
83
88
88
63
65
69
79
75
67
65
63
63
63,94
78
75

61
74
62

n/79

7/68*

10/69

1/80

12/79
12/79
12/79
9/80

11/68

9/79
9/80

7/80
6/78
8/80

6/69

6/69*
6/69

NOTE: The following abbreviations are used in this inrfex: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this ndex)

Interest net
Interest, net, percent of national income
Interest rates
Sank rates on short-tor m businoss loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada percent changes
France, index
France, percent changes
Italy index
Italy, percent changes
Japan index
Japan, percent changes , ,
..
.,.„
United Kingdom index
United Kingdom, percent changes . . .. .
United States index
United States, percent duinqcs
West Germany index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
QFCH, European countries
United Kingdom ,
United Steles
West Germany .
Stock prices
Canada
Franco
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, oxc. military
Exports, merchandise, total exc. mi itary aid
Exports of agricultural products
Exports of goods and services, exe. military
Exports of nonelectrical machinery
Imports, merchandise!, adjusted, exe. military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, tola)
Imports of petroleum and products . . .
Income on foreign investments in U.S
Income on U.S. investments abroad
Inventories
Business inventories, chancjo, constant dollars
Business inventories, change, current dollars
Business inventories change percent of GNP
Finished pods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated)
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order, mfij
Materials and supplies on hand and on order, rnlg.,
change
„
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturi ig, new, 01
Capita) investment commitments, Cl
Construction contracts, commercial and indy stria:
Construction expenditures, business and machinery
and equipment sales
,
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in~Soe Inventories.
Nonresidentbl, total constant dollars
Nonresidentiai, total, percent of GNP
Producers' durable equip., nonresid., constant dol, . .
Residential, total, constant dollars
,
Residential, total, percent of GNP
„
Structures, nonresidential, constant dollars .....
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefenso, constant
dollars
New orders, capital goods, non defense, current
dollars . . . . ,

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data descriptions
(issue date (issue date)

288
289

45
47

82
83

11/79
11/79

10/69
10/69*

67
116
119
118
117
109
114
115

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

8/79
1/79
1/79
3/80
1/79
1/79
1/79
1/79

12/74
7/64

11/73
7/64
7/64

11/73
7/64
7/64

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Plant and equipment
Business expenditures new
Business expenditures, new, D 1
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investments in U.S
Income on U S investments abroad
Italy-See International comparisons.

Charts




Tables

Historical Series
data descriptions
(issue date (issue date)

61
970
20
10
,

24
38
12,23
23

67
76
66
66

10/80
10/80

11/68
11/68*

7/80
7/80

9/68

652
651

57
57

93
93

7/80
7/80

5/69*
5/69*

68
62
63
26

30
15,30
30
29

70
70
70
70

9/79

7/68

12/79

11/68
10/72

930
930i;
952
3

10
39
36
12,16

60

7/80
7/80
6/79
8/80

910

60

950
14
104

10
39
36
33
13,31

913
78

J
Japan-See International comparisons.

59*"

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

3/80
2/79
2/79
2/79
2/79
2/79
9/80
2/79

743
746
747
748
742
19
745

59
§9
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

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

7/80
7/80
7/80
8/80
8/80
7/80
8/80
7/80
8/80
8/80
7/80
8/80
7/80
7/80

30
245
247
65
36
77
915
70
71
31
97§
78

26,42
42
47
27
13,26
27

9/79

15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
63
68
76
68

8/80

38

26

68

8/80

97
11
965
914
9

34
24
37
11
23

66
66
75
60
66

10/80
10/80
10/80

733
733c
736
736e
737
737c
738
738c
732
73Zc
320
320c
735
735c

59*"
59*"
59'"

59
59
49
49,59

n

9/72*

L

7/79
7/79
1/79
1/79
1/79
1/79
1/79
1/79
5/80
5/80
1/79
1/79

9/72*

10/72*
10/72*
10/72*
10/72*

Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
Labor cost per unit of output, private business sector —
Labor cost, price per unit of, nonfarrn business
,
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index rate of change
Diffusion index
Layoff rate manufacturing
Leading indicators, twelve
Composite index
Composite index rate of change
Diffusion index
Liabilities of business failures
Liquid assets change in total
Loans-See Credit.

1/79

•1/79

11/79
11/79
8/80
8/80
1/80
9/80

12/79
12/79
9/80

10/80

9/72*
9/72*
9/72*
5/69*
5/69*
9/72*

M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
change
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer pods and
Materials rats of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows, Cl
5/69* Money supply
5/69*
Liquid assets change in total
Money supply M1
5/69*
Money supply M1, percent changes
Money supply M2
5/69*
Money supply M2, percent changes
5/69*
Ratio GNP to money supply Ml
Ratio personal income to money supply M2
5/69* Mortgage debt, net change
Mortaoe yields secondary market
5/69* Municipal bond yields
5/69*
N
National defense-See Defense.
10/69
10/69* National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries nondefense current dol
Consumer goods and materials constant dollars
Contracts and orders, plant and equip., constant dol. . .
2/69*
Contracts and orders, plant and equip., current dol. . . .
2/69
Defense products
11/68*
Durable goods industries constant dollars
Durable goods industries, current dollars

24

67

8/80

243
242

42
42

81
81

11/79
10/79

86
248
88
89
24S
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

9/79

27

23

66

Diffusion index
New orders manufacturing 01
Nonresidential fixed investment, GPD1
Producers' durable equipment, constant dollars
Structures constant dollars
Total, constant dollars
Total percent of GNP

8/80

24

23

66

11/79
9/79
9/79

11/79
9/79

10/79
10/79

8/80

60
68

9/eo
a/so

38

26

68

8/80

8
84

12,21
20

64
64

7/80
9/79

917

11

60

9/80

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

6/80
6/80
6/80
6/80
6/80
7/80
6/80
4/80
3/80
1/79

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

88
87
86
248

1 25
25
25
47

67
67
67
83

11/79

517
721

53
58

90
94

5/80
2/79

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

5/75*

6/80

11
27

8/68*

7/80
7/80
6/79

72
71

11/75*

10/80

10/72
10/72

7/64*
7/64

9/68

9/80
8/79

69

74
61

7/80
7/80

74*"

910c

B/80

a/8o

9/68

7/80
7/80
7/80
8/80
7/80
7/80

9/68'
9/68'

9/80 '

11/68*

10/80
9/79
9/79
9/79

'.
10/69*

9/68*

0
Obligations incurred Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
10/69* Output-See also Gross national product and
Industrial production.
Goods output constant dollars
Labor cost per unit of
10/69*
Per hour, nonfarm business sector
Per hour private businoss sector
16/69
Per hour, private business sector, percent changes .....
Ratio to capacity manufacturing (BEA)
9/68

Ratio to capacity, materials
Overtime hours, production workers, manufacturing

NOTE: The following abbreviations are used in this index; Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.

112

Current issue
(page numbers)

Series
number

9/79

12/79

11/68
6/68*
10/72*
10/72*

9/79*
9/79
9/79
8/80

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

453
452
451

51
51
51

89
89
89

3/80
3/80
3/80

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79

46
46
56

82
83
92

n/79

11/79

10/69

8/80

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

10/80
10/80
7/80
7/80
2/80

p .

h

' rl h h

.

k

Producer finished goods- See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Production-Sep industrial production and GNP.
Productivity
Output per hour nonfarm business1 sector
Output per hour private business sector
Output per hour, private business sector, pet. changes .
Profitability Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, 01
Manufacturing 01
Per dollar of sales manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .

5/80
5/80
5/80
5/80

320
320c
322
322c

49
49,59
49
49

84,95
84,95

311

23

48
48
48
48
28

967
26
92

37
29
13,28

84
84
84
84
69
79
75
70
69

19
968

13,28
37

69
75

9/79
9/79

330
330c
334
334c
331
332
332c
333
333c
26

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
7/80

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

10/80
10/80
10/80
5/80
1/79

88

25

67

9/79

31lc

310
310c

84
84

11/79
11/79
11/79

10/69
io/69

10/69
10/69
10/69*

7/68*

11/68
11/68*

9/68

5/69*
5/69*
5/69*
5/69*

n/79

10/69*
10/69*

5/80

93
89
249

33
25
47

72
67
83

9/80
9/79
11/79

59
54

22
22

65
65

6/80
6/80

213

40

80

10/79

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

8/80
1/80
1/80
10/80
1/80
6/80
6/80

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/79
11/79
11/79
11/79
11/79

92

13,28

69

4/80

19
968
78

13,28
37
27

69
75
68

9/79
9/79
8/80

38

26

68

8/80

34
34

72
73

1/79
1/79

7/64
7/64

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

3/80
2/80
7/80
6/78
8/80

6/69'

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
61

3/80
3/80
3/80
3/80
2/80
8/80

44
45
43

18
18
18

62
62
62

2/80
8/80
2/80

4/72
6/69
4/72

96
25

21
21

64
64

8/80
8/80

9/68
9/68

107
108
32

31
31
12,21

71
71
64

7/80
6/80
10/80

i2/74

330
330c
334
334c
331
331 c
332
332c
333
333c
92
1

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
4/80
8/80

36

77
74

9/80

11/72
10/69*

5/80
7/80
4/80

6/72

Salaries-See Compensation.
Sales
Final sales constant dollars
Machinery and equipment sales and business
construction expenditures
. .
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dt
Ratio inventories to sales mfg and trade
Retail sales constant dollars
Retail sales current dollars
Saving
Business saving
Government surplus or deficit .
Gross saving private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of material sand supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

4/69*

9/68*
Z/69*
11/68*

6/72"

10/69
10/69
10/69
7/68*

5/69
5/69*

4/69
T

Treasury bill rate
Treasury bond yields

5/69
5/69*
U

6/69*

358
370
370c
916

50
50
50
11

88
88
88
60

9/80

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl . . .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes 16-19 years of age
Females 20 years and over
Full-time workers
Males, 20 years and over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
15 weeks and over
Insured average weekly
li/73
Total
Unfilled orders, manufacturers'
Durable goods industries
. .
Durable goods industries change in
United Kingdom-See International comparisons.
6/68*
10/72*
10/72*
V

18
16

28
28

69
69

9/79
9/79

1/72
7/68

80
79
286
287
972
960
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/79
9/79
11/79
11/79
10/80
10/79
7/80
9/80
9/79

81
282
283

29
45
47

70
82
83

9/79
11/79

16

61

8/80

284

45

82

11/79

47

83

11/79

331c

n/79

Q

R

Rents! income of persons with CCA
Rental income of persons, with CCA, percent of national
income

Tables

S

10/69

4

intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade Dl
Wholesale trade D l
.
.
.

Charts

Historical
Series
descriptions
data
(issue date) (issue date)

10/69*

292
293
614

Curren issue
(page numbers)

Series
number

114
115

Reserves, free
Residential fixed investment, constant dollars, GPOI . . . .
Residential fixed investment percent of GNP
Residential structures-See Housing.
Retail sales constant dollars
Retail sales, current dollars

P

Participation rates, civilian labor force
Both sexes, 1 6-1 9 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total constant dollars
Total, current dollars
Total percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues for Dl
Contracts and orders for constant dollars
Contracts and orders for current dollars
Population civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food, index
Food, percent changes
Deflators NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials DI
Labor cost price per unit of
Sensitive prices change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks Dl . .
Wholesale prices
All commodities, index
All commodities percent change
Consumer finished goods, index
Consumer finished goods percent changes
Crude materials, index
Crude materials, percent changes

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

285

10/69
10/69*
11/68*

Velocity of money
GNP to money supply Ml ratio
Personal income to money supply M2, ratio
Vendor performance

62,89

6/69*
3/68*

4/72*

W

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69"
Wholesale prices
All commodities index
7/68'
All commodities percent changes
Consumer finished goods, index
Consumer finished goods percent changes
10/69
Crude materials index
10/69*
Crude materials percent changes
Intermediate materials index
Intermediate materials percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices change in
Workweek of production workers manufacturing .
Workweek of production workers, manufacturing,
10/69
components
10/69* Workweek of production workers, manufacturing, 01

961

6/69*

8/68"

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




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 Analysts; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

I-A. Composite Indexes
910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19f 20r 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)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).—Source
1
(11,60)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)
917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)

1-B. Cyclical Indicators
1. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).-Source 3 (16,61)
3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3
5. Average weekly initial claims for
insurance, State programs (M).—U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

(16,61)

unemployment
Department of
Administration;
of Economic
(16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
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

114



Bureau of Economic Analysts and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)
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)
14. Current liabilities of business failures (M)-Dun &
Bradstreet, Inc.
(33,72)
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)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

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 amd 3
(18,62)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rate, State
programs (M).-U.S. Department of Labor, Employment
and Training Administration
(18,62)

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)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of industrial materials prices (M).-Source
3
.
((28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).-Source
2
(23,66)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)

47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)
48. Employee-hours in nonagricultural establishments

(M).-Source 3

(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)
52. Personal income, total, in 1972 dollars (M).-Source

1

(19,63)

27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).—Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M),—Source

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)

56. Manufacturing and trade sales in current dollars (M),—
Sources 1 and 2
(22,65)
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)

32. Vendor performance, percent of companies reporting
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)

2

(22,65)

55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)

TITLES AND SOURCES OF SERIES- Continued
(34,72)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources I, 2, 3, and The Conference
Board
(17,61)

84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)

119. Federal funds rate (M).-Source 4

85. Change in money supply Ml-B (M).-Source 4(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1 (25,67)

951. Diffusion index of four roughly coincident indicator
components (M)-Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q),—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)
92. Change in sensitive prices (PPt of crude materials less
agricultural products) (smoothed) (M).-Sources 1 and

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

67. Bank rates on short-term business loans (Q).—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, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)




3

(13,28,69)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board (24,66)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)

960. Diffusion index of net profits, manufacturing—about
700 companies (Q).—Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries(M).-Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M). -Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75^
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)

105. Money supply Ml-B in 1972 dollars (M),-Sources 1, 3,
and 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
53-82 industries (M).-Standard & Poor's
Corporation
(37,75)

106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

107. Ratio, gross national product to money supply Ml-B
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).-Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued

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)

II-A. National Income and Product
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)
220. National income in current dollars (Q).—Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, totat, as a percent
of gross national product (Q).-Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Souree 1
(41,81)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

116



247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)

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)
249. Gross private domestic fixed investment, residential, 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)
298. Government surplus or deficit, total (Q). Source
1
(46,83)

250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

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)

li-B. Prices, Wages,, and Productivity

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)
280. Compensation of employees (Q).—Source 1 (45,82)
282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).—Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment (M).Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities (M).Source 3
(48,85)
340. Index 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)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).-Source
3
(49,87)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).-Source
3
(49,88)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)
349. Negotiated wage and benefit decisions, all 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)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
288. Net interest (Q).-Source 1
(45,82)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)

289. Net interest as a percent of national income (Q).Source 1
(47,83)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)
444. Number unemployed, males 20 years and over, labor
force survey (M).^Sources 2 and 3
(51,89)

II-C, Labor Force, Employment, and
Unemployment

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(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
(51T89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)
580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)
588. Value of manufacturers' shipments, defense products

II-D. Government Activities

(M).-Source 2

(54,91)

II-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

604. Exports of agricultural products (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department gross obligations incurred (M).—
U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).—U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants

(Q).-Source 1
620. Merchandise imports, adjusted,

(Q).-Source 1

(57,93)
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)

548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)

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)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)

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).-lnstituto 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 (Pari$)

(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

Superintendent of Documents
U.S. Government Printing Office
Washington, D.C. 20402
OFFICIAL BUSINESS
Penalty for Private Use $300




FIRST-CLASS MAIL
POSTAGE & FEES PAID
USDC
WASHINGTON, D.C.
PERMIT No. G-56


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102