Full text of Business Conditions Digest : October 1980
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U.S. DEPARTMENT OF COMMERCE Philip M. Klutznick, Secretary Courtenay M. Slater, Chief Economist for the Department of Commerce BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H. Young, Deputy Director Charles A. Waite, Acting Associate Director for National Analysis and Projections; Feliks Tamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication 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 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 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 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. INVENTORIES AND INVENTORY INVESTMENT 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) 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 Inventories on hand and on order (4 series) Unit labor costs and labor share 14 series) interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 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) business enterprises (2 series) Business investment commitments (4 series) Residential construction (3 series) AND INVENTORY INVESTMENT (9 series) Inventories on hand and on order (5 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) 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 1978 1979 1980 2dQ 3dQ July 1980 1980 1980 Aug, 1980 Sept. 1980 July to to Sept. IstQ to ;?<JQ 2dQ to 3dQ 1980 1980 1980 Aug. Aug, 1980 5 1 (.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 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 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 -3.5 -4.1 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 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 1978 1979 IstQ 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 L,L,L L,L,L 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. L,L,L L,L,L L LL 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 99.8 1,416 109.9 0.2 5.5 1 4.2 -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 -1.4 NA -0.1 9,0 14.9 41.2 -2.6 -2.1 -3.9 NA NA NA -1.3 -0.8 -16.6 -20.9 -21.3 33.7 54.5 2.3 -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 1978 1979 IstQ 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 NA 4 4 5 . 6 9 3 4 5 . 4 1 NA NA NA -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 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 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 1972-100... 1367-100... Percent, .... 1967-100... 152.0 195.4 0.7 211.4 165.5 217.4 1.0 234.5 174.5 236.5 1.4 245.5 179.0 245.0 0.9 249.4 182.9 249.6 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. 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 , 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 -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 2dQ 3tJQ 4th Q IstQ 2dQ 3dQ 1979 1979 1979 1980 1980 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 4th Q to IstQ IstQ to 2dQ 2dQ to 3dQ 1980 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 0. -4.9 3,232 -19.5 -3.1 -4.8 -4.3 -435 NA NA NA NA NA NA NA NA 618 620 622 651 652 668 669 667 0.2 2.4 0.9 2.9 0.8 0. 0.5 50 200 213 224 225 217 227 1.3 4.9 0.1 1.2 3.4 6.9 1.9 3.8 231 233 238 239 230 232 236 237 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 1 2 0 , 5 1 2 4 .2 1 3 4 . 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) d7 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 1981 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.) ill §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) 1400J 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 _jzs£:_^LJfi] ^^^ ^ 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 spans (ana rate) rate^!. j _ji|| jknonth Change in average hourly earnings production arnings of of production '! j j^j. « . , j{, ••« -~-—ft'"T], ^^^jj^ * jviy^V^^^ywr '— '/! t * T r 1 Tr * tf if g I—i I !> f1>1—'—*^*1— — •» .frM s 340c. Current-dollar 4^r, llar earnings xW&FWT >? < 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 19, 26, 80)l (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 BB EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process L,L,l Timing Class Year and month L, L, L I, C, L 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) L, Lg, U L, C, L (Per 10D em- (Hours) Comprehensive Employment Job Vacancies Marginal Employment Adjustments 4. Quit rate, manufacturing (Per 100 em- (Per 100 em- ployees) ployees) u,c,c L, Lg, U L, Lg, U 60. Ratio, helpwanted advertising to persons unemployed 46, Index of help-wanted advertising in newspapers (Ratio) (1967=100) 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 c 4U. 3 . 7/ 4 0 O/t/1 004 3./ d i 4 .Up, April May June QQ "3 jy .j 2.y 3 .4 /1 3 -. 36 4 PI .U 4 pi 4 . PIU 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 i1 .i1 1 fiR 1979 AC\ 0 An i1 4U. July August September . October November December /in 40. i 1 /in i1 40. 40,1 •2 7 7 Q .y 3 . 0y 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 Q i .y 9 n i .y 2 .uPI 2 .uPI •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 3 .9n A f\~J 4U/ 1 ,1 1.J 1 .£ 0 1 Q i .y 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 c; PI .D 1 "3 1 3 n9 P^. 7 / 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 ^ pi .6 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. Timing Class Year and month U, C, C c,c,c 42. Persons engaged in nonagricultural activities, labor force survey 41. Employees on nonagricultural payrolls, establishment survey (Thous.) (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 (W £ •A o 9 Q 2 q Q 11.3 ] lu\i n .ii [n/ 1 u 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 AA y01i ,1i 44 -307 6 .C.9 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 .0i i nbr 10. 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 January February March April . May Juno . ,. 82^6 82^6 62.03 65.05 67.04 38.31 39.81 40.78 35.04 36.20 36.47 2, ,73 4 ,,06 83,'9 85.'6 69.20 68.88 68.54 41.71 41.24 40.70 37.98 37.02 36.84 85^2 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 April May June 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 -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 5.91 [H}7.10 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 Timing Class Year and month C, Lg, Lg C, Lg, Lg 61. Business expenditures for new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) C, 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 1,1,1 L, U L 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' Inventories on Hand and on Order I,L, L 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 IU, L 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 April May June -1.05 2.35 -0.65 r-0.22 KK07 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 Timing Class Year and month Qj PRICES, COSTS, AND PRORTS-Con. Profits and Profit Margins-Con. U, I, L L, I, L 81. Ratio, profits (after taxes} with IVA and CCA to corp. domestic income1 2 15. Prof its (after taxes) per dollar of sales, all manufacturing corporations (Percent) (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 19 MONEY AND CREDIT 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 Rl MONEY AND CREDIT-Con. 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 -885 -993 6 70 6 78 6.79 6.45 6 46 6 32 539 1 ,227 1 111 7 36 7 60 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 8 qe 8 1 °$ B 70 6.89 Q 799 7£ -74Q R7A i n rn -692 994 10.07 iI U A. n^ Ub ii u n. r\Q uy 9.35 9 .97 if 9 .46 i ,jyb in m 10.01 1 rt 9/1 10, fA i 9Q 1;U.nes bo 9 . GQ 1i » 1 f 7Q /y in Ai l! U . 4 / 1 ti U . 94 i] •} /i g Q 19 1979 July Autjust . . . September 1 P7 7fi 355 864 242.76 ?nn £^ pq 90 ori 7fl 970 dO R^ 9Q ^9 ^n RA OQ -5C 91 9 9n 907 t\ a fl-5 oe October November December 347 904 •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 7c - i1 , 11/b 2 2 2 npn A7 ona -yu^ EQ 1 ^10 O AC - i1 ,7En /bU -1 ,751 -1 ,079 c. 4o 2 ,bt) en 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) 1 777 1 one 1 J.QH AC 184.31 138.02 QQ7 by/ QQO -oyy 9 17 9 AS, no7 1 ,uy/ f] rt Q a O./1/1 ,; 1 .4J ag 9.49 9 .nUb c &o 9 . nf> 9 ,45 A f= in O 1 0. TIB 1] -3 77 J J. // •n "3 T Q n . ji4/'» 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 113.78 "3 ?Q 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 . . . . 19 MONEY AND CREDIT-Con. Minor Economic Process Timing Class Interest Rates-Con. Lg. Lg, Lg C, Lg, Lg U, Lg, Lg 116. Corporate bond yields@ 115. Treasury bondyields@ 117. Municipal bondyields@ (Percent) (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 9.82 9.40 9.83 10.53 10.94 Ml. 08 2 12.60 (NA) (H>14.63 8.63 7.59 7.63 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 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 12.5 May r16.7 June July August September 50.0 0.0 75.0 25.0 16.7 41,7 1 35.0 0.0 0.0 0.0 0.0 25.0 r83.3 2 66.7 33.3 33.3 0,0 25.0 75.0 79.2 '80.0 0.0 0.0 0.0 2 66.7 9 3 50.0 0.0 2.5 5.0 r!7.5 p5.0 25.5 60.8 46.1 3.9 2.0 2.0 r9.8 (NA) 33.3 70.6 66.7 33.3 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) 1 -month span 9-month span 1 -quarter span January February March 37,1 60.0 45.7 85.7 91.4 80.0 62 April May June 74.3 42.9 57.1 85.7 80.0 94.3 27 July August September 48.6 80.0 65.7 88.6 80.0 88.6 59 October November December 77.1 45.7 62.9 91.4 97.1 91.4 50 January February March 62.9 45.7 62.9 82.9 80.0 61.4 48 April May June 25.7 62.9 51.4 65.7 62.9 60.0 33 July August September . . . 42.9 57.1 60.0 54.3 45.7 75.7 48 October November December 51.4 45,7 54.3 62.9 62.9 42.9 53 January February March 72.9 40.0 31.4 22.9 28.6 34.3 71 April May June 17.1 34.3 42.9 r44.3 p50.0 pl5 967. Index of industrial materials prices @ (13 industrial materials) 1-month span 6-month span 1-month span 49 39.6 47.9 85.4 83.3 79.2 91.7 69.2 34.6 46.2 "so 87.5 54.2 83.3 87.5 87.5 85.4 "48 70.8 83.3 70.8 4-Q moving avg. 9-month span 968. Index of stock prices, 500 common stocks 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) (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) 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 (0) (10) ,. o 39.8 39.3 39.1 r39.0 (55) (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 41.3 42.5 39.3 36.7 o 41.0 + 42.0 + r39.0 + r36.1 + 40.3 36.8 66,454 + 73,979 - 71,364 (43) (71) 39.2 36.7 - 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 r42.2 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ' (Millions of dollars} All durable goods industries 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 - (17) 141.5 140.1 (17) (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 - 123.2 Mining: Coal Oil and gas extraction Metal, stone, and earth minerals Metal mining . . . Stone and earth minerals. .. . + (NA) (NA) + (NA) 145. 1 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) + 147.2 135.7 (NA) (NA) 78.2 83.1 123.7 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 50. Gross national product in 1972 dollars 200. Gross national product in current dollars b. Difference a. Totul (Ann, rate, bil.dol.) 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 217, Per capita GNPin1972 dollars 213. Final sates in 1972 dollars (Ann. rate, 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 27.6 ,315.7 ,331.2 ,353.9 ,361.3 15.4 12.8 12.1 8.7 15.5 22.7 7.4 8.9 4.8 7.0 2.2 6,084 6,145 6,236 6,2!56 1,304.4 1,317.8 1,337.3 1,350.0 1.9 8,3 3.5 5.6 6,276 6,390 6,431 6,506 1,351.3 1,379.6 1,395.1 1,414.6 1.1 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 First quarter Second quarter Third quarter Fourth quarter 19.3 22.5 27.5 18.5 11.3 13.4 16.6 11.3 380.0 391.6 400.5 412.8 264.5 267.6 270.3 271.5 138.2 142.6 145.6 151.2 100.3 101.8 101.8 241 .8 249.0 254.9 261.6 166.0 167.3 168.5 169.8 22.8 25.8 20.0 20.6 16.5 15.6 12.2 12.0 419.4 428.3 440.9 453.8 270.7 271.3 274.7 276.0 150.9 148.2 152.3 159.0 99.9 96.6 98.5 99.3 268.5 280.1 288.6 294.8 170.9 174.7 176.2 176.6 19.1 33.4 14.5 12.3 18.1 274.7 272.4 273.1 277.1 163.6 161.7 162.9 178.4 101.1 7.1 1.4 460.1 466.6 477.8 501.2 101.1 296.5 304.9 314.9 322.8 173.6 174.3 175.6 176.0 0.3 2.6 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 5.8 170.5 178.6 180.1 174.2 -22.2 -7.6 -6.8 -4.5 5.3 12.3 13.3 12.9 96.5 99.4 100.5 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 First quarter Second quarter Third quarter Fourth quarter -13.1 -16.6 -23.5 -24.8 4.2 5.1 5.4 5.1 64.2 63.5 63.2 63.9 -19.2 5.0 2.3 10.8 5.3 5.0 4.8 4.7 15.8 12.7 14.0 10.0 1.7 -29.6 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 First quarter Second quarter . . Third quarter Fourth quarter 7.6 7.6 7.5 7.7 13.3 13.3 13.2 13.3 76.2 75.8 75.5 75.8 6.7 6.5 6.4 6.8 1.6 1.6 1.6 1.6 7.5 7.0 7.1 7.1 13.3 13.3 13.4 13.2 76.7 75.6 75.4 75.0 6.7 6.7 6.7 6.9 1.6 1.4 1.5 1.5 7.1 6.9 6.8 7.3 12.9 13.1 13.1 13.1 75.5 75.9 75.8 76.0 6.9 6.8 6.7 6.8 1.5 1.4 1.4 1.4 9.6 9.3 9.3 8.9 6.6 6.6 6.8 7.0 7.4 7.7 13.1 13.3 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 April May June July August September 0.3 262.8 r264.2 265.2 rO.5 rO.4 269.8 273.1 274.1 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 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 cU4 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 . , 115.*6 3.4 -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!] -1.5 119.'? 6.1 0.3 5.2 116!2 6.*7 116.*7 6!a 117.*4 •-6!? 117.*6 -lie neie -i'.7 115^4 »i!6 115!6 r-i.*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 January February March April May June . , -49! 4 39?! 8 447^3 30*2 319^6 288 ! 8 10,537 10,659 10,155 4,853 4,741 4,909 57,304 58,401 58,986 2,735 2,529 4,393 -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 -2Q.4 442 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 -16.3 463^5 479^7 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 -?!6 485! 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 '.94 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 ff, 9 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 t 1I if, 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 5 3.4 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 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 :.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 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 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 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 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 '•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) ,. TOTAL 1.77 1.86 2.69 4.04 3,61 1.95 2.69 2.87 2.39 2.99 2.76 965. 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 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 '.61 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 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 8e!i 58.3 41,7 44.4 86.1 44.4 0. 91.7 83.3 30.9 83.3 75,0 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 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 'si 69 64 *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 I960 1961 1962 1963 19g4 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 55.6 41.7 47.2 72.2 72.2 16,7 72.2 83.3 58.3 61.1 50.0 36,1 63.9 86.1 66.7 27.8 63,9 86.1 55.6 50.0 69.4 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 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 11 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 I Q.... II Q . . . Ill Q . . IV Q . . . HI I n r P M 111 i n mpi|: 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 p225.2 228.2 r236.3 p239.6 Implicit price deflator, gross nonfarm business product, Q ' (index: 1967 = 100) 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 6/80 7/80 8/80 9/80 •7 +1 •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 -J 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 •1400 0 SERIES 47 1967=100 -0.3 -0.1 •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 2/80 3/80 4/80 5/80 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 »130 -15 -0.6 -0.4 0 +6 +12 +18 +24 +30 +36 Months from reference peaks NOTE: • 135 10 -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 9/79 9/79 9/79 97 11 965 24 24 37 66 66 75 10/80 10/80 10/80, 914 35 34 11 29 29 60 70 70 9/80 9/79 9/79 442 90 441 37 51 18 51 18,51 89 62 89 62,89 3/80 2/80 3/80 2/80 920 920c 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 6/79 345 345c 280 49 50 45 74"" 60 66 73 72 87 87 82 Series titles (See complete titles in "Titles and Sources of Series," following this index) 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 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. 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 6/72* 340c 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 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 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 . . 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 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 8/80 23 66 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 11/79 9/79 9/79 11/79 9/79 10/79 10/79 8/80 74 61 7/80 7/80 74*" 7/80 7/80 6/79 72 71 6/80 11 27 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 910c 11/75* 8/68* 5/75* 10/80 10/72 10/72 7/64* 7/64 9/68 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 9/80 8/79 69 24 9/72* 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) 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 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 . . . 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. . 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 10/69* 292 293 614 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 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* 10/69* 10/69* 5/80 4/69 5/80 7/80 4/80 4/69* Curren issue (page numbers) Series number Charts Tables Historical Series descriptions data (issue date) (issue date) 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 8/80 114 115 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* 6/72 S 10/69 n/79 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. 9/68* Z/69* 11/68* 6/72" 10/69 10/69 10/69 7/68* 5/69 5/69* 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 4 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 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 977, Diffusion index of selling prices, wholesale trade—about 450 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 978. Diffusion index of selling prices, retail trade—about 250 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 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) 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