Full text of Business Conditions Digest : October 1984
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U.S. DEPARTMENT OF COMMERCE Malcolm Baldrige, Secretary Sidney L. Jones, Under Secretary for Economic Affairs BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H. Young, Deputy Director Edward K. Smith, Associate Director for National Analysis and Projections FeliksTamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Betty F. TunHtall—Data collection and compilation (Phone: 202-523-0541) The cooperation of Government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee consisting of the following persons: Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of Labor Ahmad Al-Samarrie, Office of Management and Budget Lincoln F. Anderson, Council of Economic Advisers John H. Auten, U.S. Department of the Treasury Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce Charles A. Waite, Bureau of the Census, U.S. Department of Commerce Helmut F. Wendel, 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: $44.00 domestic, $55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are available on request. Address correspondence Most of the data contained an this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate economic activity. In this report, cyclical indicators are classified both by economic process and by their average timing at business cycle peaks, at business cycle troughs, and at peaks and troughs combined. These indicators have been selected primarily on the basis of their cyclical behavior, but they also have proven useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate economic activity. Other Economic Measures provide additional information for the evaluation of current business conditions and prospects. They include selected components of the national income and product accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with major foreign countries. concerning subscriptions to Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Make checks payable to Superintendent of Documents. BUSINESS CONDITIONS DIGEST New Features and Changes for This Issue iii 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 1984 Data Through September Volume 24, Number 10 PART i. CYCLICAL INDICATORS Al A2 A3 A4 COMPOSITE INDEXES AND THEIR COMPONENTS Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Chart 10 12 14 15 Table 60 — — — 16 19 21 23 26 28 31 61 63 64 65 68 69 71 36 — 39 74 77 — CYCLICAL INDICATORS BY ECONOMIC PROCESS Bl B2 B3 B4 B5 B6 B7 Employment and Unemployment Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit DIFFUSION INDEXES AND RATES OFCHANGE "Cl~1 _ Diffusion Indexes Selected Diffusion Index Components Rates of Change The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through April 1, 1985. BCII PART II. OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME jjU__ A2 ,A6_ AND PRODUCT GNP and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving Shares of GNP and National Income _ PRICES, WAGES, AND PRODUCTIVITY Bll B2 Price Movements Wages and Productivity J CT] Chart 40 41 42 43 44 45 46 47 Table 80 80 81 81 82 82 82 83 48 49 84 87 51 89 52 53 90 90 56 57 92 93 58 59 59 94 95 96 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Civilian Labor Force and Major Components GOVERNMENT ACTIVITIES JJM D2| Receipts and Expenditures Defense Indicators U.S. INTERNATIONAL TRANSACTIONS Ell ~E2~I Merchandise Trade Goods and Services Movements INTERNATIONAL COMPARISONS Fl 1 F2j F3| Industrial Production Consumer Prices Stock Prices PART III. APPENDIXES A. MCD and Related Measures of Variability (See J984 Handbook of Cyclical Indicators) QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators) B. Current Adjustment Factors (July 1984 issue) C. Historical Data for Selected Series 97 D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide") E. Business Cycle Expansions and Contractions (July 1984 issue) F. Specific Peak and Trough Dates for Selected Indicators (August 1984 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 105 110 114 Readers are invited to submit comments and suggestions concerning this publication. Address them to Feliks Tamm, Chief, Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230 NEW FEATURES AND CHANGES FOR THIS ISSUE A limited number of changes are made from time to time to incorporate recent findings of 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 50, 200, 213, 217, 220, 224, 225, 227, 230-233, 235-243, 245, 247253, 255-257, 260-263, 265-268, 280, and 282-284. 2. Appendix 6 contains cyclical comparisons for series 1, 12, 19, 30, 41, and 50. The November issue of BUSINESS CONDITIONS DIGEST is scheduled for release on December 4. in SIX 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 most useful to business analysts and forecasters. In the cyclical indicators section, each of about 110 business cycle indicators is assigned a three-way timing classification according to its cyclical behavior at peaks, troughs, and all turns. This section also includes important analytical measures, such as composite indexes of leading, coincident, and lagging indicators and selected diffusion indexes. A second section contains other important economic data on prices, wages, productivity, government and defense-related activities, U.S. international transactions, and international comparisons. About 300 time series are shown in analytical graphs that help to evaluate business conditions and prospects. Current data are shown in accompanying tables. Appendixes provide historical data, seasonal adjustment factors, measures of variability, cyclical comparisons, and other useful information. A computer tape containing data for most of the series is available for purchase. HANDBOOK OF CYCLICAL INDICATORS A reference volume containing valuable background information for users of Business Conditions Digest. This recurrent report provides descriptive and analytical information on the economic time series presented monthly in Business Conditions Digest. Included are series descriptions, historical data, and measures of variability. For the cyclical indicators and composite indexes, special tables show detailed scoring measures and average timing at cyclical peaks and troughs. Verbal and algebraic explanations of the composite index methodology are also provided. LONG TERM ECONOMIC GROWTH A report for the study of economic trends over a long span of years: 1860-1970. This report provides a comprehensive, long-range view of the U.S. economy by presenting relevant statistical time series in easy-to-follow analytical charts and convenient data tables. It is a basic research document for economists, historians, investors, teachers, and students, bringing together in one volume a complete statistical basis for the study of long-term 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 measure and analyze seasonal, trading-day, cyclical, and irregular fluctuations. They are particularly useful in analyzing economic fluctuations that take place within a year. The X-ll 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. INDEX PROGRAM—This program computes composite and diffusion indexes and summary measures of the properties of each index. TIME SERIES PROCESSOR—This program, through simple commands, performs a variety of arithmetic, statistical, and manipulative operations on time series data. SURVEY OF CURRENT BUSINESS current economic developments. A monthly report for analyzing Features include a review of current economic developments; articles pertaining to BEA's work on the national,, regional, and international economic accounts and related topics; quarterly national income and product accounts tables; and over 1,900 major economic series obtained from other public and private sources. For further information (including prices and ordering instructions) on any of these items, please write to the Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. BUSINESS STATISTICS A reference volume containing statistical series reported currently in the Survey of Current Business. This report provides historical data on statistical time series. The series are accompanied by concise descriptions of their composition, methods of compilation, comparability, revisions, and availability. Also listed are the names and addresses of organizations that provide the 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 I are also shown in part II to complete the systematic presentation of certain sets of data, such as real GNP and unemployment.) The largest section of part II consists of quarterly series from the national income and product accounts; other sections relate to prices, labor force, government and defense-related activities, and international transactions and comparisons. The two parts are further divided into sections (see table of contents), and each of these sections is described briefly in this introduction. Data are shown both in charts and in tables. Most charts begin with 1959, 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 1972. Except for section F in part II, charts contain shading which indicates periods of recession in general business activity. The tables contain data for only the last few years. The historical data for the various time series are contained in the 1984 Handbook of Cyclical Indicators. In addition to the charts and tables described above, each issue contains a summary table which shows the current behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific cycle turning dates, cyclical comparison charts, and other information of analytical interest. An index appears at the back of each issue. It should be noted that the series numbers used are for identification purposes only and do not reflect precise relationships or order. However, all series considered as cyclical indicators are numbered in the range 1 to 199. Seasonal Adjustments Adjustments for average seasonal fluctuations are often necessary to bring out the underlying trends of time series. Such adjustments allow for the effects of repetitive intrayear variations resulting primarily from normal differences in weather conditions and from various institutional arrangements. Variations attributable to holidays are usually accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required for holidays with variable dates, such as Easter. An additional adjustment is sometimes necessary for series which contain considerable variation due to the number of working or trading days in each month. As used in this report, the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made. Most of the series in this report are presented in seasonally adjusted form and, in most cases, these are the official figures released by the source agencies. However, for the special purposes of this report, a number of series not ordinarily published in seasonally adjusted form are shown here on a seasonally adjusted basis. MCD Moving Averages Month-to-month changes in a series are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate span over which to observe cyclical movements in a monthly series. (See appendix A.) It is the smallest span of months for which the average change in the cyclical factor is greater than that in the irregular factor. The more erratic a series is, the larger the MCD will be; thus, MCD is 1 for the smoothest series and 6 for the most erratic. MCD moving averages (that is, moving averages of the period equal to MCD) tend to have about the same degree of smoothness for all series. Thus, a 5-term moving average of a series with an MCD of 5 will show its cyclical movements about as clearly as the seasonally adjusted data for a series with an MCD of 1. The charts in this report generally include centered MCD moving averages for those series with an MCD greater than 4. The seasonally adjusted data are also plotted to indicate their variation about the moving averages and to provide observations for the most recent months. 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 b u s i n e s s 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 Reference Turning Dates scores relate to cyclical behavior of the series The historical business cycle turning dates used during the period 1947-70. This analysis produced in this report are those designated by the National a new list of indicators classified by economic Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks mark the approximate dates when, according to and troughs. (See tables on page 2 and text below NBER, aggregate economic activity reached its relating to section B.) This information, particularly the scores relating cyclical high or low levels. As a matter of general practice, neither new reference turning dates nor to consistency of timing, served as a basis for the the shading for recessions will be entered on the selection of series to be included in the composite charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring the new reference trough bounding the shaded area series from many different economic-process groups and combine those with similar timing have been designated. The historical reference turning dates are subject behavior, using their overall performance scores as to occasional reviews by NBER and may be changed weights. Because they use series of historically as a result of revisions in important economic tested usefulness and given timing characteristics time series. The dates shown in this publication (for example, leading at both peaks and troughs), for the 1948-70 time period are those determined with diversified economic coverage and a minimum by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the 1981-82. individual indicators. Furthermore, much of the 1 Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks 1. EMPLOYMENT AND UNEMPLOYMENT II. PRODUCTION AND INCOME (10 series) (18 series) LEADING (L) INDICATORS (62 series) ROUGHLY GOING! DENTfC) INDICATORS TIMING UNCLASSIFIED (U) CAPITAL INVESTMENT (18 series) (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 unfitted 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) (23 series) LAGGING (L0) INDICATORS (18 series) IV. ill. CONSUMPTION. FIXED TRADE, ORDERS, AND DELIVERIES Duration of unemployment (2 series) Business Investment expenditures (1 series) Comprehensive employment (3 series) Trade (1 series) Business Investment commitments (1 series) (8 series) V. INVENTORIES AND INVENTORY INVESTMENT VI. PRICES, COSTS, VII, MONEY AND PROFITS 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) Velocity of money (2 serfes) Interest ratas (2 series) Inventories on hand and on order {4 series) Unit tabor costs and tabor share (4 series) Interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) Interest rates (1 series) B. Timing at Business Cycle Troughs N. Economic \Process CycllcalV Timing >^ LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (L9) INDICATORS (40 series) 1. EMPLOYMENT AND UNEMPLOYMENT (18 series) PRODUCTION AND INCOME (10 series) H. III CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED CAPITAL INVESTMENT (18 series) V. INVENTORIES AND INVENTORY INVESTMENT (9 sertes) VI. PRICES, COSTS, AND PROFITS (17 series) MONEY AND CREDIT (26 series) Marginal employment adjustments (3 series) Industrial production (1 series) New and unfilled orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business Investment commitments {4 series) Residential construction (3 series) Inventory Investment (4 series) Stock prices (1 series) Commodity prices (2 series) Profits and profit margins (6 series) Cash flows (2 series) Money flows (2 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) Marginal employment adjustments (2 series) Comprehensive empioyment (4 series) Comprehensive Consumption and trade Business Investment commitments (1 series) Profits (2 sertes) Money flow (1 series) Velocity of money (1 series) Unfilled orders (1 series) Business Investment commitments (2 series) Business Investment expenditures (6 series) Unit labor costs and labor share (4 series) Velocity of money (1 series) Bank reserves (1 series) Interest ratas (8 series) Outstanding debt (3 sertes) Marginal employment adjustments (1 sories) Job vacancies (2 series) Comprehensive employment (1 sories) Comprehensive and duration of unemployment (i> sories) TIMING UNCLASSIFIED (U) (1 series) output and real income (4 series) Industrial production (3 series) Capacity utilization (2 series) (3 series) Inventories on hand and on order (5 series) VII. Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The main composite indexes are distinguished by their cyclical timing. Thus, there is an index of leading indicators, series which historically reached their cyclical peaks and troughs earlier than the corresponding business cycle turns. There is an index of roughly coincident indicators, consisting of series which historically reached their turning points at about the same time as the general economy, and an index of lagging indicators, which includes series that typically reached their peaks and troughs later than the corresponding business cycle turns. The leading index contains series with long as well as short leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chance, given the historical distribution of cyclical timing. (An analogous statement applies to the components of the lagging index.) Since 1948, leads were generally more frequent and longer at peaks than at troughs of business cycles, while lags were generally more frequent and longer at troughs than at peaks. The adopted system of scoring and classifying the indicators takes into account these 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 +1 at peaks and from -1 through +3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 1984 Handbook of Cyclical Indicators.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags (+) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. "L" denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency to lag. Since these series have been selected for the consistency of their timing at both peaks and troughs, all components of the leading index are denoted UL,L,L," all components of the coincident index "C,C,C," and all components of the lagging index "Lg,l_grLg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 1948-70 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the period since 1970 can be determined by inspection of the charts, where the recessions of 1973-75, 1980, and 1981-82 are shaded according to the dates of the NBER reference cycle chronology. Section B, Cyclical Indicators by Economic Process This section covers 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 1984 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change IVlany series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and expectations for several operating variables are presented, along with the corresponding indexes based on actual data, as the last set of diffusion series. This section also records rates of change for the three composite indexes (leading, coincident, and lagging) and for four indicators of aggregate economic activity: GNP in constant dollars (quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less transfers in constant dollars. Rates of change are shown for 1- and 3-month spans or for 1-quarter spans. Although movements in diffusion indexes and in rates of change for the same aggregates are generally positively correlated, these two measures present information about two related but distinct aspects of economic change. Diffusion indexes measure the prevailing direction or scope of change, while rates of change measure the degree as well as the overall direction. As is the case for diffusion indexes, cyclical movements in the rates of change tend to lead those of the corresponding indexes or aggregates, and thus, they tend to lead at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U.S. economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S. international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor r e s o u r c e s ; government receipts, expenditures, arid defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEA, summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product, final sales, and personal and disposable personal income. The four major components of the gross national p r o d u c t — p e r s o n a l c o n s u m p t i o n expenditures, gross private domestic investment, government purchases of goods and services, and net exports of goods and services—are presented in sections A2 through A5. Most of the series in section A are presentee! in current as well as constant dollars. There are also a few per capita series. The national income and product accounts, briefly defined below, are described more fully in the Survey of Current Business, Part I, January 1976. Gross national product (GNP) is the market value of final goods and services produced by the labor and property supplied by residents of the United "States, before deduction of allowances for the consumption of fixed capital goods. It is the most comprehensive measure of aggregate economic output. Final sales is GNP less change in business inventories. Personal income is the income received by persons (individuals, owners of unincorporated businesses, nonprofit institutions, private trust funds, and private noninsured welfare funds) from all sources. It is the sum of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, dividends, personal interest income, and transfer payments, less personal contributions for social insurance. Disposable personal income is the personal income available for spending or saving. It consists of personal income less personal taxes and nontax payments to government. Personal consumption expenditures (A2) is goods and services purchased by individuals, operating expenses of nonprofit institutions, and the value of food, fuel, clothing, rent of dwellings, and financial sen/ices received in kind by individuals. Net purchases of used goods are also included. Gross private domestic investment (A3) is fixed capital goods purchased by private business and nonprofit institutions and the value of the change in the physical volume of inventories held by private business. The former include all private purchases of dwellings, whether purchased for tenant or owner occupancy. Net purchases of used goods are also included. Government purchases of goods and services (A4) is the compensation of government employees and purchases from business and from abroad. It excludes transfer payments, interest paid by government, and subsidies. It includes gross investment by government enterprises but excludes their current outlays. It includes net purchases of used goods and excludes sales and purchases of land and financial assets. Net exports of goods and services (A5) is exports less imports of goods and services. Exports are part of the national production; imports are not, but are included in the components of GNP and are therefore deducted. More detail on U.S. international transactions is provided in section E. National income (A6) is the incomes that originate in the production of goods and services attributable to labor and property supplied by residents of the United States. Thus, it measures the factor costs of the goods and services produced. It consists of the compensation of employees, proprietors' income, rental income of persons, corporate profits, and net interest. Saving (A7) is the difference between income and expenditures during an accounting period. Total gross saving includes personal saving, business saving (mainly undistributed corporate profits and capital consumption allowances), and government surplus or deficit. Shares of GNP and national income (A8).-The m a j o r e x p e n d i t u r e c o m p o n e n t s of GNP (consumption, investment, etc.) are expressed as percentages of GNP, and the major income components of national income (compensation of employees, corporate profits, etc.) are expressed as percentages of national income. Section 6. Prices, Wages, and Productivity The important data on price movements include the monthly consumer and producer price indexes and their major components. Based largely on these series are the quarterly price indexes from the national income and product accounts, notably the GNP implicit price deflator (with weights reflecting the changing proportions of different expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are presented for the period since 1972. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. Section C. Labor 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, ager <md 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 sin 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 1972) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1972) tend to be significant as leading indicators. HOW TO READ CHARTS Peak (P) of cycle indicates end of expansion and beginning of recession (shaded area) as designated by NBER. Basic Data Arabic number indicates latest month for which data are plotted. ("9" = September) Solid line indicates monthly data. (Data may be actual monthly figures or moving averages.) Dotted line indicates anticipated data. Broken line indicates actual monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ("IV" = fourth quarter) Solid line with plotting points indicates quarterly data. Parallel lines indicates a break in continuity (data not available, extreme value, etc.). Diffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. Broken line indicates monthly data over 1-month spans. Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L-1" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Arabic number indicates latest month for which data are used in computing the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Roman number indicates latest quarter for which data are used in computing the indexes. Solid line with plotting points indicates quarterly data over various spans. Diffusion indexes and rates of change are centered within the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Rates of Change Solid line indicates percent changes over 3- or 6-month spans. Dotted line indicates anticipated quarterly data over various spans. Arabic number indicates latest month used in computing the changes. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3- or 4-quarter spans. Roman number indicates latest quarter used in computing the changes. HOW TO LOCATE A SERIES 1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at the back of the report where series are arranged alphabetically according to subject matter and key words and phrases of the series titles, 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 data2 Series title and timing classification Unit of measure 1 Percent change i*l Annual average 198? 1983 i-i A 1984 My 2dQ 1984 3dQ 1984 July 1984 Aug. 1984 Sept. 1984 Aug. Aug. 1984 Sept. 1984 IstQ to 2dQ 1984 to to 2dQ to 3dQ 1984 t; ij "K 1. CYCLICAL INDICATORS A, Composite Indexes 910. 920. 930. 940. Twelve leading indicators Four roughly coincident indicators Six lagging indicators Ratio, coincident index to lagging index Leading Indicator Subgroups: 913. Marginal employment adjustments 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability ,., 917, Money and financial (lows 136.8 136 .3 123.0 110.9 156.0 139.9 111 . 7 125 .4 166.2 150.4 111.3 135.1 167.9 154.0 116.1 132.7 164.2 155.7 119.8 130.0 164.1 155.7 118.8 131 .1 164.0 155.7 120.0 129.8 164.6 155.8 120.7 129.1 -0.1 0. 1.0 -1.0 0.4 0.1 0.6 -0.5 1.0 2.4 4.3 -1.8 -2.2 1.1 3,2 -£.0 910 920 930 940 NA 104.3 97.2 93.7 122.8 NA 108.8 102.8 104.7 130.6 NA 111.1 106.9 109.0 135,2 NA 111 .0 107.3 110.4 138.1 NA 110.2 103.8 NA 137.2 NA 109.8 104.7 109.8 137 .6 NA 110.4 103.4 111 .8 136.4 NA 110.4 103.2 NA 137.5 NA 0.5 -1 .2 1.8 -0.9 NA 0. -0.2 NA 0.8 NA -0.1 0.4 1.3 2.1 NA -0,7 -3.3 NA -0.7 913 914 915 916 917 38.9 2,3 578 40.1 3.0 426 40.8 3.5 352 40.8 3.4 353 40.5 3.3 364 40.5 3 ,, 3 365 40.4 3.2 358 40.5 3.3 368 -0.2 -0.1 1.9 0.2 0.1 -2.8 0. -0.1 -0.3 -0.7 -0.1 -3.1 1 21 5 L,Lg,U.... Ratio L,Lg,U.... 1967-100 0.243 86 0.271 96 0.421 125 0.449 128 0.461 132 0.481 138 0.447 128 0.454 -0.034 -7.2 129 0.007 0,8 0.028 2.4 0,012 3,1 60 46 U,C,C.... A.r., bil. hrs. „. U,C,C. . Millions do C.C.C.... L.C.U.... Thousands 166.02 96.12 89.57 23,813 0.6 0.2 0.1 -0.4 1.3 1.3 1.1 1.4 0,5 0,1 0,,8 0,,7 48 42 41 40 0.09 0.64 -0,13 90 l,l,L... 1967-100 do C,C,C.... do lg,lg,Lg,.,. do l.l.L... do do do do do 1,1,1.... L,L,L... 1,1,1.... 1,1,1,.,. L,L,L... B. Cyclical Indicators by Economic Process Bl. Employment and Unemployment Marginal Employment Adjustments: *1. Average workweek, prod workers, mfg 21. Avg. weekly overtime, prod, workers, mfg.3 *5. Avg, weekly initial claims (inverted4) Job Vacancies: 60. Ratio, help-wanted advertising to unemployment3 46. Help-wanted advertising.,... Comprehensive Employment: 48. Employee-hours in nonagtt establishments 42. Persons engaged in nonagri. activities Ml. Employees on nonagri. payrolls 40, Employees in mining, mfg,, construction 90. Ratio, civilian employment to total population of working age3,. Comprehensive Unemployment: 37. Total unemployed (inverted1) 43. Unemployment rate, total (inverted*) 8 45. Avg, weekly insured unemployment rate (inv.*)3 *91. Avg. duration of unemployment (inverted*) 44. Unemployment rate, 15 wp°ks and over (inv.4)3 L,LL . Hours L,C,L... do tp,L... Thousands U.lg.U.... Percent L.lg.U..., L,lg,U.... L,Lg,U.... L&L&1&... Lg,Lg,Lg.... Thousands Percent do Weeks Percent 57.05 168.15 174.48 176.73 1 7 7 . 7 0 177.06 1 7 7 . 4 8 1 7 8 . 5 6 9 7 . 4 5 1 0 0 . 4 2 101 .75 101 .90 1 0 2 . 0 5 101 .74 101 . 9 2 92.76 94.52 90.14 94.53 94.67 93.79 94.35 2 3 , 3 9 4 2 4 , 5 1 8 2 4 , 8 6 2 25 , 0 4 7 2 5 , 0 5 9 2 5 , 0 8 6 2 4 , 9 9 6 0.2 -0.3 0.2 0.1 58,32 58.96 58.83 58.99 58.70 58.79 8,866 7.9 2.9 19.4 2.7 8,496 7.5 2.7 18.5 2.4 8,510 7.5 2.7 17 .5 2.3 8,543 7.5 2.7 18.1 2.4 8,526 7.5 2.6 17 .3 2.3 8,460 7.4 2.7 17.1 2.3 0.2 0. 0.1 4,4 0.1 0.8 0.1 -0.1 1.2 0. 4.2 0.4 0.2 4.6 0.3 -0,2 0. 0. 5 .4 0.1 37 43 45 91 44 1 4 8 0 . 0 1 5 3 4 . 7 Hi 10. 9 1 6 3 8 . 8 1 6 4 9 . 6 1254.5 1284.6 1339.5 1361.6 1374.3 1372.1 1372.9 1 3 7 7 . 8 1 0 7 2 . 0 1095 .0 1 1 5 0 . 8 1 1 7 2 , 2 1 1 8 5 . 1 1 1 8 3 . 0 1 1 8 3 . 6 1188.7 O.I 0.1 0.4 0.4 1 .7 1.6 1.9 0,7 0.9 1.1 50 52 51 57.15 10,678 10,717 9.7 9.6 4.6 3.8 15.6 20.0 3.2 3.8 -0.29 B2. Production and Income Comprehensive Output and Income: 50. GNPin 1972 dollars,, , 52. Personal income in 1972 dollars *51. Pers. ineome less transfer pay., 1972 dollars 53. Wages and salaries in mining, mfg,, and construction, 1972 dollars Industrial Production: *47. Industrial production, total, 73, Industrial production, durable mt'rs 74. Industrial production,.itondurable mfrs 49. Value of goods output, 1972 dollars Capacity Utilization: 83. Capacity utilization fate, mfg., BFA3 82, Capacity utilization rate, mfg., FRB3 84. Capacity utilization rate material, FRB3 ,. C.C.C.... A.r., bil. dol C,C,C.... do C,C,C.... do do C.C.C.... .C.C.C.... 1967 = 100 do C,C,C... do C,L,L... C.C.C.... A.r., bil. dol L,C,U.,., LCU Percent do do 215.9 213.5 222 ,6 225.0 225.3 225,7 225 .7 224.6 0. -0.5 1.1 0.1 53 138.6 124.7 156.2 660.6 147 .6 134.5 168.1 688.6 1.59.8 150.2 176.7 744.9 163.1 153.6 180.1 767 . 4 165 .7 157.1 182.0 771.4 165 .9 157.0 182.4 166.1 157.8 182.2 165 .1 156.5 181.5 0.1 0.5 -0,1 -0.6 -0.8 -0.4 2.1 2.3 1.9 3.0 2.3 1. 1 o . :i 1.6 47 73 74 49 70 71 .1 70.0 74 75.2 75.2 NA 80.7 81.6 NA 81.8 82.7 NA 82.6 82.8 NA 1.1 1.1 NA o.ij o.:i 83 82 84 B3. Consumption, Trade, Orders, and Deliveries Orders and Deliveries: 6. New orders, durable goads ?. New orders, durable goods, 1972 dollars •8. New orders, cons, goods and mils., 19723 dol 25. Change in unfilled orders, durable goods , 96. Mfrs ' unfilled orders durable goods5 . . *32. Vendor performance1 <u) l,l,L... Bil. dol 75.00 87 .85 1 0 2 . 3 2 9 9 . 9 2 1 0 0 . 4 4 101 .70 1 0 2 . 0 2 97.61 L,L,L. .do 32.47 42.48 41 .12 37 .01 41 .27 41 .86 40.10 41 .84 L,L,L do 29.44 34.12 37.90 36.08 38.15 37 .46 37.86 37.28 1,1,1,.,. do. 6.13 0.98 -1 .81 3.30 2.69 1.12 -0.92 2.35 1 Ig U Bil. dol, EOP .. 2 8 7 . 0 1 3 1 9 . 3 0 3 3 7 . 7 0 3 4 4 . 7 6 3 4 8 . 1 3 3 4 8 . 0 6 3 4 9 . 0 5 3 4 8 . 1 3 L L L Percent 68 37 69 60 54 57 54 58 Consumption and Trade: 56. Manufacturing and tiade sales *57. Manufacturing and ttade sales, 1972 dollars 75. Industrial production, consumer goods 54. Sales of retail stores 59, Sales of retail stores, 1972 dollars 55, Personal consumption expenditures, automobiles 58. Index of consumer sentiment (u) . . C,C,C. ., C,C,C... C.L.C.. 0,1 U U.L.U. L.C.C.. LLL Bil. dol 3 4 3 . 3 4 367 .06 4 0 0 . 6 2 4 1 0 . 9 1 NA 411 .41 4 1 0 . 6 8 NA do . , 1 5 2 . 4 9 1 6 1 . 7 0 1 7 2 . 6 7 1 7 6 . 6 5 NA 1 7 6 . 5 7 1 7 6 . 5 6 NA 1967^100.. 163.2 142.6 151.7 1 5 9 .7 1 6 2 . 0 161.6 164.0 162.9 Bil dol 9 7 . 8 3 105.32 108.35 1 0 7 . 5 9 107.44 106.81 108.52 89.55 . , . .do 50.68 52.21 47,75 44.67 51 .20 51.58 $1 .66 51 .90 A.r, bil. dol... 88.3 73 .6 101.9 104.6 102 .7 I Q 1966-100 68.0 96.6 87.5 98.9 119.5 96.6 99.1 100.9 0.3 0. 0.1 -2.32 0.3 -6 -4.3 -4,2 -4.8 -1 .90 -0.3 4 -2.3 -3.2 -1.8 -3.78 2.1 1 0.5 0.4 -0.5 -1.23 1.0 «12 6 7 8 25 96 32 -0.2 0. -0.5 -0.6 -0.9 NA NA -1.0 1 .6 1.4 2.6 1.8 2.6 2.3 1.4 2.9 3.0 2.6 -2.9 NA NA 0.6 -0.7 -1.2 -1 .8 2.4 56 57 75 54 59 55 58 2.2 NA 1.2 NA -0.4 NA 1 ,7 HA 12 13 84. Fixed Capital Investment Formation of Business Enterprises: *12. Net business formation 13. New business incorporations Business Investment Commitments: 10. Contracts and orders, plant and equipment *20. Contracts and orders, plant and equipment, 1972 dollars , 24. New orders, capital goods Indus., r:ondefense 27. New orders, capital goods industries, nondefense, 1972 dollars L,l,L... 1967-100 L,L,L.... Number 117.5 113 .2 114.8 47,153 50,162 53,353 117.0 NA 119.0 NA 116.8 NA 119.4 NA 120.8 NA L,L,L... Bil, dol 24.79 26 .77 30.12 31 .94 31.66 32.66 31.14 31.19 -4.7 0.2 6.0 -0,9 10 L.L.L.... ......... do do L,L,L.... 12.31 20.63 13 .44 22.73 15 .23 26 ,32 15 .89 27,62 15 .43 27.08 15.41 27,65 15 .45 26.50 15.43 27 .10 0.3 -4.2 -0.1 2.3 4.3 4.9 -2,9 -2,0 20 24 do 10.52 11 .72 13.65 14.11 13.53 13.33 13.53 13.73 1.5 1 .5 3 A -4.1 27 L.L.L.. Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data' Percent change Unit Series title and timing classification1 of Annual average measure 1982 1983 IstQ 1984 2dQ 1984 July 1984 3dQ 1984 Aug. 1984 Sept. 1984 July to Aug. 1984 Aug. to Sept. 1984 IstQ to 2dQ 1984 2dQ to 3dQ 1984 j 1. CYCLICAL INDICATORS— Con. B4, Fixed Capital Investment — Con. Business Investment Commitments— Con.; 9, Construction contracts, commercial and industrial buildings, floor space 11. Newly approved capital appropriations, mfg 97. Backlog of capital appropriations, mfg.s L,CU Mil. sq.ft U,Lg,U.... Bil. dol C,lg,Lg.... Bil. dol., EOP ... Business Investment Expenditures: 61. Business expend., new plant and equipment 69. Machinery and equipment sales and business construction expenditures 76. Industrial production, business equipment 86. Nonresid. fixed investment, total, 1972 dollars.: Residential Construction Commitments and Investment; 28. New private housing units started, total *29. New building permits, private housing 89. Fixed investment, residential, 1972 dollars 57.38 21 .28 70.76 63.86 22.00 73.50 71 .28 26.82 78.65 79.49 37 . 0 9 92.41 C,Lg,Lg.... A.r., bit. dol 282.71 269.22 do C.Lg.Lg.... C,Lg,U.... 1967 = 100 C,Lg,C.... A.r., bil.dol 325 .69 3 2 0 . 5 7 3 5 0 . 4 8 3 7 3 . 3 0 153.3 177.0 157.9 171 .6 193.3 166.9 171 .0 202.9 1,062 80.7 37.9 1,703 129.4 53,7 do -10.4 -3.6 do ILL do L,L,L... L,L L . Bil. dol -16.00 L,L,L.., A.r., thousands ,. L,L,L... 1967 = 100 L.l.L... A.r, bil.dol 293.15 79.70 NA NA 79.71 84.26 75.12 5 .7 -10.8 302.70 316.22 1 , 9 6 8 1,895 141 .9 146.1 60.6 60.8 NA 3 7 2 . 4 4 3 7 6 . 2 2 185 .2 188.0 187.2 206 .8 NA 188.5 1,754 126 .4 1,539 121 .6 1 ,676 116.3 18.85 54.4 2.40 13.66 55.3 -0.91 NA 5 5 1 . 3 7 NA 2 7 2 . 1 4 NA 87.26 555 .98 273.99 88.83 1 ,656 121.4 61.2 11.5 38.3 17.5 0.3 NA NA 9 11 97 3.3 4.5 61 1.0 1 .5 NA 0.3 6.5 3.1 5.0 NA 5 .8 1.9 69 76 86 -12.3 -3.8 8.9 -4.4 -3.7 -2.9 0.3 -12.6 -14.4 0.7 28 29 89 NA NA NA -5.19 0.9 -3.31 NA NA NA 6.86 -17 .4 -1.38 NA NA NA 36 31 38 NA NA NA 0.8 0.7 1 .8 NA NA NA 2.6 1.9 4.4 NA NA NA 71 70 65 85. Inventories and Inventory Investment Inventory Investment: 30 Change in business inventories 1972 dollars3 *36. Change in inventories on hand and on order, 1972 dollars (smoothed6)3 31. Change in mfg. and trade inventories3 38. Change in materials on hand and on order3 ILL Inventories on Hand and on Order: 71. Mfg. and trade inventories, book value s 70. Mfg. and trade inventories, 1972 dollars5 65. Mfrs.' inventories of finished goods5 *77. Ratio, constant-dollar inventories to sales, mfg. and trade 3 78. Stocks of materials and supplies on hand and on order, mfg.1 Lg,Lg,Lg.... Bil. dol., EOP ... do LgtLg,lg.... do Lg,Lg,Lg.... Lg,Lg,Lg.... Ratio 20.3 32.28 56.3 1 .28 505.55 514.34 532.77 259.40 259.02 265.12 85.02 80.87 82.87 546.83 270.03 86.54 -18.1 -2.13 1.59 1.52 1.52 191.12 2 0 8 . 5 9 216.59 220.44 0.32 285.5 0.52 -0.57 288.1 0.18 1.74 L,Lg,Lg.... Bil. dot, EOP ... 31.6 25.42 73.7 2.66 1.91 8.8 1 .46 -11 .3 31.2 NA NA NA NA 1.54 NA 2 2 2 . 8 5 10.9 30 HA 0.01 NA NA 77 221 .93 NA -0.4 NA 1.8 NA 78 -1.40 275.6 -1.05 1.55 0. B6. Prices, Costs, and Profits Sensitive Commodity Prices: 98. Change in producer prices, sensitive materials3 23. Spot market prices, raw industrials © *99. Change in sensitive materials prices (smoothed6)3 L,L,L.... Percent U,L,L.... 1967 = 100 L,i_,L.. Percent 0.88 274.0 -1.06 0.78 -1.6 -0.41 2.28 -0.6 -0,01 -0.89 0.9 -0,34 -0.33 -4.0 -1 .10 98 23 99 Stock Prices: *19. Stock prices, 500 common stoc,ks © L,L,L... 1941-43 = 10.,, 1 1 9 . 7 1 1 6 0 . 4 1 1 6 0 . 3 6 1 5 5 . 7 6 1 6 0 . 5 4 1 5 1 . 0 8 1 6 4 . 4 2 1 6 6 . 1 1 8.8 1.0 -2.9 3.1 19 Profits and Profit Margins: 16 Corporate profits after taxes 18, Corporate profits after taxes, 1972 dollars 79. Corp. profits after taxes with IVA and CCAdj 80 do 1972 dollars 15, Profits (after taxes) per dollar of sales, mfg.3 26. Ratio, price to unit labor cost, nonfarm business A.r., bil. dol ILL do L,L,L... do L,C,L... do LCL l,l,L... Cents L,l,L... 1977 = 100 104.8 Cash Flows: 34. Net cash flow, corporate 35 Net cash flow corporate 1972 dollars.... Unit Labor Costs and Labor Share: 63. Unit labor cost, private business sector 68. Labor cost per unit of real gross domestic product, nonfin. corporations 62. Labor cost per unit of output, manufacturing a) Actual data : *b) Actual data as percent of trend 64. Compensation of employees as percent of national income3 . -0.38 242.5 -0.67 1 .23 258.5 1.03 -0.90 276.6 -0.92 -2.18 280.1 -0.64 96.2 127.4 60.5 149.4 71.2 4.0 98.0 150.6 71 .0 184.7 87.5 4.9 98.7 150.2 70.3 195.2 92.1 4.9 99.8 NA NA NA NA NA 99.7 -0.3 -1.0 5.7 5.3 0. 1.1 NA NA NA NA NA -0.1 16 18 79 80 15 26 L,L,L... A.r, bil.dol ....do L,LL 260.4 121.9 318.9 149.3 360.4 167.5 366.7 169.3 NA NA 1.7 1.1 NA NA 34 35 Lg,Lg,Lg.,.. 1977-100 153.6 156.0 157.7 156.5 157 .6 -0.8 0.7 63 Lg,lg,Lg.... Dollars 50.6 98.4 47.6 3.4 1.409 1.415 1.414 NA 226.8 102.0 219.6 91.9 218.5 87 .3 218.0 85.6 216.3 83.4 do 76.2 75.0 73.5 73.3 NA do L,L L do L,C,U.,.. do L,L L .. L,L,L... Bil. dol do L,L,L... 0.70 0.75 0.86 198.7 814.3 0.75 0.93 0.81 213.8 888.8 0.62 0.51 0.90 217 .6 906.6 0.69 0.62 0.99 218.9 913.8 0.17 0.49 NA 219.4 919.7 -0.11 0.41 1.02 219.8 919.1 0.13 0.39 NA 219.1 918.6 0.49 0.66 NA 219.4 9 2 1 .4 0.24 -0.02 NA -0.3 -0.1 0.36 0.27 NA 0.1 0.3 C,C,C.... Ratio do C,Lg,C..,. 6.697 1.376 6.491 1.297 6.670 1.316 6.739 1.322 6.766 1.330 1 .327 1. 3 3 0 1 .332 0.003 0.002 NA 11 .57 71 . 9 8 10.1 NA NA 38.03 -27.60 NA - 1 3 . 2 9 -*.o 12.4 NA 26.46 NA 2.3 NA NA NA NA Lg,Lg,Lg.... NA 68 -0.2 -1.7 -0.8 -2.2 62 62 -0.2 NA 64 0.07 0.11 0.09 0.6 0.8 -0.52 -0.13 NA 0.2 0.6 85 102 104 105 106 0.069 0.006 0.027 0.008 107 108 38.91 NA 36.13 - 5 8 . 7 9 30.08 NA 7 .2 -9.7 22.6 NA 33 112 113 111 110 -0.1 . 1.397 Lg.Lg.Lg.... 1967 = 100 Lg,Lg,Lg.... Percent 215 .6 83.6 216.3 83.4 216.9 83.1 0.3 -0.2 0.3 -0,3 B7. Money and Credit Money: 85 Change in money supply (Ml) 3 102. Change in money supply (M2)3 104 Change in total liquid assets (smoothed6)3 105. Money supply (Ml), 1972 dollars *106. Money supply (M2), 1972 dollars Velocity of Money: 107. Ratio, GNP to money supply (Ml)1 108. Ratio, personal income to money supply (M2)3 Credit 33. 112 113. *111. 110. Flows: Change in mortgage debt3 Change in business loans3 Change in consumer installment credit3 Change in credit outstanding3 Total private borrowing Credit Difficulties: 14. Liabilities of business failures (inv.') <§> 39. Delinquency rate, installment loans (inv. 4 ) 35 L,L,L... A.r., bil. dol do L,L L do L,L,L..., L,L,L... A.r., percent L,L,L..., A.r., bil. dol 36 .08 91.48 1 3 0 . 3 9 -5.12 17.32 3.66 88.38 52.25 39.77 67 .79 97.87 13.36 4.9 14.7 1.9 21.9 271.41 3 9 0 . 9 9 393.48 482.28 L.L.L... Mil. dol 1300.9 L,L,L... Percent, EOP ... 2.18 NA 1.94 NA 1.85 NA 2.02 NA 1 1 8 . 3 6 29.59 39.17 NA 85 .27 14.1 12.2 NA NA NA NA NA NA NA NA NA NA -0.17 NA NA 14 39 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data2 Series title and timing classification Unit of measure 1 Percent change 1 Annual average 1982 1S83 1st 0 1984 2dQ 1984 3dQ 1984 July 1984 Aug. 1984 Sept, 1984 July to Aug. 1984 Aug. to Sept. 1984 IstQ to 2dQ 1984 ?dQ to 3<1Q 1S84 f: 1 1. CYCLICAL INDICATORS -Con. B7, Money and Credit=Con. Bank Reserves: 93, Free reserves (inverted')3 (§> 94. Borrowing from the Federal Reserve 3 ® L.U.U... Mil. dot do ., L,Lg,U... -692 1,052 -545 1 ,034 Interest Rates: 119, Federal funds rate3 ® 114. Treasury bill rate' <§>.... 116. Corporate bond yields3 <g) 115 Treasury bond yieds s (g) 117. Municipal bond yields3 © 118. Mortgage yields, residential1 © 67, Sank rates on short-term business loans3 © *109. Average prime ratts charged by banks3 ® L.Lg.Lg... Percent do C.Lg.lg... do Lg.Lg.Lg... do Ctlg,Lg.,. do U,lg,lg... do lg,lg,Lg... do Lg,Lg,Lg,.. ...do Lg,lg,lg... 12.26 10.72 14.68 12.23 11 .66 15.30 14.69 14.86 9.09 8.62 12.25 10.84 9.51 13.11 10.64 10.79 Outstanding Debt: 66, Consumer installment credit5 72. Commercial and industrial loans outstanding *101. Commercial and industrial loans outstanding, 1972 dollars .,.., *95. Ratio, consumer install credit to pers. income5 10 - 1 , 8 9 6 - 6 , 4 2 3 - 5 , 3 1 7 - 7 , 3 3 4 - 6 , 6 1 8 7,242 745 2,507 7,061 8,017 5,924 9.69 9.13 12.94 11.54 9.73 13.32 11 .06 11 .07 10.56 9.84 14.18 12.69 10.37 14.57 12.45 12.31 11 .39 10.34 13.72 12.34 10.17 14.26 13 .29 12.99 11 .23 10.13 14.25 12.82 10.42 14.58 11 .64 10.49 13.54 12.23 9.99 14.21 11 .30 10.41 13.37 11.97 10.10 13.99 13.00 13 .00 12.97 NA 4 3 7 . 2 4 4 4 3 . 2 4 Lg,Lg,Lg... Bit. dot., EOP .., 3 4 8 . 9 4 3 8 8 . 7 2 4 0 5 . 6 6 4 3 0 . 1 3 NA 268.24 2 6 4 . 9 4 2 7 3 . 7 2 2 9 6 . 2 4 3 0 8 . 9 4 3 0 7 . 2 4 3 0 8 . 2 1 311.38 Lg.Lg.Lg... Bil. dot do., Lg,lg,lg.... Lg.lg.Lg.,.. Percent 106.74 13.10 104.13 1 0 5 . 3 9 13.34 13.68 113.30 118.39 117.27 14.12 NA 14.45 118.09 119.81 14.56 NA 2,017 2,093 -716 -775 1,906 1,762 4,527 4,534 93 94 0.41 0.36 -0.71 -0.59 -0.43 -0.37 -0.34 -0.08 -0.17 -0.26 0.11 -0.22 0.87 0.71 1.24 1.15 0.64 1.25 1 .39 1 .24 0.83 O.;i0 -0.46 -0. J5 -0.20 -O..U 0.34 0.68 119 114 116 115 117 118 67 109 0. -0.03 1 .4 0.3 NA 1.0 6.0 8.2 NA 4.3 66 72 0.7 0.11 1.5 NA 7.5 0.44 4.5 HA 101 95 0,9 1,1 0,1 0,7 -0,2 0, -1,6 0, 0,6 0.1 310 320 320 322 330 335 331 332 333 334 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity 81. Price Movements 310. 320. 320e, 3?2 330 335. 331. 33? 333. 334. Implicit price deflator, GNP Consumer price index (CPI), all items © Change in CPI all items, S/A 3 . CPI food Producer price index (PPI) all commodities © PPI industrial commodities © PPI, crude materials PPI intermediate material? PPI capital equipment PPI, finished consumer goods . 1972-100 1967-100 Percent 1967-100 do do do do do. do 207.4 289.1 0.3 285.7 299.3 312.3 319.5 310,4 279.6 280.9 215.3 298.4 0.3 291.7 303.1 315.8 323.6 312.4 287.3 284.6 220.6 306.4 0.4 301.4 309.3 320.5 334.7 318.0 291 .6 289.8 222 .4 309.7 0.3 301 .3 311 .4 323.2 333.9 320.5 294.2 290.4 224.4 313.1 0.4 303.4 310.8 323.3 328.5 320.5 295 . 9 290.7 311.7 0.3 302.2 312.0 324.0 331 .3 321 .0 295,2 291 .3 313.0 0.5 304.1 310.9 323.5 327 .2 320.5 296.2 290.7 314.5 0.4 303.8 309.5 322.3 327 .0 320.1 296.3 290.0 0.4 0.2 0.6 -0.4 -0.2 -1 ,2 -0,2 0.3 -0.2 0.5 -0.1 -0.1 -0.5 -0.4 -0.1 -0.1 0. -0.2 0.8 1 .1 -0.1 0. 0.7 0.8 -0.2 0.8 0.9 0.2 1977 — 100 148.3 155.1 158.7 159.9 161.0 160.8 160.6 161 .7 -0.1 0.7 0.8 0.7 340 93,4 154.1 96.8 100.9 100.0 94.8 161.6 98.3 103.7 103.4 94.9 165.9 98.2 105 .7 105 .2 95.2 167 .4 98.1 107.0 106.6 94.5 169.0 98.2 107.5 106.6 95.2 94.1 94.3 -1.2 0.2 0.3 0.9 -0.1 1.2 1.3 -0.7 1.0 0.1 0.5 0. 341 345 346 370 358 0.1 0. 0.2 -0.7 2.4 -2.3 0.2 441 442 37 444 445 446 447 0. -9.2 -0.8 451 452 453 B2. Wages and Productivity 340. Average hourly earnings, production workers, private nonfarni economy 341. Real average hourly earnings, production workers private nonfarrrt economy 345 Average hourly compensation nonfarm business 346 Real averape hourly compensation nonfarm business 3?0 Output per hour private business sector 358 Output per hour nonfarm businass sector do do do do do C. Labor Force, Employment, and Unemployment 441 442. 37. 444. 445. 446. 447 Labor 45). 452. 453. Total civilian labor force Total civilian employment Nufflbar o1 persons yfl@inpley.ed Unemployed males, 20 years and over Unemployed females, 20 years and over Unemployed persons, 16-19 years of age Number unemployed full-time workers Force Participation Rates: Males, 20 years and over3 Females 20 years and over' Both sexes, 16-19 years of age3 . , 1 1 0 . 2 0 1 1 1 . 5 5 1 1 2 . 6 1 1 1 3 . 6 4 113 .71 1 1 3 . 9 4 1 1 3 . 4 9 1 1 3 . 7 0 Millions 9 9 . 5 3 1 0 0 . 8 3 1 0 3 . 7 4 1 0 5 . 1 5 105 .20 1 0 5 . 4 0 1 0 4 . 9 7 1 0 5 . 2 4 . .do. 10,678 10,717 .3 866 Thousands. 8,496 8,510 8,526 8,460 8,543 5,257 5,089 4 149 3,904 3,853 do 3,906 3,878 3,875 3 , 6 3 2 3 , 6 1 3 .do., .. 3 149 3,088 3,163 3,264 3,173 3,053 do 1 568 1,503 1 ,977 1,829 1,464 1 ,468 1,409 1,532 9,006 do 9,075 7 372 6,993 6,980 7,061 7,009 6,986 -0.4 -0.4 -0,2 -1.4 2.9 -3.8 -1.1 0.2 0.3 -0.8 0.6 -6.5 8.7 0.1 0.9 1.4 -4.2 -5.9 -1.9 -4.1 -5.1 Percent., .. ,.do.. do 0. -0.3 -2.1 0. -0.3 2.0 0. 0.8 0.8 78.7 52.7 54.1 78.5 53.1 53.5 78.3 53.2 53.7 78.3 54,0 54.5 78.3 53.8 53 .7 A.r., bil.dol. - 1 4 8 . 2 - 1 7 8 . 6 -161 .3 - 1 6 3 . 7 ,. .do 641 .1 616 . 7 686.4 704.3 do 764.9 847.6 819.7 868.0 ..do ,. 44.1 32.9 53.9 54.5 do 441 .9 478.2 509.6 520.6 do 409.0 434.1 455.7 466.1 NA NA 888.8 NA NA 477.5 Mil dol . . do do 1967-100 Thousands A.r., bil.dol 18,908 20,635 22,419 19,769 10,718 1 0 , 7 8 7 14,380 10,834 6,772 6,256 8,479 6,306 109.4 129.3 119.9 133.3 1,355 1 ,367 1 ,391 1 ,420 179.5 213.4 220.8 200,5 NA 2 0 , 9 8 8 2 3 , 0 9 8 NA 1 0 , 1 0 1 1 2 , 6 4 7 7 ,584 6,895 7,215 136.4 136.7 135.9 1 ,444 1,443 HA 225 .4 NA NA 5,886 137.7 NA 10.1 25 .2 5 .1 0.4 0.1 NA NA -22.4 1.0 NA -11 .8 -24.7 -25 .6 3.1 2.1 3 5 17 , 6 9 4 1 6 , 7 2 2 17 , 7 5 5 1 7 , 7 0 2 3,053 3,330 3,011 2,997 4,007 3,874 3,536 3,844 ,. 2 0 , 3 2 9 21 , 5 1 3 26 , 5 0 1 2 6 , 4 3 1 4,964 4,667 4,383 5,267 2,442 3,609 2,935 3,774 NA 1 9 , 4 4 2 1 8 , 0 3 6 NA 3,022 3,236 NA 3,878 3,790 NA 31 , 8 8 3 2 6 , 5 6 7 NA 5 ,103 4,049 NA 3,648 4,010 NA NA NA NA NA NA -7.2 -6.6 2.3 -16.7 -20.7 -9.0 NA NA NA NA NA NA -0.3 -10.0 -0.8 -0.3 12.9 4.6 78.3 54.1 54.4 78.3 53.8 52,3 78.3 53.5 54.3 D. Government Activities Dl. Receipts and Expenditures 500. 501, 502. 510. 511. 512. Federal Government surplus or deficit 3 Federal Government receipts Federal Government expenditures State and local government surpSus or deficit 3 , State and local government receipts . . State and local government expenditures , -2.4 2.6 2.4 0.6 2.2 2 3 NA NA 2 . .4 NA NA ? 4 500 501 502 510 511 512 NA NA 517 525 548 557 570 564 02. Defense Indicators 517, 525, 548, 557. 570. 564. Defense Department obligations incurred Defense Department prime contract awards New orders, defense products Output of defense and space equipment Employment in defense products industries National defense purchases 9 . ;i 2 . 1) NA E. U.S. International Transactions El. Merchandise Trade 602, 604. 606 612. 614 616. Exports, excluding military aid shipments, total Exports of domestic agricultural products Exports of nonelectrical machinery General imports, total Imports of petroleum arid products Imports of automobiles and parts Mil, dol do do do do do NA NA NA NA NA NA 602 604 606 6U 614 616 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data1' Series title Percent chang A nnual averag of 1981 1982 1983 2d 0 3983 4th 0 1983 3d 0 1983 i«t n 1984 2d 0 1984 3d 0 1984 4th Q IstQ 2ttQ IstQ 1984 2dQ 1984 3dQ 1984 fe e s 3s II. OTHER IMPORTANT ECONOMIC MEASURES— Con. E2. Goods and Services Movements Except Transfers Under Military Grants 667, 668. 669. 622. 618. 620. 651. 652. Balance on goods and services3 Exports of goods and services Imports of goods and services Merchandise trade balance3 Merchandise exports . . . Merchandise imports , Income on U.S. investments abroad Income on foreign investments in the U.S BiLdol. . do... . . . . do . . . . . do. . . .. .do. .. .. ..do.. . ...do. . .. . d o . . . . . . -7 .71 - 9 . 7 0 -14.13 -17 .53 - 2 2 . 3 0 84.83 88.74 81 .36 84.91 90 . 6 9 89.07 94.53 9 9 . 0 4 1 0 8 . 2 2 111 .05 - 1 4 . 8 7 - 1 7 . 5 0 - 1 9 . 4 1 -25 . 8 6 - 2 5 . 7 4 50.44 54.60 48.74 53 .94 51.83 63 .62 67.94 71 .24 80.33 79.79 20.80 20.62 18.97 23.30 19.61 13 .63 16.96 13.00 15.55 14.49 NA NA NA NA NA NA NA NA -3.40 6.8 9.3 -6.45 4.1 12.0 18.8 7.3 -4.77 -2.2 2.6 0.12 1 .2 0.7 -11 .5 9.1 NA NA NA NA NA NA NA NA 667 668 669 622 618 620 651 652 3701,2 1649.6 6,962 1618.5 2604.8 1175.4 4,961 3.5 2.4 2.2 0.9 3.0 2.1 1 .9 2.6 1.7 1.5 2.5 2.1 1 .5 1.3 1.6 0.7 0.4 0. 2.0 0.9 0.6 200 50 217 213 224 225 227 1 8 4 9 . 1 1 9 8 4 . 9 2155 , 9 2141 .6 2181 .4 2 2 3 0 .2 2 2 7 6 .5 2 3 3 2 . 7 2 3 5 9 . 3 9 6 3 . 3 1 0 0 9 . 2 1 0 0 6 . 2 1015.6 1 0 3 2 . 4 1 0 4 4 . 1 1 0 6 4 . 2 1 0 6 4 . 6 950.5 235.4 284.1 299.8 320.7 317.3 276.1 310.9 245.1 279.8 140.9 156.2 140.5 159.6 178.6 177.0 167 ,2 173.7 157.5 823 .0 858.3 863.3 730.7 811 .7 841 .3 757.5 801 .7 796.9 396.1 383.2 396.6 360.8 387.1 363.1 376.3 374.9 378.5 9 8 2 . 2 1 0 7 4 . 4 1 0 6 8 . 6 1 0 8 5 . 7 1107 .5 1 1 2 4 . 4 1 1 5 3 . 7 1 1 7 8 . 7 883.0 459.8 483.4 448.8 491 .5 475.4 482.0 488.9 475 .1 477 . 6 2 .1 1.1 3.7 3.9 2.2 1 .0 1.5 0.3 2.5 1.9 3.2 2.8 2.0 2.5 2.6 1.1 1 .1 0. -1.1 -0.9 0.6 -0.1 2.2 0.5 230 231 232 233 236 238 237 239 5 .3 5 .4 2.0 1 .6 21 .8 10.9 240 241 242 243 245 30 3.28 93.93 90.65 -7.00 59.27 66 .27 21 .60 13.09 -0.28 -8.23 87 .36 83.05 87.65 91.28 -9.12 -15.26 52.80 50.06 61 .92 65 .33 20.96 19.25 14.01 13.37 A. National Income and Product Al. GNP and Personal Income 200. 50. 217, 213. 224 225 227 A.r., fail. dol... GNP, current dollars . . GNP, 1972 dollars Per capita GNP, 1972 dollars Final sales, 1972 dollars Disposable personsl income current dollars Disposable personal income 1972 dollars Per capita disposable personal income 1972 dollars do. .. A.r, dollars.. A.r., bil. dol . . . . d o do.. . A . r , dollars 2957.8 1512.2 6,572 1500.9 2041 .7 1049.3 4,561 3069.3 1480.0 6,370 1490.4 21 80 .5 1058.3 4,555 3304.8 1534.7 6,543 1538.3 2 3 4 0 .1 1095 .4 4,670 3267.0 1524.8 6,510 1530.9 2302.9 1082.0 4,619 3346.6 1550.2 6,602 1549.3 2 3 6 7 .4 1102.2 4,694 3 4 3 1 .7 1572.7 6,681 1565 .4 2428.6 1124.3 4,776 3553.3 1610.9 6,829 1579.3 2502.2 1147.6 4,865 3644.7 1638.8 6,933 1618.5 2554.3 1165.3 4,930 A2. Personal Consumption Expenditures 230 231. 232. 233. 236, 238. 237. 239. Total current dollars Total, 1972 dollars Durable goods, current dollars Durable goods, 1972 dollars Nondurable goods, current dollars. Nondurable goods, 1972 dollars Services, current dollars Services, 1972 dollars A.r., bil. dol ..do . .do. . . .do. .. . . . do. .. . ..do. ... .. ..do. .do. . . . A3, Gross Private Domestic Investment 240. 241. 242. 243. 245. 30, Total, current dollars Total, 1972 dollars Total fixed investment, current dollars. Total fixed investment, 1972 dollars Change in business inventories, current dollars3 Change in business inventories, 1972 dollars3 . .. .do,. do ..do. .. ... .do.. . . . ..do. . . do. . 484.2 230.9 458.1 219.6 26.0 11.3 414.9 194.3 441 .0 204.7 -26.1 -10.4 471.6 221.0 485 .1 224.6 -13.5 -3.6 449.6 212.6 469.0 218.7 -19.4 -6.1 491.9 230.6 496.2 229.8 -4.3 0.9 540.0 249.5 527.3 242.2 12.7 7 .2 623.8 285.5 550.0 253.9 73.8 31.6 627.0 283.9 576.4 263.7 50.6 20.3 660.5 299.2 588.1 268.0 72.4 31 .2 15.5 14.4 4.3 4.8 61.1 24.4 0.5 -0.6 4.8 3.9 -23 .2 -11.3 . .do. .. do. ... . ..do. .. .. do .do. . do 596.5 287 .0 228.9 110.3 367 .6 176 8 650.5 292.7 258.9 117 .0 391 .5 175 7 6 8 5 .5 291 .9 269.7 116.2 415 .8 175 7 682.2 292.4 270.5 117.2 411 .6 175.2 689.8 292.0 269.2 115.6 420.6 176 4 691 .4 288.8 266.3 113.0 425.1 175 8 704.4 289.5 267 .6 112.2 436.8 177 3 743 .7 302.1 296 .4 123.2 447 .4 178.9 766 .9 308.4 307 .7 127 .4 459.2 1 81 . 1 1.9 0.2 0.5 -0.7 2.8 0 9 5.6 4.4 10.8 9.8 2.4 0 .9 3.1 2.1 3.8 3.4 2.6 1.2 260 261 262 263 266 267 do do do do do do 280 43 . 8 369.9 160 2 341 . 9 116 4 19.0 29.7 348.4 147 6 329.4 118 0 -8 3 12.6 336.2 1395 344 .4 126 9 -6 .5 13.6 328.1 137 0 334 .5 1 23 .4 -16.4 11.9 342 .0 141 6 35 8 .4 129,7 -29.8 2 .0 346 .1 141 0 375,9 139.1 -51 5 -8.3 358.9 144 9 41 0 .4 153.2 -58.7 -11 .4 362 .4 144.7 421 .1 156.2 -85 .5 -22 .7 375 .5 150.2 461 .0 172.8 -21 .7 -10.3 3.7 2 8 9 .2 10 1 -7 .2 -3.1 1 .0 -0 .1 2 .6 2 .0 -26 . 8 -11 .3 3 .6 3 .8 9.5 10.6 250 255 252 256 253 257 NA .4 2 7 6 6 . 5 2 8 7 3 . 5 2 9 4 4 . 8 7 2 0 5 5 4 2113 4 21 5 9 . 2 21 91 .2 3 149 8 131 9 154 9 155 9 2 62 0 63 0 61 0 60 4 291 1 NA 0 277 4 26 0 0 292 5 2 282 8 258 9 266 8 3.9 2 8 174 1 0 6 7 3 1 2.5 2 .2 -3 3 1 6 4 9 6 0 NA 1 .5 4 1 1 6 NA 3 4 220 280 282 284 286 288 NA NA 164.7 NA 6.3 Z2.0 2.5 18.5 21 9 0.8 1 .3 3 .3 -5.0 -1 8 -0.4 NA NA 13.7 NA 0.6 290 295 292 2 98 293 A4. Government Purchases of Goods and Services 260. 261. 262. 263. 266. 267 Total, current dollars. . Total, 1972 dollars Federal Government, current dollars. . . . Federal Government, 1972 dollars State and local governments, current dollars State and local governments 1972 dollars . 250 255 252 256 253 257 Net exports of goods and services current dollars3 Net exports of goods and services 1972 dollars' Exports of goods and services current dollars Exports of goods and services 1972 dollars Imports of goods and services current dollars Imports of goods and services 1972 dollars . . . .. A5. Foreign Trade A6. National Income and Its Components 220 280 282 284 286 288 National income Compensation of employees Proprietors' income with IVA and CCAdj Rental income of persons with CCAdj Corporate profits with IVA and CCAdj Net interest 290. 295. 292. 298 293. Gross saving (private and government) Business saving Personal saving . . Government surplus or deficit3 3 Personal saving rate . . . do do do do do do 2 3 6 3 . 8 2 4 4 6 . 8 2 6 4 6 . 7 2 6 0 9 .0 26 84 1 7 6 5 4 1 864 2 1 984 9 1 962 4 2 0 0 0 123 121 7 116 9 125 1 111 1 56 583 42 3 59 0 51 5 ISO 1 245 225 2 216 7 1 89 9 259 256 6 254 2 260 9 241 0 A7. Saving .do. . . . . . . . .do.. . ..do. . ..do... Percent. .. 484.3 372.6 137 .4 26 7 6.7 408.8 388.0 136 .0 115 3 6.2 437 . 2 453 .6 118.1 134 5 5.0 NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period, A.r., annual rate. S/A, seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption adjustment. 1 The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: I, leading; C, roughly coincident; Lg, lagging; U, unclassified. 414.7 455 .2 485 .7 469.7 486.4 441 .4 119.0 128.7 96.7 123 4 -133 5 - 1 2 9 3 5.0 4.2 5.3 543.9 498.8 152.5 107 4 6.1 551 .0 515.3 144.8 109 2 5 .7 1 For a few series, data shown here are rounded to fewer digits than those shown figures published by the source agencies are used if available. 3 Differences rather than percent changes are shown for this series. 'Inverted series. Since this series tends to move counter to movements in general the changes are reversed. s End-of-period series. The annual figures (and quarterly figures for monthly series) period. ®This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed the span. elsewhere in BCD. Annual business activity, signs of are the last figures for the on the terminal month of CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes Nov. Get, P T Jan July July NOT. T P T Indtx: 19H-1001 910. index of 12 fading indicators (series 1, 5J, 12,19,20,29,32,36. 99.106. Ill) 920. Index of four roughly coincident Motors (series 41147, 51, 57) 930, Index of six lagging indicators {series 62, 77,91, 95,101,1U3J 194849 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 80 81 82 83 841985 NOTE: Numbers entered on the chart indicate length of leads {-) and fags { + ) in months from reference turning dates. Current data for these series fire shown on page 60. 10 OCTOBER 1984 ItCII CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart Al. Composite Indexes—Continued Aug, Apr. Apr, Feb. P T P Jan. July July Nov. T F T P T 914, iCapital investment commitments (series 915. Inventory investment and purchasing (series 8, 916, Profitability (series 19,26,80) 917. Money and financial flows (series 104, 940, Ratio, coincident index to lagging : : If 1. • ' I: • ! : • •.iiifif. ,:/• , ' . WUL • • , :\ .v.; . • .-194849 50 51 52 53 54 55 56 57 58 59 00 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 83 841985 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. OCTOBER 1984 11 COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components Nov. tkt P T !L>[|; May P T uf>, Apr, Apr. Fob, P T P i)«t;. Nuv. P r T N&v. p an July July P I P Wev. T 1. Average workweek, production workers, manufacturing (hours) inn 5, Average weekly initial claims, State unemployment insurance (thousands—inverted scale) New orders for consumer goods and materials in 1972 doiars 32. Vendor performance, percent of companies receiving slower deliveries (percent) 12, Net business formation (index: 1967-100) 20, Contracts and orders for plant and equipment in 1972 dollars (b«, do),) Current data for these series are *;hown on pages 61, 64, 65, and 66. 12 OCTOBER 1984 KCII CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components—Continued Nov. Oct. P T July May P T Aug. Apr, Apr. Feb. P T P Nov. Mar. Jan. July July » T P Nov. T 29, New;building permits, private housing units (index: 1967== MI 36. Net change in inventories on hand and on order in 1972 dollars, smoothed1 (ann. rate, bil. dot,) 99. Change in sensitive materials prices, smoothed1 (percent) 19. Stock prices, 500 common stocks (index: 1941-43=10) L 106, Money supply M2 in 1972 dollars (biOloiT ,^_____ » •*•»! iiiittHten<Br^j^^.^3aic^Br-^4-'^'"-^' -i U,L . Change in credit outstanding-—business and consumer borrowing (ann, rate, percent) rjjT 194849 50 51 §2 53 §4 55 56 57 71 72 73 74 7i 76 77 78 79 SO 81 82 83 841985 'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on pages 67, 68, 69, 71, and 72. BCII OCTOBER 1984 13 CYCLICAL A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index Components N0y. Oct. P T July May P T Aug. Apr. Apr, Feb. P T P Dae. Nov. T P Nov. Mar. P T T Jan. July July Nov. P I P T 41. Employees on nonagricultural payrols (nitons) 70 -J _^" ./"M" i,WW- UOO- 1100* 51. Personal income less transfer paymei 1972 dollars (ann. rate, bi. do).) \*M\ "* " "11 T ?JOO* i: : S ^S I : !i : ; 900vlil. im 170WO' 140^ i;?o- 1110 il!0 iyO' HO' 110KO- 57. Manufacturing and trade sates 130- 120' no- 1943 49 H© S3, B^ S3 !34 5S B6 §>J US §§ f @6 67 71 72 73 74 7i 76 77 78 J9 86 il 82 83 84198S Current data for these series are shown on pages 62, 63, and 69. 14 OCTOBER 1984 BCII CYCLICAL A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components Aug. Apr. P T Apr. Feb. P T Dec. Nov. P T Wov. Mar. P T Jan. July July F T P Nov. T 91. Average duration of unemployment (weeks—inverted scale) 77, Ratio, constant-dollar inventories to sales 62. Labor cost per unit of output, manufacturing—actual data as percent of trend 109. Average prime rate chargedJ^^anks (percent) 101. Commercial and industrial loans outstanding in 1972 dollars (bil. dol.) 95. Ratio, consumer installment credit to personal income (percent) Lg.Lglg 194849 50 51 52 §3 54 55 5S 57 58 59 ©0 61 62 Current data for these series are shown on pages 62, 68, 70, and 73. KCII OCTOBER 1984 15 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment Apr. Feb. P Dee. Nov. P T I Nov. Mar. P T Jan, July July P T P 80 81 Nov. T [Marginal Employment Adjustments] 1, Average workweek, production mitajrs, manufacturing (hours) production wooers , manufacturing (hours) 21, Average weekly ov initial claims, State (thousands—inverted scale) fC.L fill. Ratio, heln. wantw of persons unemployed wanted advertising; (index 1959 60 61 64 6S 66 67 68 69 70 71 72 73 74 75 76 77 78 79 82 83 84 85 1986 Current data for these series are shown on page 61. 16 OCTOBER 1984 !!€!» CYCLICAL INDICATORS B [ CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued m, July July Nov. F P T T 190* rehensive Employment | 180170- 48. Emptoybe-hours in nnnayricultoral estahlishmenfa 160- (ana rte, bit, hours) 1501401051 10095" 90" 858075- 41. Employees on nonagricultural payrolls (millions) rrn 706528 « Employees in goods-producing industries manufactdfing, and construction 2726252423222120 J 60- 90. Ratio, civilian employment to total population of working age (percent) /S 59- \ 5857565554- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 SO 81 82 63 84 85 1986 Current data for these series are shown on pages 61 and 62. OCTOBER 1984 17 B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued Dee. KQV. P T Apr. f-eb. P T Nov. Mar. P T Jan. July P T July P Nov. T | Comprehensive Unemployment | 37. Number unemployed (millions—inverted scale) 9* 1113- 43. Unemplojfment rate, total (percent—inverted scale) 10- II- 45. Average weekly insured unemployment rate (percent—inverted scale) 3- 91. Average duration of unemployment (weeks—inverted scale) 10 12 14 44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale) m si at §1 ©4 ss m Current data for these series are shown on page 62. 18 OCTOBER 1984 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income Apr. Feb. P T Jan. July F T July P Wov. T I Comprehensive Output and Income! 52. Personal income in 1972 dollars (ann. rate, bfl. dol.) cZc 51. Personal ncome less transfer payments in 1972 dollars (ann. rate, bU. dot.) in mining, manufacturing, and 53, Wages and construction in 1972 dollars (ann. rate, bil dpi.) 1959 60 61 62 63 64 65 66 67 Current data for these series are shown on page 63. BCII OCTOBER 1984 19 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart 82. Production and Income—Continued Apr. Feb. P Dee. P T Nov. Kev. Mar. P T Jan. July July Nov. P T P T T 180-t 170160- 150140- 47, Industrial production, total (index: 1967 =JOOJL ' e] '"" 130120- JS 74. Industrial production, nondurable manufactures (index: 1967=100) \^ 190180170160150140* 130* 120- J 110- v^ 7 ^r^^ 73. IndustrialVoduction, durable manufactures (index: 1967= 100) *. fiiil / 800- 750* 7006S0600- jS~*~~^*~^T'J' /* ^y 550§00- W> V^* °* £°°ds OUIPUI « ii*^ dollars, Q -/ 450- fc^c] 83, Rate of capacity utilization, manufacturing (BEA), Q (percent) | Capacity Utilization] 70- 80- 82. Rate of capacity utilization, manufacturing (FRB), Q (percent) 70- 84. Rate of capacity utilization, materials, Q (percent) 60 J 8070- 60195i 60 61 62 i3 ©4 6S ©6 I 71 72 73 74 75 76 77 78 84 88 1986 Current data for these series are shown on pages 63 and 64. 20 OCTOBER 1984 KCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries Apr. Feb. P T Jan. July P T July Nov. P ' T 8. New orders for consumer goods and materials in 1972 dollars (bil. dol.) 25. Change in unfilled orders, durable goods industries (bii. dol,; MCD moving avg.—4-term) 96. Manufacturers' unfied orders, durable goods industries (bil. dol.) i 32. Vepdor performance, percent of companies receiving slower del[verie^ (percent) 1959 60 61 63 63 64 65 66 67 68 69 70 71 72 J3 81 82 83 84 89 1986 Current data for these series are shown on page 64. BCII OCTOBER 1984 21 CYCLICAL B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued Apr, Fob. P T Dec, Nov. Nov. F T P Jan. July F T July Nov. P T [Consumption and Trade] 56. Manufacturing and trade sales in current dollars (bi. doL) ^^ ™-——- 57. Manufacturing and trade sales in 1972 dollars M,.«,)_ 75. Industrial production, consumer goods (index: 1967- lie 54. Sales of retail stores in currenfdolIaFs ^bit; dof. J 59. Sales of retail stores " "in 1972 "dollars " ffl ddj 55. Personal consumption expenditures, automobiles, Q (ann. rate, bii, dol) L,C,C 58. Index of consumer sentiment (1st Q 1966=100) §0 SI 62 ©3 S4 0S 7g 76 77 78 79 S3 84 SS 1986 OCTOBER 1984 Current data for these setrloe are shown on page 65. 22 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment ;|Formation of Business Enterprises! 13. New business incorporations (thousands) I Investment Commitments | Contracts and orders for plant and equipment in current dollars (bil, do!.) 45J 20. Contracts and orders for plant in 1972 dollars (bil. do!.) 24. Manufacturers' new orders, capital goods industries, nondefense, in current dollars (bil. dol.) 27. Manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (bil. dol.) (mil. sq. ft. of floor area; MCO moving avg.—6-terrn) 1959 00 81 62 63 84 65 .2 83 84 85 1980 '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. KCII OCTOBER 1984 23 CYCLICAL CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued Feb. T Dec. ? Nov. T Nov. P Mar. Jin. July F T July P Wav. T | Business Investment Commitments—Con. 97. Backlog of capital appropriations mmufStaring, Q 11, New capital appropriations, manufacturing, Q(b!.dol.) 61. Business expenditures for new plant and equipment, Q (ann. rate, bi, dot,) [Business Investment Expenditures] 69. Machinery and equipment sales and business construction fixpcnclitiiifjcS (ano* tatff* M76, Industrial production, business equipment (index: 1967=100)...., _ 1959 60 61 83 83 84 85 1988 Current data for these series are shown on pages 66 and 67. 24 OCTOBER 1984 ltd* CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued Chart B4. Fixed Capital Investment— Continued Apr. Feb, P T —r Dec, Nov. P T Nov P Jan. July July Nov. P T P T | Business Investment Expenditures—Con Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.) 86. Total, Q *"" rw 88. Producers' durable equipment, Q so- 40- [Residential Construction Commitments and Investment[. 28, New private housing units started (ann. rate, millions) jul & 29. New building permits, private housing units (index: 1967-100) 89. Residential fixed investment in 1972 dollars, Q (ann, rate, bil. dol.) 1959 60 61 62 63 64 6S 66 84 88 1986 Current data for these series are shown on page 67. ltd* OCTOBER 1984 25 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment Apr. Feb. P Dee. Nov. P T | Inventory Investment] T T Jan. July P T July P Nov. T 30. Change in business inventories in 1972 dolars, Q (ann. rate, bj|, dpi,) fuJI 36. Net change in inventories on hand and on order in 1972 ddars (ann. rate, bil. dol,; moving avg,—4-term1) ^ 31. Change in book value, manufacturing and trade inventories (ana rate, bil. dol.; MCD moving avg.—6-term) 38, Change in stocks of materials and supplies on hand and on order, [manufacturing (bil, dot.; MCD moving avg.—4-term) 'This Is a weighted 4- lerm 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 1984 KCII CYCLICAL IMD B I CYCLICAL INDICJ TORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories anc Inventory Investment—Continued Apr. Feb. P Nov. Dec. Nov. P T P T Jan. July F T July Nov. P T 1 Inveiitoriesi on Hand and on i)rder 71. Manufacturing and trade book value (bil. dol.) \ 70. Manufacturing and trade wentories in 1972 dollars (bl. dd.) no* 100- so* 8070- 65. Book value of manufacturers' inventories of finished goods (bil. dol.) 77. Ratio, constant-dollar inventories to sales, manufacturing and trade 1.7 • ^ "Z ^V/K "V*r 1.6- V/V: 1.51,4 J 2S024@^ 220 = 2©0180° 160 = 78. Stocks of materials and supplies on hand^fpn'ofjerj manufacturing (bil. dol-JfLTTLgT " ^ / 1959 60 61 62 S3 64 5 z , 120100_: ^_:^.~ . ' • xr^-nra-r;-...» ^—•- €6 Current data for these series are shown on pag 68. OCTOBER 1984 I 27 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits Apr, Feb. P Dec. T Nov. P Sensitive Commodity Prices Jan. July P I Nov. P T July P Nov. T 98. Change in producer prices for 28 sensitive materials (percent; MCD moving avg,—6-term) 99. Change in sensitive materials prices (percent; moving avg,—4-term1) [L,L,L 19. Stock prices, 500 common stocks (index: 1941-43-10) |Profits and Profit Margins 18. Corporate profits after taxes in 1972 iJotlars, Q (ann, rate, bil. dol) jLLL 16. Corporate profits after t^xes in current doiars, Q (ann, rate, bi, dol) 70 71 72 73 74 79 76 77 78 79 83 84 S3 1986 l fhls Is a weighted 4-term moving average (with weights 1,2,2,1} placed on the terminal month of the span. "Boglnnlng with data for Juno 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. Current data for these series are shown on page 69. 28 OCTOBER 1984 ItCII CYCLICAL CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued Apr. Feb. P Dec. Nov. T ——ir P Nov. Mar. T P Jan. July July P T P T Nov. T • |Profits and Profit Margins—Con. 79. Corporate profits after taxes with IVA and CCAdj in $, Q (ann. rate, bil. dol.) 40 - 80. Corporate profits after taxes with IVA and CCAdj in 1972 dollars, Q (ann. rate, bil, dol.) r 14- 22. Ratio, corporate profits after taxes to corporate domestic 1210- I- 81. Ratio, corporate profits after taxes with IVA and to corporate domestic income, Qj (percent) rjj"[~t i! ' ' : 15. Profits after taxes per doflaif^JgfejL"131!111!-a-£Sifog c^^^5LSj(PnM 26, Ratio, price to unit labor cosLnonfarm business sector Q(jndex: 1977 = 410 H :|Ca$ti| Flows] 400350300- aso34. Net cash flow, corporate, in current dollars, Q 150100- 35. Net cash flow, corporate, in 1972 dollars, Q (ann. rate, fail, dol.) I L L LI 50 J 1959 60 61 B2. 63 64 65 66 7© 71 73 84 85 1980 Current data for these series are shown on pages 69 and 70. ItCII OCTOBER 1984 29 CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued Chart B6. Prices, Costs, and Profits—Continued Apr. Fell. p Dee. r P Jin. July F T Mar. Nov. T T July P Nav. T 170160- [Unit Labor Costs and Labor Share I IbO140* 130120- no100* 63. Unit labor cost, private business sector, Q (index: 1977=100) so80* Qfl 1,61.5U- 1,31,21,1- 68. Labor cost in current dolars per unit of real gross domestic product, jr nonfinancial corporatom, Q (dollars) .——. _~ 1,00.9- 62, Labor cost per unit of output, manufacturing (index: 1967-100) L2,Lg,L 64. Compensation of employees as a percent of national income, Q (percent) |lg,lg,Lg| ~ 7876747270 72 73 7S 76 84 8B Current data for these series are shown on page 70. 30 OCTOBER 1984 licit CYCLICAL CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit Jan. July F T July Nov. P T 85. Change in money supply Ml ^ j_ (percent; MCD moving avg.—6-term)|i,L,Li| 102. Change in money supply M2 (percent; MCD moving avg.—6-term) 104. Change in total liquid assets (percent; movingiavg.-^-term1) |L,L,L .m,.,:,,.,,:, ,;'.,,,, t .*. .JL__.... . , . ... ^JL AC . ±.^g^^L^^^ -^rfiwJi^ SSTTETS^SSS^'O^^.1J^^ VM^Y 105. Money supply Ml in 1972 dollars (bil. dol.) 106. Money supply M2 in 1972 dollars (bil. dol.) 107. Ratio, GNP to money supply Ml, Q (ratio) clTc |Velocity of Money; 108. Ratio, personal income to money supply M2 (ratio) 1999 6© 61 'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 71. BCII OCTOBER 1984 31 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7, Money and Credit—Continued Apr, Feb. P T Jao.Jyly F T July P NOT. T 81 82 33. Change m mortgage debt (am. 112, Change tn busi MCD moving avg.-^B 111, Change in credit outstanding—business and consumer borrowing (arm, rate, percent) (arm, rate, bit, dd.) 1939 60 61 62 63 64 63 66 70 71 72 73 74 75 76 77 78 79 80 83 84 85 1986 Current data for these series are sbown on pages 71 and 72. 32 OCTOBER 1984 BCI» CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart 67. Money and Credit—Continued Jan. July July Now. F T P ' :~™' -; ' v~ T " [CredttiiDifficulties 14. Current liabilities of business failures (mil dol.inverted scale; MCD moving avg,—6-term) 11 39. Delinquency rate, (percent—inverted scale) >WJ r over, consumer installment loans Q s/ W^:\A.>^/ (bit. dol—inverted scale) UUJ 94, Member bank borrowing from tt)e Federal Reserve (bi. dol.) 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 73 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 72. itcn OCTOBER 1984 33 CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued Apr. Rjh. P T Doe. Now. P T Jan. July P T July P Nov., T pnte^st Rates] 119, Federal funds rate (percent) U 114. Treasury bill rate (percent) 116. Corporate bond yields (percent) 115. Treasury bond yields (percent) Cjl 118. Secondary market yields on FHA mortgages (percent) 117, Municipal bond yields (percent) 84 85 198S Current data for these series are shown on pages 72 and 73. 34 OCTOBER 1984 K*A CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued Jan. July F T July P Nov. T ;| Interest Rates—Con. | 17- 67. Bank rates on shwt-temrfasinesrto^^ 1312 = 1110- §00 T 459- 109. Average, prime rate charged by banks (percent) =— H 350 = 200- | Outstanding Debtj CoMUM jpsjajiment Qreji{ 260220 = ial and industrial toans outstanding in current (biLdol.) 100- 101. Commercial and industrial loans outstanding in 1972 dollars (fail do!,) -** 16* 95. Ratio, consumer nstaKment credit to personal income (percent) 1210" 1959 60 61 62 S3 64 6S 66 87 Current data for these series are shown on page 73. BUI OCTOBER 1984 35 CYCLICAL C I DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes Dee. Apr, Feb. P Now. Wov. P T Jan, July P T Mar. P T 950, Twelve leading indicator components (6-mo, span T , 1-mo. span- —) July P Nov. T [P^ntrising] 100- 951. Four roughly coincident indicator component? (6-mo. span—*, 1-mo. span—) pfipiiiiHivtfv iffl/ypnv I« I!!!«!!»«! IH| Mr b1f|kj;|j|j(u-j| ( L 1 U'li 8 ! liI :i li! « Mil It-i—«.—I «~,4|-H(4f"l-TJf1* j ' ) I ! §0- I*' i 952. Six lagging indicator components (6-mo. span—-*, 1-mo. span—) 100- 961. Average workweek, production workers, manufacturing—20 industries (9-mo. span , 1-mo. span-—) 100- 962. Initial claims, State unemployment insurance—51 areas (percent declining; 9-mo. span , 1-mo. span-—) 50- 963, Employees on private nonagricultural payrofls—172-186 industries (6-mo. span—, 1-mo. span—) 1001 1939 60 61 82 S3 €4 65 71 72 77 JB S3 84 m 1986 Current data for these series are shown on page 74. 36 OCTOBER 1984 CYCLICAL DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued Apr. Feb. P T Dec, P Nov. T Nov. P Mar, T 964, New orders, durable goods industries—34-35 industries (9-mo. span^—j, 1-mo. span-—) Jan, July F T July P Nov. T Percent rising | 100 T 165- Newlv approved capital appitaiations^eflated—JJJndu^ 90« 70- 5030 J 966, Industrial production-424 industries (6-mo, span*-vt 1-mo, span—100« 50- 0- 967. Spot market prices, raw industrials—1£ industrial materials (9-mo. span—, 1-mo. span—) 100- 50- 968. Stock prices, 500 common stocks—46-82 industries (9-mo. span-—, 1-mo. span—) 50- about 600 companies1 (4-Q span) 90! §0- 1959 60 61 62 83 64 65 66 §7 89 1986 'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Current data for these series are shown on page 75. Bill OCTOBER 1984 37 CYCLICAL C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued Jan. July P T Nov. Mar, July Nov. P T Actual •Anticipated «• I Percent rising) Jan, July P T Mov. Mar. P T [Actual I Anticipated 1 !!•!•« • ••*• July P [Percent rising]; » < • *-*-•• 970, Business expenditures for new plant and equipment—21 industries (1-Q span) (a) Actual expenditures —_,. . -p : -.^-T-.-T •-. »—S. -Tf^ - -" - 974. Numbel' of employees, manufacturing and trade (4-Q span)1 - " * - , . 5 — T T T - . — t™J—rr- - 70 1 §0- i Later anticipations 975. Level of inventories, manufacturing and trade (4-Q span)1 (a) Actual expenditures 971, New orders, manufacturing (4-Q span)1 976, Selling prices, manufacturing (4-Q span)1 972, Net profits, manufacturing and trade (4-Q span)1 977. Selling prices, wholesale trade (4-Q span)1 70- 973. Net sales, manufacturing and trade (4-Q span)1 978, Selling prices, retail trade (4-Q span)1 90 < 73 74 76 77 78 79 8© 81 82 83 1984 'This Is a copyrighted series used by permission; it may not be reproduced without written permission from Dun &Bradstreet, Ihc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. Current data for these series are shown on page 76. 38 OCTOBER 1984 IICII DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change Dec. P Nov. P Nov. T Mar. T Jan. July P T July P Nov. T 1-month spans --3-month spans —- 920c, Composite index of four roughly coincident indicators 930c, Composite index of six lagging indicators 47c, Index of industrial production 50c, GNP in 1972 dollars (1-0 span) 48c. Employee-hours in nonagricultural establishments 51c. Personal income less transfer payments in 1972 doiars 1959 60 61 62 63 64 6S 66 67 88 §9 7© 71 72 73 1@> 7S 7® 77 7i 79 S® 81 S2 §3 §4 -85 1986 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. ltd* OCTOBER 1984 39 NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income Apr. Feb. P T Dee, Nov. P T Wow. Mar. P T Jan. July F T July P 200, GNP in current dollars, Q (arm. rate, bffl, dol.) 223, Personal income in current dollars (ann. rate, bit, dol,) 224. Disposable personal income in current dolars, 0 (ann. rate, bil. dol.) 18001600 213, Final sales in 1972 dollars, Q (ann. rate,!. W 1400 1200 1000800- 225. Disposable personal income in 1972 dolars, Q (ann, rate, bil. dol.) 600 8-1 7 217. Per capita GNP in 1972 doflars, Q (ann. rate, tbous. dbtf 65- 227. Per capita disposable personal income in " 1050 60 61 S2 63 ©4 ©S 66 - 83 84 85 198@ Current data for these series are shown on pages 63 and 80. 40 OCTOBER 1984 OTHER IMPORTANT NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures Apr. Feb. P Dec. Nov. I P T Nov. P Mar. T Jan. July F T July Now, P T Annual rate, bittion dollars (current)] Annual rate, bion dollars (1972) | 1959 60 61 62 63 64 Current data for these series are shown on pages 80 and 81. KCII OCTOBER 1984 41 OTHER IMPORTANT NATIONAL INCOME AND PRODUCT—Continued Chart A3. Gross Private Domestic Investment Apr, Feb. P T Dee. Nov. P T Nov. Mar. P T Jan. July P T July P Nov. ! [Annual rate, billion dolars (current)! Gross private domestic investment 245, Change in business inventories, 0 [Annualrate,biondolars (1972)1 160120- 148- 30. Change in business inventories, Q 50 ©31 ©^ ('13 S4 ©5 Current data for these series are shown on page 81. 42 OCTOBER 1984 OTHER IMPORTANT ECONOMIC NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services Annual rate, billion doiars (current)] Government purchases of goods and services— 266. State and local governments, Q Federal Government, Q Annual rate, bion doiars (1972) [ 267. State and Jocai_gQvernmentsu.Q 263, Federal Government, Q 1959 60 61 62 63 64 65 Current data for these series are shown on page 81. OCTOBER 1984 43 OTHER IMPORTANT ECONOMIC A NATIONAL INCOME AND PRODUCT—Continued Chart A5. Foreign Trade Dec. Nov. Apr. Feb. P P T Nov. Mar. P T T Jan. July July P T P [Annual rate, bikxi doiars (current)|- 252. Exports of goods and services, Q §00*1 253. Imports of goods and services, Q 250. Net exports of goods and services, Q Annual rate, bion doiars (1972)] 256, Exports of goods and services, Q~— ~257. Imports of goods and services, Q 255. Net exports of goods and services, Q 19B9 60 61 62 S3 §4 Current data for these series are chown on page 82. 44 OCTOBER 1984 KCII OTHER IMPORTANT ECONOMIC NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components Apr. Feb. P T Nov. P Dec. Nov. P T Jan, July F T Mar. T July P Nov. T Annual rate, bii(M| doiars (current)! *~*— 280. Compensation of employees, Q 400360320280240- 286, Corporate profits with inventory valuation and capital consumption adiustments>Q ;: 200- _7 160 • 140 « z t. 120100908070- r 60« ^288. Net interest, Q 50- 282. Proprietors' income with inventory valuation and Hsapital' consumption .Adjust 40- 284, Rental income of persons with capital consumption adjustment, Q / 20- 10J 1959 60 SI 62 63 64 65 66 67 69 70 71 72 73 78 79 81 82 83 84 8S 198$ Current data for these series are shown on page 82. IICII OCTOBER 1984 45 IMPORTANT ECONOMIC NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving Apr. Feb. P T Dee. P Nov. Nov. Mar. P T Jan. July T P T July Now. P T Annual rate, biffion doiars (current) | 290. Gross saving (private aind government), Q 298, Government surplus or deficit, Q 293, Personal saving rate, Q 10- in _/\ 641 71 72 77 78 79 SO Si §2 83 84 85 1986 Curront data for these series are shown on pages 62 and 83. 46 OCTOBER 1984 KCII OTHER IMPORTANT I NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of GNP and National Income Apr. Feb. P T Dec. P Nov. P Nov. T Mar, T Jan. July F T July Wov, P T I Percent olGNP] 70° 235. Persona! consumption expenditures, Q 60 - 268, State and local government purchases of goods and services, Q 265. Federal Government purchases of goods and services, Q 10- 248, Nonresidential fixed investment; Q 5- 249. Residential fixed investment, Q ^247. Change in business inventories, Q 251, Net exports of goods and services, Q | Percent of National income] 64. Compensation of employees, Q 75- 70- 65- 287. Corporate profits with inventory valuation and capital consumption adjustments, Q 10- 283, Proprietors' income with inventory valuation and capital consumption adjustments, Q -~,«J 5- 285. Rental income of persons with capital consumption adjustment, Q 1959 60 61 62 63 64 69 66 7© 71 72 73 84 as 1986 Current data for these series are shown on page 83. ltd) OCTOBER 1984 47 OTHER IWIPORTAINT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY Chart 81. Price Movements Nov. Jan. July P T Mar. I July P Jan. July July F T P Nov. T I Index: 1972=100.1 240 220 200 Nov. T (Percentchange at annual rate| 310c, Impirit price deflator, (1~Q span) 415- 180 310, knplcit price deflator, GNP, Q >5- 160 140 311c. Fixed-weighted price index, gross business product (1~Q span) 31J, Fixed-weighted price index, I gross business product, Q 1972 73 74 75 76 77 78 79 81 82 83 1984 1972 73 74 75 76 77 78 79 80 81 82 83 1984 Current data for these series are shown on pages 84, 85, and 48 OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY— Continued Chart Bl. Price Movements— Continued Jan July F T July P Nov. T 320c. All terns (6-month span) Chart B2. Wages and Productivity c 1977=1001 200-| 180160- 341, leal average hourly earnings of production 140- workers, private nonfarn^ economy1 120- ^V I 10080- 340. Average hourly earnings of production workers, private nonfarm economy (current dollars)1 | 200180160140- 346. Real average nonfarm business sector 1201008060" Average hourly compensation, all employees, nonfarm business sector, Q (current dollars) 40- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 81 82 83 84 S3 1986 'Adjusted for overtime {in manufacturing only) and interindustry employment shifts and seasonally. Current data for these series are shown on pages 84, 87, and 88. ItCII OCTOBER 1984 49 IMPORTANT PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B2. Wages and Productivity—Continued Apr. i-'eb. p r Dec. in average hourly earning of production ;, private nonfarm Economy 1 —"f—f 1111 ? Jan. July F T Nov. Mar. p p T \ . j tjUj; , 7T~7^rjO~JJi irr^ AL LwM**^ < J. NOT, T .. ukfc i t '^tt^ 340c, Current-dollar earnings ^W1;/^^ * July P --- ••-• inES i3^^^ Change in average hourly compensation, all employees, nonfarrn business sector, Q— 345c, Current-dollar compensation w THilarfer spans Tann.rate) Negotiated wage and benefit decisions, all industries— 348, First year average changes, Q (ann. rate) 349. Average changes over life of contract, Q (ann, rate) I index: 1977=1001 | Productivity] 110' 358, Output per hour, all persons, nonfarm business sector, Q 100' \ ^_^ 90" J7rj. TOP per haul,"Ti 80- private business sector, Q 70- 370c, Change in output per hour, private business sector, Q V / . 4-quarter spans '• q 8 | Percent change | IV^ 73 74 7§ 76 77 78 79 S@ 81 82 83 84 85 198S 1 Adjusted for overtime (In manufacturing only) and interindustry employment shifts and seasonally. "One-month percent changes havo been multiplied by a constant (12) to make them comparable with the annualtzed 6-month changes. See page 87 for actual 1-month percent changes. Current data for these series are sSiown on pages 87 and 88. 50 OCTOBER 1984 KtJ) OTHER IMPORTANT ECONOMIC LABOR FORCE, EMPLOYMENT, AND U N E M P L O Y M E N T Chart Cl. Civilian Labor Force and Major Components Jan. July Apr. Feb. P F I T July Nov. P T 441. Civilian labor forte (mj|pgns) Labor force participation rates (percent) 451. Males 20 years and over 453, Both sexes 16-19 years of age Number unemployed (millions)— 37, Total unemployed 444, Males 20 years-^ and over 446. Both sexes 16-19 years of age 447. Number unemployed, fulkime Workers (millions) ""*" <wo. Humuer enpuyeu pdii-uinc lui ctut reasons (millions) 1959 60 61 62 63 64 65 66 67 1986 Current data for these series are shown on page 89. ltd* OCTOBER 1984 51 OTHER IMPORTANT ECONOMIC GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures Apr. Feb. P T Dec. P Nov. Nov. T Jan. July . July P T P Mar. P T Wev. T [Annual rate, bion doiars (current)] 1300 • I I 1100900* 700" 500- 502, Federal Government expenditures, Q 300- 501. Federal Government receipts, Q ino500. Federal Government surplus or deficit, Q 600 • §00400 « 511, State and local government receipts, Q 200- 512. State and local government expenditures, Q 100 «* + 80- +60- 510, State and local government surplus Of deficit, Q +404-20- 10§9 60 61 62 S3 64 71 72 73 74 77 78 81 82 S3 84 85 Current data for these series are shown on page 90. 52 OCTOBER 1984 HtCII OTHER IMPORTANT ECONOMIC MEASURES I £) I GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators Apr, Feb. P T Nov. P Dec. Nov. P T Mar. T Jan. July F T July P Nov. T 26 « jfice Measures of Defense Activity! 2218- •VI m 14- 517. Defense pepartment gross obligations incurred (bil. dol.j MCD moving avg.—6-tqrm) ' 525, Defense Department military prime contract awards (by. dol.; MCD moving avg.-6-term) 543. Defense Department gross unpaid obligations outstanding (bit. dol.) 548. Manufacturers' new orders, defense products (bil. dpi.; MCD moving avg.—6-term) JYJLJL 1959 60 itJHiR. 61 62 63 64 65 66 67 68 69 70 ' 71 iL'uLPJ J 72 73 74 75 76 77 78 79 80 81 83 84 89 1986 Current data for these series are shown on page 90. BUI OCTOBER 1984 53 [IMPORTANT GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued Apr, I'elj. P T Dee. P Now. T (\low. P Jin. July P T Mar. T July P Nov. T 160*1 |Intermediate and Final Measures of Defense Activity] 140- 557. Output of defense and space equipment (index: 1967^ 100) 12D" 10080 •* 22-1 201816- LZ: 1412- 559. Manufacturers' inventories, defense products (bil do),) 10- 561. Manufacturers' unfilled orders, defense products (bil dol.) 18161412- 580. Defense Department net outlays, mitary functions and military assistance (bil. doi.; MCD moving avg,—6-term) "*" 10- 7654- 588. Manufacturers' shipments, defense products (by. dol.; MCD moving avg.—4-term) 3- 2* 73 74 J7 ?S 84 85 1986 Current data for these series ore shown on page 91. 54 OCTOBER 1984 KCII OTHER IMPORTANT ECONOMIC GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued Apr. Feb. P T ; • :• ••-;! ; t 1 [intermediate and Final Measures of Defense Activity—Cbn7| : Nov. P Dec, Nov. P T Mar. T Jan. July P T July P Nov. T ' 570. Employment in defense products industries (millions) Defense Department personnel (millions)— 578. Civilian, direct hire employment 564. Federal Government purchases of goods anTsiracesTorlltiorTaT defense, Q (ann. rate, bil, dol.) 60- 40- 565, National defense purchases as a percent of GNP, Q (percent) 10* 9- _ 8« 7- 654. 1959 60 61 62 S3 64 65 66 67 70 731 72 73 75 7® 77 78 79 84 85 1986 Current data for these series are shown on page 91. ltd* OCTOBER 1984 55 OTHER IMPORTANT U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade Apr. P Nix T Dee. Mar. P T Jan, July F T July P 2416- 602, Exports excluding military aid shipments (bil, dol.; MCD moving avg.—5-term) 6 1 5* 43- 2- |j 604, Exports of domestic agricultural products ? (bil, dol.) 606, Exports of nonelectrical machinery (bit. dot,) 3430 « 26- 14* 10- 6- 612, General imports (bi, dol.; MCD moving avg.—4-term) 9.0" 8.07.06.05.04.0- ;' 3.0- 614, Imports of petroleum and petroleum products 2.0- 1,0- 616. Imports of automobiles and parts (bil, dol.) 0,80,60.4- 0,2- S3 84 85 1986 Current data for these series are shown on page 92. 56 OCTOBER 1984 BCIt OTHER IMPORTANT E I U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements Apr. Feb. P Dec. Nov. T P Nov. Mar. P T T Jan. July F T July Nov. P T [Annual rate, billion dollars) g^g] Excess of receipts l-i.::vi:.:ji::| Excess of payments 667. Balance on goods and services, Q Merchandise, adjusted-- Merchandise trade Investment income— 651. Income on U.S. investments abroad, Q 652. Income on foreign investments in the U.S., Q 1959 60 61 62 63 64 S§ §4 SS 1986 Current data for these series are shown on page 93. !!€!» OCTOBER 1984 57 OTHER IMPORTANT ECONOMIC INTERNATIONAL COMPARISONS Chart Fl. Industrial Production Apr. Feb. P T Die. Nov. P T Jan. July F T Nov. P July P Nov. T 280- Industrial production— 240* 220209- y 721. QECD European pmintrifg \ JIL m 189ISO* 140120- 47, United States 1 100 « /^. united Kingdom 80* 728. Japan 60- 1959 60 ©1 ®a 63 64 S5 66 67 71 72 73 74 75 76 77 78 79 80 SI 83 84 SS Current data for these series are shown on page 94, 58 OCTOBER 1984 BCD OTHER IMPORTANT INTERNATIONAL COMPARISONS—Continued Chart F2. Consumer Prices Nov. Chart F3. Stock Prices Jan. July Mar. P P T [Percent change at annual rate | I July Nov. Nov. P T P 16-month spans] Mar. T Stock prices— Jan. July July Nov. P T P T I Index: 1967=100l Consumer prices- 1972 73 74 75 76 77 78 79 I Current data for these series are shown on pages 95 and 96. BCII OCTOBER 1984 59 CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS Q COMPOSITE INDEXES Year and month 910. Index of 12 leading indicators (series 1, 5,8, 12, 19, 20, 29, 32, 36, 99, 106, 111) 920. Index of 4 roughly coincident indicators (series 41, 47, 51, 57) 930. Index of 6 lagging indicators (series 62,77,91, 95, 101, 109) (1967-100) (1967-100) (1967-100) 940. Ratio, coincident index to lagging index (1967-100) Leading indicator subgroups 914. Capital investment commitments (series 12, 20, 29) (1967-100) 915. Inventory investment and purchasing (series 8, 32, 36, 99) (1967 = 100) 916. Profitability (series 19, 26, 80) (1967-100) 917. Moiey and financial flows (series 104, 106, 111) (1967-100) 1982 '135. 1 135.7 134.7 138.4 139.9 139,2 126.1 125.3 125.1 109.8 111.7 111.3 104.2 104.2 104.0 96.7 96.5 96.6 94.5 93.2 9^.6 123.3 122.1 122.2 April May June 136,0 136.2 135.5 138.0 138.8 137,3 125.9 125.1 124.8 109.6 111.0 110.0 104.9 104.2 102.9 96.4 97.1 97.6 93.1 93.0 92.4 123.0 122.4 122.2 July August September 136,2 136.1 137.5 136.4 135.2 134.5 124.3 122.3 121.4 109.7 110.5 110.8 103.9 102.9 103.4 97.8 98.1 98.3 92.6 92.4 93.9 122.5 124.5 124,2 October November December 138.6 139.4 140.9 132.9 132.7 138.6 120.2 118.2 116.7 110.6 112.3 113.6 104.7 105.4 107.0 98.0 97.0 96.4 95.0 95.5 96.4 122.7 122.5 122,5 January , . . . . . . . , February March 145.2 147.4 150.2 134.3 133.5 134.6 115.7 115.8 114.4 116.1 115.3 117.7 106.3 107.0 107.2 97.7 99.2 101.3 97.6 98.6 100.5 127.2 129.1 129.8 April May June 152.5 184.4 157.3 135.6 137.9 139.8 113.5 111.0 109.8 119.5 124.2 127.3 107.7 109,3 110.3 101.9 102.3 102.5 102.5 104.6 105.7 129.7 129.0 131.5 July » August September . . . . . . . 158.2 158.9 160.0 140.7 140.8 143.3 109.7 110.3 109.7 128.3 127.7 130,6 109.4 108.9 109.3 103.1 104.4 104.7 106.5 107.0 107.9 133.4 132.0 130.2 October November December 162.4 162.5 163.4 145.0 145.9 147.5 109.6 110.0 110.9 132.3 132.6 133.0 110.4 110.0 109.2 105.4 105.2 106.1 108.4 108.6 108.8 131.1 132.0 rl33.8 r!64.5 166.9 167,3 149.5 150.6 151.0 r!09.6 rill.4 rl!3.0 E>rl36.4 r!35.2 r!33.6 110.3 [H)112.1 111.0 106.1 106.9 107.6 109.2 108.4 r!09.3 r!33.5 r!35.3 r!36.7 168.2 [H)rl68.5 r!66.9 152.6 153.9 155.5 rl!4.6 rl!6.3 rl!7.4 r!33.2 r!32.3 r!32.5 111.0 rlll.O mo. 9 107.9 0>rl07.9 106.0 rllO.l rllO.8 110.2 r!37.2 rl38.5 |H>rl38.6 r!64.1 164.0 2 164.6 155.7 155.7 3 [H) 155.8 rll8.8 120.0 E>M20.7 rl31.1 H29.8 p!29.1 r!09.8 rllO.4 pl.10.4 r!04.7 r!03.4 P103.2 109.8 [H)plll.8 (NA) r!37.6 136.4 p!37.5 January February March 1983 1984 January February March April May June July August September October November December NOTE; Series are seasonally adjusted except for those, indicated by (§>, that appear to contain no seasonal movement. Current high values are indicated by (fl); for series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 10 and 11. Includes a substitute value for series 1. Sec "New Features and Changes for This Issue" on page iii of the March 1982 issue, 2 Excludes series 36, for which data are not available. 3 Kxcludes series 57, for which data are not available. "Excludes suries 77 and 95, for which data are not available. 60 OCTOBER 1984 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS Qj EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process Timing Class L, C, L L,L, L 1. Average workweek of production workers, manufacturing Year and month (Hours) L, C, L 21. Average weekly overtime hours, production workers, manufacturing L, Lg, U 5. Average weekly initial claims, State unemployment insurance ' 60. Ratio, help-wanted advertising to persons unemployed (Ratio) (Thous.) (Hours) Comprehensive Employment Job Vacancies Marginal Employment Adjustments U, C, C L, Lg, U 46. Index of helpwanted advertising in newspapers 48. Employee-hours in nonagricultural establishments (1967-100) (Ann. rate, bil. hours) 1982 37.4 39.5 39.1 2.3 2.4 2.3 563 514 566 0.336 0,316 0.288 106 103 96 164.24 168.94 168.32 April May June 39.0 39,1 39.1 2.4 2.3 2.3 566 585 551 0.254 0.250 0.241 88 87 85 167.52 167,63 166.55 July August September 39.1 39.0 38.8 2.3 2.3 2.3 533 605 653 0.227 0.213 0.193 83 78 73 165.91 165.52 165.14 October November December 38.9 39.0 39.1 2.3 2.3 2.3 651 616 531 0,196 0.195 0.208 76 78 83 164.36 163.50 164.61 39.5 39.1 39,7 2.4 2.4 2.6 507 478 479 0.214 0.215 0.216 83 83 83 165.75 164.04 165.06 April May June 40.1 39.9 40.1 2.9 2.7 2.9 470 453 406 0.212 0.232 0.245 81 87 92 166.67 167.07 167.47 July August September 40.2 40.3 40.7 3.0 3.0 3.2 380 408 387 0.281 0.272 0.282 100 97 98 168.29 168.25 170,68 October November December 40.6 40.6 40.6 3.3 3.3 3.4 386 381 378 0.334 0.360 0.392 111 114 121 171.12 170.69 172.73 40.9 40.9 40.7 3.5 3.5 3.5 364 E>345 348 0.406 0.436 0.421 123 129 124 174.01 175.02 174.40 40.6 40.6 [H>3.7 3.3 3.3 360 348 350 0.418 0.437 E>0.491 124 125 134 176.89 176.31 176.99 40.5 40.4 3.3 3.2 365 358 368 0.481 0.447 pO.454 E>138 128 r!77.06 r!77.48 G>pl78.56 January February March .... 1983 January February March . ,. 1984 January February March April May June . . . .. D41.1 .... July . August September p40.5 P 3.3 p!29 October November December See note on page 60, Graphs of these series are shown on pages 12, 16, and 17. *Data exclude Puerto Rico, which is included in figures published by the source agency. OCTOBER 1984 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q| EMPLOYMENT AND UNEMPLOYMENT-Continued Minor Economic Process u.c, c C, C, C L, C, U U. Lg, U 42, Persons engaged in nonagricultural activities, labor force survey 41. Employees on nonagricultural payrolls, establishment survey 40. Employees in goodsproducing industries (mining, mfg., construction) 90. Ratio, civilian employment to total population of working age (Thous.) (Thous.) (Thous.) (Percent) Timing Class Year and month Comprehensive Unemployment Comprehensive Employment-Continued L, Lg, U L, Lg, U Lg, Lg, Lg Lg, Lg, Lg 37. Number of persons unemployed, labor force survey 43. Unemployment rate, total 45. Average weekly insured unemployment rate, State programs ' 91. Average duration of unemployment 44, Unemployment rate, persons unemployed 15 week;, and over (Thous.) (Percent) (Percent) (Weeks) (Parcent) L, Lg, U 1982 96,301 96,419 96,374 90,402 90,409 90 301 24,691 24,667 24 524 57.46 57.48 57.38 9,393 9,693 9,910 8.6 8.9 9.0 4.1 4.1 4.3 13.4 14.1 14.0 2.2 2.5 2.7 96,223 96,726 96,314 90,059 90,006 89,755 24,299 24,165 23,920 57.23 57.51 57.15 10,303 10,363 10,480 9.4 9.4 9.5 4 5 4 6 4 6 14.4 14.8 16.0 2,8 2.9 3.1 July August September . . . 96,086 96,183 96,046 89,412 89,208 89,103 23,716 23,528 23,376 57.01 56.99 56.84 10,896 10,910 11,267 9.9 9.9 4.6 15.4 16.1 16.6 3.3 3.4 3.5 October November December 95,703 95,537 95,550 88,820 88,674 88 646 23,101 22,930 22 873 56.63 56.52 56.44 11,544 11,887 11,894 10.4 10.7 17.2 17.4 10 7 5.1 5.1 4 8 18 4 3.8 4,0 4 2 January February March 95,734 95,757 95,930 88,827 88,728 88,945 22,959 22,827 22,832 56.48 56.45 56.48 11,523 11,516 11,419 10.4 10.4 10.3 4.5 4,5 4.4 19.4 19.1 19.2 4.2 4.2 4.1 April May June 96,214 96,388 97,264 89,259 89,578 89,927 22,949 23,087 23,241 56.60 56.63 57.14 11,369 11,188 11,162 10.2 10.1 10.0 4,4 4.1 19.2 20.2 21.4 4,0 4.1 4.0 July August . September . . 97,726 98,035 98,568 90,274 89,918 91,018 23,414 23,532 23 669 57.35 57,45 57.62 10,600 10,633 10 353 9.5 9 5 9 2 3,7 3.5 3 3 21.3 19 9 20 2 3.9 3 6 3 5 October November , December 98,730 99,349 99,585 91 345 91 688 92 026 23 895 24 058 24 198 57.61 57.92 58 05 9 896 9,429 9 195 8 8 8 4 8 2 3 ? 3 2 3 1 20 1 20 2 1Q fi 3 3 3 1 ^ n 99,918 100,496 100,859 92,391 92 846 93,058 24,383 24 577 24,595 58.06 58.41 58.49 9,026 8,801 8,772 8.0 7.8 7.8 3.0 20.5 9 18 8 2,9 2 6 2.5 101,009 101 899 D 102 ',344 93,449 93,786 94,135 24,760 24,851 24,974 58.59 59.04 E>59.24 8,843 8 514 1)8,130 7.8 7 5 H>7.1 102,050 101 744 101 923 r94 350 r94 532 fu\^?R nsfi n?d QQ£ 8 543 8,526 8,460 7 5 7 5 fuSnQ4 fi71 58 99 58 70 58 79 January February March April . May June . . . . 10.2 4 7 4 9 1983 3 9 1984 January February March April May June July August September . . . y,OC ("IRQ 7 A Q 2.9 18.8 2.8 18.5 2,5 9 7 1Q A 2 2.7 18.6 2.3 2 7 (H>2.6 2 7 18 1 17 3 fH)l7 1 October November December See note on page 60. Graphs of these series are shown on pages 14, 15, 17, and 18. *Data exclude Puerto Rico, which is included in figures published by the source agency. 62FRASER Digitized for OCTOBER 1984 C 2 4 2 3 fTj\ o o H/£* j CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS |yj PRODUCTION AND INCOME Minor Economic Process Timing Class Year and month Industrial Production Comprehensive Output and Income 50. Gross national product in 1972 dollars (Ann, rate, bil. dol.) C, C, C C, C, C 52. Constant (1972) dollars 51. Personal income, less transfer payments, in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dot.) 53. Wages and salaries in mining, mfg., and construction in 1972 dollars (Ann. rate, bil. dol.) C, C , C C, C, C Personal income 223. Current dollars (Ann. rate, bil. dol.) C, C r 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.) 1982 January February March 1,483.5 2,521.5 2,542.6 2,545.2 1,246.4 1,256.2 1,255.0 1,072.0 1,080.7 1,077.9 222.9 223.7 222.7 140.7 142.9 141.7 127.1 129.3 128.2 155.1 157.8 157.3 669.0 April May June . 1,480.5 2,561.2 2,570.7 2,572.7 1,260.4 1,258.9 1,248.3 1,081.2 1,079.5 1,070.1 221.8 220.2 217.1 140.2 139.2 138.7 126.7 126.1 125.5 156.1 155.0 155.3 662! 6 July August September l,477!l 2,591.4 2,591.5 2,599.8 1,251.9 1,248.9 1,249.3 1,067.8 1,064.9 1,064.2 214.8 212.7 211.0 138.8 138.4 137.3 125.9 124.9 123.5 155.7 156.9 156.7 65?! 9 October November December l,478!s 2,617.0 2,645.0 2,656.3 1,249.2 1,261.9 1,267.3 1,060.8 1,070.3 1,074.8 208.3 207.3 208.4 135.7 134.9 135.2 120.3 119.3 119.9 156.2 155.3 155.6 653!e January February March I 9 49l!b 2,659.7 2,656.8 2,671.8 1,264.1 1,260.9 1,265.7 1,075.5 1,071.1 1,074.8 2 10,. 5 209.4 210.2 137.4 138.1 140.0 122.5 123.9 126.3 157.4 159.0 160.7 658.*9 April May . , June . . . 1,524*.8 2,693.2 2,715.8 2,734.4 1,268.0 1,275.6 1,282.6 1,077.6 1,083.0 1,091.3 210.6 210.9 212.2 142.6 144.4 146.4 129.1 131.0 133.2 163.3 165.4 167.8 68i!e July August September 1.55CL2 2,744.9 2,759.9 2,785.0 1,283.3 1,284.9 1,291.1 1,094.2 1,096.8 1,104.1 213.3 213.6 216.0 149.7 151.8 153.8 136.8 138.8 141.6 170.6 172.9 174.6 698 !l October November December 1,572!7 2,814.9 2,834.2 2,860.4 1,306.2 1,312.1 1,321.2 1,119.1 1,121.9 1,130.8 217.1 218.2 219.8 155.0 155.3 156.2 142.8 143.6 145.0 175.6 174.8 173.9 715!5 January February March 1,610.9 2,897.4 2,923.5 2,940.6 1,332.8 1,341.7 1,344.0 1,144.1 1,153.1 1,155.3 221.9 223.1 222.9 158.5 160.0 160.8 148.6 150.5 151.4 175.2 177.2 177.6 744! 9 April May June , . . 1,638.8 2,968.5 2,978.8 3,006.5 1,354.2 1,358.9 1,371.6 1,165.0 1,169.7 1,181.8 224.7 224.7 225.7 162.1 162.8 r!64.4 152.6 153.3 154.9 179.1 179.9 rl81.3 767.4 July August September H>pl,649.6 r3,026.8 r3,045.1 E>p3, 071.1 rl, 372.1 rl,372.9 E>pl,377.8 rl, 183.0 rl,183.6 (H)pl,188.7 r225.7 Dr225.7 p224.6 r!65.9 H>rl66.1 p!65.1 r!57.0 E>rl57.8 p!56.5 [H>rl82.4 182.2 plBl.5 ®p77l!4 1983 1984 October November December See note on page 60. Graphs of these series are shown on pages 14, 19, 20, and 40. OCTOBER 1984 63 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS £9 PRODUCTION AND INCOME-Continued Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization Orders and Deliveries Minor Economic Process Timing Class L, C, U 83. Rate of capacity utilization, manufacturing (BEA) Year and month (Percent) 82. Rate of capacity utilization, manufacturing (FRB) (Percent) L, C, U 84. Rate of capacity utilization, materials (Percent) L, L, L L.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, Lg, U 1, L, L 25. Change in unfilled orders, durable goods industries 96, Manufacturers' unfilled orders, durable goods industries 32. Vendor performance, compares receiving slower deliveries ® (Bil. dol.) (Bil. dol.) (Percent reporting) 1982 January February March 72^9 73*.6 76.13 77.37 78.60 33.29 33,83 34.31 29.04 29.50 30.48 -0.53 -1.34 -0.24 308.24 306.89 306,65 32 36 35 7i!e 7<X7 76.91 75.83 74.92 33.50 32.89 32.42 29.40 30.48 29.94 -1.04 -3.54 -3.64 305.61 302.08 298.44 31 30 38 7i!6 69.*4 75.23 72.05 73.23 32.51 31.12 31.52 30.04 29.23 29.75 -3.24 -4.49 -3.22 295.20 290.71 287.49 37 40 40 69.'6 67.'i 71.55 71.54 76.61 30,76 30.68 32.79 28.25 28.42 28.70 -1.64 -1.64 285.84 284.21 287.01 44 40 38 81.84 77.52 79.80 35.06 32.96 33.87 31.42 31,64 31.70 -0.38 0.15 290.85 290.47 290.61 41 42 50 *72 April May June '?i July August September *69 October November December , , "68 2.81 1983 January February March ?6!7 ?6!i *70 April May June *73 July August September '76 October November December 3.83 73^8 73*.5 82.86 83.29 89.46 35.16 35.19 37.64 32.02 33.56 33.86 2.74 1.28 3.87 293.36 294.63 298.50 52 52 52 77.'i 77.'5 87.88 88.82 91.51 36.91 37.23 38.35 34.60 35.20 35.31 2.80 2.09 2.55 301.30 303.39 305.94 52 61 60 78.9 79.'e 94.78 97.99 98,44 39.72 40.95 41.09 36.09 36.60 37.49 5.60 5.68 2.09 311.53 317.21 319.30 64 59 67 80 *7 81 .*6 99.44 102.34 |H>105.18 41.50 42.52 [H>43.43 [H>38.59 38.38 37.49 4.15 6.06 E>8.19 323.46 329.51 337.70 63 68 B>72 98.32 102.26 99.17 40.49 42.13 40.74 37.28 r38.44 36.65 2.62 4,31 0.13 340.32 344.63 344.76 71 70 66 rl01.70 r 102. 02 p97.61 r41.84 r41.86 p40.10 r37.86 r37.90 p36.08 r3.30 rO.98 p-0.92 r348.06 (H)r349.05 p348.13 60 54 58 E>77 1984 January February March .. April May June July . , August September (NA) 81.8 E)p82".6 82.7 H>P82;8 October November December See note on page 60. Graphs of these series are shown on pages 12, 20, and 21. 64 OCTOBER 1984 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Minor Economic Process Timing Class C.C.C c, c, c 56. Current dollars (Mil. dol.) 57. Constant (1972) dollars (Mil. dol.) C, L, C 75. Index of industrial production, consumer goods (1967-100) C.L.U U, L, U Sales of retail stores 54. Current dollars (Mil. dol.) FIXED CAPITAL INVESTMENT Formation of Business Enterprises Consumption and Trade Manufacturing and trade sales Year and month B JQ CONSUMPTION, TRADE, ORDERS, AND DELIVER! ES-Continued 59. Constant (1972) dollars (Mil dol.) L, C , C 55. Personal consumption expenditures, automobiles L, L, L 58. Index of consumer, sentiment <g) L, L.L 12. Index of net business formation (Ann. rate, bit. dol.) (IstQ 1966=100) (1967 = 100) L, L , L 13. Number of new business incorporations (Number) 1982 January February March 341,593 347,076 346,824 151,294 154,569 154,775 139.6 141.8 141.5 86,468 88,846 87,882 43,539 44,826 44,340 7l!i 71.0 66.5 62.0 113.2 115.6 113.5 43,330 47,234 46,899 April May June 345,177 350,022 345,717 153,447 155,152 152,840 142.1 143.6 144.8 88,268 89,794 88,048 44,557 45,145 43,870 70,4 65.5 67.5 65.7 115.2 114.7 112.1 46,876 46,995 45,936 July August September . . . 345,663 341,974 342,109 152,873 152,012 151,628 145.8 144.1 143.4 89,252 89,251 90,019 44,382 44,381 44,719 73.4 65.4 65.4 69.3 112.4 112.6 110.4 44,525 46,981 45,552 October November December 336,574 339,344 338,065 149,396 151,182 150,684 142.2 141.3 142.0 90,511 92,747 91,861 44,785 45,937 45,566 79*1 73.4 72.1 71.9 111.5 112.9 114.4 45,530 48,474 E>57,507 January February March 345,890 342,742 348,227 154,406 153,118 155,385 143.6 143.4 144.3 92,526 92,211 93,804 45,782 45,672 46,323 78.'i 70.4 74.6 80.8 111.4 113.3 112.7 49,999 48,296 48,032 April May June 351,012 360,488 368,971 155,865 159,952 163,600 147.7 150.4 152.4 95,125 97,239 98,638 46,767 47,666 48,328 88." i 89.1 93.3 92.2 112.0 114.8 116.4 48,903 50,211 50,992 July August September 370,181 373,283 379,229 162,835 163,471 165,070 154.8 156.3 157.3 98,832 98,277 99,537 48,258 47,847 48,366 90.*2 93.9 90.9 89.9 115,2 114.4 115.8 48,601 52,828 50,445 October November December 382,457 386,564 395,682 166,410 168,444 171,812 156.9 156.1 157.7 100,923 101,896 102,438 48,968 49,464 49,607 96.'3 89.3 91.1 94.2 118.0 117.8 •116.3 50,441 51,642 51,557 401,133 398,815 401,905 173,478 172,113 172,420 159.5 159.4 160.2 106,602 105,482 103,873 51,300 50,810 49,915 ioi.*9 100.1 97.4 (ED101.0 115.9 119.1 117.6 53,044 53,591 53,424 405,880 412,725 (H>414,124 174,134 177,407 0)178,417 161.4 161.7 r!63.0 107,505 108,237 E>109,322 51,660 ,52,162 E>52,813 ERioi.'e 96.1 98.1 95.5 118.5 rl!5.8 rl!6.6 53,933 51,166 (NA) r411,410 p410,679 (NA) r!76,566 p!76,556 (NA) H>rl64.0 163.2 P161.6 r!07,442 r!06,808 p!08,520 r51,655 r51,202 p51,899 p!02'.7 96.6 99.1 100.9 rll6.8 rl!9.4 E)pl20.8 1983 1984 January February March April May June July August September .,. October November December See note on page 60. Graphs of these series are shown on pages 12, 14, 22, and 23, OCTOBER 1984 65 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS |9 Minor Economic Process INVESTMENT-Continued Business Investment Commitments Timing Class I, L, L 1, L, L Contracts and orders for plant and equipment Year and month FIXED CAPITAL 10. Current dollars (Bil. dol.) 20. Constant (1972) dollars (Bil. dot.) I, L, I L, L, L Value of manufacturers' new orders, capital goods industries, nondefense 24. Current dollars (Bil. dol.) L,C, U 9. Construction contracts for commercial and industrial buildings' 27. Constant (1972) dollars Square feet of floor space (Bil. dol.) (Millions) Square meters of floor space 2 (Millions) U, Lg, U c, LB, Lg 11. Newly approved capital appropriations, 1,000 manufacturing corporations 97. Backlog of capital appropriations, 1,000 manufacturing corporations (Bil. dol.) (Bil. dol.) 1982 21.85 22.59 21.91 11.00 11.61 11.30 58.18 63.29 61.15 5.40 5.88 5.68 25. 'is 22.45 20.13 19.62 12.07 10.16 58.93 53.71 64.87 5.47 4.99 6.03 20. *02 11.63 11.06 11,96 20.33 18.62 20.28 10.13 57.80 59.78 55.95 5.37 5.55 5.20 is! 44 23.23 23.70 24.47 11.71 11.58 12.58 19.93 20.01 19.84 54.65 50.69 49.55 5.08 4.71 4.60 2L49 January February March 23.26 24,07 23.83 11.62 11.77 12.59 20.48 19.17 20.13 6.21 5.37 4.89 20.*07 11.01 66. ,89 57,77 52,65 April May June 25.77 28.31 27.24 13.14 13.84 14.07 21.96 21.85 23.83 11.52 11.09 12.61 54.32 61.20 65,40 5.05 5.69 6.08 20.' 87 July August September 25.59 27.60 29.09 12.86 13.62 15.15 22.06 22,89 25.30 11.36 11.62 13.54 61.78 65.26 69.20 5.74 6.06 6.43 22.78 October November . . . , . , . December 29.66 28.86 27.99 14.78 14.05 13.76 25.50 24.68 24.89 13.01 12.28 12.45 71.35 73.65 66.89 6.63 6.84 6.21 24.26 28.85 30.66 30.85 14,57 15.41 15.71 25.09 27.02 26.86 13.00 13.89 14.06 77,59 62.61 73.63 7.21 5.82 6.84 26.' 82 29.55 83)34.47 31.80 r!4.61 E>rl7.09 r!5.97 25.88 E>28.96 28.03 13.11 E>14.82 14.41 80.03 |H>84.39 74.04 H>7.84 r32.66 r31,14 P31.19 r!5.41 r!5.45 p!5.43 r27.65 r26.50 p27.10 r!3.33 r!3.53 p!3.73 79.71 84.26 75.12 January February March 26.75 29.54 26.15 13.10 14.60 13.11 April May June 25.88 23.81 23.10 13.54 11.74 11.13 July August September 23.81 22.70 24.34 October November December .. 9.64 9.30 10.21 10.29 9.99 10.60 90 '.20 82 '.88 74 '.is 70,' 76 1983 10.44 9.67 69.' 60 70.' 58 72.57 73.50 1984 January February . . . . . . . . March April May June July August September . 78.65 7.43 I®>p37'.09 [R)p92.41 6.88 7.41 7.83 6.98 (NA) (NA) October . . . . . . . . . November December See note on page 60, Graphs of these series are shown on pages 12, 23, and 24. l This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. "Converted to metric units by the Bureau of Economic Analysis. 66 OCTOBER 1984 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS . . . . ^f FIXED CAPITAL INVESTMENT-Continued Minor Economic Process Timing Class Year and month Residential Construction Commitments and Investment Business Investment Expenditures C, Lg, Lg C, Lg, Lg C, Lg, U 61. Business expenditures for new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures 76. Index of industrial production, business equipment (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (1967 = 100) C, Lg, C Lg, Lg, Lg C, Lg, C Nonresidentia 1 fixed investment ir 1972 dollars 86. Total (Ann. rate, bil. dol.) 87. Structures (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann. rate, bil. dol.) L, L, L 28. New private housing units started, total (Ann. rate, thous.) L, L, L 29. Index of new private housing units authorized by local building permits (1967-100) L, L, L 89. Residential fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) 1982 January February March 293.46 335.85 345.85 343.90 172.2 171.6 169.0 175.2 55.4 119.8 853 880 920 64.1 65.3 72.0 36,2 April May June 288 ! 04 329.13 335.67 329.55 164.9 159.9 156.7 16e!9 53^7 113.2 935 1,020 913 71.7 77.0 73.7 37^6 July August September 279iei 326.30 316.14 318.53 154.9 153.9 150.5 163.9 52^4 111.5 1,173 1,026 1,148 84.3 74.8 84.2 36^8 October November December 269^80 310.36 309.83 307.12 147.1 146.4 148.1 161.*5 5L9 m'j 1,156 1,355 1,296 92.8 99.3 109.1 4CL8 1983 January February . . . March 26l!?i 307.65 298.73 310.69 146.6 142.7 143.7 161.6 4916 112.5 1,632 1,706 1,592 115.6 117.6 120.5 46^2 April May June 26l!l6 308.89 302.96 327.25 146.9 147.7 150.2 16S'.3 4s!i 117\2 1,549 1,779 1,743 125.7 134.1 142,5 53^4 July August September 270!65 319.56 320.14 331.57 153.3 156.6 158,7 172.6 48 '.3 124 '.3 1,793 1,873 1,679 141.5 135.0 124.4 57^2 October November December 283'.96 325.11 339.42 354.91 161.3 164.1 167.3 184 !5 5l!i 133.1 1,672 1,730 1,694 133.3 133.2 129.4 5?!8 293^5 343.03 345.94 362.47 170.7 171.9 172.1 193.3 54.1 139*.2 1,980 0)2,262 1,662 145.3 B>153.6 139.5 6(L6 E>302.70 r358 57 r375 62 E>r385.72 173.5 176.5 r-181.1 202 9 56.8 146.0 2,015 1,794 1,877 142.0 141.0 142.8 60.8 July August September a316.22 r372 44 p376.22 [H)pl49.7 rl,754 rl,539 pi, 676 126.4 121.6 116.3 [R>p61,2 October November December a318.33 1984 January February March April May , June (NA) r!85 2 r!88 0 E)pl88.5 [H>p206.8 [H>p57.1 See note on page 60. Graphs of these series are shown on pages 13, 24, and 25. OCTOBER 1984 67 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS H| Minor Economic Process Timing Class Year and month INVENTORIES AND INVENTORY INVESTMENT Inventories on Hand and on Order Inventory Investment L, L, L L, L, L L, L, L L,L, L 30. Change in business inventories in 1972 dollars 36. Change in inventories on hand and on order, 1972 dollars 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. Monthly data Smoothed data 1 (Ann. rate, bil. dol,) (Ann, rate, bil. dol.) (Ann. rate, bil. dol.) January February March -6\7 -26.80 -23.28 -5.68 -10.17 -17.89 -20.44 -28.7 -18.7 April May June -i!6 -9.73 -31.19 -5.84 -15.74 -14.22 -15.56 -52.7 July August September -e!i -4.46 -24.55 -9.04 October November December -24,'e (Ann. rate, bil. dol.) (Bil. dol.) LE, Lg, Lg Lg, Lg, Lg Manufacturing and trade inventories 71. Book value (Bil. dol.) 70. Constant (1972) dollars (Bil. doi.) Lg, Lg, Lg Lg, Lg, Lg L, Lg, Lg 65. Manufacturers' inventories of finished goods, book value 77. Ratio, constantdollar inventories to sales, mfg. and trade 78. Stocks of materials and supplies on hand and on order, mfg. (Bil. dol.) (Ratio) (Bil. dol.) 1982 -2.27 -2.71 -1.89 521.24 519.67 519.42 268.00 267.06 266.85 89.30 90.07 90.03 1.77 1.73 1.72 214.45 211.74 209.85 13.8 -1.82 -2.08 -3.67 521.40 517.01 518.16 267.45 265.30 265.53 89.42 88.58 87.71 1.74 1.71 1.74 208.03 205.95 202.28 -14.71 -12.72 -12.15 2.8 -23 ,,6 -18.3 -2.16 -2.35 -2.20 518.39 516.42 514.90 265.85 264.88 264.38 88.14 88.03 87.49 1.74 1.74 1,74 200.11 197.76 195.56 -19.56 -36.52 -19.96 -15.20 -19.71 -23.53 -19..2 -66 ,.8 -26. .2 -1.72 -1.81 -0.92 513.30 507.73 505.55 263.25 260.61 259.40 87.18 85,98 85.02 1.76 1.72 1.72 193.85 192.04 191.12 -13.50 -24.34 -16.73 -9.33 -40,0 0.08 0.97 0.69 502.21 503.04 499.37 257.82 257.60 256.06 83.84 83.63 82.34 1.67 1.68 1.65 191.19 192.16 192,85 -5.94 -1.73 10.7 2.02 -5.0 0.13 1.16 1,58 500.26 501.04 500.62 255.89 256.22 255.65 82,08 82.10 81.88 1.64 1.60 1.56 192.98 194,13 195.72 1.64 1.64 501.38 504.28 506.98 255,86 256.31 256.78 82.23 82.14 81.72 1.57 1.57 1.56 197.36 200.27 201.91 -3.0 23.7 1983 January . , February . . . March -16\5 3.06 -15,16 April May June -e!i 2.08 12.73 -2.32 10.0 -44.1 9.3 16.86 16.97 13.01 13.06 34.9 32.4 26.2 27.4 34.6 2.47 1.77 2,44 509.17 511.45 514.34 257.29 258.06 259.02 81.54 81.72 80,87 1.55 1.53 1.51 204.38 206.15 208.59 44.7 2.86 2.71 2.42 518.06 527.22 532.77 260.17 263.23 265.12 80.77 81.87 82.87 1.50 1.53 1.54 211.45 214.16 216.59 2.28 2.55 541.06 545.91 546.83 267.93 270.03 270.03 84,06 85.30 86.54 1.54 1.52 1.51 218.87 221,42 220.44 r551.37 [R>p555.98 r272.14 (H>p273.99 r87.26 [H)p88.83 1.54 i>pl.55 [H)r222.85 " p221.93 6.63 9.80 July August . . September 6,*9 October November December 1\2 18.91 18.14 15.34 15.96 16.49 17.08 E>3L6 28.30 [H>46,84 25.49 19.03 25.38 31.85 2CL3 38.32 r34.76 r-11.16 E>35.21 r34.87 r26.75 99.5 58.2 11.1 -0.98 r27.58 p!4.33 r!8.85 p!3.66 r54.4 p55.3 r2.40 p-0.91 (NA) (NA) 9.2 0)2.92 1984 January February March April May Juna July August September p3i!z CNA) (NA) 1)109.8 66.6 CNA) CNA) (NA) (NA) October November December . . . . See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. l This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 68 OCTOBER 1984 (NA) CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS J PRICES, COSTS, AND PROFITS Minor Economic Process Timing Class Year and month Stock Prices Sensitive Commodity Prices L.L.L 98. Change in producer prices for 28 sensitive materials (Percent) I L, L U, I, L 23. Index of spot market prices, raw industrials 1 <S> (1967 = 100) L, L, L 99. Change in sensitive materials prices Smoothed data 2 Monthly data (Percent) (Percent) 19- Index of stock prices, 500 common stocks (g) (1941-43-10) Profits and Profit Margins L, L, L L, Lr L Corporate profits after taxes 16, Current dollars 18. Constant (1972) dollars L, C, L L, C, L Corporate profits after taxes with 1VA and CCAdj 3 79. Current dollars 80. Constant (1972) dollars (Ann. rate, bil. dol.) (Ann. rate, bil, dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) L, L, L 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) 1982 January February , . . March April May June . -0.21 -1.61 -0.62 263.4 261.0 254.5 -0.22 -1.10 -1.06 -1.06 -0.82 -0.76 117.28 114,50 110.84 104!? 5K2 97*.6 47*.6 5*. 7 -0.62 -0.22 -0.63 247.4 245.5 232.2 -1.16 -0.32 -1.96 -0.95 -0.98 -1.00 116.31 116.35 109.70 ioe!9 5l!? 9&\8 4?!s 5*.7 0.11 237.0 236.2 239.0 0.65 -0.88 -0.84 -0.64 -0.32 109.38 109.65 122.43 10716 5i!s ioi!i 48^7 5\7 132.66 138.10 139.37 100 ! 8 48!l 96\6 46! i 5*.3 0.09 -0.10 -0.28 -0.33 1.50 -0.07 144.27 146.80 151.88 102! 6 48.*9 12Cl!6 57^3 sis 1.34 0.91 157.71 164.10 166.39 123^4 58".9 14K9 67*.9 e'.a 142! 6 67^9 16CK2 76\5 7\l 141 !l eeii 175!<5 83!6 6\9 H>7i!6 184^7 87*. 5 ?!i H>195.2 (H>92!i B>7.1 July August September -1.48 October November December -0.15 -0.26 0.26 0.90 235.5 230.4 227.4 0.51 -0.51 -0.79 1983 January February March . 1,68 E>2.75 2.00 April May June -0.18 1.76 2.55 232.1 241.3 248.8 0)2.58 1.93 0.83 1.70 H>1.83 253.2 251.5 250.5 0.44 0.70 1.22 0.86 1.62 0,21 0.86 1.08 1.06 166.96 162.42 167.16 July August September -0.20 256.0 265.2 267.9 October November December 0.96 1.12 0.81 273.4 279.8 282.4 1.09 1.29 0.70 0.94 0.92 0.94 E>167.65 165.23 164.36 -0.94 283.6 283.6 289.2 -0.37 0.78 0.43 0.35 166.39 157.25 157.44 E>150'.6 0.40 0.27 150.2 70.3 -0.13 157.60 156.55 153.12 -0.64 -1,05 -1.06 151.08 164.42 166.11 (NA) (NA) 0.37 1.14 1984 January February March 1.17 0.74 April , May June -0.54 r-0.55 r-0.61 288.6 ED289.5 286.2 -2.18 -1.40 280.1 275.6 274.0 July August September 0.88 October . . . . November December "266.7 0,61 0.93 -0.32 -0.20 -0.65 -1.79 -1.20 0.29 S (NA) (NA) (NA) 163.97 See note on page 60. Graphs of these series are shown on pages 13, 28, and 29. lr This is a copyrighted series3 used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. See footnote 1 on page 68. IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. "Average for October 1-23. 5 Average for October 3, 10, 17, and 24. a OCTOBER 1984 69 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS ^J PRICES, COSTS, AND PROFITS-Continued Minor Economic Process Timing Class Year and month U, L, L 1, L, L 81, Ratio, profits (after taxes) with IVA and CCAdj to corp, domestic income ' 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Percent) (Cents) L, L, L Unit Labor Costs and Labor Share Cash Flows Profits and Profit Margins-Continued L, L, L L, L, L 26. Ratio, price Net cash flow, corporate to unit labor cost, nonfarm business sector 34. Current 35. Constant dollars (1972) dollars (1977-100) (Ann. rate, bil.dol.) (Ann. rate, bil. dol.) Lg, Ig, Lg Lg, Lg, Lg 63, Index of unit labor cost, private business sector 68. Labor cost per unit of real gross domestic product, nonfinancial corporations (1977-100) (Dollars) (1967-100) Lg- Lg, Lg Lg, Lg, Lg 62. Index of labor cost per unit of output, manufacturing Actual data Actual data as a percent of trend 64, Compensation of employees as a percent of national income (Percent) (Prcent) 1982 January February March ,. . s.'i 3.*9 96*8 249*4 118*4 150.0 1.372 225.8 223.3 223.5 104,9 103.2 102.6 75 .'7 April May June 5*2 3.*6 96.4 259*6 121.'6 153*4 1.395 226.5 228.2 228.5 103.4 103.5 103.0 76*0 July August September , . , , , . . 5'.3 3.'S 96*6 266.' 6 124*3 ISS.'s 1.404 226.9 226.2 226.4 101,7 100.8 100.3 76*5 October November December . , 5*6 2.S 95*6 266,'? 123*4 155*9 1.419 227.9 229.0 229,1 100.3 100.2 76.'5 99.6 1983 January February March 6.*S sis 96.4 280 1 6 130 .'9 156*8 H>1.42i 227,4 225.6 223.9 98.3 96.9 95.6 76*6 7*.5 4.'6 97*9 310*5 146*2 155.4 1.408 221,9 220.4 219.0 94,2 93,0 91.9 75*2 July August September 8*1 4.2 98.7 339 .'6 159.'2 ISS.'i 1.466 216.4 214.7 214.4 90.2 89.0 88.3 74.*5 October November . . December . , 8*9 4,5 9B.B 345.' 6 160.*9 156.8 1.408 215.0 217.1 219.2 88.0 88.4 88,7 ?4.*3 9*1 4.*9 98*7 360.' 4 167*5 (H>157.'7 1.415 218.4 218.5 218.7 87.8 87.3 86.9 73*5 E>p4.9 |H>r99.8 E)366.7 [H>169.3 r!56.5 1.414 218.9 218.1 217.0 86.4 85.6 84.7 73.3 (NA) p99!? p!57*6 (NA) April May June , ,. 1984 January February March April May June fi>9l6 July August September (NA) (NA) (NA) 215.6 r216.3 p216.9 83.6 r83.4 pSS.l October November December See note on page 60. Graphs of these series are shown on pages 15, 29, and 30. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 70 OCTOBER 1984 (NA) CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS 199 MONEY AND CREDIT Minor Economic Process Timing Class Year and month Money L, L, L 85. Change in money supply Ml 102. Change in money supply M2 104. Change in total liquid assets Smoothed data 1 Monthly data (Percent) (Percent) L, 1, L L, L, L L, C , U (Percent) Credit Flows Velocity of Money (Percent) L,L,L 105, Money supply Ml in 1972 dollars 106. Money supply M2 in 1972 dollars (Bil. dol.) (Bil. dol.) C, Lg, C L, L, L 108. Ratio, personal income to money supply M2 33. Net change in mortgage debt held by financial institutions and life insurance companies (Ann. rate, bil.dol.) C.C.C 107. Ratio, gross national product to money supply Ml (Ratio) (Ratio) 1982 6.742 1.390 1.398 1.393 810.4 809.2 805.7 6.785 1.392 1.386 1.379 -7.61 194.6 196.1 198.5 806.8 812.8 819.6 6.724 1.380 1.366 1.358 -5.03 -5.84 -13.14 0.87 0.82 0.71 200.6 203.2 205.6 822.9 830.1 841.0 6.537 1.357 1.359 1,352 -50.09 -7.82 -46.81 1.07 0.74 0.81 0.92 0.89 0.87 199.3 197.8 198.0 0.67 0.80 0.63 0.89 0.88 0.98 0.84 0.84 0.89 198.2 197.0 195.3 0.18 1.02 1.27 0.66 1.01 0.88 0.93 0.81 0.84 0.92 0.92 0.88 1.45 1.32 0.86 0.77 0,88 1.01 0.98 0,45 0.56 0.96 1.24 1.08 |H>2.66 -0.49 -0.04 0.98 0.21 0.50 April May June 0.42 0.38 0.18 July August September October November December January . February March .. . 1.90 803.0 802.7 807.8 36.72 18.02 4.75 10.64 4.73 1983 1.81 0.65 0.83 0.70 0,72 0.85 0.93 207.0 209.7 211.8 860.7 876.9 882.0 6.465 1.318 1.293 1.292 45.85 34.37 -40.55 0.96 0.78 0.99 0.89 0.82 0.86 211.0 213.7 215.1 882.2 886.9 891.3 6.468 0.85 0.70 0.98 0.70 1.294 1.292 1.292 -32.22 31,43 July August September 0.78 0.49 0.29 0.45 0.41 0.59 0.88 0.50 0.74 0.90 0.84 0.75 216.0 216.2 216.1 892.1 892.4 894.4 6.472 1.291 1.293 1.297 65.16 71.27 October 0.52 0.27 0.44 0.90 0.69 0.65 0.52 0.99 0.65 0.67 rO.79 898.9 901.8 905.5 6.558 rl.OO 216.3 216.1 216.6 1.299 1.299 1.302 62.30 75.52 rllO.15 January . , . February March 0.89 0.55 0.41 0.48 0.72 0.33 rO.71 0.87 0.94 1.29 HK89 rO.93 217.2 217.6 218.0 904.2 907.4 908.3 6.670 1.313 1.315 1.319 r82.34 81.96 110.14 April May June 0.04 1.06 0.96 0.57 0.70 0.60 rO.78 rO.94 rl.23 rO.99 rl.OO rO.99 217.1 218.9 E>220.7 909.4 914.0 918.0 6.739 1.324 1.319 1.323 r!33.85 (H>rl42.00 rll5.33 -0.11 rO.13 pO.49 rO.41 rO.39 pO,66 pi. 03 K>pl.02 219.8 r219.1 P219.4 919.1 r918,6 [H)p921.4 1.327 rl.330 Dpi. 332 pll8.36 DP6.766 January February , . March April May June 0.30 E>1.75 . November December B>1.34 3.82 5.84 1984 July August September 2 October November December (NA) (NA) (NA) -0,02 See note on page 60. Graphs of these series are shown on pages 13, 31, and 32. lr This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 2 Average for weeks ended October 1, 8, and 15. OCTOBER 1984 71 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Ql MONEY AND CREDIT - Continued Minor Economic Process . .. Timing Class Year and month Credit Flows—Continued ILL U, L L, Lr L 112. Net change 113. Net in business change in loans consumer installment credit (Ann. rate, bil. dol.) Credit Difficulties (Ann. rate, bil. dol.) 111. Change in credit outstandingbusiness and consumer borrowing (Ann. rate, percent) L.L.L L, L, L 110. Total private borrowing 14. Current liabilities of business failures © (Ann. rate, mil. dol.) (Mil. dol.) Bank Reserves L, U, U ILL 39. Delinquency rate, 30 days and over, consumer installment loans 93. Free reserves ® (Percent) Interest Rates L, Lg, U 94. Member bank borrowing from the Federal Reserve ® (Mil. dol.) (Mil. dol.) C, Jg, LR U Lg, U 119. Federal funds rate © (Percent) 114. Treasury bill rate © (Percent) 1982 January February March 77.99 61,63 24.17 5.00 2.00 7.60 April May June 64.98 44.36 29.44 19.48 22.13 24.28 3.13 2.54 10.07 July August September October November . . . . . . . December 3.07 246,632 645.14 913.46 836.01 2.48 2.39 2.24 -1,101 -1,414 -1,254 1,526 1,713 1,611 13.22 14.78 14.68 12.41 13.78 12.49 6 8 4 8 3 0 1,309.33 2,850.45 1,020.25 2.20 2.21 2.16 -1,307 295 528 -745 -895 1,581 1,105 1,?05 14.94 14.45 14.15 12.82 12.15 12 11 -2 2 -0 2 0 8 1,425.60 2 759 58 1 024 66 2.19 ocp ppA -378 -199 -592 669 510 976 12.59 10 12 10 31 11.91 9 01 8 20 455 579 697 9 71 7 75 9.20 8.04 8 95 8 01 500 557 852 8 68 8 51 8 77 7 81 8 13 8 30 993 902 1 714 8 80 8 63 8 25 8 19 8 ft? 10.7 8 2 3 o 14.87 15.07 11 80 -64.49 -62 64 -1 57 24.18 29 02 38 41 -4 84 11 70 31 14 0 26 35 24 8 0 n A -^fi n? ?4 4Q fi f\ -47 33 27 26 a 7 5 0 i poo fi4 -3 1 -5.3 4 1 275,268 733.27 mon 2 21 2 19 2 24 -51 2.23 -177 -197 2 18 1983 January February March April May , June . . 4 1ft July August September -9 RQ 8 19 C Cfl e en October November December 46 Q-3 44 47 4Q 1 9 on fiA £1 1 p on (\y CT QO C1 fid *5R "3C 1 0 n 8 8. 0 Q (NA) f) C O 1 A O 389, 164 *** 384 , 480 1.0 8 r .b in 7/ 1U. .[H)527,176 13.3 46 2.24 2 23 2 22 -122 -415 2 07 2 00 1 92 -517 -453 -1 234 1 95 -875 1 1 97 1 QH 8 Qft 1 382 q 0.7 q ip 1 ^73 9 9 9 ^q 9 AC EC i ftft Q/10 1 01 oop 007 1 fl£ OQO 1 Qd 1 9/1 Q1 9 7/1 c 1 84 1 no -lUd 71 E 9 375 cfi7 nco 9.59 9.91 9.03 9.44 1 234 2 988 3 300 10 29 10. 32 11.06 9 fiQ 9 on 5 924 0)8 017 n7 74? 11 23 [R}11 64 11 30 10 13 i AAl AK 9 48 9 04 9 /L7 8 8 8 7i 71 qc 1984 January February March April May June . r-17 78 r cc on ftfSHIQ pp r90 92 r69 83 r!04 38 July August , . . . September r39 17 rll 57 p38 03 53 63 79 30 70 44 -}£. OH. fu\ipp on 93 90 85 27 71 98 (NA) rft 1 „•( C O ono /I7C y,pn 7 HQ ft fHV?1 Q r22 1 r!4 1 10 1 p!2 4 October . . . . November . . . . . . . December ISS1 7ft oc n4ft° °ftO, I. ob -243 2 06 1 96 2 02 7/i/t ? 41 1 (NA) fNfli \IMrtJ p COO -5 317 fj-jV_7 334 p-6 618 S en ee 9.94 fin) 10 49 1 10 22 See note on ptge 60, Graphs of these series are shown on pages 13, 32, 33, and 34. *Avorago for weeks ended October 3, 10, 17, and 24. Average for weeks ended October 4, 11, 18, and 25. 2 72 OCTOBER 1984 10 41 2 9 96 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS |2 MONEY AND CREOIT-Continued Minor Economic Process Timing Class Interest Rates— Continued Lg, Lg, Lg Year and month C, Lg, Lg U, Lg, Lg Lg- Lg, Lg Outstanding Debt Lg, Lg, Lg 116. Corporate 115. Treasury 117. Municipal 118. Secondary 67. Bank rates bond yields (u) bond yields (u) bond yields (g) market yields on short-term on FHA business loans mortgages (u) © (Percent) (Percent) (Percent) (Percent) (Percent) Lg, Lg, Lg 109. Average prime rate charged by banks (u) (Percent) Lg, Lg, Lg 66. Consumer installment credit Lg, Lg, Lg (Mil. dol.) Lg, Lg, Lg 101. Constant (1972) dollars 95. Ratio, consumer installment credit to personal income (Mil. dol.) (Percent) Commercial and industrial loans outstanding 72. Current dollars (Mil. dol.) Lg, Lg, Lg 1982 January February March 16.34 16.35 15.72 13.73 13.63 12.98 13.28 12.97 12.82 17.38 17.10 16.41 17*13 15.75 16.56 16.50 332,197 333,227 333,574 254,352 259,488 261,502 101,538 103,505 104,517 13.17 13.11 13.11 April May June 15,62 15.37 15.96 12.84 12.67 13.32 12.59 11.95 12.45 16.31 16.19 16.73 Ij'.ll 16.50 16.50 16.50 335,225 336,804 338,475 266,917 270,614 273,067 106,681 107,943 108,662 13.09 13. 10 13.16 July August September 15.75 14.64 13.78 12.97 12.15 11.48 12.28 11.23 10.66 16.29 14.61 14.03 13.27 16.26 14.39 13.50 338,994 339,306 340,415 273,328 273,540 274,779 108,377 108,505 109,343 13.08 13.09 13.09 12.63 11.89 12.15 10.51 10.18 10.33 9.69 10.06 9.96 12.99 12.82 12.80 11*26 12.52 11.85 11.50 341,293 342,852 348,944 275,762 270,388 265,168 109,560 107,254 105,017 13.04 12.96 13.14 January February March 12.04 12.11 11.81 10.37 10.60 10.34 9.50 9.58 9.20 12.87 12.65 12.68 10. *20 11.16 10.98 10.50 351,539 351,561 354,498 268,369 267,966 268,941 106,580 106,083 106,553 13.22 13.23 13.27 April May June 11.58 11.24 11.90 10.19 10.21 10.64 9.05 9.11 9.52 12.50 12.41 12.96 loisi 10.50 10.50 10.50 356,539 358,811 362,672 265,939 261,995 262,360 105,364 103,514 103,332 13.24 13.21 13.26 July August .... September 12.46 12.89 12.68 11.10 11.42 11.26 9.53 9.72 9.58 14.23 13.78 13.55 11*09 10.50 10,89 11.00 366,378 370,471 373,024 262,144 262,871 262,409 102,963 102,764 102,383 13.35 13.42 13.39 October November December 12.54 12.86 12.87 11.21 11.32 11.44 9.66 9.75 9.89 13.23 13.23 13.25 10*95 11.00 11.00 11.00 378,117 382,936 388,718 262,875 264,543 268,823 102,326 103,136 104,600 13.43 13.51 13.59 12.65 12.80 13.36 11.29 11.44 11.90 9.63 9.64 9.93 13.08 13.20 13.68 11.' 06 11.00 11.00 11.21 393,187 399,795 405,665 r267,341 r271,949 r 28 1,884 r!03,380 r!04,838 r!07,960 13.57 13.68 13.80 13,64 14.41 (ED14.49 12.17 12.89 D13.00 9.96 10.49 (R>10.67 13.80 H>15.01 14.91 12*45 11.93 12.39 12.60 412,073 422,306 430,131 r289,461 r295,280 r303,978 rllO,735 rl!2,918 r!16,244 13.88 14.18 14.31 14.25 13.54 13,37 12.82 12.23 11.97 10.42 9.99 10.10 14,58 ,£14*21 13.99 E>13*29 13.00 E>13.00 12.97 rl!7,268 r307,242 437,237 rl!8,087 H> 443, 235 r308,206 (NA) E>p311,375 E>pll9,806 14.45 |H>pl4.56 (NA) October November December . .. 1983 1984 January February March April May June July August September 1 October November December 13.16 1 11.81 2 10.31 3 12.66 See note on page 60. Graphs of these series are shown on pages 15, 34, and 35. 1 Average for weeks ended October 5, 12, and 19. 2 Average for weeks ended October 4, 11, and 18. 3 Average for October 1 through 26. OCTOBER 1984 73 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE Qj DIFFUSION INDEXES 950. Twelve leading indicator components (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99, 106, 111) Year and month 952. Six lagging indicator components (series 62, 77, 91, 95, 101, 109) 951. Four roughly coincident indicator components (series 41, 47, 51, 57) 1-month span 6-month span 1-month span 6-month span 45.8 58.3 33.3 41.7 41.7 45.8 0.0 87.5 37.5 0.0 50.0 50.0 75.0 33.3 33.3 41.7 33.3 33.3 66.7 37.5 37.5 66.7 50.0 45.8 25.0 75.0 0.0 25.0 0.0 0.0 58.3 41.7 58.3 58.3 58.3 62.5 50.0 41.7 62.5 25.0 0.0 12.5 0.0 0.0 0.0 75.0 58.3 66.7 83.3 87.5 91.7 0.0 50.0 75.0 75.0 70.8 66.7 100.0 100.0 100.0 87.5 70.8 87.5 961. Average workweek of production workers, manufacturing (20 industries) 963. Number of «mployees on privatu nonagricultural payrolls (186 industries) 962. Initial claims for State unemployment insurance, week including the 12th1 (51 areas) 9-month span 1-month span 9-month span 1-month span 6-month span 5,0 95.0 25.0 7.5 30.0 25.0 96.1 24.5 5.9 11.8 31.4 43.1 27.6 47,6 35.7 19.2 22.2 21.9 33.3 33.3 33.3 22.5 65.0 70.0 20.0 20.0 82,5 62.7 68.6 19.6 15.7 23.5 9.8 31.1 41.1 33.5 24.6 20.3 21,4 33.3 50.0 33.3 33.3 16.7 16.7 37.5 42.5 35.0 35.0 65.0 82.5 67.6 9.8 17.6 17,6 72.5 82.4 34.6 32.4 37.3 21.4 18.6 23.2 50.0 50.0 75.0 16.7 0.0 16.7 0.0 8.3 16.7 52.5 80.0 62.5 57.5 85.0 97.5 88.2 60.8 76.5 71.6 66.7 84.3 28.9 32.4 45.7 27.3 29.5 35.4 100.0 25.0 100.0 100.0 100,0 100.0 33.3 50.0 25.0 16.7 16.7 16.7 77.5 12.5 100,0 90.0 90.0 80.0 68.6 57.8 35.3 98.0 96.1 100.0 54.3 46.5 60.8 50.8 63,0 69.2 91.7 100.0 91.7 87.5 100.0 100.0 100.0 100.0 100.0 25.0 8.3 25.0 16.7 16.7 33.3 90.0 30.0 85.0 85.0 95.0 95.0 80'. 4 48.0 78.4 84.3 90.2 92.2 68.9 69.5 64.6 75,1 80.0 82.4 62.5 62.5 66.7 91.7 83.3 66.7 75.0 75.0 100.0 100.0 100.0 100.0 58.3 58.3 16.7 33.3 41.7 66.7 70.0 62.5 92.5 95.0 95.0 92.5 70.6 7.8 96.1 88.2 94,1 80.4 74.3 68.6 69.5 84.1 82.4 84.6 75.0 45.8 62.5 r83.3 83,3 79,2 100.0 100.0 100.0 100.0 100.0 100.0 41.7 58.3 75.0 r66.7 66.7 66.7 40.0 62.5 55.0 95.0 85.0 92.5 58.8 35.3 60.8 84.3 86.3 68.6 75.4 69.7 73.8 85.9 86.8 83.8 58.3 70.8 50.0 75.0 70.8 r62.5 100.0 75.0 100,0 100.0 100.0 100.0 8.3 75.0 75.0 66.7 66.7 75.0 77.5 50.0 22.5 80.0 30.0 r32,5 36.3 72.5 68.6 76.5 r90.2 r56.9 71.1 73.2 67.0 81.9 82.7 79.7 58.3 41.7 r29.2 r33.3 33.3 a 27.3 100.0 100.0 100.0 100.0 100.0 3 100.0 75.0 66.7 50.0 83.3 83,3 "75.0 87.5 7.5 37.5 r25.0 pSO.O 43.1 29.4 r92.2 p64.7 (NA) 63.8 64.1 63.0 75.4 70.5 p62.2 1-month span 6-month span 1-month span 1982 January February March . , April May June . , July August September . ., October November December 1983 January February March , April May June , July August , . September , .. October November December 1984 January February . March April May June July August , . September 2 25.0 41,7 54.5 3 75.0 87.5 66.7 83.3 75.0 "50.0 r37.5 r52.5 p66.0 r21.6 pSl.O (NA) r62.4 57.3 p38.9 October November . . . . . . . December NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter. Series are seasonally adjusted except for those, indicated by(u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order, Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 36. ^Figures are the percent of components declining. 2 Excludes series 36, for which data are not available. 3 Exeludos series 57, for which data are not available. ^Excludes series 77 and 95, for which data are not available. 74 OCTOBER 1984 ItCII CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q| DIFFUSION INDEXES-Continued Year and month 964. Value of manufacturers' new orders, durable goods industries (34 industries) 1-month span 965. Newly approved capital appropriations, deflated (17 manufacturing industries) 9-month span 1-quarter span 966. Index of industrial production (24 industries) 967. Index of spot market prices, raw industrials (u) (13 industrial materials) 968. Index of stock prices, 500 common stocks ' (g) 960, Net profits, manufacturing 2 @ (about 600 companies) 4-Q moving average 1-month span 6-month span 12.5 33.3 42.3 34.6 38.5 15.4 30.8 26.9 10.6 34.6 28.8 34.6 42.3 38.5 *50 '40 33.3 75.0 31.3 41.7 37.5 33.3 30.8 34.6 23.1 26.9 19,2 19.2 88.5 54,8 11.5 18.0 56.0 79.6 '53 *52 20.8 41,7 54.2 60.4 52.1 41.7 33.3 25.0 37.5 61.5 53.8 61.5 26.9 15.4 23.1 52.9 26.5 100.0 87.8 87.8 89.8 *58 '50 45.8 60,4 75.0 46.2 30.8 46.2 50.0 57.7 65.4 98.0 85.7 51.0 89.8 98,0 '57 25.0 33.3 41.7 79,2 87.5 91.7 61.5 76.9 57.7 80.8 61,5 57.7 63.3 59.2 73.5 100.0 *56 75.0 58.3 75.0 91.7 95.8 95.8 65.4 46.2 46.2 80.8 96.2 88.5 81.6 91.8 65.3 89.8 87.5 86.5 *74 *52 83.3 91.7 79.2 '59 87.5 83.3 75.0 95.8 91.7 81.3 57.7 73.1 57.7 88.5 80.8 73,1 52.0 30.6 85.4 91,5 80.9 72.3 83 p59 62.5 56.3 70.8 79.2 83.3 87.5 69.2 76.9 42.3 80,8 80.8 73.1 47.9 57.4 61.7 38.3 40.4 34,0 'si 87.5 79.2 68.8 89.6 91.7 83.3 38.5 61.5 65.4 73.1 65.4 42.3 52.1 10.6 60.6 41.5 25.5 58.7 62.5 64.6 70.8 81.3 r62.5 p66,7 50.0 50.0 42,3 34.6 30.8 43.6 36.2 36.2 30.4 37.0 1-month span 9-month span 1-month span 9-month span (4-quarter span) 1982 January February March 35.3 52.9 38.2 20.6 20.6 35.3 53 April , May . June 38.2 58.8 32.4 23.5 23.5 38.2 24 July August September 47.1 27.9 67.6 26.5 26.5 52.9 53 October November December 35.3 70.6 44.1 39.7 50.0 73.5 77 January February March 67.6 52.9 55.9 88.2 88.2 83.8 April May June 70.6 73.5 67.6 86.8 88.2 88.2 53 July August September 47.1 58.8 64.7 91.2 88.2 85.3 50 October November December 64.7 67.6 55.9 94.1 91.2 88.2 59 January February March 61.8 47.1 55.9 85.3 73.5 82.4 71 April May June 29.4 67.6 35.3 70.6 p56 p54.4 0.0 *66 100.0 1983 45 98.0 93.9 "ll 1984 July August September 58.8 r44.1 p41.2 (NA) (NA) r75.0 r50.0 p39.6 34.6 46.2 46.2 3 October November December 3 30.8 (NA) 34.8 9-3.5 73.9 30.8 See note on page 74. Graphs of these series are shown on page 37. 1 Based on 52 industries through August 1982, on 50 industries in September 1982, on 49 industries through August 1983, on 48 industries through October 1983, on 47 industries through June 1984, and on 46 industries thereafter. Data for component industries are not shown in table C2 but are available from the source. 2 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun H Bradstreet, Inc. 3 Based on average for October 2, 9, 16, and 23. OCTOBER 1984 75 B CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj DIFFUSION INDEXES-Contimied Year and quarter a. Actual expenditures (1-Q span) b. Later anticipations c. Early anticipations (1-Q span) (1-Q span) (4-Q span) (4-Q span) (4-Q span) Actual Anticipated Actual Anticipated Actual 973. Net sales, manufacturing and trade l <g) 972. Net profits, manufacturing and trade 1 ® 971. New orders, manufacturing ' (g) 970. Business expenditures for new plant and equipment (21 industries) Anticipated (4-Q span) (4-Q span) (4-Q span) 1981 first quarter . . . . . . Second quarter Third quarter Fourth quarter . . . . 57.1 61.9 33.3 61.9 81.0 54.8 85.7 38,1 66.7 76.2 52.4 47,6 47.6 26.2 23.8 21.4 23.8 57.1 66.7 71.4 69,0 69.0 68 70 62 62 74 74 76 76 60 66 60 60 70 69 74 72 70 74 71 68 78 76 80 80 52 50 52 56 60 68 64 60 53 52 52 54 61 66 66 60 63 58 57 60 65 70 72 65 66 74 78 84 66 77 82 85 62 66 71 74 64 73 80 81 66 74 74 80 68 78 84 86 90 86 88 91 90 88 80 79 84 86 88 84 85 84 88 90 90 88 1982 First quarter Second quarter Third quarter . . . . . Fourth quarter . . . . 33.3 57.1 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 38.1 57.1 52.4 38.1 76.2 40.5 90,5 38.1 66.7 81.0 81.0 76.2 76.2 78.6 61.9 54.8 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 71.4 (NA) 76.2 66.7 78.6 (NA) 61.9 (NA) (NA) Qj DIFFUSION INDEXES-Continued Vftar Tear and quarter 974. Number of employees, manufacturing and trade l <g) 975. Level of inventories, manufacturing and trade l ® Actual Actual Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) 976. Selling prices, manufacturing ' <g) Anticipated Actual (4-Q span) (4-Q span) 977. Selling prices, wholesale trade ' ® 978. Selling prices, retail trade ' <g) Actual Actual Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter 51 53 52 52 56 54 56 55 62 64 62 63 63 61 66 64 88 86 84 82 88 90 89 84 90 88 84 82 90 89 89 84 94 90 86 86 90 90 92 87 48 46 46 46 50 51 51 48 58 52 52 52 54 56 56 50 72 68 63 60 80 76 68 66 72 67 68 61 82 78 72 68 78 75 74 68 82 81 76 72 48 54 58 61 50 56 59 60 54 59 62 68 52 58 62 64 61 60 65 68 65 66 70 69 63 62 68 70 68 64 68 72 68 72 69 72 69 67 70 71 65 63 62 64 64 62 72 70 66 70 70 66 74 70 74 76 76 72 73 69 72 76 75 72 72 68 70 74 74 68 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter . . . . . . Second quarter Third quarter Fourth quarter . . 1984 First quarter . Second quarter . . . . Third quarter Fourth quarter . . . (NA) (NA) (NA) (NA) (NA) NOTE: Figures are the percent of series components rising, (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those, indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these scries are shown on page 38. lf l'his is a copyrighted series used by permission; it may not be reproduced without written permission from Dun £ Bradstreet, Inc. Dun § Bradstreet diffusion indexes are based on surveys of about 1,400 business executives* 76 OCTOBER 1984 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1984 February March April May June August1" July September13 961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING ' (Average weekly hours) o All manufacturing industries Percent rising of 20 components 40.9 40.7 (50) (22) 40.4 39.9 40.1 39.6 + + 40.4 39.7 41.9 41.8 + + 41.3 41.9 + 41.1 40.6 (88) o (8) 40.6 r40.5 40.4 (38) (38) (52) + 40.5 (65) Durable goods industries: Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries + + 42.5 42.0 Fabricated metal products Machinery except electrical + + 41.8 41.9 Electric and electronic equipment Transportation equipment o 41.2 43.1 Instruments and related products Miscellaneous manufacturing + o 39.6 39.7 39.4 39.1 42.3 42.2 42.1 42.1 41.8 41.7 + + + 41.8 42,3 41.4 41.9 41.3 42.0 o 41.0 42.9 + + 41.3 43,5 41.0 42.4 40.8 42.3 o 41.4 39.5 40.7 39.3 + 41,3 39.2 o 39.7 39.6 + + 40.0 36.5 o 41.2 39.6 41.1 39.6 + 0 39.7 36.4 + + 39.8 36.9 + + 40.1 39.5 40.6 36.7 + + 41.2 37.4 o + + r39.3 r39.8 + r41.9 r41.5 39.4 39.2 + + 40.0 40.2 41.6 41.0 + + 41.8 41.5 o 41.2 41.8 + r41.8 41.5 41.7 40.8 + + 40.9 42.5 + + 41.2 42.6 r38.9 o 41.1 38.9 + + 41.3 39,2 39.8 40.5 r39.5 r37,5 + + 39.6 38.8 o + 39.6 40.3 40.0 36.4 r39.8 r35.8 + 39.4 36.0 37.7 + 43.0 37.9 41.9 + + 42.0 43.8 41.2 36.5 41.3 r42.2 41.3 Nondurable goods industries: Food and kindred products Tobacco manufacturers o Textile mill products Apparel and other textile products + + 40.8 36.9 0 0 43.2 37.9 o 43.0 37.9 + + 43.2 38.2 Chemicals and allied products Petroleum and coal products 0 42.1 44.5 42.0 44.7 o 42.0 43.7 41.8 43.5 + + Rubber and miscellaneous plastics products Leather and leather products o 41.7 36.7 + + 42.1 37.5 41.7 36.5 + + Paper and allied products Printing and publishing . .... , 42.0 37.2 + - ' 43.1 38.0 42.9 37.7 + o r43.3 41.9 43.1 o + r43.2 41.9 36.7 r41.2 r37.0 o + + r!01,704 + 39.2 35.9 o 42.9 37.9 41.6 42.2 + + 41.4 37.1 - 97,614 964. VALUE OF MANUFACTURERS' NEW ORDERS. DURABLE QOODS INDUSTRIES ' 2 (Millions of dollars) + All durable goods industries Machinery except electrical Electrical machinery Transportation equipment Other durable goods industries . . + (47) Percent rising of 34 components Primary metals Fabricated metal products 102,345 + 105,183 - (56) 98,317 + (29) 102,256 - (68) 99,171 (35) (59) 102,015 (44) (41) 11,442 + 11,411 - 11,657 10,931 + - 11,877 10,889 + 10,653 11,573 - 10,155 11,084 + - 11,183 H,024 + + 11,245 12,034 + 10,340 12,155 .. + ... - 17,215 16,143 + + 18,303 16,892 - 16,873 14,716 + + 18,797 17,535 - 18,512 15,988 + r!8,149 16,267 + 17,549 16,403 + - 17,852 16,337 + + 26,702 19,432 + , ,. 28,444 18,956 + 24,523 19,439 + 23,776 19,922 + - 24,055 19,377 + + 25,267 r!9,814 - 25,096 19,688 - 21,382 19,548 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary: and "NA", not available. ( + ) = rising, (o) = unchanged, and ( —) = falling. The "r" indicates revised; "p", l Data are seasonally adjusted by the source agency. Data for most of the diffusion.index components are not available for publication, but they are included in the totals and directions of change for the six major industry groups shown here. 2 OCTOBER 1984 77 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1984 April March February Julyr June1" May August 1 " Septemberp 966, INDEX OF INDUSTRIAL PRODUCTION ' (1967-100) + All industrial production Percent rising of 24 component a J 160.0 + 160.8 + (69) (79) 162.1 + 162.8 (62) (65) + 164.4 + 165.9 + (75) (71) 165.1 166,1 (50) (40) 148.5 195.1 (NA) (NA) Durable manufactures: 145.6 185.6 + 149.3 184.6 + + 151.2 186.6 + 146.3 190.5 + 160,6 + + 148.5 191.9 Lumber and products Furniture and fixtures . . . . + Clay, glass, and stone products . . Primary metals + + 160.4 160.2 98.4 97.5 + 99.3 Fabricated metal products Nonelectrical machinery + + 132.8 170.9 + + 134.9 171.9 + + 135.5 174.9 + + 136.5 178.8 + + 138.7 182.0 + + Electrical machinery Transportation equipment . . + + 209.9 135.2 + + 212.0 135.8 + 214.6 134.5 o + 214.5 135.0 + + 216.0 137.2 + + Instruments Miscellaneous manufactures + + 168.6 152.0 + + 169.7 152.3 + 171.0 152.1 + 171.8 151.5 + 174.5 150.8 + 160.0 110.9 + + 161.2 111.8 + + 163.1 113.3 + 164 ,,2 112.8 142.3 + 143.5 + 140,5 160.0 159.7 + 146.0 192.6 + + 160.9 160.2 94.5 92.6 (NA) 89.5 140.6 186.1 + 140.0 189.5 138.7 188.0 221.5 140.6 + + 222.4 141.0 + 223.5 136.7 + + 177.1 152,4 + 177.3 149.1 + 178.0 148.2 + + 165.1 + 118.3 166.1 117.1 + 140.7 139,8 98.2 + 97.9 Nondurable manufactures: Foods . . . Tobacco products Textile mill products Apparel products Paper and products Printing and publishing + + 176.6 164,8 Chemicals and products Petroleum products + + 224.8 127.6 + Rubber and plastics products . . . . Leather and products + + 318.5 63.9 140.0 (NA) (NA) + 173.8 165.2 (NA) + 225.0 127.0 + + o 323.8 + + + 100.0 164.0 + 118.2 135.8 63.9 172.4 166.3 + + 228.3 126.8 + 328.0 + 63.5 + (NA) (NA) (NA) (NA) 140.5 (NA) (NA) (NA) (NA) 174.1 + 167.5 + 174.6 169.0 + + 176.3 173.6 + 174.4 174.2 231.0 127.5 + 233.0 124.7 + + 233.6 125.0 334.1 + 341.0 60.0 + + 341.4 61.4 227.9 127.9 + (NA) 60.6 (NA) + + (NA) 123.8 340.9 + 174.5 175.4 (NA) (NA) 62.3 Mining: Metal mining Coal Oil and gas extraction . . . . Stone and earth minerals + + 97.4 163.2 119.6 133.0 98.5 151.4 + + 118.8 140.4 96.8 96.4 90.9 + 153.9 + 161.5 + 176.5 171.7 + + 120.4 144.0 + + 121.6 147.9 + + 122.4 151.9 98.0 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) ^ rising, (o) ^ unchanged, and (-) >-• • falling. preliminary; and "NA", not available. + (NA) + 122.5 151.7 174.3 122.3 (NA) The "r" indicates ravised; "p", l 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. 2 78 OCTOBER 1984 ICCII CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued |Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1984 February March May April June 967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS Raw industrials price index (1967^100) . . . . o 283,6 + (62) Percent rising of 13 components 289.2 - 288.6 + (50) (65) July August October 1 September 2 289.5 286.2 (50) (42) - 280.1 - (35) 275,6 - (46) 274.0 - (46) 266.7 (31) Dollars Copper scrap . . . . Lead scrap (pound) (kilogram). . + (pound) . . (kilogram) . , - 0.505 1.113 + 0.146 0.322 0.536 1.182 + + 0.149 0.328 + 0.150 0.331 o - 103.750 114.364 - 99.250 109.403 - 95.750 105.545 0.546 - 0.508 - 0.479 1.056 - 0.459 1,012 + 0.460 1.014 - 0.435 0.959 - 0.419 0.924 0.150 0.331 + 0.158 0.348 + 0.188 0.414 - 0.171 0.377 - 0.143 0,315 - 0.120 0.265 + 98.600 108.687 - 94.250 103.892 - 85.000 93.696 + 86.000 94.798 + 92.000 101.412 - 88.750 97.829 5.845 12.886 + 5.890 12.985 - 5.882 12.967 - 5.772 12.725 - 5.680 12.522 - 5.585 12.313 - 5.405 11.916 0.536 - 0.533 - 0.530 1.168 - 0.502 1.107 - 0.491 1.082 - 0.476 1.049 - 0.454 1.001 0.300 0.328 + 0.313 0,342 + 0.329 0.360 + 0.336 0.367 + 0.366 0.400 + 0.393 0.430 0.803 - 0.763 1.682 - 0.683 1.506 - 0.640 1.411 - 0.625 1.378 + 0.626 1.380 0.762 0.833 + 0.779 0.852 + 0,792 0.866 1.204 1.120 Steel scrap .. ( U S ton) (metric ton). . Tin .. (pound) (kilogram). . + 5.765 12.710 + 5.840 12.875 + (pound) (kilogram), . + 0.517 1.140 + 0.529 1.166 + Burlap (yard). . (meter). . - 0.306 0.335 o 0.306 0.335 o 0.306 0.335 Cotton (pound) . . (kilogram) . . + 0.731 + 1.612 0.762 1.680 + 0.771 + 1.700 1.770 (yard) . . (meter) . . - 0.845 0.924 - 0.820 0.897 - 0.815 0.891 - 0.784 0.857 - 0.762 0.833 + 0.768 0.840 (pound) . . (kilogram).. o 3.500 7.716 o 3.500 7.716 o 3.500 o 3,500 + 3.512 7.743 - 3.500 7,716 o 3.500 7.716 o 3.500 7.716 o 3.500 7.716 (pound) (kilogram).. + 0.720 1.587 - + 0,748 1.649 + 0.766 1,689 + 0.771 1.700 + 0.795 1.753 - 0.732 1.614 (100 pounds) . . (100 kilograms).. o 47.000 103.616 o 47.000 103.616 o o 47.000 103.616 (pound) . , (kilogram).. + 0.582 1.283 - (pound). . (kilogram).. + 0.197 0.434 + Zinc ... Print cloth Wool tops Hides Rosin Rubber Tallow • ... 0.671 + 1.479 1.182 1.175 - 7.716 7.716 0.712 1.570 + 47.000 103.616 o 47.000 103.616 o 47.000 103,616 o 47.000 103.616 o 47.000 103.616 o 47.000 103.616 0.578 1.274 0.568 - 0.514 1.133 - 0.475 1.047 - 0,464 1.023 + 0.465 1.025 - 0.464 1.023 0.219 0.483 0.218 0.481 + 0.249 0.549 + 0.259 0.571 - 0.208 0.459 - 0.201 0.443 + 0.218 0.481 0.744 1.640 1.252 0.438 0.966 - 0.215 0.474 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. ^he index is the average for October 1 through 23; component prices are averages for October 2, 9, 16, and 23. 2 Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis. OCTOBER 1984 79 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT IQ GNP AND PERSONAL INCOME Year and quarter 217. Per capita GNP in 1972 ooiiars 50. Gross national product in 1972 dollars 200. Gross national product in current dollars rt a. Total b. Difference (Ann. rate, bil. dot.) (Ann. rate, bil. do!.) b. Difference a. Total c. Percent change at annual rate (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) c. Percent change at annual rate 213. Final sales in 1972 dollars II (Ann. rate, dollars) (Anr. rate, bil. dol.) 1981 First quarter Second quarter Third quarter Fourth quarter . . . . 2,875.8 2,918.0 3,009.3 3*027. 9 139.8 3,026.0 3,061.2 3,080.1 3,109.6 -1.9 35.2 18.9 29.5 3,173.8 3,267.0 3,346.6 3,431.7 64.2 93.2 79.6 85.1 3,553.3 3,644.7 p3,701.2 121,6 42.2 91.3 18.6 1,513.5 1,511.7 1,522.1 1,501.3 22.1 6.0 13.1 35.6 -1,8 10.0 -0.5 2.8 10.4 6,603 6,580 6,607 6,500 1,505.4 1,499.4 1,504.6 1,494.0 1,490.3 1,484.5 1,483.5 1,503,4 -20.8 -5.4 1,483.5 1,480.5 1,477.1 1,478.8 -17.8 -4.6 -0.8 -0.9 1.7 0.5 6,408 6,381 6,349 6,341 12.3 10.1 10.6 1,491.0 1,524.8 1,550.2 1,572.7 12.2 33.8 25.4 22.5 3.3 9.4 6.8 5.9 6,379 6,510 6,602 6,681 1,507.5 1,530.9 1,549.3 1,565.4 14.9 10.7 p6.3 1,610.9 1,638.8 pi, 649. 6 6,829 6,933 p6,962 1,579.3 1,618.5 pi, 618. 5 2.5 1982 First quarter Second quarter . . . . Third quarter . . . . . Fourth quarter ... -0.2 4.7 2.5 3.9 -3.0 -3.4 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 8.5 1984 first quarter Second quarter . . . . Third quarter Fourth quarter . . . . 91.4 p56.5 D sposable personal income 224. Current dollars (Ann. rate, bil. doi.) 225, Constant (1972) dollars (Ann. rate, bil. dol.) 10,1 plO.8 P 2.7 7.1 IQ] PERSONAL CONSUMPTION EXPENDITURES m GNP AND PERSONAL INCOME-Continued Year and quarter 38.2 27.9 230. Total n current dollars 231. Total in 1972 dollars .232. Durable goods in current dollars (Ann, rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 233. Durable goods in 1972 dollars 227. Per capita in 1972 dollars (Ann. rate, dollars) (Ann. rate, bil. dol.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1,972,5 2,006.0 2,078.6 2,109.8 1,042.5 1,040.7 1,058.1 1,056.0 4,548 4,530 4,593 4,572 1,797.9 1,829.3 1,877.3 1,891.8 950.2 949.1 955.7 946.8 237,8 232.4 242,5 228.9 146,1 140.0 143.5 134.0 2,132.0 2,156.8 2,195.8 2,237.5 1,052.8 1,054.8 1,057.9 1,067.6 4,548 4,546 4,548 4,578 1,931.3 1,960.9 2,001.3 2,046.1 953,7 958.9 964.2 976.3 239.4 241.6 244,5 255.0 138.5 138.8 139.3 145.2 2,261.4 2,302.9 2,367.4 2,428.6 1,073.1 1,082.0 1,102.2 1,124.3 4,591 4,619 4,694 4,776 2,070.4 2,141.6 2,181.4 2,230.2 982,5 1,006.2 1,015.6 1,032.4 259.4 276.1 284.1 299.8 146,8 156,2 159.6 167.2 2,502.2 2,554.3 p2,604.8 1,147.6 1,165.3 pi, 175. 4 4*865 4,*930 p4,961 2 276.5 2,332.7 p2,359.3 j?m iu ,Qy 320.7 p317,3 m . 7/ 1,064.2 pi, 064. 6 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter . . . . Second quarter . . . . Third quarter Fourth quarter 1984 First quarter , . . Second quarter . . . . Third quarter Fourth quarter . . . . i 044 i 1 ,U*T*t . 1 178.6 p!77.0 NOTE; Series are seasonally adjusted except for those, indicated by ®, that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 40 and 41. OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued ^R PERSONAL CONSUMPTION EXPENDITURES-Continued Year and quarter ^Q GROSS PRIVATE DOMESTIC INVESTMENT 236. Nondurable goods in current dollars 238. Nondurable goods in 1972 dollars 237. Services in current dollars 239. Services in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (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.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 715.4 727.9 736.8 742.6 358.7 361.2 361.6 361.7 844.8 869.0 898.0 920.3 445.4 447.9 450.5 451.2 468.1 481.1 505.8 481.7 228.5 232.8 238.5 223.7 446.2 457.3 466.2 462.8 220.4 220.5 221.0 216.4 746.4 750.6 762.5 770.6 360.5 362.0 363.7 366.0 945.4 968.6 994.2 1,020.6 454.7 458.1 461.2 465.1 436.2 431.2 415.9 376.2 204.7 200.4 194.3 177.8 453.2 442.1 431.3 437.3 211.4 204,5 200.7 202.4 775.2 796,9 811.7 823.0 368.8 374.9 378.5 383.2 1,035.8 1,068.6 1,085.7 1,107.5 466.8 475.1 477.6 482.0 405.0 449.6 491.9 540.0 191.3 212.6 230.6 249.5 447.9 469.0 496.2 527.3 207.8 218.7 229.8 242.2 841.3 858.3 p863.3 387.1 396.6 p396.1 1,124.4 1,153.7 pi, 178. 7 483.4 488.9 P491.5 623.8 627.0 p660 . 5 285.5 283.9 p299.2 550.0 576.4 p588.1 253.9 263.7 p268.0 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . B Year and quarter GROSS PRIVATE DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars (Ann. rate, bil. dol.) 30. Change in business inventories in 1972 dollars (Ann. rate, bil. dol.) |Q GOVERNMENT PURCHASES OF GOODS AND SERVICES 260. Total in current dollars (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.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 8.1 21.9 23.7 39.7 18.9 12.4 17.5 7.2 576.6 585.3 601.3 622.7 286.0 285.1 287.4 289.6 215.6 220.9 232.2 246.9 107.4 108.2 111.7 113.8 361.0 364.4 369.1 375.8 178.6 176.9 175.7 175.9 630.9 633.7 656.3 681.0 290.2 287.0 292.8 300.6 249.8 245.0 261.6 279.4 114.8 111.0 117.2 124.8 381.1 388.7 394.7 401.6 175.4 176.0 175.7 175.8 678.8 682.2 689.8 691.4 294,3 292.4 292.0 288.8 273.0 270.5 269.2 266.3 119.0 117.2 115.6 113.0 405.8 411.6 420.6 425.1 175.3 175.2 176.4 175.8 704.4 743.7 P766.9 289.5 302.1 p308.4 267.6 296.4 p307.7 112.2 123.2 p!27.4 436.8 447.4 p459.2 177.3 178.9 plSl.l 1982 First quarter Second quarter . . . . Third quarter . . . . . . Fourth quarter . . . . -17.0 -10.9 -15.3 -61.1 -6.7 -4.0 -6.4 -24.6 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -42.9 -19.4 -16.5 -6.1 0.9 7.2 -4.3 12.7 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 73.8 50.6 31.6 20.3 p72.4 p31.2 See note on page 80. Graphs of these series are shown on pages 41, 42, and 43. OCTOBER 1984 81 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued D Q| FOREIGN TRADE Year and quarter 255. Constant (1972) dollars 250. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bit. dol.) 280. Compensation of employees 220, National income in current dollars 257. Constant (1972) dollars 253. Current dollars 256. Constant (1972) dollars 252. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) Imports of goods and services Exports of goods and services Net exports of goods and services NATIONAL INCOME AND ITS COMPONENTS (Ann. rate, bil. dol.) (Ann. rate, bil. dol,) (Ann. rate, bil. dol.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 33.1 22.4 24.8 31.7 48.8 44.8 40.6 41.2 368.4 369.8 368.7 372.8 161.2 161.0 159.3 159.4 335.3 347.5 343,9 341.1 112.5 116.3 118.7 118.2 2,299.4 2,330.6 2,407.8 2,417,6 1,716.1 1,747.6 1,785,5 1,812.5 27.7 35.5 34.9 34.1 25.7 24.1 359.4 366.3 346.3 321.7 152.2 155.1 146.6 136.7 331.7 330.8 339.7 315.4 117.3 121.0 120.9 112.6 2,422.3 2,443.9 2,452,4 2,468.6 1,834.2 1,857.7 1,876.3 1,888.7 22.9 13.6 11.9 328.5 328.1 342.0 346.1 138.2 137.0 141.6 141,0 308.9 334.5 358.4 375.9 115.3 123.4 129,7 139.1 2,527.0 2,609.0 2,684,4 2,766.5 1,921.3 1,962.4 2,000.7 2,055.4 358.9 362.4 p375.5 144.9 144.7 p!50.2 410.4 421.1 p461.0 153.2 156.2 p!72.8 2,873.5 2,944.8 2,113.4 2,159.2 p2,191.2 1982 First quarter Second quarter . . . . Third quarter . . . Fourth quarter 6,6 6.3 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 19.6 -6.5 -16.4 -39.8 2.0 1984 -51.5 -58.7 p-85.5 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -8.3 -11.4 p-22,7 Qj NATIONAL INCOME AND ITS COMPONENTS-Continued year and quarter 282. Proprietors' income with inventory valuation and capital consumption adjustments (Ann. rate, bil. dol.) 284, Rental income of persons with capital consumption adjustment (Ann. rate, bil, dot.) 286. Corporate profits with inventory valuation and capital consumption adjustments (Ann. rate, bil. clot.) (NA) Q SAVING 288. Net interest (Ann. rate, bil. dol.) 290. Gross saving (private and government) (Ann. rate, bil. dol.) 295. Business savng 292. Personal saving (Ann. rate, bil. dol,) (Ann rate, bil. dol.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter 127.8 123.9 129.7 119.1 38,7 40.8 42.9 46.8 194.8 184.3 195.7 184.9 222.0 233.9 253,9 254.4 469.0 475.9 503.0 489.5 355.8 364.1 380.3 390.2 121.8 122.1 145.0 160.6 116.8 107.7 102.2 117.6 47.8 48.3 52.9 57.0 159.9 161.7 163.3 151.6 263.6 268.5 257.7 253.8 447.0 445.4 397.9 344.8 378.3 386.2 393.8 393.9 142.6 136.7 134.5 130.2 114.7 116.9 123.3 131.9 57.7 59.0 56.2 60.4 179.1 216.7 245.0 260.0 254.2 254.2 259.2 258.9 393.4 414.7 455.2 485.7 417.0 441.4 469.7 486.4 128.0 154.9 149.8 P155.9 61.0 62,0 277.4 291.1 498.8 515.3 (NA) 266.8 282.8 p292.5 543.9 551.0 P63.0 (NA) (NA) 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 96.7 119.0 128.7 1984 First quarter Second quarter Third quarter Fourth quarter . . . . 152.5 144.8 P164.7 See note on page 80. Graphs of these series are shown on pages 44, 45, and 46. 82 OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Qj SAVING-Continued Year and quarter 298. Government surplus or deficit, loiai tntal , (Ann. rate, bil. dot.) Q SHARES OF GNP AND NATIONAL INCOME 293. Personal saving rate (percent of disposable personal income) (Percent) Percent of gross national product 235. Personal consumption expenditures, total 248. Presidential fixed investment (Percent) (Percent) 249. Residential fixed investment (Percent) 247. Change in business inventories 251. Net exports of goods and services (Percent) (Percent) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -11.4 -23.3 -62,4 6.2 6.1 7.0 7.6 62.5 62.7 62.4 62.5 11.6 11.9 12.1 12.2 3.9 3.7 3.4 3.1 -73.8 -77,6 -130.4 -179.2 6.7 6.3 6.1 5.8 63.8 64.1 65.0 65.8 12.1 11.5 11.1 10.9 2.9 3.0 2.9 3.1 -0,6 -0,4 -0,5 -2.0 -151.7 -123.4 -133.5 -129.3 5.7 4.2 5.0 5.3 65.2 65.6 65.2 65.0 10.5 10.4 10.6 11.2 3.6 4.0 4,3 4.2 -1.4 -0.6 -0.1 -107.4 -109.2 6 1 5> 64.1 11.2 ii!s 4.3 4^3 pll.7 P 4.2 -9.7 0.8 0.8 1.3 0.6 1.2 0.8 0.8 1.0 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 0.9 1,2 0.2 0.2 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 0.6 0.4 -0.2 -0.5 -0.9 2. 1 — 1. H 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . p6.3 (NA) 64.'o p63.7 l.*4 p2.0 -1 d -1.6 p-2.3 Ql SHARES OF GNP AND NATIONAL INCOME-Continued Year and quarter Percent of national income Percent of GNP-Continued 265. Federal Government purchases of goods and services (Percent) 268. State and local government purchases of goods and services 64. Compensation of employees (Percent) (Percent) 283. Proprietors' income with IVA and CCAdjl 285. Rental income of persons with CCAdj ' (Percent) (Percent) 287. Corporate profits with IVA and CCAdj ' 289. Net interest (Percent) (Percent) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 7,5 7.6 7.7 8.2 12.6 12.5 12.3 12.4 74.6 75.0 74.2 75.0 5.6 5.3 5.4 4.9 1.7 1.8 1.8 1.9 8.5 7.9 8.1 7.6 10.0 10.5 10,5 8.3 8.0 8.5 9.0 12.6 12.7 12.8 12.9 75.7 76.0 76.5 76.5 4.8 4.4 4.2 4.8 2.0 2.0 2.2 2.3 6.6 6.6 6.7 6.1 10.9 11.0 10.5 10.3 8.6 8.3 8.0 7.8 12.8 12.6 12.6 12.4 76.0 75.2 74.5 74.3 4.5 4.5 4.6 4.8 2.3 2.3 2.1 2.2 7.1 8.3 9.1 9.4 10.1 7.5 8.1 12.3 12.3 73.5 73.3 (NA) 5.4 5.1 2.1 2.1 9.7 9.9 9.7 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 9.7 9,7 9.4 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . p8.3 p!2.4 (NA) (NA) (NA) 9.3 9.6 (NA) See note on page 80. Graphs of these series are shown on pages 46 and 47. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. OCTOBER 1984 83 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY Q| PRICE MOVEMENTS Implicit price deflator, gross national product Year and month 310. Index (1972 = 100) 310c. Change over 1-quarter spansl (Ann. rate, percent) Fixed-weighted price index, gross business product 311. Index (1972 = 100) 311c. Change over 1-quarter spans ' (Ann. rate, percent) Consumer prices, food Consumer prices, all items 320. Index <u) 320c. Change over 1-month spans ' 320c. Change over 6-month spans ' (1967 = 100) (Percent) (Ann. rate, percent) 322. Index (1967 = 100) 322c. Change over 1-month spans 1 322c. Change over 6-month spans l (Percent) (Ann. rate, percent) 1982 5.3 211.7 282.5 283.4 283.1 4.4 214.1 284.3 287.1 290.6 5.6 4.6 January February March 204.0 5.6 April May June 206*. 8 July August September 208.5 October November December 210*3 3.4 217.0 3.4 3.7 218.9 0.4 0.2 3.5 4.4 6.0 281.8 283.4 282.7 0.4 0.9 1.1 6.2 6.2 6.6 283.4 285.3 287.2 292.2 292.8 293.3 0.5 0.3 0.0 6.6 4.7 1.8 287.6 286.8 287.2 294.1 293.6 292.4 0.4 0.0 1.4 0.7 0.8 -0.1 -0.3 0.9 0.6 -0.2 3.7 4.8 5.8 0.2 0.7 0.7 4.2 2.4 3.2 0.1 0.1 3.0 1.8 0.6 287.6 287.9 288.0 0.1 0.1 0.0 0.9 1.6 2.2 288.9 289.1 290.3 0.3 0.1 0.4 2.7 2.9 2.4 0.4 0.2 1.6 1.8 1.4 -0.3 1983 5.0 January February March 212!9 2.7 214.2 July August September 215.9 October November December 218.2 0.1 0.7 0.4 0.2 3.4 4.3 5.0 291.5 292.1 291.5 299.3 300.3 301.8 0.4 0.4 0.4 4.4 4.2 4.3 291.2 291.7 292.3 3.5 302.6 303.1 303.5 0.4 0.4 0.2 4.8 4.8 4.5 4.2 305.2 306.6 307.3 0.6 0.4 0.2 308.8 309.7 310.7 0.5 0.2 0.2 311.7 313.0 314.5 0.3 0.5 0.4 222.5 3.1 4.5 225.0 4.4 0.3 295.5 297.1 298.1 3.9 2.6 April May June 293.1 293.2 293.4 1.4 2.3 3.3 220.4 226^9 -0.1 -0.2 0.2 0.2 1.4 1.4 2.7 293.5 294.1 295.4 0.4 0.2 0.4 6.3 7.3 6.6 4.6 4.3 4.1 300.2 302.2 301.8 1.6 0.7 5.7 4.7 4.0 3.4 3.6 3.9 301.7 300.9 301.3 -0.1 1984 4.4 January February March 220.6 April May June 222.4 July August September 229.3 3.3 4.1 231.6 p3.6 p3.6 p224.'4 p233!7 302.2 304.1 303.8 -0.1 0.0 -0.3 0.1 1.3 1.3 1.3 0.3 0.6 -0.1 October November December See note on page 80. Graphs of these series are shown on pages 48 and 49. l Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and 1-quarter changes are placed on the 1st month of the 2d quarter. 84 OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued IH PRICE MOVEMENTS-Continued Producer prices, industrial commodities Producer prices, all commodities Year and month 330. Index (u) (1967 = 100) 330c. Change over 1-month spans 1 (u) (Percent) 330c. Change over 6-month spans ' (u) (Ann. rate, percent) 335. Index (u) (1967 = 100) 335c. Change over 1-month spans ' (u) (Percent) Producer prices, crude materials 335c. Change over 6-month spans ' (u) (Ann. rate, percent) 331. Index (1967 = 100) 331c. Change over 1-month spans l (Percent) 331c. Change over 6-month spans l (Ann. rate, percent) 1982 January February March 298.3 298.6 298.0 0.8 0.1 -0.2 1.3 2.1 2.4 311.8 311.6 311.0 0.6 -0.1 -0.2 0.6 0.2 0.4 320.4 319.5 317.9 1.3 -0.3 -0.5 -2.2 3.0 4.8 April May June 298.0 298.6 299.3 0.0 0.2 0.2 1.4 1.1 0.9 309.9 309.6 310.6 -0.4 -0.1 0.3 0.6 1.0 1.1 320.0 324.2 323.7 0.7 1.3 -0.2 0.2 -1.1 -1.3 July August September 300.4 300.2 299.3 0.4 -0.1 -0.3 1.2 1.1 0.9 312.8 313.2 312.7 0.7 0.1 -0.2 2.9 3.5 3.0 320.8 317.8 315.8 -0.9 -0.9 -0.6 -2.9 -3.1 -3.7 October November December 299.8 300.3 300.7 0.2 0.2 0.1 -0.3 0.5 0.9 314.3 315.0 315.2 0.5 0.2 0.1 0.7 0.4 0.5 315.4 319.1 317.7 -0.1 1.2 -0.4 -2.8 0.4 2.8 January February March 299.9 300.9 300.6 -0.3 0.3 -0.1 0.5 0.8 1.1 313.9 313.9 313.5 -0.4 0.0 -0.1 -1.2 -0.9 0.1 316.2 318.5 320.2 -0.5 0.7 0.5 5.0 1.6 2.2 April May June 300.6 301.5 302.4 0.0 0.3 0.3 2.2 2.5 3.2 312.4 313.6 315.3 -0.4 0.4 0.5 1.7 2.2 2.3 323.2 321.6 321.1 0.9 -0.5 -0.2 1.1 4.1 5.4 July August September 303.2 304.7 305.3 0.3 0.5 0.2 3.6 2.7 2.5 316.5 317.3 317.1 0.4 0.3 -0.1 3.9 3.0 2.0 317.9 325.0 328.8 -1.0 2.2 1.2 3.7 5.5 7.9 October November December 306.0 305.5 306.1 0.2 -0.2 0.2 3.2 2.8 3.8 318.5 318.3 318.4 0.4 -0.1 0.0 1.6 2.1 3.1 329.2 330.4 333.6 0.1 0.4 1.0 11.7 3.7 5.1 308.0 308.9 311.0 0.6 0.3 0.7 3.5 r4.0 3.5 319.1 320.6 321.9 0.2 0.5 0.4 2.6 r3.1 3.5 336.0 330.9 337.1 0.7 -1.5 1.9 4.7 r2.1 -1.5 311.3 r311.5 311.4 0.1 0.1 rO.O 2.6 1.3 -1.0 322.6 r323.2 323.9 0.2 0.2 0.2 3.1 1.8 0.2 336.9 r333.8 331.1 -0.1 r-0.9 r-0.8 -2.8 -2.2 -5.9 312.0 310.9 309.5 0.2 -0.4 -0.5 324.0 323.5 322.3 0.0 -0.2 -0.4 331.3 327.2 327.0 0.1 -1.2 -0.1 1983 1984 January February March April May June July August September October November December See note on | Graphs of these series are shown on page 48. Changes are centered within the spans: OCTOBER 1984 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. 85 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Q[ PRICE MOVEMENTS-Continued Year and month 332. Index (1967-100) 332c. Change over 1-month spans ' (Percent) Producer prices, finished consumer goods Producer prices, capital equipment Producer prices, intermediate materials 332c. Change over 6-month spans ' 333. Index (Ann. rate, percent) (1967-100) -0.5 -0,7 -0.6 275.2 274.5 276.0 -0.7 -0,6 333c. Change over 1-month spansl (Percent) 333c. Change over 6-month spans ' (Ann. rate, percent) 334, Index (1967-100) 334c. Change over 1-month spans ' (Percent) 334c. Change over 6-month spans ' (Ann. rate, percent) 1982 January February March 311.6 311.1 310,1 April May , , June . . . 309.0 309.1 309.8 . . . July August September 310,5 310.2 310.4 October November December 310.3 311.1 311.3 0.3 -0.2 -0.3 -0.4 0.0 0.2 0.2 -0.1 0.1 0.0 0.3 0.1 0.5 4.9 4.4 4.4 278.2 278.3 277.5 0.2 276.8 277.9 279.5 0.3 0.4 0.6 3.9 5.4 4.3 277.8 277.4 280.1 0.8 1.3 1.0 280.5 281.8 281.9 0.4 0.5 0.0 3.7 3.6 3.5 -0.5 -0.2 -0.8 281.9 282.8 284.3 0.0 0.3 0.5 -1.5 -1.3 0.6 -0,3 0.7 0.0 2.3 1.3 2.7 -0.3 1.0 2.3 3.1 3.8 281.4 282,6 282.7 0.5 0.4 0.0 4.4 6.0 4.3 2.6 2.3 2.8 283.8 285.6 286.1 0.4 0.6 0.2 1.4 0.6 0.0 2.9 2.6 1.9 283.4 283.4 282.7 0.1 -0.1 1983 -0*8 -1.5 -1.0 -0.9 January February March . 309.8 309.9 309,1 -0.5 -0.3 0.0 284.1 285.0 285.8 April May June 307.9 309.1 311.3 -0.4 0.4 0.7 1.6 2.3 4.1 285.9 286.5 287.0 0.0 0.2 2.4 2.7 1.9 282.6 283.5 284.7 0.0 0,3 0.4 0.8 1.5 2.4 July August September 312.2 313.4 315.3 0.3 0.4 0.6 5.5 4.9 3.8 287.5 288.8 288,5 0.2 0.5 1.9 1.8 2.0 284.6 285,5 286,1 0.0 0,3 0.2 2.9 2.0 1.4 October November . . , , . . . December 316.2 316.6 317.1 0.3 0.1 0.2 3,1 2.7 2.6 288.6 289.0 289.8 0.0 0.1 0.3 2.1 2.0 2.8 286.6 286.3 286.7 0.2 2.9 3.0 3.5 317.0 317.6 319.3 0.0 0.2 0.5 2.1 0.2 0.4 0.3 4.0 2.9 290.5 291,7 292.5 3.3 288.7 289.8 291.0 0.7 0.4 0.4 319.5 r320.3 321.6 rO.3 2.5 1.8 0.5 294.3 r293,9 294.5 0.6 r-0.1 3.3 3.1 2.6 290.6 r290.3 290.4 r-0.1 321.0 320.5 320.1 -0.2 -0.2 -0.1 295.2 296.2 296.3 0.2 0.3 0.0 0.0 -0.1 0.3 0.3 o.a -0.1 0.0 -0.2 -0.1 0.1 1984 January February March April May June July August September 0.1 0.4 r2.4 rO.2 r3.4 291.3 290.7 290.0 2.8 r2,8 2,6 1.8 0,6 -0.1 rO.O -0.7 0.3 -0.2 -0.2 October . . . . November December See note on page 80. Graphs of these series are shown on page 48. l Changes are cantered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. 86 OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued Qj WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted ' Year and month 340. Index (1977 = 100) 340c. Change over 1-month spans 2 (Percent) Current-dollar compensation Real earnings Current-dollar earnings 340c. Change over 6-month spans 2 (Ann. rate, percent) 341. Index (1977 = 100) 341c. Change over 1-month spans 2 (Percent) 341c. Change over 6-month spans 345. Index 2 (Ann. rate, percent) (1977 = 100) 345c. Change over 1-quarter spans 2 345c. Change over 4-quarter spans 2 (Ann. rate, percent) (Ann. rate, percent) 1982 yo. O c O . Po 3 . 0O A 1 2 9 . <- no r yo . o -U. 1 O c .D 6.5 6.4 93.7 93.5 92.9 0.2 -0.2 -0.7 0.6 0.6 0.2 6.1 5.1 5.6 92.9 93.2 93.4 0.0 0.3 0.2 150.9 151.3 152.2 0.4 0.3 0.6 5.2 5.0 4.5 93.4 93.6 94.5 0.0 0.3 0.9 4.2 4.5 3.6 January February March 152.9 153.6 153.6 0.4 0.5 0.0 4.4 4.6 3.8 94.8 95.3 95.1 0.4 0.5 3.1 2.5 1.0 April May June 154.2 154.7 155.1 0.4 0.3 0.2 3.7 2.4 3.4 94.8 94.8 94.9 -0.2 July August September 155.6 155.4 156.2 0.4 -0. 1 o!s 3.7 3.2 3^5 94.9 94.4 94^5 0.0 -0 6 0.*2 -0.3 -0 5 16l!9 October , . November December 157.1 157.2 157.8 0.5 0.1 0.4 3.7 4.0 3.7 94.7 94^6 94^9 0.2 -0*.2 0.3 -0.3 o'.8 153!; January February March 158.4 158.5 159.1 0.4 0.1 0.4 3.6 3.1 3.2 94.8 94.8 95.1 -o!i 0.0 165^9 0.3 1.4 0^7 0.7 April May June 159.9 159.6 160.3 0.5 3.0 2.6 95.4 94.9 95.2 0.3 -0.5 0.3 0.7 -1.5 p-1.7 167!4 95.2 94.1 p94.3 0.0 r-1.1 pO.2 January February March idR 140 . i1 1 O 1 . L. •MC 0 143 . C, 14C 7 1H J . / 0 . 11 April May June 146.5 147.6 148.1 0.5 5.5 0.7 0.4 July August September 149.0 149.9 150.3 October November December O O . O 6 C . 0 6 c .J 6 p . O no no r\ yo. u 10.6 150.7 7.7 i1 .nU -0.6 0.4 -0.3 -0.6 0.3 3.5 5.8 7^2 152^9 ... .. . 155.6 7.4 ... 157.5 5.0 e!6 5^3 1983 -0.2 o.o. 0.1 5.7 3.3 0.3 -1.9 -1.1 -o!i 4!l 159^7 16l!6 3^9 2.3 3^9 4.5 r3.9 1.2 1984 160.8 160.6 P161.7 July August September -0.2 0.4 rO,3 r-0.1 pO.7 p3.3 5.4 P 4!3 r3.5 ... ... p3.8 r^* w pl69\6 October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. Adjusted for overtime (in manufacturing only) and interindustry employment shifts. Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. 2 OCTOBER 1984 87 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued RR| WAGES AND PRODUCTIVITY-Continued Negotiated wage and benefit decisions, all industries (u) Average hourly compensation, all employees, nonfarm business sector-Continued Year and month 348. First year average changes Real compensation 346. Index (1977-100) 346c. Change over 1-quarter spans ' 346c. Change over 4-quarter spans ' (Ann. rate, percent) (Ann. rate, percent) (Ann. rate, percent) 349. Average changes over life of contract (Ann. rate, percent) Output per hour, all persons, private business sector 370. Index (1977-100) 370c. Change over 1-quarter spans ' 370c. Change over 4-quarter spans ' (Ann. rate, percent) (Ann. rate, percent) 358. Index of output jer hpur all persans, nonfiirm business sector (1977-100) 1982 6.6 January February March 96\5 April May June 96^6 July August September 96*. 6 October November December 97*.4 1.9 1.2 i'.B 0,3 2.6 2.1 2.6 0.2 2.5 6.2 4.7 3.3 4.8 99^8 l'.3 99^4 i".2 106! 3 3^3 lobis 3'.k ioi!e a!i 103^6 sis 104 !i r3*.3 104^4 ps!6 105^2 2.4 lOCl! 9 2.i) -6!e -2.3 100 '.3 2.3 3.4 ioo!9 ioi!e 2.7 1983 5.3 January . , . . , . . , . February March 96\7 April May June 9&\5 -1.0 i!s 6!e -1.6 2.1 1.4 102^2 4.4 5.9 3.6 103! 6 , July August September 98!6 October November December 9&\i -1.8 -6! e 0.1 5,0 2.8 4.3 104^3 4.9 1.4 3.1 -6'.3 104!? 1984 0.4 January , . . , . . February March 98^2 April May June 9s!i July August September -0.1 p6!2 r5.1 4,0 r4.7 105!? r3.5 r3.2 r4.9 rl06*6 r!07.0 pO.2 p98!2 P 2.9 pi. 7 P 3.3 pioe'.e pl07!s October November . . . December . See note on page 80. Graphs of these series are shown on pages 49 and 50. Changes are centered within the spans: on the middle month of the 3d quarter. 1 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT ^J CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month Labor force participation rates Number unemployed 441. Total 442. Employed 451. Males 20 years and over 452. Females 20 years and over 453. Both sexes, 16-19 years of age (Thous.) (Thous.) (Percent) (Percent) (Percent) 37. Total (Thous.) 444. Males 20 years and over 445. Females 20 years and over 446, Both sexes, 16-19 years of age 447. Fulltime workers (Thous.) (Thous.) (Thous.) (Thous.) 448. Number employed part-time for economic reasons (Thous.) 1982 January February March 109,075 109,503 109,664 99,682 99,810 99,754 78.6 78.7 78.7 52.2 52.4 52.6 54.2 54.8 54.2 9,393 9,693 9,910 4,374 4,427 4,615 3,117 3,293 3,405 1,902 1,973 1,890 7,820 7,989 8,335 4,961 5,413 5,591 April 109,901 110,542 110,133 99,598 100,179 99,653 78.8 79.0 78.8 52.6 52.9 53.0 54.5 55.5 52.4 10,303 10,363 10,480 4,766 4,787 5,065 3,571 3,568 3,550 1,966 2,008 1,865 8,605 8,739 8,914 5,756 5,781 5,696 110,399 110,473 110,679 99,503 99,563 99,412 78.8 78.6 78.9 53.0 53.0 52.8 53.2 53.9 54.1 10,896 10,910 11,267 5,207 5,245 5,563 3,682 3,668 3,693 2,007 1,997 2,011 9,128 9,188 9,580 5,627 5,886 6,436 110,690 110,923 110,873 99,146 99,036 98,979 78.8 78.8 78.6 52.7 52.9 53.0 54.2 54.5 53.7 11,544 11,887 11,894 5,710 5,847 5,836 3,814 3,995 4,026 2,020 2,045 2,032 9,907 10,115 10,171 6,445 6,344 6,367 January February March 110,677 110,688 110,735 99,154 99,172 99,316 78.2 78.2 78.2 53.0 52.9 52.9 53.5 53.1 53.2 11,523 11,516 11,419 5,623 5,717 5,595 3,979 3,933 3,891 1,921 1,866 1,933 9,811 9,865 9,744 6,678 6,362 6,169 April May June 110,975 110,950 111,905 99,606 99,762 100,743 78.4 78.4 78.7 52.9 52.8 53.2 53.0 52.6 54.7 11,369 11,188 11,162 5,682 5,583 5,352 3,780 3,748 3,837 1,907 1,857 1,973 9,727 9,514 9,332 6,077 5,965 5,886 July August September 111,825 112,117 112,229 101,225 101,484 101,876 78.7 78.6 78.6 53.1 53.3 53.4 53.7 54.4 53.8 10,600 10,633 10,353 5,217 5,150 5,065 3,524 3,598 3,512 1,859 1,885 1,776 8,985 8,964 8,747 5,700 5,866 6,027 October November December 111,866 112,035 112,136 101,970 102,606 102,941 78.4 78.4 78.3 53.2 53.2 53.2 52.8 53.3 53.7 9,896 9,429 9,195 4,809 4,596 4,392 3,366 3,215 3,181 1,721 1,618 1,622 8,319 7,900 7,658 5,724 5,848 5,712 January February March 112,215 112,693 112,912 103,190 103,892 104,140 78.3 78.4 78.3 53.0 53.3 53.4 53.0 53.9 54.2 9,026 8,801 8,772 4,300 4,128 4,020 3,182 3,120 3,144 1,543 1,553 1,608 7,532 7,283 7,301 5,943 5,808 5,463 April May June 113,245 113,803 113,877 104,402 105,288 105,748 78.3 78.3 78.4 53.7 54.2 54.0 54.4 54.4 54.7 8,843 8,514 8,130 4,095 3,861 3,755 3,186 3,124 2,955 1,562 1,529 1,419 7,398 7,058 6,524 5,593 5,353 5,491 July August September 113,938 113,494 113,699 105,395 104,969 105,239 78.3 78.3 78.3 54.1 53.8 53.5 54.4 52.3 54.3 8,543 8,526 8,460 3,906 3,853 3,875 3,173 3,264 3,053 1,464 1,409 1,532 7,061 6,980 6,986 5,300 5,324 5,496 May June .. July August September .. October November December 1983 1984 October November December See note on page 80. Graphs of these series are shown on page 51. OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES £) I GOVERNMENT ACTIVITIES |Q DEFENSE INDICATORS Qj RECEIPTS AND EXPENDITURES Year and month Advance measures of defense activity State and local governments ' Federal Government ' 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, dol.) 9,756 13,761 9,870 98,818 102,677 105,418 6,987 6,639 6,917 20,793 17,786 17,503 10,518 9,657 14,296 108,428 108,841 109,654 6,386 5,273 5,752 412.6 17,669 16,448 18,387 8,610 8,928 10,296 110,885 110,787 111,85? 5,055 5,762 4,149 451.6 420.2 16,476 18,599 24,396 5,423 10,209 17,298 111,866 113,647 119,788 5,978 5,769 10,410 34 ."l 458.' 3 424. *2 21,340 19,502 20,444 16,908 13,042 7,351 122,628 123,803 125,570 9,419 5,105 6,751 816.'? 43,9 473*5 429. '5 19,332 19,554 21,518 10,132 10,111 10,814 126,165 126,532 129,720 7,309 4,805 7,692 640*. 2 82l'i 47^4 486. 'i 438.'7 19,409 20,489 20,388 11,017 10,727 10 9 921 131,172 130,829 133,056 6,750 5,103 5,154 -ISO*. 5 655*. 0 835 '.5 5i!2 495'6 443.* 8 17,201 24,242 24,204 2 9 820 16,140 9,463 131,130 139,062 141,820 6,566 9,004 7,600 January February March -isi.'s 686.4 847*6 53*9 509! 6 455*.? 21,145 22,667 23,445 15,089 14,273 13,779 142,169 145,648 150,842 6,608 7,289 11,539 April May June -163.'? 704.3 868.0 54.5 520.6 466.1 19,185 20,342 19,781 11,398 9,459 11,644 149,369 149,452 151,538 6,248 5,679 6,990 (NA) p888.*8 (NA) (NA) p477*5 20,988 p23,098 10,101 12,647 152,828 156,271 7,215 r7,584 p5,886 500. Surplus or deficit 501. Receipts 502. Expenditures 510. Surplus or deficit 511. Receipts 512. Expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) -106*3 622*9 729~3 32.5 430. 'l 397*6 19,361 20,608 18,869 April May June -112*.6 625*9 737.' 9 34*4 440 .'l 405 .'7 July August September -163!? 609*9 773*6 33.3 445.*9 October November , , . , . . , December -210*6 608.3 818.9 31.5 January February March . . . . . . . . . . -185*7 619*8 805*6 April May June -16?'3 649*3 July August . . . . . . September -180*9 October November December 1982 January February March ... . 1983 1984 July August September (NA) (NA) (NA) (NA) October November . . . . . . . December See note on page 80. Graphs of these series are shown on pages 52 and 53. ^asod on national income and product accounts. 90 OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Q DEFENSE INDICATORS-Continued National defense purchases Intermediate and final measures of defense activity Year and month 557. Output of defense and space equipment 559. Manufacturers' inventories, defense products 561. Manufacturers' unfilled orders, defense products 580. Defense Department net outlays (1967 = 100) (Mil. dot.) (Mil.dol.) {Mil.dol.) 588. Manufacturers' shipments, defense products 570. Employment in defense products industries (Mil.dol.) (Thous.) Defense Department personnel 577. Military, active duty © 578. Civilian, direct hire employment ® (Thous.) (Thous.) 564. Federal purchases of goods and services (Ann. rate, bil. dol.) 565. Federal purchases as a percent of GNP (Percent) 1982 January February March 105.2 106.5 107.0 13,677 13,841 14,024 81,014 83,275 85,687 14,152 14,689 15,075 4,110 4,378 4,505 1,386 1,380 1,377 2,104 2,109 2,107 1,008 1,013 1,018 168*.4 5.6 April May June 107.2 107.7 107.6 14,172 14,251 14,421 87,763 88,318 89,149 15,670 15,379 15,334 4,311 4,717 4,921 1,375 1,370 1,368 2,106 2,104 2,108 1,022 1,028 1,045 175.3 5^7 July August September 109.5 109.5 109.5 14,473 14,714 15,092 89,432 90,418 89,575 16,312 15,050 16,881 4,772 4,776 4,992 1,368 1,358 1,360 2,110 2,109 2,109 1,051 1,043 990 183*. 3 6.'6 October November December 111.9 113.6 115.9 15,402 15,594 15,938 90,534 91,326 96,654 15,972 17,087 16,779 5,020 4,977 5,082 1,356 1,354 1,350 2,108 2,114 2,113 1,016 1,024 1,027 19l!6 e.'i January February March 116.4 116.1 117.0 16,545 16,458 16,774 100,886 100,716 102,234 17,058 16,772 16,804 5,187 5,275 5,233 1,344 1,346 1,342 2,120 2,122 2,127 1,024 1,028 1,030 194^7 e.'i April May June 118.2 117.6 118.0 16,782 17,185 17,295 104,234 103,804 106,114 17,529 16,854 17,189 5,309 5,235 5,382 1,345 1,349 1,354 2,123 2,120 2,116 1,029 1,040 1,049 199.3 e!i July August September 120.4 120.2 121.8 17,400 17,803 17,508 107,287 106,908 106,596 16,975 18,455 17,463 5,577 5,482 5,466 1,361 1,344 1,364 2,113 2,115 2,123 1,053 1,052 1,026 200.9 e!6 October November December 122.9 124.0 125.7 17,358 17,363 17,759 107,522 110,839 112,761 17,781 17,329 18,726 5,640 5,687 5,678 1,369 1,369 1,378 2,120 2,126 2,124 1,034 1,040 1,045 207*.2 6.'6 128.3 129.5 130.1 17,812 18,217 18,537 113,650 115,087 120,894 18,448 17,801 17,794 5,718 5,852 5,731 1,382 1,391 1,400 2,130 2,135 2,140 1,042 1,043 1,046 213.4 6.0 April May June 133,2 133.1 .r!33.5 13,925 19,492 19,989 121,158 121,088 122,100 18,525 18,609 18,953 5,985 5,749 5,977 1,408 1,420 1,433 2,138 2,141 2,143 1,049 1,061 1,071 220.8 e!i July August September r!35.9 r!36.4 p!37.7 20,776 p21,263 123,319 r!24,774 p!24,783 18,405 r!9,181 p!9,462 5,993 r6,129 p5,875 rl s 443 pi, 444 2,142 2,144 p2,138 1,079 1,074 pi, 043 p225*.4 pe!i 1983 1984 January February March (NA) (NA) October November December See note on page 80, Graphs of these series are shown on pages 54 and 55, IN: OCTOBER 1984 91 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Q MERCHANDISE TRADE 602. Exports, excluding military aid shipments, total Year and month (Mil.dol.) 604. Exports of domestic agricultural products (Mil.dol.) 606. Exports of non* electrical machinery (Mil.dol.) 612. General imports, total (Mil.dol.) 614. Imports of petroleum and petroleum products (Mil.dol.) 616. Imports of automobiles and parts (Mil.dol.) 1982 January February March 18,584 18,614 18,462 3,258 3,590 3,225 4,346 4,054 3,997 22,573 19,570 20,018 6,810 4,396 4,290 2, ,389 2, ,135 2,596 April May June 18,005 18,124 18,823 3,400 3,527 3,332 3,932 3,957 4,211 17,714 20,477 21,187 3,894 4,180 4,855 2,389 2,785 2,626 July August September 18,060 17,463 17,320 2,789 2,763 2,648 4,305 3,856 4,197 19,849 22,930 20,581 5,624 5,731 4,903 2/55 2,795 2,370 October . . . November December 16,671 15,852 16,347 2,681 2,783 2,637 3,829 3,686 3,719 21,006 18,892 19,154 5,433 4,757 4,694 2,444 2,130 2,189 January . . . . . . . . February . . . . . . . . March . . . . . . . . . . 17,232 16,312 16,690 3,128 2,985 2,811 3,644 3,359 3,499 20,127 18,804 19,528 4,166 2,859 3,261 2,329 3,019 2,676 April May June 16,095 15,655 16,959 2,891 2,715 2,977 3,513 3,433 3,265 19,914 21,446 20,916 3,252 5,284 4,203 2,746 3,001 2,851 July August September 16,486 16,582 17,257 3,072 2,973 3,322 3,655 3,290 3,718 21,828 22,714 22,451 5S220 4,828 5 S 538 2,988 2,762 2,547 October November . December . . . , 17,033 17,063 17,298 2,979 3,109 3,175 3,689 3,686 3,683 24,333 23,115 22,976 5,232 5 S 036 3,713 3,154 3,425 3,724 18,326 17,212 17,727 3,457 3,198 3,336 4,009 3,848 3,764 26,586 26,147 26,771 4,456 4,258 5,287 3,776 3,323 3,728 17,522 17,950 17,633 3,030 3,245 2,715 3,811 3,976 3,746 28,368 25,569 25,356 6,348 4,783 4,671 4,011 3,682 3,630 19,442 18,036 3,236 3,022 3,790 3,878 31,883 26,567 5 S 103 4,049 4,010 3,648 (NA) (NA) (NA) (NA) 1983 1984 January , . February , March . . . . . April . May June ... July August September (NA) (NA) October November December . . . . . . . See note on page 80. Graphs of these series are shown on page 56. 92 OCTOBER 1984 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS—Continued ^J GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise, adjusted ' Goods and services Year and month 667. Balance (Mil.dol.) 668. Exports (Mil.dol.) 669. Imports (Mil.dol.) 622. Balance (Mil.dol.) 618. Exports (Mil.dol.) Income on investments 620. Imports (Mil.dol.) 651. U.S. investments abroad (Mil.dol.) 652. Foreign investments in the United States (Mil.dol.) 1982 January February March 2,270 90,082 87,8i2 -7,064 55,482 62,546 20,889 13,653 April May June 3,729 91,274 87,545 -5,803 55,118 60, 92i 22,307 14,772 July August September -3,231 87,158 90,389 -12,363 52,079 64,442 21,505 14,390 October November December -3,908 80,936 84,844 -11,239 48,519 59 , 758 19,162 13,243 January February March -1,370 81,111 82,481 -9,277 49,246 58,523 17,618 12,380 April May June -7,712 81,355 89,067 -14,870 48,745 63,615 18,973 12,995 July August September -9,703 84,826 94,529 -17,501 50,437 67,938 20,802 13,630 October November December -14,127 84,910 99,037 -19,407 51,829 71,236 19,609 14,490 -17,526 90,689 108,215 -25,855 53,935 79,790 23,300 15,552 p-22,301 p88,745 pill, 046 p-25,736 p54,597 p80,333 p20,618 p!6,956 1983 1984 January February . March April May June July August September (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) October November December See note on page 80. Graphs of these series are shown on page 57. Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). OCTOBER 1984 93 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS Q| INDUSTRIAL PRODUCTION 721. OECD l European countries, index of industrial production 728. Japan, index of industrial production 725. West Germany, index of industrial production (1967-100) (1967-100) (1967-100) (1967-100) 140,7 142,9 141,7 153 154 154 232.7 231.4 233.4 153 154 156 April May June 140.2 139.2 138,7 153 153 151 230.5 228.2 231,4 July August . . . . September . . . . , , . 138.8 138.4 137.3 150 148 150 October November December 135.7 134.9 135.2 January February . „ March 47. United States, index of industrial production Year and month 726. France, index of industrial production 722. United Kingdom, index of industrial production 727. Italy, index of industrial production 723, Canada, index of industrial production (1967 = 100) (1967-100) (1967-100) 157 155 155 118 118 118 161.9 169,9 165.6 155.5 153.8 152.2 154 153 151 157 157 157 119 120 119 164.7 162.7 154.9 149.4 150.2 147.0 230.5 230.7 231,8 148 150 148 154 154 154 119 120 120 159.6 146.4 154.0 142.4 148.6 144.6 148 150 148 225.7 230.7 228,4 146 146 145 155 157 154 120 118 120 149.8 155.4 151.9 140.5 141.1 140,3 137.4 138.1 140,0 150 150 150 229.5 228,0 232,7 146 148 150 157 155 155 122 122 120 152.0 152.2 149.4 147.7 147.6 148.3 April May . . . . June 142.6 144.4 146,4 150 151 r!53 233.0 235.2 235,9 150 150 r!56 155 160 157 122 123 120 142.1 144,4 144.4 150.0 151.7 155.0 July August September 149.7 151,8 153.8 153 153 153 236.4 242.3 245.0 150 r!50 153 160 160 157 124 124 124 153.8 148.9 148.3 156.9 159.1 162.0 October November December , . . . , , . 155.0 155.3 156.2 153 156 154 244.5 247.7 250.9 r!54 156 r!57 155 160 160 125 125 127 150.2 154.0 149.3 162.7 164.1 165.3 158.5 160.0 160.8 r!56 r!56 156 251.4 260,2 256.4 r!57 159 154 160 157 160 r!25 125 124 151,9 150.4 155.9 168.4 163.2 165.3 June 162.1 162.8 r!64.4 r!54 156 151 257.7 263.9 r265.2 r!54 156 140 157 162 160 123 122 122 149.4 152.7 r!56.2 165.9 r!67.1 r!68.3 July August September r!65.9 r!66.1 p!65.1 p!58 (NA) 265.9 p267.7 (NA) 161 p!57 (NA) p!62 (NA) p!20 (NA) p!54.1 (NA) ri74,2 P173.3 (NA) (1967-100). 1982 January February March . 1983 1984 January . , , February . . . March . . . . April May . , October November December See note on page 80. Graphs of these series are shown on page 58. Organization for Economic Cooperation and Development. 94 OCTOBER 1984 Ill It OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q CONSUMER PRICES Japan United States Year and month 320. Index © (1967-100) 320c. Change over 6-month spans ' (Ann. rate, percent) 738. Index ® (1967-100) West Germany 738c. Change over 6-month spans ' 735. Index © France 735c. Change over 6-month spans ' 736. Index (u) (Ann. rate, percent) (1967-100) 192.3 192.8 193.1 3.0 3.5 4.9 356.0 359.6 363.8 2.9 4.0 194.0 195.2 197.1 4.9 5.4 6.3 368.2 371.1 373.7 (Ann. rate, percent) (1967 = 100) United Kingdom 736c. Change over 6-month spans ' (Ann. rate, percent) 732. Index ® 732c. Change over 6-month spansl (1967 = 100) (Ann. rate, percent) 499.0 499.1 503.5 8.4 7.3 6.0 9.9 8.2 7.2 513.6 517.3 518.9 6.0 6.0 4.7 5.8 6.9 7.3 518.9 519.0 518.7 5.3 5.3 4.2 9.5 1982 January February March 282.5 283.4 283.1 3.5 4.4 6.0 300.7 299.8 300.4 April May June 284.3 287.1 290.6 6.2 6.2 6,6 302.9 303.8 303.8 July August September 292.2 292.8 293.3 6.6 4.7 1.8 301.5 303.8 309.1 4.4 4.1 3.7 197.6 197.3 197.9 6.8 5.9 4.0 374.7 375.9 377.5 October November December 294.1 293.6 292.4 1.4 0.7 0.8 310.0 306.6 306.0 4.0 0.7 0.9 198.5 198.9 199.4 2.7 2.3 2.3 379.5 383.2 386.4 10.3 10.8 521.3 523.9 522.9 4.0 5.6 4.6 January February March 293.1 293.2 293.4 1.4 2.3 3.3 306.6 305.5 307.5 1.7 0.5 199.8 200.0 201.2 1.4 1.5 1.9 390.1 392.9 396.5 12.3 11.2 10.2 523.5 525.8 526.7 2.3 1.7 2.8 April May June 295.5 297.1 298.1 3.4 4.3 5.0 308.6 312.0 309.7 0.7 1.7 0.3 201.7 202.2 202.9 3.4 4.8 4.5 401.8 404.5 406.9 9.8 9.7 9.6 534.1 536.4 537.7 4.5 4.3 6.1 July August . . . September 299.3 300.3 301.8 4.4 4.2 4.3 308.3 307.4 311.4 3.2 1.9 3.1 203.6 204.3 204.9 5.0 4.4 4.4 410.4 412.8 416.0 8.6 8.3 8.4 540.6 543.0 545.4 7.7 7.4 7.7 October November December 302.6 303.1 303.5 4.8 4.8 4.5 314.2 312.2 311.4 3.0 4.2 4.5 204.9 205.2 205.7 3.4 2.6 1.8 419.2 420.9 422.4 8.3 8.2 7.5 547.3 549.2 550.7 6.0 5.0 4.6 January February March . . 305.2 306.6 307.3 4.6 4.3 4.1 312.3 314.2 315.1 1.7 2.3 1.1 206.6 207.1 207.3 1.2 1.6 1.5 425.4 428.0 431.0 6.8 7.0 7.1 550.4 552.6 554.4 3.3 2.9 2.9 April May June 308.8 309.7 310.7 3.4 3.6 3.9 315.9 318.2 315.6 2.3 207.7 207.8 208.6 1.0 0.7 1.1 433.6 436.2 438.4 6.8 7.0 561.8 563.9 565.3 3.2 5.1 5.0 July August September 311.7 313.0 314.5 1.9 0.5 0.1 -0.5 13.0 12.0 12.0 1983 -0.3 1984 316.2 313.4 (NA) -0.3 (NA) 208.2 207.8 208.0 441.5 443.7 (NA) (NA) 564.7 570.0 571.1 October November December See note on page 80, Graphs of these series are shown on page 59. Changes over 6-month spans are centered on the 4th month. OCTOBER 1984 95 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q STOCK PRICES Q CONSUMER PRICES-Continued Year and month Italy Canada 737. Index ® 737c. Change over 6-month spans ' 733. Index © 733c. Change over 6-month spans ' 19, United States, index of stock prices, 500 common stocks ® 748. Japan, index of stock prices © 745. West Germany, index of stock prices © 746, France, index of stock prices © 742. United Kingdom, index of stock prices © 747. Italy, index of stock prices © 743. Canada, in^ex of (1967-100) (1967-100) (1967-100) (1967-100) (1967-100) (1967-100) G967-10Q) StKk prices © (1967-100) (Ann. rate, percent) (1967-100) (Ann. rate, percent) January February March 517.7 524.4 529.1 13.8 13.6 13.1 288.7 292.1 295.8 10.5 11.4 11.4 127.6 124.6 120.6 518.9 516.9 486.2 116.8 118.4 120.1 185.7 193.1 145.9 291.1 300.1 298.8 95.0 98.8 104.2 185.3 176,7 173.1 April May June 533.9 539,8 545.2 15.9 19.0 18.7 297.5 301.5 304.5 11.1 10.2 9.5 126.5 126.6 119.7 484.5 503.4 489.6 120.6 117.6 114.2 184.8 183.3 166.3 303.2 315.4 314.6 96.7 91.0 83.1 171.2 168.4 153.8 July August September 553.4 563.4 571.3 20.6 19,8 19.1 306.1 307.6 309.2 9.4 8.2 7.2 119.0 119.3 133.2 480.8 474.3 481.6 113.5 112.3 115.6 161.1 169.3 168.4 313.2 320.1 343.5 78.4 86.1 85.8 156.8 177.4 177.3 October November December 582.7 590.3 594.4 16.7 13.7 14.4 311.2 313.3 313.4 5.7 4.7 5.0 144.3 150.2 151.6 490.4 512.7 528.2 118.2 118.8 124.3 170.7 174.5 169.9 360.7 372.0 365.0 86.4 88.8 91.2 192,6 189,7 199.5 January February March 602,7 610.5 616.0 12.9 13.2 13.1 312.5 313.9 317.1 3.8 2.8 3.8 156,9 159.7 165.2 533,3 530.8 544.2 126.0 131.9 143.9 181.8 188.5 204.7 371.9 381.6 388.3 95.5 109.1 118.7 210,0 216.6 219.5 April May June 622.2 628.2 632.2 14.0 13.6 13.6 317.1 317.9 321.5 5.5 6.3 4.9 171.6 178,5 181.0 559.7 573.4 583.3 157.0 158.6 159.5 215.6 230.0 224.9 410.4 403.7 426.1 115.8 111.6 110.3 240.0 251,8 260.2 July . August September 638.5 641.1 649.4 13.6 12.5 12.0 322.9 324.5 324.5 5.8 5.7 5.3 181.6 176.7 181.8 598.7 606.4 619.7 169.0 166.9 164.7 235.6 251.8 257.1 418.9 431.8 422.6 112.9 120.5 118.4 264.3 267.3 272.0 October November December 660.4 667.0 670.3 11.1 11.0 11.1 326.5 326.5 327.5 5.4 4.9 4.4 182.4 179.7 178.8 621.0 621.5 638.$ 173.4 176.7 179.2 257.3 273.7 282.8 411.2 424.1 432.6 111.6 112.7 112.8 251.1 273.6 268.6 January February March 678,3 685.8 690.6 10.7 10.7 11.1 329.2 331.1 331.9 4.3 4.2 3.0 181.0 171.1 171.3 687.6 699.6 736.1 185.3 182.3 173.4 315,0 300.8 261.1 457.2 457.2 485.3 125.3 128.7 128.5 259.5 259.5 260,0 April May June 695.4 699.6 703.8 10.0 9.8 8.3 332.7 333.3 334.7 2.9 2.5 3.2 171.4 170.3 166.6 776.0 744.6 711, a 177.9 178.0 175.8 285.4 277.1 272.3 495.0 489.6 468.7 124.9 122.5 119.6 252,0 P245.6 p242.6 July August September 705.9 708.0 713.0 164.3 178.9 180.7 701.3 728.8 rp739.8 167.2 172.0 rpl80.6 256.5 p260.3 rp274.6 447.5 478.6 497.0 121.4 12B.7 127.6 p234.0 p252.S rp256,6 p!78,4 p752.4 p!88.3 p281.5 p502.0 p!26.7 p257.6 1982 ! 1983 1984 336.6 336.6 336.9 October November . . . . . . . December See note on page 80. Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. 96 OCTOBER 1984 C. Historical Data for Selected Series Year IQ 50. 1 950 1 95 1 1952 1953 1 954 1955 1956 1 957 1958 1 95 9 .... 1 960 1961 1 962 1 963 1964 1965 . . 1 966 1 967 1 96 8 1969 1970 1971 1972 1973 1 974 1975 1976 1 977 .... 1 97 8 1 97 9 1 980 1 981 1 982 1 983 1984 50C. II Q III Q IV Q GROSS NATIONAL P R O D U C T IN 1 9 7 2 DOLLARS ( A N N U A L RATE, B I L L I O N S OF D O L L A R S ) 512.6 564.4 593.7 623.2 610.5 644.1 666.8 683.5 665.5 711.5 740.7 737.7 789.2 815,0 864.2 906.7 975.4 997.8 1036.6 1084.2 1081.4 1111.5 1157.2 1246.8 1253.3 1204.3 1285.0 1341.3 1400.0 1472.6 1496.4 1513.5 1483.5 1491.0 526.4 575.9 594.3 628.3 608.1 653.2 670.2 684.1 669.9 726 .2 738.4 750.1 798.4 826.7 873.7 919.7 979.3 1004.2 1055.7 1088.8 1083.0 1116.9 1178.5 1248.3 1254.7 121 8.9 1293.7 1363.3 1437.0 1469.2 1461 .4 1511.7 1480 .5 1524.8 543.8 587.9 600.5 624.4 616.9 663.2 670.7 688.5 685.9 721.2 737.7 759.6 805.5 839.8 880.9 934.1 987.9 1016.2 1068.2 1092.0 1093,3 1125.7 1193.1 1255.8 1246.8 1246.1 1301.1 1385.8 1448.8 1486.6 1464,2 1522.1 1477.1 1550.2 1961 1 962 1963 1964 1965 1 966 1967 1968 1969 1 970 1971 1972 1 973 1 974 1975 1 976 1 977 1 97 8 1979 1980 1981 1 982 1 983 1984 19.1 6.0 3.2 5.7 -4.9 10.3 -1.6 3.0 -7.8 5.2 7 .2 3.1 5.3 3.5 7.5 9.3 8.0 0.5 3.7 4.7 -1.5 10.3 7.9 10.9 -4.0 -8.2 9.1 8.9 3.4 1.1 1.9 10.0 -4.6 3.3 11.2 8.4 0.4 3.3 -1 .6 5.8 2.0 0.4 2.7 8.5 -1 .2 6.9 4.8 5 .8 4.5 5.8 1 .6 2.6 7.6 1.7 0.6 2.0 7.6 0.5 0.4 4,9 2 .7 6.7 11.0 -0 9 -9.0 -0.5 -0,8 9.4 IQ Year 50B. AVERAGE 556.3 589.1 614.6 618.2 628.4 669.5 678.4 679.1 702.5 727.9 732.1 779.0 808.0 848.6 886.8 956.8 996.6 1027.3 1071.8 1085.6 1084.7 1135 .4 1214.8 1266.1 1230.3 1257 .3 1313.1 1388.4 1468.4 1489.3 1477.9 1501.3 1478,8 1572.7 C H A N G E FROM P R E C E D I N G P E R I O D IN GNP , 1972 DOLLARS ( A N N U A L RATE, P E R C E N T ) 1 950 1 95 1 1 952 .... 1953 1 954 1 955 1 95 6 1 957 1958 1 959 Annual 13.9 8.6 4.2 -2.4 5.9 6 .3 0.3 2.6 9.9 -2.8 -0.4 5.2 3.6 6.5 3.3 6.4 3.6 4.9 4.8 1.2 3.9 3.2 5.0 2.4 -2.5 9.2 2.3 6.8 3.3 4.8 0.8 2.8 -0.9 6.8 534.8 579.4 600 . 8 623.6 616.1 657 .5 671 .6 683.8 680.9 721.7 737 .2 756.6 800.3 832.5 876.4 929.3 984.8 1011 .4 1058.1 1087.6 1085.6 1122 .4 1185.9 1254.3 1246.3 1231 .6 1298.2 1369.7 1438.6 1479.4 1475.0 1512.2 1480.0 1534.7 1 950 1951 .... 1952 1953 1954 1955 1956 .... 1957. .... 1958 1959 I960 1961 1962 1963 1 964 1 965 1966 1967 1968 1969 1970 1 971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 8.7 8.3 3.7 3.8 -1 .2 6.7 2.1 1.8 -0.4 6.0 2.2 2.6 5.8 4.0 5 .3 6.0 6.0 2.7 4.6 2.8 -0.2 3.4 5.7 5.8 -0.6 -1 .2 5.4 5.5 5.0 2.8 -0.3 2.5 -2.1 3.7 III Q IV Q 21.8 8.1 4.6 8.6 -7.7 15.7 -2.7 5.1 -13.6 9.0 12.8 5.6 10.2 7.0 15.6 19.9 18.6 1.2 9.3 12.4 -4.2 26.8 21.8 32.0 -12.8 -26.0 27.7 28.2 11.6 4.2 5.6 35.6 -17.8 12.2 13.8 11.5 0. 5. -2 . 9. 3. 0.6 4.4 14.7 -2.3 12.4 9.2 11.7 9.5 13.0 3.9 6 .4 19.1 4.6 1.6 5.4 21.3 1.5 1.4 14.6 8.7 22.0 37.0 -3.4 -35.0 -1.8 -3.0 33.8 17.4 12.0 6.2 -3.9 8.8 10.0 0.5 4.4 16.0 -5.0 -0.7 9.5 7.1 13.1 7.2 14.4 8.6 12.0 12.5 3.2 10.3 8.8 14.6 7.5 -7.9 27.2 7.4 22.5 11.8 17 .4 2.8 10.4 -3.4 25.4 12.5 1 .2 14 .1 -6.2 11.5 6.3 7 .7 -9.4 16.6 6.7 -5.6 19.4 2.5 8.8 5.9 22.7 8.7 11.1 3.6 -6.4 -8.6 9.7 21.7 10.3 -16.5 11.2 12.0 2.6 19.6 2 .7 13.7 -20.8 1 .7 22.5 200. GROSS N A T I O H A L P R O D U C T IN C U R R E N T DOLLARS ( A N H U A L RATE, B I L L I O N S OF D O L L A R S ) PERCENT CHARGE 1 9.5 0.8 9.7 -3 9 7.7 3.8 4.7 -5.3 10.0 3.8 -3.0 10.6 1 .2 4.3 2. 7 10.1 3.6 4.4 1.4 -2.3 -3.1 3.5 7.5 3.3 -5.2 3.6 3.7 0.8 5.5 0.7 3.8 -5.4 0.5 5.9 II Q I I P P E R E N C E FROM P R E C E D I N G PERIOD I N G N P , 1 9 7 2 DOI 1950 1951 1952 1 953 .... 1954 1 955 1956 ..... 1957 1958 1959 I 9 6 0 .... 1961 1962 1 963 1964 1965 1966 1967 1968 1969 1970 1971 .... 1972 1973 1974 1975 1976 1977 1978 1979 1 980 .... 1981 1982 1 983 .... 1984 67.6 20.4 41.9 66.1 62.5 88.2 12.8 40.2 436.8 477.0 506.9 508.2 554.2 582.0 625.3 668.8 738.5 780.7 841.2 921.2 972.0 1049.3 1142.4 1283.5 1387.7 1479.8 1672.0 1834.8 2031.7 2335.5 2572.9 2875.8 3026.0 3173.8 277.1 328.3 342,1 369.4 362 .3 396.2 418.4 442.3 440.7 490.6 506.3 519.2 562.7 590.7 634.0 681.7 750.0 788.6 867.2 937.4 986.3 1068.9 1171.7 1307.6 1423 .8 1516.7 1698.6 1895.1 2139.5 2377.9 2578.8 2918.0 3061.2 3267.0 294.8 335.0 347.8 368.4 366.7 404.8 423,5 449.4 453.9 489.0 508.0 528.2 568.9 601.8 642.8 696.4 760.6 805.7 884.9 955.3 1003.6 1086.6 1196.1 1337.7 1451.6 1578.5 1729.0 1954.4 2202.5 2454.8 2639.1 3009.3 3080.1 3346.6 1950 1951 1 952 1953 1954 1955 1 956 1 95 7 1 95 8 1959 1 960 1961 1962 1963 1 964 1 965 1 966 1 967 968 96 9 970 971 972 973 974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 .. . 9.5 7 .9 0.2 3.3 -0.2 8.0 5.6 2.1 3.9 13.6 -0.6 11.0 8. 8. 8. 12. 11. 7.9 26.0 16.2 14.3 19.6 29.3 24.1 36.1 36. 26 . 60 . 107 . 42. 5. 42 . 35. 93.2 17.7 6.7 5.7 -1.0 4.4 8.6 5.1 7.1 13.2 -1.6 1 .7 9.0 6.2 11.1 8.8 14.7 10.6 17.1 17.7 17.9 17.3 17.7 24.4 30.1 27.8 61.8 30.4 59.3 63.0 76.9 60.3 91.3 18.9 79.6 11.5 4.2 12.2 -5.3 8.9 6.2 8.6 -5.4 13.1 6.0 -3.2 14.4 5.4 10.6 6.0 20.8 14.3 17.6 15.4 6.7 5.4 19.2 37.4 39.0 22.2 43.3 43.5 34.5 79.1 48.1 96.9 18.6 29.5 85.1 28.2 44.3 17 .2 18. 8 0.0 33 .2 21.7 22.3 5.7 38.2 18.6 18.1 40.4 31.7 41 .0 53 .4 64.9 43 .6 73 .8 70.6 48.7 84.9 108.3 140.5 107.8 115.0 168.8 200.3 245 .6 253.9 213.9 326.1 111.5 235.5 NOTE: These series contain revisions beginning with 1981. Year-to-year differences and percent changes are computed from annual data. 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. 1981. 1982. 1983. 1984. ,. .. .. .. .. .. ,. .. .. ,. .. .. .. .. .. .. ,. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 17.9 19.7 3.2 7.0 -0.7 14.1 1 .7 7 .7 -6.3 8.9 10.0 2.7 8.9 5.4 8.7 13.0 12.4 3.1 9.0 9.6 4.2 16.9 13.9 17.2 3.2 1.6 13.0 14.8 8.9 9.8 11.7 22.1 -0.2 8.5 15.0 10.2 0.3 3.7 -0 .2 8.5 5.5 1. 9 3 .7 11 .9 -0.5 9.0 6.3 6.1 5 .7 7 .9 6.4 4.1 13.0 7.2 6.0 7.7 10.7 7.7 10 . 8 10.4 6.5 13 .8 23 .0 7.5 0.9 6.0 4.7 12 .3 28.0 8.5 6.8 -1.1 5.0 9.0 4.9 6.6 12.5 -1.3 1.4 7.1 4.4 7.7 5.7 8.9 5.8 9.0 8.4 7.9 7,2 6.8 8.6 9.6 8.0 17.3 7.3 13.1 12.3 13.6 9.7 13.1 2.5 10.1 42.6 44.6 21,4 22.8 -7.5 41.4 14.1 12.2 -2.9 40.8 15,5 19.4 43.7 32.2 43.9 52.9 55.5 26.6 46.7 29.5 -2.0 36.8 63.5 68.4 -8.0 -14.7 66.6 71.5 68.9 40.8 -4.4 37.2 -32.2 54.7 286.5 330.8 348.0 366.8 366.8 400.0 421.7 444 .0 449.7 487.9 506.5 524.6 565.0 596.7 637.7 691.1 756.0 799.6 873.4 944,0 992.7 1077.6 1185.9 1326.4 1434.2 1549.2 1718.0 1918.3 2163.9 2417.8 2631.7 2957.8 3069.3 3304.8 PERCENT 1 CHANGE ( A N N U A L R A T E , B I L L I O N S OF D O L L A R S ) 10.8 14.1 2.7 6.1 -0,6 12.6 1.8 8.1 -7.2 10.0 11.9 3.4 11.6 7 .7 12.9 20.0 21.3 5.8 17.9 20.9 10.0 40.3 36.6 50.0 11.0 6.0 50.2 62.3 42.8 53.9 73.0 139.8 -1.9 64.2 DIFFERENCE' AVER'AGE 306 .3 339.2 360.0 363.1 375 .6 411.0 432.1 444.0 467.0 495,0 504.8 542.6 574.3 612.4 648.8 717.2 774 . 9 823.3 900.3 962.0 1009.0 1105.8 1233.5 1376.7 1473.8 1621.8 1772.5 1988.9 2281 .6 2502.9 2736.0 3027 . 9 3109.6 3431.7 200C. C H A N G E FROM P R E C E D I N G P E R I O D IN G N P , DOLLARS Annual 16 .6 5.1 14.8 -5 .6 10.0 6.3 8.4 -4.8 12.1 5.0 -2.5 11.3 3.9 7.3 3.8 12 .5 7 .7 9.0 7.2 2.8 2.2 7.3 13.1 12.2 6 .3 11.4 10.5 7.2 15.2 8.1 15.5 2.5 3.9 10.6 10.9 15,5 5.2 5.4 0.0 9.0 5.4 5.3 1.3 8.5 3.8 3.6 7.7 5.6 6.9 8.4 9.4 5.8 9.2 8.1 5.2 8.6 10.1 11.8 8.1 8.0 10.9 11.7 12.8 11.7 8.8 12.4 3.8 7.7 (OCTOBER 1984) 1 97 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 213. F I N A L SALES I N 1 9 7 2 D O L L A R S ( A N N U A L SATK, B I L L I O N S OF DOLLARS) 1930 1 95 1 1 9§2 1 953 1954 1 955 1956 1957 195 8 1 959 1 fl60 1961 1 9^2 1963 1 964. .... 1 965 1966 1967 1968 H)69 1970 1971 1 972 1973 1 974 1975 1976 1977 1978 .... 1979 I960 1982 1 983 1 9 84 308.2 550.9 §86. 4 619.2 613.9 638.2 639.3 681.0 672.3 706.0 728.0 741.8 778.8 807,6 857.3 891.9 959.8 983.3 1031.2 1072.5 1079.2 1100.3 1150.9 1230.7 1240.1 1218.6 1274.9 1330.8 1382.8 1459,7 1496 . 9 1505.4 1490.3 1507.3 518.7 556.0 §97.0 623.2 612.2 645.2 664.7 681.2 676.1 713.6 735.1 748,3 790.4 818, 8 866.3 908.3 962 .2 996.9 1043.5 1077 .0 1077.9 1106,5 1166.5 1233.1 1242.1 1230.2 1282.4 1349.5 1418.6 1455.4 1463.6 1499.4 1484.5 1530,9 535.8 573,3 595.1 622.5 619.6 655.4 665,9 684.8 685.6 719.8 734,3 753.2 797.9 831.7 875.4 923.1 974.3 1004.4 1058.4 1078.3 1086.8 1118.7 1180.3 1242.0 1239.1 1245.1 1 2 9 3 .8 1367.0 1435.5 1481.9 1474.4 1504.6 1483.5 1549.3 AVERAGE 534,2 582.1 607.4 623,2 627 .0 660.2 673.0 682.1 697.2 719.2 737.4 771.3 802.6 841.9 878.2 946.7 975.8 1012.2 1063.2 1078.6 1083.3 1131.7 1205.1 1242.4 1217.5 1259.5 1310.6 1378.3 1453.2 1491.6 1482,5 1494.0 1503.4 1565.4 220. NATIONAL INCOME IN CURRENT DOLLARS ( A N N U A L S A T E , B I L L I O N S OF D O L L A R S ) 1950 1 951 1952 1953 1 954 1 955 195$ 1957 1 958 1959 I960 1 961 1962 1963 1964 1965 1 96§ 1 967 1958 1969 1970 1971 1 972 ... . 1974 1975 1976 1977 1 97 g 1 97 9 1980 1981 1982 1983 1984 219.1 265.9 282B? 303.0 297,1 319.7 342,3 363.0 357 .5 392.7 416.5 414. 8 453.4 476,2 511.9 §53.8 613.3 647.2 696.9 761.5 798.1 849.4 930.7 1052.3 1133.1 1180,4 1346.0 1471 .0 1653. 4 1907.4 2076.2 2299.4 2422.3 2527,0 229.4 272 . 4 283.1 305.2 297.3 328.2 347.3 365.1 358.3 405.9 416.3 424.0 459.5 485.2 520.8 566.2 622.6 653.8 715*6 773 . 9 808,8 863,9 946.1 1071.4 1155.1 1210.9 1363.9 1528.3 1737.2 1941.3 2072.5 2330.6 2443,9 2609.0 244.8 276.9 288.3 303.8 300,8 334.1 350.3 368.9 369.1 400.4 416.3 432 .1 464.3 492 .4 530.4 576.5 633.0 666.5 731.6 788.5 818.6 876.9 971.2 1094.9 1170.7 1264.2 1388.6 1584.6 1792.0 1993.6 2117.7 2407 .8 2 4 5 2 .4 2684.4 361.5 365=7 375.1 395.5 399.8 414.8 441.0 452.7 452,2 474.4 480.2 493,6 519.4 533.5 563.5 599,4 639.8 665.0 690.5 710.5 73V.4 771.1 792.0 855.2 860.2 84,'j , 1 899. § 919.5 973.4 ion .1 1025.8 1042,5 1052.8 1073.1 359.4 373.7 379.0 401.2 397.5 423.7 444.5 455.5 454.9 482.2 490.9 500.6 5 2 4 .1 538.7 579.5 607 .4 642 .1 671.1 702.2 716,8 752.5 779.9 798.7 862.3 859.7 891.4 904.1 933.9 982.8 1011.7 1012.0 1040.7 1054.8 1082 .0 256.8 281.5 297.9 296.5 309.0 340.4 357.0 363.3 382.0 404.2 413.6 444 .1 470.7 500.2 536.6 593.2 643.4 681.5 746.1 793.4 817.3 895.9 1006.7 1126.1 1184.0 1302.0 1418.4 1618.1 1858.4 2024.5 2200.1 2417.6 2468.6 2766.5 362,2 375.6 387.3 399.7 403.9 430.8 446.9 457.7 464.7 479.2 490.9 505.8 526.7 544.6 586.7 623.5 649.6 676 . 2 703.9 729.8 760.1 780.7 812.4 867.9 859.4 878.2 908.9 952.2 994.2 1019,8 1019.2 1058.1 1057.9 1102 .2 NOTE:' These series contain revisions beginning with 1981. 524.2 565.6 596.5 622.1 618.2 649.8 665.8 682.2 682.7 714.7 733.7 753.7 792.4 825.0 869.3 917.5 968.0 999.2 1049.1 1076.6 1081.8 1114.3 1175.7 1237,1 1234.7 1238.4 1290.4 1356.4 1422.6 1472.2 1479,4 1500.9 1490.4 1538.3 AVERAGE 2 2 5 . DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS ( A N N U A L RA'CE, B I L L I O N S O F D O L L A R S ) 1950 1951 1952 1 953 1 954 , , , 1 955 , , . , 19S6 1 957 . . . . 1 95g 1 95 9 1960. . . 1961 1 9§2 L 963 1964 1965 1966 1967 1968 1 96 9 . . . 1 970 . . 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 Annual 368.2 375.6 391.2 400.1 411.7 437.8 452.5 456.2 471.0 483.0 489.0 515.0 529.2 552.5 593.5 634.8 655.9 681.6 708.5 732.8 756.2 785.2 838.1 873.3 850.8 885.1 914.6 965.9 1004.8 1020 .1 1029.6 1056.0 1067.6 1124.3 237 ,6 274.1 287.9 302.1 301.1 330.5 349.4 365.2 366.9 400.8 415.7 428.8 462.0 488.5 524.9 572 .4 628.1 662.2 722.5 779.3 810.7 871.5 963.6 1086.2 1160.7 1239.4 1379.2 1550.5 1760.3 1966.7 2116.6 2363.8 2446.8 264'6.7 Year 1950 1951 1 952 1 953 1 954 1955 1956 1957 1958 1959 1960 1 ggi 1962 1963 1 964 1965 1 966 1 967 ... . 1968 1 969 1 970 . 1971 1972 1 973 .... 1974 1975 1976 1977 1978 1979 1 980 1981 1 982 1983 1984 III Q IV Q 3,398 3,681 3,805 3,928 3,783 3,921 3,988 4,015 3,844 4,024 4,12? 4,03$ 4,253 4,328 4,526 4,68? 4,983 5,040 5,183 5,369 5,299 5,376 5,533 5,904 5,880 5,598 5,913 6,113 6,314 6,570 6,600 6,603 6,408 6,379 3,477 3,741 3,794 3,946 3,753 3,961 3,992 4,003 3,855 4,092 4,095 4,091 4,288 4,376 4,561 4,741 4,989 5,060 5,267 5,379 5,290 5,386 5,622 5,898 5,874 5,652 5,941 6,198 6,465 6,537 6,427 6,580 6,381 6,510 3,577 3,801 3,817 3,903 3,789 4,003 3,977 4,010 3,930 4,046 4,074 4,126 4,309 4,429 4,582 4,799 5,018 5,106 5,315 5 ,380 5,322 5,412 5,677 5,918 5,822 5,761 5,959 6,283 6,499 6,595 6,421 6,607 6,349 6,602 3,643 3,791 3,889 3,847 3,841 4,021 4,002 3, 938 4,007 4,066 4,024 4,213 4,305 4,458 4,596 4,900 3,047 5,148 5,318 5,332 5,262 5,442 5,765 5,952 5,730 5,798 5 ,998 6,277 6,568 6,586 6,464 6,500 6,341 6,681 224. DISPOSABLE PERSONAL INC0ME IN CURRENT DOLLARS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1 950 . 1951 1952 1 953 1954 1955 1956 1957 1958 1 95 9 1 960 1961 1 962 . . 1963 1964 1965 1966 1967 1968 1 96 9 1 970 1971 1972 1973 1 974 . . . 1975 1976 1977 1978 1979 1980 1 981 . . . . 1 982 . . . . 1983 1984 201.7 220.4 231.1 248.8 255.0 265.8 285.9 303.7 312.4 331.7 34 8. .3 357.2 380.3 397.3 426.1 458.8 502.2 535.3 575*8 616.6 671 ,5 732t7 782+2 878.9 963*9 1035t2 1163,7 1255.2 1405,7 1587,5 1771 ,7 1972,5 2132.0 2261 y4 201 .2 225.5 233.9 253.0 254.3 272.1 290.4 307,4 314.5 339,0 352.3 362.5 385.6 402 .0 438.6 468.0 507.8 543.1 591.0 630.2 692.4 749,3 794.5 903.5 988.6 1105.2 1180.8 1291.9 1451.3 1624.0 1789.8 2 0 0 6 .0 2156.8 2302.9 208.6 227 .3 240.3 253.4 256.8 278.3 294.3 311.8 322.0 339.6 353.5 368.0 388.7 408.3 445 .7 482 .7 518.1 552.0 598.1 649.1 705.8 757,6 815.6 925.3 1012,7 1109.4 1203.3 1335.5 1496.2 1674,3 1846.0 2078.6 2195.8 2367.4 214.3 230.5 245.3 253.7 261.9 282.7 300.6 311.9 327.1 343.5 353.9 375.3 392.5 416,0 451.9 493.7 526.7 S61.3 608.8 659.9 711.5 767.4 1549.0 950.3 1028.1 1134.5 1229.6 1373.5 1542.7 1714.9 1908,0 2109.8 2237.5 2428.6 L I N C O M E IN ( A N N U A L R A T E , DC L L A R S ) AVERAGE 362.8 372.6 383.2 399.1 403.2 426 . 8 446.2 455.5 460.7 479.7 489.7 503.8 524.9 542.3 580.8 616.3 646.8 673.5 701 .3 722.5 751.6 779.2 810.3 864.7 857.5 874.9 906.8 942.9 988.8 1015.7 1021.6 1049.3 1058.3 1095.4 II Q IQ 217. PER CAPITA GROSS N A T I O N A L PRODUCT IN 1972 DOLLARS ( A N N U A L RATE, DOLLARS) 1 950 ..... 1 95 1 . . 1 952 . 1953 1954 1955 1 956 . . . . 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1 968 196 9 1970 1971 1972 1973 1974 1975 1976 1977 1 978 1979 1980 1981 1982 1983 1984 2,396 2,385 2,404 2,493 2,477 2,525 2,638 2,660 ,612 ,683 ,717 ,703 ,799 ,833 ,951 ,098 ,268 3,359 3,453 3,518 3,613 3,729 3,787 4,050 4,036 3,928 4,139 4,190 ,390 ,511 ,524 ,548 ,548 4,591 2,374 2,427 2,420 2,520 2,453 2,569 2,648 2,665 2,617 2,717 2,722 2,731 2,815 2,852 3,025 3,131 3,271 3,381 3,503 3,541 3,676 3,761 3,810 4,074 4,025 4,134 4,151 4,246 4,422 4,502 4,451 4.S30 4,546 4,619 2,382 2,428 2,462 2,499 2,481 2,600 2,650 2,666 2,662 2,688 2,710 2,747 2,818 2, 872 3,052 3,203 3,299 3,398 3,502 3,595 3,700 3,753 3,865 4,090 4,013 4,061 4,163 4,317 4,460 4,524 4,469 4,593 4,548 4,694 Annual AVERAGE 3,524 3,754 3,826 3,906 3,792 3,976 3,990 3,992 3,909 4,057 4,079 4,117 4,289 4,398 4,566 4,782 5,009 5,088 5,271 5,365 5,293 5,404 §,649 §,918 §,826 5,702 §,953 6,218 6,462 6,572 6,478 6,572 6,3?0 6,543 AV ERAS K 206.6 226.0 237.7 252.2 257.1 275,0 292.9 308.6 319.0 338.4 352.0 365.8 386.8 405.9 440.6 475.8 513.7 547.9 593.4 638.9 695.3 751.8 810.3 914.5 998.3 1096.1 1194.4 131 4 . 0 1474.0 16SD.2 1828.9 2041.? 2180.5 2340.1 AVERAGE 2,411 2,417 2,475 2,490 2,517 2,630 2,670 2.64S 2,686 2,698 2,688 2,785 2, 820 2 ,902 3,076 3,251 3,321 ' 3,416 3,515 3,600 3,669 3,764 3,977 4,106 3,963 4 ,081 4,178 4,367 4 ,494 4,511 4,503 4,572 4,578 4,776 2,392 2,415 2,441 2,501 2,483 2,582 2,653 2,660 2,645 2,697 2,709 2,?42 2,813 2,865 3,026 3,171 3,290 3,389 3,493 3,564 3,665 3,752 3,860 4,080 4,009 4,051 4,158 4,280 4,441 4,512 4,487 4,561 4,555 4,670 (OCTOBER 1984) C. Historical Data for Selected Series—Continued Year IQ II Q III 230. PERSONAL C O N S U M P T I O N E X P E N D I T U R E S , Q IV Q Annual AVERAGE 1 950 1951 1952 1953 1954 1 955 1 956 .... 1957 1 958 1 959 1960 1 961 1962 1963 1 9^4 1965 1 966 1967 1968 , 1969 1 970 1 971 1972 1973 1974 1975 1 976 1977 1978 1 97 9 1980 1981 1982 1 983 1984 232. 182.9 208.3 211.1 228.3 231 . 9 246,8 261.4 276.1 284.0 303.5 319,8 328.5 347.5 367.2 390.6 417.9 456.2 478.7 517.6 565.8 607.8 652.8 709.6 790 .0 853.0 935.1 1047.8 1162,7 1276.4 1446.3 1620,5 17 97 .9 1931.3 2070.4 186.8 203. 8 215.1 229.9 234.3 251.9 263.9 278.3 286.8 309.1 325.9 333.1 353.0 371.2 397.9 424.3 460.6 487.5 530.2 576.9 616 .9 666 .0 727.3 802.9 878.6 961.6 1067.2 1186.8 1330.7 1476,0 1626 .4 1829.3 1960.9 2141.6 200.4 206.2 217.2 230.5 236.4 256.0 266.8 282.8 291.7 314.2 326.0 335.7 357.0 377.8 405.9 432.9 469.4 494.0 545.7 586.7 628.1 677.5 744.2 820.6 906.7 992.1 1094.2 1216.5 1367.5 1528.3 1683.4 1877.3 2001.3 2181.4 197.8 209.9 225.0 230.0 240.8 260.0 271.9 284.4 295.4 316.2 328.0 342.7 363.4 382.1 407.6 446.3 474.2 500.8 554.0 597.8 634.1 692.6 767.0 834.3 914.1 1016.9 1127.9 1251 .8 1411.3 1578.0 1741.9 1891.8 2046.1 2230.2 192.0 207.1 217.1 229.7 235.8 253.7 266.0 280.4 289.5 310, 8 324.9 335.0 355.2 374.6 400.5 430.4 465 .1 490.3 536.9 581.8 621 .7 672.2 737.1 812.0 888.1 976.4 1084.3 1204.4 1346.5 1507 .2 1668.1 1849.1 1984.9 2155.9 P E R S O N A L C O N S U M P T I O N E X P E N D I T U R E S , D U R A B L E G O O D S , IN AVERAGE 1950 1951 1 952 1 953 1954 1955 1956 1 957 1 95 8 .... 1 95 9 1 960 1 961 1 962 1 963 1964 1 965 1 966 .... 1967... . 1968... . 1969... . 1970... . 1971... . 1972... . 1 973 1974 1975 1976 1977 1978 197 9 1980 1 ggi 1982 1 983 1984 27.7 33.8 28.9 32.9 31 .2 36.2 37.6 40.0 36.8 41.2 43 .0 39.7 45.0 49.8 55.0 61.6 68,7 67.3 76 .8 85,*3 84.9 93.0 105 .6 125.5 118.5 122.4 152 .0 171.2 184.9 211.1 220.7 237.8 239,4 259.4 28.1 28.9 29.0 32,8 31.8 38.6 37.6 39.5 36.0 43.0 43.9 40 .7 46.3 51.1 56.4 61.5 66.0 70.6 78.7 85.7 86.3 95.9 109.0 124.3 121.7 127.1 154.6 175.5 202 .6 208.7 200.8 232.4 241.6 276.1 Year IQ II Q II! Q IV Q Annual TOTAL, I N C U R R E N T 35.6 28.3 27.3 32.5 31.3 40.3 37.3 39,1 36.7 43.9 43.4 41.9 46.8 51.9 58.2 63.3 68.5 70.8 83.0 85.9 87.3 98.2 112.2 123.4 127.4 136.7 158.1 180.1 203.7 217.3 213.8 242.5 244.5 284.1 31.5 28.3 31.4 31.9 33.0 39.4 38.9 38.8 38.0 41.6 42.2 44.0 48.8 52.9 56.1 65.6 68.8 71.6 83 .3 86 .0 82.4 102.0 117.6 120.2 118.5 142.6 162.6 186.0 209.6 216.6 223.6 228.9 255.0 299.8 30.8 29.8 29.1 32.5 31.8 38.6 37.9 39.3 36.8 42.4 43.1 41 .6 46.7 51.4 56.4 63.0 68.0 70 .1 80.5 85.7 85.2 97.2 111.1 23.3 21 .5 32 .2 56.8 78.2 00.2 213.4 214.7 235.4 245.1 279.8 DOLLARS 1950 1 951 1952 1953. 1954. 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 1977. 1978. 1979. 1980. 1981. 1982. 1983. 1984. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ,.. ... ... ... ... ... . .. ... ... ... ... ... ... ... ( A N N U A L RATE, B I L L I O N S OF D O L L A R S ) 327.7 345.7 342.7 362.8 363.5 385 .2 403.2 411.7 411.0 434.1 448.1 454.0 474.5 493.1 516.6 546.0 581.2 594.8 620.7 651.9 667.4 687.0 718.6 768.8 761.2 763.3 809.9 851.7 883.8 921 .2 938.3 950.2 953.7 982.5 333.6 337.8 348.6 364.6 366.2 392.2 403.9 412.4 414 .7 439.7 454.1 459.9 479.8 497.4 525 .6 550.7 582.3 602.4 629.9 656.2 670.5 693.3 731.1 766.3 764.1 775.6 817.1 858.0 901 .1 919.5 919.6 949.1 958.9 1006.2 348.0 340.7 350.2 363.6 371.8 396,4 405.1 415.2 420.9 443.3 452 .7 461.4 483.7 503.9 534.3 559.2 588.6 605.2 642.3 659.6 676,5 698.2 741.3 769.7 769.4 785.4 826.5 867.3 908.6 930.9 929.4 955.7 964,2 1015.6 AVERAGE 339.9 342.1 358,8 362.6 378.6 402.6 409.3 416.0 425,4 444 .6 453.2 470.3 490.0 507,5 535.3 573.9 590.5 608.2 644.7 663.9 673.9 708.6 757.1 766.7 756.5 793,3 838.9 880.4 919,2 938.6 940.0 946.8 976.3 1032.4 233. PERSONAL CONSUMPTION EXPENDITURES, DURABLE GOODS, IN 1972 DOLLARS ( A N N U A L RATE, B I L L I O N S O F D O L L A R S ) 1 950 1951 1952 1953 1954 1 955 .... 1956 1 95 7 1 95 8 1959 .... I960 1961 1962 1963 1964 1 965 1966 1 967 1968 1969 1970 1 971 1 972 1973 1974 1975 1 976 1 977 1 97 8 1979 1 980 1981 1 982 1 983 1 984 38.9 44.3 37.5 42.3 40 . 9 48,1 49.4 49.9 45.1 49.5 51.0 47.7 52.9 58.2 63.2 70.5 79.7 77.2 85.2 92.3 89.7 94.0 106.2 124.8 114.4 106.5 125.1 133.9 139.4 148.6 145.2 146.1 138.5 146.8 39.2 38.1 38.3 41.9 41.4 51.3 48.9 48.8 44.5 51.3 52.3 48.4 54.2 59.4 64.8 70.6 76.3 80.7 86.9 92 .1 90.7 96.3 108.9 122 .5 114.7 109.0 125 .6 136.9 149.8 144.9 130.0 140.0 138.8 156.2 49.0 37.1 35.9 41.8 42.4 52.7 48.1 48.0 45.1 52.1 51.8 49.4 54.7 60.1 66.8 73.1 78.8 79.9 90.9 91 .7 91 .1 99.0 111.7 120.8 115.8 115.9 126.9 139.2 147.9 149.1 135.6 143.5 139.3 159.6 43.2 36.9 40.5 42.5 45.1 52.2 48.8 47.9 46.6 49.7 50,5 51.8 57.0 61.0 64.6 76.1 78.7 80.1 90.4 91.3 84.8 103.5 117.6 117.2 104.5 119.2 128.5 142.0 150.1 146.3 139.0 134.0 145.2 167.2 337.3 341.6 350.1 363.4 370.0 394.1 405.4 413.8 418.0 440 .4 452.0 461.4 482.0 500,5 528.0 557.5 585.7 602.7 634.4 657.9 672.1 696.8 737.1 767.9 762.8 779.4 823.1 864.3 903.2 927.6 931.8 950.5 963.3 1009.2 AVERAGE 42.6 39.1 38.0 42.1 42.5 51 .1 48.8 48.6 45.3 50.7 51.4 49.3 54.7 59.7 64.8 72.6 78.4 79,5 88.3 91 ,8 89.1 98.2 111.1 121.3 112.3 112.7 126 .6 138.0 146.8 147.2 137.5 140.9 140.5 157,5 236. PERSONAL C O N S U M P T I O N E X P E N D I T U R E S , N O N D U R A B L E G O O D S , D I T U R E S , TOTAL AS A AVERAGE 1950 1951 1952 1 953 1 954 1 955 1956 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 1977. 1978. 1979. 1980 1981 1982 1983 1984 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. NOTE: 68.3 65 .0 61.7 62.4 64.0 63.6 63.3 62.7 65.0 3.6 3 .1 4,6 2 .7 3 .1 62.5 62.5 61.8 61.3 61.5 61 .4 62.5 62.2 62.1 61.6 61.5 63.2 62.7 63.4 62.8 61.9 63.0 62.5 63.8 65.2 67.4 62.1 62.9 62.2 64.7 63.6 63.1 62,9 65,1 63.0 64.4 64.2 62,7 62.8 62.8 62.2 61.4 61.8 61.1 61.5 62.5 62,3 62. 61, 61 . 63. 62. 62. 62. 62,1 63.1 62.7 64.1 65.6 68.0 61.6 62.4 62.6 64.5 63.2 63.0 62.9 64.3 64.3 64.2 63.6 62.8 62.8 63.1 62.2 61.7 61.3 61.7 61.4 62.6 62.4 62.2 61.3 62.5 62.9 63.3 62.2 62.1 62.3 63.8 62.4 65.0 65.2 These series contain revisions beginning with 1981. 64.6 61.9 62.5 63.3 64.1 63.3 62.9 64.1 63.3 63.9 65.0 63.2 63.3 62.4 62 .8 62 .2 61.2 60.8 61.5 62 .1 62 .8 62.6 62.2 60.6 62.0 62.7 63.6 62.9 61.9 63.0 63.7 62.5 65.8 65.0 67 .1 62.6 62.4 62 .6 64.3 63.4 63.1 63.2 64.4 63.7 64.2 63.9 62.9 62.8 62.8 62.3 61.5 61.3 61.4 61.6 62.6 62.4 62 .2 61.2 61.9 63.0 63.1 62.8 62.2 62.3 63.4 62.5 64.7 65.2 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. 1981. 1982. 1983. 1984. 94.8 107.6 110.8 117 .0 117.1 120.5 127.2 132.5 137.6 144.3 148.8 153.9 159.3 165.2 172.7 182.6 200.5 209.6 223.1 241.3 260 .2 273.8 288.8 321.6 358.4 392.2 429.6 466.0 502.7 569.3 651.4 715.4 746.4 775.2 96.3 107.1 113.0 116.9 117.1 122.2 128.1 133.9 138.9 145 .6 151.8 154.7 160.6 165.9 175.7 186.0 203.9 211.2 228.2 245.9 263.5 277,4 297.2 327.7 369.4 402.5 436.2 474.5 519.2 586.0 658.2 727 .9 750.6 796.9 100 . 9 109.0 115.0 116.2 118.1 123.3 129.4 137.2 140.8 147 .1 151.4 155.2 162.2 168.3 179.1 189.5 206.8 213.4 234.2 249.9 267.3 279.9 304.0 337.5 380.4 414.1 445.6 480.5 534.9 609.3 671.9 736.8 762.5 811.7 100 .9 111.4 116.9 116.0 119.5 125.7 130.8 136.9 141.9 148.7 152.5 157.4 164.1 168.8 180.1 196.5 207.4 216.2 236.9 254.3 271.9 284.0 312.6 346.8 385.1 420.4 455.5 494.3 556.1 635.5 693.7 742.6 770.6 823.0 98.2 108.8 113.9 116.5 118.0 122.9 128.9 135.2 139.8 146.4 151.1 155 .3 161.6 167.1 176.9 188.6 204.7 212.6 230 .6 247.8 265.7 278.8 300,6 333.4 373.4 407.3 441.7 478.8 528.2 600.0 66 8.8 730.7 757.5 801 .7 (OCTOBER 1984) 99 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q Annual AVERAGE 1950 1951 1952 1 953 1954 1 955 1956 1957 195 8 1 95 9 1 960 1961 1962 1963 1 964 1 965 1966 1 957 1968 1969 1 970 1972 1973 1974 1975 1 97$ 197? 1978 1979 1980 1981 1 982 1 983 1984 60.3 66.9 71. S 78.4 83.6 90.1 96.5 103.6 .. . ,. , ... ... 1 1 7 ', 9 U8.0 135.0 143.2 152.1 162,9 173.7 187.0 201.9 217.8 ,.. 239,2 262.8 286.0 63.9 69.0 74.9 81.8 87.0 92.4 100.1 106.5 114.2 123.2 131.2 138.6 148.0 157.7 168.5 180.1 194.1 205.7 223,2 245.3 209.8 228.4 250.9 273.6 299.5 328.0 359.8 398.9 267.1 292.7 315.2 321.2 343.0 350.9 387.5 432.0 476,4 536.8 608.8 376.1 420.6 466.2 525,5 588,8 666.0 748.3 844.8 945.4 1035.8 . ,. 62.3 67.9 73.1 80.2 85.3 91.1 98.1 104.9 111.9 120.5 130.2 137,6 146.1 154.1 165.7 176.9 190.6 681.3 701.7 767.5 869.0 968.6 1068.6 797.6 898.0 994.2 1085.7 63.0 68.5 74.0 80.6 86.1 92.1 99.2 105.9 112.8 121.9 130.7 138.1 147.0 156.1 167.1 178.7 192.4 233.8 257.4 279.7 306.6 336.8 367.3 225 .8 410.4 441 .3 490,5 555.9 628.8 65.4 70. 76, 82. 88.3 94. 102.1 108.7 115.5 125.9 133.3 141.4 150.5 160.4 171.4 184.3 198.0 213.0 453.9 509.8 571.5 645.6 725.9 824.6 920.3 1020.6 1107.5 239. PERSONAL CONSUMPTION EXPENDITURES, SERVICES, IN 1972 DOLLARS (ANNUAL RATE, B I L L I O N S OF DOLLARS) 1 950 1951 1952 1933 1954 1 955 1956 1957 1958 1959 . 1 960 1961 J, 962 1 363 , . . i 964 . . , 1965 1966 1967 1 96 8 , . . , 1969 1970 1971 1972 1973 1974 1975 1976 1 977 1 9 7 8 .... 1979 1 980 . 1981 1982 1983 1984 128,6 136.7 138.7 144.4 146.6 155.? 162.2 168.? 172.5 181. § 169.9 196.7 205.1 213.4 132.7 137.1 140.0 146.0 149.7 156.5 163.9 169.7 175.3 183.8 192.3 199.9 225.2 236.2 248.0 259,2 269.5 283.9 296.4 305.4 320.0 228.7 239.2 250.6 262.3 274.0 334.1 344.2 354.0 368.4 208.3 215.7 287.1 297.4 308.5 322.9 337.5 346.8 358.8 207.6 248.2 270,8 296.2 325.3 355.2 393.2 437.0 485.7 547.4 618.0 693.7 784.5 883.0 982.2 1074.4 132.9 137.2 140.9 145.6 150.5 157.6 165.0 170.3 175.9 184.8 192.4 200.2 209.7 203.7 200.2 208.8 252.6 265.7 277.8 290.2 300.8 310.8 222.4 217.8 234.1 229.8 240.9 246.0 255.9 267.4 281.0 293.9 302.5 326.4 314.9 331.9 341.5 343.5 349.2 360.5 351.6 251.8 263.7 275.6 288.8 299.3 309.9 325.3 339.2 348.0 359.3 374.7 393.0 371.3 376.1 387.1 389.2 395.7 363.9 382.8 399.7 405.3 422.8 434.3 410.3 415.4 416.9 412.0 425.4 435.4 447.9 428.5 440 .3 432.6 444.7 427.3 438.8 445 ,4 448. 8 454.7 466.8 458.1 475.1 461.2 451 .2 465.1 477.6 482.0 450.5 459.8 475,4 2 4 1 . GROSS P U I V A T S D O M E S T I C I H V B S T M E K T , T O T A L , I N 1 9 7 2 AVERAGE 1950 ..... 1 95 1 1 952 , . , , 1953 1954 1 955 1 956 195? 1958 1959 I960 1 §61 1 962 1963.... , 1964 1965 1 966 .... 1967 1 96 8 .... 1969 1970 1 971 . . . . 1972 1973 1974 1975 1 9 7 6 . . . .. 1977 1978 1979 1 980 1981 1982 1983 1984 NOTE: ' 79.6 96'.' 6 '86 '.'4 87. S 79.1 97.7 103 .9 98.4 82.9 103.7 117 .4 94.0 116.8 118.7 131 .8 149.4 164.8 152.6 157.2 172.5 158.1 169.6 186.0 215.7 89.8 100.1 77.4 89.1 79.7 103.9 102 .7 98.0 80.8 114.1 105.1 101.1 118.3 124.6 132.4 150.5 165.0 148.9 162.7 173,1 158,3 175.1 194.5 217.2 206.3 200.9 145.6 181.4 201.7 146 . 8 185.7 213.7 226.7 239.9 96.0 93.8 80.5 86.0 84.0 105.8 102.2 99.8 88.1 104.0 102.5 107.9 119.1 127.3 131.5 152.4 160.3 155.1 161.6 175.4 161.6 175.3 196.8 215.4 190.3 163.3 184.6 222.8 238.0 237.2 108.7 85.3 87.6 78.6 89.7 107,8 101 .7 91.7 98.0 110.2 93.8 112.6 116.0 129.6 136.1 155.4 162.0 163.0 164.9 164.8 156.2 175.4 202.7 221.8 184.3 163.3 186.3 218.5 242.2 225.3 241.5 241.3 224.3 228.5 204.7 202.4 232.8 200.4 197.4 210.0 238.5 223.7 194.3 177.8 191.3 212.6 230.6 249.5 These scries contain revisions beginning with 1981. 100 1950 1 951 1952 1953 1954 1955 1 956 1 957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1 968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1 97 9 1980 1981 1982 1983 1984 240. 135.7 137.5 143.4 145.3 153.4 160,6 168.0 172.3 178.2 188.1 194.6 219.7 231.4 242,1 IQ 93.5 93.9 83.0 85.3 83,1 103.8 102.6 97.0 87.5 108.0 104.7 103.9 117.6 125.1 133.0 151.9 163.0 154.9 161.6 171.4 158.5 173.9 195 .0 217.5 195.5 154.8 184.5 214.2 236.7 236.3 208.5 230.9 194.3 221.0 II Q III Q 160.1 164.7 166.5 176.1 175.8 181 .4 191.6 193.1 193.4 161.7 162.7 170.3 176.6 175.0 184.4 191.1 193.9 194.9 164.4 166.0 172.8 175.2 177.2 185.9 191.2 196.7 198.3 203.2 207.2 209.6 204.6 209.5 205.5 216.5 221.5 IV Q 349.9 358.5 358.7 360.5 368.8 349.2 354.2 361.2 361.6 361.7 362.0 374.9 363.7 378.5 366.0 383.2 316.3 GROSS P R I V A T E 1 9 7 2 . . .. 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 327.5 33S.7 352.2 359.8 356.2 341.0 287.6 292.4 309.9 302.6 302.8 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 255.9 260.8 273.3 278.7 286.7 290.2 307.6 306.0 300.4 220.8 224.2 236,7 339.1 281.3 1 9 5 4 . , .. 208.1 2U.8 330.6 275.7 1950 1951 1952 1953 206.6 206.8 208.1 211.7 219.3 224.1 236.1 244,1 257.2 259.5 273.6 277.7 284.5 288.4 303.3 307.4 304.4 309.0 323.5 332.4 345.3 353.4 353.5 266.1 DOL 211.6 217.4 161 .0 167.7 174.9 174.9 180.0 189.8 192.5 195.7 222.4 232.2 240.9 255.4 259.4 269.0 277.0 282.4 288.5 299.3 306.3 302.6 307.8 320.2 33K9 228.2 239.2 253.5 258.3 AVERAGE 134.6 137.6 141.5 146.6 152.1 157.7 165.8 170.5 177.5 185.7 192.7 212.1 Year 238. P E R S O N A L C O N S U M P T I O N E X P E N D I T U R E S , N O N D U R A B L E G O O D S , IK 1 9 7 2 DOLLARS ( A N N U A L R A T E , B I L L I O N S OF D O L L A R S ) 251.8 310.2 D O M E S T I C I N V E S T M E N T , TOTAL, I N C U H E E N T LARS) 43.6 60.7 54.1 54.8 49.5 63.5 70.8 69.8 57.8 74.5 86.0 66.9 84.9 86.4 95.6 111.5 124.8 120.2 127.1 147.1 141.3 159.4 183.3 221.6 50.5 63.9 47.5 56.1 50.4 67.9 70.4 69.8 56.5 83.0 76.4 72.9 85.9 90.4 96.7 111.8 127.4 117.1 133.6 149,4 143.6 166.9 193.2 55.4 58.7 51.1 54.2 53.1 70.1 71.3 71.8 62.5 75.2 74.2 78.0 86.4 92.3 96.8 114.2 123.5 123.5 133,8 154.1 147 ,8 168.7 197.5 65.6 53.4 55.7 48.2 57.8 72.0 71.6 65.4 70.4 79,7 66.9 81,3 84.5 94.5 100,2 116.7 127.1 130.6 138.6 146.5 144.1 170.6 206.1 240,9 228.0 222.4 225.8 227.0 232.9 229.6 227.9 191 .4 193.0 217.5 248.8 296,4 354.2 258.3 259.6 339.6 394.6 415.1 422 .0 468.1 436.2 405.0 319.4 388.5 428.3 394.3 481.1 431.2 449.6 1 962 1963 1964 1965 1966 1967 1968 1969 1 970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 .. 213.1 45.8 48.7 49.9 53.0 53.1 61,9 66.1 67.5 61.6 72.9 73.6 71.4 79.5 84.3 90.9 102 .3 112.9 111.1 123.0 139.0 139.2 157.0 181.1 211.6 215.2 205.7 207.6 233 .5 241 .0 276.8 296.2 357.7 41.2, 50.2 48.9 52.4 52.1 58.9 64.6 67.$ 63.2 70.3 75.5 70.2 76.7 80.7 90.2 99.2 111.7 107.8 122.5 136.7 139.8 148.8 177.1 205.3 328. £ 393. S 401.9 391.3 161.8 165 .3 171.2 175.7 177.0 185.4 191.6 194.9 196.8 205.0 208.2 211.9 21 8.5 223.0 233.3 244.0 255.5 259.5 270.S 277.3 283.7 288.7 300.6 307 .4 302.5 307.5 321.9 333.4 344.4 353.1 355.6 360.8 363.1 376.3 AVERAGE 53.8 S9.2 52.1 53.3 52.7 68.4 71.0 69.2 61.9 75.9 74.8 85.4 90.9 97.4 113.5 125 .7 122.8 133.3 149.3 144.2 166.4 195.0 229.8 228.7 206.1 2S7.9 340.7 324.1 386.6 423.0 379.5 505.8 409.1 416.8 411.7 481.7 415.9 491.9 376.2 340.0 431.9 50.6 48.3 46.8 53.5 55.3 64.0 67.2 68.6 62.4 73.8 71.6 72.8 80.5 85.9 92.3 105 .0 112.2 113.3 125.3 141.8 141.8 161.9 184.7 214.5 217.1 215.5 248.2 307.5 371,1 446. 2 45 3. i 457.3 420.2 404.9 466.2 442.1 431.3 447.9 469.0 496.2 423.6 AVERAGE 264 .7 2 4 2 . GROSS P R I V A T E DOMESTIC FIXED I N V E S T M E N T , TOTAL, IN DOLLARS) 1950 1951 1 952 1953 1 954 1955 1 95 6 1957 1958 1 95 9 1960 Annual 50.6 48.3 50.3 52.8 56.6 64.9 67.3 67.6 66.3 72.9 71 .1 75.5 80.0 88.9 93.5 108.2 109.5 117.8 130.9 140.2 143.2 167.3 196.3 213.8 212 .6 223.2 401.9 484.2 414.9 471.6 AVERAGE 47,0 48.9 49.0 S2.9 54.3 62.4 66.3 67.9 63.4 72.5 72 .9 72,5 79,2 84.9 91.7 103 .7 111.6 112.5 US.4 139.5 141.0 158.8 184.8 211.3 214.5 213 .0 261.5 246.0 323.7 332.8 301.0 360.1 419.4 408.8 426.8 462.8 437.3 527.3 411.7 458.1 441 .0 485.1 (OCTOBER 1980) C. Historical Data for Selected Series—Continued Year 243. GROSS 1972 DOI LARS N Q (ANNUAL RATE, 75.2 83.2 79.1 83.7 82.5 91.8 96.4 96.0 89.7 98.2 104.7 98.1 106.3 111.3 125.0 134.6 149 .1 138.1 151 .7 160.7 155.9 158.6 179.7 199 .7 193.1 160.1 171 .4 191.2 209.4 228.6 224. 8 220 .4 211 .4 207 .8 1950 1951 1952 1953 1 954 1 955 1 955 1957 1958 1959 1 960 1 961 1962 1963 1 964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 975 1976 1977 1978 1979 1980 1981 1982 1983 1984 247. IQ GROSS P R I V A T E D O M E S T I C IHV E * 1 950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1 961 1962 1963 1 964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1 974 1975 1976 1977 1978 1979 1 980 1 981 1982 1983 1984 0.9 3.3 1.5 0.7 -0.7 1.2 1.5 0.5 -1 .2 0.9 2 .1 -0 .6 1.5 1.0 0. 9 1.8 1.8 1.6 0.5 1.1 0.2 1.0 0.6 1.3 0.9 -1.0 0.9 1.1 1 .2 0. 9 -0.1 0.8 0 6 -1 .4 III Q 6 .5 6 .2 5.0 5.1 5.0 6 .2 5.5 4. 8 4.6 5.5 5.2 4.6 4.7 4.9 5.1 4.6 4.2 3.2 3.9 4.2 3.7 4.2 5.3 5.5 4.4 3.4 4.0 4.6 5.0 5.0 4.4 3.9 2.9 3.6 Annual Year IQ II Q III Q IV Q BILLIONS OF DOLLARS) 82.1 80.1 80.1 84.0 83.8 95.8 97.2 95.1 87.0 101.5 101.8 99.4 110.2 116.7 125.0 139.2 147 . 9 141.5 150.5 161.2 153.3 164.7 182.5 202.0 188.3 158.1 174.4 199.9 221.5 227 .6 204.5 220.5 204 .5 218.7 88.0 79.2 75.1 84.1 86.7 98.1 97.3 96.1 87.8 102.6 99.1 101.4 111.6 119.3 126.1 141.4 146.6 143.3 151.8 161.7 155.1 168.2 184.0 201.6 182.6 162.3 177.3 204.0 224.8 232.4 207 .5 221 .0 200.7 229.8 1 .7 4.6 -0.7 0.8 -0.7 1.5 1 .0 0.5 -1 . 2 2.1 0.6 0.3 1. 1 1.0 0 .9 1 .4 1.9 0.8 1 .2 1.1 0.4 0.9 .0 .2 .2 - .0 .0 .2 .4 .1 0.1 0. 8 0 4 -0.6 7 .1 5 .3 5.1 5.1 5.4 6.2 5.4 4.7 4.6 5.6 4.8 4.5 4. 8 5 .1 4.8 4.6 4.0 3.5 4.0 4.2 3.5 4.6 5.3 5,3 4.2 3.5 4.1 5 .0 5 .2 5.0 3.6 3. 7 3.0 4.0 1.7 3.1 1.2 0.2 -0.6 1.5 1.0 0.7 0.0 0.3 0.5 1.0 1.0 1.1 0.7 1.3 1.5 1.3 1.0 1.3 0.6 0.6 1.1 1.1 0.7 0.1 0.7 1 .6 1.1 0.5 -1.0 1.3 -0.5 -0.1 4.9 1.5 1.5 -1.2 0.3 1,7 1.0 -0.5 0.9 1.4 -0.8 1.1 0.8 0,9 1.0 .2 2,3 1.6 0.9 0.7 0.1 0.3 0.8 2 .0 1.0 0.0 0. 0. 1. -0. -0. 0,6 -2 .0 0.4 INVESTMENT, RESIDENTIAL, (PERCENT) 7.3 4.9 5.1 4.9 5.7 6.0 5.3 4.6 4.8 5.5 4.6 4.7 4.8 5.0 4.7 4.5 3.7 3.7 4.0 4.0 3.6 4.9 5 .3 5.1 4.0 3.6 4.1 5.1 5.2 5.0 3.7 3.4 2.9 4.3 visions beginning with 1981. Annual AVERAGE 86.7 78.4 80.4 83.5 88.3 98.5 96.4 94.6 92.8 101.5 99.0 104 .9 110.7 122 .9 127 .4 145.3 141.2 147 . 8 156.3 157.9 154.8 171.8 193.0 198.1 171.5 165 .5 183.9 208.4 227 .1 227.6 214,7 216.4 202.4 242 .2 INVESTMENT, CHANGE IN BUSINESS F GNP (PERCENT) 249. GROSS PRIVATE DOMESTIC FIXED AS A P E R C E N T OF GNP 1950 1951 1 952 1 953 1954 1955 1956 1 95 7 1958 1959 1960 1 9^1 1962 1963 1964 1965 1966 1967 1968 1969 .... 1970 1971 1972 1 973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 IV Q 6.7 4.9 5.1 5 .0 5.9 5.6 5.0 .6 .1 .2 .6 .8 .8 5.2 4.6 4.3 3.2 3.9 4.1 3.8 4.0 5 .1 5.5 4.7 3.6 3.8 4.5 5.2 5 .1 4.7 4.0 3.1 3 .1 4.2 83.0 80.2 78.7 83.8 85.3 96.1 96.8 95.5 89.3 100.9 101.2 100.9 109.7 117.5 125,9 140.1 146.2 142.7 152.6 160.4 154.8 165.8 184.8 200.4 183.9 161.5 176.7 200.9 220.7 229.1 212.9 219.6 204.7 224.6 1950 1 951 1952 1953 1 954 1 955 . 1956 1957 1958 1959 1 960 1961 1 962 1 963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1 973 1 974 1975 1 976 1977 1978 1979 1 980 . 1 981 1982 1 983 .... 1984 2.4 1 .5 .2 .4 - .5 .6 6.0 2.1 -5.4 4.2 10.5 -3.2 8.3 5.7 5.4 12.3 13.1 12.4 4.6 10.4 1.6 10.5 6.3 16.3 12.7 -14.3 15,3 19.6 25.3 21.5 -1.6 21.9 -17.0 -42.9 248. GROSS 4.8 15.2 -2.3 3.2 -2 .7 6 .1 4.3 2.3 -5.1 10.2 2.8 1.5 6.4 6.1 5.9 9,5 14.5 6.0 10.7 10.4 4.4 9.9 12.0 15.4 17.7 -14.6 17.3 23.3 30.8 26.4 3.0 23.7 -10.9 -19.4 4.9 10.4 4.3 0.7 -2.2 6.0 4.1 3.2 0.1 1.4 2,6 5.2 5.9 6.5 4.5 9.2 11.3 10,2 8.5 12.3 6.0 6.8 12.8 15.1 10.7 2.1 11 .4 32,1 23.5 11 .8 -25 .4 39.7 -15.3 -4.3 15 ,1 5.1 5.4 -4.5 1.3 7,1 4.3 -2.2 4.1 6.8 -4.2 5.8 4,5 5.6 6.7 8.5 17.6 12.8 7.7 6.3 0.9 3.3 9.8 27.1 15.4 -0.8 3.3 17.1 26.2 -2.6 -15.1 18,9 -61.1 12.7 9.4 9.5 9.4 9.3 9.3 9.4 10.4 10.5 9.4 9.3 9.7 9.2 9.3 9.1 9.5 10.4 11.1 10.6 10.2 10.7 10.6 10.0 10.1 10.9 10. 10. 10. 10 . 9.9 9.5 8.4 9.6 9.4 9.9 10.6 10 ,7 9.0 9.6 9.4 9.1 9.3 9.2 9.7 10 .6 11 .0 10.4 10.2 10.8 10.5 10 ,0 10 .1 11.0 11,0 10.1 10.3 10.7 11 .6 12 . 2 11.7 12 .1 11.1 10.6 9.8 9.3 8.9 9.6 9.2 10.2 10.5 10.6 9.1 9.5 9.4 9.1 9.2 9.4 9.8 10.8 10.9 10.4 10.5 10.8 10.2 10.0 10.4 10.8 10.8 10.0 0,2 1 .1 1.7 2 .1 1.6 12.2 10.9 11.2 PRIVATE AVERAGE 2.3 3.1 0.9 0.1 -0.4 1.5 1,1 0.3 -0.4 1.2 0.6 0.4 1.1 1.0 0.9 1.4 1.9 1.3 0.9 1.0 0.3 0.7 0.9 1 .4 1 .0 -0.5 0.7 1.2 1.2 0.6 -0.4 0.9 -0.9 -0.4 AVERAGE 1 950 1 951 1952 1953 1 954 . ... 1955 1956 1957 1958 1959 1 960 1961 1962 1 963 1964 1 965 1966 1967 1 968 1 969 1 970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1 982 1 983 1 984 8.9 9.5 9.3 9.2 9,4 9.0 10. 2 10.6 9.9 9.2 9.7 9.2 9.1 9.0 9.3 10.2 10.9 10.6 10.6 10.6 10.6 10.0 10.2 10.5 11.0 10.5 10.0 10.4 11.2 11.9 12 .1 11.6 12.1 10.5 (ANNUAL RATE, AVERAGE 6.9 5.3 5.1 5.0 5.5 6.0 5.3 4.7 4.8 5.4 4.8 4.6 4.8 5.0 4.8 4.5 3.8 3.6 4.0 4.0 3.7 4.7 5.4 5.2 4.0 3.6 4.2 5.0 5.1 4.9 3.9 3.5 3.0 4.0 6.8 10,3 3.1 0.4 -1.5 6.0 4.7 1.3 -1.5 5.7 3.0 2.3 6.3 6.0 5,6 9.9 14,1 10.3 7.9 9.8 3.2 7.7 10.2 18.5 14.1 -6.9 11.8 23,0 26.5 14,3 -9.8 26.0 -26.1 -13.5 1950 1 951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1 968 1969 1 970 1971 1 972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 ... 3.4 1.7 5.7 1.3 1.7 3.6 3.4 8.0 3.8 1.1 3,8 7 .8 5 .7 6.3 10.7 .9 .5 .0 .1 .9 .5 .3 -0.2 7 .0 22.0 25.6 18.4 -2 .1 -11 .7 17.2 12.8 33.1 27.7 19.6 11 . 11 . 11.6 11.9 11.5 10.4 AVERAGE B I L L I O N S OF D O L L A R S ) 3.0 3. 8 4.0 0.8 2 .3 2.3 4.9 7.6 3.2 0.4 4.7 6.4 7.0 7.9 9.4 10.0 6.7 6.7 4.9 3 .7 8.1 3.5 -0.3 11.4 11 .7 28.5 15.0 -1.8 -4.1 9.1 22.5 22.4 35.5 -6 .5 0.9 5.8 2,0 1 .3 2.6 3.3 5.6 7 .4 3.5 2.1 6.1 6.1 6 .7 7.3 10,1 9.2 5.7 6.3 4.4 3 .9 6 .6 3.9 1,4 18.5 7 .8 24.9 12.2 -0.4 1.2 16.1 37.1 24.8 6.6 -16 .4 9.5 9.4 9.0 9.4 9.3 9,6 10.4 10.6 9.4 9.4 9.6 9.2 9.2 9.2 9.6 10.5 11.0 10.5 10.4 10 ,7 10.5 10.0 10.2 10.8 10.9 10.2 10.2 10.7 11.5 12.0 11.8 12.0 11.4 10.7 1.5 6.4 1.0 1 .6 3.5 2. 9 7 .2 6. 1 2.4 2.1 7.3 6.3 6.0 8.8 10.0 8.1 6.2 5.3 3.7 5.2 5.5 1.7 2. 19. 12. 28. 9. -11.7 10.1 10.5 23.3 31.7 6.3 -29.8 2.2 4.4 3.2 1.3 2.5 3.0 5.3 7.3 3.3 1 .4 5.5 6.6 6 ,4 7.6 10.1 8.8 6.5 6.3 4.3 4.2 6.7 4.1 0.7 14.2 13.4 26.8 13.8 -4.0 -1 .1 13.2 23.9 28.0 19.0 -8.3 (OCTOBER 1984) 101 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 251. NET E X P O R T S OF G O O D S AND S E R V I C E S AS A PE R C E K T OF GNF (PERCENT) 1 950 1951 1952 1953 1954 1955 1956 1957 1958 1 95 9 . 1 960 1961 1962 1963 1964 1965 1966 1967 I 96 8. , ,1969 1970 1971 1 97 2 1 §73 1 974 . . 1975 1976 1977 ., 1978 1979 I ggo 1981 . . . . X 982 . . 1 983 , 1984 1.3 0.5 1.7 0.4 0.5 0.9 0.8 1.8 0.9 0,2 0.? .5 »<D ,1 .7 .2 .0 0,9 0,3 0,4 0/7 0,7 0,0 0,3 1 .6 1 .7 1.1 -0.1 -0.6 0.7 0.3 1 .2 0.9 0.6 1.1 1.2 1.2 0,2 0.6 0.6 1.2 1.7 0,7 0.1 0.9 1.2 1.2 1 ,3 1.5 1.5 0.9 0.8 0.6 0.4 0.8 0.3 0.0 0.9 0,8 1.9 0.9 -0.1 -0.2 0.4 0.9 0,8 1.2 -0,2 0.3 1.7 0.6 0.4 0.7 0.8 1.3 1.6 0.8 0.4 1.2 1.2 1.2 1.2 1.6 1.3 0.7 0.8 0.5 0.4 0.7 0.4 0.1 1.4 0.5 1.6 0.7 0.0 0.1 6.7 1.4 0.8 0.2 -0.5 0.5 1.9 0.3 0.4 0.9 0.7 1 .7 1.4 0.5 0.4 1.4 1.2 1.0 1.4 1.5 1.1 0.8 0.6 0.4 0.5 0.5 0.2 0.2 1.4 0.8 1.7 0.5 -0.6 0.4 0.4 0.9 1.0 0.2 -0,9 253. IMPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS (ANNUAL HATE, BILLIONS OF DOLLARS) 1930 1951 1952 1953 1954 1 955 1956 195? ..... 1 95 g 1 95 9 ... I960 1961 1962 1 963 . . 1964 1 955 1966 1967 1968 1 96 9 . . . . 1970 1971 1972 .... 1 973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1 983 1984 10. 1 15,6 15.6 16.5 15. § 16.9 19.8 21 .0 20.* 22.4 23.9 22.3 24,8 25 .6 27.6 29.1 36.0 40.6 45.7 45 .9 57 .1 61 .0 74, 3 88.8 114,7 130.3 145.6 180.0 207 .2 238.9 322.5 335.3 331.7 308.9 10.8 15.9 15.3 17 .1 16.9 17 .9 19.8 21 .1 21.0 23.6 24.0 22.5 25 .4 26.4 28.4 32.7 37.0 40.1 46,9 55.3 58.6 65.6 74.0 93.5 134.6 120,7 153.4 186,8 217.2 259.1 314.2 347.3 330.8 334.5 13.6 15.0 15.9 17 .0 16.0 18.3 20.1 20.6 20.7 24.0 23.4 24 .0 25 .6 27 .2 29.1 33.0 39.4 40.6 49.9 55 .6 59.6 67.9 76.5 95.6 139.8 127.8 161.4 187 .2 222.9 274.5 300.5 343.9 339.7 358.4 14,3 14.7 17.0 16.3 16.2 18.9 19.4 20.5 21.8 23.6 22.3 24.5 26.0 27.3 30.0 34.4 39.8 42.8 49.8 56.6 60.7 64.3 82.1 103.6 142.1 133.8 H8.1 192.9 232.0 300.0 322,0 341.1 315.4 375.9 2 5 6 . E X P O R T S O F 6003)3 AMD S E R V I C E S I N 1 9 7 2 D O L L A R S ( A N N U A L RATE, BILLIONS OP D O L L A R S ) 1 950 . . 1951 1952 1 933 1 95 4 .... 1955 1 956 1 957 .... 1958 1 95 9 1960 1961 1962 1963 i%4 1965 19&6 1 %7 1 96 8. . . . . 1 96 9 . . . 1970. 1971 1972 1 973 1974. .... 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 22.6 25 .8 30.8 26.3 25 .7 30.3 33.0 39.4 33.0 32,1 37.3 39.9 40 .0 41.9 50.0 46.7 54.1 56.9 39.0 57.1 69.4 70.7 74.9 91 .0 108.0 104.0 107.6 111 .0 118.1 138.8 164 .4 161.2 152.2 138.2 23.3 28.2 28.0 26. 28. 29. 34. 39. 33. 32.7 38.2 37.8 42.6 44.8 49.2 53.6 53.8 56.1 60.1 67 .4 71.5 71 .2 74.2 95.8 111.4 100.3 109.3 113.9 124.3 140.4 161.0 161.0 155.1 137.0 23.8 30.0 26.2 27.0 27 ,9 31 .2 36.2 37.7 33.2 35.4 38.9 39.4 42.6 45 .2 50.6 53.1 54.6 56.3 63.6 67 .2 70.6 74.2 78.2 99 .8 107.5 102 .5 111.5 115 .2 128.8 149.2 156.4 159.3 146 .6 141 .6 NOTE: ThflSR scries contain revisions beginning with 1981, 102 24.6 30.5 26.6 26.3 29.3 31 .4 37.1 35.6 33.2 34.9 39.2 40.3 42.2 47.3 51.4 53.6 55.1 57.4 62,3 68.3 70.4 67 .7 82.5 102.4 106.9 107,4 111 .9 111 .4 135.6 156.4 154.7 159.4 136.7 141,0 Annual Year 252. AVERAGE 0.8 1.3 1.0 0.4 0.7 0.8 1.2 1.6 0.7 0.3 1.0 1.3 1.1 1.2 1. 1. 0. 0. 0. 0. 0.7 0.4 0.1 1.0 0.9 1.7 0.8 -0.2 -0.1 0.6 0.9 1.0 0.6 -0.2 1 950 1951 1952 1953 1954 1955 1956 . . . . 1957 1958 1959 1960 1 961 1 9 6 2 . .... 1 963 1 §64 1965 1 966 . 1 967 1968 1 969 1 970 1 971 1972 1 973 1974 1975 1 976 1977 1978 1979 1980 1981 , 1982 1983 1984 255, AVERAGE 12 .2 15.3 15.9 16.7 16 .2 18.0 19.8 20.8 21.0 23.4 23.4 23.3 25.4 26.6 28.8 32.3 38.1 41.0 48.1 53.3 59.0 64.7 76,7 95.4 132.8 128.1 157.1 186.7 219.8 268.1 314.8 341.9 329.4 344.4 1 Q 257. 23.6 28.6 27.9 26.6 27.8 30.7 35.3 38.0 33 .2 33,8 38.4 39,3 41 .8 44,8 50.3 51.7 54.4 56.7 61.2 65.0 70,5 71.0 77.5 97.3 108.5 103.5 110. 1 112.9 126.7 146 .2 159.1 160.2 147.6 139,5 1 950 . 1 951 1952 1953 1954 1955 1956 1957 1958 1959 1 960 . . 1961 1962 1963 1 964 1965 1966 1967 1968 1969 1970 1971 1 972 1973 1974 1975 1976 1977 1978 1979 1980 1 981 1982 1983 1984 III Q IV Q 13.5 17.3 21.3 17.8 17.2 20.5 23.2 29,0 24.2 23.5 27.7 30.0 30.5 31.9 38,3 36.9 43.4 47.5 49.8 49.7 63.6 68.4 74.0 95.8 136.8 156.0 164.0 177.9 195.6 256.1 335.3 368.4 359.4 328.5 13.8 19.7 19.3 18.0 19.2 20.2 24.6 28.7 24.2 24.0 28.7 28.9 32.4 34.3 37.8 42.6 43.8 46.8 51.8 59.0 66.7 69.1 73.8 105.0 146.3 149.2 168.4 185.1 213.1 268.2 336.8 369.8 366.3 328.1 14.5 20.7 17.9 18.3 18.7 21.5 25.7 28.0 24.2 26,0 29.5 30.0 32.3 34.6 39,2 42.3 45,0 46.9 54.3 59.5 66.1 71.8 78.0 114.1 147.5 152.7 173.6 186.8 224.0 290.6 337.6 368.7 346.3 342.0 15.8 21.0 18.0 17. 19. 21. 26, 26. 24.2 25.7 29.5 30.8 32.0 36.1 40.0 42.5 46.0 48.1 53.5 61.9 66.2 66.0 84.1 123.5 154.2 161.9 177.5 181.2 242.1 310.5 345.4 372.8 321.7 346.1 N E T E X P O R T S O F GOODI3 A N D S E R V I C E S I N 1 9 7 2 D O L L A R S ( A N N U A L RATE, 3ILLIONS OP DOLLARS) 1950 . , . 1951 1952 1 953 1954 1955 1956 1957 1958,.,. 1 959 . . I960 1 961 .... 1 962 . 1963.,,.. 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980. .... 1981 1982 1983 1984 AVERAGE II Q EXPORTS O F G O O D S A N D S E R V I C E S I N C U R R E N T D O L L A R S ( A N N U A L RATE, B I L L I O N S O F D O L L A R S ) 6.8 6.4 11.7 5.0 5.2 8.4 7.7 13.2 6.5 2.1 6.0 10.4 6.6 7.4 14.0 9.0 .2 .2 ,2 .2 .2 .7 -1.9 7.7 28.2 32.1 26.7 22.3 19.1 33.4 49.8 48.8 34.9 22.9 6.8 9.5 9.0 4.4 6.7 6.3 9.6 12.6 5.6 1.2 6.8 8.0 8.5 9.6 12.3 11.2 7.1 6.0 2.2 0.4 4.5 0.3 -0.4 13.7 28.9 33.5 25.9 22.6 22.4 31.5 52.6 44.8 34.1 13.6 4.3 12.2 6.1 4,8 7.3 7.5 10.5 11.9 5.9 3.6 8.1 7 .7 8,0 9.2 12.8 10.6 5.1 5.4 2.0 0.2 4.3 1.7 2.4 19.4 26.2 30.8 25.6 24.9 25 .3 39.8 53,4 40.6 25.7 11.9 5.6 12.5 4.9 5.0 8.4 7.1 12.5 9.5 4.3 3.8 9.8 7.8 7.0 11.3 12.4 9.8 5.4 3.9 1.2 1.8 3.6 -0.2 2.9 21.2 27.8 32.3 23,4 18.1 29.3 44.2 45.4 41.2 24.1 2.0 IMPORTS OF GOODS AND SERVICES IN 1 9 7 2 DOLLARS ( A N N U A L RATE, BILLIONS OP D O L L A R S ) 15.9 19.4 194 21. $ 20.5 21.9 25.3 26.2 26.$ 30.0 31.3 29.5 33.3 34.5 36.0 37.7 45.8 50.7 56.8 55,8 66.2 66.0 76.9 83.3 79.8 71.9 80.9 88.7 99.0 05.4 14.5 12.5 17.3 15.3 16.5 18.7 19.0 22.4 21.8 23.4 25.2 26.4 27.6 31.5 31.5 29.8 34.1 35.2 36.9 42.4 46.7 50.2 57.9 67.0 67.0 70.9 74.6 82.1 82.5 66.8 83.3 91.3 101.9 109.0 108.4 116.3 121.0 123.4 19.5 17 .8 20,1 22.2 20.6 23.8 25 ,7 25.8 27 .3 31 .8 30.7 31.7 34.6 36 .0 37.9 42.5 49.5 50.9 61.5 67.0 66.3 72.5 75.8 80.4 81.3 7 .7 8 .9 9 .3 10 .5 10 .4 10 .9 118.7 120,9 129.7 19.0 18.0 21.7 21 .3 20.9 24.4 24.6 26.1 28.9 31 .1 29.4 32.5 35.2 36.0 39.0 43.9 49.7 53.5 61.1 66.5 66.8 67.9 79.6 81.2 79,1 75.1 88.5 93.2 106.2 112.2 109.3 118.2 112.6 139.1 Annual AVERAGE 14.4 19,7 19.1 18.0 18.7 21.0 25 .0 28.1 24.2 24.8 28.9 29.9 31.8 34.2 38,8 41.1 44.6 47.3 52.4 57.5 65.7 68.8 77.5 109.6 146.2 154.9 170.9 182.7 218.7 281 .4 338.8 369.9 348.4 336.2 AVERAGE 5.9 10.1 7.9 4.8 6.9 7.3 10.1 11.8 5.6 2.7 7.7 8,5 7,5 9.4 12.8 10. 1 6.5 5.4 1.9 0.9 3.9 1.6 0,7 15.5 27.8 32.2 25.4 22.0 24.0 37.2 50.3 43.8 29.7 12.6 AVERAGE 17.7 18.5 20.0 21,8 20.9 23.4 25 ,2 26.1 27 .6 31,1 30.7 30.9 34.3 35.4 37.S 41.6 47.9 51.3 59.3 64.1 66.6 69,3 76.7 81.8 80.7 71.4 84.7 90.9 102.7 109.0 108.8 116.4 118.0 126.9 (OCTOBER 1984) C. Historical Data for Selected Series—Continued Year IQ C U R R E N T DOLLARS 1 967 . . . . . 1968 37.7 49.6 70.9 81.7 79.5 74.3 77.2 86.2 91.2 97.8 97.3 105 .0 116 .1 122.1 128.3 131.6 150.0 174.9 192.4 1 9 6 9 . . ... 204.5 1970 1971 1972 1 973 1 974 1975 1976 1977 1978 1979 1 980 1 981 1 982 . . . 1 983 1 984 216.4 1950 1 951 1 952 ... 1953 1 954 1955 1956 1 957 1958 1959 1 960 1961 1 962 1 963 . . . . 1 964 1965 1966.o... 2 6 2 . FEDERAL 229.7 249.7 264.9 286.8 327.7 357.0 377.9 412.8 456.9 517 .6 576.6 630.9 678.8 II Q III Q ( A N N U A L RATE, 38.0 64.4 77.5 82.4 74.6 75.4 79.7 87.5 96.1 97.5 101.8 108.4 118.8 124.3 130.0 140.1 162.0 182.0 201 .0 210 ,7 221.1 232.4 236.4 252.9 268.9 309.2 344.0 362.8 398.7 439.3 478.5 266.3 300.6 333.6 358.1 390.7 424.4 464.5 535.5 585.3 633.7 682 .2 G O V E R N M E N T PURCHASES AVERAGE B I L L I O N S OF DOLLARS) 36.9 56.7 75.5 82.6 75.4 74.1 79.3 86 .6 94.2 98.0 99.3 106.8 116.8 121.3 130.0 135.6 155.3 177.3 198.6 207 .4 217.7 251.5 Annual IV Q 41.4 69.6 78.3 83.4 73.4 76.2 81.3 88.1 98.7 97.0 102.7 112.3 120.4 127.0 130.9 146.1 167.3 186.5 204.0 38.5 60.1 75.6 82.5 75.8 75.0 79.4 87.1 95.0 97.6 100.3 108.2 118.0 123.7 129.8 138.4 158.7 180.2 199.0 212.4 208.8 225.3 240.9 258.3 220 .1 281.6 319.7 234.9 253.1 270 .4 304.1 354.3 370.4 408.0 393.8 451.1 431,9 539.1 601.3 497.6 559.0 622.7 656.3 689.8 681 .0 691.4 474.4 537.8 596.5 650.5 685.5 OF GOODS AND S E R V I C E S 339.9 362.1 Year IQ IN 1972 DOLLARS 1 950 1951 1 952 1 953 1 954 . . . . 1 955 1956 1957 1958 . 1959 1960 1 961 1962 1 963 1 964 1 965 1 966 1967 1968 1969 1970 1 971 1 972 1973 1 974 1975 1 976 1977 1 97 8 1979 1980 1 981 1 982 1 983 1 984 98.6 115.7 152.9 167.7 162.6 152,7 152.1 160.1 165.0 171.6 169.2 179.4 191.3 195.8 201 .7 202.3 221.2 244.2 256.5 258.6 252.7 250.0 254.5 254.6 257.5 263.0 267.0 265.6 270.4 276.4 284.0 286.0 290.2 294.3 265. FEDERAL 18.6 28.7 48.3 57.2 52.8 44.5 44 .9 50.3 51.6 54.3 52.3 55.3 63.0 64.9 65.9 63.9 73.6 88.6 96.0 97.0 98.0 95.8 102.7 103.0 103.9 119.2 126.7 135 .8 147.3 164.4 188.1 215.6 249.8 273.0 17.4 35.1 52.2 58.1 48.0 43.7 46.2 49.9 53.6 54.3 53.1 56.9 63 .0 63.3 65.8 65.8 76.8 89.4 98.8 97.2 95.8 95 .0 102 .8 100 .4 109.6 120.1 126.3 142.2 149.2 163.2 199.0 18.0 42.3 54.3 57.2 46.2 44.7 45.8 50.1 54.4 53.7 54.6 57.7 64 .1 64.5 64.7 67.6 81.5 92.1 98.6 98.3 94.2 96.6 100.4 98.8 112.7 123.7 129.5 146 .2 156.1 168.0 194.5 20.9 47 .2 54.6 57.6 44.8 44.9 46.7 49.6 55.9 53.3 54.8 59.6 64.8 65. 64. 71. 83. 93. 98. 97.8 95 .0 97.4 100.8 105.8 117.8 127.9 134.3 149.5 161.8 177.8 245 .0 261.6 206.6 246.9 279.4 270.5 269.2 266 .3 220.9 232.2 111 Q IV Q )S AND S E R V I C E S , TOTAL, ( A N N U A L RATE B I L L I O N S OF D O L L A R S ) 96.2 128.5 159.4 170.2 155.6 150.9 154.0 161.1 168.7 171.3 172.4 181 .0 191.8 195 .1 203.4 207.2 224.8 247.0 260.9 259,2 249.6 248.3 253,2 7 .0 9,0 14.1 15 .6 14.6 11 .5 10 . 9 11.4 11 .8 11.4 10.3 10.9 11 .4 11.2 10,5 9.6 10.0 11.3 11.4 10.5 10.1 9.1 9.0 8.0 7.5 8.1 7.6 7 .4 7.3 7 .0 7 .3 7.5 8.3 8.6 .3 1 .7 1 .3 1 .7 1 .2 1 .0 1 .0 1 .3 1 .2 1 .1 1 .5 1 .0 1 .2 1 .7 1 .4 .7 1 .2 1 .3 1 .4 1 .4 .7 .9 .8 7.7 7.7 7.9 7.4 7.5 7.0 6.9 7.7 7.6 8.0 8.3 6 .1 12 .6 15 .6 15.5 12.6 11 .0 10.8 11 .1 12.0 11.0 10.7 10.9 11 .3 10.7 10.1 9.7 10.7 11 .4 11 .1 10.3 9.4 8.9 8.4 7.4 7.8 7.8 7.5 7.5 7.1 6.8 7.4 7.7 8.5 8.0 NOTE: These series contain revisions beginning with 1981. 6.8 13.9 15.2 15.9 11.9 10.9 10.8 11.2 12.0 10.8 10.9 11.0 11.3 10.8 9.9 10 .0 10.8 11.4 11.0 10.2 9.4 8.8 8.2 7.7 8.0 7.9 7.6 7.5 7.1 7.1 7.6 8.2 9.0 7.8 98.1 133.7 159.8 170 .1 156.0 152.3 153.5 161.2 169.8 170.6 172.8 182.9 193.2 197.6 102.0 149.2 163.3 172.0 151 .7 152.0 154.8 162.0 174.7 169.3 175.4 1 88.4 195 .0 202,3 211.8 203.1 217.7 234.0 250.6 238.7 252.2 262 .2 261.1 256,8 250.9 250,6 252.6 255.0 202.6 209.8 229.7 248.5 260.2 257.4 251.0 251,5 252.1 251,1 250.1 253.1 253.3 260.3 265.2 265.2 269.2 274.6 278.3 284.3 287.0 292.7 200.2 251.1 251.3 256.4 260.9 266.6 264,3 270.8 268.3 264.5 273.6 276.8 286.8 276 .8 277.7 278.8 284.0 281.2 285.1 287 .4 287.0 292.4 292.8 292.0 261.8 271 .4 282.5 289,6 300.6 286.8 18.7 38.3 52.4 57.5 47.9 44.5 45 .9 50.0 53.9 53.9 53,7 57.4 63.7 64.6 65.2 67.3 78.8 90.9 98.0 97.6 95.7 96.2 101.7 102.0 111.0 122.7 129.2 143.4 153.6 168.3 197 .0 291.9 228.9 258.9 269,7 AVERAGE * 1 950 1951 1 952 1 953 1954 1 956 1 957 1958 1959 1 960 1 961 1962 1 963 1 964 1965 1 966 1 967 1968 1 969 1970 1971 1972 1 973 1974 1975 1 976 1 977 1 97 8 197 9 1 980 1 981 1 982 1 983 1984 .... .... .... .... .... 47.3 82.2 107.2 114.7 96.1 88.2 86.6 90.6 93.4 91.4 90.4 95.3 102,8 101.8 100.2 100,3 112.6 125.1 128,1 121.8 110.6 103.7 101.7 95 .9 96.6 97,4 96.8 100.4 100.3 102.1 106.4 110.3 117,0 116 .2 48.1 65.0 100.7 113.5 103.9 89.5 86.6 91.0 90.9 92.3 88.9 92.6 102.2 102.2 101 .8 96.8 106.5 122.5 127.8 123 .6 115.1 105.6 104.3 98.9 95.3 96.8 96.5 97.6 98.8 102.2 105 .8 107 .4 114.8 119.0 45 .4 77 .0 106.3 115.9 96.5 86.8 87.6 91.3 93.2 92.0 90.4 94.6 102.1 100.6 101 .3 99.0 108.8 124.6 129.5 123.5 110.9 102.6 103.3 94.9 96.9 96.5 96.3 100.2 99.0 101.0 109.3 108.2 111,0 117.2 44.5 89.5 111.6 114 ,4 93.3 89,2 85,9 90.7 93.9 90.8 91 .1 95 .4 103 ,7 102.3 99.1 100 .5 116.8 127.1 128.8 120.8 108.8 104.1 101 .0 93.5 96.8 98.1 96.8 102.2 101 .1 101.9 106 .2 111.7 117,2 115.6 51.0 97.4 110.0 115,1 90.8 87.2 87.2 89.5 96.0 90.3 91 ,3 98.7 103 .2 102.0 98.6 104.7 118.3 126.3 126.5 119.1 107.5 102.7 98.1 96.3 97.5 98.2 97.4 101.8 102 .4 103.4 104.2 19.1 20.9 22.6 24.5 26 .7 29.8 32.3 35.9 39.5 43.6 44.9 49.7 53.1 57.2 62 .4 67.7 76 .4 86.3 96.4 107 .5 118.4 133 .9 147.0 161.9 182.8 19.4 21.6 23.3 24.4 27.4 30.3 33.1 36.7 40.6 43.7 46.2 49.9 53.8 58.0 64.2 69.8 7 8.5 88.0 99.7 110.3 122.0 137.4 148.7 165.9 191 .0 213.5 231.8 20 .0 22.1 23 ,1 25 .1 28.4 30.7 33.9 37.5 41.7 43.8 47.2 50.8 54.7 59.8 65.3 72.6 80.5 89.9 102 .3 112.4 126.9 139.9 152.5 170.2 196 .6 220 .3 23 .4 25 .5 28 .2 31 .5 34 .6 369.1 20.5 22.4 23.8 25.8 28.7 31 .3 34.6 38.5 42.7 43.7 47.9 52.7 55.6 61.2 66,4 74.3 83.9 92.9 105 .4 114,6 130.3 143.4 157.5 175.9 201 .9 226 .4 236 .2 352.4 375,8 306.0 340.8 367.6 394.7 420.6 401.6 425.1 391.5 415.8 113.8. 124.8 113.0 GOVERNMENT PURCHASES OF GOODS AND SERVICES AS A P E R C E N T OF GNP (PERCENT) 1 950 ..... 1 951 .... 1 952 1 953 1 954 1 955 1956 1 957 1958 1959 1960 1961 1962 j 963 1 964 1 965 . . . . 1 966 1 967 .... 1968 1969 1970 1 97 1 97 197 197 197 197 1 97 1 97 197 198 198 198 1983 1984 AVERAGE 95.5 141 .2 163.7 170.0 153.8 153.5 152.9 161.6 171,0 170.2 174.4 182.7 194.6 199.3 260.8 263.0 264.9 26 9.0 Annual 2 6 3 . F E D E R A L G O V E R N M E N T P U R C H A S E S O F G O O D S A N D S E R V I C E S IN IN AVERAGE 1 950 .... 1951 1952 1953 1 954 . . . . . 1 955 . . . . 1 956 1957 1958 1959 1960 1961 1 962 1 963 1964 1 965 1 966 1967 1 96 8 1969 .... 1 970 1 971 1972 1 973 .... 1974 1 975 1976 1977 197 8 1 97 9 1 980 1981 1 982 1983 1984 II Q AVERAGE 6 .6 11.6 15.0 15.7 13.1 11 .1 10 .9 11.2 12.0 11.1 10.6 11.0 11.3 10.8 10.2 9.8 10.4 11.4 11 .2 10 .4 9.6 6.9 8.6 7.7 7.8 7.9 7.5 7.5 7.1 7.0 7.5 7.8 8.4 8.2 1 950 1 951 1 952 1 953 1 954 1955 1 956 1 957 1958 . . . . 1959 1 960 1961 1962 1963 1964 1965 1 966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 208.5 230.4 242.1 265.5 292.5 329.6 248.4 275,3 301.2 361.0 381.1 336,5 364.4 388.7 405.8 411.6 258.4 289.3 319.8 19.8 21.8 23 .2 25 .0 27.8 30.6 33.5 37.1 41 .1 43,7 46.5 50.8 54.3 59.0 64.6 71.1 79. 89. 101, 111. 124. 138. 151. 168, 193. 217. 232. 250. 278. (OCTOBER 1 103 C. Historical Data for Selected Series—Continued Year IQ II Q III Q | IV Q 267. STATE A N D LOCAL G O V E R N M E N T PURCHASES OF GOODS AND S E R V I C E S IN 1 9 7 2 DOLLARS ( A N N U A L RATE, B I L L I O N D O L L A R S ) 1 95 p 1 951 , , ... 1952 1 953 1 954 . , 1955 1956 j 957 1958 .1959 1 960 1 961 .... 1962 1963 1 964 1965 1966 1967 1968 1969 1 970 ., ... 1971 1972 1973 1 9 7 4 . .... 1975 .... 1376 1977 1 9 7 8 .... 1979 1 900 1 gal 1 982 . . , , 1983 1 984 50.4 50.7 52.2 54.3 58.; 63.3 65.5 69.2 74.2 79.3 80.3 86.3 89,1 93.6 99.9 105.3 114.7 121 .7 128.7 135.0 137.6 144.4 150.2 155.7 162.2 166.2 170. 5 168.0 171.6 174.2 178.1 178.6 175.4 175.3 ( A N N U A L RAT3, 1 950 . . . , , 1 951 .... 1952 1953 \ 954 1 955 . . , , , 1 956 . 1957 1958 .... 1959 1.960 1 961 1 962 .... 1 963 .... 1 964 . . . 1965 1966 1 967 196 8 . . . . 1969 1970 1971 1 972 . . , 1973 j 9 7 4 . , ... 1 975 ... 1976 1 977 1978 1979 1 980 1 981 1 982 1983 1984 144.2 174.5 191.0 207.* 207.3 216.3 237.1 254.2 254,0 273.1 292.5 296.4 318.4 335.3 357.4 384.5 423.4 459.9 500.6 551.7 602.5 635 .4 693.7 773.3 848.1 993.6 1001.4 1101 .1 1237.2 1406.5 1555.6 1716.1 1834.2 1921 .3 50.8 51.5 53.1 54.3 59.0 64.1 66.5 69.8 75.6 79.3 82.0 86.4 89.7 94.4 102.1 108,2 116.0 122 .4 131.4 135,7 138.7 145,7 150.0 156.2 163.9 166.5 168.6 168.8 174.7 175.9 177.5 176.9 176,0 175.2 NOTE: 16.8 16,0 15.0 14.1 14.0 13.2 12.6 12.3 13,3 12.2 11.2 11.6 11 .0 10.5 10. 0 9.9 10.1 9.3 8.9 8.8 8.4 8.1 8.0 8.4 8.2 7.0 7.0 6.9 6.7 6.8 5.9 5.6 4.8 4 .5 51. 51. 53. 56. 60. 64. 67. 72.5 78.7 79.0 84.1 89.7 91.8 98.2 104.6 113.0 120.4 125.9 134.6 135.9 143.4 148.8 154,0 160.1 164.3 170.2 167,1 169.6 175.3 177.8 178,3 175.9 175.8 175 .8 150.2 180.1 192.3 210.7 206.9 222.8 241 .7 256.0 253.5 280.2 295.4 300.5 324.3 340.1 364 .7 391.2 434.5 465.3 513. a 565 .6 608.7 647 .3 709.0 791 .3 868.8 914.4 1023.9 1136.0 1283.2 1434.9 1574.8 1747.6 1857,7 1962.4 16.3 15,7 15.3 13.7 3.6 3.0 2.5 2,4 3.2 1 .9 11 .5 11 .4 10.9 10.4 10.0 10.1 9.7 9.3 8.8 8.7 8.2 8.0 8.1 8.6 7.7 .3 .9 .6 .8 .9 5.4 5.3 4.4 4.5 158.5 183.3 195.8 210.8 207.5 227.7 244.7 258.6 259.6 280.9 296.2 305.4 327.1 345.0 371.9 399.3 445.5 474.8 527.0 581.8 617.4 657.3 722.9 809.3 889.9 939.2 1046.9 1167.8 1320.4 1477.6 1604.5 1785 .5 1876 .3 2000.7 166.4 186.0 203.6 209.3 211.8 232.8 250.5 257.0 265.8 284.1 295.6 312,0 330.5 351.1 377.8 411.2 453.8 485.6 539,4 592.3 619,3 668.7 746.3 831.3 903.1 968.0 1073.2 1203.4 1363.6 1513.6 1663.6 1812.5 1888.7 2055.4 50.8 51.5 52,7 55.3 59.9 64.1 66.7 70 .6 76.4 79.2 82.4 87.5 90.4 95.8 102.4 109.5 117.1 123 .4 132.1 135.6 140.5 146.4 151.4 157.4 163.6 167 .8 168.4 168.8 174.3 176.2 177.9 176.8 175.7 175.7 IQ 154.8 181 .0 195.7 209.6 208.4 224.9 243.5 256.5 258.2 279.6 294,9 303 .6 325.1 342.9 368.0 396.5 439.3 471.4 519.9 572.9 612.0 652.2 718.0 801.3 877.5 931.4 1036.3 1152.1 1301 .1 1458.1 1599.6 1765.4 1864.2 1 9 84 . 9 II Q III Q 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1 953 1964 1 965 1 966 1967 1968 1 969. . . 1 970 1 971 1 972 1973 1974 1975 1 976 1977 1978,.,,, 1979 1980 1 9 8 1 . . . .. 1982 1983..'... 1 984 7.1 6.5 6.6 6.7 7.4 7.7 7.8 8.2 9.0 9.1 8.9 9.8 9.6 9.8 10.0 10.1 10.3 11.1 11.5 11 .7 12.2 12.8 12.9 12 .6 13 .2 14 .1 13.8 13 .2 13.1 12.5 12.8 12.6 12.6 12,8 7.0 6.6 6.8 6.6 7.6 7.6 7.9 8.3 9.2 8.9 9.1 9.6 9.6 9.8 10.1 10.2 10.5 H.2 11.5 11.8 12.4 12.9 12.7 12.7 13.4 14,1 13.6 13.1 12.9 12.7 13.0 12.5 12.7 12.6 16.3 15,6 15,6 13.5 13.7 12.9 12.6 12.5 12.9 11.8 11.4 11 .2 10.7 10.3 10.0 10,0 9.5 9.3 .9 .5 .0 .8 .9 .7 7.5 7.5 6.7 6.6 6.7 6.7 5.5 5.4 4.2 4.6 16.3 15,8 15.0 13.8 13.7 13.0 12.6 12.4 13.0 11.9 11.4 11.3 10.8 10.4 10.0 10.0 9.6 9.2 8.8 8.6 8.2 8.0 8.0 8.6 7.7 7.3 6.8 6.7 6.7 6.7 5.6 5.3 4.6 4.6 6.7 6.6 6.6 7,1 7.6 7.6 8.0 8.7 9.1 a. B 9.5 9.7 9.7 10.0 10,2 10.4 10.8 11.3 11.7 11.9 12.9 13.0 12.8 12.8 13.7 14.0 13.3 13.0 12.7 12.8 12.9 12.4 12.9 12 .4 36.9 42.5 42 .4 42.6 41.6 42.2 43.2 44.6 47.5 47.8 46 .6 48.0 49.8 50.0 51.2 54.7 61.7 59.9 62.3 67.2 66 .9 68.7 74.5 88.1 92.9 82.7 93.9 100.8 111. I 128.9 1234 127.8 116 . 8 114.7 37.4 42.9 43.4 41.8 40.5 42.8 43.5 45,1 47.4 48.2 47.8 48.3 49.9 50.3 52.2 57.0 60.4 60.8 63.2 67.3 66.4 68.7 76.5 92.1 88.5 87.8 94.6 100.3 118.1 134.1 111.7 123.9 107.7 116.9 39.8 43.3 45 .1 41,1 41.3 43.1 44.3 46.0 47.7 47.4 47.3 48.6 49.9 50.7 52.9 57.6 60.2 62.1 64.8 67.1 65.7 68.2 76.6 95.8 87.4 94.7 92.5 103.9 120.1 133.3 116.7 129.7 102.2 123.3 40.7 44.1 42.5 41.5 41.5 43.5 44.8 45.5 48.2 47.0 47.1 49.4 49.9 51.1 53.5 58.5 59.7 62.0 65. 66. 65. 71. 79. 99. 86.1 94.9 95.3 110.4 124.8 132.2 118.3 119. 1 117.6 131.9 AVERAGE 6.9 6.6 6.6 6.8 7.6 7.6 7.9 8.4 9.1 9.0 9.2 9.7 9.6 9.9 10.1 10.3 10.6 11.2 11.6 11.8 12.5 12.9 12.8 12.7 13 .4 14.0 13.6 13.0 12.9 12.6 13.0 12.4 12.8 12.6 38.7 43.2 43.4 41.8 41.2 42.9 43.9 45.3 47.7 47.6 47.2 48.6 49. 9 50.5 52.5 56,9 60.5 61.2 64.0 67.0 66.2 69.4 76.9 93.8 88.7 90.0 94.1 103.9 118.5 132.1 117.4 125.1 111.1 121.7 DJ ( A N N U A L RATE, B I L L I O N S OF DOLLARS) 1950 1951 1952 1953 1954 1955 1956 1957 1958 1 95 9 ... 1 960 . . 1961 1962 1 963 1964 ..... 1 965 . , . 1 966 . . . 1967 1968 1969 1970 1971 1 972 1 973 1 974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 Annual AVERAGE ( A N N U A L RATE, M I L L I O N S OF D O L L A R S ) 1 950 .... 1 951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1 961 1962 1 963 .... 1 964 . . . 1 965 1 966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1 981 1982 1983 1984 AVERAGE 15.8 15.7 14.3 4.0 3.4 2.8 2.5 2.5 2.6 1.6 1.4 1.1 0.6 0.2 0.0 9.9 9.3 9.1 8.8 8.4 8.1 8.0 7.9 8.8 7.3 7.3 6.7 6.8 6.7 6.5 5.4 4.9 4.8 4.8 IV Q 6.8 6.6 6.6 6.8 .7 .6 .0 .3 .2 .0 .3 .6 .6 .9 10.2 10,4 10.6 11.2 11.6 11.8 12.6 12.9 12,7 12.7 13.5 14.0 13.5 12.9 12.9 12.6 13.1 12.3 12.8 12.6 28 (PERCENT) These senes ccntain revisions beginning with 1981. 104 AVERAGE Year 2 6 8 . STATE AND LOCAL G O V E R N M E N T P U R C H A S E S OF GOODS AND S E R V I C E S AS A P E R C E N T OF GNP (PERCENT) AVERAGE B I L L I O N S OP D O L L A R S ) 283. P R O P R I E T O R S ' I P E R C E N T OP RAT X Q N A L INCOME 1950 1951 1952 1953 1954 1955 1956 1957 .... 1958 1959 1960 1961 1962... . 1963.... 1964 1965 1966 1967 1968 1969... . 1 9 7 0 . .. , 197 .... 197 197 197 . . . . 197 197 . . . . 197 .... 197 1 9 7 9 . ... 1980 1981 1 9 8 2 . . .. 1983 1984 50.9 51 .8 52.1 55.6 60.6 64.3 66.9 70.8 77.2 79.4 83.3 87,3 90.9 96.9 103.3 111.3 117.2 123.5 133.4 136.0 142,1 146.5 151.6 157.8 164.1 168.4 167.6 168.6 175.7 176,8 177.8 175.7 175.7 176 ,4 Annual 6.8 7.4 8.2 9.5 10.6 1 .2 1 .4 1.9 2 .7 3.0 4.3 4.8 5.4 16.3 17,0 17.5 18.6 19.3 19.5 19.7 19.5 19.6 21.2 22.3 23.4 23.3 23 .1 24.8 25 .2 28.2 29.0 38.7 47.8 57.7 6.9 7.5 8.6 9.8 10.9 11.2 11.6 12.1 12.8 13.5 14.5 14.9 15.6 16.5 17 .0 18.0 18.5 19.8 19.6 19.9 19.8 20.1 17.6 21.6 23.2 23.1 22.7 24.4 25.0 27.0 30,1 40.8 48.3 59.0 7.2 7.8 9.0 10.2 11,2 11.3 11.7 12.4 12.9 13.9 14.6 15.1 15.8 16.7 17.0 18.1 18.9 19.9 19.6 19.5 19.8 20.5 22.7 22.9 23.7 22.8 23.6 25,5 27.8 27.2 32.5 42.9 52.9 56.2 AVERAGE 7.4 8.1 9.4 10.6 11.4 11.4 11 .8 12.5 13.1 14 .2 14.6 15 .3 16.2 16.6 17.2 18.3 18.9 19.8 19.5 19.2 19.7 20.7 22.4 23.5 23.8 22.9 24.6 24.5 28.4 29.2 34.4 46.8 57.0 60.4 7.1 7 .7 8.8 10.0 11.0 11.3 11.6 12.2 12.9 13.6 14.5 15.0 15.8 16.5 17 .1 18.0 18.7 19.7 19.5 19.6 19.7 20,2 21.0 22.6 23.5 23.0 23.5 24.8 26.6 27.9 31.5 42.3 51.5 58.3 (OCTOBER 1984} G. Experimental Data and Analyses (Nov.) P Implicit price deflator, gross nonfarm business product (Index: 1977=100) Unit labor cost, all persons, nonfarm business sector (Index: 1977=100) 1982 I Q.... II Q... Ill Q.. IV Q... (Nov.) T Ill III III 1U III III III TTT T l T T M l 111 Hi Ml III Components of BCD series 26 x Year and quarter (Jan.)(July) (July) P T P (Mar.) T 146.5 148.6 149.3 150.2 151.4 154.2 155.6 157.1 151.9 152.7 153.8 155.2 157.6 155.9 155.9 157.1 Components of BCD series 26— Ml I Implicit price deflator, gross nonfarm business product, Q (index: 1977 = 100) m 1983 I Q.... II Q... Ill Q.. IV Q... Unit labor cost, all persons, nonfarm business sector, Q (index: 1977 = 100) 170 160 150 140 130 120 110 100 1984 156.3 r!57.3 p!58.7 I Q.... II Q... Ill Q.. IV Q... Vaav Manufacturing (Ratio) 90 158.3 r!57.6 p!59.1 Inventory-sales ratios in 1972 dollars 2 i ear and month Ratio scale 170 160 150 140 130 120 110 Merchant wholesalers (Ratio) 80 Arithmetic scale Inventory-sales ratios in 1972 dollars (ratio)— Retail trade 2.2 (Ratio) 2.1 1983 Jan. Feb. Mar. Apr. May. June 1.96 1.96 1.91 1.90 1.87 1.81 1.44 1.47 1.45 1.46 1.38 1.34 1.36 1.38 1.35 1.35 1.33 1.31 July Aug. Sept Oct. Nov. Dec. 1.83 1.80 1.78 1.77 1.74 1.69 1.35 1.35 1.35 1.34 1.34 1.32 1.31 1.33 1.32 1.32 1.32 1.31 2.0 El 1.9 1.8 1.7 1.5 1.4 1984 Jan. Feb. Mar. Apr. May. June 1.71 1.72 1.72 1.74 1.74 1.75 1.30 1.34 1.33 1.34 1.30 1.29 1.29 1.33 1.36 1.34 1.32 1.30 July Aug. Sept Oct. Nov. Dec. rl.76 pi. 76 (NA) rl.32 pi. 35 (NA) rl.33 pi. 34 (NA) 1.3 1.2 1.5 1.4 1.3 ill ILL ILL tit ill ILL ILL 111 ILL 111 Html I l l l l l l 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available. Source: U.S. Department of Labor, Bureau of Labor Statistics. 2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. 1( G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Net contribution to index Basic data Series title (and unit of measure) LEADING INDICATORS 1. Average workweek, production workers, manufacturina (hours) 5. Average weekly initial claims, State unemployment insurance 1 (thousands) 8. New orders for consumer goods and materials in 1972 dollars (billion dollars) 32. Vendor performance, companies receiving slower deliveries (percent) 12. Net business formation (index: 1967=100) 20. Contracts and orders for plant and equipment in 1972 dollars (billion dollars) 29. New building permits, private housing units (index* 1967=100) . . . . . . . 36. Change in inventories on hand and on order in 2 1972 do!., smoothed (ann. rate, bil. do! . ) . 99. Change in sensitive materials prices, smoothed 2 (percent) 19. Stock prices, 500 common stocks (index- 1941-43=10) 106. Money supply (M2) in 1972 dollars (billion dollars) 111. Change in credit—business and consumer borrowing (annual rate, percent) 910. Composite index of 12 leading indicators 3 (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagri cultural 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) 77. Ratio, constant-dollar inventories to sales, manufacturing and trade (ratio) . . . . 62. Labor cost per unit of output, manufacturing-actual data as a percent of trend (percent) . 109. Average prime rate charged by banks (percent) . . 101. Commercial and industrial loans outstanding in 1972 dollars (million dollars) . . 95. Ratio, consumer installment credit to personal income (percent) . . . . . . 930. Composite index of 6 lagging indicators 3 (index- 1967=100) June 1984 July 1984 40.6 Sept. 1984 Aug. 1984 40.5 June to July 1984 July to Aug. 1984 Aug. to Sept. 1984 40.4 p40.5 -0.08 -0.08 0.08 350 365 358 368 -0.12 0.05 -0.08 36.65 r37.86 r37.90 p36.08 0.16 0.01 -0.26 66 60 54 58 -0.24 -0.24 0.18 rl!6.6 rl!6.8 rl!9.4 p!20.8 0.02 0.31 0.18 r!5.97 r!5.41 r!5.45 pi 5 . 43 -0.08 0.01 -0.01 142.8 126.4 121.6 116.3 -0.36 -0.12 -0.14 r26.75 r!8.85 p!3.66 -0.44 -0.29 -0.13 -0.64 -1.05 -1.06 -0.20 -0.16 153.12 151 . 0 8 164.42 166.11 -0.08 0.53 0.07 918.0 919.1 r918.6 p 9 2 1 .4 0.04 -0.02 0.11 r22.1 r!4.1 p!2.4 -0.42 -0.21 0.13 10.1 NA NA -0.01 r!66.9 r!64.1 r!64.0 p!64.6 -1.68 -0.06 0.37 94,135 r94,350 r94,532 p94,671 0.19 0.16 0.16 1,181.8 rl, 1 8 3 . 0 rl,183.6 0.05 0.03 0.28 r!64.4 r!65.9 r!66.1 p!65.1 0.25 0.03 -0.22 178,417 r!76,566 p!76,556 NA -0.23 -0.01 155.5 155.7 r!55.7 p!55.8 0.13 0.00 0.06 18.6 18.1 17.3 0.20 0.33 0.12 1.51 1.54 pi. 55 0.40 0.13 84.7 83.6 r83.4 p83.1 -0.40 -0.07 -0.16 12.60 13.00 13.00 12.97 0.28 0.00 -0.03 rl!8,087 pl!9,806 0.23 0.18 0.56 rl!6,244 rl!7,268 pi, 188. 7 17.1 NA 14.31 14.45 p!4.56 NA 0.54 0.42 rl!7.4 rl!8.8 r!20.0 p!20.7 1.19 1 .01 NA NA NA 0.58 NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the February 1983 issue of BUSINESS CONDITIONS DIGEST (pp. 108-109) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated. x This 2 This 3 series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement. series is a weighted 4-term moving average (with weights 1,2,2,1) placed on 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 0.139; for the coincident index, -0.175; for the lagging index, 0.018. 106 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns 1. Average workweek, production workers, manufacturing lull Devi- Actual ations data from reference current peaks cycle for MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH DATA YEAR 7/81 11 +2 +1 Average workweek, production workers, manufacturing Deviations from specific troughs SERIES 1 HOURS Percent -i + 3 rjTTTn|rnii|Tim|mii|imi|iiiM|i 12 1.8 1.8 40.6 40.6 10/83 11/83 13 14 15 16 1.8 2.5 2.5 2.0 40.6 40.9 40.9 40.7 12/83 1/84 2/84 3/84 17 18 19 20 3.0 1.8 1.8 1.5 41.1 40.6 40.6 40.5 4/84 5/84 6/84 7/84 21 22 1 .3 1.5 40.4 40.5 8/84 9/84 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH DATA YEAR 9/82 -1 SERIES 1 HOURS -2 • 39.0 1975 -3 13 14 15 16 4.6 4.6 4.6 5.4 40.6 40.6 40.6 40.9 10/83 11/83 12/83 1/84 17 18 19 20 5.4 4.9 5.9 4.6 40.9 40.7 41.1 40.6 2/84 3/84 4/84 5/84 21 22 23 24 4.6 4.4 4.1 4.4 40.6 40.5 40.4 40.5 6/84 7/84 8/84 9/84 -5 -J -6 • 37.5 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 7/81 DATA YEAR SERIES 41 THOUSANDS 41. Employees on nonagricultural payrolls Percent +8 • 98,000 • 96,000 11 12 -0.1 0.2 91345 91688 10/83 11/83 13 14 15 16 0.6 1.0 1.5 1.7 92026 92391 92846 93058 12/83 1/84 2/84 3/84 17 18 19 20 2.2 2.5 2.9 3.2 93449 93786 94135 94350 4/84 5/84 6/84 7/84 21 22 3.4 3.5 94532 94671 8/84 9/84 SERIES 41 THOUSANDS > 92,000 > 90,000 -2 II1111111111111 1111111111111111111111111111 -12 -6 0 +6 +12 +18 +24 +30 • 88.000 11 12 3.4 3.8 91688 92026 11/83 12/83 13 14 15 16 4.2 4.7 5.0 5.4 92391 92846 93058 93449 1/84 2/84 3/84 4/84 17 18 19 20 5.8 6.2 6.4 6.6 93786 94135 94350 94532 5/84 6/84 7/84 8/84 21 6.8 94671 9/84 Months from reference troughs NOTE: 10 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 12/82 DATA YEAR +2 -" -4 41. Employees on nonagricultural payrolls -12 -6 0 +6 +12 +18 +24 +30 Months from specific troughs For an explanation of these charts, see "How to Read Charts" on p.. 106 of the July 1984 issue. 107 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns—Continued 12. Net business formation 'in MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 7/81 DATA YEAR SERIES 12 1967=100 11 12 -0.2 -0.3 118.0 117.8 10/83 11/83 13 14 15 16 -1 .6 -1 .9 0.8 -0.5 116.3 115.9 119.1 117.6 12/83 1/84 2/84 3/84 17 18 19 20 0.3 -2.0 -1 .4 -1 .2 118.5 115.8 116.6 116.8 4/84 5/84 6/84 7/84 21 22 1 .0 2.2 119.4 120.8 8/84 9/84 MONTHS DEVIFROM A T I O N S C U R R E N T MONTH SPEC. FROM ACTUAL AND TROUGH 9/82 DATA YEAR SERIES 12 1967=100 13 14 15 16 6.9 6.7 5.3 5.0 118.0 117.8 116.3 115.9 10/83 11/83 12/83 1/84 17 18 19 20 7.9 6.5 7.3 4.9 119.1 117.6 118.5 115.8 2/84 3/84 4/84 5/84 21 22 23 24 5.6 5.8 8.2 9.4 116.6 116.8 119.4 120.8 6/84 7/84 8/84 9/84 MONTHS DEVIFROM A T I O N S CURRENT MONTH REF. FROM ACTUAL AND TROUGH 7/81 DATA YEAR SERIES 19 1941-43=10 12 28.0 165.23 11/83 13 14 15 16 27.3 28.9 21 .8 21.9 164.36 166.39 157.25 157.44 12/83 1/84 2/84 3/84 17 18 19 20 22.0 21.2 18.6 17.0 157.60 156.55 153.12 151.08 4/84 5/84 6/84 7/84 21 22 23 27.3 28.6 27.0 164.42 166.11 163.97 8/84 9/84 10/84 MONTHS DEVIFROM A T I O N S C U R R E N T MONTH SPEC. FROM ACTUAL AND TROUGH 7/82 DATA YEAR SERIES 19 1941-43=10 -12 -6 0 + 6 +12 +18 + 24 +30 16 51.1 165.23 11/83 17 18 19 20 50.3 52.1 43.8 43.9 164.36 12/83 1/84 2/84 3/84 21 22 23 24 44.1 43.1 40.0 38.1 157.60 156.55 153 .12 151 .08 4/84 5/84 6/84 7/84 25 26 27 50.3 51.9 49.9 164.42 166 .11 163.97 8/84 9/84 10/84 166 .39 157 .25 157.44 Months from reference troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue. 108 -12 -6 0 + 6 +12 +18 +24 +30 Months from specific troughs G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns-Continued QRTRS. FROM REF. TROUGH 30. Change in business inventories 1972 dollars CURRENT QRTR. ACTUAL AND DATA YEAR Devi- Actual ations data from for specific current troughs cycle 30. Change in business inventories, 1972 dollars 0 SERIES 30 ANN. RATE BIL. DOL. -24.6 IV/82 1 2 3 4 -16.5 1/83 -6.1 11/83 0.9 111/83 7.2 IV/83 55 5 6 7 31.6 1/84 20.3 11/84 31.2 HI/84 50 • + 25 45 • + 20 Actual -1 60 QRTRS. DEVIFROM ATIONS CURRENT QRTR, SPEC. FROM ACTUAL AND ' TROUGH IV/82 DATA YEAR SERIES 30 ANN. RATE BIL. DOL. 0. T -24.6 IV/82 1 2 3 4 8.1 18.5 25.5 31.8 -16.5 1/83 -6.1 11/83 0.9 III/83 7,2 IV/83 35 5 6 7 56.2 44.9 55.8 31.6 1/84 20.3 11/84 31.2 HI/84 30 25 20 • -5 15 -10 10 •-is 5 •-20 QRTRS. DEVIFROM ATIONS CURRENT QRTR. REF. FROM ACTUAL AMD TROUGH HI/81 DATA YEAR 0 • 1,725 - +10 •1.675 1,625 i 2 3 4 -2.0 0.2 1.8 3.3 1491 .0 1/83 1524.8 11/83 1550.2 HI/83 1572.7 IV/83 5 6 7 5.8 7.7 8.4 1610.9 1/84 1638.8 11/84 1649.6 HI/84 -12 -6 0 +6 Percent 15 • 1,675 10 5 6 6.5 9.1 7 8 10.9 11.7 1,525 1572.7 IV/83 1610.9 1/84 1638.8 11/84 1649,6 H I / 8 4 +12 +18 +24 +30 •1,625 • 1.575 S E R I E S 50 A N N . RATE BIL. DOL. IV/82 0 , 1 1478,8 1/83 0 . 9 1491.0 3 . 2 1 5 2 4 . 8 11/83 4.9 1550,2 HI/83 Months from reference troughs MOTE: 50. GNP in 1972 dollars ctc,c I QRTRS. DEVIFROM ATIONS CURRENT QRTR. AND SPEC. FROM ACTUAL DATA YEAR TROUGH HI/82 • 1.525 -I -5 SERIES 50 ANN. RATE BIL. DOL. -2.8 1478,8 IV/82 -1 0 -12 -6 0 +6 •1,475 +12 +18 +24 +30 Months from, specific troughs For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue. 109 ALPHABETICAL INDEX—SERIES FINDING GUIDE Series title (See complete titles in "Titles and Sources of Series," following this index) Accession rate, manufacturing Agricultural products, exports Anticipations and intentions Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl, Consumer sentiment, index Employees, manufacturing and trade, Dl Inventories, manufacturing and trade, Dl New orders, manufacturing, Dl Prices, manufacturing, Dl Prices, retail trade, Dl Prices, wholesale trade, Dl Profits, manufacturing and trade, Dl Sales, manufacturing and trade, Dl Automobiles Imports of automobiles and parts Personal consumption expenditures Current issue (page numbers) number Charts Tables Series Historical data (issue date) Series description (*) 2 604 8/81 1/83 7 56 61 970 58 974 975 971 976 978 977 972 973 24 38 22 38 38 38 38 38 38 38 38 67 76 65 76 76 76 76 76 76 76 76 8/84 8/84 1/84 5/83 5/83 5/83 5/83 5/83 5/83 5/83 5/83 23 23 20 37 37 37 37 37 37 37 37 616 55 56 22 92 65 1/83 9/84 56 39 B Balance of payments—See International transactions. Bank loans—See Business Loans. Bank rates—See Interest rates. Bank reserves Free reserves Member bank borrowing from the Federal Reserve... Bonds—See Interest rates. Borrowing—See Credit. Budget—See Government Building—See Construction. Building permits, new private housing Business equipment, industrial production Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl.... Business failures, current liabilities Business formation, index Business incorporations Business inventories—See Inventories. Business loans Loans outstanding, constant dollars. Loans outstanding, current dollars Loans outstanding, net change Business saving Canada—See International comparisons. Capacity utilization Manufacturing (BEA) Manufacturing (FRB) Materials Capital appropriations, manufacturing Backlog Newly approved Newly approved, Dl Capital equipment, producer price index Capital investment—See Investment, capital. Capital investment commitments, Cl Cash flow, corporate, constant dollars Cash flow, corporate, current dollars Civilian labor force—See also Employment. Employment Employment as percent of population Total labor force Unemployed Coincident indicators, four Composite index Composite index, rate of change Diffusion index Ratio to lagging indicators, composite index Commercial and industrial buildings, contracts awarded.. Commercial and industrial loans Loans outstanding, constant dollars Loans outstanding, current dollars Loans outstanding, net change Compensation—See also Income. Compensation, average hourly, nonfarm business sector Compensation of employees, NIPA Compensation of employees, percent of national income Compensation, real average hourly, nonfarm business sector Earnings, average hourly, production workers, private nonfarm economy Earnings, real average hourly, production workers, private nonfarm economy Wage and benefit decisions, first year Wage and benefit decisions, life of contract Wages and salaries in mining, manufacturing, and construction Composite indexes Coincident indicators Four coinciders, index Four coinciders, rate of change. Ratio to lagging indicator index Lagging indicators Six laggers, index Six laggers, rate of change, Leading indicators Capital investment commitments. Inventory investment and purchasing. Marginal employment adjustments Money and financial flows See notes at end of index. 110 93 94 33 33 72 72 6/83 6/83 35 35 29 76 61 970 14 12 13 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 7/84 8/84 8/84 8/84 5/83 2/83 5/83 24 12 23 23 34 21 21 101 15,35 72 35 112 32 295 46 73 73 72 82 6/84 6/84 6/84 11/83 32 32 32 26 83 82 84 20 20 20 64 64 64 12/83 8/83 8/83 14 14 14 97 11 965 333 24 24 37 66 66 75 86 12/83 12/83 12/83 3/84 22 22 22 51 914 35 34 11 29 29 60 70 70 7/84 9/84 9/84 5 26 26 442 90 441 37 51 17 51 18,51 89 62 89 62,89 2/84 2/84 2/84 2/84 9 9 9 9 920 920c 951 940 9 10 39 36 11 23 60 '74' 60 66 1/84 1/84 2/83 7/84 12/83 5 5 21 101 72 112 15,35 35 32 73 73 72 6/84 6/84 6/84 32 32 32 345 280 49 45 87 82 12/83 10/84 46 46 70,83 9/84 46 12/83 46 64 30,47 346 49 340 49 87 8/84 5 341 348 349 49 50 50 87 8/84 12/83 12/83 5 53 53 53 19 63 9/84 920 920c 940 10 39 11 60 1/84 1/84 7/84 930 930c 10 39 914 915 913 917 11 11 1/84 1/84 60 60 7/84 7/84 2/83 7/84 Series title (See complete titles in "Titles and Sources of Series," following this index) Profitability Twelve leaders, index Twelve leaders, rate of change. Construction Building permits, new private housing Contracts awarded, commercial and industrial buildings Expenditures, plus machinery and equipment sales Gross private domestic fixed investment Nonresidential, percent of GNP Nonresidential structures, constant dollars Nonresidential, total, constant dollars Residential, percent of GNP.. Residential, total, constant dollars Housing starts Consumer finished goods, producer price index. Consumer goods and materials, new orders. Consumer goods, industrial production Consumer installment credit Credit outstanding Net change Ratio to personal income Consumer installment loans, delinquency rate. Consumer prices—See also International comparisons. All items Food Consumer sentiment, index Consumption expenditures—See Personal consumption expenditures. Contract awards, Defense Department Contracts and orders, plant and equipment, constant dollars Contracts and orders, plant and equipment, current dollars Corporate bond yields Corporate profits—See Profits. Costs—See Labor costs and Price indexes. Credit Borrowing, total private Business loans Loans outstanding, constant dollars Loans outstanding, current dollars Loans outstanding, net change Consumer installment credit Credit outstanding Net change Ratio to personal income Consumer installment loans, delinquency rate Credit outstanding, percent change Mortgage debt, net change Crude and intermediate materials, change in producer prices Crude materials, producer price index Debt-See Credit. Defense and space equipment, output Defense Department Gross obligations incurred Gross unpaid obligations Net outlays Personnel, civilian Personnel, military Prime contract awards Defense products Inventories, manufacturers' New orders, manufacturers' Shipments, manufacturers' Unfilled orders, manufacturers' Defense products industries, employment Defense purchases, goods and services, NIPA Defense purchases, percent of GNP Deficit—See Government. Deflators—See Price indexes. Delinquency rate, consumer installment loans Deliveries, vendor performance Diffusion indexes Business expenditures, new plant and equipment Capital appropriations, manufacturing Coincident indicators Employees, manufacturing and trade Employees on private nonagricultural payrolls Industrial production Industrial production, components Initial claims, State unemployment insurance Inventories, manufacturing and trade Lagging indicators Leading indicators New orders, durable goods industries New orders, durable goods industries, components.. New orders, manufacturing Profits, manufacturing Profits, manufacturing and trade Raw industrials, spot market prices Raw industrials, spot market prices, components .... Sales, manufacturing and trade Selling prices, manufacturing Selling prices, retail trade Selling prices, wholesale trade Stock prices, 500 common stocks Workweek, manufacturing production workers Workweek, manufacturing production workers, components Disposable personal income—See income. Current issue (Page numbers) number Charts Tables Serjes 916 910 910c 29 11 10 39 60 60 Historical data (issue date) Series description (*) 7/84 1/84 1/84 13,25 67 7/84 21 17 9 69 23 24 66 67 12/83 9/84 248 87 86 249 89 28 334 47 25 25 47 25 25 48 12,21 22 83 67 67 83 67 67 86 64 65 10/84 9/84 9/84 10/84 9/84 4/84 3/84 4/84 8/84 40 40 40 40 40 24 51 15 12 66 113 95 39 35 32 15,35 33 73 72 73 72 6/84 6/84 9/84 11/83 33 33 33 34 320 322 58 49 49 22 84,95 84 65 4/84 4/84 1/84 49 49 20 525 53 90 4/83 55 20 12,23 66 6/84 21 10 116 23 34 66 73 6/84 8/83 21 35 12/83 110 32 101 72 112 15,35 35 32 73 73 72 6/84 6/84 6/84 32 32 32 66 113 95 39 111 33 35 32 15,35 33 13,32 32 73 72 73 72 72 71 6/84 6/84 9/84 11/83 6/84 5/84 33 33 33 34 31 31 331 28 48 69 85 3/84 3/84 51 50 557 54 517 543 580 578 577 525 53 53 54 55 55 53 90 90 91 91 91 90 1/84 4/83 7/83 1/84 1/84 4/83 55 55 56 56 56 55 559 548 588 561 570 564 565 54 53 54 54 55 55 55 91 90 91 91 91 91 91 6/84 6/84 6/84 6/84 7/84 9/84 9/84 17 15 17 15 5 43 43 39 32 33 12,21 72 64 11/83 5/83 34 17 970 965 951 974 963 966 38 37 36 38 36 37 8/84 12/83 2/83 5/83 7/84 8/84 23 22 5 37 5 12 962 975 952 950 964 36 38 36 36 37 5/83 5/83 2/83 2/83 6/84 37 5 5 15 971 960 972 967 "38" 37 5/83 12/83 5/83 6/83 '37' 37 37 25 973 976 978 977 968 961 38 38 38 38 37 36 76 75 74 76 74 75 78 74 76 74 74 75 77 76 75 76 75 79 76 76 76 76 75 74 5/83 5/83 5/83 5/83 6/83 7/84 '37' 37 37 37 25 5 7/82 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Earnings—See Compensation. Employment and unemployment Accession rate, manufacturing Civilian labor force, total Defense Department personnel, civilian Defense Department personnel, military Employee-hours in nonagricultural establishments Rate of change Total Employees in mining, manufacturing, and construction Employees, manufacturing and trade, Dl Employees on nonagricultural payrolls Employees on private nonagricultural payrolls, Dl Employment in defense products industries Employment, ratio to population Employment, total civilian Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Initial claims, State unemployment insurance Initial claims, State unemployment insurance, Dl Layoff rate, manufacturing Marginal employment adjustments, Cl Overtime hours, manufacturing 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, 16-19 years old Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment, average duration Unemployment rate, 15 weeks and over Unemployment rate, insured, average weekly Unemployment rate, total Unemployment, total civilian Workweek, manufacturing production workers Workweek, manufacturing production workers, components Workweek, manufacturing production workers, Dl Equipment—See Investment, capital. Exports—See International transactions. Federal funds rate Federal Government—See Government. Federal Reserve, member bank borrowing from .. Final sales in constant dollars Financial flows, Cl Fixed investment—See Investment, capital. Fixed-weighted price index, gross domestic business product Food—See Consumer prices. Foreign trade—See International transactions. France—See International comparisons. Free reserves Goods output in constant dollars Government budget, 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 National defense, percent of GNP State and local, constant dollars State and local, current dollars State and local, percent of GNP Total, constant dollars Total, current dollars Gross domestic business product, fixed-weighted price index Gross domestic product, labor cost per unit Gross national product GNP, constant dollars GNP, constant dollars, differences. GNP, constant dollars, percent changes GNP, current dollars GNP, current dollars, differences GNP, current dollars, percent changes GNP, ratio to money supply Ml Goods output in constant dollars Implicit price deflator Per capita GNP, constant dollars Gross private domestic investment—See Investment, capital. Current issue Series (page numbers) number Charts Tables 2 Historical data (issue date) 8/81 2/84 1/84 1/84 441 578 577 51 55 55 48c 48 39 17 40 974 41 963 570 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 17 38 14,17 36 55 17 51 16 16 12,16 36 62 76 62 74 91 62 89 61 61 61 74 16 51 51 51 51 17 61 89 89 89 89 62 51 51 51 15,18 18 18 18 18,51 12,16 62 62 62 62 62,89 61 7/84 5/83 7/84 7/84 7/84 2/84 2/84 2/84 2/84 5/83 5/83 8/81 2/83 7/84 2/84 2/84 2/84 2/84 2/84 8/81 2/84 2/84 2/84 2/84 2/84 2/84 4/84 2/84 2/84 7/84 961 36 77 74 7/84 91 91 34 94 213 917 33 40 11 5 37 5 5 5 9 9 9 9 10/83 72 80 60 6/83 10/84 7/84 35 38 5 9/84 311 6/83 9/84 502 501 500 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/84 9/84 9/84 9/84 9/84 9/84 11/83 53 53 53 53 53 53 48 263 262 265 564 565 267 266 268 261 260 43 43 47 55 55 43 43 47 43 43 81 81 83 91 91 81 81 83 81 81 10/84 10/84 10/84 9/84 9/84 10/84 10/84 10/84 10/84 10/84 43 43 43 43 43 43 43 43 43 43 311 48 30 84 70 9/84 9/84 49 28 50 50b 50c 200 200b 200c 107 49 310 217 19,40 63,80 80 80 10/84 10/84 10/84 10/84 10/84 10/84 9/84 9/84 9/84 10/84 38 38 38 38 38 38 30 14 38 38 46 60 16 16 '39' 40 31 20 71 63 84 H Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Hours of production workers, manufacturing 7 9 56 56 5/84 5/84 'si' 119 Series description (*) 61 61 2/84 2/84 Series title (See complete titles in "Titles and Sources of Series," following this index) Average weekly overtime Average workweek Average workweek, components Average workweek, Dl Housing Housing starts Housing units authorized by local building permits Residential GPDI, constant dollars Residential GPDI, percent of GNP I Implicit price deflator, GNP Imports—See International transactions. Income Compensation, average hourly, nonfarm business sector Compensation of employees Compensation of employees, percent of national income Compensation, real average hourly, nonfarm business sector Consumer installment credit, ratio to personal income Corporate profits with IVA and CCAdj Corporate profits with IVA and CCAdj, percent of national income Disposable personal income, constant dollars Disposable personal income, current dollars Disposable personal income, per capita, constant dollars Earnings, average hourly, production workers, private nonfarm economy Earnings, real average hourly, production workers, private nonfarm economy Income on foreign investments in the United States Income on U.S. investments abroad Interest, net Interest, net, percent of national income National income Personal income, constant dollars Personal income, current dollars Personal income, less transfer payments, constant dollars Rate of change Total Personal income, ratio to money supply M2 Proprietors' income with IVA and CCAdj Proprietors' income with IVA and CCAdj, percent of national income Rental income of persons with CCAdj Rental income of persons with CCAdj, percent of national income Wage and benefit decisions, first year Wage and benefit decisions, life of contract Wages and salaries in mining, manufacturing, and construction Incorporations, new businesses Industrial commodities, producer price index Industrial production—See also International comparisons. Business equipment Consumer goods Durable manufactures Nondurable manufactures Total Total, components Total, Dl Total, rate of change Industrials, raw, spot market prices Components Diffusion index Spot market index Installment credit-See Credit. Insured unemployment Average weekly initial claims Average weekly initial claims, Dl Average weekly insured unemployment rate Interest, net Interest, net, percent of national income Interest rates Bank rates on short-term business loans Corporate bond yields Federal funds rate Mortgage yields, secondary market Municipal bond yields Prime rate charged by banks Treasury bill rate Treasury bond yields Intermediate materials, producer price index International comparisons Consumer prices Canada, France Italy Japan United Kingdom United States. West Germany. Industrial production Canada, France Italy Japan OECD, European countries United Kingdom. United States. West Germany Current issue Series (page numbers) number Charts Tables 16 12,16 961 36 61 61 77 74 28 29 89 249 25 13,25 25 47 67 67 67 83 310 Historical data (issue date) 7/84 7/84 4/84 7/84 9/84 10/84 Series description (*) 7/84 24 24 40 40 9/84 345 280 49 45 87 82 70,83 9/84 73 82 12/83 9/84 11/83 46 33 26 26 11 11 12/83 10/84 64 30,47 346 95 286 49 15,35 45 287 225 224 47 40 40 11/83 10/84 10/84 10/84 46 46 227 40 340 49 341 652 651 288 289 220 52 223 49 57 57 45 47 45 19 40 87 93 93 82 83 82 63 63 8/84 8/84 8/84 11/83 11/83 10/84 9/84 9/84 5 57 57 47 47 46 11 11 Sic 51 108 282 39 14,19 31 45 63 71 82 9/84 9/84 9/84 10/84 11 30 47 283 284 47 45 83 82 10/84 10/84 47 47 285 348 349 47 50 50 11/83 12/83 12/83 47 53 53 53 13 335 19 23 48 9/84 5/83 3/84 11 21 51 8/84 8/84 8/84 8/84 8/84 12 12 12 12 12 76 75 73 74 47 8/84 63 65 85 24 67 22 65 20 63 20 63 14,20,58 63,94 78 37 39 75 8/84 8/84 967 23 37 28 79 75 69 6/83 6/83 25 25 5 962 45 288 289 12,16 36 18 45 47 61 74 62 82 83 5/83 5/83 4/84 11/83 11/83 47 47 67 116 119 118 117 109 114 115 332 35 34 34 34 34 35 34 34 48 73 73 72 73 73 73 72 73 12/83 8/83 10/83 10/83 10/83 7/83 8/83 8/83 3/84 35 35 35 35 35 35 35 35 50 733 736 737 738 732 320 735 59 59 59 59 59 49 59 96 95 96 95 95 84,95 95 4/84 4/84 4/84 4/84 4/84 4/84 4/84 60 61 61 61 60 49 61 94 723 58 726 58 94 727 58 94 728 58 94 58 94 721 722 58 94 47 14,20,58 63,94 725 58 94 5/84 5/84 5/84 5/84 5/84 5/84 8/84 5/84 59 59 59 59 58 58 12 59 966 47c See notes at end of index. 111 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Stock prices Canada France Italy Japan United Kingdom United States West Germany International transactions Balance on goods and services Balance on merchandise trade Exports, merchandise, adjusted, excluding military Exports, merchandise, total excluding military aid Exports of domestic agricultural products Exports of goods and services, constant dollars, NIPA .. Exports of goods and services, current dollars, NIPA Exports of goods and services, excluding military Exports of nonelectrical machinery Imports, merchandise, adjusted, excluding military Imports, merchandise, total Imports of automobiles and parts Imports of goods and services, constant dollars, NIPA.. Imports of goods and services, current dollars, NIPA .... Imports of goods and services, total Imports of petroleum and products Income on foreign investments in the United States Income on U.S. investments abroad Net exports of goods and services, constant dollars, NIPA Net exports of goods and services, current dollars, NIPA Net exports of goods and services, percent of GNP Inventories Business inventories, change, constant dollars, NIPA .... Business inventories, change, current dollars, NIPA Business inventories, change, percent of GNP Defense products, manufacturers' Finished goods, manufacturers' Inventories on hand and on order, net change Inventories to sales ratio, manufacturing and trade Inventory investment and purchasing, Cl Manufacturing and trade, book value Manufacturing and trade, change in book value Manufacturing and trade, constant dollars Manufacturing and trade, Dl Materials and supplies on hand and on order, manufacturing Materials and supplies on hand and on order, manufacturing, change Investment, capital Capital appropriations, manufacturing, backlog Capital appropriations, manufacturing, new Capital appropriations, manufacturing, new, Dl Capital investment commitments, Cl Construction contracts, commercial and industrial Construction expenditures, business, plus machinery and equipment sales Gross private domestic investment Business inventories, change—See Inventories. Fixed investment, constant dollars Fixed investment, current dollars Nonresidential, constant dollars Nonresidential, percent of GNP Producers' durable equipment, nonresidential, constant dollars Residential, constant dollars Residential, percent of GNP Structures, nonresidential, constant dollars Total, constant dollars Total, current dollars New orders, capital goods, nondefense, constant dollars New orders, capital goods, nondefense, current dollars Plant and equipment Business expenditures, new Business expenditures, new, Dl Contracts and orders, constant dollars Contracts and orders, current dollars Investment, foreign Income on foreign investments in the United States Income on U.S. investments abroad Italy—See International comparisons. Current issue (Page numbers) Series number Charts Tables Historical data (issue date) Series description (*) 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 1/84 1/84 1/84 1/84 1/84 1/84 1/84 63 63 63 63 63 25 63 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 652 651 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 57 57 93 93 93 92 92 82 82 93 92 93 92 92 82 82 93 92 93 93 8/84 8/84 8/84 5/82 1/83 10/84 10/84 8/84 1/83 8/84 5/82 1/83 10/84 10/84 8/84 1/83 8/84 8/84 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 57 57 255 10/84 250 251 44 47 83 10/84 10/84 44 44 30 245 247 559 65 36 77 915 71 31 70 975 26,42 42 47 54 27 13,26 15,27 11 27 26 27 38 68,81 81 83 91 68 68 68 60 68 68 68 76 9/84 10/84 10/84 6/84 6/84 4/84 9/83 7/84 9/83 9/83 9/83 5/83 40 40 40 17 17 17 17 5 17 17 17 37 27 68 6/84 97 11 965 914 9 24 24 37 11 23 68 6/84 66 66 75 60 66 12/83 12/83 12/83 7/84 12/83 22 22 22 5 21 See notes at end of index. 112 Diffusion index Liabilities of business failures.. Liquid assets, change in total .. Loans—See Credit. M Man-hours—See Employment. Marginal employment adjustments, Cl Materials and supplies on hand and on order, manufacturing Materials and supplies on hand and on order, manufacturing, change Materials, new orders for consumer goods and Materials prices—See Price indexes. Materials, rate of capacity utilization Merchandise trade—See International transactions. Military-See Defense. Money and financial flows, Cl Money supply Liquid assets, change in total Money supply Ml, constant dollars Money supply Ml, percent changes Money supply M2, constant dollars Money supply M2, percent changes Ratio, GNP to money supply Ml Ratio, personal income to money supply M2 Mortgage debt, net change Mortgage yields, secondary market Municipal bond yields N National defense—See Defense. National Government—See Government. National income—See Income. New orders, manufacturers' Capital goods industries, nondefense, constant dollars Capital goods industries, nondefense, current dollars.. Consumer goods and materials, constant dollars Contracts and orders, plant and equipment, constant dollars Contracts and orders, plant and equipment, current dollars Defense products Durable goods industries, constant dollars Durable goods industries, current dollars Components Diffusion index New orders, manufacturing, Dl Nonresidential fixed investment, GPDI Producers' durable equipment, constant dollars Structures, constant dollars Total, constant dollars Total, percent of GNP Series number 950 14 104 Current issue (Paie numbers) Charts Tables 36 33 31 74 72 71 913 2/83 5/83 5/84 Series description (*) 5 34 29 2/83 78 38 Historical data (issue date) 6/84 26 12,21 68 64 6/84 4/84 17 15 8/83 917 11 104 105 85 106 102 107 108 33 118 117 31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 5/84 5/84 5/84 5/84 5/84 9/84 9/84 5/84 10/83 10/83 29 29 29 30 29 30 30 31 35 35 27 24 23 23 12,21 66 66 64 6/84 6/84 4/84 15 15 15 7/84 6/84 20 12,23 6/84 6/84 6/84 6/84 '37' 38 66 90 64 64 77 75 76 248 25 25 25 47 67 67 67 83 9/84 9/84 9/84 10/84 40 40 40 40 517 543 721 53 53 58 90 90 94 1/84 4/83 5/84 55 55 58 580 54 557 49 54 20 91 63 7/82 9/84 13 14 62 62 358 370 83 82 84 21 30 15 50 50 20 20 20 16 70 70 64 64 64 61 11/83 11/83 12/83 12/83 12/83 8/83 8/83 7/84 28 28 52 52 14 14 14 5 453 452 451 51 51 51 89 89 2/84 2/84 2/84 9 9 9 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 80 81 81 81 81 9/84 10/84 10/84 10/84 10/84 10/84 10/84 10/84 10/84 10/84 39 39 39 39 39 39 39 39 39 39 292 293 614 46 46 56 82 83 92 11/83 11/83 1/83 48 48 56 61 970 20 10 90 24 38 12,23 23 17 67 76 66 66 62 8/84 8/84 6/84 6/84 2/84 23 23 21 21 9 10 548 7 6 23 53 21 21 964 971 21 15 15 15 6/84 5/83 9/84 243 242 86 248 42 42 25 47 81 81 67 83 10/84 10/84 9/84 10/84 40 40 40 40 249 87 241 240 25 25 47 25 42 42 67 67 83 67 81 81 9/84 9/84 10/84 9/84 10/84 10/84 40 40 40 40 40 40 6/84 23 6/84 61 970 20 10 24 38 12,23 23 67 76 66 66 8/84 8/84 6/84 6/84 23 23 21 21 652 651 57 57 93 93 8/84 8/84 57 57 Japan—See International comparisons. Labor cost per unit of gross domestic product Labor cost per unit of output, manufacturing Actual data Actual data as percent of trend Labor cost per unit of output, private business sector.. Labor cost, price per unit of, nonfarm business Labor force—See Employment. 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 Series title (See complete titles in "Titles and Sources of Series," following this index) 68 30 62 62 63 26 30 15 30 29 930 930c 952 3 10 39 36 1/84 1/84 2/83 8/81 910 910c 10 39 1/84 1/84 9/84 70 70 70 70 11/83 11/83 9/83 9/83 28 28 28 28 Obligations incurred, Defense Department Obligations unpaid, Defense Department OECD, European countries, industrial production Orders—See New orders and Unfilled orders. Outlays, Defense Department Output—See also Gross national product and Industrial production. Defense and space equipment, output Goods output, constant dollars Labor cost per unit of Actual data Actual data as percent of trend Per hour, nonfarm business sector Per hour, private business sector Ratio to capacity, manufacturing (BEA) Ratio to capacity, manufacturing (FRB) Ratio to capacity, materials Overtime hours, manufacturing production workers.. Participation rates, civilian labor force Both sexes, 16-19 years of age Females 20 years and over Males 20 years and over Personal consumption expenditures Automobiles Durable goods, constant dollars Durable goods, current dollars Nondurable goods, constant dollars Nondurable goods, current dollars Services, constant dollars Services, current dollars Total, constant dollars Total, current dollars Total, percent of GNP Personal income—See Income. Personal saving Personal saving rate Petroleum and products, imports Plant and equipment—See also Investment, capital. Business expenditures, new Business expenditures, new, Dl Contracts and orders, constant dollars Contracts and orders, current dollars Population, civilian employment as percent of 7/83 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. "M" following a series title indicates monthly data; "Q" indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter). To save space, the commonly used sources listed below are referred to by number: Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department of Labor, Bureau of Labor Statistics; Source 4—Board of Governors of the Federal Reserve System. Bureau of Economic Analysis (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) 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) Following the source for each series is an indication of the pages on which that series appears. The "Series Finding Guide" also lists chart and table page numbers for each series. 13. Number of new business incorporations (M).—Dun & Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (23,65) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) I-A. Composite Indexes 14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (33,72) 910. Composite index of twelve leading indicators (includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,106, 111) (M).-Source 1 (10,39,60) 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis (29,70) 39. Percent of consumer installment loans delinquent 30 days and over (EOM). — A m e r i c a n B a n k e r s Association (33,72) 913. Composite index of marginal employment adjustments (includes series 1, 2, 3, 5) (M).-Source 1 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M).-Source 1 (11,60) 16. Corporate profits after taxes in current dollars (Q).— Source 1 (28,69) 915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source 1 (11,60) 18. Corporate profits after taxes in 1972 dollars (Q).Source 1 (28,69) 38. Change in stocks of materials and supplies on hand and on order, manufacturing (M).—Source 2 (26,68) 40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and construction (M).—Source 3 (17,62) 41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source 3 (14,17,62) 42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (17,62) 43. Unemployment rate, total (M).-Sources 2 and 3(18,62) 19. Index of stock prices, 500 common stocks (M).— Standard & Poor's Corporation (13,28,59,69,96) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Sources 2 and 3 (18,62) 917. Composite index of money and financial flows (includes series 104, 106, 111) (M).-Source 1 (11,60) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (12,23,66) 45. Average weekly insured unemployment rate, State programs (M).~U.S. Department of Labor, Employment and Training Administration (18,62) 920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source 1 (10,39,60) 21. Average weekly overtime hours of production workers, manufacturing (M).—Source 3 (16,61) 46. Index of help-wanted advertising in newspapers (M).— The Conference Board (16, 61) 930. Composite index of six lagging indicators (includes series 62, 77, 91, 95, 101, 109) (M).-Source 1 (10,39,60) 22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1 (29,69) 47. Index of industrial production, total (M).—Source 4 (14,20,39,58,63,78,94) 23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau, Inc. (Used by permission. Beginning with June 1981, this series may not be reproduced without written permission from Commodity Research Bureau, Inc.) (28,69,79) 48. Employee-hours in (M).-Source 3 24. Value of manufacturer's new orders, capital goods industries, nondefense, in current dollars (M).—Source 2 (23,66) 50. Gross national product in 1972 dollars (Q).—Source 1 (19,39,40,63,80) 916. Composite index of profitability (includes series 19, 26, 80) (M).-Source 1 (11,60) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) 1-B. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (12,16,61,77) 2. Accession rate, manufacturing (M).—Source 3 3. Layoff rate, manufacturing (M).—Source 3 4. Quit rate, manufacturing (M).—Source 3 5. Average weekly initial claims for unemployment insurance, State programs (M).-U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (12,16,61) 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) 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) 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) 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).—Source 1 (26,42,68,81) 8. Value of manufacturers' new orders for consumer goods and materials in 1972 dollars (M).-Sources 1, 2, and 3 (12,21,64) 31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2 (26,68) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M).—McGraw-Hill Information Systems Company; seasonal adjustment by 32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago (12,21,64) 114 nonagricultural establishments (17,39,61) 49. Value of goods output in 1972 dollars (Q).-Source 1 (20,63) 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) 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 2 (22,65) 55. Personal consumption expenditures, automobiles (Q).— Source 1 (22,65) 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) ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Current issue Series (page numbers) number Charts Tables Series title (See complete titles in "Titles and Sources of Series," following this index) Price indexes Consumer prices— See also International comparisons. All items Food Deflators, NIPA Fixed-weighted, gross domestic business product Implicit price deflator GNP Labor cost, price per unit of, nonfarm business Producer prices All commodities Capital equipment Crude materials Finished consumer goods Industrial commodities Intermediate materials Sensitive crude and intermediate materials Raw industrials, spot market prices Components Diffusion index Spot market index Sensitive crude and intermediate materials, change in producer prices Sensitive materials prices, percent change Stock prices— See also International comparisons. 500 common stocks 500 common stocks Dl Price to unit labor cost, nonfarm business Prices, selling Manufacturing, Dl Retail trade Dl Wholesale trade, Dl Prime rate charged by banks Producer prices— See Price indexes. Producers' durable equipment, nonresidential, GPDI Production— See Gross national product and Industrial production. Productivity Output per hour nonfarm business sector Output per hour, private business sector Profitability, Cl Profits Corporate profits after taxes Constant dollars Current dollars With IVA and CCAdj constant dollars With IVA and CCAdj, current dollars Corporate profits, total With IVA and CCAdj With IVA and CCAdj, percent of national income Manufacturing and trade, Dl Manufacturing Dl Per dollar of sales, manufacturing Profitability Cl Ratio, profits to corporate domestic income Ratio, profits with IVA and CCAdj to corporate domestic income Proprietors' income with IVA and CCAdj Proprietors' income with IVA and CCAdj, percent of national income Historical data (issue date) Series description (*) R Raw industrials, spot market prices Components Diffusion index Spot market index Rental income of persons with CCAdj Rental income of persons with CCAdj, percent of national income Reserves, free Residential fixed investment, constant dollars, GPDI Residential fixed investment, percent of GNP Residential structures— See Housing. Retail sales, constant dollars Retail sales, current dollars Current issue Series . (page numbers) number Charts Tables Historical data (issue date) Series description C) S . . . '. . Salaries— See Compensation. Sales Final sales, constant dollars Machinery and equipment sales and business construction expenditures . Manufacturing and trade sales, constant dollars. Manufacturing and trade sales, current dollars. Manufacturing and trade sales, Dl Ratio, inventories to sales, manufacturing and trade . Retail sales, constant dollars Retail sales, current dollars Saving Business saving Government surplus or deficit Gross saving, private and government Personal saving Personal saving rate Selling prices— See Prices, selling Sensitive crude and intermediate materials, change in producer prices .... Sensitive materials prices, percent change Shipments of defense products Spot market prices, raw industrials Components Diffusion index Spot market index State and local government— See Government. Stock prices— See also International comparisons. 500 common stocks 500 common stocks, Dl Stocks of materials and supplies on hand and on order Stocks of materials and supplies on hand and on order change Surplus— See Government. 320 322 49 49 84,95 84 4/84 4/84 49 49 311 310 26 48 48 29 84 84 70 9/84 9/84 9/83 49 38 28 330 333 331 334 335 332 98 48 48 48 48 48 48 28 85 86 85 86 85 86 69 3/84 3/84 3/84 3/84 3/84 3/84 3/84 50 51 50 51 51 50 51 967' '37' 28 79 75 69 6/83 6/83 '25' 23 98 99 28 13,28 69 69 3/84 3/84 51 25 19 968 26 13,28 37 29 69 75 70 1/84 6/83 9/83 25 25 28 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 5/83 5/83 5/83 4/83 7/83 37 37 37 55 35 88 25 67 9/84 40 358 370 916 50 50 11 88 88 60 12/83 12/83 Treasury bill rate Treasury bond yields 7/84 52 52 5 18 16 80 79 28 28 29 29 69 69 69 69 9/84 9/84 9/84 9/84 26 26 26 26 286 287 972 960 15 916 22 45 47 38 37 29 11 29 82 83 76 75 70 60 69 11/83 11/83 26 26 37 37 27 5 26 81 282 29 45 70 82 10/84 26 47 283 47 83 10/84 47 Unemployment Duration of unemployment, average Help-wanted advertising, ratio to unemployment Initial claims for unemployment insurance Initial claims for unemployment 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 Quit rate, manufacturing. Unemployment rates 15 weeks and over Insured unemployment. Total Unfilled orders, manufacturers' Defense products ... Durable goods industries Durable goods industries, change. United Kingdom— See International comparisons. 25 213 40 80 10/84 38 69 57 56 973 77 59 54 24 14,22 22 38 15,27 22 22 67 65 65 76 68 65 65 9/84 9/83 9/83 5/83 9/83 5/84 5/84 17 17 17 37 17 20 20 295 298 290 292 293 46 46 46 46 46 82 83 82 82 83 11/83 11/83 11/83 11/83 11/83 26 48 48 48 48 98 99 588 28 13,28 54 69 69 91 3/84 3/84 6/84 51 25 17 967 23 '37' 79 75 69 6/83 6/83 '25' 28 19 968 78 13,28 37 27 69 75 68 1/84 6/83 6/84 25 25 17 38 26 68 6/84 17 114 115 34 34 72 73 8/83 8/83 35 35 91 60 5 962 3 15,18 16 12,16 36 62 61 61 74 2/84 2/84 5/83 5/83 8/81 9 9 8 8 7 446 445 447 444 37 4 51 51 51 51 18,51 89 89 89 89 62,89 2/84 2/84 2/84 2/84 2/84 8/81 9 9 9 9 9 44 45 43 18 18 18 62 62 62 2/84 4/84 2/84 9 8 9 561 96 25 54 21 21 91 64 64 6/84 6/84 6/84 15 15 15 107 108 32 31 31 12,21 71 71 64 9/84 9/84 5/83 30 30 17 1 12,16 '36' 61 77 74 7/84 961 5 "5" 25 T U . 5/83 12/83 5/83 7/84 9/84 9/84 Q Quit rate manufacturing Series title (See complete titles in "Titles and Sources of Series," following this index) 4 8/81 967 23 284 37 28 45 79 75 69 82 285 93 89 249 47 33 25 47 83 72 67 83 11/83 10/84 47 35 40 40 59 54 22 22 65 65 5/84 5/84 20 20 6/83 6/83 10/84 6/83 9/84 25 25 47 V Velocity of money GNP to money supply Ml, ratio Personal income to money supply M2, ratio Vendor performance, slower deliveries W Wages and salaries— See Compensation. West Germany— See International comparisons. Wholesale (producer) prices— See Price indexes. Workweek of manufacturing production workers Average workweek Diffusion index 7/84 NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment; NIPA, national income and product accounts. * The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears. 113 TITLES AND SOURCES OF SERIES- Continued 60. Ratio, help-wanted advertising in newspapers (series 46) to number of persons unemployed (series 37) (M).—Sources 1, 2, 3, and The Conference Board (16,61) 61. Business expenditures for new plant and equipment, total (Q).-Source 1 (24,67) 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) 63. Index of unit labor cost, private business sector (Q).— Source 3 (30,70) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 65. Manufacturers' inventories of finished goods, book value, ail manufacturing industries (EOM).—Source 2 (27,68) 66. Consumer installment credit (EOM) -Source 4 (35,73) 67. Bank rates on short-term business loans (Q).—Source 4 (35,73) 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) 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 (27,68) 71. Manufacturing and trade inventories, total book value (EOM).-Sources 1 and 2 (27,68) 72. Commercial and industrial loans outstanding in current dollars (M).-Sources 1 and 4 (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 (M).— Sources 1, 2, and 3 (15,27,68) 86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1(25,67) 87. Gross private domestic fixed investment, nonresidential structures, in 1972 dollars (Q).-Source 1 (25,67) 88. Gross private domestic fixed investment, nonresidential producers' durable equipment, in 1972 dollars (Q).— Source 1 (25,67) 91. Average (mean) duration of unemployment in weeks (M).-Sources 2 and 3 (15,18,62) 960. Diffusion index of net profits, manufacturing—about 600 companies (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (35,75) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (33,72) 961. Diffusion index of average workweek of production workers, manufacturing—20 industries (M).—Sources 1 and 3 (36,74,77) 94. Member bank borrowings from the Federal Reserve (M).-Source 4 (33,72) 95. Ratio, consumer installment credit to personal income (M).-Sources 1 and 4 (15,35,73) 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) 98. Change in producer prices for 28 sensitive crude and intermediate materials (M).—Sources 1 and 3 (28,69) (29,69) 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) 84. Rate of capacity utilization, materials (Q).—Source 4 (20,64) 85. Change in money supply Ml (M).-Source 4 (31,71) 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—172-186 industries (M).— Source 3 (36,74) 964. Diffusion index of value of manufacturers' new orders, durable goods industries— 34-35 industries (M).— Sources 1 and 2 (37,75,77) (13,28,69) 965. Diffusion index of newly approved capital appropriations, deflated—17 manufacturing industries (Q).-The Conference Board (37,75) 101. Commercial and industrial loans outstanding in 1972 dollars (M).-Sources 1, 3, and 4 (15,35,73) 966. Diffusion index of industrial production—24 industries (M).-Sources 1 and 4 (37,75,78) 102. Change in money supply M2 (M).-Source 4 (31,71) 967. Diffusion index of spot market prices, raw industrials— 13 industrial materials (M).—Sources 1, 3, and Commodity Research Bureau, Inc. (3575,79) 99. Change in sensitive materials prices (smoothed) (M).— Sources 1, 3, and Commodity Research Bureau, Inc. 104. Change in total liquid assets (smoothed) (M).—Sources 1 and 4 (31,71) 105. Money supply Ml in 1972 dollars (M).-Sources 1,3, and 4 (31,71) 106. Money supply M2 in 1972 dollars (M).-Sources 1, 3, and 4 (13,31,71) 107. Ratio, gross national product to money supply Ml (Q).-Sources 1 and 4 (31,71) 108. Ratio, personal income to money supply M2 (M).— Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 (32,72) 112. Net change in business loans (M).—Sources 1 and 4 (Q).-Source 1 951. Diffusion index of four roughly coincident indicator components (M).—Source 1 (36,74) 90. Ratio, civilian employment to total population of working age (M).-Sources 1, 2, and 3 (17, 62) 79. Corporate profits after taxes with inventory valuation and capital consumption adjustments in current dollars 80. Corporate profits after taxes with inventory valuation and capital consumption adjustments in 1972 dollars 1-C. Diffusion Indexes 950. Diffusion index of twelve leading indicator components (M).-Source 1 (36,74) 952. Diffusion index of six lagging indicator components (M).-Source 1 (36,74) 111. Change in credit outstanding (business and consumer borrowing) (M).—Sources 1, 4, and Federal Home Loan Bank Board (13,32,72) (29,69) (34,72) 89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1 (25,67) 78. Stocks of materials and supplies on hand and on order, manufacturing (EOM).-Source 2 (27,68) (Q).-Source 1 119. Federal funds rate (M).-Source 4 (32,72) 113. Net change in consumer installment credit (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) 968. Diffusion index of stock prices, 500 common stocks— 46-82 industries (M).—Standard & Poor's Corporation (37,75) 970. Diffusion index of business expenditures for new plant and equipment, total—21 industries (Q).—Source 1 (38,76) 971. Diffusion index of new orders, manufacturing—about 600 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 972. Diffusion index of net profits, manufacturing and trade—about 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 973. Diffusion index of net sales, manufacturing and tradeabout 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 976. Diffusion index of selling prices, manufacturing—about 600 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 115 TITLES AND SOURCES OF SERIES- Continued 977. Diffusion index of selling prices, wholesale trade—about 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 978. Diffusion index of selling prices, retail trade—about 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 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 1 dollars (Q).—Source (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, total, as a percent of gross national product (Q).—Source 1 (47,83) 236. Personal consumption expenditures, nondurable goods, in current dollars (Q).-Source 1 (41,81) 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) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).—Source 1 (46,82) 249. Gross private domestic fixed investment, residential, as a percent of gross national product (Q).—Source 1 (47,83) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 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) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).— Source 1 (47,83) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (Q).— Source 1 (42,81) 116 311. 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) 348. Negotiated wage and benefit decisions, all industriesaverage (mean) first year changes (Q).—Source 3 (50,88) (45,82) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 1 (45,82) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q).-Source 1 (42,81) 310. Implicit price deflator, gross national product (Q).— Source 1 (48,84) 280. Compensation of employees (Q).-Source 1 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (41,81) 242. Gross private domestic fixed investment, total, in current dollars (Q).-Source 1 (42,81) II-B. Prices, Wages, and Productivity 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1 (42,81) 298. Government surplus or deficit, total (Q).-Source 1 (46,83) 268. State and local government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 (42,81) (46,82) 293. Personal saving rate—personal saving as a percent of disposable personal income (Q).—Source 1 (46,83) 286. Corporate profits with inventory valuation and 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) 349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).— Source 3 (50,88) 358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3 (49,88) 370. Index of output per hour, all persons, private business sector (Q).-Source 3 (49,88) II-C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) (45,82) 441. Total civilian labor force, labor force survey (M).— Sources 2 and 3 (51,89) 289. Net interest as a percent of national income (Q).— Source 1 (47,83) 442. Total civilian employment, labor force survey (M).— Sources 2 and 3 (51,89) 290. Gross saving—private saving plus government surplus or deficit (Q).-Source 1 (46,82) 444. Number unemployed, males 20 years and over, labor force survey (M).-Sources 2 and 3 (51,89) 288. Net interest (Q).-Source 1 r U. S. GOVERNMENT PRINTING OFFICE : 1984 461-082/307 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 national product (Q).-Source 1 of gross (55,91) 47. United States, index of industrial production, total (M).-Source 4 (14,20,39,58,63,78,94) 446. Number unemployed, both sexes 16-19 years of age, labor force survey (M).-Sources 2 and 3 (51,89) 570. Employment in defense products industries (M).— Source 3; seasonal adjustment by Bureau of Economic Analysis (55,91) 320. United States, index of consumer prices, all items (M).-Source 3 (48,59,84,95) 447. Number unemployed, full-time workers, labor force survey (M).-Sources 2 and 3 (51,89) 448. Number employed, part-time workers for economic reasons, labor force survey (M).—Sources 2 and 3 (51,89) 451. Civilian labor force participation rate, males 20 years and over (M).-Sources 2 and 3 (51,89) 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) 452. Civilian labor force participation rate, females 20 years and over (M).-Sources 2 and 3 (51,89) 580. Defense Department net outlays, military functions and military assistance (M).—U.S. Department of Defense, OSD, Comptroller, Directorate for Program and 453. Civilian labor force participation rate, both sexes 16-19 years of age (M).-Sources 2 and 3 (51,89) Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,91) II-D. Government Activities 588. Value of manufacturers' shipments, defense products (M).-Source 2 (54,91) 500. Federal Government surplus or deficit; national income and product accounts (Q).—Source 1 (52,90) II-E. U.S. International Transactions 501. Federal Government receipts; national income and product accounts (Q).-Source 1 (52,90) 602. Exports, excluding military aid shipments, total (M).— Source 2 (56,92) 502. Federal Government expenditures; national income and product accounts (Q).-Source 1 (52,90) 604. Exports of domestic agricultural products (M).—Source 2; seasonal adjustment by Bureau of E c o n o m i c Analysis (56,92) 510. State and local government surplus or deficit; national income and product accounts (Q).-Source 1 (52,90) 511. State and local government receipts; national income and product accounts (Q).-Source 1 (52,90) 512. State and local government expenditures; national income and product accounts (Q).—Source 1 (52,90) 517. Defense Department 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) 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) 722. United Kingdom, index of industrial production (M).— Central Statistical Office (London) (58,94) 723. Canada, index of industrial production (M).—Statistics Canada (Ottawa) (58,94) 725. West Germany, index of industrial production (M).— Statistisches Bundesamt (Wiesbaden) (58,94) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (58,94) 727. Italy, index of industrial production (M).—Istituto Centrale di Statistics (Rome) (58,94) 728. Japan, index of industrial production (M).—Ministry of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M).— Department of Employment (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 606. Exports of nonelectrical machinery (M).—Source 2; seasonal a d j u s t m e n t by Bureau of Economic Analysis (56,92) 733. Canada, index of consumer prices (M).—Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 612. General imports, total (M).-Source 2 735. West Germany, index of consumer prices (M).— Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis (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 (57,93) 620. Merchandise imports, (Q).-Source 1 adjusted, excluding military (57,93) 622. Balance on merchandise trade (Q).-Source 1 (57,93) 651. Income on 1 U.S. investments abroad (Q).—Source (57,93) 652. Income on foreign investments in the United States (Q).-Source 1 (57,93) (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).—Istituto 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).-Central Statistical Office (London) (59,96) 667. Balance on goods and services (Q).—Source 1(57,93) 743. Canada, index of stock prices (M).—Statistics Canada (Ottawa) (59,96) (54,91) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 745. West Germany, index of stock prices (M).—Statistisches Bundesamt (Wiesbaden) (59,96) 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 669. Imports of goods and services, total (Q).—Source 1 (57,93) 746. France, index of stock prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris) 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) II-F. International Comparisons 747. Italy, index of stock prices (M).—Banca d' Italia (Rome) (59,96) 548. Value of manufacturers' new orders, defense products (M).- Source 2 (53,90) 557. Output of defense and space equipment (M).— Source 4 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) 19. United States, index of stock prices, 500 common stocks (M).-Standard & Poor's Corporation (13,28,59,69,96) (59,96) 748. Japan, index of stock prices (M).—Bank of Japan (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 PERMIT No. G-56