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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Sidney L. Jones, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
Fetiks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of Government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and
sources at the back of this report.
This publication is prepared under the general guidance of a technical committee 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 in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
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

BCI»

iii

1
1
1
1
4
5
5
6

OCTOBER 1 9 8 5
Data Through September
Volume 25, 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
—
—
—

Bl
B2
B_3_
B4
B5
B6
B7

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

16
19
21
23
26
28
31

61
63
64
65
68
69
71

Cl
C2
C3

DIFFUSION INDEXES
AND RATES OF CHANGE
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
77
—

The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department. Use of funds



for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1986.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2L
A3_
A5

AND PRODUCT
GNP and Personal Income
Persona! 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

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

..

Chart
40
41
42
43
44
45
46
47

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

,.

PART HI. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures Of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors (September 1985 issue)
C. Historical Data for Selected Series
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")

E. Business Cycle Expansions and Contractions (July 1985 issue)
F. Specific Peak and Trough Dates for Selected Indicators (August 1985 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97

105
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Fetiks 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 this issue are as follows:

changes in placement of

1. The index of stock prices for Canada (series 743)
has been revised for the period 1947 to date due to the substitution of data from another source. The index, which
formerly was based on data from the Montreal Stock Exchange,
now is based on data from the Toronto Stock Exchange (TSE).
The TSE index measures the composite price performance
of 300 stocks traded on that exchange. The formula used to
compute the index allows for mergers, acquisitions, delistings, changes in share capital, and additions and deletions
of stocks to and from the index portfolio without significantly affecting the continuity or levels of the index.
Further information concerning the TSE index may be
obtained from the Toronto Stock Exchange, The Exchange Tower,
2 First Canadian Place, Toronto, Canada M5X 1J2.
2. Appendix C contains historical data for series 9,
36, 56, 57, 70, 71, 77, 340, 341, 577, 578, 721-723, and
725-728.
3. Appendix 6 contains cyclical comparisons for series
1, 12, 30, 41, 50, and 53.
The November issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on December 5.



i
n

series in relation to
other series, changes
in composition of
indexes, etc.

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 con-

taining 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 basts 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 A D J U S T M E N T 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 - l l 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.
T I M E SERIES PROCESSOR—This program, through simple commands, performs a variety of
arithmetic, statistical, and manipulative operations on time series data.

SURVEY OF CURRENT BUSINESS

A monthly report for analyzing

current economic developments.
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.

METHOD OF PRESENTATION
This report is organized into two major parts.
Part l f 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 1973.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984

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

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




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.

MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.

Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.

Part 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,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

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

Economic
Process

CyclicalNv
Timing
X .

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

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

Capacity utilization
{2 series)

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

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

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

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

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

Comprehensive
employment
(1 series)

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

Consumption and
trade (4 series)

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

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

Business investment
expenditures
(1 series)

Consumption and
trade (1 series)

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

Business investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

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

Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)

Inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

VII.
MONEY AND
CREDIT
(28 series)

B. Timing at Business Cycle Troughs
\

N

Economic
Process

Cyclical^
Timing
N.

1.

II.

V.

VI.

PRODUCTION
AND INCOME
(10 series)

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

IV.

EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

FIXED CAPITAL
INVESTMENT
(18 series)

INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

PRICES, COSTS,
AND PROFITS
(18 series)

Marginal employment
adjustments
(1 series)

^
\ .

Industrial
production
(1 series)

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

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

Inventory
investment
(4 series)

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

Money (4 series)
Credit ffows
(5 series)
Credit difficulties
(2 series)

Marginal employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
.

Comprehensive
output and income
{4 series)
Industrial
production
(3 series)
Capacity utilization
(2 series)

Consumption and
trade (3 series)

Business investment
commitments
(X series)

Profits and profit
margins (2 series)

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

Orders and deliveries
(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 rates
(8 series)
Outstanding debt
(4 series)

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

lob vacancies
{2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)

TIMING
UNCLASSIFIED (U)
( 1 series)




Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals tljie 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 "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index uLg(Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

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

Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product
final sales, and personal and disposable personal
income. The four major components of the gross
national product—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services-are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in

the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit
Shares of GNP and national income (A8).-The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.

Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1973.
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, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1973) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1973) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Basic Data

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

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.).

Various scales are used to

Diffusion Indexes

Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month 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.

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

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.

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

S52^^

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, o r -




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

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data*
Unit
of
measure

1

Series title and timing classification

Percent change

Annual average
1983

1984

lstQ
1985

2dQ
1985

3dQ
1985

iuly
1985

Aug.
1985

Sept.
1985

July
to
Aug.
1985

i

Aug.
to
Sept.
1985

1st Q
to
2dQ
1985

2dQ
to
3dQ
1985

1

1. CYCLICAL INDICATORS
Al. Composite Indexes
910.
920.
930.
940

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio coincident index to laccine index

156.0
139.9
111.7
125.4

L,L,1— 1967 = 100
do
C,C,C...
do
Lg,Lg,Lg....
do
LL L

Leading Indicator Subgroups:
914. Capital investment commitments

do
do.
do
do

L,L,L...

915. Inventory investment and purchasing
916 Profitability
917. Money and financial flows

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

....

167.2
158.5
125.0
126.8

167.3

154.5
117 .3
131 .8

159.5
127.5
125.2

169.7
159.9
128.5
124.4

168.7
159.1
128.3
124.0

170.2
160.3
128.5
124.7

160.2
128.8
124.4

0.9
0.8
0.2
0.6

0.1
-0.1
0.2
-0.2

0.1
0.6
2.0
-1.3

1.4
0.3
0.8
-0.6

910
920
930
940

108.8
102.8
104.7
130.7

110.3
105.3
110.8
136.4

110.5
102 .7
113.1
138.9

109.9
102.0
114.5
135.9

110.9
101 .6
NA
138.0

110.3
101 .6
115.7
136.9

111.1
101 .6
115.2
138.4

111.2
101 .5
NA
138.6

0.7
0.

-0.4
1.1

0.1
-0.1
NA
0.1

-0.5
-0.7
1.2
-2.2

0.9
-0.4
NA
1 .5

914
915
916
917

40.1
3.0
426

40.7
3.4
366

40.4
3.3
390

40 .3
3.2
387

40.5
3.3
379

40.3
3.2
381

40.6
3.3
375

40 .7
3.3
3 81

0.7
0.1
1.6

0.2
0.
-1.6

-0.2
-0.1
0.8

0.5
0.1
2.1

1
21
5

0.271
96

0.459
131

0.491
139

0.472
133

0.489
136

0.490
139

0.487
133

0.002 - 0 . 0 1 9
2 .3
-4.3

0.017
2 .3

60
46

0.7
0.6
0.6
-0.3

48
42
41
40

0.07

90

165.7

170.3

6. Cyclical Indicators by Economic Process
8 1 . Employment and Unemployment
Marginal Employment Adjustments:
*1 Average weekly hours rnfg
21 Average weekly overtime hours mfg 3
*5. Average weekly initial claims (inverted')

l,L,l Hours
do
LC,L...
L,C,L... Thousands

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

L,Lg,U.... Ratio
L Lg U 1967—100

Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in rtonagrieultural activities
•41. Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
5

U,Lg,U.... Percent

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted*)3
45. Avg. weekly insured unemployment rate (inv.*)3
•91. Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv/) 1

l,Lg,U....
L,Lg,U....
L,Lg,U....
Lg,U,ULg,Lg,Lg-.

U,C,C..,. A.r,, bil. hrs
U,C,C... Millions
C,C,C...
do
L.C.U.... Thousands

Thousands
Percent
do
Weeks...,
Percent

0.489 - 0 . 0 0 3
-4.3
136

168.15 176.87 180.20 181.23 182.58 181 .60 182.61 183.54
97.45 101.68 103.39 103.46 104.13 103.74 104.08 104.57
97.99
98.12
90.20
97.34
97.94
97.71
94.46
96.64
23,334 24,730 25,077 25,055 24,985 24,980 25,026 24,949

0.6
0.3
0.3
0.2

0.5
0.5
0.1
-0,3

0.6
0.1
0.7
-0.1

57.15

58.79

59.38

59.26

59.33

59.21

59.32

59.47

0.11

0.15

-0.12

10,717
9.6
3.8
20.0
3.8

8,539
7.5
2.8
18.2
2.4

8,426
7.3
2.9
15.7
2.1

8,417
7.3
2.8
15.5
2.0

8,284
7.1
2.7
15.5
2.0

8,451
7.3
2.8
15.4
2.0

8,127
7.0
2.7
15.6
2.0

8,274
7.1
2.7
15.5
2.0

3.8
0.3
0.1
-1.3
0.

-1.8
-0.1
0.
0.6
0.

0.1
0.
0.1
1.3
0.1

1.6
0.2
0.1
0.
0.

37
43
45
91
44

1406 .3 1406 .4

0.2

0.

0.5
0.3

0.8
0.1

50
52

1095.0 1177 .4 1204.0 1209.1 1209.6 1206.1 1211 .3 1211 .5

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1972 dollars
52. Personal income in 1972 dollars
•51. Personal income less transfer payments
in 1972 dollars
53. Wages and salaries in 1972 dollars, mining, mfg.,
and construction

C,C,C...,

do

C,C,C...

do

Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg3
84 Capacity utilization rate materials3

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

1534.7 1639.3 1663.5 1671 .3 1684.8
1284.6 1366.5 1399.5 1403.3 1405.2 1402.9

0.4

0.

0.4

0.

51

213.5

224.8

228.3

227 .2

227 .1

226.4

227.2

227.6

0.4

0.2

-0.5

0.

53

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

109.2
107.7
113.7
688.6

121.8
124.8
122.5
764.5

123.8
127.7
123.6
773.0

124.2
127.9
124.8
772 .2

124.5
128.5
125.8
777 .3

124.1
127.7
125.7

124.8
129.1
125.7

124.7
128.6
125.9

0.6
1.1
0.

-0.1
-0.4
0.2

0.3
0.2
1 .0
-0 .1

0.2
0.5
0.8
0 .7

47
73
74
49

L.C.U.... Percent
L C U ..
.. do...

74.0
75.3

80.8
82 .3

80.5
81 .5

80.3
80 .4

80.1
7 9.6

80.0
7 9*6

80.3
7 9.6

80 .0
7 9.5

0.3
0

-0.3
-0.1

-0.2
-1.1

-0.2
—0 8

82
84

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.1 new orders in 1972 dollars, durable goods
*8, Mfrs,' new orders in 1972 dollars, consumer goods
and materials
25. Change in mfrs.1 unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries9 ©

87.74 100.56 102.49 103.20 105.93 104.37 107.33 106.10
36.96
41 .44 41.89
41 .93
42.32
42.99
43 .13
43.51

2.8
2.8

-1.1
-0.9

0.7
0.1

2.6
2.5

do
L,L,L...
34.07
37.33
37.98
37.57
37.63
38.14
37.89
37.89
do
L,L,I
2.69
2.11
0.55
0.72
1 .89
2.02
3.33
2.41
L,Lg,U.... Bil. dol., EOP ... 320.12 345.44 347.10 349.25 356.49 351 .14 353 .16 356 .49
L,L,L... Percent
54
61
47
42
44
44
42
43

1 .4
0.13
0.6
-2

-0.7
1.31
0.9
0

- 1 .1
0.17
0.6
-3

0.9
1.69
2.1
-1

8
25
96
32

Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales in 1972 dollars...
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores in 1972 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment (u)

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

1.6
1 .4
0.8
2.3
2.2

NA
NA
-0.2
2.7
2.4
-0.3

1 .3
1.1
0.7
2.7
2.3
1.5
-0.2

NA
NA
0.4
2.2
2.0
12.0
- 1 .6

56
57
75
54
59
55
58

12
13

L,L,L... Bil. dol
L.L.L....
do

Bil. dol
368.77 411.30 418.93 424.38
NA 422.48 429.11
NA
do
161 .70 176.08 179.09 181.11
NA 180 .41 182.94
NA
1977=400
109.3
118.2
120.0
119.2
120.5
120.0
120.9
120.6
Bil. dol
97.86 108.08 111.64 114.66 117.23 114.42 117.04 120.23
do
47.75
51 .76
54.29
53.05
55.39
54.15
55.34
56.68
A.r., bil. dol
88.3
102 .3
104.7
103.2
117 .3
IQ 1966=100.
97.5
87.5
94.3
94.5
94.0
92.1
92.8
92.4

- 1 .7

6
7

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
•20. Contracts and orders for plant and equipment
in 1972 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1972 dollars, nondefense
capital goods




L,t,L... 1967 = 100
L,L,L... Number

114.8
117.1
117.7
50,162 52,960 54,521

115.8
NA

117.5
NA

116.9
N
A

118.0
N
A

117.5
NA

0.9
NA

-0.4
NA

-1.6
NA

1.5
NA

L,L,L... Bil. dol

26.68

31 .30

30.95

30.64

32.79

32.11

32.13

34.13

0,1

6.2

-1.0

7,0

10

L,L,L...
L,l,L...

do
do

13.40
22.73

15.44
26.95

15.75
26.78

14.81
26.34

15.72
27.69

15.34
26 .68

15.65
27.55

16.17
28.85

2,0
3.3

3.3
4.7

-6.0
-1.6

6.1
5.1

20
24

LLL

do

11.72

13.64

14.07

13.12

13.72

13.21

13.85

14.09

4.8

1 .7

-6.8

4.6

27

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data3
Unit
of
measure

Series title and timing classification1

Percent change

Annual average

July

Aug.

Aug.
1985

Sept.
1985

1983

2dQ
1985

3<JQ
1985

July
1985

Aug.
1985

Sept.
1985

83.68
29.94
99,35

81.87
28.60
99.86

92.16
NA
NA

91 .89

91 .41

93 .19

NA 398.01 408.34
142.0
142.6
217.7

NA
142.2

2.6
1.0

IstQ
to
2dQ
1985

ZdQ
to

-2.2
-4.5
0.5

12.6
NA
NA

4.5

IstQ
1985

0.4

NA
-0.3

2.6
0.9
3.4

NA
0.4
-1.2

-9.3
1 .1

-1.3
3.9
1.5

-6.1
1 .7
2.6

I. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.

Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U... Mil. sq. ft
11. Newly approved capital appropriations, mfg
U,Lg,lL. Bil. dol
97. Backlog of capital appropriations, mfg.s
C,Lg,Lg... Bil. dol., EOP..

78.07
29.36
94.37

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

304.78

353.54

do
C,Lg,Lg...
C,Lg,U... 1977 = 100
C,Lg,C... A.r., bil.dol

Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment in 1972 dollars

63.56
22.00
73.50

3 2 0 . 6 4 375.00 391.54 401.73
115.4
134.9
140.2
141.5
171.0
204.9
213.0
220.3

Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1972 dollars

371 .16 387.83 389.54

1,703
131.1
53.7

1,747
134.6
60.2

1,795
132.9
60.0

1,772
138.1
60.9

1 .664
140.4
62.5

-3.6

L,L,L... Ax, thousands,
L,L,L... 1967 = 100
L,L,L... A.r., bil.dol

-0,5

24.8

19.1

8.3

-2.1

21.29
53.2

8.20
21 .3

1 .80
3.6

1,663
135.1

1,7 46
142.3

1,583
143.9

5.0
5.3

-10.8

-10.4

-1.99
5.4

-1.17
-26 .3

NA
NA

0.82
-31 .7

-6.40
-17.7

NA
NA

-0.46

0.31

0.77

0.70

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1972 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1972 dollars (smoothed6)3
31. Change in mfg. and trade inventories, book value3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order, book value3
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value*
70. Mfg. and trade inventories in 1972 dollars'
65. Mfrs.' inventories, finished goods, book value5
*77. Ratio, mfg. and trade inventories to sales in
1972 dollars' ,
78. Mfrs.1 inventories, materials and supplies on hand
and on order, book value5

L,L,L...
..do..,
do

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

1.98
11 .1
1.45

L,L,L... Bil. dol

Lg,Lg,Lg... Bil. dol., EOP .
...do
Lg,LgrLg Lg,Lg,Lg...

-0.97

520.28 573.43 578.77 579.66
259.02 278.97 282.72 283.48

580.12 577.92
283.98 283.68

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

80.96

89.69

90.12

89.87

89.26

1.54

1.57

1 .56

1.57

-0.4
-0.1
-0.4

NA
NA
NA

88.86

1.59

Lg,Lg,Lg... Ratio

NA
NA
NA

1.55

208.73

0.2
0.3

NA
NA
NA

-0.3
-0.02

NA
-0.01
NA

217.30 214.40 213.61

213.15 213.46

-0.4

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99. Change in sensitive materials prices (smoothed1)3

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

Stock Prices:
*19. Stock prices, 500 common stocks (u)

L,L,1 1941-43=10.

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1972 dollars.
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1972 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

do
L,C,L...
do
L,CtL...
L,L,L... Cents
L,L,L.. 1977=100...

127 .4
60.5
149.4
71.2
4.0
98.0

145.9
68.0
195.9
92.0
4.6
99.6

137.0
62.4
207.0

Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1972 dollars

L,L,L... Ax, bil. dol...
do
L,L,L...

318.9
149.3

L,L,L... A.r.,bil.doL
...do

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,Lg,Lg.... 1977 = 100...
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.... Dollars
62. Labor cost per unit of output, mfg.
a) Actual data
Lg,Lg,Lg... 1967=100...
•b) Actual data as percent of trend3
Lg,Lg,Lg.... Percent
64. Compensation of employees as percent of
do
national income3
Lg,Lg,Lg....

1 .24
258.5
1.03

-0.37
278.9
-0.19

-1 .02
253.8
-0.77

0.27
250.7
-0.33

-0.40
239.5
-0.45

160.41 160.46 177 .30

-0.07
240.7
-0.35

-0.52
239.8
-0.52

-0.62
238.0
-0.49

-0.45
-0.4
-0.17

-0.10
-0.8
0.03

0.44

-0.67
-4.5
-0.12

NA
NA
NA
NA
NA
0.1

1.29
-1.2

192.54 188.31 184.06

99.4

137.4
62.3
214.9
98.8
3.7
99.6

NA
NA
NA
NA
NA
99.7

0.3
-0.2
3.8
3.6
-0.5
0.2

367.3
169.2

3 7 8.9
171 .8

388.4
175.3

NA
NA

2.5
2.0

156.0

157.6

161.9

162.6

163.6

0.4

1.40 9

1.425

1.462

1.473

NA

0.8

NA

215.9
95.1

212.4
88.3

216.2
86.7

215.4
85.2

215.3
84.0

-0.4
-1.5

0.
-1.2

73.4

73.9

886.2

0.47
0.67
0.93
219.5
917.2

0.80
0.81
0 .76
224.0
952.6

1.10
0.59
0.44
227.3
955.5

1.14
0.74
NA
234.5
974.0

0.78
0.71
0.47
231 .6
967.9

1.70
0.93
NA
235.0
975.1

0.94
0.58
NA
236.8
978.9

6.482
1 .300

6.720
1.322

6.708
1 .301

6.614
1 .297

6.479
1 .274

1.280

1.273

-0.094 -0.135
1.269 -0.007 -0.004 -0.004 -0.023

37.55 100.38
77.29
77.85
53.67
30.85
-2.17
76.36
98.42
90 .15
15.2
5.7
12.1
8.8
403.50 4 8 2 . 6 7 4 3 5 . 8 9 438.35

NA
9.14
NA
7.9
NA

53 .28
23 .60
74.96
7.7

NA
-1.26
75.74
8.9

95.4
4.2

215.4
84.4

214.9
83.8

215.6
83.7

-0.2
-0.6

0.3
-0.1

0.6

0.3

B7. Money and Credit
Money:
' 85. Change in money supply MP
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply Ml in 1972 dollars
*106. Money supply M2 in 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply MP
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
Mil.
110.

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

Credit Difficulties:
39. Delinquency rate, installment loans (inverted*)3




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

do..
do..

0.78

do..
I. dol
do..

0.87

C,C,C... Ratio
.. C,Lg,C.

do

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

L,L,L... Percent, EOP .

0.95
214.0

3.28
47.73

1.94

2.09

2.40

2.33

0.92
0.22
NA
1 .5
0.7

NA
NA
5.08 -24.86
NA
0.78
7.0
1.2

-0.76
-0.35
NA
0.8
0.4

0.30
-0.22
-0.32
1 .5
0.3

0.56
NA
6.34 -33.02
NA -8.27
-3.3
-1.9
0.6

0.04
0.15
NA
3.2
1.9

NA
11.31
NA
-0.9
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data8
Series title and timing classification

Unit
of
measure

1

Percent change

Annual average
1983

1984

lstQ
1985

2dQ
1985

3dQ
1985

July
1985

Aug.
1985

Sept.
1985

July
to
Aug.
1985

Aug.
to
Sept.
1985

1st Q

2dQ
to

2dQ
1985

3dQ
1985

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted*) 3 ©

94. Borrowings from the Federal Reserve 3 ©
Interest Rates:
119. Federal funds r a t e 3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate bonds3 ©
115. Yield on long-term Treasury bands3 @
117. Yield, on municipal b o n d s 3 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business loans 3 ©
*109. Average prime rate charged by banks3 ©
Outstanding Debt:
66. Consumer installment credit autstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1972 dollars
*95. Ratio, consumer installment credit to
personal income3....;

l,U,U..

L,Lg,U,.

-545 - 3 , 0 4 6
1,034
3,730

Mil. dol
do..

L,Lg,lg.. Percent
...do....
C,Lg,lg....
Lg.Lg.Lg....
...do....
do....
do....
do..,.
do....
do....
Lg,Lg,lg...
Lg,Lg,lg... Bil. dol.,
Lg,Lg,Lg... Bil. dol

EOP

-621
1,426

-472
1,287

-373
1,156

-252
1,107

-246
1,073

-620
1,289

-6
-34

37
216

-149
-139

-99
-131

93
94

10.22
9.57
13.37
11.99
10.10
13.82
12.02
12.04

8.18
12,57
11 .43
9.64
13.24
10 .10
10.54

7.92
7.52
11 ,88
10 .91
9.04
12.38
9.90
10.20

7.90
7.10
11 .52
10.59
9.05
12.05
9.27
9.50

7.
7.05
11 .28
10.51
8.81
12.12

7.90
7.18
11 .61
10.59
9.08
11 .99

7.92
7.08
11.66
10,67
9.27
12.04

0.02
0.13
0.33
0.08
0.27
-0.13

0.02
-0.10
0.05
0.08
0.19
0.05

9.50

9.50

9.50

-0.56
-0.66
-0.69
-0.5
-0.60
-0.86
-0.20
-0.34

-0.02
-0.42
-0.36
-0.32
0.01
-0.33
-0.63
-0.70

119
114
116
115
117
118
67
109

4.7
1.2

NA
0.

66
72

9.09
8.62
12.25
10.84
9.51
13.11
10,64

10.79

3 7 6 . 0 1 452.37 4 7 6 . 9 8 499 .52
NA 505.76 512.08
NA
264.66 299.73 3 2 6 . 9 8 330.90 330.86 330.79 330.68 331 .10
104.02

lg,Lg,lg..,.

115.04 126.00

127.38 128.22 127 .52 128.22 128.94

0.
1 .2
0.

NA
0.1

0.

0.6

1 .1

Percent.

12.73

13.85

14.90

15.53

NA

15.86

16 .01

NA

0.15

NA

1972-100...
1967 = 100...
Percent
1967-100...
...do
....do....
....do....
....do....
....do....
....do...,

215.3
298.4
0.3
291 .7
303.1
315.7
323.6
312.3
287.2
284.6

223.4
311 .1
0.3
302 .9
310.3
322 .6
331 .0
320.0
294.1
290.4

229.1
317.4
0.3
308.7
309.1
322 .5
316.2
319.3
298 .1
290.5

230.6
321 .2
0.3
308.5
309.4
324.6
305.0
319.3
300.3
291 .9

232.4
323.6
0.2
309.2
307.3
323.5
296.5
317 .5
300.8
291 .2

322.8
0.2
308.8
309.
324,
301,
317.8
300.9
292.6

323.5
0.2
308.9
307.2
323.6
294.4
317.3
301.6
291 .3

324.5
0.2
309.9
305.8
322.5
293.4
317.4
299.8
289.7

0.2
0
0
-0.6
-0.2
-2.4
-0.2
0.2
-0.4

0
0
0
-0
-0
-0
0
-0.6
-0.5

0
1
0
-0.1
0
0
-3
0
0
0.5

1977 = 100...

155.3

162.8

163.8

165.5

165.4

165.6

165*6

0.1

0.

94.2
175.5
98.6
108.1
106.7

94,1

-0.1

-0.1

103.4

94.6
172.5
98.5
106.9
106.0

94.2

do

94.8
168,2
98.1
107 .0
106.2

94.3

do

94.9
161.6
98.3
103.7

111.55 113.54 115.16 115.18 115.48 115.31 115.30 115.82
1 0 0 . 8 3 105.00 106.73 106.76 107 .19 106 .86 107.17 107.54
8,539
10,717
8,426
8,417
8,284 8,451
8,127
8,274
3,932
5,257
3,768
3,7 83
3,668 3,767 3,600 3,637
3,107
3,632
3,155
3,192
3,192
3,187
3,125
3,244
1 ,499 1 ,503 1,442
1,829
1,335
1,429
1,559
1,394
7,057
9,075
6,644 6,789
6,913
6,797
6,799 6,964

0
0.3
-3.8
-4.4
2.1
-14.4
-4.6

0
0
1.8
1.0
1.6
4.4
2.2

0
0
-0.1
0.4
1 .2
-4.1
-1.7

0.
0.1
-1.8

0.2
0.2
0.5

101

0.63

95

OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
Bl. Price Movements
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.

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

0.
0.
-0.1
0.
-0.
-0.
-2.8
-0.6
0.2
-0.2

310
320
320
322
330
335
331
332
333
334

0.8

0.2

340

-0
0.8
-0.2
0
0.3

-0,
0,
0,
0.7
0.4

341
345
346
370
358

0.3
0.4

-0.9
0,

441
442
37
444
445
446
447

-0.1
0.
-1.3

-0.1
0.
0.

451
452
453

-49.0
-4.9
1 .2
-3.4
2.3
3.2

NA
NA
2.3
NA
NA
2.6

500
501
502
510
511
512

22
-5.3
18.8
2.6
1.8
3.1

NA
NA
5.4
2.3
NA
5.0

517
525
548
557
570
56 4

-5.5
-16 .3
-3.1
2.4
33.5
0.6

NA
NA
NA
NA
NA
NA

602
604
606
612
614
616

B2. Wages and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls....
345. Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector
370. Output per hour, business sector
358. Output per hour, nonfarm business sector

...do.

..do
do

94,
173,
98,
107.
106.3

C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.

Civilian labor force
Civilian employment.
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over. . .
Number unemployed, both sexes 16-19 years of age...
Number unemployed, full-time workers.

Civilian Labor Force Participation Rates:
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16-19 years of age3

Millions.. . ,
. dc
Thousands.,
.do.
do

.

do .
..do..
Percent

78.5
53.1
53.5

78.3
53.7
53.9

78.2
54.6
55.6

78.1
54.6
54.3

78,0
54.6
54,3

165.1 -214.1
771 .4 733.9
936.5
948.0
53.7
50.3
545.6
558.0
491 .9 507.7

NA
NA
969.9
NA
NA
521 ,1

77.9
54.5
55.3

77.9
54.6
53.5

78.1
54.8
54.0

D. Government Activities
Dl. Receipts and Expenditures
500.
501.
502.
510.
511.
512.

Federal Government surplus or deficit3
Federal Government receipts
Federal Government expenditures
State and local government surplus or deficit3
State and local government receipts
State and local government expenditures

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

•178.6 -175.8
641 .1
704.7
819.7
880.5
44.1
52.9
478.2
523 .6
434.1
470.7

D2. Defense Indicators
517.
525.
548.
557.
570.
564.

Defense Department gross obligations incurred
Defense Department prime contract awards:.
Mfrs.' new orders, defense products
industrial production, defense and space equipment
Employment, defense products industries
Federal Government purchases for national defense

Mil. dol
..do
1977 = 100...

Thousands
A.r., bil. dol...

20,635 22,437 21,072 25,769
10,787 12,942 12,099 11,458
6,773
7,336
7,452
8,714
143.1
167.2
157.9
171 .6
1,359
1,522
1,444
1,550
200.5
221 .5 233.9
241 .1

NA 31,641 34,470
NA 11 ,761
NA
9,187
9,594 9,942
175.6
173.6
176.2
NA 1,56 9 1,590
253.1

6,722 18,137 18,567 17,544
3,011
3,146
2,741
2,294
3,536
3,875
4,126
3,998
1,513 27,132 28,137 28,802
4,340
4,689
3,750 5,005
2,937
3,787
4,425 4,452

17,412 17,423
2,158 2,389
3,615 3,897
26,630 26,083
NA 3,342 3,252
NA 4,161
4,489

NA
NA
8,026
176.9
NA

8.9
NA
3.6
1 .5
1 .3

NA
NA
-19.3
0.4
NA

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

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




Mil. dol
..do..,

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

0.1
10.7
7.8
-2.1
-2.7
7.9

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

Unit
of
measure

Percent change

Annual average
1982

2dQ
1984

1983

3d Q
1984

4th Q
1984

1st Q
1985

2dQ
1985

3dQ
1985

4th Q
to
1st Q
1985

1st Q

7d Q

to

2dQ
1985

3dQ
1985

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
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States

Bil dol..
....do..

...do...
..do.

bo..
... .do.,
do.

0.02
- 7 . 9 8 - 2 2 . 5 3 - 2 2 . 2 6 -29
87.51
83.40
90.60
89.00
91
87.49
91 .38 113.14 111.26 120
-9.11 -15.50 -27 .07 - 2 5 . 6 5 -32
52.80
50.19
55.08
54.68
55
61 .91 6 5 . 6 9
82.15
80 .33
88
21.19
19.51
21 .90
20.90
21
13,82
13.16
17.12
17 .28
18

-21 .38 - 2 7 . 1 5 -28.46
91 .54 8 8 . 9 4
88,85
112.92 1 1 6 . 0 9 117.30
-24.56 - 2 9 . 5 3 -33.00
56 .36 55.71
53.24
80.91
85.24
86.25
21 .44 1 8 . 8 7
22.10
16.33
16.52

-5.77
-2.8
2.8
-4.97
-1.2
5.4
-12.0
-6.4

-1.31
-0.1
1.0
-3.47
-4.4
1 .2
17.1
1 .2

-0.1
0.4
-0.4
-0.6

1 .1
0.5
0.3
1 .1
2.7
2.0
1 .8

1 .6
0
0.6
1.4
-0.5
-1.1
-1.3

1.9
1 .2
1.3
1 .7
1 .7
1 .2
2.2
1.0

1 .7
1 .2
4
4
0.4
0 .2
1.9
0.7

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

Gross national product
Gross national product in 1972 dollars
Per capita gross national product in 1972 dollars
Final sales in 1972 dollars
Disposable personal income
Disposable personal income in 1972 dollars
Per capita disposable personal income in 1972 dollars

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

Total
Total in 1972 dollars
Durable goods
Durable goods in 1972 dollars. .
Nondurable goods
Nondurable goods in 1972 dollars.„
Services
Services in 1972 dollars

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

Total
Total in 1972 dollars
Fixed investment
Fixed investment in 1972 dollars
Change in business inventories3
Change in business inventories in 1972 dollars3

3304.8
1534.7
6,543
1538.3
2340.1
1095.4
4,670

3662.8
1639.3
6,926
1614.5
2576.8
1169.0
4,939

3644.7
1638.8
6,933
1618.5
2554.3
1165.3
4,930

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

3069.3
1480.0
6,370
1490 .4
2180.5
1058.3
4,555

A.r., bil. dol.

1984.9 2155.9 2 3 4 1 . 8 2332 .7 2361
9 6 3 . 3 1009.2 1 0 6 2 . 4 1064.2 1065
245.1
279.8
318.8
320.7
317
140.5
157.5
178.0
178.6
177
757.5
801.7
856.9
858.3
861
363.1
376.3
393.5
396 .6 395
982.2 1074.4 1166.1 1153.7 1182
459.8
47 5.4 4 9 0 . 8
493
488.9

3694.6
1645.2
6,943
1614.6
2606 .4
1176 .5
4,965

3758.7
1662.4
6,998
1645.6
2644.5
1186 .7
4,996

3810.6
1663.5
6,989
1644.4
2654.8
1181 .9
4,965

3853.1
1671 .3
7,008
1663.0
2726.5
1205.3
5,054

3916 .1
1684.8
7,047
1686 .9
2712.6
1192.6
4,988

A2. Personal Consumption Expenditures

.do
.do...
.do

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

2396 .5 2446 .5 2493 .0 2536 ,
1075.4 1089.1 1102.1 1115,
326.3
334.8
339.2 355.6
199.2
182.9
187 .0 190.1
895.6
866.5 877.3
891.9
395.0 398.6
403.2 403 .9
1203 .8 1234.4 1261 .9 1285.3
512.1
503.5
508.7
497.5

2.1
1.3
2.6
2.2
1 .2
0.9
2.5
1 .2

A3. Gross Private Domestic Investment

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

414.9
194.3
441 .0
204.7
-26.1
-10.4

471 .6
221 .0
485 .1
224.6
-13.5
-3.6

637.8
289.9
579.6
265.1
58.2
24.8

627.0
283 .9
576.4
263.7
50.6
20.3

662.8
300.2
591 .0
26 9.6
71 .8
30.6

637.8
289.9
601.1
273.1
36.6
16.8

646.8
292.1
606.1
273 .0
40.7
19.1

643.2
289.5
625.3
281 .2
17.9
8.3

622.8
278.1
630.9
280.2
-8.1
-2.1

1.4
0.8
0.8
0.
4.1
2.3

..do...
..do...
..do..,
..do..,
...do...
..do...

6 50.5
292.7
258.9
117.0
391.5
175.7

685.5
291 .9
269.7
116.2
415.8
175.7

747 .4
302.1
295.4
122.5
452.0
179.6

7 43 .7
302.1
296 .4
123 .2
447.4
178.9

761.0
306.1
302.0
125.0
458.9
181 .1

7 80.5
310.5
315.7
129.6
46 4.8
180.9

791 .9
310.7
319.9
129.8
472.0
180.9

810,
313
324,
129,
486
183 .9

845.9
325.5
347 .0
139.4
498.9
186.1

1 .5
0.1
1.3
0.2
1 .5
0.

...do..
..do..

19.0
29.7
348.4
147.6
329.4
118.0

-8.3
12.6
336.2
139.5
344.4
126 .9

-64.2
-15.0
364.3
146.0
428.5
161 .1

-58.7
-11.4
362.4
144.7
421 .1
156.2

-90.6
-27.0
368.6
147 .4
459.3
174.4

-56.0
-13.4
367.2
147 .1
423.2
160.5

-74.5
-28.4
360.7
143.7
43 5.2
172.1

-94.0
-33.8
347.7
137.9
441.6
171 .8

-89.2
-34.0
347 .6
138.1
43 6.7
172.1

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

-0.6
-0.9
3.2
3.0
-22.8
-10.8

-3.2
-3.9
0.9
-0.4
-26.0
-10.4

A4. Government Purchases
of Goods and Services
260. Total
261. Total in 1972 dollars

262.
263.
266.
267.

Federal Government
Federal Government in 1972 dollars
State and local government
State and local government in 1972 dollars

2 .4
0.9
1.3
-0.1
3.1
1 .7

4.3
3
7.0
7.5
2.5
1 .2

A5. Foreign Trade
250.
255.
252.
256.
253.
257.

Net exports of goods and services3
Net exports of goods and services in 1972 dollars3.
Exports of goods and services
Exports of goods and services in 1972 dollars
Imports of goods and services
Imports of goods and services in 1972 dollars

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

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

290.
295.
292.
298.
293.

Gross saving . . .
Business saving
Personal saving
Government surplus or deficit1 ..
Personal saving rate3

.do.
...do..

-18
-15.0
-1
-2.3
2
7.2

-19.5
-5.4
-3.6
-4.0
1 .5
-0.2

4.8
-0.2
0
0
-1
0.2

1 .0
1.5
0.6
2.9
2.1
-4.3

NA
1.4
-3.9
1.5
NA
-2.5

A6. National Income and Its Components
...do...
...do...
...do...
...do...
...do...

NA
2 4 4 6 . 8 2646 .7 2959.9 2944.8 2984.9 3036 .3 3076 .5 3106 .5
1864.2 1984.9 2173.2 2159.2 2191 .9 2228.1 2272.7 2305.9 2337.2
149.8
153.7
159.1
159.8
160.7
154.4
121.7
154.4
111.1
58.3
62.5
62.0
63.0
64.1
64.8
66.7
67.7
51.5
225.2
291.6
292.3
298.5
MA
285.7
291 .1 282.8
159.1
274.7
256.6
284.1
293 .4 287.0
26 7.8
282 .8 293.5
260.9

1 .3
2.0
0.4
1.1
0.2
-2.2

A7. Saving
...do.
..do.
. do.
...do.
Percent. .

408.8
388.0
136.0
-115.3
6.2

43 7,2
551.8
453.6
518.6
156.1
118.1
- 1 3 4 . 5 -122 .9
5.0
6.1

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: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




551.0 556.4 556.0 550.7 5 3 2 . 6
515.3 525.3 535.2 543.5 5 5 7 . 0
144.8 164.1 1 6 3 . 0 118.6 1 3 9 . 4
-109.2 -133 .0 -142.2 -111 .4 -163 .8
4.5
5.1
5 .7
6.2
6.3

NA
NA
78.4
NA
2.9

-1 .0
1 .6
-27 .2
30.8
-1 .7

-3.3
2.5
17.5
-52.4
0.6

NA
NA
-43.8
NA
-2.2

2
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
1
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
s
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
Nov. Oct.
P T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P T

Jan. July July Nov.
P T P T

Index: 1967-1001

of twelve leading indicators
ies 1, 5, 8,12,19, 20, 29; 32. 36. 99.106. I l l ) ^ J i

roughly coincident indicators
47| 51, 57)

Index of six lagging indicators
(series 62, 77, 91, 95,101,109T7

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 It 73 74 75 76 77 78 79 80 81 82 83 841989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



OCTOBER 1985

\\i\\

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
Nov. Oct.
P T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Nov. Mar.
P
T

Dec. Nov.
P T

Jan. July July Nov.
P T P T

•I'

it •

1 Index: 1967^1001
9t4J i Capital investment commitments (series 12, 20,29)

j
-15
120-

- _ = « If -"-"
•

—xo;;

t

-30

:V

:i-3:

110-

^%7^

MrT.

•-13 f

100-

-3

90-

-3

•*2

:

'M
120-

4l5. lnventor| investment and purchasing (series 8,32,36,99)
^

^

;i IIIW\J%I r A j p

XT'

i

110-

rr

ONA^X

j'| .i\

y^^

.;f..:i:

100-

90-

120-

-4
916. Profitability! (series 19» 26,80) w - f t j ;[
'' .

ij

.

.

.^^W

:

—.

-io

^w

:i

/rn

-4

v

^

M

\j
;

-3

11010090-

i~3

80-

4f:

150-

/VV

-9

Money and financial flows (series 104^106, 111)

:ZEIMZ
A
JiiL

/

'V^^vT

fTl

140130120-

.-12 ir

110100-

l^7 : ;
90-

s"

80-

70-

150140-

-21
130-

940. Ratio, coincident index to lagging fndex

±n_

J

Mi I

Y~TT\

120-

X
-3

3

110-7

•K-

100-

90-

" ;TL!'AA!V:

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 lags ( + } in months from reference turning dates.
Current data for these series are shown on page 60.

KCII OCTOBER 1985




11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components
Nov. Oct.
P T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P
T

Nov. Mar.
P
T

Jan. July July Nov.
F T P
T

I Averagb weekly hours of production or nonsupervisory workers, manufacturing (hjjurs)

weekly initial rlaims for nnpmnktvmpnt iiKiiranrg

programs (thousands—inverted scale) j l p r

' new orders; in 1972 dollars, consumer
and materiafs industries

Vendor performance, percent of companies receiving slower
deliveries (percent)

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

Contracts
1972 dollars

for plant and equipment in

1948 49 50 51 52 53 54 55 56 57 58 59 SO 61 62 63 64 65 66 67 68 69 70 71 72 73 74 7S 76 77 78 79 80 81 82 83 84198B
Current data for these series are shown on pages 61, 64, 65, and 66.

12



OCTOBER 1985

ItCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
Jan. July July Wow.
P T P
T

29. New private housing units authorized by local
butfdin* Dermits /index: 1967 = 1OO>

36. Change in manufacturing and trade inventories on hand and on order in 1972 dollars, smoothed (ann. rate, bil. doTJ

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

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

CXI

106. Money supply M2 in 1972 dollars (BiTTO)

Lit

111. Change in business and consumer credit outstanding
(ann. rate, percent)
j LfLTL |

1948 49 50 51

99 SO ©1 62 63 64 65 66 67 68 69 70 71 72

'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, 7 1 , and 72.

ItCII OCTOBER 1985




1
3

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
Nov. Oct.
P T

July May
P T

Aug. Apr.
f I

Jan. July July Nov.
P T
P
I

Apr. Feb.
P T

41. Employees on nonagricultural payrolls (mions)

cXc

5 1 Personal income less transfer payments in
1972 dollars (arm. rate, H . dol.)

47. Industrial production (index: 1977-100)

57. Manufacturing and trade sales in
1972 dollars (bil. dol.)

1948 49 §0 51 52 93 94 5B S© §7 58 59 ©0 61 62 63 64 6S

67 68 69 70 71 72 73 74 79 76 77 78 79 80 81 82 83 841985

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

1
4




OCTOBER 1 9 8 5

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Nov. Oct.
P T

July May
P T

Aug. Apr.
P T

Dec. Nov.
P T

Apr. Feb.
P T

Nov. Mar.
P
T

Jan. July July Nov.
P T P
T

91. Average duration of unemployment (weeks—inverted scale)!

77; jtatioy maftofaeturjng arid trade inventories to sales in

X1972 dollars (ratio) [171757

62, Labor cost per unit of output, manufacturing—actual data
(jercent of trend (percent)

10§. Average prime rate charged by banksj (percent)

10L Commeiti| and industrial loans outstanding

in xa/zd&ars (btdoi,)

Ratio, consumer installment credit outstanding t$ personal income

1948 49 @ 51 52 53 54 55 5® 57 5® 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 84198S
@
Current data for these series are shown on pages 62, 68, 70, and 73.

BCI» OCTOBER 1985




1
5

CYCLICAL INDICATORS
B

I

CYCLICAL. INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Apr.

Feb.

Dec.

Nov.

Nov.

T

P

T

P

Jan. July
July
P I P

Mar.

P

T

Nov.
|

I Marginal Employment Adjustments)
42-

1. Average weekly hours of production or nonsupervisory workers,
manufacturing (hours)

21. Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (hours)

5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scale)

700 J

helo-wanted advertising in newspapers to number

0.2180-1

46. Help-wanted advertising in newspapers (indeic: 1967^100)

Z

19B9

S@

©1

(32

S3

64

%%

SS

7©

71

72

73

74

75

76

77

78

79

80

81

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

16




OCTOBER 1985

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Apr. Feb.
P T

Dec.
P

Nov.
T

Mar.
T

P

Jan. July
P T

July
P

Nov.
T

190-

[Comprehensive Employment|
180-

170-

48. Employee hours in nonagfjculfrirfll establishments
(ann. rate, bil. hours) | u,CfC

160-

150-

140-

1051

42. Persons engaged in nonagricuftural activities (millions)
85*
80-

41. Employees on nonagricultura! payrolls (millions)
,

\r t* rl

70 -

40. Employees on nonagricuftural payrolls, goods-producing,
industries (millions)

2?*
2S-

/

25-

90. Ratio, civilian employment to population of working age_ (percent)
|U,Lg,U[ [
_
/

7

J
I^^AAA.

m

Bl

§2

^WKJ!^^

@3

$4

..•.•

65

/

\

Z

66

67

68

-••

69

M ! •

70

71

72

,

. , , M,

73

74

24 «
23 -

r
5756-

-

7§

J6

77

78

83

84

85 1986

Current data for these series are shown on pages 6 1 and 62.

ItCII OCTOBER 1985




17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Apr. Feb.
P

Nov.
P

Dec. Nov.
P
T

T

Jan. July
P T

Mar.
T

July
P

Nov.
T

[Comprehensive Unemployment|
Number of persons! unemployed (millions—inverted scale)

13-

43. Unemployment rate (percent—inverted scale)

rsr

m
\

10-

n45. Average weekly insured unemployment rate, State programs (percent—inverted scale)
L,Lg,U

\

r

91. Average duration of unemployment (weeks—inverted scale)
r

jj

ij\

iff

.

lU.Lc.Ul

\

/S_j*r

-Jiff "

>

12-

•

16-

\

f"

V

20IIJ

44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)
0*
1-

JU.

23-

\

/
5-

19S9

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

Current data for these series are shown on page 62.

18



OCTOBER 1985

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
Apr. Feb.
P T

Nov.
P

Dec. Nov.
P
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

| Comprehensive Output and Income |

1700-

JUIl

1600*
1500-

50. Gross national product iK 1972 dollars, Q (ann, rate, bil. dol.)

MOO1300120011001000 J

1500 «

1T
S

14001300*
1200«

52. Personal i p m e in 1972 dollars (ahn. rajte, b i L M )

11001000900-

1300 -

1100-

51. Personal Income less transfer payments in 1972 dollars
(ann.rat€|rbi.dol.)

700-

53. Wages and salaries in 1972 dollars, mini
and construction (ann, rate, bil. dol.)

28©240 «
22®200 «

160-

W01959 60

61

62

63

64

69

67

68

70

71

72

73

74

75

76

77

78

79

81

82

83

84

85 19S8

Current data for these series are shown on page €3.

KCII OCTOBER 1985




19

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Jan. July July
F T P

Wow.
T

[Industrial Production
47. Industrial production (index: 1977—100)

Industrial production, durable mamifactwe

IK

i

74. Industrial production, nondurable manufactures
(index)! I9 7 ? H 100)

Value of goods output
rate, bil. do!.)
C.G.C

[Capacity Utilization|
Capacity utilization rate, manufacturing (percent)

Capacity utilization rate,

71

72

73

74

75

76

77

78

79

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

20




OCTOBER 1985

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Apr. Feb.
P T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July

July

Nov.

P T

P

I

no100-

| Orders and Deliveries]
6. Manufacturers'

M

70-

durable goods industries (bil W)
so7. Manufacturers' new^rder»in 1972 dollars, durable good^
industries (bil. dol.)
30-

8. Manufacturers' new orders in 1972 dollars, consumer
goods and materials industries (bil. dol.)

[X],
\)h~s*Ji '^M'

JZ.

403530-

25. Change in manufacturers' unfilled orders, durabl*<§eed&
industries (bil. dol.; MCD moving avg.—4-term)

IXX

96. Manufacturers' unfilled orders, durable goods industries
(bit. dol.)
rnTul
— * —
wo140-

10®*

32. Vendor performance, percent of companies

72

72

7®

17

Current data for these series are shown on page 64.

ItCII

OCTOBER 1985




21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Apr.

Feb.

Dec.

T

P

Jan. July

Nov.

P

T

F

T

July

Nov.

P

T

59. Sales of retail stores in 1972 dollars

Persona consumption expenditures

58. Index of consumer sentiment

•

LkiltL

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

14

75

76

77

78

70

SO

81

82

S3

84

S i 1SS@

Current data for these series are shown on page 65.

22



OCTOBER 1985

RCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
Apr. Feb.
P

Jan. July
P

T

T

July

Nov.

P

T

I Formation of Business Enterprises [

12, Net business formation (index: 1967**10ft) L.L.L

ions
13. New business incorporations (thousands)

J

^

10. Contracts and orders for plant and equipment
in current dollars (bil. dol.) f f
ffS

| Business Investment Commitments |

20. Contracts and orders for plant and equipment
in 1972 dollars (bil, do),)
L.LL

24. Manufacturers' new orders in current dollars, nondefense
capital goods industries (bil. dol.)

27. Manufacturers' new orders in 1972 dollars, nondefense
capital goods industries (bil, dol.) r f j ~ [

9. Construction contracts awarded for commercial and industrial ftfi

1959 60

61

62

63 64

65

66

67

68

69

70

71

72

73

74 7§

''

76

77

78

79

80

81

82

83 84 85

'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.

ItCII OCTOBER 1985



23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

T

July

Nov.

P

T

[Business Investment Commitments—Con. |

97, Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)

11. Newly approved capi appropriations , 1,000
apital
manufacturing
Q (bil. doJ.)

Expenditures for new plant

1 Business Investment Expenditures

equipment sales and business
Machinery and equt
construction expenditures (

76. Industrial production, business equipment
(index: 1977=100)

1959 60

61 62

63 64 65 66

67 68

69

70

71 72 73

74 75

77

78

79

80 SI

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

24



OCTOBER 1985

itcn

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Apr.

Feb.

P

T

Jan. July
P

T

July

Nov.

P

T

| Business Investment Expenditures—Con.
Gross private nonresidential fixed investment in 1972 dollars (ann. rate, bil. dol.
86. Total, Q
C,Lg,C
* Producers' durable equipment, y

60-

tl. Structures, Q | L gt Lgji.gl I;

40«

| Residential Construction Commitments and Investment j,,
28, New private housing units started (ann, rite, millions)

zn-g

29. New private housing units authorized by local building permits
(index: 1967-100)

89. Gross private residential fixed investment in
1972 dollars, Q (ann. rate, bill doi.)!

66

67

68

69

70

71

72

73

74

7S

76

77

78

79

80

81

82

83

84

89 1986

Current data for these series are shown on page 67.

KCII

OCTOBER 1985




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Apr.

Fab.

Dec.

Nov.

Nov.

T

P

T

P

Jan. July

Mar.

P

T

| Inventory InvestmenT]

P

July

Nov.

P

T

T

30. Change in business inventories in 1972 dollars, <3 (ann, rate, bil. do!.)

[ujl
JLv*

y_H /_

vv.

vf

t

P

V,

T

A

±

/

+20+ 10-

V
-10-

36. Change in manufacturing and trade inventories on hand and on order
in 1972 dollars (ann. rate, bil. dol.; moving avg>—4-term1)^

31. Change in manufacturing and trade inventories, book value ;
(ann. rate, bil. dol.; MCD moving

ies
38. Change in manufacturers' inventories, materials and supplies on hand
ing avg.—4-term)
and on order, book value (bil. dol
LLL

19S9 6@

61

63

63

64

65

66

67

68

69

70

71

72

73

74

73

76

77

78

79

80

81

82

83

84

85

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

2
6




OCTOBER 1985

KCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar

P

T

P

T

P

T

Jan. July
P

T

Hiii
SfiiSl
• i l

fill

*•"•

Nov.

P

T

;illilS'"

HI
m
IHItrade inventories,
•1
B U I 71. Manufacturing and

11jlliories on Hand and on Order 1

July

book value d M U

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

65. Manufacturers' i n f j § p e s , finished goods,

...book.value.(bit.djj| .
mum

78. Manmacturers inventories, materials anq supplies on nand

/

and on:order, j j j j value (bil. dol.) ) i | i | i '

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 68.

OCTOBER 1985




27

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Apr. Feb.
P

Mar.
T

Nov.
P

Dec. Nov.
P
T

T

Jan. July
P T

July
P

Nov.
T

81

82

98. Change in producer prices for 28 sensitive crude and
intermediate materials (percent; MCD moving avg.-6 ; term)

I l l l l i v e Commodity Prices!

19. Stock prices, 500 common s

18. Corporate profits after
(ann. rate, bil. dol.) !,

16. Corporate profits
(ann. rate, bil. dol.)
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85 1986

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28




OCTOBER 1985 K C I I

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

Apr. Feb.

P

T

Jan. July July
F T P

Nov.
P

Nov.
T

[Profits and Profit Margins—Con.]

120-

79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (ann. rate, bil. dot.)
^

Corporate profits after tax with IVA and CCAdj in
1972 dollars, Q (ann. rate, bil. dol.)
f

..??•.. fa*'0' c o f P o r a t e .ttomestic profits after tax to corporate
aomestic income, y ^percent},
v

fuXl

^

A

ox. Katio, corporate aomestic proms alter tax witn IVH ana
CCAdj to corporate domestic income, Q (percent)

v
/
A..../

WxxTV

15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents)

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector. 0 (index: 1977=100)
100-

_\

[Cash Flows]

400-

2S0-

34. Corporate net cash flow in current dollars, Q
(ann. rate, bil. dot) '
35. Corporate net cash flow in 1972 dollars, Q
(ann. rate, bil. dol.)
\uJ\

1959 S©

SI

§2

S3

S4

65

SS

SJ

®8

11

It

73

7S

77

IB

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

KCII

OCTOBER 1985



29

CYCLICAL
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr.

Feb

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

July

Nov.

P

T

T

180-

| Unit Labor Costs and Labor Share I

170160150140130120110-

63. Unit labor cost, business sector, ft ,

100-

(index: 1977=100) f f l

1.61.5-

1.21.1-

68. Labor cost in current dollars per unit of gross domestic product in
1972 dollars, nonfinancial corporations, Q ( d o l l a r s ^ r ™ * * 1 ™ ^ — -

1.00.9-

0.8260240220-

r_

200180-

62. Labor cost per unit of output, manufacturing (index: 1967 = 1
160-

140-

120-

100-

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

73

74

7%

Current data for these series are shown on page 70.

30




OCTOBER 1985

KCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Apr.

Jan July

Feb.

P

T

P

July

Mov.

T

P

T

80

81

85. Change in mo(M liijjply Ml
(percent; M G | moving avg.—6-term) [ t , l , t

102. Change ia m^ey sijpply M2
(percent; MCp moving avg.—6-term)

104. Change in total liquid assets (percent; MCD moving avg.—6-term)

-ifip
105. Money supply M l in 1972 dollars (bil. dol.)

106. Money supply M2 in 1972 dollars (bi. dol.)

}

107. Ratio, gross national product to money supply M l
Q (ratio)!

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

1959

60

61

62

63

64

S§

68

69

70

71

72

73

74

7§

76

77

78

79

82

83

84

85 1986

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

OCTOBER

1985




31

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

Feb.

P

T

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

112. Net change in business loans (ann. rate, bil. dot.;
MCD moving avg.—(i-term)

113. Net change in consumer installment creditjj
{ann. rate, bil. dol.; MCD moving avg,—6-terni)

111. Change in business and consumer credit outstanding (ann. rate, percent)

110. Funds raised by private nonfinanciat borrowers in credit
markets, Q (ann, rate, bil. dol.) T["[lll["|il

19B9 80

$1

62

©3

64

71

71

73

74

75

76

77

78

79

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

32




OCTOBER 1985

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

P

Nov
T

[Credit Difficulties'"!
14, Current liabilities of business failures ( m i dot
mverted scale; MCDjnoving avg.—6-term)

1

LL.L

rffw
irffw

39. Percent of consumer installment loans delinquent 30 days and over
(percent—inverted scale)
' |L,L,L

93. Free reserves (bil. do).—inverted scale)

94. Member bank borrowings from the Federal Reserve (bil. dot.)

66

67

68

69

70

71

72

73

74 75

Current data for these series are shown on page 72.

OCTOBER 1985




33

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr,

Jan. July

Feb.

P

T

P

T

July

Nov.

P

T

119. Federal funds rate (percent)

Discount rate on new issues of 91-dajt
bills (percent) f c j x

Yield on new issues of hieh-erade

on long-term Treasury bonds (percent)
C.Lgl

et yields on FHA mortgages (percent)

117. Yield on municipal bonds, 20-bond average (percent)

1959 60

61

62

63

64

69

66

67

68

69

70

71

72

73

74

79

76

77

78

79

81

82

S3

34

85 1986

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

34



OCTOBER 1985

BCII

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Feb.
P T

Jan. July
P T

July
P

Nov.
T

{Interest Rates—Con,

67. Bank rates on short-term business loans, Q (percent)

109. Average prime rate charged by banks (percent)

I Outstanding Debt |
66. Consumer installment credit outstanding (bil. do).)
1
Turn "'."-

Lg,Lg,

Commercial and industrial loans outstanding in current

101. Commercial and industrial loans outstanding in 1972 dollars
(HL del.)

95. Ratio, consumer installment credit outstanding to personal income
(percent) |Lg,Lg,L

1959 60

SI 62

Current data for these series are shown on page 73.

OCTOBER 1985




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
P

T

Ian. July July Nov.
F T P
T

Nov. Mar.
P
I

Dec. Nov.
P T

Apr, Feb.

[Percent rising I

950. Twelve leading indicator components (6-mo. span*—, 1-mo. span-—)

951. Four roughly coincident indicator components! (6-mo. span

f

1-mo. s p a n — )

mfwm

100*

952. Six lagging indicator components (6-mo. spaij—ji 1-mo. s p a n — )

961. Average weekly hours of production or nonsupervisory workers, 20
maniifanturinp in

100*

962. Initial claims for unemployment insurance, State programs, 51 areas
(percentdeclining; 9-mo. soan
1-mo. soan.--.li)

50-

963. Employees on private nonagrfcultural payrolls, 172-186 industries
1001

12

73

74

7§

76

77

78

79

Current data for these series are shown on page 74.

36



OCTOBER 1985

ltd)

DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

T

P

T

P

Jan. July July
F T P

Mar.

P

T

964.

965.

Nov.
T

Manufacturers' new orders, 34-35 durable goods industries
g. s p a n — , 1-mo. s p a n ~ ^ j _

Newly approved capital appropriations in 1972 dollars, 17
L
~Q span. % ^ L _

V
J 6 6 . lndustria[productionL24 industries (6-ma span

k

03

-, 1-mo. span-_--)

967. Spot market prices, 13 raw industrial materials
f l : mo. s j a n - - - )

968. Stock prices, 500 common stocks, 45-82 industries
(9-mq^span-—> l - m o - j ^

960. Net profits, manufacturing, about 600 companies1 (4-Q span)

IB

(I
S

§2

@3

M

®5

6©

$7

®8

©S

7Q

71

72

73

74

IS

7S

7

•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.

BCII OCTOBER 1985




3
7

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—-Continued
Nov.

July

T

P

July

Nov.

Nov.

Mar,

T

Jan.

Mar.

P

P

T

P

T

Jan.
F

July
T

July

Nov.

P

T

Actual
Anticipated

Anticipated

(Percent rjsing |

970, Expenditures for new plant and equipment,
21 industries (1-Q span)
Number of employees, manufacturing and tr|de (4-Q span)1
70605040-

975. Level of inventories, manufacturing and trade (4-Q span)

1

(a) Actual expenditures

80-

10070-

75-

60-

50 -

(c) Early projections

50-

25

40-

0

j,

971. New orders, manufacturing (4~Qj$pan)

1

976. Seing prices, manufactijring (4-Q ^ a n )

1

100-|
9080-

KX._

7060-

[977. Seing prices, wholesale trade (4-Q b a n )

. Net profits, manufacturing ahd trade ( 4 Q span)

$73. Net sales, manufacturing and tr^de ( i - Q span)1

1973 74

7S

76

77

78

79

80

81

82

83

978,

84 1985

1973 74

Seing prices, retail tracfe ( M l s p * ) 1

75

76

77

78

79

80

81

82

83

84 198S

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

38



OCTOBER 1985

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Jan. July
P

July

Nov.

P

T

T

1-month spans — j j ~
3-month spans — - f r

|iPjerc€||it change at annual rat
910c, Composite index ofkwelye leading indicator

920c. Composite index of four roughly coincident indicators

930c. Composite index of six lagging indicators

47c. Index of industrial production

50c. Gross national product in 1972 dollars (1-Q span) '
w

\J

T\

A^

V

77

78

79

80

\A

i

/

\A.v

in

48c. Employee hours in nonagricultura! establishments
1

51c. Personal income lejss transfer
payments in 1972 dollars

1959 60

61

62

63

64

65

66

67

68

69

70

71

5

i

; '

i

.
\

74

7§

76

81

82

83

84 - 8 9

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

ItCII OCTOBER 1985



39

OTHER IMPORTANT ECONOMIC ME
NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Apr. Feb.
P
T

Nov.
P

Dec. Nov.
P
T

Mar.
T

Jan. July
P T

July
P

Wov.
T

3000-

200. Gross national product in current dollars, Q (arm. rate, bil. dot.)

223. Personal income in current dollars
(ann. rate, bil. dol.) \

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

50. Gross national productjnJ972dpjfl
(ann. rate, bil. dol.)

213.

1400-

225. Disposable personal income in 1972
dollars, Q (ann. rate, bil. dol.)

217. Per capita gross national product in 1972 dollars, Q
(ann. rate, thous. dol.)"

227. Per capita;disposable personal income in
197? dollars, Q(ann. rate, thous. dol.)
19i9 60

§1

62

63

S4

S§

66

$7

70

11

72

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

40



OCTOBER 1985

KCII

©TUEU
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
i.July
P T

July
,P

Nov.
T

Annual rate, biffion dollars (current))

Personal consumption expenditures—

jAnnual rate, biffiofi dollars (1972)

82

83

84

8a 1986

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

K C I I OCTOBER 1985



41

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

Nov.

P

T

Annual rate, billon; dollars (current) |

Gross private domestic investment

242. Fixed investment, Q

ij 245. Change in business inventories, Q

Annual rate, biipn dollars (1972) j

243. Fixed investment, Q

30. Change in business inventories, Q

19S9 6©

Si

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

42




OCTOBER 1985

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Jan. July
P T

July
P

Nov.
T

Annual rate, biSofj doiars (current)]

Gdj/ernment purchases of goods and services
900*
800700600500-

400-

300-

200-

266. State and local
government, Q

262. Federal Government, Q

100"

Annual rate, b i b n dollars (1972)

400350300*
250-

200-

and local government

150-

Fecteraltaovernment,
100 -

1959 60

61

62

63

64

65

06

67

68

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 81.

ItCII OCTOBER 1985




43

i5T E©DN@MD(D i J i ^ S U ^ i
NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Apr.

Fab.

Dec.

Nov.

Nov.

P

T

P

T

Jan. Jyly

Mar.

P

F

T

July
P

Nov.
T

Annual rate, blon dollars (current)]-

252. Exports of goods and services, Q ——

253. Imports of goods and services, Q

250. Net exports of goods and services, Q

Annual rate, blon dollars (1972)1

256. Exports of goods and services, Q——

257. Imports of goods and services, Q

255. Net exports of goods and services, Q

Current data for those series are shown on page 82.

44




OCTOBER 1985

BCII

A

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Apr. Feb.
P
T

Dec. Nov.
P
T

Jan. July
P T

July
P

Wov.
T

[Annual rate, billion dollars (current)]

220. National income, Q

280. Compensation of employees, Q

286. Corporate profits before tax with inventory valuation and capttat
consumption adjustments, Q

^ 2 8 8 . Net interest, Q

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

IQ

61

62

S3

M

65

Current data for these series are shown on page 82.

BCII OCTOBER 1985




45

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Apr. Feb.
P
T

Dec. Nov.
P

I

Jan. July July
P I P

Wov.
T

Annual rate, billion dollars (current)

298. Government surplus or deficit, Q

293. Personal saving rate, Q

JO

®1

©2

©3

64

6S

§6

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

46



OCTOBER 1985

BCII

NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
Apr. Feb.
P
T

Dec. Nov.
P
T

Nov.
P

Man
T

Jan. July July
F T P

Nov.
T

1 Percent of GNPJ

235. Personal consumption expenditures, Q

268. State and local government purchases
of goods and services, Q
265. Federal Government purchases of goods and services, Q

248. Nonresidential fixed investment, Q

249. Residential fixed investment, Q

• ^ 247. Change in business inventories, Q

251. Net exports of goods and services, Q
-i-

jPercent of National Income!
64. Compensation of employees, Q
75-

287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q

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

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

Current data for these series are shown on page 83.

KCII OCTOBER 1985




47

B

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
Nov.

Mar.

P

T

Jan. July
P

T

July

Nov.

Nov.

T

P

Jan. July

Mar.

P

T

fWw-1972^1001

P

July

Nov.

P

I

T

310dL Implicit price deflator for gross | Percent change at annual rate)
national product (1-Q span)

310. Implicit price deflator for gross
national 'product Q~
311c. Fixed-weighted price index, gross domestic business product

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

Producer price indexes—
330c. All commodities
Index: 1967 = 1001

Producer price indexes—
'335c. Industrial commodities
330. All commodities

331c. Crude jmaterials for
further processing

335. Indusffiaf commodities

further processing
supplies, and components

332. Intermediate materials,
supplies, "and components

333c. Capital equipment
333.. _
Capital equipment
334c. Finished consumer goods

334. Finished consumer goods

)U73

74

7%

7(5

11

7B

Jg)

8©

831

74

75

7S

77

78

1%

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




OCTOBER 1985

© D W © « MEA
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

Wov.
P

Mar.
T

Jan. July
P T

July
P

Nov.
T

I Index: 1967-1001
Consumer price indexes-

140 =

I Percent change at annual rate]
eg

320c. Alhirbj^consumers

322c. All urban consumers, food (6-month span)

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

[Index: 1977=100
341. Real average hourly earnings of production or nonsupervisory^^
workers on private nonagricultural payrolls1

340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls (current dollars)1

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

345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)

'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.

OCTOBER 1985




49

OTHER IMPORTANT I
PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
Apr.

Nov.
P

Dec. Nov.
P
T

Feb.

p

T

|Wages~^Con,|
Change in average hourly
workers on private

Wiar.
T

Jan. July
P T

July
P

[Percent change |

6-month snaiis_^ann.iate)

340c. Current-dollar e a r n i n g s ^ W / ^ ^ 1

v

Nov.
I

>''
1-month spans2

341c. Real earnings J ^ ^ y ^ ^
6-month spans (ann. rate)
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
+*e /H V J ' I I "
~~7
345c. Current-dollar^ compensation
j

* jj J >f

jj
\
1-quarter spans (arin/rafet
\

Negotiated wage and benefit decisions—
348. Average first-year changes, Q (ann. rate)
349. Average changes over life of
contract, Q (ann. rate)

I Index: 1977=1001

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

V
370. Output pef hour, all persons,
business sector, Q

70-

370c. Change in output per hour, all persons, business sector, Q

V \f
I®

1 Percent change |

4-quarter spans *
©1

%2

S3

M

SS

S
@

©7

SS

Si

J
@

J2

J2

73

74

7i

?S

77

78

7§

§0

SI

82

83

M

S i 3Li>S(S

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) to make them comparable
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

50



OCTOBER 1985 I M J I

i
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Dec.

Nou.

NOV.

T

P

Jan. July
P T

Mar.

P

Apr. Feb.
P
T

T

July

P

Nov
T

441. Civilian labor force (millions)

442. Civilian employment (millions)

Civilian labor force participation rates (percent)—
451. Males 20 years and over

453. Both s^xes 16-19 years of age

452. Females 20 years and over
Number unemployed (millions)—
37. Persons unemployed—

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

447. Number unemployed, full-time
workers (millions)

448. Number of persons employed part time for
economic reasons (millions)
7©

71

72

73

74

71

7$

77

7$

Current data for these series are shown on page 89.

ItCII OCTOBER 1985




51

©THEM mmuimi

EC©

GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
Apr.
P

Feb.
T

Dec.

Wov.

Mar.

P

I

T

Jan. July
P

T

Juiy

Nov.

P

T

[Annual rate, billion dollars (current)]
1

1300-

50© -

502. Federal Government expenditures, Q

501. Federal Government receipts, Q

100-

~ao*

full
511. State and local government receipts, Q

512. State and local government expenditures, Q

510. State and local government surplus or deficit, Q

Current data for these sories are shown on page 90.

52




OCTOBER 1985

ItCI)

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Apr, Feb.
P T

Nov.
P

Dec. Nov.
P

1

Mar.
T

Jan. July
P T

July
P

Nov.
T

[Advance Measures of Defense Activity]

302822'

_ _ _ J

M.

517. Defense Department gross obligations incurred
(bil. dot; MCD moving avg.—6-term)

= 1

22 =,
20 =
IS =

~!

12-

-J
525. Defense Department prime contract awards
(bil. dol.; MCD moving avg.—6-term)

10 =
1
1

,. •
>

w
=--

220 si
2001 Ed =

ioU

160 140 =
120 =
100 =

543. Defense Department gross unpaid obligations outstanding (bif. dol.)

548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.—6-term)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

Current data for these series are shown on page 90.

RCII OCTOBER 1985



53

£)

GOVERNMENT ACTIVITIES-Continued

Chart D2. Defense Indicators—Continued
P

T

Dee. Nov.
P T

P

T

Jan. July July
F T P

Nov.
T

| intelfmediate and Final Measures of Defense Activity] !|
5j7. Indgstrigl production, defense gnd space equipment

GEL 180—
^

, defense products, book value

561. Manufacturers' united orders, defense products (bil. dot.)

580. Defense Department net outlays,
assistance (bit. doJ.)

functions and military

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

Current data for these series ate shown on page 91.

54



OCTOBER 1985

BCII

QTUEU
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Apr. Fab.
P
T

Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

1 Intermediate and Final Measures of Defense Activity—Con. |'

1.6-

1.2-

Defense Department personnel (millions)—
3.5 <ii

577. Military personnel on active duty

3.0 =
2.52.0 «

300-

1 National Defense Purchases |

280220-

564. Federal Government purchases of goods and services, national
defense, Q (ann. rate, bil. dol.) *T ^ ^ ™ ^ —

140 =

100-

60-

565. National defense purchases as a percent of 6NP, Q (percent)

72

73

77

78

SI

82

Current data for these series are shown on page 91.

KCII

OCTOBER 1985




55

@m\m
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr.

Dec. Nov.
P
T

Feb.

P

T

Hov.

Mar.

P

T

Jan. July
P

T

July

Jtov.

P

T

20-

2

16-

128-

602. Exports, excluding military aid shipments
(bil. dol.)

1
S3-

3-

604. Exports of domestic agricultural products
(bit. dol.)
606. Exports of nonelectrical machinery

X

(bil. dol.)

u-

612. General imports (bil. dot.)
to*
SO*

614. Imports of petroleum and petroleum products

.don

;

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

0 30/3-

Current data for these series are shown on page 92.

56



OCTOBER 1985

E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
Apr.
P

Feb.
T

Dec. Nov.
P
T

Nov.
P

Wiar.
T

Jan. July July
F T P

Now.
T

[Annual rate, billion dollars 1

Excess of receipts
['"'-"• 1 Excess of payments

Goods and services—
667. Balance on goods and services, Q

Merchandise, adjusted—

622. Balance on merchandise trade, Q

\
620. Imports, Q

Income on investment—

651. U.S. investment abroad, Q

652. Foreign investment in the United States, Q

Current data for these series are shown on page 93.

I OCTOBER 1985



57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
Wov.
P

Dec. Nov.
P
T

Apr. Feb.
P
T

Mar.
T

Jan. July
P T

July
P

Nov.
T

(Index: 1977 = 100]

Industrial production—

00-

•*((

47. United States

f—
I D i S S©

SI

§2

§3

§4

SS

6S

©7

«S9

J@

11

12

Current data for these series', are shown on page 94.

5
8




OCTOBER 1985

INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices
Nov.
P

Ian. July
P T

Mar.
T

July
P

i} S^nwitH ^Sh$ | J

[Percent change $t anm$l rate)

Wov. Mar.
P
T

Nov.
T

j

Stock prices*

Jan. July July
P I P

Wov.
T

1 Index: 1967 _«1001

Consumer ftic&<H ::
320c. United States

738c. Japan

735c. West Germany

736c, France

732c. United Kingdom

737c. Italy

A

733c. Canada

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

OCTOBER 1985



59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

^ 2
910. Index of
twelve leading
indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111)

Year
and
month

(1967-100)

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

(1967-100)

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

(1967 = 100)

C MOI E I D X S
O P ST N E E

940, Ratio,
coincident index
to lagging index

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

(1967 = 100)

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

916. Profitability (series
19, 26, 80)

917. M n y and
oe
financial flows
(series 104,106,
111)

(1967-100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

1983
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
154.4
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

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

132.4
132.0
130.2

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
110.1
109.2

105.4
105.2
106.1

108.4
108.6
108,8

131.1
132,0
133.9

January
February
March

164.5
166.5
167.2

149.5
150.6
151.1

109.8
111.3
112.8

E>136.2
135.3
134.0

110.3
111.5
110.8

106.1
106.8
107.5

109.2
108.4
109.3

133.4
134.8
136.3

April
May
June

168.1
168.2
166.7

152.6
153.9
155.4

114.6
116.4
117 5

133.2
132.2
132 3

110.7
110.7
111 1

[H>107.9
107.7
l nfi n

110.1
110,8
1 10 E

136.6
138.1
I ?A n

163.9
164.4
165.7

155.7
156.0
156.5

118.8
119.8
121.0

131.1
130.2
129.3

109.6
110.3
110.4

104.6
103.6
103.8

110.3
111.7
112.2

137.3
136.9
137.3

164.2
rl65.1
164,1

156.5
157.7
158.9

122.0
121.7
122.1

128.3
129.6
130.1

109.3
rlO9.8
109.3

103.8 .
103.4
102.3

112,4
112.8
112.3

135.5
136.0
136.2

January . . . . . . . . .
February
March

166,3
rl67,6
r i 67 A

158.2
158.5
icon

124.2
124.9

127.4
126,9
126 2

109.3
E>111.6
110.6

102.6
102.8
102 6

112.7
113.2
rll3 4

138.9
138.7

1 OC Q

April
May
June

166.9
167.4
rl67.6

160.1
159.6
rl58.8

126.0
128.3
128.1

127.1
124.4
124.0

rlO9.7
rlO9.6
rllO.3

102.5
102.0
i m fi

rll3.8
rll4.5
115 1

rl36.8
rl35.9

July
August
September ,

l

rl68.7
170.2

rl59.1
©160.3
2
160.2

128,3
128.5
(H>3128.8

rl24.0
124.7
P124.4

rll0.3
rlll.l
pill.2

101.6
rlO1.6
plOl.5

D115.7
P115.2
(NA)

rl36.9
rl38.4
pl38.6

. .

July .
August
September
October
November
December

. .

1984

July
August ,
September

, ,

October
November
December
1985

© 170.3

Drl39.0

ri ^^ fl

October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by (JJ), that appear to contain no seasonal movement. Current high values are indicated by JH); 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.
Excludes series 36, for which data are not available.
Excludes series 57, for which data are not available,
Excludes series 77 and 95, for which data are not available.

2
3

60




OCTOBER 1985

ICO

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

L,L, L

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

1. Average weekly hours
of production or nonsupervisory workers, manufacturing

(Hours)

l,C,L

L.CL

21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing

(Hours)

Comprehensive
Employment

Job Vacancies
L, Lg, U

5. Average weekly initial
claims for unemployment
insurance, State programs'

(Thous.)

60. Ratio, help wanted
advertising in newspapers
to number of persons
unemployed

(Ratio)

L, Lg, U

U,C,C

46. Index of help-wanted
advertising in newspapers

(1967=100)

48. Employee hours in
nonagricultural establishments

(Ann. rate,
oil. hours)

1983
January
February
March

39.4
39.2
39.6

2.4
2.4
2.5

507
478
479

0.215
0.214
0.216

83
83
83

165.75
164.04
165.06

April
May
June

39.9
40.0
40.1

2.8
2.7
2.9

470
453
406

0.213

0.230
0.243

81
87
92

166.67
167.07
167.47

July
August
September

40.3
40.3
40.7

3.0
3.1
3.3

380
408
387

0.283
0.273
0.284

100
97
98

168.29
168.25
170.68

October
November
December

40.7
40.6
40.6

3.3
3.3
3.4

386
381
378

0.335
0.359
0.391

111
114
121

171.12
170.69
172.73

40.8
B>41.1
40.7

3.5
3.5
3.5

364
E>345
348

0.406
0.435
0.420

123
129
124

174.01
175.02
174.40

April
May
June

41.0
40.7
40.6

H>3.6
3.4
3.4

360
348
350

0.419
0.435
0.485

124
125
134

176.89
176.31
176.99

July
August
September

40.5
40.5
40.6

3.3
3.3
3.3

365
358
368

0.484
0.449
0.459

138
128
129

177.06
177.49
178.87

October
November
December

40.5
40.5
40.6

3.3
3.4
3.4

405
397
386

0.484
0.501
0)0.527

136
137

B>145

178.40
177.37
179.63

40.6
40.1
40.4

3.4
3.3
3.2

378
402
389

0.488
0.496
0.489

139
140
138

180.00
rl79.59
181.00

40.2
40.4,
40.4

3.4
3.1
3.2

387
383
392

0.463
0.464
0.488

131
131
138

180.49
181.39
181.82

3.2
3.3
P3.3

381
375
381

0.490
0.487
pO.489

139
133
pl36

rl81.60
rl82.61
©P183.54

1984
January
February
March

19S5
January
February
March

....

April
May
June
July
August
September

40.3
r40.6
p40.7 .

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
1
Data exclude Puerto Rico, which is included in figures published by the source agency.

OCTOBER 1985




61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class . . . . . .

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Unemployment

Comprehensive Employment—Continued
U.C.C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C.C.C

41. Employees
on nonagrtciiltural payrolls

(Thous.)

L, C, U

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

U, Lgt U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

(Thous.)

(Percent)

L, Lg, U

45. Average
weekly insured
unemployment
rate, State
programs'

(Percent)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1983
January
February
March

95,792
95,756
95,897

88,835
88,740
889942

22,938
22,836
22,814

56.53
56.43
56.47

11,513
11,556
11,430

10.4
10.4
10.3

4.5
4.5
4.4

19.0
19.2
19.3

4.2
4.2
4.2

April
May
June

96,209
96,282
96,987

89,244
89,578
89,945

22,923
23,051
23,177

56.59
56.56
56.97

11,316
11,258
11,273

10.2
10.2
10.1

4.4
4.2
3.9

19.3
20.3
20.8

3.9
4.0
4.0

July
August
September . . .

97,691
98,101
98,675

90,341
90,041
91,182

23,348
23,449
23,608

57.32
57.51
57.68

10,534
10,595
10,281

9.4
9.4
9.2

3.7
3.5
3.3

21.3
20.2
20.4

3.9
3.6
3.5

October
November . . .
December . . .

98,758
99,453
99,700

91,473
91,773
92,167

23,796
23,953
24,065

57.65
57.97
58.10

9,872
9,448
9,208

8.8
8.4
8.2

3.2
3.1
3.0

20.3
20.1
19.6

3.3
3.1
3.0

January
February
March

100,000
100,524
100,818

92,603
93,115
93,387

24,234
24,464
24,507

58.12
58.40
58.49

9,026
8,836
8,783

8.0
7.8
7.8

3.0
2.9
2.9

19.9
19.0
18.9

2.8
2.7
2.6

April
May
June

101,023
101,795
102,023

93,725
93,998
94,317

24,603
24,670
24,767

58.59
58.97
59.04

8,800
8,560
8,228

7.8
7.5
7.2

2.8
2.7
2.7

18.7
18.5
18.1

2.5
2.5
2.3

July
August
September .. .

102,044
101,884
102,075

94,615
94,893
95,238

24,842
24,889
24,851

58.98
58.80
58.88

8,491
8,481
8,370

7.5
7.5
7.4

2.7
2.7
2.7

18.0
17.6
17.3

2.3
2.3
2.3

October
November . . .
December , . .

102,480
102,598
102,888

95,573
95,882
96,092

24,918
24,955
25,045

58.96
59.06
59.20

8,367
8,142
8,191

7.3
7.1
7.2

2.7
2.8
2.8

16.7
17.4
17.3

2.2
2.1
2.1

January
February
March

103,071
103,345
103,757

96,419
96,591
96,910

©25,112
25,062
25,056

8,484
8,399
8,396

7.4
7.3
7.3

2.9
3.0
2.9

15.3
15.9
15.9

2.0
2.1
2.1

April
May
June

103,517
103,648
103,232

97,120
97,421
97,473

25,090
25,066
25,010

59.24
59.35
0)59.55
59.41
59.37
58.99

8,426
8,413
8,413

7.3
7.3
7,3

2.8
2.8
2.8

16.1
0)14.9
15.4

2.1

103,737
104,080
E>104,568

r-97,707
r97,987
[H>p98,115

r24,980
r25,026
p24,949

59.21
59,32
59.47

8,451
0)8,127
8,274

7.3
0)7.0
7.1

2.8
2.7
0)2.7

15.4
15.6
15.5

2.0
2.0
2.0

1984

1985

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

See note on page 60.
Graphs of these series are shown on paces 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.

62



OCTOBER 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

a

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME
Industrial Production

Comprehensive Output and Income

ccc
50. Gross national product
in 1972 dollars

ccc

(Ann. rate,
bit. dol.)

52. Constant
(1972) dollars

51. Personal
income less
transfer payments in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Personal income
223. Current
dollars
(Ann. rate,
bil. dol.)

ccc

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

ccc
47. Index of
industrial
production

ccc
73. Index of
industrial
production,
durable manufactures

CL, L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

(1977 = 100)

(1977 = 100)

c cc
49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol)

1983
1,491.0

April
May
June

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

210.5
209.4
210.1

102.5
103.3
104.2

98.7
100.1
101.8

107.5
108.2
109.4

658.9

2,693.2
2,715.8
2,734.4

January
February
March

1,268.0
1,275.6
1,282.6

1,077.6
1,083.0
1,091.3

210.5
210.9
212.2

105.6
106.9
107.8

103,
104,
105.9

110.6
112.4
113.4

681.6

July
August
September . . .

1,550.2

2,744.9
2,759.9
2,785.0

1,283.3
1,284.9
1,291.1

1,094.
1,096.
1,104.

213.1
213.5
215.9

109.8
111.6
113.7

108.6
110.9
113.1

114.9
116
118,

698.1

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

217.2
218.4
219.8

114.4
114.8
115.5 "

114.4
114,9
116.3

117.9
117.9
117.5

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
222.7

118.4
119.3
120.1

119.6
121.0
122.2

119.5
121.0
121.6

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

224.6
224.7
225.6

120.
121.
122.

123.3
123.8
124.7

121.9
122.3
123,2

767.4

July
August
September . , .

1,645.2

3,027.7
3,045.8
3,068.3

1,373.1
1,373.2
1,380.3

1,183.9
1,183.9
1,191.9

225.
225.
225.1

123.
123.
123.

126.4
127.7
127.2

123.9
123.2
123.1

766.8

October
November . . .
December . . .

1,662.4

3,079.3
3,097.5
3,111.8

1,381.5
1,389.0
1,397.9

1,191.8
1,198.4
1,210.3

224.5
226.3
228.0

122.7
123.4
123.3

127.0
127.5
127.4

123.3
123.8
123.4

E>778.8

January
February
March

1,663.5

3,129.2
3,146.0
3,156.2

1,397.0
1,400.7
1,400.9

1,201.6
1,204.6
1,205.8

E>229.0
227.8
228.2

123.6
123.7
124.0

127.8
127.2
128.0

123.2
123.8
123.9

773.0

April
May
June

1,671.3

3,184.7
3,163.7
3,175.7

0)1,411.7
1,399.2
1,399.0

E>1>216.8
1,204.8
1,205.6

227.4
227.2
227.1

124,
124.

124,
124
rl25.5

772.2

H24.3

128.2
127.9
rl27.6

r3,188.8
r3,199.3
[H>p3,209.4

rls402.9
rl,406.3
pi,406.4

rl,206.1
rl,211.3
pi,211.5

226.4
r227.2
P227.6

E>124.8
P124.7

rl27.7
g)rl29.1
P128.6

rl25,
rl25,
0)pl25.9

P777.3

1984

1985

July
August
September . . .

E>pl,684.8

rl24.1

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

OCTOBER 1985




6
3

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• d
WHm

MAJOR ECONOMIC
PROCESS

PRODUCTION AND
INCOME -Continued

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
montli

^ Q

Orders and Deliveries

L.C.U

L.C.U

82. Capacity
utilization rate,
manufacturing

84. Capacity
utilization rate,
materials

L.L, L

(Percent)

L,L, L

Manufacturers' new orders,
durable goods industries
7. Constant
(1972) dollars

6. Current
dollars

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

(Bil. dol.)

(Bit. dol.)

L.L.L

L.L.L

L, Lg, U

8. Manufacturers' new
orders in 1972
dollars, consumer goods
and materials

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

(Bil. dol.)

(Bil. dol.)

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L,L, L

32. Vendor
performance,
companies receiving slower
deliveries @
(Percent
reporting)

1983
January
February
March

69.5
70.1
70.9

70.7
71.4
72.1

82.16
77.17
78.99

35.17
32.78
33.57

31.29
31.53
31.61

4.06
-0.82
-0.42

291.86
291.04
290.62

41
42
50

April
May
June

71.8
72,
73,

72.9
73.8
74.0

82.40
82.87
88.87

34.96
35.04
37.42

32.03
33.06
33.84

2.11
1.28
4.16

292.73
294.01
298,17

52
52
52

July
August
September . . .

74.6
75
76

75.8
76.8
78.4

87.96
88.80
91.58

36.94
37.26
38.38

34.38
35.02
35.17

3.33
2.53
3.22

301.50
304.04
307.25

52
61
60

October
November . . .
December . , .

77.3
77.3
77.6

79.0
79.3
79.6

95.40
98.04
98.63

39.93
40.97
41.11

36.32
37.07
37.55

5.85
5.13
1.89

313.10
318.24
320.12

64
59
67

January
February
March

79.2
80.0
80.4

81.6
82.1
82.5

99.55
101.79
104.45

41.51
42.24
43.18

38.33
38.30
37.21

4.38
5.44
)8.14

324.50
329.94
338.09

63
68

©72

April
May
June

80.7
80.7
81.1

82.6
82.6
82.8

97.31
100.95
98.34

40.13
41.65
40.47

37.16
37.42
36.56

1.85

339.93
343.99
344.60

71
70
66

July
August
September . . .

81.7
81.3

83.0
E>83.1
82.7

101.98
101.86
98.21

41.98
41.85
40.32

37.51
37.39
36.21

4.14
1.61
0.00

348.73
350.34
350.34

60
54
58

October
November , . .
December . . .

81.1
81.2
80.9

81.3
81.5
81.3

96.51
104.43
101.31

39.65
42.78
41.52

36.98
37.68
37.20

-4.30
2.04
-2.63

346.04
348.08
345.44

52
50
45

80.
80.
80.

81
81
81

105.45
102.47
99.54

43.20
41.86
40.60

H>39.23
37.82
36.90

3.48
0.75
-2.58

348.92
349.67
347.10

47
48
46

April
May
June

80.
80.
r80.

80.9
80.1
r80.1

99.84
102.97
106.78

40.70
41.86
43.23

37.47
r37.85
37.40

-2.22
0.25
4.12

344.87
345.13
349.25

44
44
44

July
August
September . . .

80.0
r80.3
p80.0

r79.6
r79.6
P79.5

104.37
H>rlO7.33
P106.10

42.32
(H)r43.51
P43.13

37.63
r38.14
P37.89

1.89
r2.02
P3.33

351.14
r353.16
[H>P356.49

44
42
42

1984

1985
January
February
March

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

64




OCTOBER 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

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

(1977 = 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

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

59. Constant
(1972) dollars

(Mil. dol.)

L, C.C

55. Personal
consumption
expenditures,
automobiles

(Ann. rate,
bil. dol.)

U,L

58. Index of
consumer
sentiment (u)

(lstQ
1966=100)

L.L.L

12. Index of
net business
formation

(1967-100)

L.L.L

13. Number of
new business
incorporations1

(Number)

1983
January
February
March

347,323
345,215
350,370

154,166
153,092
155,596

103.0
103.7
104.5

92,041
92,159
94,231

45,542
45,646
46,534

70.4
74.6
80,8

111.4

78.4

113.3
112.7

49,999
48,296
48,032

April
May
June

353,371
360,313
368,553

155,840
159,750
163,430

106.2

107.8
108.8

95,073
96,827
98,291

46,742
47,464
48,158

88! 1

89.1
93.3
92.2

112.0
114.8
116.4

48,903
50,211
50,992

July
August
September

370,864
374,813
380,348

162,746
163,623
165,068

110.3
112.2
113.4

98,651
98,590
99,534

48,169
47,999
48,364

9CL2

93.9
90.9
89.9

115.2
114.4
115.8

48,601
52,828
50,445

October
November
December

385,163
389,775
399,089

166,438
168,593
172,020

113.6
113.6
114.4

100,980
102,202
102,867

48,996
49,613
49,815

9^3

89.3
91.1
94.2

118.0
117.8
116.3

50,441
51,642
51,557

January
February
March

402,489
402,395
404,612

173,254
172,231
172,733

116.2
116.9
117.3

106,136
105,726
104,525

51,076
50,928
50,228

ioi.9

100.1
97.4
B>101.0

115.9
117.2
116.9

53,044
53,591
53,424

April
May
June

408,342
412,524
413,976

174,104
177,265
178,302

107,443
107,941
109,085

51,630
52,020
52,698

104.6

96.1
98.1
95.5

117.5
115.7
117.0

53,933
51,166
54,729

July
August
September

412,233
413,300
412,276

176,575
177,143
176,087

118.3
117.7
118.5
119.1
118.4
118.3

107,563
107,396
108,373

51,713
51,509
51,878

ioo!9

96.6
99.1
100.9

115.8
119.1
D119.7

52,092
51,723
52,237

October
November
December

414,243
417,635
421,613

176,602
178,276
180,437

118.5
119.6
119.7

108,974
110,255
110,519

51,991
52,628
52,829

ioi!s

96.3
95.7
92.9

117.7
116.0
116.6

52,587
53,490
53,503

January
February
March

417,350
418,667
420,776

178,600
179,051
179,626

118.8
119.1
119.8

110,972
112,096
111,854

52,844
53,303
53,011

10^2

96.0
93.7
93.7

117.8
118.7
116.6

53,266
54,533
55,764

April

426,472
428,275
418 378

181,644

115,351
114,884
113 730

54,539
54,422
53 900

10^7

178 984

119.5
120.0
rl?O 4

94.6
91.8
96.5

116.6
114.3
rll6.6

55,866
p56,278
(NA)

r422,483
H>p429,107
(NA)

rl80,408
[H>pl82,939
CNA)

rl20.0
H>rl20.9
P120.6

rll4,417
rll7,040
H>pl20,227

r54,149
r55,338
[H>p56,684

E>Pll7!3

94.0
92.4
92.1

rll6.9
rll8.0
P117.5

1984

1985

May
June
July
August
September

....

182,711

October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
1
Series 13 reached its high value (57,507) in December 1982.

OCTOBER 1985




6
5

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process
Timing Class

Business Investment Commitments

L, L r L

L, L,L

Contracts and orders for
plant and equipment

Year
and
month

FIXED CAPITAL INVESTMENT—Continued

10. Current
dollars

(Bil. dol.)

20. Constant
(1972) dollars

(Bil. dol.)

L.L.L

L, L, L

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

L.C.U

U, Lg, U

9. Construction contracts awarded for
commercial and industrial buildings'

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space2

(Millions)

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
(Bil. dol.)

C Lg, Lg

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations

(Bil. dol.)

1983
January
February
March

23.72
24.07
23.82

11.85
11.77
12.59

20.94
19.18
20.13

10.67
9.68
11.01

61.13
58.88
55.37

5.68
5.47
5.14

2o!6?

April
May
June

26.07
26.57
27.49

13.32
13.08
14.15

22.26
21.50
23.69

11.68
10.91
12.54

57.11
57.60
63.13

5.31
5.35
5.86

2o!&7

July . .
August
September

25.73
27.36
28.91

12.92
13.51
15.04

22,15
22.96
24.99

11.41
11.65
13.38

63.03
63.93
70.18

5.86
5.94
6.52

22^78

October
November
December

29.28
28.57
28.59

14.60
13.90
14.04

25.38
24.33
25.23

12.95
12.10
12.62

71.15
73.07
68.14

6.61
6.79
6.33

24^26

January
February
March

29.37
30.98
30.97

14.85
15.55
15.75

25.72
27.02
26.76

13.32
13.89
14.00

72.72
64.41
74.95

6.76
5.98
6.96

26.92

April
May
June

30.22
33,30
31.86

14.94
16.56
15.95

26.33
28.56
27.72

13.33
14.61
14.25

79.78
82.49
74.90

7.41
7.66
6.96

H> 34^12

July
August
September

33.16
31.17

28.14
26.74
27.39

13.57
13.65
13.86

79.55
82.65
75.84

7.39
7.68
7.05

27.31

r31.84

15,62
15.46
rl5.69

October
November
December

30.29
31.60
31.15

14.88
15.86
14.19

25.26
26.84
26.89

12.83
13.92
12.47

79.04
83.75
86.73

7.34
7.78
8.06

29.10

January
February
March

27.34
33.73
31.77

12.80

0)18.55
15.89

23.63
E)29.49
27.21

11.31
E>16.85
14.06

81.14
82.48
87.41

7.54
7.66
8.12

29.94

April
May
June

29.99
30.03
31.89

rl4.12
rl4.77
rl5.54

25.46
25.59
27.98

12.33
13.02
14.01

91.95
83.99
69.68

8.54
7.80
6.47

P28.60

32.11
r32.13
E>p34.13

H5.34
rl5.65
P16.17

26.68
r27.55
P28.85

13.21
rl3.85
pH.09

91.89
91.41
|H>93.19

8.54
8.49

........

69.60

70.58

7 2 ! 57

...
73.50

1984

78.46

89.18

92.06

94.37

1985

July . .
August
September

E>8.66

QQ ^ R

Dp99'.86
(NA)

(NA)

October . .
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information
Systems Company, F.W. Dodge Division.
Converted to metric units by the Bureau of Economic Analysis.

66




OCTOBER 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ g

Minor Economic
Process
Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

C Lg, Lg

C, Lgt Lg

61. Expenditures for new
plant and equipment by U.S.
nonfarm business

69. Machinery
and equipment
sales and business construction
expenditures

(Ann. rate,
bil. dol.)

Year
and
month

FIXED CAPITAL INVESTMENT—Continued

(Ann. rate,
, bil. dol.)

C, Lg, U

76. Index of
industrial production, business equipment

(1977 = 100)

Lg, Lg, Lg

C, Lgt C

C, LgF C

Gross private nonresidential
fixed investment in 1972 dollars
87. Structures

86. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

28. New private housing
units started

88. Producers'
durable equipment
(Ann. rate,
bil. dol.)

(Ann. rate,
thous.)

L t L, L

29.Index of
new private
housing units
authorized by
local building
permits
(1967 = 100)

U,L

89. Gross private residential
fixed investment
in 1972 dollars

(Ann. rate,
bil. dol.)

1983
January
February
March

289!36

.310.84
300.99
311.35

109.2
109.4
110.0

161! 6

49.0

112.5

1,605
1,675
1,635

115.2
118.8
119.2

46)2

April
May
June

295)24

312.62
303.44
324.11

111.5
112.4
113.4

165!3

48!l

117^2

1,512
1,780
1,716

126.5
134.8
142.9

53)4

July
August
September

308!79

318.69
321.45
327.37

114.6
117.7
120.8

i72!e

48.3

124.3

1,775
1,907
1,677

145.0
138.4
128.0

57)2

October
November
December

325)75

326.58
337.58
352.66

120.7
121.7
123.0

184)5

siii

133! i

1,696
1,748
1,704

138.6
134.7
131.4

57)8

January
February
March

337.95

344.25
347.76
360.86

127.1
128.5
130.4

193.*3

54! i

139)2

1,933
E>2,208
1,700

146.7
H>157.6
138.7

6O.*6

April
May
June

349)97

360.32
372.34
380.00

131.2
133.3
135.5

202)9

56.8

146.0

1,949
1,787
1,837

142.6
140.7
143.9

6CL8

July
August
September

361!48

372.18
379.37
393.90

137.0
139.1
139.2

209! 5

57! i

152i4

1,730
1,590
1,669

126.9
123.0
121.0

6o)i

October
November
December

368!29

387.81
392.33
0)408.82

139.1
139.8
138.4

213.8

59)4

154!i

1,564
1,600
1,630

117.8
128.9
127.5

59)2

37l!i6

376.70
390.74
407.17

140.4
140.0
140.2

213.6

6CL8

152!2

1,849
1,647
1,889

130.4
129.5
138.8

6O)6

E>387.83

403.73
r398,22
r403.24

142.0
141.9
rl40.7

1)220.3

E)62.1

E>158.*2

1,933
1,681
1,701

135.9
141.8
136.5

60.9

July
August
September

a389!54

T398.01
P408.34
(MA)

rl41.2
E)rl42.6
P142.2

p217!)

P6CK9

pl56)8

rl,663
rl,746
pi,583

135.1
142.3
143.9

E>P62)5

October
November
December .

a387.40

1984

1985
January
February
March
April
May
June

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.

OCTOBER 1985



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

NVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventories on Hand and on Order

Inventory Investment
.

L,L,l

30. Change in
business inventories in 1972
dollars

(Ann. rate,
bil. dot.)

36. Change in mfg. and trade
inventories on hand and on
order in 1972 dollars
Actual

Smoothed'

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

I, L, L

31. Change
in mfg. and
trade inventories, book
value
(Ann. rate,
bil. dol.)

L,L h L

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

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Book
value
(Bil. dol.)

70. Constant
(1972) dollars
(Bil. dol.)

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods, book
value
(Bil, dol.)

L, Lg, Lg

Lg, Lg, Lg

77. Ratio,
mfg. and
trade inventories to
sales in
1972 dollars

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order
(Bil. dol.)

(Ratio)

1983
-16.5

-14.18
2.20
-15.07

-24.16
-17.24
-9.98

-30.0
-7.4
-38.6

-0.04
1.00
0.54

506.71
506.10
502.88

257.82
257.60
256.06

84.37
83.74
82.68

1.67
1.68
1.65

191.29
192.29
192.83

-6.1

2.99
9.18
0.82

-6.16
-2.13
1.68

2.3
7.5
8.9

-0.02
0.64
2.09

503.07
503.70
504.44

255.89
256.22
255.65

82.32
82.06
81.86

1.64
1.60
1.56

192.81
193.45
195.54

July
August
September . . .

0.9

16.79
18.22
12.22

6.63
10.44
13.84

10,
30,
39.1

1.77
2.96
1.57

505.33
507.85
511.10

255.86
256.31
256.78

82.14
81.70
81.45

1.57
1.57
1.56

197.31
200.27
201.84

October
November . . .
December . . .

7.2

20.28
19.19
13.51

16.32
17.07
17.45

24.8
36.6
48.7

H>3.02
1.96
1.91

513.17
516.22
520.28

257.29
258.06
259.02

81.20
81.55
80.96

1.55
1.53
1.51

204.86
206.82
208.73

27.55
E>47.38
25.36

18.87
24.78
31.46

53.4
.9
80.1

524.73
532.14
538.82

260.17
263.23
265.12

81.16
81.90
83.14

1.50
1.53
1.53

211.54
214.36
216.71

January
February
March
April
May
June

1984
January .
February
March . .
April
May
June

20.3

39.68
28.45
-6.72

[H>35.45
34.32
25.82

85.3
54.9
23.0

1.81
1.66
-0.22

545.93
550.50
552.42

267.98
270.03
270.03

84.14
85.11
86.38

1.54
1.52
1.51

218.52
220.18
219.97

July
August
September . , .

30.6

27.41
19.49
16.56

18.42
14.89
17.27

57.0
54.6
45.1

2.61
-0.18
-0.05

557.17
561.72
565.48

272.11
274.34
276.10

86.95
87.80
88.55

1.54
1,55
1.57

i>222.58
222.40
222.35

October
November . . ,
December , . .

16.8

8.39
0.07
-5.72

17.98
11.58
4.63

39.3
29.9
26.3

-2.43
-1.56
-1.06

568.75
571.24
573.43

277.64
278.27
278.97

88.89
89.27
89.69

1.57
1.56
1.55

219.92
218.36
217.30

.19.1

22.68
19.98
-5.82

3.30
9.00
12.30

28.4
37.7
-2.1

0.65
-0.48
-3.07

575.80
578.94
578.77

280.39
282.33
282.72

89.69
89.86
90.12

1.57
1.58
1.57

217,95
217.47
214,40

2.94
r-13.44

8.99
rO.13
r-3.72

17.2
-29.0
22.6

-0.94
-1.54
1.68

B>580.20
577.78
579.66

283.44
282.80
283.48

90.12
E>90.13
89.87

1.56
1.55
>

213.46
211.93
213.61

r3.02
p-8.59
(NA)

r-1.99

r5.4
p-26.3
(NA)

-0.46
pO.31
(NA)

r580.12
P577.92
(NA)

E>r283.98
P283.68
(NA)

89.26
88.86
(NA)

1.57
pi.55
(NA)

213.15
P213.46
(NA)

1985
January
February
March
April
May
June
July
August
September . . .

8.3

p-2.1

r4.48

p-1.17
(NA)

October
November . . .
December . . ,
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.




OCTOBER 1985

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ ]

Minor Economic
Process
Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices
L, L, L

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials
(Percent)

L, L, L

U, L, L

23. Index of
spot market
prices, raw
industrial,
materials ! @

(1967 = 100)

L.L.L

99. Change in sensitive materials
prices
Smoothed2

Actual

PRICES, COSTS, AND PROFITS

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks ©

(1941-43 = 10)

Profits and Profit Margins
L.L.L

L.L.L

Corporate profits after tax
16. Current
dollars

18. Constant
(1972) dollars

L.C.L

L.C.L

Corporate profits after tax
with IVA and CCAdj3
79. Current
dollars

80. Constant
(1972) dollars

i.,L,L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Percent)

1983
1.56
E>2.53
1.72

232.1
241.3
248.8

1.40
E>2.49
1.80

-0.04
0.78
1.61

144.27
146.80
151.88

10^6

48^9

12o!6

57^3

5.3

0.04
1.62
2.28

253.2
251.5
250.5

0.53
0.66
1.09

H>1.75
1.30
0.88

157.71
164.10
166.39

123^4

58!9

14K9

67^9

6\3

July
August
September

0.81
1.24
-0.43

256.0
265.2
267.9

1.04
1.71
0.08

0.85
1.10
1.11

166.96
162.42
167.16

142! 6

6^9

160! 2

76^5

Y.i

October
November
December

1.60
1.08
0.84

273.4
279.8
282.4

1.43
1.24
0.70

1.01
1.00
1.02

167.65
165.23
164.36

14i!i

66\4

u's'.s

83^0

6.9

January
February
March

-1.09
0.97
0.29

283.6
283.6
289.2

-0.45
0.53
0.73

0.81
0.38
0.26

166.39
157.25
157.44

E>156!6

E>7i!6

184! 7

87^5

y.i

April
May
June

-0.29
-0.71
-1.04

288.6
H>289.5
286.2

-0.20
-0.28
-0.89

0.31
0.22
-0.19

157.60
156.55
153.12

15CL2

7CK3

195\2

92.1

July
August .
September

-1.54
-1.20
0.54

280.1
275.6
274.0

-1.43
-1.12
0.13

-0.66
-1.01
-0.98

151.08
164.42
166.11

UU7

65\7

199^8

93^6

6\5

October
November
December

r-0.10
0.17
-0.40

266.4
268.3
261.9

-0.88
0.30
-0.93

-0.72
-0.39
-0.33

164.82
166.27
164.48

14i!6

6s!6

203^9

95^0

e!s

January
February
March

-0.71
-1.72
-0.62

255.8
253.1
252.4

-1.06
-1.20
-0.39

-0.53
-0.81
-0.97

171.61
180.88
179.42

137.0

62.4

207^0

95.*4

6.*2

April
May
June

-0.28
r0.94
rO.14

257.1
252.0
242.9

0.39
-0.09
-1.00

-0.64
-0.22
-0.13

180.62
184.90
188.89

137.4

62.3

0)214.9

H>98.8

6^0

July
August
September

-0.07
-0.52
-0.62

240.7
239.8
238.0

-0.31
-0.40
-0.53

-0.35
-0.52
-0.49

E>192.54
188.31
184.06

(NA)

(NA)

(NA)

(NA)

(NA)

January
February
March
April
May
June

1984

E>7li

1985

October . .
November
December

"237.6

5

185.91

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
lr
This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau,
2
See footnote 1 on page 68. 3IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
^Average for October 1-22.
s
Average for October 2, 9, 16, and 23.

ItlJ) OCTOBER 1985



Inc.

69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q g

Minor Economic
Process
Timing Class

L, L, L

L, L, L

L.L.L

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

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

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

(Percent)

Year
and
month

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins—Continued
U, t , L

PRICES, COSTS, AND PROFITS—Continued

(Cents)

(1977 = 100)

(Ann. rate,
oil. dol.)

L, L, L

Corporate net cash flow
34. Current
dollars

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

(1977 = 100)

Lg, Lg, Lg

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

Lg, Lg, Lg

Lg. Lg. U

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

(1967 = 100)

Actual data
as a percent
of trend

64. Compensation of employees as a
percent of national income

(Percent)

(Percent)

1983
January
February
March

6\5

3^3

96.4

286!6

13CL9

April .
May ..
June . ,

Y.s

4^6

97^9

3io!s

146\2

k.2

98! 7

33^6

15^2

July
August . .
September
October . .
November
December

221.9
220.2
219.0

100.3
99.0
98.0

1.408

218.4
216.7
216.5

97,
96,
95,

1.400

214.3
212.0
211.0

94,
92
91.8

1.408

211.9
213.5
215.1

91.8
92.0
92.3

1.415

213.0
213.1
212.4

90.9
90.5
89.8

212.9
212.5
211.7

89.6
89.0
88.2

1.434

210.5
210.8
211.3

87.3
87.0
86.8

1.438

212.1
213.2
215.6

86.7
86.8
87.3

16K9

1.462

[H> 216.4
216.0
216.1

87,
86,
86,

r!62.6

8^9

1.421

©1.473

215.1
215,3
215.7

85,
85,
84,

H)pl63.6

(NA)

215.4
r214,9
p215.6

84.4
r83.8
p83.7

156\8

155! i

16CL9

1984
January
February
March

157!)

4^9

April . . ,
May . . ,
June . ..

9^6

July
August
September , , .

9.7

4.4

October
November . . .
December . . ,

9^9

4.3

366!)

366\7

168!i

375^3

17K3

37^9

9^7

16^3

171.8

158.6

73^5

73^4

1985
January . .
February .
March . . .
April .
May .
June .
July . . . .
August . .
September

9.9

.1

3.7

r99.6

(NA)

(NA)

p99.7

(NA)

(NA)

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

70




OCTOBER 1985

E>74.2

(NA)

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

y | [

Minor Economic
Process

MONEY AND CREDIT

Money

Timing Class

L.L.L

85. Change
in money
supply M l

Year
and
month

UC.U

102. Change
in money
supply M2

(Percent)

(Percent)

L,L,L

Velocity of Money
L, L, L

L. L, L

104. Change
in total liquid
assets

105. Money
supply Ml in
1972 dollars

106. Money
supply M2 in
1972 dollars

(Percent)

(Bil. dol.)

(Bil. dol.)

C,C,C

107. Ratio,
gross national
product to
money supply
Ml

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

L, L, L

L.L.L

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

112. Net change
in business loans

(Ann. rate,
bil. dol.)

1983
0.75
1.18
1.16

H>2.78
1.83
0.82

0)1.25
0.98
0.74

206.7
209.2
211.4

857.2
873.5
879.7

6.476

1.324
1.299
1.295

45.77
40.99
-40.55

46.25
-1.91
10.98

0.69
1.32
0.81

0.70
0.78
0.68

0.87
0.66
0.82

211.5
213.4
214.6

880.0
883.2
887.1

6.469

1.296
1.297
1.297

1.30
-38.76
32.99

-46.07
-45.98
3.02

July
August
September

0.96
0.70
0.41

0.61
0.52
0.63

1.01
0.88
0.71

215.8
"216.6
216.7

889.0
890.6
893.0

6.462

1.294
1.295
1.298

63.30
70.21
5.22

-3.26
14.05
-0.50

October
November
December

0.67
0.42
0.34

0.90
0.64
0.49

0.53
0.89
1.13

217.4
217.6
217.7

898.0
900.7
902.4

6.523

1.301
1.301
1.307

81.37
78.73
110.02

-8.98
18.46
53.30

January
February
March

0.64
0.53
0.58

0.61
0.67
0.55

0.72
0.79
1.17

217.7
218.0
218.7

902.4
904.8
907.1

6.650

1.316
1.319
1.319

78.56
89.56
110.09

0.16
55.91
H>110.20

April
May
June

0.35
0.61
0.88

0.54
0.63
0.63

0.97
1.09
1.15

218.5
219.5
221.0

908.2
912.4
916.3

6.712

1.325
1.321
1.325

129.68
131.71
113.03

87.13
81.90
93.26

-0.07
0.37
0.47

0.48
0.55
0.68

1.05
0.79
0.89

220.1
220.0
220.3

917.8
919.0
922.0

6.728

1.328
1.328
H> 1.329

113.89
109.14
E) 140.08

38.29
15.88
42.76

-0.58
1.00
0.85

0.47
1.16
1.08

0.62
0.81
1.07

218.4
220.1
221.5

923.7
932.7
940.4

©6.791

1.328
1.320
1.312

87.59
70.76
30.52

52,49
57.98
8.10

January
February
March

0.75
1.19
0.47

1.15
0.92
r0.36

0.64
0.88
rO.77

222.7
224.6
224.6

949.4
954.8
r953.7

6.708

1.304
1.299
1.299

86.58
44.72
100.56

38.95
21.36
32.24

April
May
June

0.49
1.17
1.65

-0.08
0.71
1.15

r0.05
r0.47
rO.79

224.8
227.0
230.2

r949.4
r954.1
r962.9

6.614

1.312
1.294
1.284

90.41
66.08
77.05

14.71
32.30
r-53.53

July
August
September

0.78
E>rl.7O
pO.94

0.71
0.93
p0.58

pO.47
(NA)

231.6
r235.0
E>p236.8

r967.9
r975.1
B)p978.9

p6.479

rl.280
1.273
pi.269

r53.28
(NA)

r23.60
r-l.26
P5.08

October
November
December

"-O.Sl

January
February
March
April
May
June

.. .

1984

July
August
September

,

October
November
December
1985

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1
Average for weeks ended October 7 and 14.

OCTOBER 1985



71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Year
and
month

L.L.L

L.L.L

113. Net change
in consumer
installment
credit

(Ann. rate,
bil. dol.)

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows-Continued

Timing Class

MONEY AND CREDIT—Continued

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

L.L.L

14. Current
liabilities of
business
failures ©

(Mil dol.)

L, L, L

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

L.U.U

93. Free
reserves ©

(Mil. dol.)

Interest Rates

L, Lgf U

bank borrowings from the
Federal
Reserve @

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate (u)

(Percent)

C Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills ©

(Percent)

1983
January
February
March

23.30
21.24
40.02

8.4
2.9
0.1

295,504

2,158.1
1,086.4
1,154.7

April
May
June

33.78
35.38
47.28

-0.6
-3.8
5.5

396,432

1,125.6
920.0
2,188.6

July
August
September . . .

53.48
54.48
44.68

8.9
9.9
2.6

396,536

October
November . . .
December . . .

73.66
69.02
76.45

11
14.3

525,532

63.20
74.26
71.15

10.3
15.1
20.3

416,056

81.50
E>109.12
84.98

20.0
24.0
20.6

521,868

July
August
September . . .

77.77
72.26
59.78

13.7
11.8
17.1

407,008

October
November . . .
December . . .

67.57
72.96
81.83

11.1
12.1
6.4

January
February
March . . . . . .

86.68
108.49
100.10

April
May
June

46
-122
-415

500
557
852

8.68
8.51
8.77

7.81
8.13
8.30

2.07
2.00
1.92

-517
-453
-1,234

993
902
,714

8.80
8.63
8.98

8.25
8.19
8.82

829.2
1,353.1
947.2

1.95
1.90
1.88

-875
-1,127
-943

,382
,573
1,441

9.37
9.56
9.45

9.12
9.39
9.05

1,816.8
1,624.5
868.5

1.91
1.86
1.94

-332
-383
-184

837
912
745

9.48
9.34
9.47

8.71
8.71
8.96

(NA)

1.84
Dl.78
1.85

-102
376
-241

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

-742
-2,408
-2,526

234
988
300

10.29
10.32
11.06

9.69
9.90
9.94

1.96
1.93
2.10

311
328
-6,614

5,924
E)8,017
7,242

11.23
(H>11.64
11.30

10.13
[H>10.49
10.41

E) 585,732

1.91
1.97
2.09

397
924
-2,333

6,017
4,617
3,186

9.43
8.38

9.97
8.79
8.16

13.9
9.2
13.3

435,892

20
19
40

-650
-386
-827

1,395
1,289
1,593

8.35
8.50
8.58

7.76
8.22
8.57

99.24
108.50
62.72

11.5
11.3
3.6

p438,352

38
25
33

-585
-530
-300

1,323
1,334
1,205

8.27
7.97
7.53

8.00
56
01

74.96
75.74
(NA)

(NA)
r8!9
p7.0

-252
r-246
p-620

1,107
1,073
pi,289

7.88
7.90
7.92

05
18
08

1984
January
February
March
April
May
June

1985

July
August
September . . .

(NA)

October
November . . .
December . . .

l

8.03

See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
1
Average for weeks ended October 2, 9, 16, and 23.
2
Average for weeks ended October 4, 11, 18, and 25.

72




OCTOBER 1985

2

7.15

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ g

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT—Continued

Interest Rates—Continued

C Lg, Lg

Lg, tg. Lg

116. Yield on
new issues of
high-grade
corporate
bonds ©

115. Yield on

long-term
Treasury
bonds ©

(Percent)

(Percent)

U, Lg, Lg

117. Yield on
municipal
bonds, 20bond average ©

(Percent)

Outstanding Debt

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields

onFHA
mortgages ©

67. Bank rates
on short-term
business
loans ©

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

101. Constant
(1972) dollars

(Mil. doi.)

Lg, Lg, Lg

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

1983

10.98
10.50

330,217
331,987
335,322

268,553
268,394
269,309

106,653
106,253
106,699

12.42
12.50
12.55

HK31

10.50
10.50
10.50

338,137
341,085
345,025

265,470
261,638
261,890

105,178
103,373
103,147

12.56
12.56
12.62

14.23
13.78
13.55

11."6?

10.50
10.89
11.00

349*482
354,022
357,745

261,618
262,789
262,747

102,756
102,732
102,515

12.73
12.83
12.85

9.66
9.75
9.89

13.23
13.23
13.25

10.95

11.00
11.00
11.00

363,883
369,635
376,006

261,999
263,537
267,979

101,985
102,743
104,272

12.93
13.04
13.15

9.63
9.64

11*06

9.93

13.08
13.20
13.68

11.00
11.00
11.21

381,273
387,461
393,390

267,992
272,651
281,834

103,632
105,108
107,941

13.16
13.25
13.38

12.17
12.89
[H)l3 00

9.96
10.49
[H)1O 67

13.80
H>15.01
14.91

12*.45

11.93
12.39
12.60

400,182
409,275
416,357

289,095
295,920
303,692

110,595
113,163
116,179

13.48
13.74
13.85

14.25
13.54
13.37

12.82
12.23
11.97

10.42
9.99
10.10

14.58
14.21
13.99

H>13*.29

13.00
E>13.00
12.97

422,838
428,860
433,842

306,883
308,206
311,769

117,176
118,132
120,050

13.97
14.08
14.14

13.02
12.40
12.47

11.66
11-25
11.21

10.25
10.17
9.95

13.43
12.90
12.99

12.58
11.77
11.06

439,473
445,553
452,372

316,143
320,975
321,650

121,687

11.29

123,215
123,664

14.27
14.38
14.54

January
February
March

12.46
12.39
12.85

11.15
11.35
11.78

9.51
9.65
9.77

13.01
13.27
13.43

io*. io

10.61
10.50
10.50

459,595
468,636
476,978

324,896
326,676
329,363

125,008
125,887
127,118

14.69
14.90
15.11

April
May
June

12.45
11.85

9.42
9.01
8 69

12.97
12.28
11 89

9*90

^

11.42
10.96
10 36

10.50
10.31
9 78

485,248
494,290
499 517

330,589
H>333,281
r328,820

127,296
rl28,136
rl26 713

15.24
15.62
15.73

July
August
September

11.28
11.61
11.66

10.51
10.59
10.67

8.81
9.08
9.27

12.12
11.99
12.04

9.27

9.50
9.50
9.50

505,764
(H>512,076
(NA)

r330,787
rl27,520
330,682
128,221
p331,105 H)pl28,935

15.86
E)pl6.01
(NA)

11.48

HO.60

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

lo!2O

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

July
August
September

12.46
12.89
12.68

11.10
11.42
11.26

9.53
9.72
9.58

October
November
December

12.54
12.86
12.87

11.21
11.32
11.44

12.65
12.80
13.36

11.29
11.44
11.90

13.64
14.41
0)14 49

July
August
September
October
November
December

11.16

1984
January
February
March
April
May
June

1985

11

1

October
November
December

2

9.16

3

9.50

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average for weeks ended October 4, 11, 18, and 25.
2
Average for weeks ended October 3, 10, 17, and 24.
3
Average for October 1 through 25.

OCTOBER 1985




73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 99,106,

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

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

HI)

1-month
span

6-month
span

1-month
span

6-month
span

1-month
span

6-month
span

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

1-month
span

9-month
span

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

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

1983
January
February
March

75.0
70.8
66.7

100.0
100.0
100.0

100.0
25.0
100.0

100.0
100.0
100.0

33.3
50.0
25.0

16.
16,
16.

82.5
15.0
100.0

90.0
90.0
87.5

68.6
57.8
35.3

98.0
96.1
100.0

52.2
45.9
59.7

50.0
62.4
65.7

April
May
June

87.5
70.8
87.5

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.
16,
33.3

95.0
52.5
92.5

95.0
90.0
90.0

80.4
48.0
78.4

84.
90.
92,

70.0
68.9
63.0

67.8
74.3
78.4

July
August
September . . .

62,
62.
66.

91.
83.
66.

75.0
.75.0
100.0

100.0
100.0
100.0

58.
58.
16.

33.3
41.7
66.7

77.5
67.
87,

95.0
95.0
95.0

70.6
7.8

96.1

88,
94,
80.4

72.7
69.5
73.2

79.7
79.5
78.9

October
November . . .
December . , .

75.0
45.8
62.5

S3.
79.2

100.0
100.0
100.0

100.0
100.0
100.0

41.
58.
75.0

66.7
66.7
66.7

52.5
42.5
50.0

100.0
87.5
95.0

58.8
35.3
60.8

84.3
86.3
68.6

74.1
66.8
68.9

79.2
79.7
78.4

•83,

1984
January
February
March

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
75.0

66.7
66.7
75.0

70.0
82.5
10.0

80.0
42.5
37.5

36.3
72.5
68.6

76.5
90.2
56.9

67.3
72.7
66.8

79.2
77.8
77.3

April
May
June

58,
41.

25.0
25.0
25.0

100.0
100.0
100.0

100.0
100.0
100.0

83.3
66.7
66.7

83.3
83.3
83.3

95.0
2.5
30.0

27.5
47.5
15.0

43.1
29.4
92.2

66.7
70.6
38.2

67.3
60.5
64.3

75.
69,
64.

July
August

16.
37.
75.0

25.0
33.3
29.2

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
66.7

83.3
66.7
66.7

37.5
45.0
72.5

10.0
45.0
7.5

19.6
51.0
74.5

27.5
37.3
13.7

65,
58,
48.

63.
64.
67.0

33.3
70.8
41.7

66.7
50.0
50.0

62.5
100.0
75.0

100.0
100.0
100.0

58.3
50.0
66.7

66.7
66.7
58.3

25.0
57.5
62.5

5.0
27.5
17.5

70.6
72.5

33.
15.
31.4

66.5
55.1
63.5

59.7
57.6
60.3

January
February
March

70.8
50.0
41.7

58.3
50.0
r54,2

50.0
100.0
100.0

100.0
100.0
50.0

66.7
50.0
50.0

50.0
50.0
66.7

40.0
32.5
r40.0

13.7
70.6
84.3

33.3
45.1
r64.7

57.6
50.3
55.9

52.
49,
44,

April . . . . . . .
May
June

37.5
70.8
50.0

r41.7
58.3
2
81.S

100.0
62.5
75.0

100.0
100.0
3
100.0

41.7
50.0
33.3

41.7
50.0
"50.0

32.5
5.0
85.0
12.5
75.0
67.5

r52.5
p65.0

19.6
45.1
86.3

P64.7
(NA)

44.6
50,3
47.0

r44.6

July
August
September . . .

62.5
75.0
2
50.0

25.0

September . . .
October
November , . .
December . . .

1985

r62.5
100.0
3
50.0

A

41.7
41.7
62.5

r30.0
r80.0
p80.0

r9.8
p82.4
(NA)

r45,
p40,

r54.9
r54.3
p45.9

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 (§), 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.
l
Figures are the
2
Excludes series
3

percent of components declining.
36, for which data are not available.
Excludes series 57, for which data are not available.
"Excludes series 77 and 95, for which data are not available.

74




OCTOBER 1985

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INDEXES—Continued

Year

964. Manufacturers'
new orders, 34
durable goods industries

and
month

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1972 dollars, 17
manufacturing
industries

966. Industrial production, 24 industries

967. Spot market
prices, 13 raw
industrial materials ©

9-month
span

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

1-month
span

960. Net profits,
manufacturing, about
600 companies'©

4-Q moving
average

1-month
span

6-month
span

56

83.3
62.5
66.7

83.3
91.7
95.8

61.5
76.9
57.7

80.8
61.5
57.7

63.3
59.2
73.5

100.0
98.0
93.9

71

79.2
77.1
70.8

83.3
95.8
100.0

65.4
46.
46.

80.8
96.2
88.5

81.6
91.8
65.3

89.8
87.5
86.5

74

52

95.8
75.0
91.7

95.8
95.8
89.6

57.
73.
57,

88.5
80.8
73.1

52.0
30.6
85.4

91.5
80.9
72.3

82

59

60

60.4
58.3
58.3

95.8
91.7
91.7

69.2
76.9
42.3

80.8
80.8
73.1

47.9
57.4
61.7

38.3
40.4
34.0

81

87.5
91.7
64.6

95.8
91.7
87.5

38.5
61.5
65.4

73.1
65.4
42.3

52.1
10.6
60.6

41.5
25.5
58.7

76

56

66.7
43.8
66.7

83.3
66.7
70.8

50.0
50.0
42.3

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37.0

76

58

79.2
43.8
45.8

66.7
62.5
50.0

34
46
46

23.1
15.4
15.4

34.8
93.5
73.9

60.9
54.3
65.2

68

54

47.9
62.5
41.7

41.7
37.5
45.8

30.8
57.7
19.2

15.
19,
34.6

34.8
78.3
26.1

82.6
82.6
91.3

68

p50

(NA)

1-quarter
span

50.0
52.1
66.7

58.3
62.5
66.7

23.
38.
57.

23.1
23.1
23.1

89.1
93.
41

77.8
73.3
85.6

45,8
72.9
r56.3
r54.2
66.7
p50.0

66.7
r75.0
p56.3

38.
23.

23.1
38,5
46,2

57.6
66.7
75.6

77.8
82.2

1-month
span

9-month
span

(4-quarter span)

1983
January
February
March

72.1
57.4
61.8

88.2
82.4
85.3

45

April
May
June

79.4
63.2
69.1

86.8
88.2
91.2

53

July
August
September . . .

55.9
61.8
70.6

97.1
91.2
91,2

50

October
November . . .
December . . .

63.2
64.7
58.8

97,1
94.1
91.2

59

January
February
March

67.6
50.0
52.9

91.2
79.4
85.3

71

April
May •
June

35.3
58.8
26.5

75.0
52.9
41.2

59

July
August

55.9
51.5
41.2

44.1
61.8
52.9

36

55.9
55.9
52.9

29.4
55.9
44,1

65

52.9

45.6
63.2
52.9

56

35.
55.
47.
60.

r64,7
p64.7

p42

1984

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

1985
January
February . . .
March
April
May
June
July
August
September . .

61.8
55.9
r55.9
p47.1

October . . . .
November . .
December . .

(NA)

76.9

38.5
46.2
46.2
3

3

(NA)

76.7
30.0
11.1

38.5

See note on page 74.

Graphs of these series are shown on page 37.
1
Based on 49 industries through August 1983, on 48 industries through October 1983, on 47 industries through June 1984, on 46 industries
through April 1985, and on 45 industries thereafter. Data for component industries are not shown in table C2 but are available from the
source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc.
3
Based on average for October 1, 8, 15, and 22.

ItO

OCTOBER 1985



7
5

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

9 7 0 . Expenditures for new plant and equipment
Year

a. Actual
expenditures

(1-Qspan)

b. Later
projections

c. Early
projections

©

(4-Q span)

(4-Q span)

973. Net sales, manufacturing
and trade' ©

972. Net profits, manufacturing
and trade 1 ©

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

Actual

Antic pated

Actual

Anticipated

Actual

(1-Qspan)

(1-Qspan)

DIFFUSION INDEXES—Continued

971. New orders, manufacturing'

by U.S. nonfarm business, 2 1 industries

and
quarter

|

1982
42.9
23.8
14.3
28.6

Second quarter
Fourth quarter

....

52
50
52
56

60
68
64
60

53
52
52
54

61
66
66
60

63
58
57
60

65
70
72
65

47.6
66,7
90.5
81.0

42.9
54.8
76.2
76.2

66
74
78
84

66
77
82
85

62
66
71
74

64
73
80
81

66
74
74
80

68
78
84
86

76.2
64.3
76.2
71.4

57.1
78.6
92.9
54.8

90
86
84
79

88
91
90
88

80
79
74
74

84
86
88
84

85
84
82
80

88
90
90
88

57.1
73.8
(NA)

Third quarter

47.6
61.9
66.7
66.7

88.1
71.4
88.1
61.9

....

47.6
38.1
33.3
52.4

38.1
50.0
81.0
95.2

First quarter

52.4
76.2
61.9

47.6
85.7
76.2
42.9

74

82
84
82
80

70
69
(NA)

80
81
81
78

76
74
(NA)

84
84
84
81

1983
First quarter
Second quarter

....

Third quarter
Fourth quarter

....

1984
First quarter

. . . . . .

Second quarter
Third quarter
Fourth quarter

....

1985
First quarter
Second quarter

....

Third quarter
Fourth quarter

....

74
(NA)

1
J

974. Number of employees,
manufacturing and t r a d e 1 ©

Year
and
quarter

manufacturing and tradtj ' @
Actual

Actual

977. Selling prices, wholesale
trade 1 ©

976. Selling prices, manufacturing1 ©

975. Level of inventorie s,

Anticipated

Actual

DIFFUSION INDEXES—Continued

Anticipated

Anticipated

trade 1 ©

Actual

Actual

978. Selling prices, retail

Anticipated

(4-Q span)

(4-Q span)

78
75
74
68

82
81
76
72

68
72
69
72

69
67
70
71

12
It
7E
72

72
68
70
70

70
74
74
68

6£
66
66
60

66
63
(NA)

65
70
67
62

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

50
51
51
48

58

52
52
52

54
56
56
50

72
68
63
60

80
76
68
66

72
67
68
61

Si

....

48
46
46
46

50
56
59
60

54
59
62
68

52
58
62
64

61
60
65
68

65
66
70
69

63
62
68
70

66J
64 I

....

48
54
58
61
65
63
62
62

62
64
64
62

72
70
70
70

66
70
70
66

74
70
70
68

74
76
76
72

73
69
65
65

60
58
<NA)

60
62
59
58

66
63
(NA)

64
66
62
58

65
62
(NA)

70
70
64
62

64
60
(NA)

(4-Q span)

Anticipated

(4-Q span)

1982
First quarter
Second quarter

....

Third quarter
Fourth quarter

>

nj
1't
j
6t

1983
First quarter
Second quarter
Third quarter
Fourth quarter

6S1

n

1984
First quarter
Second quarter

....

Third quarter
Fourth quarter

....

1985
First quarter
Second quarter

....

Third quarter
Fourth quarter

....

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y @ , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun §
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

7
6




OCTOBER 1985

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1985

Diffusion index components
February

March

April

May

June

July

August

September

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING
(Hours)

40.1

40.4

40.2

40.4

40.4

40.3

40.6

40.7

(5)

(85)

(12)

(75)

(68)

(30)

(80)

(80)

Lumber and wood products
Furniture and fixtures

38.9
39.5

39.6
39.5

39.5
39.3

39.8
38.9

40.1
38.9

r39.7
r38.8

40.1
39.4

40.0
39.8

Stone, clay, and glass products.
Primary metal industries

41.6
40.9

42.0
41.1

42.0
41.0

42.1
41.2

41.9
41.6

42.0
41.4

41.9
41.6

42.0
41.6

Fabricated metal products .,
Machinery, except electrical ,

40.9
41.1

41.1
41.6

41.1
41.2

41.1
41.4

41.3
41.6

41.3
41.3

41.4
41.7

41.6
41.7

Electric and electronic equipment .
Transportation equipment

40.2
41.9

40.7
42.5

40.2
42.3

40.4
42.6

40.6
42.3

40.3
42.5

40.8
42.8

40.6
42.8

Instruments and related products
Miscellaneous manufacturing

40.7
39.0

41.0
39.1

40.7
39.0

40.9
39.3

41.1
39.4

r40.7
39.0

40.7
39.2

40.9
39.5

Food and kindred products
Tobacco manufacturers ....

39.7
39.2

39.8
38.9

39.6
35.4

40.1
37.0

39.6
39.6

r40.0
r34.6

39.9
37.1

40.2
37.5

Textile mill products
Apparel and other textile products

38.8
35.9

39.1
36.1

38.8
35.6

38.9
36.2

39.4
36.3

r39.1
36.3

40.0
36.4

40.4
36.5

Paper and allied products.
Printing and publishing ...

42.9
37.7

42.9
37.6

43.0
37.6

43.0
37.4

42.9
37.5

42.7
37.5

43.0
38.2

43.1
38.2

Chemicals and allied products
Petroleum and coal products

41.9
43.1

42.1
43.3

41.9
42.0

41.9
41.7

42.0
42.6

r41.8
r42.9

41.8
42.8

41.9
42.9

Rubber and miscellaneous plastics products .
Leather and leather products

40.5
36.4

41.1
37.1

40.9
37.0

40.9
37.1

41.2
37.0

40.6
r37.O

40.7
37.5

41.1
38.1

All manufacturing industries
Percent rising of 20 components .
Durable goods industries:

Nondurable goods industries:

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

,

- 102,467

99,544

(35)

(56)

Percent rising of 34 components

99,839

+ 102,971

+ 106,780

104,370

+ 107,333

- 106,105

(47)

+

(60)

(62)

(56)

(56)

(47)

Primary metals
Fabricated metal products...

-

10,015
12,979

+
+

10,020
13,253

+
+

11,169
13,457

+

10,559
13,593

+
-

10,736
13,426

+

10,604
14,206

+
+

11,038
14,560

+

10,003
14,571

Machinery, except electrical .
Electrical machinery

+
-

20,497
14,502

+

18,782
15,871

-

17,002
14,378

+
+

17,332
14,947

+
+

17,822
16,200

-

17,766
15,189

+
-

17,812
14,685

+

17,486
16,276

Transportation equipment
Other durable goods industries

-

24,831
19,643

-

22,532
19,086

26,416
20,124

+
+

28,300
20,296

-

26,730
19,875

+
-

29,533
19,705

-

28,145
19,624

23,975
19,858

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.
l
Data are seasonally adjusted by the source agency.
2
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.

OCTOBER 1985



77

CYCLICAL INDICATORS
C

I DIFFUSION INDEXES AND RATES OF CHANGE-Continued

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

1985

Diffusion index components

February

April

March

July r

June

May

August

September 1 3

966. INDEX OF INDUSTRIAL PRODUCTION '
(1977-100)

All industrial production
Percent rising of 24 components

+
2

123.7

124.0

124.1

(52)

(67)

o

124.1

124.3

124.1

124.8

124.7

(46)

(73)

(56)

(54)

(67)

(50)

109.5
139.2

110.9
141.0

112.2
142.0

113.5
141.9

113.0
145.1

-

(NA)
143.2

(NA)
(NA)

111.4
81.8

114.5
81.4

+

116.3
76.4

116.1
78.3

115.1
78.9

+
+

116.9
81.1

(NA)
80.9

+

108.3
149.1

107.4
145.6

107.3
147.0

+
+

108.3
148.6

108.1
147.2

169.3
120.9

169.5
121.8

165.7
123.7

166.0

126.5

164.9
126.2

141.1
95.4

141.3
96.0

141.6
(NA)

Durable manufactures:
Lumber and products
Furniture and fixtures .,.

109.1
139.0

Clay, glass, and stone products.
Primary metals

110.5
80.2

Fabricated metal products
Nonelectrical machinery

107.6
144.9

+
+

108.6
146.5

109.1
148.9

Electrical machinery
Transportation equipment

173.2
120.5

+

173.1
120.8

168.9
120.7

Instruments
Miscellaneous manufactures .

138.7
96.4

+

139.0
96.0

+

138.5
98.3

+

+
+

+
o

139.9
98.3

+

140.7
96.8

130.8
98.4

131.4
95.7

+
+

131.8
98.9

+

132,1
98.8

132.3
96.4

(NA)
(NA)
(NA)
(NA)

Nondurable manufactures:
Foods
Tobacco products

•129.4

103.8

128.5
103.4

Textile mill products ..
Apparel products

98.5
103.1

99.4
101.3

99.0
100.2

100.0
100.3

+

-

103.3
99.2

+
+

104.1
100.6

103.0
100.3

Paper and products
Printing and publishing

126.4
150.3

126.9
152.6

+

125.1
154.2

124.1
155.4

+
+

127.1
156.7

+
-

129.0
155.0

128.1
155.1

Chemicals and products
Petroleum products

125.8
84.0

126.5
84.7

+

125.8
87.3

126.7
87.4

-

126.4
87.1

+

126.3
88.3

126.1
88.5

(NA)
87.0

Rubber and plastics products
Leather and products

145.7
69.2

144.1
69.4

+
+

144.9
69.9

144.3
71.0

145.5
71.5

+
+

145,7
72.8

147.7
73.8

(NA)
(NA)

Metal mining
Coal

74.5
121.5

83.6
131.9

81.2
128.5

+

78.3
128.7

77.5
134.0

Oil and gas extraction
Stone and earth minerals

108.2
119.8

106.8
118.7

106.5
118.5

+
+

106.9
118,7

106.9
117.9

(NA)
154.5

Mining:

60.9
128.0
+
-

-

59.2
127.7

(NA)
127.0

107.0
116.5

+
+

150.9
119.0

105.0
(NA)

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.

The "r" indicates revised; "p"

*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 1985

ICO

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

j Q

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

Diffusion index components

1985
February

March

April

May

June

July

August

September

October1

-

-

967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS 2

Raw industrials price index ( 1 9 6 7 - 1 0 0 ) ....

-

Percent rising of 13 components

253.1

-

(38)

252.4

+

(58)

257.1

-

(77)

252.0

-

(38)

242,9

-

239.8

(38)

(23)

240.7

(46)

0.445
0.981

+

0,450
0.992

+

0.456
1.005

0.111 +
0.245

0.112
0.247

238.0
(46)

237.6
(38)

Dollars

Copper scrap

....

. .(pound)
(kilogram)..

.+

0.462
1.019

-

0.454
1.001

+

0.479
1.056

-

0.475
1.047

-

0.471
1.038

-

0.460
1.014

Lead scrap

(pound)..
(kilogram)..

o

0.109
0.240

-

0.099 +
0.218 "

0.114
0,251

+

0.120
0.265

-

0.112
0.247

-

0.109
0.240

+

0.112
0.247

-

Steel scrap

. . . , , . . (U.S. ton).,
(metric ton)..

+

94.500
104.167

+

95.500
105.270

-

85.600
94.357

-

73.000
80.468

-

70.500
77.712

+

74.000
81.570

+

80.500
88.735

+

80.750
89.011

-

77.750
85.704

5.225
11.519

+

5.528
12.187

+

5.545
12.225

+

5.650
12.456

+

5.848
12.893

5.835
12.864

-

5.698
12.562

-

5.695
12.555

Tin

(pound)..
(kilogram)..

5.040
11.111

+

Zinc

(pound).,
(kilogram)..

0.439
0.968

+

0.459 '+
1.012

0.474
1.045

+

0.475
1.047

-

0.466
1.027

-

0.426
0.939

-

0.414
0.913

-

0.406
0.895

-

0.384
0.847

0.374
0.409

-

0.356
0.389

+
•

0.362
0.396

-

0.358
0.392

-

0.323
0.353

-

0.306
0.335

-

0.289
0.316

-

0.261
0.285

-

0.250
0,273

0.599
1.321

+

0.612
1.349

+

0.632
1.393

-

0.614
1.354

0.610
1.345

-

0.608
1.340

-

0.592
1.305

-

0.579
1.276

0.702
0.768

o

0.702
0.768

-

0.642
0.702

-

0.610
0.667

0.600
0.656

o

0.600
0.656

+

0.602
0.658

+

0.635
0.694

+

0.674
0.737

3.140
6.922

-

3.000
6.614

o

3.000
6.614

o

3.000
6,614

o

3.000
6.614

o

3.000
6,614

o

3.000
6.614

Burlap

(yard).,
(meter)..

Cotton

(pound)..
(kilogram)..

Print doth

-

0.572
1.261

(yard)..
(meter)..

-

(pound).,
(kilogram)..

o

3.500
7.716

o

3.500
7.716

(pound).,
(kilogram)..

-

0.520
1.146

+

0.552
1.217

+

0.645
1.422

+

0.674
1.486

-

0.634
1.398

+

0.639
1.409

+

0.656
1.446

+

0.675
1.488

-

0.674
1.486

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

o

47.000
103.616

o

47.000
103.616

+

47.600
104.939

+

50.000
.110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

o

50.000
110.230

Rubber....

(pound)
(kilogram)..

o

0.421
0.928

-

0.414
0.913

+

0.417.
0.919

0.408
0.899

+

0.416
0.917

o

0.416
0.917

+

0.422
. 0.930

+

0.432
0.952

Tallow

(pound)..
(kilogram)..

+

0.202
0.445

+

0.206
0.454

+

0.208
0.459

0.192
0.423

-

0.165
0.364

-

0.154
0.340

0.144
0.317

-

0.142
0.313

Wool tops
Hides

,

Rosin

.

-

0.430
0.948
+

0.144
0.317'

NOTE: To facilitate interpretation, the month-to-month directions of change are shown1 along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) --= falling.
The "r" indicates revised; "p",
preliminary; and "NA", not available.
lr
The index is the average for October 1 through 22; component prices are averages for October 1, 8, 15, and 22.
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 1985




79

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT

Q

Yoar
and
quarter

b. Difference
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. doL)

217. Per capita
gross national
product in 1972
dollars

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

(Ann. rate,
dollars)

50. Gross national product in 1972 dollars

200. Gross national product in current dollars
a. Total

GNP AND PERSONAL INCOME

(Ann, rate,
bil. dol.)

1982
3,026.0
3,061.2
3,080.1
3,109.6

-1.9
35.2
18.9
29.5

-0.2
4.7
2.5
3.9

1,483.5
1,480.5
1,477.1
1,478.8

-17.8
-3.0
-3.4
1.7

-4.6
-0.8
-0.9
0.5

6,408
6,381
6,349
6,341

1,490.3
1,484.5
1,483.5
1,503.4

3,173.8
3,267.0
3,346.6
3,431.7

64.2
93.2
79.6
85.1

8.5
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

3,553.3
3,644.7
3,694.6
3,758.7

121.6
91.4
49.9
64.1

14.9
10.7
5.6
7.1

1,610.9
1,638.8
1,645.2
1,662.4

38.2
27.9
6.4
17.2

10.1
7.1
1.6
4.3

6,829
6,933
6,943
6,998

1,579.3
1,618.5
1,614.6
1,645.6

3,810.6
3,853.1
p3,916.1 .

51.9
42.5
p63.0

5.6
4.5
p6.7

1,663.5
1,671.3
pi,684.8

1.1
7.8
P13.5

0.3
1.9
P 3.3

6,989
7,008
p7,047

1,644.4
1,663.0
pi,686.9

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
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

^ g
Year
and
quarter

GNP AND PERSONAL INCOME-Continued

Q
230. Total in current
dollars

Disposable personal income
224. Current dollars

225. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1972
dollars

232. Durable goods
in current dollars

2,33. Durable goods
in 1972 dollars

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

2,261.4
2,302.9
2,367.4
2,428.6

1,073.1
1,082.0
1,102.2
1,124.3

2,502.2
2,554.3
2,606.4
2,644.5
2,654.8
2,726.5
p2,712.6

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

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

1,147.6
1,165.3
1,176.5
1,186.7

4,865
4,930
4,965
4,996

2,276.5
2,332.7
2,361.4
2,396.5

1,044.1
1,064.2
1,065.9
1,075.4

310.9
320.7
317.2
326.3

173.7
178.6
177.0
182.9

1,181.9
1,205.3
pi,192.6

4,965
5,054
p4,988

2,446.5
2,493.0
p2,536.5

1,089.1
1,102.1
pi,115.2

334.8
339.2
P355.6

187.0
190.1
P199.2

1,931.3
1,960.9

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

NOTE: Series are seasonally adjusted except for those, indicated by (g), 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 4 1 .




OCTOBER 1985

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bit. dol.)

PERSONAL CONSUMPTION EXPENDtTURES—Continued
238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

^ Q

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

G O S PRIVATE DOMESTIC INVESTMENT
RS

241. Total in
1972 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1972
dollars

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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
861.4
866.5

387.1
396.6
395.5
395.0

1,124.4
1,153.7
1,182.8
1,203.8

483.4

488.9
493.5
497.5

623.8
627.0
662.8
637.8

285.5
283.9
300.2
289.9

550.0
576.4
591.0
601.1

253.9
263.7
269.6
273.1

877.3
891.9
P895.6

398.6
403.2
P403.9

1,234.4
1,261.9
pi,285.3

503.5
508.7
P512.1

646.8
643.2
P622.8

292.1
289.5
P278.1

606.1
625.3
P630.9

273.0
281.2
P280.2

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

•••

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
Wm

^Q <

GROSS PRIVATE
DOMESTIC INVEST-Con.

GOVERNMENT PURCHASES OF GOODS AND SERVICES

quarter

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

Year
•and

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. doi.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

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

-42.9
-19.4
-4.3
12.7

-16.5
-6.1
0.9
7.2

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

73.8
50.6
71.8
36,6

31.6
20.3
30.6
16.8

704.4
743.7
761.0
780.5

289.5
302.1
306.1
310.5

267.6
296.4
302.0
315.7

112.2
123.2
125.0
129.6

436.8
447.4
458.9
464.8

177.3
178.9
181.1
180.9

40.7
17.9
p-8.1

19.1
8.3
p-2.1

791.9
810.9
P845.9

310.7
313.5
P325.5

319.9
324,2
P347.0

129.8
129.7
P139.4

472.0
486.7
P498.9

180.9
183.9
P186.1

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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

OCTOBER 1985




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

•
Year
and
quarter

(Ann. rate,
bit. dol.)

(Ann. rate
bil dol.)

(Ann. rate
bit. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

257. Constant
(1972) dollars

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

255. Constant
(1972) dollars

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services
250. Current
dollars

• •
•til

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate,
bit. dol.)

(Ann. rate
bil. dol.)

1982
27.7
35.5
6.6
6.3

34
34
25
24

9
1
7
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

19.6
-6.5
-16.4
-29.8

22
13
11
2

9
6
9
0

328.
328.
342.
346.

5
1
0
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

-51.5
-58^7
-90.6
-56.0

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

-8
-11
-27
-13

3
4
0
4

358.
362!
368.
367.

g
4
6
2

i an . 9
144 .7
147 A
147 .1

di n
tiu

421 ! i
459 .3
423 .2

T i l .2
13O
156 \l
174 A
160 .5

2 873
2^944
2,984
3,036

5
8
9
3

2,113.4
2J59.2
2,191.9
2,228.1

435 .2
441 .6
p436 .7

172 .1
171 .8
pl72 .1

3,076 5
3,106 5
(NA)

2,272.7
2,305.9
p2,337.2

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

itt

1985
First quarter
Second quarter . . .
Third quarter
Fourth quarter . . . .

-28 4
-33 8
p-34 o

-74.5
-94.0
p-89.2

ii
Ypar

1 KdF

an,d
quarter

282. Proprietors'
income with IVA
and CCAdjl

J

Q

NATIONAL INCOME AND ITS COMPONENTS—Continued
284. Rental income
of persons with
CCAdj1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

143 .7
137 .9
p l 3 8 .1

360. 7
347. 7
p347. 6

288. Net interest

286. Corporate
profits before tax
with tVA and
CCAdj'

(Ann rate,
bil. dol.)

(Ann. rate,
bil dol.)

290. Gross saving

SAVING
292. Personal
saving

295 Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

116.
107.
102.
117.

8
7
2
6

47 .8
48 .3
52 .9
57 .0

159
161
163
151

9
7
3
6

263 .6
268 .5
257 .7
253 .8

447 .0
445 .4
397 n
344 !s

378.3
386^2
393.8
393^9

134.5
130^2

114.
116.
123.
131.

7
9
3
9

57 .7
59 .0
56 .2
60 .4

179
216
245
260

1
7
0
0

254 .2
254 .2
259 .2
258 .9

393
414
455
485

4
7
2
7

417.0
441.4
469.7
486.4

128.0
96.7
119.0
128.7

154. 9
149. 8
153. 7
159. 1

61 .0
62 .0
63 .0
64 . 1

277
291
282
291

4
1
8
6

266 .8
282 .8
293 .5
293 .4

543 9
551 0
556.4
556 0

498.8
515.3
525.3
535.2

152.5
144.8
164.1
163.0

159.8
160. 7
p!54. 4

64 .8
66 .7
p67 .7

292 3
298. 5
(NA)

287.0
274 .7
3267 .8

550 7
532. 6
(NA)

543.5
557.0
(NA)

118.6
139.4
p78.4

142.6

1983
First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82




OCTOBER 1985

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q
Year
and
quarter

SAVING—Continued

298. Government
surplus or deficit

(Ann. rate,
bil. dol.)

Q

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

Percent of gross national product
235. Personal consumption expenditures

(Percent)

(Percent)

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-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

0.9
1.2
0.2
0.2

-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
0.4

0.6
-0.2
-0.5
-0.9

-107.4
-109.2
-133.0
-142.2

6.1
5.7
6.3
6.2

64.1
64.0
63.9
63.8

11.2
11.5
11.8
11.9

4.3
4.3
4.2
4.1

2.1
1.4
1.9
1.0

-1.4
-1.6
-2.5
-1.5

-111.4
-163.8
(NA)

4.5
5.1
P2.9

64.2
64.7
p64.8

11.8
12.1

4.1
4.1
p4.2

1.1
0.5
p-0.2

-2.0
-2.4
p-2.3

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q j
Year
and
quarter

pll.9

SHARES OF GNP AND NATIONAL INCOME—Corttinued
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
(Percent)

64. Compensation of
employees
(Percent)

285. Rental income
of persons with
CCAdj1

283. Proprietors'
income with IVA
andCCAdj1

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1
(Percent)

289. Net interest

(Percent)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

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
9.7
9.7
9.4

7.5
8.1
8.2
8.4

12.3
12.3
12.4
12.4

73.5
73.3
73.4
73.4

5.4
5.1
5.1
5.2

2.1
2.1
2.1
2.1

9.7
9.9
9.5
9.6

9.3
9.6
9.8

9.7

8.4
8.4
p8.9

12.4
12.6
P12.7

73.9
74.2
(NA)

5.2
5.2
(NA)

2.1
2.1
(NA)

9.5
9.6
(NA)

9.3
8.8
(NA)

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

KCII

OCTOBER 1985



83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Q

310. Index

(1972-100)

310c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

311. Index

(1972 = 100)

311c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product

Implicit price deflator for
gross national product
Year
and
month

PRICE MOVEMENTS

320. Index ®

(1967 = 100)

320c. Change
over 1-month
spans1

(Percent)

320c. Change
over 6-month
spans'

(Ann. rate,
percent)

322. Index

(1967 = 100)

322c. Change
over 1-month
spans'

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1983
2.7

212^9

293.1
293.2
293.4

0.3
-0.1
0.1

1.4
2.3
3.4

288.5
288.9
290.2

0.0
0.1
0.4

2.4
2.8
2.2

3.9

295.5
297.1
298.1

0.7
0.4
0.2

3.6
4.4
5.0

291.3
292.1
291.5

0.4
0.3
-0.2

2.1
1.9
1.7

4.5

299.3
300.3
301.8

0.4
0.3
0.4

4.2
4.1
4.2

291.5
291.7
292.7

0.0
0.1
0.3

1.7
1.5
3.0

3.5

302.6
303.1
303.5

0.3
0.3
0.3

4.7
4.8
4.6

293.8
294.3
295.9

0.4
0.2
0.5

5.8
7.2
6.4

4.2

305.2
306.6
307.3

0.6
0.4
0.3

4.8
4.5
4.3

299.9
302.0
301.9

1.4
0.7
0.0

5.4
4.6
3.8

4.1

308.8
309.7
310.7

0.4
0.2
0.2

3.6
3.7
3.8

301.6
301.0
301.5

-0.1
-0.2
0.2

1.8
1.5
1.7

4.0

311.7
313.0
314.5

0.3
0.4
0.4

3.5
3.6
3.7

302.6
304.2
304.4

0.4
0.5
0.1

2.5
3.3
3.8

3.5

315.3
315.3
315.5

0.3
0.2
0.3

3.4
3.3
3.5

305.4
305.9
307.2

0.3
0.2
0.4

3.4
3.4
3.2

3.6

316.1
317.4
318.8

0.2
0.3
0.5

3.7
3.8
3.7

307.7
309.3
309.2

0.2
0.5
0.0

2.2
1.6
0.8

3.7

5.0

January
February
March

320.1
321,3
322.3

0.4
0.2
0 2

3.7
3.4
? s

308.7
308.3
308 5

-0.2
-0.1
0 1

0.7
-0.3

322.8
323.5

0.2
0.2
n 9

308.8
308.9

0.1
0.0
n ^

22CL4

......
2.6

April
May
June

214^2

July
August
September

215.9

October
November
December

218^2

222^5

3.1

225!b
4.4
226^9

1984
January
February
March

.

...

4.4
22CL6

April
May
June

222^4

July
August
September

224^6

October
November
December

229^3

22e!l

3.3
23K6

3.9
235\9

2.8
236\0

1985
January
February
March

229.1

April
My
a
June

23o!e

July
August
September

5.4
238.1

2.6
240! 3

..
P3.3
p232.*4

p2.6
P241.8

ft c

October
November
December
See note on page 80.
Graphs of these series are siown on pajes 48 and 49.
^•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 1985

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

,

330. Index ©

(1967 = 100)

330c. Change
over 1-month
spans1 ©

(Percent)

PRICE MOVEMENTS—Continued
Producer price index, crude materials
for further processing

Producer price index, industrial commodities

Producer price index, ail commodities
Year
and
month

' Q |

330c. Change
over 6-month
spansl @

(Ann. rate,
percent)

335. Index ©

(1967 = 100)

335c. Change
over 1-month
spans1 ©

(Percent)

335c. Change
over 6-month
spans1 ©

331. Index

(Ann. rate,
percent)

(1967 = 100)

331c. Change
over 1-month
spans'

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1983
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

316.3
318.0
320.0

-0.5
0.5

0.6

4,1
1.5
2.1

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

322.2
321.0
321.1

0.7
-0.4
0.0

1.1
4.8
6.1

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

318.1
325.5
329.6

-0.9
2.3
1.3

4.7
5.4
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

329.7
329.5
333.5

0.0
-0.1
1.2

11.7
2.9
4.6

January
February
March

308.0
308.9
311.0

0.6
0.3
0.7

3.5
4.0
. 3.4

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

336.2
330.2
337.1

0.8
-1.8
2.1

3.5
1.8
-1.9

April
May .,
June

311.3
311.5
311.3

0.1
0.1
-0.1

2.5
1.2
-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335.4
332.5
330.4

-0.5
-0.9
-0.6

-2.9
-1.7
-5.6

July
August
..
September

311.9
310.7
309.3

0.2
-0.4
-0.5

-1.2
-0.8
-1.0

323.9
323.3
322.2

0.0
-0.2
-0.3

0.5
0.4
-0.5

331.3
327.4
327.6

0.3
-1.2
0.1

-6.4
-2.0
-1.1

October
November
December

309.4
310.3
309.8

0.0
0.3
-0.2

-1.5
-1,0
-0..5

323.4
323.8
323.0

0.4
0.1
-0.2

-0.6
-0.7
0.2

324.5
329.1
328.5

-0.9
1.4
-0.2

-5.7
-6.8
-9.9

309.5
309.1
308.6

-0.1
-0.1
-0.2

-0.1
-0.3
-0.5

322.9
322.2
322.5

0.0
-0.2
0.1

0.2
0.9
1.1

321.7
316.0
31110

-2.1
-1.8
-1.6

-10.3
r-14.5
-14.8

309.3

0.2

-0.3
-1.2
-1.8

323.8
325.3
324.7

0.4

0.5
-0.2

0.9
0.9
0.0

307.4
r304.3
303.3

-1.2
r-1.0
r-0.3

-12.1
-13.2
-11.0

324.3
323.6
322.5

-0.1
-0.2
-0.3

301.6
294.4
293.4

-0.6
-2.4
-0.3

1984

1985
January
February
March
April
May
June

r309.8
309.1

0*.2
r-0.2

309.0
307.2
305.8

0.0
-0.6
-0.5

July
August
September
October
November
December .

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

OCTOBER 1985




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

8
5

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

PRICE MOVEMENTS—Continued
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

(1967-100)

332c. Change
over 1-month
spans'

(Percent)

Producer price index, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967 = 100)

333c. Change
over 1-month
spans'

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1967 = 100)

334c. Change
over 1-month
spans'

334c. Change
over 6-month
spans'

(Percent)

(Ann. rate,
percent)

1983
January
February
March

309.9
310.0
309.3

-0.4
0.0
-0.2

-1.0
-0.6
0.1

284.1
285.0
285.8

-0.1
0.3
0.3

2.6
2.3
1.8

283.4
283.3
282.9

-0.9
0.0
-0.1

-0.6
-1.0
-0.9

April
May
June

308.
309,
311.

-0.3
0.4
0.5

1.4
2.1
3.8

285.
286.
286.9

0.0
0.1
0.2

2.3
2.4
1.8

282.8
283.6
284.7

0.0
0.3
0.4

0.8
1.6
2.3

July
August
September , . .

312.
313,
315.

0,3
0.4
0.6

4.9
4.1
3.4

287.
288.
288.

0.1
0.4
0.0

2.2
2.0
2.0

284.
285.
286.1

-0.1
0.4
0.2

2.6
1.4
1.3

October
November . . ,
December . . ,

315.
315.
316.4

0.3
0.0
0.2

3.2
3.0
2.9

289.0
289.2
289.7

0,2
0.1
0.2

2.2
2.3
2.9

286.5
285.6
286.5

0.1
-0.3
0.3

3.0
2.8
3.6

January
February
March

317.1
317.9
319.6

0.2
0.3
0.5

2.7
3.2
3.2

290.5
291.7
292.5

0.3
0.4
0.3

3.7
3.2
3.1

288.8
289.5
291.2

0.8
0.2
0.6

3.1
3.5
2.7

April
May
June

320.1
320.9
321.5

0.2
0.2
0.2

2.4
1.5
0.3

294,3
293.8
294.1

0.6
-0.2
0.1

2.9
2.5
2.3

290.9
290.5
290.3

-0.1
-0.1
-0.1

1.5
0.4
-0.9

July
August
September . . .

320,
320.
320.0

-0.2
-0.2
-0.1

0.2
0.0
-0.5

294.7
295.3
295.8

0.2
0.2
0.2

0.5
1.4
0.6

291.0
290.1
289.9

0.2
-0.3
-0.1

0.6

October
November . . ,
December . . ,

320.4
320.9
320.7

0.1
0.2
-0.1

-0.3
-0.8
-0.9

295.1
295.9
295.0

-0.2
0.3
-0.3

1.1
2.2
2.5

289,
290,
291.2

0.0
0.3
0.1

-0.3
0.1
0.4

January
February
March

320.4
319.0
318.5

-0.1
-0.4
-0.2

-0.8
-0.6
-1.2

296.3
298.6
299.5

0.4
0.8
0.3

3.1
r3.0
4.0

290.6
290.3
290.5

-0.2
-0.1
0.1

1.4
rl.O
0.1

April
May
June

319.1
320.0
318.8

0.2
0.3
-0.4

-1.6
-1.1
-0.7

299.6
r300.3
300.9

0.0
r0.2
r0.2

3.1
2.0
0.2

291.9
r292.4
291.4

0.5
0.2
r-0.3

1.4
0.7
-0.6

July
August . . . . . .
September . . .

317.8
317.3
317.4

-0.3
-0.2
0.0

300.9
301.6
299.8

0.0
0.2
-0.6

292.6
291.3
289.7

0.
-0,
-0.5

1984

1985

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




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

OCTOBER 1985

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

j Q

WAGES AND PRODUCTIVITY

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

Current-dollar earning;
340. Index

(1977 = 100)

Average hourly compensation, all employees,
nonfarm business sector

Real earnings

340c. Change
over 1-month
spans2

340c. Change
over 6-month
spans'

(Percent)

(Ann. rate,
percent)

341. Index

341c. Change
over 1-month
spans2

(1977-100)

(Percent)

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

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans3

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1983
January
February
March

152.9
153.6
153.6

0.5
0.5
0.0

4.4
4.7
3.9

94.8
95.3
95.1

0.3
0.5
-0.2

3.1
2.5
0.9

159^7

April
May
June

154.2
154.8
155.1

0.4
0.4
0.2

3.7
2.5
3.5

94.8
94.9
94.9

-0.2
0.0
0.0

0.2
-1.8
-1.1

16l!6

July
August
September

155.7
155.5
156.3

0.4
-0.1
0.5

3.9
3.3
3.7

94.9
94.4
94.6

0.0
-0.5
0.2

0.1
-0.2
0.2

161*9

October
November
December

157.2
157.3
157.9

0.6
0.1
0.4

3.8
4.3
3.8

94.9
94.8
95.0

0.3
-0.1
0.2

0.0
1.0
1.2

163^7

January
February
March

158.6
158.7
159.2

0.4
0.1
0.3

3.7
3.3
3.2

94.9
94.9
95.1

-0.1
0.0
0.3

1.3
0.5
0.5

16EL9

April
May
June

160.1
159.9
160.5

0.5
-0.1
0.3

3.0
2.6
3.2

95.5
95.0
95.2

0.3
-0.5
0.2

0.7
-1.4
-1.8

167^4

July
August
September

161.0
160.8
161.7

0.4
-0.1
0.6

1.8
2.9
3.6

95.2
94.2
94.3

0.0
-1.1
0.1

-2.9
-1.1
-0.8

168.9

October
November
December

161.6
162.2
163 4

-0.1
0.4
n 7

2.5
4.0
- ~

94.1
94.5
94 9

-0.2
0.4
0 4

-1.5
1.2
0 6

170.5

January
February
March

163.0
164.0
164.4

-0.2
0.6
0.3

4.0
3.2
2.8

94.5
94.7
94.5

-0.4
0.3
-0.2

0.6
-0.5
-0.8

172,5

April
May
June

164.8
164.9
165.6

0.2
0.1
0.5

r3.0

94.4
94.3
94.5

-0.2
-0.1
0.3

r-0.4
r-1.1
p-0.9

rl73.9

rl65.4
rl65.6
P165.6

-0.1
rO.l
pO.O

94.3
94.2
p94.1

-0.2
r-O.l
p-0.1

5.7

4.'i
3.3
3.9
2.3
3.9
4.5
3.9

1984
5.4
4.*3
3.5

i!i

3.7
4.0
3.8
3,9

1985

. .

July
August
September

rl.9
pi.5

4.8
p3*.9
3.2

P3.9
pl75*.5

October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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 1985



8
7

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

* M

Negotiated wage and
benefit decisions

Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month

Real compensation
346. Index

(1977 = 100)

WAGES AND PRODUCTIVITY-Continued

346c. Change
over 1-quarter
spans1

346c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

348. Average
first-year
changes @

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract (u)

(Ann. rate,
percent)

370. Index

(1977 = 100)

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

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

(Ann. rate,
percent)

(1977 = 100)

3.4

101.6

3.1

103.6
...

3.5

104* i

3.3

104.4

2*7

105*2

3.2

106*6

1.1

106 ".3

0.3

106.9

p6*9

106.0

1983
5.3

January
February
March

98.7

April
May
June

98.5

-1.6

102.2
4.4

-1.0

2.1

1.4

1.5

5.9

3.6
103.6

6.6
•••

July
August
September
October
November
December

5.0

-1.8

*?
0.1
98.1

2.8

4.3

-6*6

104.3
4.9

3.1

1.4
104.7

-0.4

1984
5.1

0.1

January
February
March
April
May
June

98. i

July
August
September

98.11

October .
November
December

98.1

4.7

98.1

4.0
105*7

-0.2

0.0

0.2

oil
6*4
6*2

3.5

3.2

4.9

107*6
2.7

3.1

0.6
107*2

3.7

2.0

3.1
108.0

1985
January
February
March

98*5

April
May
June

98*3

July
August
September

r4.4

1.5

r4.0

pO.5

-1.0

-3.9
106.9

r3.5

3.5

rl.5
107.3

pi.4
P98.6

pi.7

p2.9

106.3
p3.0

plO8*l

plOol?

October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
C h a n g e s are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on tiic middle month of the 3d quarter.




OCTOBER 1985

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q j

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

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

(Thous.)

(Thous.)

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

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

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

446. Both
sexes 16-19
years of age

(Thous.)

443. Number
employed
part time
for economic
reasons

(Percent)

(Percent)

(Percent)

1983
January
February
March

110,746
110,700
110,733

99,233
99,144
99,303

11,513
11,556
11,430

5,587
5,737
5,620

3,990
3,950
3,895

1,936
1,869
1,915

9,802
9,915
9,747

6,456
6,303
6,179

78.2
78.2
78.2

53.0
53.0
52.9

53.9
53.0
53.0

April
May
June

110,906
110,892
111,717

99,590
99,634
100,444

11,316
11,258
11,273

5,669
5,657
5,408

3,751
3,750
3,861

1,896
1,851
2,004

9,656
9,521
9,382

6,021
5,989
5,945

78.4
78.4
78.6

52.9
52.7
53.1

52.8
52.5
54.5

July
August
September

111,707
112,184
112,264

101,173
101,589
101,983

10,534
10,595
10,281

5,186
5,129
5,016

3,481
3,567
3,513

1,867
1,899
1,752

8,934

8,948
8,733

5,858
5,958
5,974

78.7
78.6
78.5

52.9
53.3
53.5

53.7
54.9
53.6

October
November
December

111,914
112,150
112,237

102,042
102,702
103,029

9,872
9,448
9,208

4,801
4,592
4,382

3,359
3,225
3,227

1,712
1,631
1,599

8,315
7,924
7,679

5,726
5,884
5,677

78.4
78.4
78.3

53.3
53.2
53.3

52.8
53.3
53.5

January
February
March

112,320
112,724
112,906

103,294
103,888
104,123

9,026
8,836
8,783

4,273
4,139
4,048

3,191
3,135
3,148

1,562
1,562
1,587

7,532
7,321
7,301

5,719
5,697
5,465

78.3
78.3
78.3

53.1
53.3
53.5

53.4
53.8
53.9

April
May June

113,202
113,722
113,619

104,402
105,162
105,391

8,800
8,560
8,228

4,087
3,909
3,807

3,161
3,127
2,972

1,552
1,524
1,449

7,331
7,056
6,578

5,520
5,377
5,549

78.3
78.3
78.3

53.6
54.1
53.8

54.2
54.3
54.3

July
August
September

113,868
113,629
113,764

105,377
105,148
105,394

8,491
8,481
8,370

3,884
3,836
3,817

3,130
3,214
3,044

1,477
1,431
1,509

7,010
6,933
6,931

5,482
5,384
5,449

78.3
78.3
78.3

54.0
53.9
53.6

54.5
53.0
54.2

October
November
December

114,016
114,074
114,464

105,649
105,932
106,273

8,367
8,142
8,191

3,731
3,725
3,759

3,173
3,027
2,952

1,463
1,390
1,480

6,932
6,768
6,811

5,483
5,413
5,596

78.3
78.3
78.3

53.9
53.9
54.0

53.7
53.5
54.1

. 114,875
115,084
115,514

106,391
106,685
107,119

8,484
8,399
8,396

3,798
3,774
3,731

3,161
3,126
3,179

1,525
1,499
1,485

6,963
6,954
6,821

5,389
5,077
5,400

78.2
78.2
78.2

54.4
54.5
54.8

55.2
55.7
56.0

April
May
June

115,371
115,373
114,783

106,945
106,960
106,370

8,426
8,413
8,413

3,807
3,651
3,891

3,197
3,231
3,148

1,422
1,531
1,374

6,852
6,797
6,741

5,374
5,617
5,257

78.2
78.1
77.9

54.7
54.5
54.6

55.3
55.8
51.8

July
August
September

115,314
115,299
115,818

106,862
107,172
107,544

8,451
8,127
8,274

3,767
3,600
3,637

3,125
3,192
3,244

1,559
1,335
1,394

6,964
6,644
6,789

5,350
5,443
5,297

77.9
77.9
78.1

54.5
54.6
54.8

55.3
53.5
54.0

1984

1985
January
February
March

October
November
December

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

OCTOBER 1985




OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q
1

Federal Governmen t
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

^ J

RECEIPTS AND EXPENDITURES
State and local government'

DEFENSE INDICATORS

Advance measures of defense activity

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.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

(Mil. dol.)

543. Defense
Department
gross unpaid
obligations
outstanding

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

1983
January
February
Macch

-185]?

619!s

805! 6

34!i

458.'3

424.* 2

21,340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,555
5,014
6,361

-167.3

649.3

816\7

43^9

47315 '

429^6

19,332
19,554
21,518

10,132
10,111
10,814

126,165
126,532
129,720

6,578
5,609
7,412

July
Augu-st
September

-180.9

64CL2

82l!l

47.4

486 ! i

438.7

19,409
20,489
20,388

11,017
10,727
10,921

131,172
130,829
133,056

7,115
5,496
5,804

October
November
December

-180.5

655^0

835.5

si! 2

495!b

443.8

17,201
24,242
24,204

2,820
16,140
9,463

131,130
139,062
141,820

6,792
8,506
7,038

January
February
March

-16L3

686! 4

847^6

53*. 9

509.'6

455.7

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,503
6,884
11,713

April
May .
June

-1631?

704^3

868.0

54^5

52o!e

466 ! i

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

5,139
6,648
6,834

July
August
September

-180.6

706\2

886! 8

47^6

524! 6

477!6

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,600
8,090
7,301

October
November
December

-197.8

721.9

919.7

55.6

539.7

484.0

20,821
28,892
26,686

12,901
25,552
7,017

159,226
168,321
172,010

5,167
10,091
7,448

January
February
March

-165.'i

771.4

936.5

53.7

545.6

491.9

22,492
20,377
20,346

13,405
12,805
10,088

174,180
173,704
174,338

11,061
4,708
6,240

April
May
June

-214.1

733.9

948.0

50.3

558*6

507.7

22,655
25,140
29,513

8,716
14,605
11,052

174,867
178,000
179,337

6,130
8,773
11,238

(NA)

(NA)

P969.9

(NA)

(NA)

p52l!i

31,641
p34,470
(NA)

pll.761
(NA)

182,074
pl87,278
(NA)

9,594
r9,942
p8,026

April
May
June

, .

1984

!985

July . . . . .
August
September

.

October
November
December
See note on page 80.
Graphs of those series are shown on pages 52 and 53.
1
Based on national income and product accounts.

90




OCTOBER 1985

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES—Continued

1
J

DEFENSE INDICATORS—Continue(i
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

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

559. Manufacturers' inventories, defense
products, book
value

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dot.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

(Mil dol.)

570. Employment, defense
products industries

(Thous.)

Defense Department
personnel
577. Military
on active
duty ©
(Thous.)

564. Federal
purchases of
goods and
578. Civilian,
services,
direct hire
national
employment © defense
(Thous.)

(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1983
January
February
March

137.8
139.2
140.4

16,585
16,455
16,758

100,987
100,757
101,896

17,058
16,772
16,804

5,174
5,244
5,222

1,344
1,346
1,342

2,120
2,122
2,127

1,024
1,028
1,030

194! 7

6.1

April
May
June

141.6
142.7
143.6

16,826
17,175
17,331

103,198
103,529
105,568

17,529
16,854
17,189

5,276
5,278
5,373

1,347
1,352
1,356

2,123
2,120
2,116

1,029
1,040
1,049

199.3

6.1

July
August
September

144.9
145.0
146.3

17,321
17,813
17,436

107,018
107,084
107,453

16,975
18,455
17,463

5,665
5,430
5,435

1,366
1,350
1,372

2,113
2,115
2,123

1,053
1,052
1,026

200.9

6.6

October
November
December

146.4
145.2
145.5

17,278
17,450
17,837

108,627
111,449
112,754

17,781
17,329
18,726

5,618
5,684
5,733

1,374
1,377
1,383

2,120
2,126
2,124

1,034
1,040
1,045

20712

6!6

January
February
March

148.8
151.3
151.9

17,861
18,190
18,746

113,575
114,624
120,647

18,448
17,801
17,794

5,682
5,835
5,690

1,391
1,398
1,408

2,130
2,135
2,140

1,042
1,043
1,046

213^4

6!6

April
May June

155.6
156.0
157.2

19,017
19,514
20,035

119,870
120,758
121,672

18,525
18,609
18,953

5,916
5,760
5,920

1,415
1,427
1,440

2,138
2,141
2,143

1,049
1,061
1,071

22CK8

July
August
September

158.5
160 7
163.4

20,734
21,315
22,141

123,219
125,276
126,496

18,405
19,181
19,469

6,053
6,033
6,081

1,450
1,459
1,470

2,142
2,144
2,138

1,079
1,074
1,043

220.3

6.6

October
November
December

163.5
163.3
165.3

22,551
22,581
22,517

125,340
129,092
129,775

18,687
20,152
19,899

6,323
6,339
6,765

1,480
1,486
1,498

2,138
2,141
2,138

1,058
1,065
1,067

231.6

6.2

January
February
March

165.3
167.3
169.0

23,091
23,405
23,489

134,455
132,467
131,990

18,762
20,058
20,465

6,380
6,695
6,718

1,511
1,522
1,532

2,146
2,147
2,148

1,065
1,069
1,072

233^9

6\i

April
May
June

170.1
171.2

131,769
133,958
137,975

19,597
20,603
20,554

6,352
6,584
7,221

1,540
1,550
1,561

2,148
2,149
2,151

1,078
1,089
1,099

241 .'l

6.3

rl73-4

24,006
23,962
24,721

July
August
September

rl73.6
rl76.2
pl76-9

25,317
25,923
(NA)

140,742
r 143,520
pl44,478

21,498
r22,489
p21,991

6,827
r7,164
p7,068

rl,569
pi,590
(NA)

2,156
2,157
P2,151

1,110
1,107
(NA)

p253!i

pels

1984

1985

October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.

OCTOBER 1985




91

OTHER IMPORTANT ECONOMIC MEASURES
E

I U.S. INTERNATIONAL TRANSACTIONS

Q
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

612. General imports

Year
and
month

(Mil. dol.)

(MiLdol.)

(Mil. dol.)

614. Imports of petroleum and petroleum
products

(Mil dol.)

(Mil. dot.)

616. Imports of automobiles and parts

(Mil. dol.)

1983
January . .
February
March

17,232
16,312
16,690

2,811

3,644
3,359
3,499

20,127
18,804
19,528

4,481
3,183
3,603

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

3,749
5,432
4,215

2,746
2,819
2,823

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

4,622
4,597
4,929

2,936
2,813
2,636

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

4,818
4,459
3,997

3,233
3,415
3,801

January
February
March

17,889
17,208
17,906

3,457
3,198
3,336

4,009
3,848
3,764

26,204
26,420
26,948

4,515
4,660
5,393

3,684
3,751
3,680

April
May
June

17,520
17,978
17,705

3,030
3,245
2,715

3,811
3,976
3,746

28,074
26,012

6,000
5,113

Oc

A

3,838
3,635
o coo
NJ , O O J

July .
August
September

19,154
18,123
18,210

3,236
3,022
3,153

3,790
3,878
3,640

31,334
26,866
28,409

4,674
4,021
4,261

3,947
3,773
4,302

October
November
December

18,411
18,395
19,142

2,799
3,242
3,314

4,007
3,905
4,128

26,783
27,331
25,933

4,007
4,637
4,298

3,600
3,817
3,732

January
February
March

19,401
17,853
18,446

2,945
2,842
2,436

4,247
3,970
4,160

28,297
27,985
28,129

4,005
3,833
3,411

4,033
4,999
4,243

April

17,779
17,414
17,438

2,624
2,092
2,167

3,970
4,073
3,952

28,295
28,685
29,425

4,936
5,237
4,842

4,350
4,073
4,932

17,412
17,423
(NA)

2,158
2,389
(NA)

3,615
3,897
(NA)

26,630
26,083
(NA)

3,342
3,252
(NA)

4,161
4,489
(NA)

3,128
2,985

1984

97c

CQA

1985

May
June

....

July
August
September
October
November
December

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

92




OCTOBER 1985

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
E

I

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.)

622. Balance

669. Imports

668. Exports

(Mil. dol.)

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1983
January
February
March

-1,454

81,411

82,865

-9,621

49,227

58,848

17,935

12,283

-7,163

81,712

88,875

-14,754

48,862

63,616

19,172

12,856

July
August
September

-9,091

85,068

94J59

-17,230

50,399

67,629

20,985

13,588

October
November
December

-14,228

85,396

99,624

-20,407

52,257

72,664

19,932

13,893

January
February
March

-16,852

90,764

107,616

-25,569

53,753

79,322

23,502

15,268

April
May
June

-22,261

88,996

111,257

-25,649

54,677

80,326

20,895

17,277

-29,624

91,124

120,748

-32,507

55,530

88,037

21,769

18,513

-21,382

91,539

112,92i

-24,557

56,355

80,912

21,445

17,442

-27,153

88,939

116,092

-29,532

55,707

85,239

18,868

16,331

p-28,459

p88,846

p i 17,305

p-33,001

p53,245

p86,246

p22,104

pl6,522

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

April
May
June

:

1984

July
August
September

. .
..

October
November
December
1985
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

OCTOBER 1985




9
3

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

INDUSTRIAL PRODUCTION

Year
and
month

47. United States,
index of industrial production

(1977=100)

721.OECD1
European countries, index of
industrial
production

(1977-100)

728. Japan,
index of industrial production

(1977 = 100)

725. West
Germany, index
of industrial
production

(1977 = 100)

726. France,
index of industrial production

(1977 = 100)

722. United
Kingdom, index
of industrial
production

(1977-100)

727. Italy, index
of industrial
production

(1977 = 100)

723. Canada,
index of industrial production

(1977-100)

1983
January
February
March

102.5
103.3
104.2

102
104
104

120.0
119.5
122.2

99
101
102

102
101
101

100
100
99

105.4
107.6
105.6

97.6
97.9
98.3

April
May
June

105.6
106.9
107.8

102
104
104

122.0
122.0
123.2

102
102
105

101
104
102

100
100
99

100.6
103.1
100.1

99.8
99.8
102.2

July
August
September . . .

109.8
111.6
113.7

105
104
105

123.4
126.8
129.0

102
103
104

104
104
102

101
101
101

103.8
101.5
104.0

101.9
104.1
106.4

October
November . . .
December . . .

114.4
114.8
115.5

104
107
107

127.5
130.0
131.3

104
106
107

101
104
104

101
101
105

102.4
109.3
103.7

107.8
108.7
110.5

January
February
March

118.4
119.3
120.1

108
108
107

.131.5
135.4
134.2

106
108
105

105
104
105

105
104
103

105.7
104.3
108.1

111.0
108.0
110.0

April
May
June

120.7
121.
122.

106
107
rlO4

135.1
137.9
138.6

105
106
95

102
105
103

103
102
103

103.8
107.6
108.4

109.9
110.3
111.3

July
August
September . . .

123.
123,
123.3

108
109
109

109
rlO8
108

109
109
105

102
102
103

107.
108.
110.0

115.1
114.5
112.2

October
November . . .
December . . .

122.7
123.4
123.3

109
109
rlO8

143.3
143.4
142.7

109
110
109

107
104
102

103
103
104

107.3
106.1
106.6

112.2
114.1
115.0

January .
February
March . .

123.6
123.7
124.0

108
110
111

143.0
142.8
140.8

110
109
110

100
105
107

105
105
107

102.5
111.5
111.8

114.2
113.8
113.9

April . . .
May . . .
June . . ,

124.1
124.1
rl24,3

109
110
111

144.5
148.2
rl45.1

110
111
113

103
105
plO3

108
108
rlO7

107.0
108.3
rill.3

rll4.5
rll4.3

July
August . .
September

rl24.1
124.8
P124.7

pill
(NA)

P147.8
<NA)

pll6
(NA)

(NA)

plO6
(NA)

P107.1
(NA)

pllS.3
(NA)

1984

139
140
139,

1985

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 1985

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q
United States
Year

320. Index ©

and
month

(1967 = 100)

West Germany

Japan

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738.Index

©

(1967 = 100)

CONSUMER PRICES

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

735. index©

(1967 = 100)

United Kingdom

France

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

736. Index ®

(1967 = 100)

736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967 = 100)

732c. Change
over 6-month
spans'

(Ann. rate,
percent)

1983

293.1
293.2
293.4

1.4
2.3
3.4

306.6
305.5
307.5

0.7
2.1
1.2

201.2
201.3
201.2

1.7
1.9
1.2

390.1
392.9
396.5

11.9

10.8
10.0

523.5
525.8
526.7

3.5
3.2
3.8

295.5
297.1
298.1

3.6
4.4
5.0

308.6
312.0
309.7

1.1
1.9
1.0

201.7
202.2
202.9

2.4
3.6
4.1

401.8
404.5
406.9

9.8
9.9
10.3

534.1
536.4
537.7

5.0
5.4
6.1

299.3
300.3
301.8

4.2
4.1
4.2

308.3
307.4
311.4

2.0
1.6
2.3

203.6
204.3
204.9

3.6
3.2
3.8

410.4
412.8

540.6
543.0
545.4

6.5

416.0

9.1
8.9
8.6

302.6
303.1
303.5

4.7
4.8
4.6

314.2
312.2
311.4

2.6
4.0
3.8

204.9
205.2
205.7

3.0
2.2
2.2

419.2
420.9
422.4

8.3
8.0
7.1

547.3
549.2
550.7

5.3
4.8
4.4

305.2
306.6
307.3

4.8
4.5
4.3

312.3
314.2
315.1

2.7
2.4
1.5

206.6
207.1
207.3

2.6
2.5
1.9

425.4
428.0
431.0

6.6
6.6
6.9

550.4
552.6
554.4

4.1
4.0
3.7

308.8
309.7
310.7

3.6
3.7
3.8

315.9
318.2
315 6

2.5
-0.1
0 8

207.7
207.8
208 6

1.6
1.3
0 9

433.6
436.2
438 4

6.8
7.0
7 2

561.8
563.9
565 3

3.6
5.1
5 1

311.7
313.0
314.5

3.5
3.6
3.7

316.2
313.4
318 5

1.6
1.9
3 8

208.2
207.8
208 0

1.6
1.7
2 1

441.5
443.7
445 9

7.7
7.4
6 8

564.7
570.0
1

5.7
5.9
5 4

315.3
315.3
315 5

3.4
3.3
3 5

321.0
319.0
319 6

3.2
3.0
2 5

209.2
209.6
209 8

2.7
3.4
4 3

449.0
450.3

574.6
576.4

6.5
5.8

4^1 9

6.4
5.9
5 8

C-7C

7

316.1
317.4
318.8

3.7
3.8
3.7

321.3
318.7
320,2

2.2
1.3
1.4

211.0
211.9
212.6

3.4
3.4

2.4

453.5
455.8
459.0

5.5
5.5
6.0

578.0
582.7
588.1

8.2
8.3
8.5

June

320.1
321.3
322.3

3.7
3.4
2.8

321.9
323.3
323.5

1.6
1.7
(NA)

212.9
213.1
213.3

1.6
0.9
(NA)

462.2
464.5
466.4

5.8
5.3
(NA)

600.6
603.4
604.7

7.3
6.6
4.7

July
August
September

322.8
323.5
324.5

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

6.3
6.6

1984
January
February
March
April
May
June
July
August
September
October
November
December

R71

Q

I

1985
January
February
March
April
May

323.8
320.7
(NA)

212.9
212,2
(NA)

468.2
468.7
(NA)

603.5
605.1
604.8

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.

OCTOBER 1985




9
5

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Continued

CONSUMER PRICES—Continued

Italy
Year
and
month

737. Index©

STOCK PRICES

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,
index of
stock
prices ©

(1967 = 100)

(1967=100)

(1967 = 100)

(1967 = 100)

(1967-100)

(1967 = 100)

(1967 = 100)
Revised2

Canada

737c. Change
over 6-month
spans1

733. Index ©

(1967-100)

(Ann. rate,
percent)

(1967-100)

(Ann. rate,
percent)

January
February
March

602.7
610.5
616.0

14.3
14.2
13.8

312.5
313.9
317.1

4.2
3.4
4.2

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

159.1
165.0
179.1

371.9
381.6
388.3

95.5
109.1
118.7

229.5
236.2
243.6

April
May
June

622.2
628.2
632.2

14.0
13.2
12.7

317.
317.
321.

5.2
5.9
4.7

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158.6
159.5

188.7
200.4
196.8

410.4
403.7
426.1

115.8
111.6
110.3

264.
273,
276,

July
August
September . . .

638.5
641.1
649.4

12.4
11.8
11.7

322.9
324.5
324.5

5.6
5.0
4.9

181.6
176.7
181.8

598.7
606,
619,

169.0
166.9
164.7

206.1
220.2
224.9

418.9
431.8
422.6

112.9
120.5
118.4

280.0
280.
282.

October
November . . .
December . ..

660.4
667.0
670.3

11.1
11.5
11.5

326.5
326.5
327.5

5.4
5.1
4.6

182.4
179.7
178.8

621,
621,
638.6

173.4
176.7
179.2

225.3
239.5
247.6

411.2
424.1
432.6

111.6
112.7
112.8

266.8
287.1
288.4

January
February
March

678.3
685.8
690.6

11.1
10.9
10.9

329.2
331.1
331.9

4.3
4.7
3.4

181.0
171.1
171.3

687.
699.
736.

185.
182.
178.

275.9
263,
261.

457.2
457.2
485.3

125.3
128.7
128.5

279.0
273.4
269.2

April
May
June

695.4
699.6
703.8

10.0
9.4
8.1

332.
333.
334.

3.1
2.3
3.0

171.4
170.3
166.6

776.0
744.6
711.2

177.9
178.0
175.8

285.
277,
272.3

495.
489.
468.

124.9
122.5
119.6

262.5
251.9
251.0

July
August
September . . .

705.9
708.0
713.0

6.8
6.4
6.8

336.6
336.6
336.9

2.5
3.4
4.2

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256.
274,
287.0

447.
478.

497.0

121.4
128.7
127.6

241.8
269.6
270.4

October
November . . .
December . . .

720.1
724.4
729.5

7.2
7.7
8.9

337,5
339.7
339.9

4.3
5.2
4.4

179.3
180.9
178.9

760.5
774.7
804.7

185.2
185.1
187.4

287.9
286.0
285.2

503.7
525.9
551.2

127.4
130.5
130.5

265.9
267.6
271.2

January
February
March

736.8

744,
749,

10.7
11.1
10.4

341,
343
344

5.3
4.5
4.0

186.7
196.8
195.2

839.5
851.9
900.4

195.1
202.0
213.4

294.3
307.9
317.8

578.1
585.1
592.3

147.2
164.1
165.0

293.2
293,2
295.2

April
May
June

756.1
760.6
764.4

10.0
9.4
7.4

345,
346.
348.

3.4
2.9
3.6

196.5
201.1
205.5

880,
890.
915.0

212
218
234,

328.9
336.4
337.2

592.0
607.0
591.3

164.4
188.7
199.0

297.8
309.2
306.5

209.4
204.8
200.2

941.6
915,9
rp919.1

234.8
237.4
253.2

321.9
316.6
rp315.4

568.4
597.0
rp606.4

P202.2

P941.4

PZ71.3

P3OO.3

P614.7

1983

1984

1985

July
, August
September . . .

766,
768.

771.3

349.5
350.1
350.5

October
November . . .
December . . .

212.
p221.
rp238,
P244.3

314.0
318.6
297.4
P29O.2

See note on page 80.
Graphs of these series are shown on page 59.
1
2

Changes over 6-monf.h spans are centered on the 4th month.
See "New Features and Changes for This Issue," page iii.

9
6




OCTOBER 1985

ItCIt

C. Historical Data for Selected Series
Year

Jan.
9.

1951 . . .
1952...
1953...
1954. . .
1955 . . .
1956 . . .
1957 . . .
1958...
1959...
1960...
1961...
1962 . . .
1963...

46.02
16.98
25.12
26.74
33.22
34.76
40.17
30.39
32.56
37,27
37.16
39.52
43.3 8

1964...
1965...
1966.. .
1967...
1968...
1969...
1970.. .
1971.. .
1972...
1973...
1974...
1975...
1976...
1977 . . .
1978...
1979...
1980...
1981..1982...
1983...
1984...
1985...

53.13
65.64
51.27
63.08
84.15
82.65
53.75
63.71
90.73
75.89
53.68
44.59
54.91
80.6 8
85.78
99.43
83.72
58.18
61.13
72.72
9

Feb.

Mar.

Apr.

My
a

June

July

Aug.

CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL
(MILLION SQUARE FEET)
.86
91
69
53
.03
05
.05
.34
.03
.73
.61
.13
.49

29.82
19.94
24.76
24.73
32.68
44.30
37.68
30.25
35.63
35.01
35.99
45.32
38.55

27.36
20.72
25.66
27.39
31.86
44.26
34.31
26.12
41 .02
39.59
35.42
41 .90
39.67

23.71
18.68
29.70
31.40
32.91
33.59
34.85
28.73
37.36
39.72
35-60
43.66
45.62

23.99
23.33
19.62
27.99
32.84
36.47
41.68
27.62
3 8.43
38.50
35.97
42.49
52 .13

55 . 3 2
70 . 6 7
57 . 8 4
59 . 7 8
70 . 9 8
81 . 5 3
51 . 6 6
65 . 8 6
88 . 0 9
84 . 4 9
49 . 7 4
50 . 1 0
53 . 9 2
69 . 5 8
104 . 3 8
82 . 0 8
83 . 8 6
63 .29
58 . 8 8
64 .41

55.83
66.54
54.68
66.95
67.37
71.78
67.01
68.12
88.28
77.05
42.90
52.62
63.42
67.01
94.15
78.31
83.79
61.15
55.37
74.95

57.89
6 9.82
60.36
54.03
71.45
66.91
57.86
65.59
84.53
85.92
54.06
51.77
55.88
76.04
96 .06
72.76
79.64
58.93
57.11
79.78

60.06
66.79
54.67
62.20
82 .47
55.79
63 .04
85.60
81 .81
75.91
45.17
52.70
63.02
89.34
89.32
67.35
84.75
53.71
57.60
82.49

55.64
61 .59
61.55
64.66
81.66
58.91
62.66
69.61
84.05
72 .49
50 .17
52.53
58.53
84.54
86 .61
71.59
81 .01
64.87
63.13
74.90

35
17
27
21
35
36
40
29
32
36
35
42
43

CONSTRUCTION

1951...
1952...
1953...
1954...
1955...
1956,..
1957...
1958...
1959...
196 0 . . .
1961...
1962...

4.28
1.58
2.33
2.48
3.09
3.23
3.73
2.82
3.02
3.46
3.45
3.67

3 .33
1 .66
2 .57
2 .00
3 .25
3 .35
3 .72
2 .73
2 .98
3 .41
3 .31
3 .91

1963...
1964...
196 5 . . .
1966...
196 7 . . .
196 8 . . .
196 9 . . .
1970...
1971 . . .
1972.. .
1973 . . .
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984. . .
1985...

4 .03
4.62
4.94
6.10
4.76
5.86
7.82
7.68
4.99
5.92
8.43
7.05
4.99
4.14
5.10
7.50
7.97
9.24
7 .78
5.40
5.68
6.76

4 • 04
4 .45
5 .14
6 .57
5 .37
5 .55
6 ,59
7 .57
4 .80
6 ,12
8 .18
7 .85
4 .62
4 .65
5 .01
6 .46
9 .70
7 .63
7 .79
5 .88
5 .47
5 .98

23.49
21 .10
37.96
26.09
37.00
36.45
34.29
29.48
36.91
38.94
37.94
41 .52
46.34
51 .16
56,84
63.24
57.71
71.99
70.30
65.39
58.75
66.67
93.16
73.37
47.89
53.45
59.64
79.20
92.79
74.62
73 .46
57.80
63.03
79.55

Sept.

Oct.

21.82
23.32
25.09
27.56
35.16
35.26
32.59
33.22
34.33
40.5 9
38.90
42.19
47.01
51-03
53.73
65.05
61.17
67.83
72,35
64.81
57.09
70.71
89.80
85,19
43.86
52.50
73.25
80.3 5
84,75
71,41
78.67
59.78
63.93
82.65

53.11
7.58
49.57
-19.99
2.56
11.72
-2.70
-33.08
12 .29
-6.47
-9.17
17 .12
9.05
14.29
24.46
20 .36
17 .28
12 .54
12.60
-12 .60
21 .82
10.08
40.64
19.57
-27.14
-0.52
14 .54
17.38

34 .26
-2 .09
4 .85
-12 .13
5 ,12
11 . 4 7
-2 .90
-19 .32
30 .05
0 .37
- 6 .86
12 . 0 8
12 .46
7 .01
16 . 0 9
27 . 1 3
7 .26
6 .66
12 . 4 3
-0 .74
13 . 0 8
8 .03
30 . 1 3
16 . 7 6
-42 .70
10 . 9 3
13 . 0 1
17 . 7 5

1980...
1981 . . .
1982...
1983...
1984...
1985,,.

-5.65
-11 .68
-26.82
-14.18
27.55

- 8 .39
14 . 1 1
-24 .48
2 .20
47 . 3 8

Dec.

18,12
27 .61
33.05
28.33
36-94
35.87
32 .82
30.01
36.51
39.28
41 .53
43 .41
45.19
52 .69
63.43
60 .43
60.06
6 9.40
61.78
53.37
69.84
76.52
87.38
57.97
42.38
56.11
68.58
86.12
81 .97
90.80
70.77
50.69
73.07
83 , 7 5

2 9 . 57
3 8 . 85
20 10
3 2 . 21
35 83
33.43
3 2 . 97
2 9 . 20
37 . 74
3 8 28
41 05
43 7 8
46 26
55.
60 42
5 8 . 02
60 85
7 1 . 06
84 18
53 53
65 84
80.83
73 02
56 95
52 37
53 03
72 79
82 87
84 18
87 75
70 65
49 55
68 14
86 73

19 21
23 34
31 75
31 06
35 25
31 48
30 09
31 . 4 2
40 . 3 6
40 . 1 7
34 .07
41 . 0 8
48 34
54 . 0 0
60 . 5 5
57 . 8 2
58 . 8 7
75 . 3 1
78 . 6 5
52 . 6 8
61 . 9 8
77 . 0 0
91 . 6 0
58 . 9 5
50 . 6 1
51 . 3 0
66 . 0 5
84 . 9 5
95 . 2 3
73 . 4 6
74 . 2 6
54 . 6 5
71.15
79 . 0 4

CONTRACTS iWARDED FOR COMMERCIAL AND INDUST UAL BUILDINGS, FLOOR SPACE1
(MILLION SQUARE M TERS)
E
2.77
1.85
2.30
2.30
3.04
4.12
3.50
2.81
3.31
3.25
3.34
4.21
3.58
4.66
5.19
6.18
5.08
6.22
6.26
6.67
6.23
6.33
8.20
7.16
3.99
4.89
5.89
6.23
8.75
7.27
7.78
5.68
5.14
6.96

2.54
1.92
2.38
2.54
2.96
4.11
3.19
2.43
3.81
3.68
3.29
3.89

2.20
1.74
2.76
2.92
3.06
3.12
3.24
2.67
3.47
3.69
3.31
4.06

2.23
2.17
1.82
2 .60
3.05
3.39
3.87
2.57
3.57
3.58
3.34
3.95

2.18
1 .96
3.53
2.42
3.44
3.39
3.19
2.74
3.43
3.62
3.52
3.86

4.41
5.38
6.49
5.61
5.02
6.64
6.22
5.38
6.09
7,85
7.98
5 .02
4.81
5.19
7 .06
8.92
6.76
7.40
5.47
5.31
7 .41

4.31
5.58
6.20
5.08
5.78
7.66
5.18
5-86
7.95
7.60
7.05
4.20
4.90
5.85
8 .30
8.30
6.26
7.87
4.99
5.35
7.66

4.88
5.17
5.72
5.72
6,01
7.59
5.47
5.82
6.47
7.81
6.73
4 .66
4.88
5.44
7.85
8.05
6.65
7 .53
6.03
5.86
6.96

4.75
5.28
5.87
5.36
6.69
6.53
6.07
5.46
6.19
8.65
6.82
4.45
4.97
5.54
7.36
8.62
6.93
6.82
5.37
5.86
7.39

14.88
-0.48
-19.21
15.80
-0.16
-5.78
-13.42
19.80
-9.96
-2.16
5.65
15.88
9.23
19.68
32.23
3.31
3.92
13.30
-1,76
14.76
8.09
33.37
16.73
-3 5.14
14.41
8.28
34.38
8.24
-0.67
-4.80
-7.51
-15.07
25.36

11.30
10.50
-15.53
-2 .84
16 .13
1.33
-12.01
16.43
-19.12
6.18
-13,63
10 .58
12.84
2.48
18.31
7 .96
9.28
13.10
11.71
-3.12
9.18
21.98
10.32
-17.12
14.45
15.61
31.66
21,38
2.20
-4.66
-5.06
2.99
39.68

II Q

III Q

IV Q

Annual

2.03
2.17
2.33
2-56
3.27
3.28
3.03
3.09
3.19
3.77
3.61
3.92
4.37
4.74
4.99
6.04
5.68
6.30
6.72
.02
.30
.57
.34
.91
i .07
i.88
6.80
7.46
7.87
6.63
7.31
5.55
5.94
7.68

2,28
2.05
2.43
2.44
3.61
3.23
2.91
2.94
3.49
3.65
3.72
3.81
4.27
4.65
5,62
5.95
5.84
6.12
6.85
5.46
5.99
6.63
7.51
6.83
4.77
4.25
6.19
8.11
8.46
5.96
6.33
5.20
6,52
7.05

I .78
2 .17
2 .95
2 .89
3 ,27
2 .92
2 .80
2 .92
3 .75
3 .73
3 .17
3 .82
4 .49
5 .02
5 .63
5 .37
5 .47
7 .00
7 .31
4 .89
5 .76
7 .15
8 .51
5 .48
4 .70
4 .77
6 .14
7 .89
8 .85
6 .82
6 .90
5 .08
6 .61
7.34

2.11
4.72
-12.79
8.76
7.15
-3.01
-5.03
-1.36
-4.28

25.94
1.79
-15.17
15.59
5 .11
-5.05
1.30
5.11
-4.49

6.52
-11 .28
-15.08
9.77
16.91
-9.70
5.04
13.67
0.46

-3.30
-18.26
-13.52
7.76
10.39
-3.64
0.36
11 . 6 6
-4.46

12.79
-20.50
2.12
1.12
4.73
-1.81
13.25
11 .09
3.65

5.23
7.58
8.05
12.05
24.74
-0.38
11 .92
16.21
-7.24
-5.50
16.04
25 .85
17 .44
-26.72
10.15
13.42
20.89
5.89
-13.62
10.94
-34.45
9.18
28.45

3.30
3 .02
15.17
15.08
26.74
3.04
2.60
11.89
5.66
-10.42
11.03
26 .45
20 .20
-21 .28
18.64
9.36
13.87
14.36
-26.26
10.07
-4.33
0 .82
-6.72

5.45
11.92
16.37
18.16
12.66
-9.97
16.07
4.56
-9.10
3.01
25.90
3.72
-3.29
5.56
9.01
10.16
12.05
-9.76
4.85
-2.93
16.79
27.41

2.56
6.38
7.58
18.02
18.78
10.12
8.56
5.16
3.91
28.75
7.50
-17.60
-5.27
-2.40
21 .85
20.60
-0.90
-7.73
-0 .44
-24.32
18.22
19,49

4.09
26.42
2.17
11.05
7.62
15.34
15.68
-4.31
11.14
27.53
25.04
7.74
-3.96
18.66
23.56
17.63
-21.85
-3.84
6 .10
-9.43
12.22
16.56

.77
.06
.42
.88
-06
.74
.84
.86
.23
.11
.53
9 .91
11 . 1 0
8 .60
23 . 6 8
3 .52
17 . 0 0
6 .80
- 7 .26
4 ,12
17 . 5 1
24 . 4 2
-7 .03
- 1 8 .77
-3 .00
2 .84
21 . 7 8
.22
0
- 5 !60
-17 .95
20 . 2 8
8 .39

9
-23
2
13
-1
-23
4
13
-8

111.70
54.83
77.57
73.00
100.93
115.11
117.90
89.98
100.22
109.01
108.76
126.97
125.42
147 .83
164.28
202.85
163.79
189.81
222.50
235.96
172.42
197.69
267,10
237.43
146.32
147 .31
172.25
217.27
284,31
259.82
251.37
182.62
175.38
212.08

75.06
62.73
74.98
86.78
97.61
114.32
110.84
82 .47
116.81
117.81
106.99
128.05
137.42
146.39
173.59
198.20
176.58
180.89
235.58
181.61
183.56
220.80
250.39
234.32
149.40
157 .00
17 7.43
249.92
271 .99
211 .70
245.40
177.51
177.84
237.17

10.38
5.09
7.20
6.78
9.38
10.70
10.95
8.36
9.31
10.12
10.10
11.79
11.65
13.73
15,27
18.85
15.21
17.63
20.67
21.92
16.02
18.37
24.81
22.06
13.60
13.68
16.00
20.19
26.42
24.14
23.35
16.96
16.29
19.70

6,97
5.83
6.96
8.06
9.07
10.62
10.30
7.67
10.85
10.95
9.94
11,90
12.77
13.60
16.13
18.41
16.41
16.81
21.89
16 .87
17.06
20.51
23.26
21.76
13.88
14.59
16.48
23.21
25.27
19.67
22.80
16.49
16.52
22.03

41.18
6 .79
17.98
-17.11
7.83
7.68
-3.79
-21 .94
20.71
-5.35
-6.06
11.62
12.46
10.18
20.08
26.57
9.28
7 .71
12.78
-5.03
16.55
8.73
34.71
17.69
-34.99
8.27
11 .94
23.17
16.38
-4.90
-0.79
-19.60
-9.02
33.43

29.02
13.12
5.67
-14.50
7.17
9.46
-2.24
-5.25
6.73
-9-30
7.27
-1.70
7,06
12.02
9.87
23.26
3.54
7 .93
13.73
3.38
-6.35
12.08
24.76
15.99
-21.71
14.41
12.80
22,14
13.88
-12.56
5.45
-14.61
4.33
20.47

69 . 8 4
66 . 5 4
89 . 2 2
79 . 9 6
111 . 0 7
106 . 5 3
98 . 2 0
94 . 3 0
108 . 7 6
118 . 8 3
116 . 8 6
124 . 7 5
139 . 3 0
1 52 . 2 0
171 . 0 7
192 . 3 8
181 . 7 7
205 . 7 3
216 . 3 4
189 . 0 0
180 . 3 1
208 . 7 4
263 . 8 4
232 . 0 4
143 . 1 1
151 . 6 9
199 . 4 8
2 46 . 8 3
268 .59
210 . 1 8
220 . 2 5
173 . 5 3
197 , 1 4
238 .04

66.90
89.80
84,90
91.60
108,02
100.78
95.88
90.63
114,61
117.73
116 .65
128.27
139.79
162 .49
184.40
176.27
179.78
215.77
224.61
159.58
197.66
234.35
252.00
173,87
145.36
160.44
207.42
253,94
261.38
252.01
215.68
154.89
212.36
249.52

323.50
273.90
326 .67
331 .34
417.63
436.74
422.82
357.38
440.40
463 .38
449 .26
508.04
541 .93
608 ,91
693.34
769.70
701.92
792.20
899.03
766.15
733.95
861.58
1033 .33
877.66
5 84.19
616.44
756.58
967.96
1086.27
933,71
932.70
688.55
762 ,72
936.81

2

TOTAL FOR PERIOD
2
3
1
2
3
3
3
2
3
3
3
4

75
61
87
99
33
11
06
71
51
56
81
07
30
5 18
5 61
5 39
5 65
6.60
7 82
4 97
6 12
7 51
6 78
5 29
4 87
4 93
6 76
7 70
1 82
8 15
6 56
4.60
6 33
8 06

1 .68
2.56
3.07
2.63
3.43
3.33
3.05
2.79
3.39
3.65
3.86
4.03
4.20
4.89
5.89
5.61
5.58
6.45
5.74
4.96
6.49
7.11
8.12
5.39
3,94
5.21
6.37
8 .00
7.62
8.44
6.57
4.71
6.79
7.78

6 .49
6 .18
8 .29
7 .42
10 , 3 2
9 .90
9 .13
8 .77
10 . 1 1
11 . 0 4
10 . 8 5
11 . 5 9
12 . 9 4
14 . 1 4
15 . 8 9
17 . 8 6
16 . 8 8
19 . 1 1
20 . 1 0
17 . 5 5
16 . 7 5
19 . 3 9
24 . 5 0
21 . 5 6
13 . 2 9
14 . 1 0
18 . 5 3
22 . 9 3
24 . 9 5
19 . 5 2
20 . 4 6
16 . 1 2
18 . 3 2
22 . 1 2

6.21
8.34
7.89
8.51
10.03
9.36
8.91
8.42
10.65
10.94
10.84
11 .92
12,99
15.09
17.13
16.37
16.70
20.05
20.87
14.82
18.37
21 .77
23.41
16.16
13,51
14.91
19.27
23.59
24.29
23.41
20.03
14.39
19.73
23.18

30.05
25.44
30.34
30.77
38.80
40 .58
39 .29
33.22
40.92
43.05
41 .73
47.20
50.35
56.56
64.42
71.49
65.20
73.60
83.53
71.16
68.20
80.04
95.98
81 .54
54.28
57.28
70.28
89.92
100.93
86.74
86 .64
63.96
70.86
87.03

ACTUAL DATA3
AGE FOR
3.23
-21 .32
0.08
5.34
3,96
-10.52
7.45
2.53
-2 .20
15 . 9 4

7
-15
0
10
0
-6
12
11
-22
15

6 .70
17,36
13.91
14.34
16 .97
15.62
0.37
6 .13
1 .27
20 .50
34.25
-7.50
-10.73
4.90
18.04
23 .17
-16 .38

2 .44
18 60
20 . 8 6
9 90
25 97
12 . 3 1
3 .58
3 .98
11 . 1 1
14 . 3 9
30 . 7 0
-10 .81
12 . 7 0
17 . 5 1
21 . 4 6
28 .09
. 42
-3 .01
-17 .94
- 2 0 .86
13 . 5 1
- 5 .72

4.22
-35.56
19.19
0 .07

This series contains revisions beginning with 1983. 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. 2Data have been
converted to metric units by the Bureau of Economic Analysis. 3This series contains revisions beginning with 1973.




IQ

TOTAL FOR PERIOD
24.53
22,12
26.17.
26.31
38.91
34.82
31.32
31.60
37.52
3 9.30
40.02
41 .04
45-95
50.01
60.50
64.09
62.89
65.91
73.69
58.80
64.47
71 .36
80.88
73.48
51.36
45.74
66.59
87,28
91.05
64.15
68.12
55.95
70.18
75.84

1A ND AND 0 H ORDER ] N 1972 DOLLARS,
> OF DOLLARSJ
1951 . . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959. . .
1960...
1961.,.
1962 . . .
1963 . . .
1964...
1965 . . .
1966...
196 7 . . .
1968. . .
1969...
1970...
1971...
1972 . . .
1973...
1974...
1975...
1976...
1977 . . .
1978...

Nov.

1
BUILDINGS, FLOOR SPAC E

37
.96
.29
82
04
25
59
20
73
71

11 . 6 1
5 .34
-16 .68
- 8 .83
6 .22
10 . 6 8
- 5 .05.
6 .22
12 . 1 4
-0 .12
8 .06
5 .94
4 .03
14 . 9 1
8 .71
15 . 7 4
13 . 0 2
5 .16
13 . 4 4
1 .80
1 .98
19 . 7 6
19 . 4 8
-2 .05
-4 .17
7 .27
18 . 1 4
16 .13
_ i . 57
-7
3 .50
-12 .23
15 . 7 4
21 . 1 5

'ERIOD
11.55
6.79
-20.11
0.93
10.01
0.98
-13.50
8.29
9.20
-11 .05
12.25
4.70
6.35
15.69
14.46
15.97
15.49
14.98
3.58
0.95
5.50
17.47
29.79
-8.45
-5.60
6.47
14.11
24,35
-9.53
-2,04
-6.44
-24.79
17.66
0.91

23.34
8.01
-3 .29
-9,88
7.81
7,20
-6.15
-3.17
12.19
-6.45
5.38
5.14
7.48
13 .20
13.28
20.39
10.33
8.94
10.88
0.27
4.42
14.51
27.19
5,80
-16.62
9.11
14.25
21.45
4.29
0.43
-17.81
7.18
18.99
(OCTOBER 1985)

97

C. Historical Data for Selected Series—Continued
Year
36.

Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
I960.
1961.
1962.
1,96 3 .
1964.
1965.
1966.
1967.
1968,
1969.
1970.
1971,
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1930.
1981 .
1982.
1983.
1984 .
1985.

21.36
10.94
13.42
-19.60
0.95
9.65
0.71
-1 !>. 0 6
9.54
5.81
-11.21
14,26
4.62
7.08
17.91
16.42
14.91
16,99
14,24
0.35
5.80
6.49
21.32
28.98
-11.80
-2.56
9.39
16.!>4
2 5.40
-10.67
-4.14
-9.98
-24.16
18.87

29.97
8.10
20.33
-17,56
1.82
10.32
-0.71
-18.08
14.54
2.06
-12.14
15.61
6.80
7.86
19.93
20.58
12.66
16.77
12.98
-3.07
11.80
8.61
26.78
a5 .26
-21.02
4.09
13.67
18.91
24.72
-10.48
-3.22
-18.30
-17.24
24.78

1951.
1952.
1953,
1954.
1955.
1956,
1957.
1958.
1959.
1960,
1961.
1962.
1963.
196 4.,
1965.
1966.
1967.
1968.
1969.
1970.
1971,
1972.
1973.
1974.
1975.
1976.
1977,
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.

45,242
43,275)
47,760
45,96 8
49,320
53,110
56,568
54,173
57,833
62,107
58,612
64,443
66,555
71,643
77,123
84*827
88,945
95,049
101,595
106,650
110,955
123,106
144,983
166,356
179,707
194,982
216,945
237,333
280,229
324,267
3 5 8,463
342,871
347,323
402,489

44,583
43,664
48,392
46,435
49,828
52,874
57,006
53,102
58 ,621
61,713
58,931
64,423
67,679
71,616
7 7,347
85,383
88,335
95,094
102 ,253
107,158
112,191
122 ,614
147,142
168,518
178,934
196,441
221,008
244,043
281,236
324,887
338,257
348,460
345,215
402,395

3 7.86
7.41
11.47
-16.37
6.93
8.41
-3.12
-18.43
21 .40
-7.46
-3,50
6.49
12.72
9.94
16.41
26.23
7.73
7.16
12.86
-0.98
12.40
8.58
31 .60
16.14
-33.32
10.77
12.12
25.55
15,26
-3.60
0.38
-15.98
-6.16
35.45

36.81
6.33
19.29
-16.57
5.24
9.51
-2.82
-20.74
19.51
-1 .83
-9.49
13.29
10.77
9,04
19.90
24.68
10.38
11 .38
12.61
-4.14
14.76
9.24
31.55
20.02
-30.94
7.99
13.48
21.02
19.68
-7.03
-0.49
-21 .34
-9.98
31.46
56.

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...
1985...

62,759
59,929
67,237
64,027
69,147
73,309
75.02S
70,035
74,544
79,391
74,928
81,905
84,339
89,833
96,251
103,228
105,276
110,642
114,412
115,395
116,141
125,345
140,43 7
142,051
130,465
136,722
145,063
149,957
161,546
163,904
161,810
151,038
134,166
173,254

61,114
60,593
66,165
6 4,7 86
69,727
72,733
75,306
68,806
75,741
78,992
7 5,144
81,915
85,591
89,916
96,579
103,401
104,807
110,169
114, 799
115 ,688
117,113
124,3542
141,109
141 ,419
,130,401
137,466
146,673
153,6 80
16 0,531
162,373
161 ,620
154,424
153,092
172,231

43,983
43,296
48,987
46,183
50,744
53,235
56,597
52,493
59,379
61,274
59,884
65,310
67,774
71,442
78,986
87,179
88,831
95,883
103,090
106,394
113,153
124,722
148,545
172,005
173,928
198,227
225,049
247,223
291,425
319,483
357,428
348,114
350,370
404,612

60,017
60,220
68,894
64,435
71 ,106
73,047
74,774
67,788
78,497
76,446
83,031
85,692
89,653
98,491
105,038
105,333
110,781
115,388
114,637
117,780
126,127
140,651
142,020
126,653
138,305
147,996
154,379
16 4,180
158,477
161,525
154,787
155,596
172,733

34.14
8.73
4.94
-15.73
6.63
8.43
-2.47
-12.54
16.86
-10.34
1.66
0.23
12.16
9.87
12.08
25.49
4.90
7.50
13.57
1.99
5.14
9.77
27.78
14.72
-28.99
13.13
12.37
28.45
12.99
-3.16
1.02
-14.01
-2.13
34.32

31.38
11.27
5.29
-15.17
7.20
8.59
-2.37
-7.70
9.18
-10.21
5.77
-1.31
9.20
11.03
10.64
24.18
3.58
8.15
13.97
2.14
-2,15
11 .59
25.91
15.41
-24.02
13,71
12.62
25.56
12.86
-8.29
2.97
-15.14
1 .68
25.82

26.67
12.32
2.04
-14.42
9.27
9.59
-4.08
-2.40
6.27
-6.03
7.18
1.58
6,20
11 .87
12.18
23.24
4.32
4.72
14.23
2.19
-7.34
11 .06
25.41
14.89
-19.40
12.93
11.70
18.56
12.32
-14.55
7.04
-14.26
6.63

18.42

21 .04
10.62
-5.42
-14,47
11.21
10 .26
-6.02
1 .34
7.98
-2.80
7.22
4.49
4.51
11 .44
13.76
22.09
8.30
1.22
13.45
3.06
-6.77
12.14
23.01
7.95
-13.52
9.36
12.00
14.92
9.64
-15.57
6.72
-12.22
10.44
14.89

43,250
43,767
48,935
4 6 , 6 40
51 ,334
53,660
55,770
52,286
60,322
61,637
5 9,46 7
6 5,461
68,420
72,744
79,429
86,731
88,871
95,944
103,863
105,847
114,030
125,834
149,591
173,650
176,974
200,243
228,185
257,724
286 ,720
314,940
360,807
346,483
353,371
408,342

43,566
44,228
48,904
45,866
51 ,467
53,768
55,651
52,457
60,975
60,649
60,177
65,429
68,222
73,450
79,241
86,295
89,071
96,750
103,918
107,256
114,993
127 ,216
150,592
176,022
177,044
200,557
227,951
259,284
297,047
311 ,616
358,298
350 ,009
360,313
412,524

43 ,17 2
44,346
48,398
46,349
51,645
54,124
56,119
53,315
61,134
60,604
61,134
65,041
68,792
73,063
79,363
87,367
89,731
97,752
104,453
107,920
116,966
127,828
151 ,553
17 7,805
180,045
204,457
229,410
261 ,250
296,006
311 ,159
358,413
345,874
368,553
413,976

42,082
43,452
49,372
46,180
51,885
51 ,804
56,133
53,758
60,537
60,223
60,603
65,324
69,927
74,236
80,734
87,022
89,684
98,992
105,232
108,309
116,456
128,519
153,867
182,065
182,988
205,619
230,693
260,773
300,886
320,822
359,527
346 ,442
370,864
412,233

42,807
44,288
48,185
45,798
51 ,784
53,6 96
56,682
54,843
59,206
59,939
62,068
66,026
69,497
74,176
80,550
88,190
91 ,006
97,837
105,875
107,998
116 ,389
131 ,090
154,444
184,007
185,259
206,125
231,389
266 ,072
303,476
326,117
360 ,348
342,770
374,813
413,300

133,808
130,239
145,139
138,586
149,892
159,219
170,171
159,768
175,833
185,094
177,427
194,176
202,008
214,701
233,456
257,389
266,111
286,026
306,938
320,202
336,299
370,442
440,670
506,879
532,569
589,650
663,002
728,599
852,890
968,637
1074,148
1039,445
1042,908
1209,496

129,988
132,341
146,237
138,855
154,446
161,552
167,540
158,058
182,431
182,890
180,778
195,931
205,434
219,257
238,033
260,393
267,673
290,446
312,234
321,023
345,989
380,878
451,736
527,477
534,063
605,257
685,546
778,258
879,773
937,715
1077,518
1042,366
1082,237
1234,842

58,975
66,862
63,706
68,159
73,719

183,890
180,7 42
204,296
193,248
209,980

70,167
71 ,670
77,973
76,472
81 ,7
83,942
89,304
96,520
102 ,186
105,074
111 ,123
114,176
116,838
114,727
123,611
137,923
141,555
130,002
133,721
145,334
154,224
162 ,388
161,167
160,495
154,065
150,691
172,020
180 ,437

225,101
206,629
226,909
236,880
226,518
246,851
255,622
269,402
291 ,321
311,667
315,416
331,592
344,599
345,720
351 ,034
375,814
422,197
425,490
387,519
412,493
439,732
458,016
486,277
484,754
484,955
460,249
462,854
518,218

177,532
184,491
205,223
193,540
216 ,202
219,553
220,835
204,266
235 ,071
234,499
231,337
248,860
259,061
275,138
294,761
312,753
317 ,016
334,537
347,301
344,389
357,698
383,770
418,752
426 ,210
387,039
418,759
446 ,953
477,629
486,254
462,544
483,550
460,813
479,020
529,671

43,193
47,139
47,540
46,011
52,842
55,209
55,513
55,321
59,234
60,373
63,104
66,546
70,448
73,709
81 ,693
88,348
90,557
100,557
108,151
107,175
117,365
135,424
159,045
183,638
188,242
206,089
234,998
272,856
309,763
344,452
353,811
338,412
385,163
414,243

43,140
46,853
46,333
47,465
53,248
55,613
54,946
56,780
5 9,0 49
59,728
63,742
67,395
69,655
74,669
83,254
88,038
93,029
101,487
107,265
105,933
119,797
138,420
162,874
183,173
188,135
210,532
238,054
275,540
311,445
347,444
351,069
341,286
389,775
417,635

42,733
47,496
45,602
48,603
53,391
56,255
53,837
57,209
60,924
59,668
64,131
66,297
71,149
77,226
83,965
88,275
95,521
101,196
107,505
109,508
121 ,380
141,300
162, < "178,856
190,401
216,886
241,826
278,104
313,330
350,970
347,723
340,051
399,089
421 ,613

59,313
63,820
66,729
64,431
73,336
73,135

59,731
65,902
66,422
64,675
73,048
73,726

71 [275
75 ,679
77,846

72,388
75,911
77,448
80,707
84,204
88,464
92,311
100,419
105,032
105,993
114,201
118,558
112,985
120,307
134,308
141,917
136,219
132,533
139,880
151,981
161 ,86 7
162,120
160,820
156,737
149,379
16 6,438
176,602

59,579
65,654
64,806
66,600
73,631
74,094
71,739
73,512
75,858
76,432
81 ,464
85,382
87,382
93,336
101 ,807
104,659
108,632
114,882
116,841
111 ,314
122,580
136,194
143,785
13 4,143
132,486
142,600
152,561
162,195
160,824
160,277
155,819
151 ,154
168,593
178,276

11 .34
16.16
12.43
1 5.48
5.60
-0.43
5.51
19.66
28.85
-5.36
-8.38
6.66
14.46
22.60
-10.93
-2.18
-2.43
-22.88
17.45
4.63

29.38
8.46
17.68
-17.91
2.67
9.83
-0.94
-17.96
14.53
2,01
-10.95

14.39

47

,828

45,842
52,907
54,439
55,801
54,980
59,377
60,518
62,179
66,142
69,485
75,051
80,66 2
88,085
90 ,806
98,797
106,686
108,580
117,262
132,829
154,695
183 ,997
187,159
207,716
232,690
267,466
305,962
335,266
358,193
342,858
380,348
412 ,276

MANUFACTURING AND TRADE SALES IN 1972 DOLLARS3
(MILLIONS OF DOLLARS)
58,978
60,987
68,879
64,958
71,869
73,213
73,636
67,509
77,758
78,900
75.B78
83,107
86,508
91,129
98,749
104,157
105,603
110,918
115,929
113,809
118,178
127,177
140 ,276
142,246
128,321
139,169
148,530
159,114
160,012
155,221
162,042
153,297
155,840
174,104

59,494
6 1 , 6 83
68,575
63,869
72,173
73,009
73,375
67,766
78,627
77,831
77,047
83,096
85,880
92,155
97,863
103 ,668
105,683
111 ,393
115,552
115 ,060
119,010
128,175
139,417
142,188
128,688
139,015
148,669
159,168
164,155
153,678
160 ,467
154,903
159,750
177,265

59,060
61,821
67,769
64,713
72,160
73,331
73,824
68,991
7 8,6 86
77,768
78,412
82,657
86,673
91 ,854
98,149
104,928
105,730
112,226
115,820
115,520
120,510
128,418
139,059
141 ,776
130,030
140,575
149,754
159,347
162,087
153,645
161,041
152,613
163,430
178,302

57,893
60,499
68,684
64,486
72,436
70,206
73,525
69,715
78,403
77,406
77,520
83,032
87,967
93,317
99,908
104,306
105,612
113,689
116,319
115,497
119,624
128,656
141,031
141,683
131,127
140,920
150,186
158,795
162,908
155,683
160,387
152,772
16 2 ,7 46
176,575

59,351
61,728
67,302
64,096
72,152
72,478
74,020
70 ,912
75,954
76,990
79,314
83,609
93 ,086
99,345
104,970
107,242
111,986
116,902
115,117
119,355
130,745
138,564
139,976
131 ,590
140,863
150,870
160,791
163,146
155,633
160,489
151 ,959
163,623
177,143

83,389
87,396
94,014
99,389
104,786
106 ,606
112,615
117,435
114,984
120 ,471
131,980
138,644
138,289
132,541
141 ,045
151,025
160,187
162,278
158,632
159,188
151,563
165,068
176,087

20,80
10.16
-5.45
-13.53
9.70
10.20
-5.23
1.06
8.46
-3.43
7.37
3.70
4.86
12.11
12.27
21.23
8.29
2.99
13,49
2.91
-5.24
13.40
22,71
7.62
-13.33
9.85
13.16
16.33
8.14
- 1 3 .66
5.98
-12.62
10.30
16.86

9.75
7.03
-20.21
-1 .80
7.49
4.35
-10.34
7.30
10.68
-3.62
9.35
6.04
5.87
16.07
8.64
16.60
11.20
13.40
8.82
-0.86
5.22
21 .69
23.84
-4.38
-8.46
6.05
15,67
20.37
-8.69
-3.48
0.04
-18.91
16.95
11 .40

23.60
8.69
-0.19
-12.25
6.70
8.21

-4.79
-5.62
12,37
-3.59
1.77
6.48
7.37
11 ,62
13.30
20.92
9,39
9.76
12.26
0.20
3.97
13.30
25,38
10.85
-17.95
7.90
13.34
20.51
9.11
-7.89
1.22
-15,78
1.98
21.29

TOTAL FOR PERIOD
127,592
133,461
145,385
137,820
156,576
159,939
168,616
163,581
179,120
180 ,6 80
184,850
197,492
208,909
223,463
241,946
263,297
271,496
295,626
317,793
324,887
350,107
392,438
463,006
550,069
555,406
619,460
694,772
794,311
910,324
982,205
1078,068
1032,070
1126,025
1237,809

129,066
141,488
139,475
142,079
159,481
167,077
164,296
169,310
179,207
179,769
190,977
200,238
211,252
225,604
248,912
264,661
279,107
303,240
322,921
322,616
358,542
415,144
484,907
545,667
566,778
633,507
714,878
826,500
934,538
1042,866
1052,603
1019,749
1174,027
1253,491

520,454
537,529
576,236
557,340
620,395
647,787
670,623
650,717
716,591
728,433
734,032
787,837
827,603
883,025
962,347
1,045,740
1,084,387
1,175,338
1,259,686
1,288,728
1,390,937
1,558,902
1,840,319
2,130,092
2,188,816
2,447,874
2,758,198
3,127,668
3,577,525
3,931,423
4,282,337
4,133,630
4,425,197
4,935,638

TOTAL FOR PERIOD

This series contains revisions beginning with 1973. This series is a weighted 4-term moving average (with weights
1,2,2,1) placed on the terminal month of the span. 2This series contains revisions beginning with 1975. 3This series
contains revisions beginning with 1977.




7.40
7.99
19.25
20.56
12.65
15.05
13.28
-2.29
10 .79
8.11
26.55
24.75
-21.25
3.17
12.16
18.82
23.27
-9.39
-2.62
-16.54
-17.13
25.04

34.46
9.14
7.23
-15.76
6.92
8.48
-2,65
-12.89
15.81
-9.34
1,31
1.80
11.36
10.28
13.04
25.30
5.40
7.60
13,47
1.05
5.13
9.98
28.43
15.42
-28.78
12.54
12.37
26,52
13.70
-5.02
1.46
-15.04
-2.20
31.86

7.51
-21.12
-0.73
7.18
3.62
-10.88
7.33
10.68
-2.64
8.94
6.41
6.21
16.46
7.17
16.97
9.67
15.07
8.98
-1.98
5.95
23.22
23.44
-3.95
-10.24
5.64
15.45
20.43
-9.76
-2.94
0.80
-19.11
17.07
11.58

42,703
45,721

Annual

AVERAGE FOR PERIOD

10.12
7.69
-20.87
1 .24
8.40
1.76
-12.76
8.40
9.18
-6.66
11 ,13
5.20
6.62
16.99

10.30
5.88
-18.64
-5.91
6.90
7.68
-7.39
6.18
12.17
-1.56
7.97
6.52
4.78
14.77
7.41
16.66
11.50
9.66
11 .89
-0.17
4.19
22.18
19.23
-3.84
-6.75
5.85
17.11
18.07
-5.37
-5.33
1.76
-14.73
16.32
17.98

14.69
7,53
-12.96
-11 .71
8.63
10.74
-5.59
4.23
11 .14
-1.47
7.71
5.03
3 .86
13.03
10.86
18.36
12.26
3.04
12.80
3.47
-1.61
17.01
19.71
0.03
-7.06
7.27
15.77
15,50
2.47
-10.85
4.17
-11 .38
13.84
17 .27

IV Q

IQ

MANUFACTURING AND TRADE SALES IN CURRENT DOLLARS'
(MILLIONS OF DOLLARS)

57.

98

Dec.

Nov.

CHANGE IN MANUFACTURING AND TRADE INVENTORIES ON HAHD AND OK ORDER IN 1972 DOLLARS, SMOOTHED DATA*
(ANNUAL RATE, BILLIOHS OF DOLLARS)

176,557
186,047
202,715
193,013
217 ,924
215,819
220,591
211 ,902
230 ,036
232,242
236,465
250,030
262,707
280,417
298,642
314,062
319,460
338,290
350,656
345,598
359,450
391 ,381
418,239
419,948
395,258
422,828
452,081
479,773
488,332
469,948
480,064
456,294
491,437
529,805

178,285
198,418
194,934
199,434
220,398
222,619
214,602
217,570
229,742
230,352
243,959
253,528
265,150
282,167
304,412
314,765
3 2 5,748
343,259
352,237
339,026
366,498
408,425
427,257
400,364
398,740
427,814
458,766
486,450
484,111
481 ,592
466,621
451,224
507,051
535,315

716,264
749,698
807,168
779,235
864,504
877,080
881,129
840,367
921 ,758
933,973
938,279
999,269
,042,540
,107,124
,189,136
,253,247
, 2 7 7 , 6 40
,347,6
,394,
• 374,
,434,680
,559,390
,666,445
,672,012
,568,556
,681,894
,797,532
,901,868
,944,974
,898,838
,915,190
,828,580
,940,362
2,113,009

(OCTOBER 1985)

C. Historical Data for Selected Series—Continued
Year

Jan.

70 .
1951 . . .
1952...
1953.. .
1954...
1955...
1956...
1957...
1958. . .
1959.
..
1960...
1961...
1962.. .
1963...
1964...
1965.. .
1966.. .
1967.. .
1968...
196 9 . . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
I960., .
1981...
1982...
1983...
1984...
1985...

88.45
99.29
105.30
106 .26
102.94
107.80
113.45
112.03
111 .57
118.30
119.62
122.32
128.10
133.81
140.92
150.14
166.74
174.62
182.62

89.15
99.22
105.54
105 .93
103.01
108.85
113.26
111.52
111 .94
119.40
119 .30
122.94
128.50
134.20
141 .44
151 .60
167.60
174.93
183.55

lrtA

1ft1

c1

190 * 53
194.65
200.40
209.64
222.26
233.09
225.62
235.70
247.15
261.05
264.71
264.21
268.00
257.82
260.17

MANUFACTURING

July

Aug.

Sept.

Nov.

98.08
102.51
107.12
102.78
106.90
113.28
113.55
110.72
115.87
121.52
121 .17
127.46
132.92
138.80
146.39
163.76
172.58
181.52
190.48
194.24
199.21
207.76
219.29
231.57
224.07
233.70
244.92
258.36
265.11
264.36

98.51
102.95
106 .78
102 .62
107.20
113.22
113,61
111 .42
117.36
120.11
121 .59
127,78
133.06
139.82
149.25
165.17
173,85
181 .89
191.14
194.04
200.01
208.02
221.30
233.01
225.19
235.08
246.18
259.67
264.45
264.09

TRADE

II Q

90.18
99.32
106.01
105.51
103.71
109.04
113.23
111 .20
112.51
120.32
118.85
123.77
128.97
134.63
142.99
152.93
168.44
175.02
184.31

94,42
99.72
107.76
104.05
105.19
111 .20
113.64
109.99
115.16
120.84
119 .03
125.26
130,30
136,24
145.08
157.09
169.51
177.94
186.67

96.80
100.90
108.56
102.88
106 .25
112.68
114.88
110.24
115.58
121 , 5 0
120 .27
126 . 7 1
131 .80
137 . 7 7
147.30
160.29
171.29
180.02
189.57

t A t

i n /

IV Q

Hi Q

Annual

END OF PERIOD

91.52
99.33
106.98
105.00
103.60
110.09
113.51
110.68
113.86
120.11
118.84
123.84
129.11
135.27
1 43 . 61
153.90
169.10
176.10
185.04

93.14
99.09
107.31
104.59
104.23
110.70
113.50
110.20
114.29
120.62
118.95
124.65
129.58
135.60
144.18
155.38
169.43
177.40
186.13

94.42
99.72
107.76
104.05
105.19
111.20
113.64
109.99
115.16
120.84
119.03
125.26
130.30
136,24
145.08
157.09
169.51
177.94
186.67

95.32
99.70
108.56
103.56
105.77
111.73
113.88
109.84
115.84
121.16
119.16
125.65
130.92
136.56
146.3 2
158.14
169.92
178.32
187.74

96 .40
99.68
108.50
102.95
106.39
112.11
114.48
109.55
116.05
121 .00
119.67
126.04
131.28
136.72
147.18
159.38
170.94
179.44
188.59

96.80
100.90
108.56
102.88
106.25
112.68
114.88
110.24
115.58
121 .50
120.27
126.71
131.80
137.77
147.30
160.29
171.29
180.02
189.57

196.12
200.92
211.53
224.44
229.84
227.53
237 .08
250.48
262.18
264.96
265.34
266.85
256.06
265.12

196.76
201 .80
212.20
225.50
229.74
228.78
238.13
252.37
263.06
266.68
265.15
267.45
255.89
267.98

197,44
203.08
213 .08
226.79
228.17
229. 52
239.07
253.35
264.13
266 .82
266.11
265.30
256.22
270.03

198.06
203.36
214.25
227.96
227.07
231.11
239.78
253.79
264.81
265.88
266.69
265.53
255.65
270.03

198.17
203.37
215.69
228 .87
226.68
231 . 6 8
2 40 . 7 0
254.21
266.64
265.70
267.44
265.85
255 .86
272.11

198,73
204.90
215.41
228.13
226.47
231.93
242.13
255.46
266.76
265.18
267.98
264.88
256,31
274.34

199.52
206.13
216.33
229.57
226.57
233.56
243.78
256.17
265.18
264.96

97.50
101 ,91
107.84
102 .41
106.78
112.76
113.82
110 .48
115.88
121.41
120.52
127.36
132.58
137.93
147.69
162.14
171.33
181 .13
190.20
193.99
199.56
206 .89
217.33
230 .64
225.16
233.33
243 .97
257.18
266.06
264.70

26 4 . 3 8
256.78
276.10

263,25
257 .29
277.64

260.61
258.06
278.27

69.77
71.58
76.99
72.85
78.33
86.05
89.16
86 .26
91.23
95.80
94.88
100.91
105.04
110.01
119.35
134.19
142.52
154.36
167.52
176.48
186.60
199.04
225.38
276.46
288.49
314.35
344,92
389,58
444.29
487.59
524.0 8
515.98
513.17
568.75

MANUFACTURING AND rRADE INVENTORIES ,
(BILLIONS 3F DOLLARS)

o i

*i ft

194,2 9
199.52
206.13
216.33
229 .57
226.57
233.56
243.78
256.17
265.18
264.96
269.13
264.38
256,78
276.10

98.51
102.95
106.78
102.62
107 .20
113.22
113 . 6 1
H I .42
117.36
120.11
121 . 5 9
127.78
133 .06
139.82
149.25
165.17
173.85
181.89
191.14
194.04
200.01
208.02
221 .30
233 . 0 1
225.19
235 . 0 8
2 46 . 1 8
259.67
264.45
264.09
269.47
259.40
259.02
278.97

98.51
102.95
106.78
102.62
107.20
113.22
113.61
111 .42
117.36
120.11
121,59
127.78
133.06
139.82
149.2 5
165.17
173.85
181.89
191 .14
1 94.04
200.01
208.02
221.30
233.01
225.19
235.08
246.18
259.67
264.45
264.09
269.47
259.40
259.02
278.97

259.40
259.02
278.97

191.57
196.12
200.92
211 .53
224.44
229.84
227.53
237.08
250.48
262.18
264.96
265.34
266.85
256.06
265.12

192.81
198.06
203.36
214.25
227 .96
227.07
231.11
239.78
253.79
264.81
265.88
266.69
265.53
255.65
270.03

69.98
72.06
76.40
73.20
78.91
86.94
88.99
86.55
91 .14
95.85
95.50
100.95
105.44
110.76
120.11
135.60
143.68
155.02
168.22
177.31
186.52
200.61
228.74
281 .00
288.27
316.50
348.07
394.34
447.42
490.15

70 .24
72.38
76 .12
73.18
79.52
87.30
89.05
87 .09
92.13
94.72
95 .60
101.06
105.48
111 .50
120.91
136.79
144.80
155.70
169.34
177.56
187.76
201 .95
233.24
285.81
288.65
318.83
351.46
399.56
451.35
493 .96

65.27
70.62
74.64
75.12
74.45
81.75
88.21
87.44
87,89
94.73
93.68
97,41
101.78
106.82
114.28
124,42
139.19
147.10
159.26
171.12
180.6 4
189.84
209.37
244.39
285.59
294.86
327.19
363.15
413.05
466.66

68.65
70.23
76.17
74,04
75.69
84.04
88.58
85.94
90.48
95.52
93.66
98.81
102.80
108.25
116.44
128.72
140.43
150.48
162.65
173.41
183.25
193.45
217.17
256 .96
283.90
303.88
335.10
375.29
428.09
477.72

69.53
70.80
77.41
73.17
77.39
85.63
89.88
85.95
90.94
95.88
94.72
100 . 3 9
104.28
110.02
118.88
132.64
142.52
153.08
166.38
176.30
186.14
197.76
223.40
271.29
287.02
312.34
343.34
385.17
439.45
485.19

70.24
72.38
76.12
73.18
79.52
87.30
89 . 0 5
87.09
92 ,13
94.72
95.60
101 .06
105,48
111 .50
120.91
136.79
144.80
155.70
169.34
177.56
187.76
201.95
233 . 2 4
285.81
268.65
318,83
351 .46
399.56
451 .35
493.96

70.24
72.38
76.12
73.18
79.52
87.30
89.05
87.09
92.13
94.72
95.60
101 .06
105.48
111 .50
120.91
136.79
144.80
155.70
169.34
177.56
187.76
201.95
233.24
285.81
288.65
318,83
351,46
399.56
451 .35
493.96

528.02
510.65
516.22
571.24

509.21
520.28
573.43

522.09
502.88
538.82

520.84
504,44
552.42

517.85
511.10
565.48

509.21
520.28
5 7 3.43

509.21
520,28
573.43

.65
. 55
.65
. 54

BOOK VALUE2
END OF PERIOD

63.74

65.27

66.65

67.87

68.65

69.10

69.53

74.01
75.73
73.55
80.27
87.85
87.67
87,14
92.92
94.43
96.18
101.24
106 .02
112.46
121.76
137.86
145.74
156.61
169.39
178.41
188.35
204.63
236.83
287.26
290.39
321 ,56
354.67
404.62
457.19
497.77
524.95
506.71
524.73

74.19
75.44
73.82
81.33
88.05
87.92
87.44
93.96
94.21
96 .76
101.56
106.40
112.99
123.24
138,45
146.54
157.95
170.44
179.36
188.99
207.04
240.06
286.58
292.66
324.30
357.87
409.42
461.93
502 .45
522.21
506.10
532.14

74.64
75.12
74.45
81.75
88.21
87 .44
87.89
94.73
93.68
97.41
101 .78
106.82
114.28
124.42
139.19
147.10
159.26
171.12
180.64
169.84
209.37
244.39
285.59
294.86
327.19
363.15
413.05
466.66
504 .89
522.09
502.88
538.82

75.37
74.74
74.52
82.84
88.52
86.65
89.07
9 4 . 74
93.68
97.56
101 .88
107.39
114.89
125.44
139.74
148.31
160.28
172.38
181,66
191.11
211 .60
247.28
285.52
297.29
330.43
368.41
418.81
473.23
505 .86
523.66
503.07
545.93

70.05
75.69
74.42
75.02
83.51
88.51
86.08
89.58
95.31
93.7 5
98.31
102.33
107.78
115.58
127.02
140.18
149.65
161 .67
172.34
182.80
192.81
214.50
252.06
284.38
299.81
332.90
371.81
423.17
475.81
509.54
518,86
503.70
550.50

70.23
76.17
74.04
75.69
84.04
88.58
85.94
90.48
95.52
93.66
98.81
102.80
108.25
116 .44
128.72
140.43
150.48
162.65
173.41
183.2 5
193.45
217.17
256.96
283.90
303.88
335.10
375.29
428.09
477.72
513 .09
520.84
504.44
552.42

6 9.99
76.96
73 .70
76.24
84.52
88.83
85.74
91 . 1 8
95 .90
93.87
99 . 1 9
103.23
108.48
117 , 4 8
130.06
140.92
150.98
163.85
17* t . 6 4
1 8't . 0 0
1 9 ' t.O8
21 .39
26; .00
28^ .40
306.53
336.68
378.18
435.24
480.68
515.95
521.35
505 .33
557.17

69.91
77.19
73.24
76.98
84.96
89.42
85.59
91.33
95.72
94.32
99.67
103.72
108.86
118.48
131 .49
141.94
152.24
165.00
175.67
185.10
196.15
221.40
265.89
285.60
308.16
339.52
381 .72
43 8.0 8
482.64
518.70
518.82
507.85
561 .72

69.53
70.80
77 .41
73.17
77.39
85.63
89.88
85.95
90.94
95.88
94.72
100.39
104.28
110.02
118.88
132.64
142.52
153.08
166.38
176.30
186.14
197.76
223.40
271 .29
287.02
312.34
343.34
385.17
439.45
485.19
522.5 9
517.85
511 .10
565.48

MANUFACTURING AND TRADE IHVENTOB IES TO SALES IN L972 DOLLARS3
(RATIO)

1.41

1.46

.57

1.60

1 a Ot

.57

1.55

1.50
1.65
1.54

1 .55

. OO

1.63
1 .55

. 61
.56

.49
.47
.51
.60
.50
.49
.60
.49
.52
.49
.46
.45
.58
.58
.60
L .65
L.68
L.60
L.49
.56
.78
.65
.62
.65
.62
.62
.63
L.77
L.67
L.50

1.48
1.50
1 .-50
1.62
1.48
1.51
1.59
1.50
1.50
1.49
1.46
1.47
1.60
1.59
1.60
1.65
1.67
1.61
1,49
1.58
1.76
1.65
1.61
1.62
1.63
1.63
1.64
1.73
1.68
1.53

1.46
1.49
1.51
1.64
1.47
1,53
1.55
1.49
1.50
1.50
1.45
1.46
1.60
1.58
1.60
1.67
1 .67
1 .59
1.50
1.58
1.81
1 .65
1 .60
1.62
1.60
1.67
1.64
1.72
1.65
1.53

.44
L.50
L .54
L .64
L .46
L .52
L .57
L .49
1 .49
L .48
1 .45
1 .48
1.60
1.59
1.60
1 .69
1 .66
1.59
1 .51
1 .58
1.78
1.64
1.60
1 .59
1.64
1 .72
1.64
1.74
1.64
1.54

.44
.52
L.55
L.63
.45
.55
.54
.50
.51
.47
.47
L.50
L.60
L.59
L .61
L.67
L.66
1.56
L.53
L.59
L.76
1.65
L.61
1 .59
1 .61
L .74
L.66
L.71
1.60
1.52

1.61
1 .59
1.61
1.46
1.52
1 .54
1.59
1.46
1.55
1.52
1 .52
1.50
1 .48
1.48
1 .50
1.60
1.59
1 .61
1 .67
1 .64
1 .58
1.54
I .61
1 .75
1 .64
1 .60
1.59
1 .63
1.73
1.66
1.74
1.56
1.51

1 .65

1 .62

1 .63

1 .63

1 .65

1 .67

1.46

1.57

1.63

.58

1 .61
1.61
1 .47
1.55
1.55
1.54
1.53
1.57
1.51
1.51
1.50
1 .47
1 .48
1 .52
1.59
1 .60
1.61
1.69
1.66
1.57
1 .55
1 .62
1 .71
1 .64
1 .60
1 .59
1 .64
1 .70
1 .67
1.74
1 .57
1.55

1 .63
1.60
K45
1 .54
1 .57
1 .55
1 .53
1 .56
1.51
1 .52
1 .51
1 .47
1.48
1 .53
1 .61
1 .60
1.61
1.69
1 .66
1.56
1 .56
1 .66
1.71
1 .66
1.61
1.60
1 .63
1.67
1.69
1.74
1.56
1.57

1 .62
1.58
K46
1.53
1.57
1.53
1.53
1.57
1.49
1.51
1.50
1.49
1.47
1.54
1 .62
1.59
1.60
1.72
1.66
1.54
1.53
1.69
1.70
1 .67
1 ,61
1.59
1.64
I .65
1 .72
1.76
1 .55
1 .57

1 .65
1 .54

.68
.51

1.55
1.65

1.57

1 .61

1 .53
1 .58
1 .51
1 .53
1 .59
1 .49
1.49
1.52
1.49
1 ,46
1.56
1.59
1 .58
.63
.74
.63
.53
.52
.72
.69
.64
.61
.59
.65
.65
1.74
1.72
1.53
1.56

".51
L .62
L .55
L.51
L.57
L.49
L.52
L .49
1 .45
L .46
L .57
1 .56
L .59
L.64
1 .69
L .62
L.51
L.56
L.79
L.68
1.62
L.60
1 .60
1 .64
1 .65
1.75
1 .72
1 .51
1.55

.46
.59
.55
.58
.48
.57
.54
.51
.49
.46
.46
.52
.61
.57
L.61
L.68
L.66
L.58
L.53
L.61
L .71
L .64
.60
L.60
.64
.71
.67
1.74
L .57
1 .54

]
This series contains revisions beginning with 1965. 2This series contains revisions beginning with 1975.
series contains revisions beginning with 1977.




IQ

INVENTORIES IN 1972 DOLLARS
(BILLIONS OF DOLLARS)
AND

62.26

RATIO

Dec.

Oct.

1

oT

191.27
195.11
200.46
210.74
223.06
231 . 4 1
226.52
236.44
248.26
261.76
264.84
265.37
267.06
257,60
263 .23

77.
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...
1985...

June

90.18
99.32
106.01
105.51
103.71
109.04
113.23
111 .20
112.51
120.32
118.85
123.77
128.97
134.63
142.99
152.93
168.44
175.02
184.31

71.
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
196 4 . . .
196 5 . . .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

May

Apr.

Mar.

Feb.

r.49

1 .51
1 .62
1 .48
1 .51
1 .58
1 .49
1.51
1.49
1 .46
1.46
1 .59
1.58
1.60
1 .66
1 .67
1 .60
1.49
1 .57
1.78
1,65
1.61
1.63
1,62
1 .64
1 .64
1 .74
1.67
1,52

] .ft9

.45
L.51
.54
L .62
L.46
.54
.54
L.50
.50
L.48
L.47
L.49
L.60
.59
L.61
L.68
1 .65
L .58
L .53
I .59
L.76
L.64
L.60
L.59
1.63
1.73
1.65
1.73
1.60
1.52

1 f. 1

1.46
] .56
1 .56
].56
] .51
] .57
] .52
] .51
.50
.47
.47
.52
.60
.59
.61
.69
.66
.57
.55
.63
] .71
1.65
1.60
1.60
1.64
1.69
1.68
1.74
1.57
1.55

.52
L.59
L .53
L .52
L .58
L.49
L .51
L.50
1.48
1 .46
1.56
1 .59
1 .59
I .62
1.72
1 .64
1 .53
1.54
L.73
I .69
1.64
1.61
L.59
1.64
1 .65
1 .74
1 .73
1 .53
1.56

1.58
1.61
1 .59
1.60
K46
1.52
1,55
1.58
1.49
1.55
1.53
1 .50
1.50
1.48
1 .46
1.51
1.60
1.59
1.61
1 .68
1 .66
1.57
1.53
1 .63
1.74
1.65
1 .61
1.60
1.63
1.68
1.68
1.74
1.59
1.54
{OCTOBER 1985)

gg

C. Historical Data for Selected Series—Continued
Year

Jan.
340.

I960 . ..
1961,..
1962,..
1963...
1964...
1965...
1966...
1967 , ,.
1966...
1969..,
1970...
1971...
1972...
1973 . , ,
1974. ..
197 5 . . .
1976 . ..
1977...
1978...
1979...
1980...
1981 . , .
1982...
1983...
1984...
1985...

Feb.

Mar.

Apr,

My
a

June

July

Aug.

Sept.

Oct.

No\

Dec.

IQ

R
INDEX OF AVERAGE HOURLY EARNINGS OF PRODUCTION O NONSUPERVISORY WORKER } ON PRIVATE
(1977-100)
NOBIAGRICULTURAL PAYROLLS

II Q

III Q

I Q
V

Annual

AVERAGE FOR PERIOD
27.3
28.7
30 .3
31.4
32.4
34.0
35.7
37.2
38.5
39.8
42.4

44.2
45.6
47.5
49.6
52.4
35.7
59.4
63.8
68.2
72 .1
76 .7
89.9
96 . 8
104.4
112.9
121.8
133.8
145.1
152 .9
158.6

44,3
45.8
47.6
49.9
52.7
56.1
59.8
64.2
68.4
72 . 4
77 .2
84.4
90.5
97 . 3
104 .8
113.6
122 . 9
135,0
145.2
153.6
158.7

44.4
45.8
47.7
50,0
52,9
56.4
60.2
64.4
68.7
72.7
77.6
85.1
90.8
97.7
105 . 4
114.1
124.2
135.8
145.7
153.6
159.2

44.5
45.9
48.0
50.2
53.2
56.6
60.4
64.8
69.2
73 . 3
78.2
85.2
91.4
98.4
106.4
114.9
124.8
136.7
146.5
154.2
160.1

44.6
46.2
48.1
50.4
53.5
57.0
60.7
65.3
69.3
79.0
85.8
92.1
99.1
107 .0
115.3
125.7
137.5
147.6
154.8
159.9

5
1
4
0
5
2
1
6
8

44.3
45.7
47.6
49.8
52.7
56.1
59.8
64.1
68.4

44.6
46.1
48.1
50.4
53.5
57.0
60.7
65.2
69.3

45.0
46.5
48.6
51.1
54.3
57.9
61.9
66.2
70.1

45
47
49
51
55
58
62
67
71

.3
.0
.2
.8
.2
.9
.8
.0
.3

44.6
46.4
46.4
50.8
53.9
57.5
61.3
65.7
69.8

4
4
1
2
0
3
5
3
2
9
4

77.2
84.4
90.4
97.3
104.9
113.5
122.9
134.9
145.3
153.4
158.9

79.1
85.8
91.9
99.0
107.0
115.4
125.8
137.5
147 . 4
154.7
160.2

81.0
87.4
93.8
100.7
109.1
117.8
128.6
140.3
149.7
155.8
161.2

82
89
95
102
11]
120
131
142
151
157
162

.8
.0

80.0
86.7
92.9
100.0
106.2
116.8
127.3
138.9
148.5
155.3
162.8

3
1
3
5
6
7
6
3
3
g
0 5
0 9
0 6

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

0.2
0.4
0.4
0.6
0.5
0.6
0.7
0.6
0 .4
0.6
0.7
0.5

0.2
0.3
0.4
0.5
0.5
0.6
0.5
0.6
0.3
0 .5
1.0
0.5
0.5

0.3
0.3
0.4
0.4
0.5
0.5
0.7
0.5
0.5
0 .6
0.8
0.5
0.8

( .3
( .3
C.4
( .5
( .5
C .5
( .5
t .6
.6
,5
{ .7
(
0.6
0.6

4
8
0
8

0 .8
1 .0
0 .4
0 .2

0.7
0.6
0.8
0.8

0.7
0.6
0.8
0.6

0.7
0.8
0.7
0.8

(

0 1

0 .4

0.3
0 3

0.3
0 2

0.3
0 3

7
3
3
6
8
4
1
6
4

44.8
46.4
48.4
50.9
54.0
57.6
61.5
65.9
69.8

45.0
46.5
48.5
51.0
54.2
57.9
61.9
66.2
70.1

45.1
46.7
48.8
51.3
54.6
58.2
62.3
66.5
70.5

45.2
46.9
49.0
51.5
54.9
58.6
62.5
66.6
71.0

45.
47.
49.
51.
55.
59.
62.
66.
71.

3
0
2
8
2
0
8
8
2

80. 0
86 5
92.3
99 5
107 ft
116 1
126 9
138 2
148 1
155 1
160 5

80.2
86.8
93.0
100,2
108.5
117.0
127 .7
139.0
149.0
155.7
161.0

80.9
87.5
93.9
100.6
108.9
117.6
128.6
140.4
149,9
155.5
160.8

81 .8
87.9
94.4
101.3
109.8
118.8
129.4
141 . 4
150 .2
156.3
161.7

82 .3
88.4
94.9
102 , 2
110.7
119.2
130 .7
141.8
150.9
157.2
161.6

82.
89.
95.
102.
111.
120.
132.
143.
151.
157.
162.

7
2
5
6
2
2
0
0
3
3
2

44
46
48
50
53
57
61.
65.
69.

45
47
49.
52
55
59
63.
67.
71
83
89
96
103
112
121
132
143
152
157
163

.7
.3
.2
.7
.7
.5
.5
,4

3 40C. CHANGE tN INDEX OF AVERAGE HOURLY EARNINGS OVER 1-MONTH SPANS

1 953
1 954

1962...
1963.. .
1964., .
1965.. .
1966.. .
1967...
1968.. .
1969.. .
1970 . . .
1971.. .
1972.. .

0.1
0.8
0.5
0.8
0.3
0.5
1.0
1.0

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

0.4
0,3

1978...
1979...
1980,..
1981...
1982...
1983...

1,2
0.8
0.4
0.9
1.2
0.5

6
6
.6
3
.2

0 .3
0.2
0.2
0.5
0.4
0.4
0.6
0.5
0.6

0,4
0.3
0 .2
0,2
0.4
0.4
0.8
0.5
0.4

1 ,2
0 .8
.3

0.3
0.4
0.7

0.9
0.8
1 .0

0.4
0.8

.6
0 .7
1 .0

0.1
0.

0.4
0.6
0.7
1.0

0.4

0 .2

0 .'

-0.1

0.2
0.4
0.2
0.4
0.5
0.7
0.6
0.7
0.3

0.2
0,2
0.3
0.2
0.5
0.6
0.6
0.3
0.4

0.2
0.2
0.6
0.6
0,5
0.4
0.3
0.6
0.6

0.3
0.5
0.3
0.3
0.5
0.7
0.6
0.8
0.2

0
0
0
0
0
0
0
0
0

0.7
0.8
0.6

CK6
0.9

0.7
0.1

1.1
0.7

0.6
0.9

0.4
1 .1

0.7
0.5

(1.1
G.5

0.3
0.0

0,5
0.4

1
2
4
•>

0 .2
0.5
0.4
0.5
0.5
0.7
0.3
0.2
0.8
0 3
0.6
0.6
0.5

0.5

0
0
0
0
0
0
0
0
0

0.8
0.3
1.0
0.3
0.5
0.6

0.3
0.4
0.7
0.5
0.7
0.6
0.6
0.4
0.5
1 0
1.1
0 .4
0.6
0 7
0 .9
1.0
0.7
0.7

0
0
1
0

o

o

c

.7

'.I

J.5
Q

) 3

0.3
0,4
0 .4
0.5
0.5
0.6
0.6
0.5
0 .5
0.8
0.6
0.6
0 6
0.7
0.7
0.8
0.6
0 .5
0.3
0 3

1985...
340C.

ANS

AVERAGE FOR PERIOD

1957.. .
1958...
1960 ' ' '
1962...
1963...
1964.. .
1966.. .
1967.. .
196 8 . . .
1969.,.
1970...
1971...
1973...
1974. . .
1975...
1976...
1977...
1978...
1979.. .
1980...
1981 . . .
1982...
1983...
1984.,.
1985...

J.5

.0
>A\
.6
.h
.8
1.1

1.1

.2

7.3
7.0
7.5
8.5
7.8
9.6
9.4
6.7
4.4
3.7

.6
> .6
7.6
8.7
7.6
9.5
8.5
6.5
4.7
3.3

5.1
6.9
6.8
6.7
5.8
9.7
7.5
6.5
7.2
8.8
7.4
9.5
8.8
6.8
3.9
3.2

5.2
6.2
7.0
6.9
6.1
9.5
7.5
6.9
7.0
8.0
7.4
9.9
8.0
5.4
3.7
3.0

4.7

5 .3

5 .2

7.2

7 .2

7 .1

7 .1

10.0
7.6
7.6
6.7
8.1
7.3
9.5
8.3
6.5
2.5
2,6

11 .0
6 .6
8 .0
7 .4
8 .5
8 .4
8 .6
8 .3
6 .3
3 .5
3 .2

10.7
7.6
7.8
7.8
8.1
7.5
9.7
7.7
6.1
3.9
1.8

9.5
8.0
7 .7
7.3
8.0
8.6
10 .2
8 .1
5.2
3.3
2.9




3.5
3 7

3.4
+ 6

.7

5.6
6.8

8.8
6 .8
8.5
7 .6
8.3
9.3
9.0
7 .5
5.6
3.7
3.6

7.7

8.9
7.3
8.5
8.6
8.3
8.4
9.7
9.0
5 .3
3.8
2.5

7 .5

8 .7
6 .9
7 .5
8 .5
8 .8
9 .1
10 . 2
7 .0
5 .0
4 .3
4 .0

NOTE: These series contain revisions beginning with 1980. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures
are averages of the centered changes.

100

3.0
3 5

3 .3
i.6
4.9

4,9

5.1
6.3

5.4
6.6

>.4
i.6

7 .0

6.2

7.1

7.4
7.0

8.6
7.5
6.7
7.4
8.7
7.6
9.5
8.9
6.7
4.3
3.4

5 0
6.2
10.2
7.2
7.5
7.0
8.2
7.7
9.3
8.2
6.1
3.2
2.9

7.0
5.5
6 0
6.6
9.7
7.5
8.0
7.6
8.1
8.5
9.6
7.8
5.6
3.6
2.8

3 8
4.7
5.4
6.5
6.7
6.9
6.7

J.9
S.6
7.0
7.7
B.5
5.3
3.9
10.0
7.4
5.0
4.0
3.3

6.5
9.3
7.3
7 .5
7.6
8.3
8.2
9.6
8.1
5.8
3.8
3.1

8 .3
6 .9
7 .2
8 .4
7 .9
9 .3
10 . 2
6 .2
4 .6
3 .8
3 .3

(OCTOBER 1985)

C. Historical Data for Selected Series—Continued
Year

Jan. j Feb. Mar.
341.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

in Q

IV Q

Annual

INDEX OF REAL AVERAGE HOUf ILY EARNINGS OF PRODUCTION OR NONSUPERVISORY WORKERS

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...

86.6
88.1
90.0
91.2
93.1
94.6
95.1
96.9
100.2
102.2
99.3
97.0
97.6
99.9
100.9
99.9
94.6
93.0
93.2

86.7
88.5
89.7
91.5
93.2
94.9
95.1
97.4
100.2
102.0
98.7
97.2
98.0
99.5
100.8
99.5
94.2
92.8
93.1

87.0
68.8
89.8
91.7
93.5
94.6
95.2
97.6
100.5
101 . 5
98.4
97.7
98.2
99.4
100.8
98.9
93.8
92.9
93.5

87.0
88.7
90.0
92.0
93.6
94.7
95.0
97.9
100 .9
101 .6
98.5
97.4
98.6
99.4
101 .0
98.5
93.3
92.9
93.7

87.1
88.8
90.1
92.1
93.8
95.0
95.3
98.2
101 .0
101 .1
98.6
97.8
98.9
99.6
100 .6
97.7
93.2
92.8
93.5

87.2
88.7
90.3
92.2
94 .0
95.2
95.5
98.1
100.9
101 . 4
99.0
98.0
98.7
99.6
100.4
97.3
93.2
92.7
92 . 8

8 7.5
89.0
90.3
92.4
93.9
95.1
95.7
98.3
101 .2
101 .7
98.5
97 .3
98.9
99.8
100.4
97 .0
93.7
92.1
92 .8

87.9
89.3
90.0
92.2
94.0
95.0
96.2
98.5
101 . 3
100.2
98.2
97.8
99.3
99.8
100.3
96.7
93.7
92.4
93.2

88.1
89.4
90.4
92.2
94.2
95.0
96.3
98.8
101 . 6
100.7
97.9
97.6
99.4
100.1
100.3
96.5
93.4
92.2
93.3

87.9
89.7
90.3
92.7
94.3
95.3
95.9
98.8
101.9
100.3
97.7
97.5
99.4
100.6
100.1
95.9
93.5
92.2
93.4

88.0
89.6
90.6
92.6
94.4
95.5
96.2
98.8
101.8
100.1
97.3
97.6
99.6
100.3
99.8
95.7
93.3
92.5
93.7

88.2
89.5
91 .0
92.7
94.6
95.1
96.2
99.5
102.3
99.9
97.4
97.4
99.8
100 .4
99 .9
95.6
92.9
92.4
94.5

86.8
88.5
89.8
91.5
93.3
94.7
95.1
97.3
100.3
101 .9
98.8
97.3
97.9
99.6
100.8
99.4
94.2
92.9
93.3

1984...
1985...

94.9

94.9

95.1

95.5

95.0

95.2

95.2

94.2

94.3

94.1

94.5

94.9

95.0

341C.

196 4 . . .
196 5 . . .
1966...
1967...
1968...
1969.. .
1970.. .
1971.. .
1972...
1973...
1974...
1975...
1976,. .
1977.. .
1978., .
1979...
1980...
1981...
1982...
1983...

II Q

CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER ] -MONTH SPANS
(PERCENT)

0.2
0.4
-0.3
0.3
0.1
0.3
0.0
0.6
0.0
-0.2
-0.6
0.2
0.4
-0.4
-0.1
-0.5
-0.4
-0.2
-0.1
0.5

-0.1
0.6
0.3
0.4
0.0
0.0
0.7
0.7
-0.1
-0.6
-0.4
0.3
0.1
0.6
0.0
-1.0
0.1
0.9
0.3

0.4
0.4
0.1
0.2
0.3
-0.3
0.1
0.2
0.3
-0.4
-0.3
0.5
0.2
-0.1
0.0
-0.6
-0.4
0.1
0.4
-0.2

0.0
-0.2
0.2
0 .4
0.1
0.1
-0.2
0.3
0.5
0.1
0.1
-0.3
0.4
0 .0
0.2
-0.4
-0.5
0.0
0.2
-0.2

0 .1
0.2
0.1
0 .1
0.2
0.3
0.3
0.3
0.1
-0 .5
0.1
0.5
0.3
0 .3
-0.3
-0.7
-0.2
-0.1
-0.2
0.0

0 .1
-0.1
0.2
0.2
0.2
0.1
0.2
-0.1
-0.1
0.3
0.4
0.1
-0.2
-0.1
-0.2
-0 .4
0.0
-0.1
-0.8
0.0

0.3
0.4
0.0
0.2
-0.1
-0.1
0.3
0.2
0.3
0.3
-0.5
-0.6
0.2
0.2
0.1
-0.3
0.5
-0.7
0.0
0.0

0.4
0.3
-0.3
-0.2
0.1
-0.1
0.5
0.2
0.1
-1.5
-0.3
0.5
0.4
0.0
-0.2
-0.3
0.0
0.4
0.4
-0.5

0.3
0.2
0.5
-0.1
0.2
. 0.0
0.1
0.2
0.2
0.5
-0.3
-0.2
0,0
0.3
0.0
-0.2
-0.3
-0.2
0.2
0.2
0 1

-0.2
0.3
-0.1
0.5
0.1
0.4
-0.3
0.1
0.3
-0.5
-0.2
-0.1
0.0
0.5
-0.2
-0.6
0.1
0.0
0.1
0.3
-0 2

87.8
89.2
90.2
92.3
94,0
95.0
96.1
98.5
101.4
100 ,9
98.2
97.6
99.2
99.9
100.3
96.7
93.6
92.2
93.1
94 6
94.6

88.0
69.6
90.6
92.7
94.4
95.3
96.1
99.0
102.0
100.1
97.5
97,5
99.6
100.4
99.9
95.7
93.2
92.4
93,9
94.5

94.8

AVERAGE FOR 1'ERIOD

0.1
-0.1
0.3
-0.1
0.1
0.2
0.3
0,0
-0.1
-0.2
-0.4
0.1
0.2
-0.3
-0.3
-0.2
-0.2
0.3
0.3
-0.1
0 4

1985...
341C.

87.1
88.7
90.1
92.1
93.8
95.0
95.3
98.1
100.9
101 . 4
98.7
97.7
98.7
99.5
100.7
97.8
93.2
92.8
93.3
94 9
95.2

63 ,7
65 4
68.6
70 7
73 2
75.9
76.9
78 0
80 1
81 5
83 .2
85 .1
86 .4
87.4
89.0
90.2
92.1
93.9
95.0
95.6
98.2
101 .2
101.1
98.3
97.5
98.9
99.9
100.4
97.4
93.6
92.6
93.4

0 .2
-0.1
0.4
0.1
0.2
-0.4
0.0
0,7
0.5
-0.1
0 .1
-0 .3
0 .2
0.1
0.2
-0.1
-0.5
-0.1
0.8
0 .2
0 4

0.2
0.1
0.3
0.3
0 .0
0 .0
0.5
0.3
-0,2
-0.5
0.1
0.3
-0 .1
0 .2
-0.4
-0 .6
0.0
0.4
0.2
0 1

0 .1
0.0
0.2
0 .2
0.2
0 .2
0.1
0.2
0.2
0.0
0.2
0.1
0.2
0 .1
-0.1
-0.5
- 0 .2
-0.1
-0,3
-0.1
0 0

0.3
0.3
0.1
0.0
0.1
-0.1
0.3
0.2
0.2
-0.2
-0.4
-0.1
0.2
0.2
0.0
-0.3
0.1
-0.2
0.2
-0.1
-0 3

0.0
0.0
0.2
0.2
0.1
0.1
0.0
0.3
0.2
-0.3
-0.2
-0.1
0.1
0.1
-0.1
-0.3
-0.2
0.1
0.4
0.1
0 2

.
0.1
0,1
0.2
0.2
0.0
0,1
0.3
0.2
-0,2
-0.2
0.0
0.2
0.0
0.0
-0.4
-0,2
0.0
0.2
0.0
0 0

CHANGE IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER &-M0NTH SPANS
AVE XAGE FOR PERIOD

1 953
1 954

196 2 . . .
1963...
1 964
1965 . . .
1966,,.
196 7 . . .
196 8 . . .
1969...
1970...
1971.. .

1.7
0.7
3.8
2.1
0.9
-0.6
4.1

1.8
1.2
3.2
2.5
1.3
-0.4
4.2

1.0
1.8
2.8
2.8
1.2
0.8
4.0

2 .2
2.0
0.5
2.6
1.8
1 .1
1.3
2.9

2 .6
1 .7
0.6
1.7
1.7
0.2
2.3
2 .3

2 .5
1 .3
1 .3
1 .1
1.4
0.8
2.3
2.3

1973...

-0.6

-1.3

-1.6

-0.8

- 3 .5

1975...
1976., .
1977 . . .
1978...
1979. . .
1980...
1981...
1982...
1983...
1984...
1985...

-0.7
2.2
0.0
0.8
-3.2
-5.4
-1.2
3.3
3.1
1.3

1.1
2.5
0.1
0.7
-4.1
-5.3
-1.2
2.2
2.5
0.5

1.2
2.7
-0.4
0.1
-5.2
-5.0
-0.5
0.9
0.9
0.5

0 .7
2 .6
-0.3
-1.0
-5.7
- 1 .9
- 1 .9
-0.8
0.2
0 .7

1.2
2.7
0.5
-1.1
-5.5
-1.0
-0.9
0.1
- 1 .8
-1 .4

-1 .6

2 .1
2.3
0.7
1.5
1.4
1 .3
1.9
1.9
1 9
-2.6

2 .1
1.8
1.1
1.2
1 .3
1.1
2.0
1.1
1 5
-2.1

2 .3
1.9
1.5
0.9
1 .3
-0.1
1.6
2.9
2 7
-2.9

-0.2
2.4
1.3
-1.0
-4.7
-0.8
-1.5
-0.4
-1.1
-1.8

0.3
1.6
2.4
-1.8
-5.1
0.3
-1.6
-0.6
0.1
-2.9

-0.4
1.5
1 .3
-1.7
-4.0
0.3
-0.6
0.4
-0.2
-1.1

-1.2
2.2
1.6
-0.9
-3.4
-0.7
-0.6
3.6
0.2
-0.8

1.4
2.4
2.1
1.5
1.4
0.0
2.5
3.9
19
-4.7
-3.1
0.6
2.1
2.4
-1,1
-4.9
-1.6
2.5
4.3
0.0
-1.5

1.5
1.1
3.3
2.1
1.9
0.2
2.7
3.4
1.3
-3.0
-2.1
0,5
0.3
2.1
-1.6
-5.1
-1.9
1.6
4.6
1.0
1.2

NOTE: These series contain revisions beginning with 1980. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures are
averages of the centered changes.




- 0 .]
-4.*

1.5
1.2
3.3
2.5
1.1
-0 .1
4.1
3 9
-1 .2

2 .4
1.7
0.8
1 .8
1 .6
0.7
2 .0
2.5
2 2
- 2 .0

2.2
2.0
1.1
1.2
1.3
0.8
1.8
2.0
2 0
-2.5

1.5
1.5
2,7
2.2
1.4
0.2
2.7
3.6
1 0
-4.1

i.;
o.
l.
-2.
-5.5
- 1 .1
2.9
3.8
1.2
0.6

0.5
2.5
-0 .1
0.5
-4.2
-5.2
-1.0
2.1
2 .2
0.8

0.6
2.6
0 .5
-1.0
-5.3
-1 .2
-1.4
-0.4
-0.9
-0.8

-0.4
1.8
1.8
-1.5
-4.2
0.0
-0.9
1.1
0.0
-1.6

0.8
0.8
2.0
-1 .9
-5.2
-1.5
2.3
4.2
0.7
0.1

1.7
1.0
2.7
2.9
0.9
0 .4
2 .<

1 .7
1 .5
2 .1
1.7
0.7
1.6
3.0
2 .3
-2.4
-2 .1
0.4
1.9
1 .0
-1.0
-4.7
-2.0
-0.2
1.8
0.5
-0.4
(OCTOBER 1985)

101

C. Historical Data for Selected Series—Continued
Year

Feb.

Jan.

577.

Mar.

Apr.

June

My
a

July

1971 . . .
1972.. .
1973.. .
1974...
1975...
1976...
1977 . . .
1978...
1979...
1980...
1981 . . .
1982...
1983.. .
1984...
1985...

,620
,562
,513
,381
,203
1,879
1,7 87
,613
,!>61
,491
2 ,503
,849
,677
,687
,663
,902
,357
,427
,418
,255
,861
;
.,46 2
,33 4
1,199
1,1 45
1,092
,077
,065
,040
1,029
1,056
1,104
1,120
1,130

2
3
2
3
3
2
!
3
J
I
2
2
2
2
3
2
1
:
I
2
',
3
'

•

5
i
1
'i
5
2
;
;

2 ,962
: ,675
: ,518
: ,342
: .105
2^50
3. , 7 9 2
; ,623
2 ,538
,478
3 , 490
3 ,840
4t , 6 9 1
5 ,693
3 ,647
: ,969
,371

,840
,426
,314
,195
,146
,093
,078
,062
,030
,032
,061
,109
,122
,135

3
3
3
3
2
2
2
2
2
2

2 ,483
2,829
2,693
2,694
2,645
3,004
3,371
3 ,494
3,46 5
3,116

,170
,660
,543
,312
,969
.813
,7 90
,600
,506
,46 5
2 »473
2 ,808
2 ,6 92
2 ,6 90
2 ,6 41
3 ,056
3 ,368
3 ,518
3 ,459
3 ,084

3
^385
3
3 ,2 91
1,187
1,137
1,090
,075
1,058

2,770
2,341

2

2,174
2,127
2,087
2,071
2,054

2
2
2
2
2

31,026
1,033
1,062
1,107
1,127
1,140

2 , 022
2,028
2,060
2,106
2,123
2,138

,452
,173

3,075
3,685
3,524
3,326
3,036
2,836
2,792
2,608
2,518
2,472

,737
,319

,156
,124
,081
,070
,046
2 , 01 8
2 ,031
2 ,064
2 ,104
2 ,120
2 ,141

3 , 313
3 , 637
3 , 558
3 . 302
2 , 940
2 , 810
2 , 808
2 , 604
2 , 506
2 , 480

3,346
3,619
3,548
3,289
2,945
2,798
2,789
2 ,605
2,500
2,485

;
3
3
3
2
2
2
3
3
;

2 , 484
2 ,808
2 ,700
2 ,687
2 ,655
3 ,094
3 ,377
3 ,547
3 ,460
3 ,066

2 , 807
2 , 703
2 , 6 96
2 , 669
3 , 136
3 , 382
3 , 545
3 , 458
3 , 045

2,684
2,702
2,693
2,686
3,184
3,393
3,526
3,459
3,020

3
S
2
3

,715
2 ,323

2*, 332

2^344

2 , 162
2 , 129
2 , 087
2 , 079
2 , 062

2^153
2,111
2 ,085
2,073
2 ,062

2 , 027
2 , 044
2 , 082
2 , 110
2 , 113
2 , 142

2,024
2,049
2 ,084
2,109
2,115
2,144

3
3
3
3
2
2
2
2
2
2

,249
,636
.555
,302
,935
,806
,796
,601
,504
,476

! 162
,128
,082
,075
,057
2 , 024
2 ,034
2 ,070
2 ,108
2 ,116
2 ,143

2
2
2
2
2

IQ

III Q

II Q

IV Q

Annual

END OF PERIOD
I
3
3
3
3
2
2
2
2
;

,46 5
,507
,403
,181
,887
,781
,617
,566
,487
,494

2,962
3,675
3,518
3,342
3,105
2,850
2,792
2,623
2,536
2,478

1
3
3
3
2
2
3
2
2
2

,249
,636
,555
,302
,935
,806
,7 96
,601
,504
,476

2
3
3
3
2
2
2
2
2
2

,376
,583
,509
,280
,931
,795
,758
,598
,492
,492

3,465
3,507
3,403
3,181
2,887
2,781
2,617
2,566
2,487
2,494

3,46 5
3,507
3,403
3,181
2,887
2 , 7 81
2,617
2,566
2,487
2,494

2 ^702
2 ,6 93
2 ,6 80
2 ,761
3 ,287
3 ,416
3 ,454
3 ,387
2 ,946

2 ^687
2 ,694
2 ,678
2 ,803
3 ,3 26
3 ,412
3 ,433
3 ,351
2 ,917

2
2
2
2
:
:
:

[666
,676
,663
,857
,334
,398
,40 8
,298
,874

2',840
2,691
2,693
2,647
2,969
3,371
3,46 7
3,452
3,173

2 ',80 8
3. , 7 0 0
3 ,687
,655
,094
,377
,547
,460
,066

2
2
2
2
:
:

,553
,688
,695
,690
,724
,229
,412
,490

2,811
2,668
2,676
2,663
2,857
3,334
3,398
3,408

,984

2,874

2,811
2,668
2,676
a,663
2,857
3,334
3,398
3,408
3,298
2,874

^356

2 ] 371

3 ,348
3
3 ',140
.,084
1,072
,060
,041

.,323

3 ,356

2,348

2,519
2,348

2
2
2
2
2

2 ,370
218
2 ] 154
2 ,099
2 ,082
2 ,069
2 ,050

2,385

! 1 57
,105
,084
,075
,062

2 llS7
2,137
2,090
2,075
2,058

2',162
1,128
1,082
1,075
2,057

l[l57
1,105
1,084
,075
.,062

2 i140
2,084
2,072
2,060
2,041

2^140
2,084
2,072
2,060
2,041

,027
,051
,083
,109
,123
,138

•

,46 2
,53 4
,458
,233
,916
,798
,659
,590
,501
,500

2 ,030
2 ,053
2 ,090
2 ,108
2 ,120
2 ,138

2
2
2
2
2

31,051
i. , 0 9 3
.,113
,124
,138

2,026
2,033
2 ,062
2,107
2,127
2,140

,024
1,034
1,070
2,108
1,116
1,143

3 ,027
1,051
1,083
.,109
,123
,138

2,020
2,051
2,093
2,113
2,124
2,138

2,020
2,051
2,093
2,113
2,124
2,138

1,150
1,300
1,390
1 ,224
1,181
1 ,165
1,168
1,084
1,076
1,046
1,035
1,061
1,056
1,039
1,018
1,088
1,268
1,266
1,317
1,224
1,142
1,112
1,051
1,042
1,034
1,016
995
982
968
966
974
1,018
1,030
1,046

L ,235
L ,337
1 ,332
I ,209
1,187
1,179
,161
L.O97
L ,078
1,047
1,042
I ,070
,050
L ,030
1,034
L.138
1,303
1,317
I ,342
1,194
1,127
1,083
1,031
1,070
1 ,042
1,010
I ,009
1,000
979
988
1 ,008
1,045
1 ,049
1,071

] ,278
,330
,248
,180
,167
L.176
,085
,088
,052
,032
,059
,066
,043
,019
,057
,230
,271
,273
1,262
1,152
1,122
1,082
1,026
1,043
I ,028
995
983
978
967
973
1,009
1,027
1,045
1,067

1,278
1,330
1,248
1,180
1,167
1,176
1,085
1,088
1,052
1,032
1,059
1,066
1,043
1 ,019
1,057
1,230
1,271
1,273
1,262
1,152
1,122
1,082
1,026
1,043
1,028
995
983
978
967
973
1,009
1,027
1,045
1,067

,376
,583
,509
,2 80
,931
,795
,758
,598
,492
,492

3
3
3
3
2
2
2
2
2
2

, 553
,686
,695
,6 90
,724
,229
,412
,490
,449
,984

i
:
;
;
;
*
\
;
;

,418
,559
,482
,257
,923
,801
,699
,597
,495
,501

!l56
,097
,086
,072
,058

3
3
3
3
2
2
2
2
2
2

,056
,097
,114
,126
,141

4
578

1951...
1952...
1953...
1954...
1955...
1956...
1957.. .
1958. . .
1959...
196 0 . . .
1961...
1962...
196 3 . . .
1964...
1965...
1966...
196 7 . . .
196 8 . . .
1969...
1970...
1971.. .
1972...
1973...
1974...
1975...
1976.. .
1977...
1978...
1979...
1980.. .
1981...
1982.. .
1983...
1984...
1985...

,794
,643
,510
,359
,160
,864
,788
,618
,550
,487
,496
,849
,684
,696
,652
,937
,368
,440
,432
,220

Dec.

®

(THOUSANDS)
1951 . . .
1952.,.
1953.. .
1954...
1955.,.
1956...
1957...
1958., .
1959...
196 0 . . .
1961 . . .
1962...
1963...
1964...
1965...
1966.. .
196 7 . . .
1968. . .
1969..*
1970...

Oct. | Vov.

Sept.

Aug.

DEFENSE DI PARTMENT M

1,047
1,2 90
L ,426
I ,241
I ,183
L ,165
1,174
L ,083
1,084
I ,048
1,033
L ,060
,064
L,042
1,017
1,063
1,246
1,267
L .315
L ,252
1,146
1,119
1 ,073
1,034
1,038
1,023
994
982
972
964
973
1,008
1,024
1,042
721.

fMENT

DEFERS I DEPARTMENT CIVILIAN PERSONNEL,
(THOUSANDS)
,100
,296
,410
,232
L,182
,165
,172
,084
,078
,047
,034
,061
,061
,940
,018
,07 2
,S!6 0
, 26 5
,316
,240
L ,143
1,117
1,057
I ,039
1,036
1,019
995
982
971
965
97 2
1,013
1,028
1,043

L.150
1,300
1,390
I ,224
1,161
1,165
L ,168
1,084
1,076
1 ,046
I ,035
1,061
,056
L .039
1,018
1,088
1,268
1,266
1 ,317
I ,224
1,142
1,112
1,051
1 ,042
1,034
1,016
995
982
966
966
974
1 ,018
1,030
1,046

1,182
1,307
1,365
1,219
1,182
1,168
1,165
1,088
1 ,075
1,043
1,038
1,063
1,056
1,039
1,022
1 ,101
1,273
1,267
1,316
1,218
1,141
1,107
1,051
1,046
1,034
1,011
995
982
968
969
980
1 ,022
1,029
1 ,049

1
1
1
1
1

,208
,315
,342
,212
,185
] ,171
1 ,160
1 ,089
1 ,074
1 ,044
1 ,041
1 ,066
1 ,054
1 ,036
1 ,027
1 ,111
1 ,274
1 ,271
1 ,312
1 ,213
1 ,136
1 ,090
1 ,051
1 ,053
1 ,035
1 ,010
997
988
972
975
990
1 ,028
1 ,040
1 ,061

1 ,235
1 ,337
1 ,332
1 ,209
1 ,187
1 ,179
1 ,161
1 ,097
1 ,078
1 ,047
1 ,042
1 ,070
1 ,050
1 ,030
1 ,034
1 ,138
1 ,303
1 ,317
1 ,342
1 ,194
1 ,127
1 ,083
1 ,031
1 ,070
1 ,042
1 ,010
1 ,009
1 ,000
979
988
1 ,008
1 ,045
1 ,049
1 ,071

1 , 249
1 , 339
1 , 320
1 , 202
1 , 186
1 , 184
1 , 160
1 , 098
1. 078
1 , 043
1 , 043
1 , 072
1 , 052
1 , 031
1 , 046
1 , 166
1 , 311
1 , 334
1 , 348
1 , 184
1 , 129
1 , 068
1 . 019
1 ,074
1 , 052
1 014
1 t 008
1 , 002
982
990
1 , 023
1 051
1 053
1 079

1 ,258
1 ,334
1 ,308
1,193
1 ,187
1 ,187
1,154
1,097
1 ,071
1,045
1 ,052
1 ,076
1,053
1,034
1,055
1,187
1,306
1 ,316
1,327
1,177
1,132
1,073
1,022
1,064
1,038
1,006
998
994
974
973
1 ,017
1,043
1 ,052
1 ,074

,261
,328
,288
,180
,180
L ,180
,130
,093
,064
,037
,052
,067
,046
,026
,045
,184
,274
,276
1,296
1,169
1,130
1,071
1,019
1,049
1,030
997
982
980
960
971
984
990
1,026
1,043

(i>

END

1 ,270
1 ,329
1 ,278
1 ,177
1 ,181
1 ,183
1 ,105
1 ,094
1 ,060
1 ,035
1 ,058
1 ,069
1 ,045
1 ,024
1 ,052
1 ,200
1 ,277
1 ,275
1 ,285
1 ,162
1 ,128
1 ,081
1 ,022
1 ,046
1 ,031
995
983
981
964
971
996
1 ,016
1 ,034
1 ,058

1 ,274
1 ,330
1 ,253
1 ,181
1 ,179
1 ,179
1 ,093
1 ,092
1 ,056
1 ,033
1 ,060
1 ,070
1 ,044
1 ,023
1 ,060
1 ,222
1 ,277
1 ,275
1 ,272
1 ,158
1 ,125
1 ,083
1 ,026
1 ,046
1 ,029
996
985
981
967
972
1 ,006
1 ,024
1 ,040
1 ,065

,278
,330
L ,248
1,180
1 ,167
1,176
,085
,088
,052
L ,032
L ,059
L ,066
,043
,019
,057
1,230
L ,27 1
1,273
I ,262
1,152
1,122
1,082
1,026
1,043
1,028
995
983
978
967
973
1,009
1 ,027
1,045
1,067

ORGANIZATION FOR ECONOMIC COOPERATION AND DE\ ELOPMENT, E UROPEAN COU NTRIES—
(1977=100)
IN DEX OF INDUSTRIAL PRODUCTION1

)F PERIOD
,261
,328
,288
,180
,180
1 ,180
,130
,093
,064
,037
1,052
1,067
,046
,026
L,045
L ,184
L ,274
L ,276
1,296
1,169
I ,130
1,071
1,019
1,049
I ,030
997
982
980
960
971
984
990
1,026
1,043

AVERAGE FOR PERIOD

1951...
1953...
1954.. .
1955...
1956.. .
1957...
1958...
1959...
1960...
1961...
1962...
1963 . . ,
1964...
196 5 . . .
1966...
196 7 . . .
1968...
1969.. .
1970..,
1971,, .
1972...
1973...
1974...
1975...
1976...
1977.. .
1978...
1979...
1980...
1981 . . .
1982...
1983...
1984...
1985...

27
29
32
40
43

27
29
32
53
43

27
29
33
40
43

27
30
33
41
43

27
30
33
41
43

27
31
35
41
44

44
50
51
54
55
61
64
66
67
69
77
82
85
88
94
98
92
93
101
101
102
111
104
105
102
108

44
50
52
54
55
62
64
66
67
70
77
83
85
85
95
98
92
95
100
100
105
110
106
106
104
108

44
51
52
54
55
61
63
67
67
70
78
83
84
88
95
98
92
95
101
99
106
110
106
106
104
107

46
51
53
54
58
62
64
67
67
72
79
84
85
89
95
99
91
96
99
101
106
109
105
105
102
106

47
51
52
55
58
62
65
67
67
68
80
84
84
90
97
100
90
97
100
100
107
107
105
105
104
107

47
51
52
54
58
62
64
68
68
70
80
83
85
90
97
100
91
97
99
101
107
108
105
104
104
104

28
31
34
42
44
44
47
52
53
55
59
62
64
67
68
74
81
84
66
90
97
100
90
98
99
101
109
108
106
102
105
108

28
31
35
42
44
44
47
52
53
55
60
61
65
67
68
75
81
84
85
90
98
99
90
97
99
102
108
106
104
101
104
109

29
31
36
42
44
44
47
52
53
57
59
62
65
68
69
75
80
84
86
91
98
98
91
99
100
104
108
104
106
102
105
109

29
31
35
42
44
44
49
53
53
55
60
63
66
68
69
75
80
84
86
92
98
97
92
99
99
104
108
106
106
101
104
109

29
31
36
42
44

29
32
36
42
44

27
29
32
40
43

27
30
34
41
43

28
31
35
42
44

29
31
36
42
44

53
53
57
60
63
66
67
69
76
81
84
86
93
98
95
93
100
99
105
109
106
106
102
107
109

53
54
57
60
63
66
67
72
77
81
85
86
95
98
93
93
100
100
106
110
105
105
101
107
108

50
52
54
55
61
64
66
67
70
77
83
85
87
95
98
92
94
101
100
104
110
105
106
103
108

51
52
54
58
62
64
67
67
70
80
84
85
90
96
100
91
97
99
101
107
108
105
105
103
106

52
53
56
59
62
65
67
68
75
81
84
86
90
98
99
90
98
99
102
108
106
105
102
105
109

53
53
56
60
63
66
67
70
76
81
84
86
93
98
95
93
100
99
105
109
106
106
101
106
109

NOTE; Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
'This series contains revisions beginning with 1953.

102




*28
30
34
41
44
44
47
52
53
55
58
62
65
67
68
73
80
84
85
90
97
98
91
97
100
102
107
108
105
103
104
108
(OCTOBER 1985)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Ar
p

My
a

June

July

1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
196 5...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974,..
1975...
1976,..
1977...
1978...
1979...
1980...
1981 ...
1982...
1983...
1984...
1985...

52
52
52
57
60
60
60
61
62
68
69
68
68
76
81
82
81
85
89
88
91
87
99
91
96
92
101
101
99
107
94
97
100
105

53
52
52
56
60
60
62
62
62
68
69
69
69
77
81
82
81
86
89
90
90
80
98
91
96
93
101
101
107
104
95
97
100
104

53
50
53
57
61
60
60
60
63
68
70
70
71
78
81
83
83
86
90
91
90
90
99
100
92
94
100
105
108
102
96
98
100
103

53
53
53
57
62
60
60
62
61
69
69
70
70
77
79
83
81
86
89
91
88
88
100
95
94
94
101
100
108
104
96
97
99
103

53
50
53
57
62
59
62
61
63
69
68
70
72
78
82
83
81
87
90
90
90
92
99
101
91
96
102
102
109
101
94
99
100
102

53
50
51
57
60
60
62
61
63
68
70
70
73
79
80
81
82
87
91
90
90
93
101
101
92
94
98
102
111
101
96
'98
99
103

27.7
27.7
30.7

27.7
27.7
31.0

27.9
28.1
31 .2

28.1
28.1
11 .2

1955...
1956...

32.4
36.3

32.6
36.3

33^
36.9

33 I2

37.5

37.9

3 9.8
43.6

43.2

46.0
48.3
53.5
58.0
63.5
65.8
67,2
72.7
75.9
76.3
82.8
90.9
98.9
91.9
94.3
100.9
100.4
109.0
110.6
108.5
102.9
97.6
111 .0

46.2
48.7
54.4
57.6
64.1
65.0
67.0
73.9
76.8
76.9
81.7
93.4
99.2
92.3
95.2
99.3
100.9
109.2
108.7
109.8
101 .8
97.9
108.0

1957 ...
1958...
1959. ..
I960,..
1961...
196 2., .
196 3...
1964..,
1965...
1966.. .
1967...
1968...
196 9...
1970...
1971.. .
1972.. .
1973,. .
1974. . .
1975.. .
1976. ..
1977...
1978.. .
1979.. .
1980.. .
1981...
1982.. .
1983.. .
1984.. .
1985...

Annual

Nov.

Dec.

I
Q

52
51
56
59
62
60
61
60
66
70
69
70
75
80
82
81
83
87
88
91
89
95
101
97
92
98
100
103
106
96
99
99
101
103

52
52
55
59
62
60
62
61
67 •
69
68
70
76
80
81
80
83
88
90
90
89
96
100
97
92
99
99
104
108
96
98
97
101
103

52
52
55
59
62
60
60
62
67
69
69
70
76
81
82
81
86
88
91
91
90
96
99
96
92
99
101
107
108
95
97
99
105
104

53
52
52
57
61
60
61
62
62
68
69
69
69
77
80
82
81
86
89
90
90
85
99
92
95
93
101
101
105
105
95
97
100
104

53
50
52
57
61
60
61
61
63
68
69
70
72
78
81
82
82
87
90
90
90
92
100
101
92
95
100
103
109
101
95
98
100
103

27.7
29.
31.
JU . 1
34. <
)
38..
3 8.
38..
>
41,9
42.0

27.3
30.2
30.6
31.4
35.8
39.1
3 7,8
39.1
tzw
42.4

27 .7
28.9
31.0
3 0.9
34.3
38.0
3 8,6
38.4
41 .6
42.6

II Q

AVERAGE FOR PERIOD

723. C A N A D A — I N D E X OF INDUSTRIAL PRODUCTION 1
(1977=100)
1951...
1952...
1953..,

IV Q

Oct.

53
49
53
58
61
60
62
60
66
69
66
71
73
79
81
82
82
87
90
90
89
94
100
99
91
96
100
105
105
96
97
99
101
103

53
48
53
57
59
59
62
60
63
69
69
70
73
78
81
82
81
88
89
90
90
92
100
101
89
94
100
105
106
98
97
99
101
102

53
48
53
57
60
60
62
60
63
68
70
70
74
78
80
83
82
87
91
90
89
91
100
101
90
94
99
103
110
100
97
98
101
102

III Q

Sept

Aug.

722. UNITED K I N G D O M — I N D E X OF IN DUSTRIAL PRODUCTION
(1977=100)

53
48
53
57
60
60
62
60
64
69
69
70
73
78
81
82
82
87
90
90
89
92
100
100
90
95
100
104
107
98
97
99
101
102

52
52
55
59
62
60
61
61
67
69
69
70
76
80
82
81
84
88
90
91
89
96
100
97
92
99
100
105
107
96
98
98
102
103

53
51
53
58
61
60
61
61
64
69
69
70
72
78
81
82
82
87
90
90
90
91
100
96
92

95
100
103
107
100
96
98
101
103

AVERAGE FOR PERIOD

28.1
28.7
31.0
30.6
34.3
38.1

27.6
28.5
31.2
30.4
34.3
38.5

28.0
29.4
31.0
31.0
35.1
38.3

27.5
29.6
31.2

27.5
30.0
30.8

27.3
30.2
30.3

27 .2
30.4
30.8

37.8

28.1
28.7
31.2
30.4
34.0
37.4

35.2
38.6

35.5
38.9

35.7
39.1

36.2
39.2

27.8
27.8
31.0
30.9
32.7
36.5

37.9

38.3

38.6

38.3

38.6

38.5

38.3

38..>

39.3

39.5

37.8

43.6

42.2

42.6

42.3

41 .7

42.0

42.4

42.(>

42.3

42,2

43.5

28.1
28.5
31.1
30 . )
33. i1
37,f I
3 8.
38.^ •
41 . ^
/
42./ •

46.9
49.3
53.9
58.8
64.1
64.9
67 .7
75.3
75.7
77 .2
82 .7
94.5
99.6
91.0
96.5
99.7
100.6
108.8
110.5
111 .0
100.7
98 .3
110 .0

47.1
49.3
54.3
58.6
64.2
65.5
69.0
74.9
74.9
77 .4
84.8
93.6
97.8
91.9
97.8
98.7
102,7
108.2
107.9
111 .5
98.9
99 .8
109 .9

47.7
50.0
54.3
58.7
64.2
65.5
70.2
74.5
75.3
78.5
84.1
93.9
99.3
90.1
99.1
99.8
101.3
110.4
105.4
111.6
99.4
99.8
110.3

48.0
50.3
54.7
59.1
64.3
65.7
70.6
74.2
74.4
79.2
85,1
94.5
98.1
91.1
97.8
100.7
103.2
109.5
105.4
112.7
97.3
102.2
111.3

48.8
50.0
54.4
60.2
64.1
66.3
70.7
75.2
74.9
79.3
85.1
96.5
97.8
92.5
97.7
100.2
101.8
110.7
106.4
111.1
94.2
101,9
115.1

48.0
50.0
54.8
59.2
63.1
67.4
71.2
74.1
75.2
81.5
85.2
93.8
97.8
91,7
98.7
100.1
102.5
110.9
106.0
107.9
98.3
104.1
114.5

48.9
51.8
56,1
60.6
64.5
67.0
71.7
74.6
74.6
81 .9
87,2
94,8
96.6
91 .9
98.8
99.5
105,1
111 .0
108.6
107.9
95.7
106.4
112.2

48. >
51 . 3
55. )
61. f
65..t
66 . •

48.4
52.5
56 .8
62.2
64.9
67.4
72.7
75.0
75.6
81 .5
89.7
97.4
95.3
93.0
98.9
100.4
106.7
110.0
109.1
104.8
93.4
108.7

48.4
53.1
57.4
63.3
65.1
67.6
72.1
76.2
75.7
82.4
90.2
97.3
95.2
94.6
99.0
100 .5
108. 7
108.8
109.5
104.4
92.9
110.5
115.0

46.4
48.8
53.9
58.1
63.9
65.2
67.3
74.0
76.1
76.8
82.4
92.9
99.2
91.7
95.3
100.0
100,6
109.0
109.9
109.8
101.8
97.9
109.7

47 .(
>
49. )
54./ •
58. )
64.2I
65.f>
69. J
74, >
74. )
78./ *
84. 1
94.0
98.4
91 .0
98,2
99.7
102.4
109.4
106.2
111.9
98.5
100.6
110.5

48.6
50.6
55.1
60.0
63.9
66.9
71.2
74.6
74.9
80.9
85.8
95.0
97.4
92.0
98.4
99.9
103.1
110.9
107.0
109.0
96.1
104.1
113.9

48.4
52.5
56.7
62.4
65.1
67.1
72.3
75.1
75.3
82.0
89.5
96.9
95.8
92.8
98.2
100.4
106.9
109.8
109.2
105.5
93.1
109.0
113.8

47.7
50,4
55.0
59.8
64.3
66.2
70.2
74.6
75.3
79.5
85.6
94.7
97.7
91.9
97.6
100 ,0
103 .3
109.8
108.1
109 .0
97,4
102.9
112.0

24
26
30
34
40
41
44
45

24
25
26
30
36
39
42
44
45
50
57
58
59
64
69
71
66
70
80
88
91
92
98
98
91
95
100
100
104
110
106
105
101
106

24
25
28
31
36
40
43
44

24
26
29
32
39
41
43
45

24
26
29
33
39
41
44
45

24
25
28
32
38
41
43
44

51
56
58
60
64
68
71
66
73
83
90
91
93
99
98
90
98
99
100
107
107
105
104
103
102

53
57
60
61
66
69
70
68
76
85
90
90
93
98
97
91
98
100
103
108
106
106
101
103
108

55
57
60
62
67
70
68
72
79
87
89
89
95
99
94
93
99
101
105
109
106
106
99
106
109

52
57
59
61
65
69
70
68
74
84
89
90
93
98
97
91
97
100
102
107
107
105
102
103
106

72.;

74.
74."
82.;
88.
96.1
96.8
90.9
96.8
100.3
105.4
110,7
109.1
107.3
93.0
107.8

725. WEST GERMA 1 Y — I N D E X OF INDUSTRIAL P .ODUCTIO*t
(1977-100)
1951...
1952., .
1953...
1954...
1955...
1956...
1957...
1958...

23
25
26
29
35
40
42
44

24
24
26
30
35
39
43
44

24
25
27
30
37
39
42
45

24
25
28
31
35
40
43
43

24
24
27
31
37
41
43
44

24
25
28
31
37
40
43
45

25
29
32
39
41
43
44

26
29
32
39
42
43
46

26
29
33
39
41
44
44

26
29
33
39
41
44
44

1959. . .
1960...
1961 . . .
1962...
1963.. .
1964.. .
1965...
1966.. .
1967.. .
1968...
196 9. ..
1970.. .
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980.. .
1981...
1982...
1983...
1984...
1985...

50
56
58
59
64
70
70
66
68
80
87
91
91
97
99
91
94
99
103
105
110
104
104
99
106

50
57
58
58
65
68
71
66
70
80
89
91
92
98
98
90
96
99
101
104
111
107
105
101
108

51
57
58
59
64
68
72
65
71
81
89
90
92
98
97
91
96
101
97
104
108
106
106
102
105

52
57
57
60
64
68
71
66
71
82
90
91
93
98
98
90
97
99
99
106
108
105
105
102
105

51
56
59
61
64
68
71
65
73
83
90
90
92
99
99
90
97
98
99
107
107
105
104
102
106

51
56
58
59
64
67
71
66
74
83
90
91
93
99
98
90
99
101
101
108
107
104
103
105
95

53
57
59
61
66
68
70
68
74
83
90
91
92
95
99
90
97
98
102
109
107
106
101
102
109

52
56
60
62
65
70
70
67
78
86
90
89
93
101
96
91
98
101
103
108
107
105
102
103
108

53
57
60
61
66
70
70
68
77
86
89
90
93
99
96
91
99
101
104
107
104
106
101
104
108

55
56
59
62
67
70
68
70
77
87
89
90
94
99
96
93
99
101
103
107
106
107
99
104
109

NOTE: Unless otherwise noted, these series contain revisions beginning with 1948.
1
This series contains revisions beginning with 1946.




55
57
60
63
66
68
68
71
79
88
89
89
95
99
95
93
99
1 31
1 34
1 )9
1 36
1 D6
99
1 36
1 10

56
58
60
62
67
71
68
75
80
87
90
87
97
99
91
93
98
102
107
111
105
104
98
107
109

(OCTOBER 1985)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

29
28
29
31
34
40
41
42
45
49
51

28
26
31
32
35
40
43
41
45
49
52
54
58
58
62
64
68
74
76
81
85
94
95
92
95
100
98
104
108
104
104
100

26
29
26
30
32
36
40
43
41
45
50
52
51
59

II Q 1 III Q

IV Q

Annual
28
28
28
31
33
38
41
43
43
47
50
53

726 . F R A N C E — I N D E X OF INDUSTRIAL PRODUCTION 1
(1977-100)
1951...
1952..,
1953...
1954...
1955. ,.
1956., .
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
196 5...
1966...
1967...
1968...
196 9...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977.. .
1978.. .
1979...
1980...
1981...
1982...
1983 . . .
1984...
1985...

26
29
26
30
32
36
40
43
41

45
49
52
54
59
58
61
64
68
74
78
80
36
93
it 9
91
§5
102
100
103
106
101
102
10.2
105

27
29
26
29
32
35
40
44
41
45
50
52
53

68
73
79
82
85
94
100
91
95
101
99
104
108
104
101
101
104

63
69
75
80
82
88
93
99
90
97
99
104
103
108
101
102

101
105

59
59
62

64

27
26
29
31
33
38
40
43
43
46
50
53
56
59
59
63
64
46
77
79
81
89
98
101
86
97
98
102
107
104
102
102

101
102

26
29
27
30
33
37
40
43
42
45
50
53
47
59
59
63
64
69
73
79
82
88
95
98
89
96
101
101
105
108
102
101

10^
105

27
28
27
31
33
37
40
43
43
46
50
52
54
60

59
62

60
64
65
59
76
79
82
88
96
99
89
97
102
101
108
104
104
102
102
103

28
28
26
31
34
39
41
43
43

72
76
79
83
90
98
102
88
98
99
101
111
107
102
100

49
51
54
57
59
60
64
66
70
75
80
85
91
96
97
89
102
100
102
108
102
104
100

62
64
65
73
78
80
85
92
97
97
91
98
98
104
108
104
103
101

28
28
29
32
35
40
42
42
45
49
51
54
57
59
62
64
66
74
76
80
86
92
98
94
90
101
100
104
108
103
103
102

109

104
109

59

29
27
29
32
33
39
42
42

47

29
27
28
31
33
38
41
43
43
47
51
53
58
58
60
64
65
72
76
79
83
90
98
102
88
98
99
101
111
107
102
100

27
27
29
31
33
38
40
43
43
46
50
52
56

105

107

104

19.7
21.7
24.2
25.3
27.5
29.5
31.3
33.3
38.3
42.1
48.2
51.5
56.2
55 II
60.4
66.2
70.6
73.5
69.2
81.5
82.7
88.1
97.5
88.7
90.1
103.7
97.6
106.1
114.4
115.6
116.6
107.8
109.3
106.1

51
53
58
58
60

64
65

44

54
57
59

101
100
104
108
102
101

27
27
28
31
33
36
40
43
43
46
50
52
55
59
59
63
64
58
76
79
82
88
96
100
88
97
100
102
106
105
102
102

29
27
28
31
33
39
41
43
43
48
51
53
58
58
60
64
65
71
76
79
84
90
97
100
88
99
99
101
110
105
103
100

28
27
30
32
35
40
42
42
45
49
51
54
57
59
62
64
66
74
77
80
85
93
97
94
92
100
99
104
106
104
103
101

60
63
65
68
75
79
83
89
96
98
90
98
100
102
107
106
103
101

102

105

103

108

104

105

20.1
21.4
24.2
25,6
27.5
30.2
31.6
33.3
38.8
42.2
48.7
52.6
55.7
55^2
60.2
67.5
70.4
76,7
72,2
81.7
86.1
90.2
98.3
87.9
90.0
108.0
95,7
105.5
114.2
110.4
111.1
105.3
103.7
106.6

20.3
20.3
21.8
24,2
26 .2
27.5
30 .7
31.6
34.2
39.6
43.5
49.3

20.7
20.8
21.9
24.2
26.7
29.0
31.2
31.6
34.6
41.1
44.8
49.4

20.7
21.1
22.8
24.9
27.2
29.5
31.8
32.5
35.8
42.1
46.4
50.3

5(>'.U
55.2
61.9
68.2
71.1
77.4
81 .5
80.3
82.6
84.1
98.3
87.7
92.8
103.3
99.3
106.9
118.7
113.7
114.9
106.2
106.0

55 !l
57.2
63.2
69.4
72.9
78.4
80.1
79.5
83.2
92.4
100.4
85.9
98.3
99.6
100.1
104,7
116,7
112.2
111.5
101.3
106.6

54.0
58.4
65.9
69.5
74.3
77.4
81.3
81.0
83.1
96.4
98.5
88.4
100.6
100.0
102.2
108.7
110.8
110.0
106.3
103.1
108.6

19.9
21.5
23.9
25.4
27.4
29.9
31.3
33.2
38.2
42,1
48.1
51.5
56 .1
55!o
59.8
66.5
70 .4
75.5
70.7
81.2
83.1
89.1
97.9
90.2
89.8
104.0
96.9
106.0
114.5
112.6
112.5
105.6
105.1
106.7

20.4
20.9
22.6
24.7
26.9
29.0
31.2
32.2
35.7
41 .2
45.7
50.1
54.5
55.1
57.7
64.4
69.4
73.4
76.0
81 .0
81.0
84,5
92.7
96.9
88,0
98.9
100.0
101 .9
108.7
114.7
112.1
109.6
103.9
107.0

59
62
64
68
73
79
81
86
94
99
90

95

55
59

727 , I T A L Y — I N D E X OF INDUSTRIAL PRODUCTION
(1977-100)
1951...
1952.. .
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960,,.
1961...
196 2...
1963 ...
196 4.. .
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972.. .
1973., .
1974,, .
1975.. .
1976., .
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...

19.9
20.3
21 .7
24.1
25,9
27.7
30.3
32.0
33.4
38.7
42.9
49.3
5 2,6
57.2
55.1
61.6
67.8
71.0
78.2
81,0
80.6
84.0
84.9
100.9
88.9
90.6
104.7
99.4
105,8
117.3
110.2
112.2
105.4
105.7

20.3
SO.3
Jtl.7
24.2
26 .1
26.8
30.9
31.4
34.5
39.8
43.8
49.4

20.8
20.3
22.1
24.2
26.5
28.0
30.9
31.3
34.6
40.3
43.8
49.1

20.8
20.6
22.1
24.5
26.3
28.8
31 .3
31 .3
34,7
40.4
44.3
49.4

20.8
21 .1
21 J
24.2
26.6
29.1
31 ,C
31.3
34.7
41 .0
44 .7
50.1

20.6
20.8
22.1
23.8
27.3
29.1
31 .3
32.1
34.5
41 .9
45.4
48.7

20.8
20.8
22.7
24.7
27.3
29.5
31 .6
32.4
34.7
41 .8
46.2
50.4

20 ,6
21.2
22 .9
24.8
27.1
29 .2
31.8
32.3
36.0
42.0
46.3
50.6

20.6
21.4
22.7
25.3
27 .3
29.9
32,1
32.8
36.8
42.5
46.7
49.8

19.9
21.4
23.3
25.3
27.3
30.0
30.9
33.0
37.5
42 .0
47.5
50.4

51.3
5 5,4
5IJ.7
6A.3
6 0.9
71.1
7S.8
81 .9
79.7
81 .8
83.1
96.2
88.8
93.3
101 .8
99.1
108.7
119,6
115,6
117.8
107 .6
104.3

56,6
54.9
62.9
67.9
71.1
78.2
81.7
80.6
82.1
84.2
97.9
85.4
94.4
103.3
99.4
106.1
119.1
115.4
114.8
105.6
108.1

55.8
55.7
61 .6
69.1
72.4
78.7
80.9
78.2
81 .2
89. 3
100.6
86.9
95.2
97.6
98.0
106.7
120.1
114.8
114.2
100,6
103 .8

55.3
57.6
63.S
69.7
73,3
77.3
79.7
80.2
84,3
92."
99."
83.:
100. t
103.C
100.e
106.C
113.)
110.;
112. i
103.
107.6

54.3
58.2
64.2
69.3
73.1
79.3
79.8
80.1
84.0
94.6
101 .0
87.6
99.1
98.3
101 .8
101 ,3
116.9
111 .6
107.4
100.1
108.4

55.3
58.7
64.7
69.4
73.7
79.7
81.9
79.3
82.1
97 .1
99.1
89.1
100 .3
98.9
101 .6
105.8
116.4
115.5
110 .7
103.8
107.1

51.9
57.9
66.4
69.7
73.5
78.4
79.9
80.9
85.1
96.1
97,1
87.8
98.9
100.0
103.3
109.7
105.3
101 .5
101 .5
101 .5
108.7

54.8
58.7
66.5
69.3
75.6
74.2
82 .2
82.8
82.1
96.1
99.4
88.2
102.6
101 ,1
101 .7
110.6
110,8
113.1
106.7
104.0
110.0

54.6
58.9
65.8
70.1
76.2
70.8
80.4
80.6
89.0
98.0
93.9
89.4
100.2
97.4
106.3
114.8
111.7
109.8
103.8
102.4
107.3

728 . JAPAH- -INDEX OF INDDSTIU A L
1977-100)

PRODUCTION
AVERAGE FOR

PERIOD

6.1
7.3

6.6
7.0

6,9
7.2

7.C
7.:

7.1
7.3

7.2
7.6

7.1
7 .7

7.1
8.1

6.9
7 .7

7 .I
7. 5
5

7,3
7.5
9.7

6.3
7.2
8.0

7.0
7.3
8.7

7.1
7.8
9.1

7.1
7.6
9.6

10.0
12.0
14.3
15.1
16.0
20.5
24.9
29.3
29.3
35.4
38.8

10.1!
12.5',
14.;}'
15.1
16 .5
21 .4
25.1
29.1
30.1
36.3
38.4

10.3
11 .9
14.7
15.1
16.8
21.6
25.9
29.0
30.4
36.1
39.0

10.3
12.3
15.2
15.0
16.9
21 ,9
25,7
29.3
31 .4
36.4
38.4

10. }
12,
16.0
14. >
17.
22. )
26. i
29. >
31.(i
36. >
38. )

10.3
13.1
15.9
14.5
18.0
22,2
26.8
29.1
31.5
37.5
38.6

10.6
13,3
16.0
15.0
18.3
22.5
27 .2
28.7
32.6
37.7
38.6

10.9
13.6
15.5
15.1
18.5
22.8
27.6
29.3
33 ,3
37.7
38.6

11.1
13.8
15.5
15.1
18.9
23.3
27.5
28.8
33.4
38.6
39.0

11.1
14.2
15.3
15.5
19.4
23.5
28.2
28.7
34.4
38.6
39.0

10.3
12.7
15.7
14.7
17.5
22.0
26.3
29.3
31.5
36.9
38.3

10.9
13.6
15.7
15.1
18.6
22.9
27.4
28,9
33.1
38.0
38.7

11.3
14.3
15.2
15.6
19.8
24.0
28.5
28.7
34.8
38.7
39.4

48.6
56.7
64.8
76.2
81 .6
82.8
96.8
103.8
85.5

48.2
57.7
65.9
76.9
81 .1
83.7
97.6
103,8
34.8

49.7
57.9
66.0
77.8
81.9
85.1
99.3
101 .4
83.6

49.8
58.3
67.9
78.4
81 .5
84.7
98.8
99.5
85.6

5l!s
59.2
68.8
80.6
81 .2
86.3
100.8
97.1
86.4

52 .3
59.8
69.8
80.6
81 .5
86.3
99.9
96 .2
87.4

53^
61.5
70.4
80.3
81.9
88.6
102.5
94.9
87.3

54^8
61.1
71.8
80.6
82.6
89.5
101.1
93.9
88.2

55^2
62.7
73.8
80.7
81.7
90.5
102 .9
91 .8
88.3

48.8
57.4
• 65.6
77 .0
81.5
83.9
97.9
103.0
84.6

197?!!!
1978.. .
1979.. .
1980...
1981...
1982...
1983.. .
1984...
1985...

100 .2
103.0
109.6
118,4
118.8
121.8
120.0
131.5

98.'8
102.5
109.4
122 .8
118.2
121 .0
119.5
135.4

100.2
104.2
110.7
119.4
118.4
122.1
122.2
134,2

50. )
60. }
69. )
79. )
79. +
86. )
100. )
99. i
85. 5
94 ,
+
99.
104. 3
113. I
120. 1
116. J
119 J t
122. )
137. }

11.6
14.4
15.1
15.8
20.4
24.4
28.8
28.7
35.2
39.2
39.6
48 3
57.0
64.1
75.4
81.7
82.3
94.3
103.4
88.8
88.8

10.2
12.0
14.6
15.1
16.4
21 .2
25.3
29.1
29.9
35.9
38.7

1967!!!
196 8. ..
1969...
1970...
1971.. .
1972.,.
1973.. .
1974.. .
1975.. .

11 . 1
14. J
15 .1
15.4
19.7
24.0
28.4
28.8
34.8
38.3
39.6
47.3
5&!s
64.3
74.0
80.0
82.6
92.2
103.7
90.4.
86.9

6.9
7.5
8.8
9.6
10.7
13.2
15.3
15.1
18.1
22.5
26.9
29.0
32.3
37.4
38.8

100.0
105.2
113.8
119.1
119.5
121.0
123,2
138.6

98.5
106 .4
114.3
118.8
120.8
120 .6
123.4
139.2

100 .4
107.5
116.2
115.2
120.2
120.7
126 .8
140.2

100.1
108.1
114.3
117.4
122.0
121 .3
129.0
139.4

99.5
108.3
116.5
118.3
122.8
118.1
127.5
143.3

101.3
108.8
117.8
116.6
122.8
120.7
130.0
143.4

102.0
109.9
117.5
118,4
122.5
119.5
131.3
142.7

99!7
103 .2
109.9
120.2
118.5
121.6
120.6
133.7

50^8
59.2
68.7
79.4
80.7
85.7
99.9
98.7
85.8
9 5.5
99.7
104.8
112.6
120.4
118.4
120.3
122.4
137.2

53!s
60.8
70.7
80.5
82.0
88.1
101.2
95.0
87,6
97.5
99.7
107.3
114.9
117.1
121.0
120.9
126.4
139.6

56^2
63.7
74.4
80.8
82.2
92.3
103.3
90.3
88.0
98.6
100.9
109.0
117.3
117.8
122.7
119.4
129.6
143.1

52.3
60.3
69.8
79.4
81 .6
87.5
100.6
96.8
86.5
96 .0
100 .0
106.1
113.7
118.9
120 .1
120 .6
124.7
138.4

1951., .
1952...
1953...
1954...
1955...
1956.,.
1957.,.
1958. ..
1959.. .
1960...
1961...
1962.. .
1963...
196 4...
1965...

6.3
7.4

99.6
104.5
110.9
121.4
118,7
120 .6
122.0
135.1

NOTE: Unless otherwise noted, these series contain revisions beginning with 1948.
'This series contains revisions beginning with 1951.

104




(OCTOBER 1985)

G. Experimental Data and Analyses
(Nov.)
P

(Mar.)
T

(Jan.)(July) (July)
P T
P

(Nov.)
T

Components of BCD series 26l
Year
and
quarter

Implicit price
deflator, gross
nonfarm business
product
(Index,: 1977=100)

Unit labor cost,
all persons, nonfarm
business sector

Components of BCD series 26— 5;

(Index: 1977=100)

1983
151.9
152.7
153.8
155.2

157.6
155.9
155.9
157.1

156.3
157.3
159.0
160,1

158.3
157.6
159.5
160.0

162.3
163.4
P164.7

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977-100)

163.3
rl64,l
P165.2

I Q...\
II Q...
Ill Q..
IV Q...
1984
I Q....
II Q...
Ill Q..
IV Q...

Unit labor cost, all persons, nonfarm

1985
I Q....
II Q...
Ill Q..
IV Q...

Inventory-sales ratios in 1972 dollars (ratio)—

Inventory-sales ratios in 1972 dollars 2
Year
and
month

Manufacturing)
(Ratio)

Merchant
wholesalers
(Ratio)

I

Retail trade
(Ratio)

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

1.77
1.76
1.80
1.80
1.78
1.74

1.32
1.34
1.37
1.37
1.37
1.36

1.33
1.34
1.33
1.36
1.35
1.34

Jan
Feb.
Mar.
Apr.
May.
June

1.78
1.78
1.77
1.78
1.76
1.78

1.36
1.38
1.38
1.35
1.34
1.43

1.37
1.37
1.38
1.36
1.35
1.36

July
Aug.
Sept

1.78
pi.76
(NA)

rl.40
pi. 39
(NA)

1.36
pi. 32
(NA)

Merchant wholesalers

1985

flrt .
UL L

Nov.
Dec.
111 til Ml Ml 111 IfS I
1972 1973 1974 1975 1976 1977 1978 1979 1980.1961 1982 1983 1984 1985
NOTE: The "r" indicates revised; " p " , preliminary; and "NA", not available.
x
Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s .
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). .
8. Mfrs. 1 new orders in 1972 dollars, consumer
goods and materials industries (bil. dol.).
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 (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). .
36. Change in inventories on hand and on order in
1972 dol., smoothed2 (ann. rate, bil. dol.)
99. Change in sensitive materials prices,
smoothed2 (percent) . . .
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1972 dollars
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1972 dollars (ann. rate, bil. dol.) . . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1972
dollars (mil. dol.)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1972 dollars (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101. Commercial and i n d u s t r i a l loans outstanding
in 1972 dollars ( m i l . d o l . )
95. Ratio, consumer installment credit
outstanding to personal income (percent). .
930. Composite index of 6 lagging indicators 3
(index: 1967=100)

Aug.
1985

July
1985

June
1985

Sept.
1985

40.4

40.3

r40.6

p40.7

392

381

375

381

37.40

37.63

r38.14

44

44

42

rll6.6

rll6.9

rl5.54

June
to
July
1985

-0.08

July
to
Aug.
1985

Aug.
to
Sept.
1985

0.23

0.08

0 ,08

0.04

-0.05

P37.89

0.03

0.07

-0.04

42

0.00

-0.08

0.00

rll8.0

P117.5

0.04

0.13

-0.06

rl5.34

rl5.65

P16.17

-0.03

0.04

0.08

136.5

135.1

142.3

143.9

-0.03

0.15

0.04

r-3.72

r-1 . 9 9

p-1 .17

0.10

0.05

-0.13

-0.35

-0.52

-0.49

-0.09

-0.07

0.01

188.89

192 . 5 4

188.31

184.06

0.12

-0.14

-0.16

r962.9

r967.9

r975.1

P978.9

0.17

0.24

0.14

3.6

r7.7

r8.9

p7.0

0 .21

0.06

-0.11

rl67.6

rl68.7

rl70.2

170.3

0.66

0.89

0.06

97,473

r97,707

r97,987

p98,115

0 .20

0.24

0.14

1,205.6

r l , 2 0 6 .1

r l , 2 1 1 .3

pl,211 .5

0.02

0.22

0.01

rl24.3

rl24.1

124.8

-0.04

0.16

-0.03

178,984

rl80,408

pl82,939

0.18

0.31

rl58.8

rl59.1

rl60.3

pl60.2

0.19

0.75

-0.06

15.4

15.4

15.6

15.5

0.00

-0.09

0.07

1.58

1 .57

pi.55

NA

-0 .13

-0.26

84.9

84.4

r83.8

p83.7

-0 .18

-0.22

-0.05

9.78

9.50

9.50

9.50

-0.20

0.00

0.00

rl26,713

rl27,520

128,221

pl28,935

0.17

0.14

0 .21

15.73

15.86

P16.01

0 .50

0.58

NA

128.1

128.3

rl28.5

0.16

0.16

NA

P

P

124.7
NA

NA
pl28.8

NA

NA

NA

0.23

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized 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 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, p r e l i m i nary, r, revised, e, estimated.
*This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This 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 f a c t o r . The trend adjustment factor
for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.
2
3

16
0




G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
fTTT

1111111111111 m JTTTTTJT11 ii i
1111 m j

TTTTT

Actual
Devidata
ations
for
from
reference current
cycle

1. Average weekly hours, manufacturing

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
DATA YEAR
TROUGH
7/81

I M 11111111 M M 111111111111 i 111111II1111111111111 f 111

DeviActual
ations
data
from
fr
o
specific current
troughs cycle

1. Average weekly hours, manufacturing

SERIES
1
HOURS

Percent

• 41.0
+2
• 40.5

+1
•

-1

40.0

• 39.5

23
24

1 .5
1 .5

40 .
5
40 .5

10/84
11/84

25
26
27
28

- I +3

1 .8
1 .8
0 .5
1 .3

6
40 .
40 .
6
40 .
1
40 .4

12/84
1/85
2/85
3/85

29
30
31
32

0 .8
1.3
1 .3
1 .0

40 .2
40 .4
40 .4
40 .3

4/85
5/85
6/85
7/85

33
34

1 .8
2 .0

40 .6
40 .7

8/85
9/85

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
DATA YEAR
TROUGH
9/82
SERIES
1
HOURS

-2
• 39.0

-3
• 38.5
-4

• 38.0
-5

- 1 -6

25
26
27
28

4.4
4.4
4.6
4.6

40.5 10/84
40.5 11/84
40.6 12/84
40.6 1/85

29
30
31
32

3.4
4.1
3.6
4.1

40.1
40.4
40.2
40.4

2/85
3/85
4/85
5/85

33
34
35
36

4.1
3.9
4.6
4.9

40.4
40.3
40.6
40.7

6/85
7/85
8/85
9/85

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA YEAR
• 37.5
SERIES 41
THOUSANDS

• 37.5

23
24

• 98,000

• 96,000

• 94,000

10/84
11/84

25
26
27
28

41. Employees on nonagricultural payrolls

4.5 95573
4.8 95882
5.1
5.4
5.6
6.0

96092
96419
96591
96910

12/84
1/85
2/85
3/85

29
30
31
32

6.2 97120
6.5 97421
6.6 97473
6.8 97707

4/85
5/85
6/85
7/85

33
34

7.1
7.3

97987
98115

41. Employees on nonagricultural payrolls

• 98.000

8/85
9/85

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH 12/82
DATA YEAR
SERIES 41
THOUSANDS

• 92,000

• 90,000

• 88,000
mnllHH iiinliiii1111111111111Iii|i|||i|H
-12 -6
0 +6 +12+18+24+30+36

22
23
24

7.8 95573
8.2 95882
8.4 96092

25
26
27
28

8.8
9.0
9.3
9.5

29
30
31
32

10/84
11/84
12/84

96419
96591
96910
97120

1/85
2/85
3/85
4/85

97421
97473
97707
97987

5/85
6/85
7/85
8/85

10.7 98115

9/85

9.9
9.9
10.2
10.5

Months from reference troughs

• 89,000
-I 0
Ii 1111 Ii n i M i n n

-12 - 6

0 + 6 +12+18+24+30+36
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1985 issue.




107

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued
Actual
Devi• data
ations
for
from
reference current
cycle
peaks

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA
YEAR

-0.4
-1.9

117.7
116.0

10/84
11/84

25
26
27
28

- i +15

Devi- Actual
data
ations
for
from
specific current
troughs cycle

SERIES
12
1967=100
23
24

Percent

11111111111ill iiinTITT\nrrnTTTTTT11TTTTTTTM

-1 .4
-0.3
0.4
-1 .4

116.6
117.8
118.7
116.6

12/84
1/85
2/85
3/85

29
30
31
32

-1.4
-3.3
-1.4
-1.1

116.6
114.3
116.6
116 .9

4/85
5/85
6/85
7/85

Percent
30

+ 10

#130

•

140

•

135

•

130

•

125

•

120

25

+5

•

•

•

125

120

33
34

-0.2
-0.6

118.0
117.5

8/85
9/85

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
9/82
DATA
YEAR
SERIES
12
1967-100

115

15

•

110

-10
•

105

25
26
27
28

6.6
5.1
5.6
6.7

117.7
116.0
116,6
117.8

10/84
11/84
12/84
1/85

29
30
31
32

7.5
5.6
5.6
3.5

118.7
116.6
116.6
114.3

2/85
3/85
4/85
' 5/85

33
34
35
36

-5

20

5.6
5.9
6.9
6.4

116.6
116.9
118.0
117.5

6/85
7/85
8/85
9/85

10

• 115

• 110

DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
ACTUAL
FROM
REF.
DATA
YEAR
TROUGH
7/81

23
24

+5
•

240

•

235

0

-1.3
-0.9
-1.4
- 1 .2

228.0
229.0
227.8
228.2

12/84
1/85
2/85
3/85

29
30
31
32

- 1 .6
- 1 .6
- 1 .7
-2.0

227.4
227 . 2
227.1
226.4

4/85
5/85
6/85
7/85

33
34

Percent

53
SERIES
ANN. RATE
B I L . DOL
10/84
-2.8
224.5
11/84
226.3
-2.0

25
26
27
28

53. Wages and salaries in 1972 dollars,
mining, mfg., and construction

-1.6
-1.5

227.2
227.6

8/85
9/85

53. Wages and salaries in 1972 dollars,
mining, mfg., and construction
I
c,c,c
Percent
20

• 245
•

^230

•

225

240

15

• 235

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA
YEAR
11/82

•

220

•

215

23
24

•

210

25
26
27
28

10.0
10.5
9.9
10.1

228.0
229.0
227 . 8
228.2

•

205

•
-15

-12

-6

0+6

200

29
30
31
32

9.7
9.6
9.6
9.2

227.4
227.2
227.1
226.4

4/85
5/85
6/85
7/85

33
34

9.6
9.8

227.2
227.6

8/85
9/85

+12+18+24+30+36

Months from reference troughs

NOTE: For an explanation of these charts* see "How to Read Charts" on p. 106 of the July 1985 Issue.

108




•

12/84
1/85
2/85
3/85

-10

230

225

•

-5

•

220

10

SERIES
53
ANN. RATE
BIL. DOL.
8.3
224.5
10/84
9.2
226 .3
11/84

• 215
» 210

-I 0
nilmiiliiii 1111111111111 Iniiilnni jnm)nn i
-12 - 6
0 + 6 +12+18+24+30+36
Months from specific troughs

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
TmTim|miT"TmTimrm[TTTI
30. Change in business inventories,
1972 dollars

QRTRS.
FROM
REF.
TROUGH

Actual
data

2
3
4

-i +35

CURRENT QRTR.
ACTUAL
AND
DATA YEAR
SERIES 30
ANN. RATE
BIL. DOL.
-6.1 11/83
0.9 111/83
7.2 IV/83

5

31 . 6
20.3
30.6
16.8

"I

I

I

rirTmTmTm

Deviations
from
specific
troughs

30. Change in business inventories,
1972 dollars

Actual ,
data

for
current
cycle

Actual

1/84
11/84

+ 25

9
10
11

+ 20

60

55

+10

2
3

4

+5

5
6
7
8

9
10
11

-5

• + 30
• +25

45

• + 20

111/84

IV/84

8.3

1/85
11/85

-2.1

111/85

19.1

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM
ACTUAL
AND
TROUGH
IV/82
DATA
YEAR

+ 15

«+35

50

+ 30

6
7
8

SERIES
30
ANN. RATE
BIL. DOL.
18.5
-6.1
11/83
0.9 111/83
25.5
7.2
IV/83
31.8

41 .4

31.6
20.3
30.6
16.8

43.7
32,9
22.5

35

19.1 1/85
8.3 11/85
-2.1 111/85

56.2
44.9
55.2

1/84
11/84
III/84
IV/84

30

-10
15

-15

Deviations
from
reference
peaks

10

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
ACTUAL
AND
REF.
FROM
YEAR
TROUGH 111/81
DATA

-I - 2 0
Actual
data

for
current
cycle

50. GNP in 1972 dollars

2
3
4

SERIES 50
ANN. RATE
BIL. DOL.
0.2 1524.8 11/83
1.8 1550.2 111/83
3,3 1572.7
IV/83

5
6

5.8
7.7

1610.9
1638.8

1/84
11/84

7
8

8.1
9.2

1645.2 111/84
1662.4 IV/84

* -15

• -20

1/70

50. GNP in 1972 dollars
c,c,c I

• 1.725

• 1.725
9
10
11

9.3 1663.5
1/85
9.8 1671.3 11/85
10.7 1684.8 111/85

M.675

> 1,675

• 1,625

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
SPEC.
AND
FROM
ACTUAL
YEAR
TROUGH 111/82
DATA

SERIES 50
ANN. RATE
BIL. DOL.
3.2 1524.8 11/83
4,9 1550.2 111/83

• 1,575

• 1.525

H.475
1982

-12 -6

I

I I I I

10

5
6
7
8

6.5
9,1
10.9
11 .4
12.5
12.6
13.1
14.1

1662.4 IV/84
1663 .5
1/85
1671 .3 11/85
1684.8 111/85

• 1,575

1/70

1572.7 IV/83
1610.9
1/84
1638,8 11/84
1645.2 111/84

9
10
11
12

0 + 6 +12+18+24+30+36
Months from reference troughs

• 1.625

• 1,525

> 1.475
ilniiin1111 m m l i i i n t i n i i l i i i i i l n n i l i n n

12 -6

0 + 6 +12+18+24+30+36
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1985 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
«

, II

(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series
number

<PaBe ""mbers
Charts
Tables

Historical
data
(issue date)

A
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, 01
Consumer sentiment, inrJex
Employees, manufacturing and trade, Dl
..
Inventories, manufacturing and trade, 01
.
. . .
New orders, manufacturing. 01
Prices, manufacturing, Dl .
Prices, retail trade, 01
Prices, wholesale trade, Cl
.
.
Profits, manufacturing and trade, Dl . .
. .
Sales, manufacturing and trade, Dl
...
...
Automobiles
Imports of automobiles an1 parts
Personal consumption expenditures

604

56

11/84

92

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

5/85
5/85
1/84
1/85
1/85
1/85
1/85
1/85
1/85
1/85
1/85

2
3
2
3
2
0
3
7
3
7
3
7
3
7
3
7
3
7
3
7
3
7

616
55

56
22

92
65

11/84
9/84

5
6
3
9

IB
Balance of payments- See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve
Bonds—See Interest rates.
Borrowing- See Credit.
Budget—See Government
Building—See Constructor
Building permits, new pr.vate noising
.
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
„

93
94

29
76
61
970
14
12
13

101
11
112
295

33
33

13,25
24
24
38
33
12,23
23

15,3^
35
32
46

72
72

4/85
4/85

7/85
8/85
5/85
5/85
2/85
12/84
12/84

67
67
67
76
72
65
65

5/85
5/85
5/85
11/84

73
73
71
82

3
5
3
5

2
4
1
2
2
3
2
3
3
4
2
1
2
1
3
2
3
2
3
2
2
6

C

110



20
20

64
64

8/85
8/85

14
14

24
24
37
48

66
66
75
86

2/85
2/85
2/85
5/85

22
22
22
51

11
29
29

60
70
70

7/84
9/84
9/84

5
26
26

51
17
51
18,51

89
62
89
62,89

3/85
2/85
3/85
2/85

9
9
9
9

10
39
36
11
23

60

5

74
60
66

9/85
9/85
12/84
7/84
10/85

"5
5
21

15,35
35
32

73
73
71

5/85
5/85
5/85

32
32
32

49
45

87
82

12/84
10/84

46
46

30,47

70,83

9/84

4
6

49

88

12/84

46

49

87

10/85

5

49 ^
50
50

87
88
88

10/85
9/85
9/85

5
53
53

19

63

3/85

1
1

10
39
11

60

9/85
9/85
7/84

5

60

10
39

60

11
11
11
11
10
39

60
60
60
60
60

"5

9/85
9/85
7/84
7/84
7/84
7/84
9/85
9/85
"

5
5
5
5
5
5

Series
description
(*)

Tables

Historical
data
(issue date)

2
3
2
4

6
6
6
7

10/85
8/85

2
1
1
7

8
6
28
4
8
7
8
9
29
4
2
8
34
3
8
7
5

2
5
4
7
2
5
2
5
4
7
2
5
4
8
12,21
2
2

6
7
8
3
6
7
6
7
8
3
6
7
8
6
6
4
6
5

9/84
10/84
9/84
9/84
10/84
3/85
5/85
7/85
8/85

4
0
40
4
0
4
0
4
0
2
4
5
1
1
5
1
2

6
6
13
1
9
5
3
9

3
5
3
2
15,35
3
3

7
3
7
2
7
3
7
2

6/85
6/85
6/85
7/85

3
3
3
3
3
3
3
4

30
2
32
2
58

4
9
4
9
2
2

84,95
8
4
6
5

4/85
4/85
1/84

4
9
4
9
2
0

55
2

5
3

9
0

11/84

5
5

2
0

12,23

6
6

8/85

2
1

1
0
16
1

2
3
3
4

6
6
7
3

8/85
9/85

2
1
3
5

11
0
7
2
12
1

15,35
3
5
3
2

7
3
7
3
7
1

5/85
5/85
5/85

3
2
3
2
3
2

6
6
13
1
9
5
3
9
11
1
3
3

3
5
3
2
15,35
3
3
13,32
3
2

7
3
7
2
7
3
7
2
7
2
7
1

6/85
6/85
6/85
7/85
6/85
5/84

3
3
3
3
3
3
3
4
3
1
3
1

9
8
31
3

2
8
4
8

6
9
8
5

3/85
4/85

5
1
5
0

557

54

57
1
53
4
50
8
58
7
57
7
55
2

5
3
5
3
5
4
5
5
5
5
5
3

9
0
9
0
9
1
9
1
9
1
9
0

1/84
11/84
3/85
10/85
10/85
11/84

5
5
5
5
5
6
5
6
5
6
5
5

59
5
58
4
58
8
51
6
50
7
54
6
55
6

5
4
5
3
5
4
5
4
5
5
5
5
5
5

9
1
9
0
9
1
9
1
9
1
9
1
9
1

7/85
7/85
7/85
7/85
7/85
9/84
9/84

1
7
1
5
1
7
1
5
5
4
3
4
3

3
9
3
2

3
3
12,21

7
2
6
4

7/85
2/85

3
4
1
7

90
7
95
6
91
5
94
7
93
6
96
6

3
8
3
7
3
6
3
8
3
6
3
7

5/85
2/85
12/84
1/85
8/85
8/85

2
3
2
2
5
3
7
5
1
2

92
6
95
7
92
5
90
5
94
6

'36'
3
8
3
6
3
6
3
7

1/85
12/84
12/84
7/85

i/85

8
3
7
5
5
1
5

91
7
90
6
92
7
97
6

3
8
3
7
3
8
3
7

1/85
5/85
1/85
1/85

3
7
3
7
3
7
2
5

93
7
96
7
98
7
97
7
98
6
91
6

38'
3
8
3
8
3
8
3
7
3
6

7
6
7
5
7
4
7
6
7
4
7
5
7
8
7
4
7
6
7
4
7
4
7
5
7
7
7
6
7
5
7
6
7
5
7
9
7
6
7
6
7
6
7
6
7
5
7
4
7
7

i/85

3
7
3
7
3
7
3
7
2
5
5

Series

Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer 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
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.

(Pag numbers)

number

Food

Canada—See International comparisons.
Capacity utilization
Manufacturing
82
Materials
84
Capital approprntions, manufacturing
Backlog.,
. . .
...
. 9 7
Newly approved .
11
Newly approved, Dl
965
Capital equipment, producer price index
.
333
Capital investment See Investment, capital
Capital investment commitments, Cl .
.
. . .
914
Cash flow, corpoiate, constant dollars
35
Cash flow, corporate, current dollars
34
Civilian labor force See also Employment
Employment
442
Employment aj, percent of population
90
Labor force
441
Unemployed
. .
.
37
Coincident indicates, four
Composite index . .
920
Composite index rate of change
920c
Diffusion index
951
Ratio to lagging rndotors, composite index
...
940
Commercial and industrial buildings, contracts awarded
9
Commercial and industrial loans
Loans outstanding, constant dollars
101
Loans outstanding, current dollars
72
Loans outstanding, net change
112
Compensation—See also Income.
Compensation, average hourly, nonfaim
business sector
345
Compensation of employees
280
Compensation of employees, percent of
national income
64
Compensation, real average hourly, nomfarm
business sector
,
346
Earnings, average hourly, private nonfarm
economy
340
Earnings, real average hourly, private nonfarm
economy
341
Wage and benefit decisions, first year
348
Wage and benefit decisions, life of contract
349
Wages and salaries n mining, manufacturing,
and construction
..
53
Composite indexes
Coincident indicators
Four coinciders, i n d e x . . .
920
Four coinciders, rate of change
920c
Ratio to lagging indicator index
940
Lagging indicators
Six laggers, index
930
Six laggers, rate of change
930c
Leading indicators
Capital investment commitments,
914
Inventory investment and purchasing
915
Money and financial flows
.
917
Profitability
916
Twelve leaders, index
910
Twelve leaders, rate of change
910c
See notes at end of index.

Current issue

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series
description
C)

Charts

29

13,25

9
6
9

7/85

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

110

. . .
. ...

Debt-See Credit.
Defense and space equipment, industrial production .
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'....
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
..
.
Defense purchases, goods and services
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance.
. . .
Diffusion indexes
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
Workweek, manufacturing, components
Disposable personal income—See income.

11/84

8/85

1/85
1/85
1/85
7/85
8/85

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series ftl
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series (page n u m f a e r s >
number Charts Tables

Historical
data
(issue date)

C)

E
Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change

Total

Employees in goods-producing industries
Employees, manufacturing and trade, 01
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl
Employment, civilian
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Unemployed, both sexes 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

441
578
577

51
55
55

48c

39

40
974
41
963
442
570
90
46
60
5
962
21
453
452
.451
448
42
446
445
447
444
91
37
44
45
43
1

17
62
38
76
14,17 62
36
74
51
89
55
91
17
62
16
61
16
61
12,16 61
36
74
16
61
51
89
51
89
51
89
51
89
17
62
51
89
51
89
51
89
51
89
15,18 62
18,51 62,89
18
62
18
62
18
62
12,16 61
77
36
74

48

961

17

89
91
91

61

3/85
10/85
10/85
12/84
12/84
7/85
1/85
7/85
8/85
3/85
7/85
2/85
2/85
2/85
1/85
1/85
7/85
3/85
3/85
3/85
3/85
2/85
3/85
3/85
3/85
3/85
2/85
2/85
2/85
3/85
2/85
7/85

9
5
6
5
6
"5
5
3
7
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9
5

8/85

G
Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts.
.
. . 5
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
. .
. 5
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.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Series (page n t J m b e r s )
number Charts Tables

Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPOI, percent of GNP

119

34

72

9/85

94
213
917

33
40
11

72
80
60

4/85
10/84
7/84

311

48

84

9/84

93

33

72

4/85

3
5
3
8
5

49

20

63

9/84

502
0 1
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
11/84

5
3
5
3
5
3
5
3
5
3
5
3
48

263
262
265
6 4
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

4
3
4
3
4
3
4
3
4
3
4
3
43
4
3
4
3
4
3

311
68

48
30

84
70

9/84
9/85

4
9
2
8

10/84
10/84
10/84
10/84
10/84
10/84
5/85
9/84
9/84
10/84

3
8
3
8
3
8
3
8
3
8
3
8
3
0
1
4
38
38

9
9

50
50b
50c
200
200b
200c
107
49
310
217

19,40 63,80
....
80
39
80
40
80
....
80
....
80
31
71
20
63
48
84
40
80

46
60

16
16

61
61

2/85
2/85

1

12,16

5

36
16

61
77
74
61

7/85

961
21

8/85
7/85

*5
5

Historical
data
(issue date)

Series
description
()
*

28
29
89
249

25
13,25
25
47

67
67
67
83

3/85
7/85
9/84
10/84

2
4
2
4
4
0
40

310

48

84

9/84

345
280

49
45

87
82

4
6

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, private nonfarm

64

30,47

70,83

49
15,35
45

88
73
82

12/84
6/85
11/84

46
33
26

287
225
224

47
40
40

83
80
80

11/84
10/84
10/84

26
11
11

227

40

80

10/84

340

49

87

10/85

341

49

87

652
651
288
289
220
52
223

57
57
45
47
45
19
40

93
93
82
83
82
63
63

10/85
9/85
9/85
11/84
11/84
10/84
9/84
9/84

5
5
7
5
7
4
7
4
7
46
1
1
1
1

71
B2

9/84
9/84
4/85
10/84

"i
i
3
0

10/84
10/84

4
7
4
7

11/84
9/85
9/85

4
7
5
3
5
3

3/85
12/84
5/85

1
1
2
1
5
1

8/85
8/85
8/85
8/85
8/85
8/85

1
2
1
2
1
3
1
2
1
2
1
2

75

8/85
8/84

'n

79

economy

i/85
1/85

2
5
2
5

Earnings, real average hourly, private nonfarm

economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income .
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change ...

51c

39

51

Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production--See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures

14,19 63

108
282

31
45

283
284

47
45

83
82

285
348
349

47
50
50

83
88
88

53
13
335

19
23
48

63
65
85

76
75
557
73
74

Total

24
22
54
20
20

67
65
91
63
63

47 14,20,58 63,94

Total, components

78

Total, 01

37

47c

39

967
23

.

37
28

75
69

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

1/85
1/85
3/85
11/84
11/84

8
8
8
4
7
4
7

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
86

2/85
9/85
9/85
9/85
9/85
6/85
9/85
9/85
5/85

3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5
5
0
60
6
1
6
1
6
1
6
0
4
9
6
1
5
9
5
9
5
9
5
9
5
8
5
8
1
2
5
9

Components

France
Italy
Japan
United Kingdom . .
United States
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany

4
7

966

Total, rate of change..
Industrials, raw, spot market prices
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

46
46

12/84
10/84
9/84

346
95
286

Total . . . .

F
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

Current issue

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series
description

.

. . . .

.

733

59

96

736
737

59
59

95
96

738
732
320
735

59
59
49
59

95
95
84,95
95

6/85
6/85
6/85
6/85
6/85
4/85
6/85

94
94
94
94
94
94
63,94
94

10/85
10/85
10/85
10/85
10/85
10/85
8/85
10/85

723
58
726
58
727
58
728
58
721
58
722
58
47 14,20,58
725
58

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
iapan
.
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
.. . .
Balance on merchandise trade
Exports, excluding military aid ..
Exports, merchandise, adjusted, excluding military....
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP...
Inventories
Business inventories, change, constant dollars,
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade, book value
Manufacturing and trade, change in book value. ..
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change'
Materials and supplies on hand and on order,
manufacturers'
,
Materials and supplies on hand) and on order,
manufacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, rnanufaeturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
,
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars .. .
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential percent of GNP
„
Nonresidential producers' durable equipment,
constant dollars
,
Nonresidential structures, constant dollars.
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goads,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Business expenditures, nuw
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad..,
Italy—See International comparisons.

Current issue
Series
^numbers)
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
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

9/85
9/85
11/84
9/85
11/84
10/84
10/84
9/85
11/84
11/84
9/85
11/84
9/85
10/84
10/84
11/84
9/85
9/85

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

250
251

44
47

82
83

10/84
10/84

44
44

30
245
247
559
65
77
915
71
31
70
975

26,42
42
47
54
27
15,27
11
27
26
27
38

68,81
81
83
91
68
68
60
68
68
68
76

9/84
10/84
10/84
7/85
6/85
10/85
7/84
10/85
6/85
10/85
1/85

40
40
40
17
17
17
5
17
17
17
37

36

13,26

10/85

17

78

27

6/85

17

38

26

6/85

17

97
11
965
914
9

24
24
37
11
23

2/85
2/85
2/85
7/84
10/85

22
22
22
5
21

255

10/84

66
66
75
60
66

See notes at end of index.

112




Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

950
14
104

36
33
31

Historical
data
(issue date)

74
72
71

12/84
2/85
4/85

Series
description
(*)

5
34
29

M
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
. . .
Materials, capacity utilization rate . . . .
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Merchandise trade—See International transactions.
Military—See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml, constant dollars
Money supply M l , 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 c h a n g e . . . .
Mortgage yields, secondary market ..
Municipal bond yields

78

.

68

6/85

26
20
12.21

68
64
64

6/85
8/85
7/85

917

.

27

38
84
8

11

60

7/84

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

4/85
4/85
4/85
4/85
4/85
5/85
4/85
5/84
9/85
9/85

2
9
2
9
2
9
3
0
2
9
3
0
3
0
3
1
3
5
3
5

27
24
8

23
23
12,21

66
66
64

8/85
8/85
7/85

15
15
15

20

12,23

66

8/85

2
1

10
548
7
6

23
53
21
21

8/85
7/85
7/85
7/85

21
15
15
15

964
971

37
38

66
90
64
64
77
75
76

7/85
1/85

15
37

88
87
86
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
11/84
10/85

55
55
58

580

54

91

3/85

49

20

63

9/84

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
70
88
88
64
64
61

8/85
8/85
1/85
1/85
8/85
8/85
7/85

2
8
2
8
5
2
5
2
1
4
1
4
5

453
452
451

51
51
51

89
89
89

3/85
3/85
3/85

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84

3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9
3
9

292
293
614

46
46
56

82
83
92

11/84
11/84
11/84

4
8
4
8
5
6

61
970
20
10
90

24
38
12,23
23
17

67
76
66
66
62

5/85
5/85
8/85
8/85
2/85

2
3
2
3
2
1
2
1
9

1
7
1
4
1
5

National defense-See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
O

8/85
243
242
86
248

42
42
25
47

81
81
67
83

10/84
10/84
9/84
10/84

40
40
40
40

87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/84
9/84
9/84
10/84
10/84
10/84

40
40
40
40
40
40

8/85
8/85
6
1
90
7
2
0
1
0

2
4
3
8
12,23
2
3

6
7
7
6
6
6
6
6

5/85
5/85
8/85
8/85

2
3
2
3
2
1
2
1

62
5
61
5

5
7
5
7

9
3
9
3

9/85
9/85

5
7
5
7

68
63

30
30

70
70

9/85
9/85

28
28

62
62
26

30
15
29

70
70
70

8/85
8/85
1/85

28
28
28

930
930c
952

10
39
36

60

9/85
9/85
12/84

5

910
910c

10
39

6
0

9/85
9/85

5

74

Current issue
Series < ^ e numbers)
number Charts Tables

- N

Japan—See International comparisons.

Labor cost per unit of gross domestic product...
Labor cost per unit of output, business sector....
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit of, nonfarm business...
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Leading indicators, twelve
Composite index
Composite index, rate of change

c p r i p , tin P
(See complete Sues in "Titles and
Sources of Series," following this index)

5

Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing.
P
Participation rates, civilian labor force
Both sexes 16-19 years of age.
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income.
Personal saving
Personal saving rate
Petroleum and petroleum products, imports
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

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current,ssue
Series {m* "umpersj
number Charts Tables

Price indexes
Consumer prices—See also International comparisons.
All items.
.
...
.
Food
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment .
. .
....
Crude materials
.
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude 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 contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj. current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability. Cl
:
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Historical
data
(issue date)

Series
description

(*)

Current issue
Series tpage numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

s
320
322

49
49

84 r 95
84

4/85
4/85

49
49

311
310
26

48
48
29

84
84
70

9/84
9/84
1/85

49
38
28

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

4/85
5/85
4/85
5/85
5/85
5/85
3/85

50
51
50
51
51
50
51

967
23

37
28

79
75
69

1/85
1/85

25
25

98
99

28
13,28

69
69

3/85
3/85

51
25

19

13,28

69

968
26

...

Series title (See complete titles in "Titles and
Sources of Series," following this index)

37
29

75
70

1/84
7/85
1/85

25
25
28

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

1/85
1/85
1/85
11/84
6/85

37
37
37
55
35

88

25

67

Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.

9/84

213

10/84

40

69
24
57 14,22
56
22
973 38
77 15,27
59
22
54
22

6
7
6
5
6
5
7
6
6
8
6
5
6
5

8/85
10/85
10/85
1/85
10/85
4/85
4/85

1
7
1
7
1
7
3
7
1
7
2
0
2
0

295
298
290
292
293

82
8
3
82
82
8
3

11/84
11/84
11/84
11/84
11/84

2
6
48
48
48
48

98
28
99 13,28
588 54

6
9
6
9
9
1

3/85
3/85
7/85

5
1
2
5
1
7

967
23

7
9
7
5
6
9

1/85
1/85

'5
2
2
5

19 13,28
968 37

6
9
7
5

1/84
7/85

2
5
2
5

114
115

7
2
7
3

9/85
9/85

3
5
3
5

91 15,18
60
16
5 12,16
962 36

6
2
6
1
6
1
7
4

2/85
2/85
1/85
1/85

9
9
8
8

446
51
445
51
447
51
444
51
37 18,51

8
9
8
9
8
9
8
9
62,89

3/85
3/85
3/85
3/85
2/85

9
9
9
9
9

46
46
46
46
46

37
28

T
Treasury bill rate
Treasury bond yields

370
358
916

50
50
11

88
88
6
0

1/85
1/85
7/84

5
2
5
2
5

18
16
80
79

28
28
29
29

6
9
6
9
6
9
6
9

9/84
9/84
9/84
9/84

2
6
2
6
2
6
2
6

286
287
972
960
15
916
22

45
47
38
37
29
11
29

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

11/84
11/84
1/85
5/85
1/85
7/84
9/84

2
6
2
6
3
7
3
7
2
7
5
2
6

81
282

29
45

7
0
8
2

9/84
10/84

2
6
4
7

283

47

83

10/84

34
34

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl
Number unemployed
Both sexes 16-19 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
Unemployment rates
15 weeks and over
Insured unemployment
Total
Unfilled orders, manufacturers'
Defense products
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons.

44
45
43

18
18
18

6
2
6
2
6
2

2/85
3/85
2/85

9
8
9

561
96
25

54
21
21

9
1
6
4
6
4

7/85
6/85
6/85

1
5
1
5
1
5

7
1
7
1
6
4

5/85
4/85
2/85

3
0
3
0
1
7

6
1
7
7
7
4

7/85

5

8/85

5

V
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 .
Residential fixed investment, percent of GNP...
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

7
9
7
5
6
9
8
2

1/85
1/85
10/84

2
5
2
5
4
7

4
7
3
3
2
5
4
7

8
3
7
2
6
7
8
3

11/84
4/85
9/84
10/84

4
7
3
5
40
40

2
2
2
2

6
5
6
5

4/85
4/85

2
0
2
0

97
6
2
3
24
8

3
7
2
8
4
5

25
8
9
3
8
9
29
4
5
9
5
4

\

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance, slower deliveries

107 31
108 31
32 12,21

W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index Z I I I !

1

12,16

961

36

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclicdl Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; " Q " indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month.) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number;
Source 1 —U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the federal Reserve System.
Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide" also lists chart and table page numbers
for each series.

I-A. Composite Indexes
910. Composite index of twelve leading indicators
(includes series 1, 5t 8, 12, 19, 20, 29, 32, 36, 99,
106,111) (M).-Source 1
(10,39,60)

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(12,23,65)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).Sources 1; 4; American Council of Life Insurance;
Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
35. Corporate net cash flow in 1972 dollars (Q)-Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1972 dollars (M).—Sources 1
and 2
(13,26,68)

14. Current liabilities of business failures (M).--Dun
& Bradstreet, Inc.
(33,72)

37. Number of persons unemployed (M).—Source 3

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).-Source 2
(26,68)

(18,51,62,89)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

18. Corporate profits after tax in 1972 dollars ( Q ) . Source 1
(28,69)

40. Employees on nonagricuitural payrolls, goodsproducing industries (M).-Source 3
(17,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).—Source 3
(17,62)

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, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

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 or
nonsupervisory workers, manufacturing (M).—
Sources
(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, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(1160)

I-B. Cyclical Indicators

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)

1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3
(12,16,61,77)

5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis
(12,16,61)

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).—Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3
(29,70)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).—Source 2
(21,64,77)

27. Manufacturers' new orders in 1972 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

7. Manufacturers' new otrders in 1972 dollars, durable goods industries (M).—Sources 1 and 2 (21,64)

28. New private housing units started (M).—Source
2
(25,67)

8. Manufacturers' new orders in 1972 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)

29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).—McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114




30. Change in business inventories in 1972 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories,
book value (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).—The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4
(14,20,39,58,63,78,94)

48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source
1

(19,39,40,63,80)

51. Personal income less transfer payments in 1972
dollars (M).-Sourcel
(14,19,39,63)
52. Personal income in 1972 dollars (M).—Source 1
(19,63)
53. Wages and salaries in 1972 dollars, mining, manufacturing, and construction (M).—Source 1 (19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q)—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).-Sourcesland2
(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
and 2
(22,65)

TITLES AND SOURCES OF SERIES—Continued
Gross private nonresidential fixed investment in
1972 dollars, producers' durable equipment (Q).—
Source 1
(25,67)

60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources l t
3, and The Conference Board
(16,61)

88.

61. Expenditures for new plant and equipment by U.S.
nonfarm business (Q).—Source 1
(24,67)

89.

Gross private residential fixed investment in 1972
dollars (Q).-Source 1
(25,67)

62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)

90.

Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91.

64. Compensation of employees as a percent of national
income (Q).—Source 1
(30,47,70,83)

93.

65. Manufacturers' inventories, finished goods, book
value (EOM).-Source 2
(27,68)
66. Consumer installment credit outstanding (EOM)—
Source 4
(35,73)

Average duration of unemployment in weeks (M).—
Source 3

Free reserves (M).-Source 4

(15,18,62)

(33,72)

94.

Member bank borrowings from the Federal Reserve
(M).—Source 4
(33,72)
95. Ratio, consumer installment credit outstanding to
personal income (M).—Sources 1 and 4
(15,35,73)

I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components (M).—Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(35,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas (M).—Source
1 and U.S. Department of Labor, Employment and
Training Administration; seasonal adjustment by
Bureau of Economic Analysis
(36,74)

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

98.

Percent change in producer prices for 28 sensitive
crude and intermediate materials (Ml).—Sources 1
and 3
(28,69)

99.

Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)

101.

Commercial and industrial loans outstanding in 1972
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)

102.

Change in money supply M2 (M).-Source 4

104.

Change in total liquid assets (M).—Sources 1 and
4
(31,71)

966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)

73. Index of industrial production, durable manufactures (M).-Source 4
(20,63)

105.

Money supply M l in 1972 dollars (M).—Sources 1
and 4
(31,71)

74. Index of industrial production, nondurable manufactures (M).-Source 4
(20,63)

106.

Money supply M2 in 1972 dollars (M).-Sources 1
and 4
(13,31,71)

967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)

75. Index of industrial production, consumer goods
(M)-Source 4
(22,65)

107.

Ratio, gross national product to money supply M l
(Q).-Sources 1 and 4
(31,71)

76. Index of industrial production, business equipment
(M).—Source 4
(24,67)

108.

Ratio, personal income to money supply M2 (M).—
Sources l a n d 4
(31,71)

77. Ratio, manufacturing and trade inventories to sales in
1972 dollars (M).-Sources 1 and 2
(15,27,68)

109.

Average prime rate charged by banks (M).—Source
4
(35,73)

110.

Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1972 dollars, nonfinancial corporations (Q).-Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1 and 2
(27,68)

(24,66)

71. Manufacturing and trade inventories, book value
(EOM).-Sources 1 and 2
(27,68)
72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)

78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
2
(27,68)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1972
dollars (Q).-Source 1
(29,69)
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).—Source 4

112.
113.
114.

87. Gross private nonresidential fixed investment in
1972 dollars, structures (Q).-Source 1
(25,67)

964. Diffusion index of manufacturers' new orders, 34=35
durable goods industries (M),—Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations in 1972 dollars, 17 manufacturing industries (Q).-The Conference Board
(37,75)

968. Diffusion index of stock prices, 500 common stocks,
46-82 industries (M).-Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 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).—
Net change in business loans (M).—Sources 1, 4,
Dun & Bradstreet, Inc. (Used by permission. This
and The Federal Reserve Bank of New York (32,71)
series may not be reproduced without written
permission from the source.)
(38,76)
Net change in consumer installment credit (M).—
Source 4
(32,72)
973. Diffusion index of net sales, manufacturing and
Discount rate on new issues of 91-day Treasury
bills (M).-Source4

(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)

119.

Federal funds rate (M).-Source 4

(31,71)

86. Gross private nonresidential fixed investment in
1972 dollars (Q).-Source 1
(25,67)




111.

(31,71)

963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).-Source
3
(36,74)

(34,72)

trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)

115

TITLES AND SOURCES OF SERIES-Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q).--Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1972
dollars (Q).-Source 1
(42,81)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

245. Change in business inventories in current dollars
(Q).—Source 1
(42,81)

290, Gross saving (Q).-Source 1

247. Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

293. Personal saving rate (Q).—Source 1

292. Personal saving (Q).-Source 1

(46,82)
(46,82)
(46,83)
(46,82)

295. Business saving (Q).-Source 1
248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source 298. Government surplus or deficit (Q). Source 1
(46,83)
1
(47,83)

978. Diffusion index of selling prices, retail trade-about 249. Gross private residential fixed investment as a 11-6. Prices, Wages, and Productivity
percent of gross national product (Q).—Source
400 businessmen reporting (Q).—Dun & Bradstreet,
1
(47,83) 310. Implicit price deflator for gross national product
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250. Net exports of goods and services in current dollars
(Q).—Source 1
(48,84)
source.)
(38,76)
(Q).-Sourcel
(44,82)
311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
251. Net exports of goods and services as a percent of
II—A. National Income and Product
gross national product (Q),-Source 1
(47,83)
320. Consumer price index for all urban consumers
30. Change in business inventories in 1972 dollars (Q). - 252. Exports of goods and services in current dollars
(M).-Source3
(49,59,84,95)
Source 1
(26,42,68,81)
(Q).—Source 1
(44,82) 322. Consumer price index for all urban consumers,
50. Gross national product in 1972 dollars (Q).—Source 253. Imports of goods and services in current dollars
food (M).-Source 3
(49,84)
1
(19,39,40,63,80)
(Q).—Source 1
(44,82) 330. Producer price index, all commodities (M).—Source
64. Compensation of employees as a percent of national 255. Net exports of goods and services in 1972 dollars
3
(48,85)
income (Q).—Source 1
(30,47,70,83)
(Q).-Sourcel
(44,82)
331. Producer price index, crude materials for further
200. Gross national piroduct in current dollars (Q).— 256. Exports of goods and services in 1972 dollars
processing (M).-Source 3
(48,85)
Source 1
(40,80)
(Q).-Sourcel
(44,82)
332. Producer price index, intermediate materials, sup213. Final sales in 1972 dollars (Q).-Source 1
(40,80) 257. Imports of goods and services in 1972 dollars
plies, and components (M),-Source 3
(48,86)
(Q).-Sourcel
(44,82)
217. Per capita gross national product in 1972 dollars
333. Producer price index, capital equipment (M).—
(Q).—Sources 1 and 2
(40,80) 260. Government purchases of goods and services in
Source 3
(48,86)
current dollars (Q).—Source 1
(43,81)
220. National income in current dollars (Q).—Source
334. Producer price index, finished consumer goods
1
(45,82) 261. Government purchases of goods and services in
(M).-Source3
(48,86)
1972 dollars (Q).—Source 1
(43,81) 335. Producer price index, industrial commodities
223. Personal income in current dollars (M).—Source
1
(40,63) 262. Federal Government purchases of goods and ser(M).-Source3
(48,85)
vices in current dollars (Q).-Source 1
(43,81)
224. Disposable personal income in current dollars (Q).—
340. Index of average hourly earnings of production or
Source 1
(40,80) 263. Federal Government purchases of goods and sernonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)
vices in 1972 dollars (Q).-Source 1
(43,81)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80) 265. Federal Government purchases of goods and ser- 341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagriculvices as a percent of gross national product (Q).—
227. Per capita disposable personal income in 1972 doltural payrolls (M).-Source 3
(49,87)
Source 1
(47,83)
lars (Q).-Sources I and 2
(40,80)
230. Personal consumption expenditures in current dollars (Q).-Source 1
(41,80)

266. State and local government purchases of goods and
services in current dollars (Q)-Source 1
(43,81)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q),-Source 3
(49,87)

231. Personal consumption expenditures in 1972 dollars
(Q).-Source 1
(41,80)

267. State and local government purchases of goods and
services in 1972 dollars (Q).—Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1
(41,80)

268. State and local government purchases of goods and
services as a percent of gross national product
(Q).—Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

233. Personal consumption expenditures in 1972 dollars, durable goods (Q).—Source 1
(41,80)

280. Compensation of employees (Q) -Source 1

235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q),—Source 1
(41,81)
238. Personal consumption expenditures in 1972 dollars, nondurable goods (Q).-Source 1
(41,81)

(45,82)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

II—C. Labor Force, Employment, and
Unemployment

240. Gross private domestic investment in current dollars (Q) .-Source 1
(42,81)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

116




358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, business
sector (Q).—Source 3
(49,88)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

242. Gross private domestic fixed investment in current
dollars (Q).—Source 1
(42,81)

349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).-Source 3 (50,88)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)

239. Personal consumption expenditures in 1972 dollars, services (Q).--Source 1
(41,81)

241. Gross private domestic investment in 1972 dollars
(Q).-Sourcel
(42,81)

348. Negotiated wage and benefit decisions, average
first year changes (Q).-Source 3
(50,88)

37. Number of persons unemployed (M).—Source 3

(18,51,62,89)
441. Civilian labor force (M).-Source 3

(51,89)

442. Civilian employment (M).-Source 3

(51,89)

287. Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M).-Source 3
(51,89)
percent of national income (Q).-Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).-Source 3
(51,89)
288. Net interest (Q).-Source 1
(45,82)

TITLES AND SOURCES OF SERIES—Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers (M).—
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).—Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct Nre employment (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)

47. United States, index of industrial production (M).
Source 4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
{Wl).—Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production ( M ) .
Statistics Canada (Ottawa)
(58,94)

580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

726. France, index of industrial production (M) .-Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

502. Federal Government expenditures (Q).—Source
1
(52,90)

727. Italy, index of industrial production (M).—Istituto
Centrale di Statistica (Rome)
(58,94)

II—E. U.S. International Transactions

510. State and local government surplus or deficit (Q).—
Source 1
(52,90)

728. Japan, index of industrial production (M).—Ministry
of international Trade and Industry (Tokyo)
(58,94)

602. Exports, excluding military aid shipments (M).—
Source 2
(56,92)

511. State and local government receipts (Q).—Source
1
(52,90)

604. Exports of domestic agricultural products ( M ) . - Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

II—D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1

(52,90)

512. State and local government expenditures (Q).—
Source 1
(52,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

517. Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. Generalimports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M) .-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).—U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Sourcel

(57,93)

620. Merchandise imports, adjusted, excluding military
(Q).—Source 1
(57,93)
622. Balance on merchandise trade (Q).—Source 1

(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States

557. Index of industrial production, defense and space
equipment (M).-Source4
(54,91)

667. Balance on goods and services (Q).—Source 1

559. Manufacturers' inventories, defense products, book
value (EOM).-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




(Q). -Source 1

(57,93)
(57,93)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q) .-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1

(57,93)

tl-F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

725. West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden)
(58,94)

732. United Kingdom, consumer price index ( M ) .
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index ( M ) . —
Statistisches Bundesamt (Wiesbaden); percent
changes seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, consumer price index (M).-Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).-istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics
Canada (Ottawa)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National
de la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M). - Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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