Full text of Business Conditions Digest : October 1985
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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 iii METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures How To Read Charts How To Locate a Series Summary of Recent Data and Current Changes 1 1 1 1 4 5 5 6 BCI» 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 .. Chart 40 41 42 43 44 45 46 47 Table 80 80 81 81 82 82 82 83 48 49 84 87 51 89 52 53 90 90 56 57 92 93 58 59 59 94 95 96 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. in 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) Business investment commitments (1 series) Velocity of money (2 series) Interest rates (2 series) Inventories on hand and on order (4 series) Unit labor costs and labor share (4 series) interest rates (4 series) Outstanding debt (4 series) Sensitive commodity prices (1 series) Profits and profit margins (1 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 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. . .... 156.0 139.9 111.7 125.4 167.2 158.5 125.0 126.8 167.3 154.5 117 .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 NA 118.0 NA 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 1983 July Aug. Aug. 1985 Sept. 1985 IstQ 1985 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 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.. 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 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 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 L,L,L... Ax, thousands, L,L,L... 1967 = 100 L,L,L... A.r., bil.dol -0,5 371 .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 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... Lg,Lg,Lg... Ratio L,Lg,Lg... Bil. dol., EOP . -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 80.96 89.69 90.12 89.87 89.26 88.86 1.59 1.54 1.57 1 .56 1.57 1.55 208.73 NA NA NA -0.4 -0.1 -0.4 NA NA NA 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,. 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 -545 - 3 , 0 4 6 1,034 3,730 -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 0.63 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 6,913 6,797 6,799 6,964 6,789 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 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 13 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. 14 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 15 CYCLICAL INDICATORS B I CYCLICAL. INDICATORS BY ECONOMIC PROCESS Chart B l . Employment and Unemployment Apr. Feb. Dec. Nov. Nov. Mar. P T P T P T Jan. July July P I P 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 « 1ST 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. Nov. P T P T Jan. July 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 (thousands) 13. New business incorporations J ^ 10. Contracts and orders for plant and equipment in current dollars (bil. dol.) fffS f | 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 apital appropriations , 1,000 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. Mar. P T P T P T | Inventory InvestmenT] Jan. July 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 on hand 38. Change in manufacturers' inventories, materials and supplies 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. 26 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 HI m I •1 B U I 71. Manufacturing and trade inventories, 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. Feb. P T Jan July 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, Feb. P T Jan. July 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. Mar. P T P T P T 964. 965. Jan. July July F T P 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 (SI §2 @3 M ®5 6© $7 ®8 ©S 7Q 71 72 73 74 IS 7S 7 •This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Current data for these series are shown on page 75. BCII OCTOBER 1985 37 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C l . Diffusion Indexes—-Continued Nov. Mar. P T Jan. P July July Nov. Nov. Mar, T P T P T Jan. F July T July Nov. P T Actual Anticipated Anticipated (Percent rjsing | 970, Expenditures for new plant and equipment, 21 industries (1-Q span) Number of employees, manufacturing and tr|de (4-Q span)1 70605040- 975. Level of inventories, manufacturing and trade (4-Q span) 1 (a) Actual expenditures 80- 10070- 75- 60- 50 - (c) Early projections 50- 25 40- 0 j, 971. New orders, manufacturing (4~Qj$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 84 1985 1973 74 978, 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 P Jan. Jyly Mar. 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. Mar. P T P T fWw-1972^1001 Jan. July 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. Feb. p T Nov. P Dec. Nov. 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 Apr. Feb. P T Dec. Nou. NOV. Mar. P T P T Jan. July P 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. Feb. P T Dec. Nov. 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. 58 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) COMPOSITE INDEXES 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. Money and 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 January February March 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 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 63 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 65 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 Year and month FIXED CAPITAL INVESTMENT—Continued 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.) (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 Year and month Unit Labor Costs and Labor Share Cash Flows Profits and Profit Margins—Continued U, t , L PRICES, COSTS, AND PROFITS—Continued 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) (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 8^9 1.421 221.9 220.2 219.0 100.3 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 ©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 9^7 366!) 16^3 366\7 168!i 375^3 17K3 37^9 171.8 158.6 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 Year and month L.L.L UC.U 85. Change in money supply M l 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 1-quarter span 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 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 79.2 77.1 70.8 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 95.8 75.0 91.7 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 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 87.5 91.7 64.6 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 66.7 43.8 66.7 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 79.2 43.8 45.8 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 47.9 62.5 41.7 (NA) 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 75 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 First quarter Second quarter .... Third quarter Fourth quarter .... 42.9 23.8 14.3 28.6 47.6 38.1 33.3 52.4 47.6 61.9 66.7 66.7 52 50 52 56 60 68 64 60 53 52 52 54 61 66 66 60 63 58 57 60 65 70 72 65 38.1 50.0 81.0 95.2 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 88.1 71.4 88.1 61.9 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) 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 ' @ 976. Selling prices, manufacturing1 © Actual Actual 975. Level of inventorie s, Anticipated Actual DIFFUSION INDEXES—Continued Anticipated Anticipated 977. Selling prices, wholesale trade 1 © 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. 76 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 - (23) 240.7 239.8 (38) (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 50. Gross national product in 1972 dollars 200. Gross national product in current dollars b. Difference a. Total (Ann. rate, bil. dol.) (Ann. rate, bil. doL) GNP AND PERSONAL INCOME b. Difference a. Total c. Percent change at annual rate (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) c. Percent change at annual rate 217. Per capita gross national product in 1972 dollars 213. Final sales in 1972 dollars (Ann. rate, dollars) (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.) GROSS PRIVATE DOMESTIC INVESTMENT 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 Year •and quarter ^Q < GROSS PRIVATE DOMESTIC INVEST-Con. GOVERNMENT PURCHASES OF GOODS AND SERVICES 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.) (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 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 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 -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 5.0 January February March 212^9 2.7 293.1 293.2 293.4 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 3.7 320.1 321,3 322.3 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 22e!l 229^3 3.3 23K6 3.9 235\9 2.8 236\0 1985 January February March 229.1 April May 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 . See note on page 80. 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. 85 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 87 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 98.1 April May June 98. i July August September 98.11 October . November December 98.1 4.7 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 Civilian labor force Year and month 441. Total (Thous.) 442. Civilian employment (Thous.) Number unemployed 37. Persons unemployed 444. Males 20 years and over (Thous.) (Thous.) 445. Females 20 years and over 446. Both sexes 16-19 years of age (Thous.) (Thous.) 447. Number unemployed, full-time workers 443. Number employed part time for economic reasons (Thous.) (Thous.) Civilian labor force participation rates 451. Males 20 years and over (Percent) 452. Females 20 years and over (Percent) 453. Both sexes 16-19 years of age (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 93 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 95 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. 96 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. May 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 ME TERS) 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, May June July Aug. Sept. Oct. No\ Dec. IQ INDEX OF AVERAGE HOURLY EARNINGS OF PRODUCTION OR NONSUPERVISORY WORKER } ON PRIVATE (1977-100) NOBIAGRICULTURAL PAYROLLS II Q III Q IV Q 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 •> 0.3 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 0.5 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 0 0 0 0 0 0 0 0 0.8 0.3 1.0 0.3 0.5 0.6 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... 3 .3 i.6 4.9 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 5.6 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 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 3.5 3 7 3.4 + 6 .7 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. May 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 May 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 ,46 2 ,53 4 ,458 ,233 ,916 ,798 ,659 ,590 ,501 ,500 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 .,323 3 ,356 2,348 2,519 2,348 2 2 2 2 2 3 ,348 3 3 ',140 .,084 1,072 ,060 ,041 2,385 ! 1 57 ,105 ,084 ,075 ,062 2 ,370 218 2 ] 154 2 ,099 2 ,082 2 ,069 2 ,050 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 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. Apr May June July Aug. 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 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 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... IV Q Annual Oct. Nov. Dec. IQ 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 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.., III Q Sept 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. May 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 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 96 101 101 105 108 102 101 101 104 101 105 59 59 62 64 63 69 75 80 82 88 93 99 90 97 99 104 103 108 101 102 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 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 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 99 101 111 107 102 100 102 103 104 109 27 27 29 31 33 38 40 43 43 46 50 52 56 59 28 28 26 31 34 39 41 43 43 29 27 29 32 33 39 42 42 47 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 90 101 100 104 108 103 103 102 109 105 107 104 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 (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 P164.7 163.3 rl64,l P165.2 I Q...\ II Q... Ill Q.. IV Q... Components of BCD series 26— 5; Implicit price deflator, gross nonfarm business product, Q (index: 1977-100) 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 3 106 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns fTTT 1111111111111 m JTTTTTJT 1111 m j 11 ii i 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 for specific current troughs cycle 1. Average weekly hours, manufacturing SERIES 1 HOURS Percent - I +3 • 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 1 .8 1 .8 0 .5 1 .3 40 .6 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 41. Employees on nonagricultural payrolls • 98,000 • 96,000 • 94,000 • 37.5 23 24 4.5 95573 4.8 95882 10/84 11/84 25 26 27 28 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 Percent - i +15 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 7/81 DATA YEAR 11111111111ill iiinTITT\nrrnTTTTTT11TTTTTTTM Devi- Actual data ations for from specific current troughs cycle SERIES 12 1967=100 23 24 -0.4 -1.9 117.7 116.0 10/84 11/84 25 26 27 28 -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 • • • 125 120 110 -10 • 105 -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 20 SERIES 12 1967-100 115 -5 • 33 34 15 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 5.6 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 53. Wages and salaries in 1972 dollars, mining, mfg., and construction Percent +5 • 240 • 235 0 • 225 -12 -6 0+6 -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 -1.6 -1.5 227.2 227.6 8/85 9/85 SERIES 53 ANN. RATE BIL. DOL. 8.3 224.5 10/84 9.2 226 .3 11/84 • 215 23 24 • 210 25 26 27 28 10.0 10.5 9.9 10.1 228.0 229.0 227 . 8 228.2 12/84 1/85 2/85 3/85 • 205 • 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 Percent 20 • 245 • 240 15 • 235 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH DATA YEAR 11/82 220 -10 -15 25 26 27 28 53. Wages and salaries in 1972 dollars, mining, mfg., and construction I c,c,c ^230 • -5 23 24 53 SERIES ANN. RATE B I L . DOL 10/84 -2.8 224.5 11/84 226.3 -2.0 • 230 • 225 • 220 10 • 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 + 30 6 7 8 + 25 9 10 11 + 20 31 . 6 20.3 30.6 16.8 I I rirTmTmTm Deviations from specific troughs 30. Change in business inventories, 1972 dollars +10 2 3 4 +5 5 6 7 8 9 10 11 -5 60 «+35 55 • + 30 50 • +25 45 • + 20 IV/84 1/85 11/85 -2.1 111/85 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 19.1 1/85 8.3 11/85 -2.1 111/85 56.2 44.9 55.2 for current cycle 111/84 QRTRS. DEVIFROM ATIONS CURRENT QRTR. SPEC. FROM ACTUAL AND TROUGH IV/82 DATA YEAR + 15 Actual , data Actual 1/84 11/84 8.3 19.1 "I 35 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 1572.7 IV/83 1610.9 1/84 1638,8 11/84 1645.2 111/84 9 10 11 12 12.5 12.6 13.1 14.1 1662.4 IV/84 1663 .5 1/85 1671 .3 11/85 1684.8 111/85 0 + 6 +12+18+24+30+36 Months from reference troughs • 1.625 • 1,575 1/70 • 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 23 23 20 37 37 37 37 37 37 37 37 616 55 56 22 92 65 11/84 9/84 56 39 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 35 35 24 12 23 23 34 21 21 32 32 32 26 C 110 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 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) 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 46 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 11 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 5 7/84 7/84 7/84 7/84 9/85 9/85 5 5 5 5 5 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. Series description (*) Tables Historical data (issue date) 23 24 66 67 10/85 8/85 21 17 86 248 87 89 249 28 334 8 75 25 47 25 25 47 25 48 12,21 22 67 83 67 67 83 67 86 64 65 9/84 10/84 9/84 9/84 10/84 3/85 5/85 7/85 8/85 40 40 40 40 40 24 51 15 12 66 113 95 39 35 32 15,35 33 73 72 73 72 6/85 6/85 6/85 7/85 33 33 33 34 320 322 58 49 49 22 84,95 84 65 4/85 4/85 1/84 49 49 20 525 53 90 11/84 55 20 12,23 66 8/85 21 10 116 23 34 66 73 8/85 9/85 21 35 101 72 112 15,35 35 32 73 73 71 5/85 5/85 5/85 32 32 32 66 113 95 39 111 33 35 32 15,35 33 13,32 32 73 72 73 72 72 71 6/85 6/85 6/85 7/85 6/85 5/84 33 33 33 34 31 31 98 331 28 48 69 85 3/85 4/85 51 50 557 54 517 543 580 578 577 525 53 53 54 55 55 53 90 90 91 91 91 90 1/84 11/84 3/85 10/85 10/85 11/84 55 55 56 56 56 55 559 548 588 561 570 564 565 54 53 54 54 55 55 55 91 90 91 91 91 91 91 7/85 7/85 7/85 7/85 7/85 9/84 9/84 17 15 17 15 5 43 43 39 32 33 12,21 72 64 7/85 2/85 34 17 970 965 951 974 963 966 38 37 36 38 36 37 5/85 2/85 12/84 1/85 8/85 8/85 23 22 5 37 5 12 962 975 952 950 964 '36' 38 36 36 37 1/85 12/84 12/84 7/85 i/85 8 37 5 5 15 971 960 972 967 38 37 38 37 1/85 5/85 1/85 1/85 37 37 37 25 973 976 978 977 968 961 38' 38 38 38 37 36 76 75 74 76 74 75 78 74 76 74 74 75 77 76 75 76 75 79 76 76 76 76 75 74 77 i/85 37 37 37 37 25 5 Series (Pag numbers) number Charts 29 13,25 9 69 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 56 56 "5 5 37 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 35 38 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 53 53 53 53 53 53 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 43 43 43 43 43 43 43 43 43 43 311 68 48 30 84 70 9/84 9/85 49 28 10/84 10/84 10/84 10/84 10/84 10/84 5/85 9/84 9/84 10/84 38 38 38 38 38 38 30 14 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 24 24 40 40 310 48 84 9/84 345 280 49 45 87 82 46 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 economy 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 ... 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 64 30,47 70,83 346 95 286 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 57 57 47 47 46 11 11 71 B2 9/84 9/84 4/85 10/84 "3ii 0 10/84 10/84 47 47 11/84 9/85 9/85 47 53 53 3/85 12/84 5/85 11 21 51 8/85 8/85 8/85 8/85 8/85 8/85 12 12 13 12 12 12 75 8/85 8/84 'n 79 i/85 1/85 25 25 51c 39 51 14,19 63 108 282 Total 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 24 22 54 20 20 67 65 91 63 63 47 14,20,58 63,94 Total, components 78 Total, 01 Total, rate of change.. Industrials, raw, spot market prices . France Italy Japan United Kingdom . . United States West Germany Industrial production Canada France Italy Japan OECD, European countries United Kingdom United States West Germany . . . . . . 47 966 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 47 47 67 116 119 118 117 109 114 115 332 35 34 34 34 34 35 34 34 48 73 73 72 73 73 73 72 73 86 2/85 9/85 9/85 9/85 9/85 6/85 9/85 9/85 5/85 35 35 35 35 35 35 35 35 50 60 61 61 61 60 49 61 59 59 59 59 58 58 12 59 Components Diffusion index Spot market index Installment credit—See Credit. Insured unemployment Average weekly initial claims Average weekly initial claims, Dl ... Average weekly insured unemployment rate Interest, net Interest, net, percent of national income Interest rates Bank rates on short-term business loans Corporate bond yields Federal funds rate . . .. Mortgage yields, secondary market Municipal bond yields Prime rate charged by banks Treasury bill rate Treasury bond yields Intermediate materials, producer price index International comparisons Consumer prices Canada 46 46 12/84 10/84 9/84 Earnings, real average hourly, private nonfarm 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 27 68 6/85 38 84 8 26 20 12.21 68 64 64 6/85 8/85 7/85 917 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 29 29 29 30 29 30 30 31 35 35 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 21 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 28 28 52 52 14 14 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 39 39 39 39 39 39 39 39 39 39 292 293 614 46 46 56 82 83 92 11/84 11/84 11/84 48 48 56 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 23 23 21 21 9 17 14 15 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 61 970 20 10 24 38 12,23 23 67 76 66 66 5/85 5/85 8/85 8/85 23 23 21 21 652 651 57 57 93 93 9/85 9/85 57 57 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 60 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 (*) Series title (See complete titles in "Titles and Sources of Series," following this index) 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 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 9/84 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. 213 10/84 40 69 24 57 14,22 56 22 973 38 77 15,27 59 22 54 22 67 65 65 76 68 65 65 8/85 10/85 10/85 1/85 10/85 4/85 4/85 17 17 17 37 17 20 20 295 298 290 292 293 82 83 82 82 83 11/84 11/84 11/84 11/84 11/84 26 48 48 48 48 98 28 99 13,28 588 54 69 69 91 3/85 3/85 7/85 51 25 17 967 23 79 75 69 1/85 1/85 '25 25 19 13,28 968 37 69 75 1/84 7/85 25 25 114 115 72 73 9/85 9/85 35 35 91 15,18 60 16 5 12,16 962 36 62 61 61 74 2/85 2/85 1/85 1/85 9 9 8 8 446 51 445 51 447 51 444 51 37 18,51 89 89 89 89 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 60 1/85 1/85 7/84 52 52 5 18 16 80 79 28 28 29 29 69 69 69 69 9/84 9/84 9/84 9/84 26 26 26 26 286 287 972 960 15 916 22 45 47 38 37 29 11 29 82 83 76 75 70 60 69 11/84 11/84 1/85 5/85 1/85 7/84 9/84 26 26 37 37 27 5 26 81 282 29 45 70 82 9/84 10/84 26 47 283 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 62 62 62 2/85 3/85 2/85 9 8 9 561 96 25 54 21 21 91 64 64 7/85 6/85 6/85 15 15 15 71 71 64 5/85 4/85 2/85 30 30 17 61 77 74 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 79 75 69 82 1/85 1/85 10/84 25 25 47 47 33 25 47 83 72 67 83 11/84 4/85 9/84 10/84 47 35 40 40 22 22 65 65 4/85 4/85 20 20 967 23 284 37 28 45 285 93 89 249 59 54 \ 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) Superintendent of Documents U.S. Government Printing Office Washington, OX. 20402 OFFICIAL BUSINESS Penalty fo r Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USGPO PERMIT No. G-26