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U.S. D E P A R T M E N T OF COMMERCE
C. William Verity, Secretary
R o b e r t O r t n e r , U n d e r S e c r e t a r y for E c o n o m i c Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director

Carol S. Carson, Deputy Director
Edward K. S m i t h , Associate Director for
National Analysis and Projections

George R. Green, Editor

This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication a r e —
Barry A. Beckman—Technical supervision and review
Brian D. K a j u t t i — C o m p o s i t e indexes
Mary D. Y o u n g — D a t a collection and compilation (Phone: 202-523-0541)
The c o o p e r a t i o n of G o v e r n m e n t and private agencies t h a t provide data is g r a t e f u l l y
a c k n o w l e d g e d . Agencies f u r n i s h i n g data are i n d i c a t e d in t h e list of series t i t l e s 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
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. S m i t h , Bureau of Economic Analysis, U.S. Department of C o m m e r c e
Peter M. Taylor, Council of Economic Advisers
Charles A. Waite, Bureau of the Census, U.S. Department of C o m m e r c e

ABOUT THIS REPORT
BUSINESS C O N D I T I O N S D I G E S T (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.

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.

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

concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

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 E c o n o m i c 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.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
Composite Indexes: Latest Release

BCD

iii
v

METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages

1
1

Reference T u r n i n g Dates

1

Part I. Cyclical Indicators
Part II. Other I m p o r t a n t Economic Measures
How To Read Charts
How To Locate a Series
S u m m a r y of Recent Data and Current Changes

1
4
5
5
6

OCTOBER 1988
Data Through September
Volume 28, Number 10

PART I.
CYCLICAL INDICATORS
•21

COMPOSITE INDEXES AND
THEIR COMPONENTS

A1
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Efl

Chart
10
12
14
15

Table
60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36

74
77

CYCLICAL INDICATORS
BY ECONOMIC PROCESS

BI
B2
B3
B4
B5
B6
87

c |
CI
C2
C3

Employment and U n e m p l o y m e n t
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

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




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

39

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
Al
A2
A3
A4
A5

_A6
A7
A8

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

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
B1
B2

Price Movements
Wages and Productivity

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
[ c D

Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
Dl
D2

Receipts and Expenditures
Defense Indicators

El
E2

Merchandise Trade
Goods and Services Movements

F1
F2
F3

Industrial Production
Consumer Prices
Stock Prices

U.S. INTERNATIONAL TRANSACTIONS

INTERNATIONAL COMPARISONS

PART III. 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
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 1988 issue)
F. Specific Peak and T r o u g h Dates for Selected Indicators (April 1988 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

106
108

112

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Business Conditions Digest,
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

changes are made

of

from

time to time to incorporate

recent

ings of

economic

research,

find-

newly

avail-

able time series,
revisions

and

made by

source agencies
concept,

in

composition,

comparability,

coverage,

seasonal

adjustment

methods,

benchmark

data, etc. Changes
result in revisions
data, additions
deletions

of

may
of

or
series,

changes in placement
series in relation
other series,
in composition
indexes,

Changes in this issue are as follows:
1. The s e r i e s on funds r a i s e d by p r i v a t e n o n f i n a n c i a l
b o r r o w e r s in c r e d i t m a r k e t s (series 110) has been r e v i s e d by
the s o u r c e a g e n c y from 1952 f o r w a r d . This revision r e f l e c t s
the annual u p d a t i n g of the basic s t a t i s t i c s and the a p p l i c a tion of new seasonal a d j u s t m e n t f a c t o r s .
F u r t h e r i n f o r m a t i o n c o n c e r n i n g this revision m a y be obtained from the Board of G o v e r n o r s of the Federal Reserve
S y s t e m , D i v i s i o n of R e s e a r c h and S t a t i s t i c s , Flow of Funds
Section.
2 . A p p e n d i x C c o n t a i n s h i s t o r i c a l data for series 2 6 ,
30, 50, 61, 63, 64, 100, 200, 213, 217, 220, 224, 225, 227,
2 3 0 - 2 3 3 , 2 3 5 - 2 4 3 , 2 4 5 , 2 4 7 - 2 5 3 , 2 5 5 , 2 5 6 , 3 5 8 , 3 7 0 , and 9 7 0 .

The N o v e m b e r issue of BUSINESS
for r e l e a s e on D e c e m b e r 7 .




CONDITIONS

D I G E S T is s c h e d u l e d

etc.

to

changes
of

of

COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING
INDICATORS: SEPTEMBER 1988
The composite index of leading indicators decreased 0.1 percent in September to
193.3 (1967=100), according to preliminary estimates released November 1 by the Commerce
Department's Bureau of Economic Analysis.
On the basis of more complete data, the index increased 0.5 percent in August and
decreased 0.7 percent in July. A month ago, the Bureau reported estimates that showed
the index increased 0.4 percent in August and decreased 0.6 percent in July.
Manufacturer's new orders for consumer goods and materials in 1982 dollars was the major
contributor to the August revision. Change in credit outstanding was the major
contributor to the July revision.
Four of 9 indicators available for September contributed to the decline in the
index. They were, ordered from the largest negative contributor to the smallest:
contracts and orders for plant and equipment in 1982 dollars, building permits, change
in sensitive materials prices, and money supply in 1982 dollars.
Five of 9 indicators made positive contributions. They were, ordered from the
largest positive contributor to the smallest: average workweek, average weekly initial
claims for state unemployment insurance, stock prices, vendor performance (i.e.,
companies receiving slower deliveries from vendors), and manufacturers' new orders for
consumer goods and materials in 1982 dollars.
The composite index of coincident indicators, a monthly approximation of aggregate
economic activity, increased 0.1 percent in September to 178.8 (1967=100). On the basis
of more complete data, the index increased 0.2 percent in August and 0.3 percent in
July.
The composite index of lagging indicators increased 0.1 percent in September to
148.7 (1967=100). On the basis of more complete data, the index increased 0.7 percent
in August and decreased 0.3 percent in July.
The leading index is designed to predict monthly movements in aggregate economic
activity, which is approximated by the coincident index. The lagging index is expected
to move, after a time lag, in the same direction as the coincident index and thus to
confirm the movements in the coincident index.
These concepts are explained more fully in the 1984 edition of Handbook of Cyclical
Indicators (price $5.50, stock number 003-010-00127-5), which is available from the
Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
More data on the composite indexes can be found on pages 10, 60, and 107 of this
issue of Business Conditions Digest.
A recorded telephone message on (202) 898-2450 provides information on the composite
indexes and their components immediately upon their release. The message is updated
weekly to include recently available data for composite index components that will be
incorporated into the next release.
This and other news releases are available electronically at the time of public
release through the Commerce Department's Economic Bulletin Board at a nominal charge
to users. For information, call (202) 377-1986.
Next release date: December 1 for the October composite indexes.




v

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1952, and a few charts use a two-panel
format which covers only the period since 1976.
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,
c o n f o r m i t y to b u s i n e s s e x p a n s i o n s a n d
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis, produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

1

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

Economic
Process

Cyclical
Timing

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.

V.

VI.

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
(6 series)

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

FIXED CAPITAL
INVESTMENT
(19 series)

Business investment
expenditures
(1 series)

Consumption and
trade (1 series)

IV.
FIXED CAPITAL
INVESTMENT

PRICES, COSTS,
AND PROFITS
(18 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)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 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 flows
(5 series)
Credit difficulties
(2 series)

Profits and profit
margins (2 series)

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

Unit labor costs
and labor share
(4 series)

Velocity of money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(4 series)

Business investment
commitments
(1 series)

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

INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

B. Timing at Business Cycle Troughs
Economic
Process
Cyclical
Timing

LEADING (L)
INDICATORS

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME

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)

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
(1 series)

Orders and deliveries
(1 series)

Business investment
commitments
(2 series)
Business investment
expenditures
(7 series)

( 1 0 series)

( 4 7 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

Job vacancies
(2 series)
Comprehensive
employment
( 1 series)
Comprehensive
unemployment
(5 series)

TIMING
UNCLASSIFIED (U)
(1 series)

2



( 1 9 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
d i f f e r e n c e s in t i m i n g .
Consequently, rough coincidences include short
leads ( - ) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984

Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
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
11 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 peaks and troughs,
all but one component of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1 9 7 3 - 7 5 , 1 9 8 0 , 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 112 individual time series,
i n c l u d i n g the 21 i n d i c a t o r s used in t h e
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 18
series at all turns (of the 18, 14 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.

3

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
v a r i a b l e s i n c l u d e i n c o m e s , o u t p u t s , 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 A1 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.

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
t h e r e f o r e d e d u c t e d . M o r e d e t a i l on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
m a j o r e x p e n d i t u r e c o m p o n e n t s of G N P
(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

Personal consumption expenditures (A2) is

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 1976.

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.

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.

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.

4



Section C. Labor
Unemployment

Force,

Employment,

and

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 1976) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1976) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by N B E R .

Basic Data

Arabic number indicates latest
m o n t h for which data are
plotted. ( " 9 " = September)

Solid line indicates m o n t h l y
data. (Data may be actual
m o n t h l y figures or moving
averages.)

Dotted line indicates anticipated data.

Broken line indicates actual
m o n t h l y data f o r series where
a moving average is plotted.

Roman
number
indicates
latest quarter f o r w h i c h data
are plotted. ( " I V " = f o u r t h
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in c o n t i n u i t y (data not available, extreme value, etc.).

Diffusion Indexes

Solid line indicates m o n t h l y
data over 6- or 9 - m o n t h
spans.
Broken line indicates m o n t h l y
data over 1-month spans.

Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L - 1 " is a logarithmic scale
w i t h 1 cycle in a given distance, "scale L - 2 " is a logarithmic scale w i t h t w o cycles
in that distance, etc.
Arabic number indicates latest
m o n t h for which data are
used in c o m p u t i n g the indexes.

Broken line with plotting
points indicates
quarterly
data over 1-quarter spans.

Roman
number
indicates
latest quarter f o r w h i c h data
are used in c o m p u t i n g the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered w i t h i n
the spans they cover.

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by N B E R .

Rates of Change

Solid line indicates percent
changes over 3- or 6 - m o n t h
spans.

Dotted line indicates anticipated quarterly data over
various spans.
Arabic number indicates latest
m o n t h used in c o m p u t i n g
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 A L P H A B E T I C A L I N D E X - S E R I E S F I N D I N G G U I D E 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 T I T L E S A N D SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers w i t h i n each of the report's sections.

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

Series title and timing classification1

Percent change

Annual average
IstQ
1988

3d Q
1988

2d Q
1988

July
1988

Sept.
1988

Aug.
1988

1986

1987

179.3
164.7
141.9
116.1

189
169
142
119

.5
.7
.4
.2

191.1
174.9
145.2
120.5

192
176
147
120

.4
.7
.0
.3

193. 1
178.6
148.2
120.5

192 .5
178.3
147.5
120.9

193
178
148
120

109.5
103.4
119.0
143.9

NA
106 . 3
121 .7
145 .8

NA
106 . 8
119.5
147 .7

NA
105 .6
NA
150 .9

NA
105 . 4
NA
NA

NA
105 .5
NA
149.8

40.7
3.4
370

41 .0
3 .7
320

41.0
3.8
325

41.1
3.9
302

July
to
Aug.
1988

Aug.
to
Sept.
1988

IstQ
to
2d Q
1988

2d Q
to
3d Q
1988

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

Eleven leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index

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

Leading Indicator Subgroups:
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows

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

1967 = 100
do
do
do

do
do
do
do

.4
.7
.5
.3

193.3
178.8
148.7
120.2

0 .5
0 .2
0 .7

- 0 . 1
0.1
0.1

0 ,. 7
1 .0
1 ,, 2

- 0 .5

- 0 . 1

- 0 ,.2

0 .2

NA
105 . 4
NA
149 .7

NA
105 . 4
NA
NA

NA
-0 . 1
NA
-0 .1

NA
0.
NA
NA

NA
-1,.1
NA
2 ,. 2

NA
- 0 .2
NA
NA

41.1
3.9
325

41 .0
3 .9
298

41.2
4.0
283

- 0 .2
0
8 !3

0.5
0.1
5.0

0 ,. 2
0 ,. 1
8 ,. 3

0
0
- 1 .3

0.700
157

0.714
159

0.695
160

0.690
153

-0.019
0 .6

-0.005
-4.4

196 . 52 1 9 8 . 0 2
1 1 1 . 53 112 . 0 7
105 . 6 1 106 . 4 7
2 5 , 4 9 8 25 , 6 4 9

198.25
112.01
106.2 7
25,663

- 0 .3
0
0 !2
-0 .1

0.2
0.1
0.2
0.

0 .4
1. 1
0 ,. 8

B. Cyclical Indicators by Economic Process
Bl. Employment and Unemployment
Marginal Employment Adjustments:
*1. Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted 4 )

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

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
*41. Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3

Hours
do
Thousands

41 . 1
3 .9
298

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

Ratio
1967 = 100

0.500
138

0 . 6 15
153

0.669
156

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

A.r., bil. hrs
Millions
do
Thousands

185 .15
106.43
99.52
24,558

1 9 0 . 14
109. 23
102 . 3 1
24,784

194.51
110.97
104.67
25,260

Percent

59.94

6 0 . 77

61.33

61. 44

61.58

61.56

61. 58

61.61

O . i02

0.03

Thousands
Percent
do
Weeks
Percent

8,237
7.0
2.8
15.0
1.9

7 ,425
6 .2
2 .4
14 .5
1 .7

6,928
5.7
2.3
14.2
1.4

6,616
5 .4
2 . 1
13 . 4
1 .3

6,691
5.5
2.1
13.7
1.3

6 ,625
5.4
2 .1
13.6
1.3

6,851
5 .6
2 . 1
13 .7
1 .4

6 ,596
5 .4
2.0
13.7
1.3

-3 .4
- 0 .2
0
- 0 .7
-0 .1

3.7
0.2
0.1
0.
0.1

4
0
0
5
0

3721.7
3088.3

3847 .0
3163 .5

3956.1
3233.6

4007.3
3263.6

3262 .3

3264 .1

3264.4

0 .1

0.

0 .7
0 .4

27 04 . 1 2 7 6 2 . 0 2 7 7 6 . 1 2 7 9 4 . 4

2792.9

2794 .6

2795.6

0 . 1

U,Lg,U..

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
L,Lg,U....
43. Unemployment rate (inverted 4 ) 3
L,Lg,U.
45. Avg. weekly insured unemployment rate (inv. 4 ) 3 ....,... L,Lg,U.
*91. Average duration of unemployment (inverted4)
Lg,Lg,Lg....
44. Unemployment rate, 15 weeks and over (inv.4)3
Lg,Lg,Lg....

0.709
158

197. 7 1 198.09
112 . 03 112 . 1 6
1 0 6 . 44 106 . 7 0
25 , 6 4 6 25 , 6 3 7

0.040
1 .3

1
0
0
0

.0
.5
.9
.9

0 . 11

.5
.3
.2
.6
. 1

-0.009
- 0 .6

0
0
0
0

.8
.5
.8
.6

0. 14

-1 . 1
-0 . 1
0
- 2 .2
0 •

.

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
*51. Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction
Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs..
49. Value of goods output in 1982 dollars...

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

.
..
..
..

Capacity Utilization:
82. Capacity utilization rate, mfg3
84. Capacity utilization rate, materials3

do

2632.5

C,C,C.

do

543.9

125 . 1
128.4
130.1
1599.0

544 .8

129
133
136
1663

.8
. 1
.8
.3

554.1

134.5
138.4
141.4
1748.1

3985 .2
3246 .5

0 .6
0 .5

0.

0 .5

0 .7

561.9

562 .4

560 .6

562 .7

- 0 .3

0.4

0 .7

0 .7

.0
.0
.3
.4

138.2
143.2
144.4
1770.8

138. 1
142 .9
144.4

138 .3
143 .2
144 .3

138.3
143.6
144.6
. . .

0 .1
0 .2
-0 . 1

0.
0.3
0.2

1
1
0
0

1
1
1
0

83 .2
83 . 0

83.8
84.3

83.9
84.5

83 . 8
84 .3

83.8
84.2

-0 . 1
- 0 .2

0.
- 0 . 1

0 .5
0 .4

5 .1
4 . 1

558 .1

136
141
142
1762

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

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

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

Percent
do

79.7
78.6

81 .0
80 .5

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

Bil. dol
do

100.12
93.12

107 . 72
9 8 . 26

113.43
100.92

1 1 9 . 22
105 . 09

118.85
103.74

116.11
101.76

122 . 73
107 . 28

117.70
102.17

5 .7
5 .4

- 4 . 1
-4.8

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

do
80.67
do
0.19
Bil. dol., EOP ... 3 7 0 . 7 0
Percent
52

8 4 . 56
2 .50
4 0 0 . 72
61

84.68
2 .86
409.31
68

87 . 13
4 . 62
4 2 3 . 16
66

86.80
2.90
431.86
66

85 . 1 6
2.99
4 2 6 . 15
68

87. 49
4. 90
4 3 1 . 05
64

87 . 7 5
0.81
431.86
66

2 .7
1. 91
1.1
-4

0.3
-4.09
0.2
2

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

Bil. dol
424.06
do
419.56
1977 = 100
124.0
Bil. dol
119.79
do
112.20
A.r., bil. dol
136.3
IQ 1 9 6 6 = 1 0 0 .
94.8

4 5 1 . 36 4 7 0 . 1 2
4 3 5 . 36 4 4 4 . 6 6
131.2
127 . 8
125 . 88 1 3 0 . 3 8
113. 48 116.34
130 . 0
133.9
90 .6
92.3

482 . 81
449 .78
132 .5
132. 72
117 . 11
139 .8
93 . 6

NA
NA
134.3
134.06
117.09
140.2
96.0

489.24
449 .88
134.1
134.34
117.74

494.
453.
134
134.
117.

70
05
.6
18
29

NA
NA
134.2
133.66
116.23

1
0
0
-0
-0

97 . 4

97 . 3

4 .3

- 0 . 1

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

1967 = 100
Number

120.4
58,474

121 .2
57,078

124.7
57,927

123 .5
56,036

123.9
NA

122.7
57 , 27 5

123 .3
NA

125.8
NA

0 .5
NA

2.0
NA

-1 .0
-3 .3

0 .3
NA

L,L,L..

Bil. dol

82 .7
82 .6

•

•

. 1
.9
.6
.8

.6
.6
.5
.5

0 .6
1 .3

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders in 1982 dollars, durable goods
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3 ( u )
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales in 1982 dollars
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment ©

93.4

.. .

...

.1
.7
.4
. 1
.4

..

NA
NA
-0.3
-0.4
-0.9

...

2 .9
1. 76
3 .4
-2

2
1
1
1
0
4
1

.7
.2
.0
.8
.7
.4
.4

- 0 .3
- 1 .3
- 0 .4
- 1 . 72
2 .1
0

1
1
0
0
2

NA
NA
.4
.0

#

.3
.6

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 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods

6



31.16

3 4 . 57

37.66

38. 00

40.87

40.56

43. 65

38.39

7 .6

- 1 2 . 1

0 .9

7 .6

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

do
do

33.94
26 . 5 0

3 8 . 56
29 . 66

42 . 7 2
33.20

4 3 . 66
33. 58

45 . 9 5
36.34

46.00
36.21

49 . 24
38. 7 1

42.60
34.09

7 .0
6 .9

-13.5
-11.9

2 .2
1-1

5 .2
8 .2

L,L,L..

do

29.80

34. 28

38.93

39. 91

42.14

42.34

45 . 09

38.99

6 .5

-13.5

2 .5

5 .6

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

Basic data2
Unit
of
measure

Series title and timing classification1

Annual average
1986

July
to
Aug.
1988

IstQ
1988

2d Q
1988

3d Q
1988

July
1988

80.73
29.79
78.06

78.41
30.85
78.71

7 1.76
39.68
86 . 5 4

77 . 8 6
NA
NA

81.82

76 . 4 6

75.29

-6.6

389.67

412.02

455 .6 8
160.3

NA
161.0

0.4
0.6

1987

Aug.
1988

Sept.
1988

Aug.
to
Sept.
1988

IstQ
to
2d Q
1988

2d Q
to
3d Q
1988

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..,
11. Newly approved capital appropriations, mfg
U,Lg,U..
5
97. Backlog of capital appropriations, mfg.
C,Lg,Lg..
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 1982 dollars

Mil. sq. ft
Bil. dol
Bil. dol., EOP ...

77 . 0 6
2 1.42
69.72

C,Lg,Lg..

A.r., bil. dol

379.47

C,Lg,Lg..
C,Lg,U..
C,Lg,C..

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

390.46 404.67 432.01
152.3
139.5
144.5
433 . 1
473.4
445 .1

Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars

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

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

1,805
141.2
195.0

1,620
123.0
195.2

1,477
110.4
189.5

-1.5

426 . 9 4 4 4 0 . 4 2

-8.5
28.6
9.9

8.5
NA
NA

3.6

3.2

3.8
2.8
3.5

NA
2.4
1.1

448.5 1
156.5
490.2

NA
160.2
495 .7

453.81
159.4

1,481
116.4
189.6

1,454
113.7
190.2

1,477
113.2

1,431
116.7

1,453
111.2

-3.1
3.1

1.5
-4.7

0.3
5.4
0.1

-1.8
-2.3
0.3

-30.7

-1.5

...

NA
0.4

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
31. Change in mfg. and trade inventories3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5

L,L,L..

do

15.4

34.4

66.0

35.3

33.8

L,L,L.„
L,L,L..,

do
do

9.57
-1.1

3 2 . 17
52.3

49 . 7 0
39.7

19.60
54.7

NA
NA

15.38
59.7

13.97
69.8

NA
NA

-1.41
10.1

NA
NA

-30.10
15.0

NA
NA

-0.13

1.48

1.79

2.52

NA

1.43

3.92

NA

2 .49

NA

0.73

NA

Lg,Lg,Lg..
Lg,Lg,Lg..
Lg,Lg,Lg..

Bil. dol., EOP ... 6 5 5 . 0 6 7 0 7 . 3 3
do
644.74 674.91
do
102 . 6 0 1 0 6 . 8 2

717.25
684.90
108.08

NA
NA
NA

735.89
690.41
109 .82

NA
NA
NA

0.8
0.3
0.8

NA
NA
NA

1.9
0.7
0.9

NA
NA
NA

Lg,Lg,Lg.„

Ratio

L,L,L..

L,Lg,Lg.„

Bil. dol

1.54

Bil. dol., EOP ... 2 3 7 . 4 0

1.51

730.92
689 .75
109.02

741.7 1
692.33
110.7 1

1.54

1.53

NA

1.53

1.53

NA

NA

-0.01

NA

255 . 11 2 6 0 . 4 9

268.04

NA

269.47

273.39

NA

1.5

NA

2.9

NA

-0.07
306 .4
0.29

-1.76
0.3
0.01

0.
-1.1
-0.25

-1.01
4.0
0.12

0.76
1.8
0.11

-2.0

1.6

1.9

1.4

...
...

8.9
9.1
2.2
1.5
-0.5
-0.4

NA
NA
NA
NA
NA
NA

...

3.3
3.4

NA
NA

0.

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 (smoothed6)3

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

Percent
1967 = 100
Percent

Stock Prices:
*19. Stock prices, 500 common stocks ©

L,L,L...

1941-43=10...

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L,L,L..
L,L,L..
L,C,L..
L,C,L...
L,L,L...
L,L,L.„

Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars

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

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

0.43
228.9
0.16

1.37
274.5
0.98

0.77
291.2
0.22

236.34

286.83

258.12

A.r., bil. dol
do
do
do
Cents
1977 = 100

129.8
118.6
192.3
181.2
3.7
99.6

142 .9
127.1
176.6
160.7
4.8
99.3

149.4
131.2
179.3
161.3
6.3
99.1

162.7
143. 1
183.2
163.7
5.8
98.7

NA
NA
NA
NA
NA
NA

A x , bil. dol
do

378.2
379.0

396 .6
396 .7

407 .3
405 .0

420.8
418.7

NA
NA

-0.24
302 .8
0.34

0.52
308.4
0.45

2 6 3 . 14 2 6 6 . 9 2

1.69
309 .0
0.53

269.05

-0.07
309 .9
0.54

263.73

267.97

...
...

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

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

1977 = 100

166.3

171.5

173.5

176.7

NA

1.8

NA

Dollars

0 . 7 19

0.732

0.736

0.747

NA

1.5

NA

1977 = 100
Percent

138.0
100.6

136.7
99.6

136.7
99.7

136.8
99.7

136.9
99.8

0.6
0.5

0.1
0.

0.1
0. 1

73.0

73.0

73.1

73.2

NA

...

...

0.1

NA

1.32
0.29
0.76
0.27
0.65
0.38
587 .0
631.8
2366.1 2430.3

0.54
0.76
0.73
631.4
2446.4

0.59
0.55
0.65
633 .5
2463.6

0.26
0.20
NA
634.7
2458.8

0.75
0.03
0.31
0.19
0.96
0.44
637 . 1
634.6
2464.1 2458.9

do

136.7
99.6

136.6
99.6

137.4
100. 1

-0.1
0.

B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply M l in 1982 dollars
*106. Money supply M2 in 1982 dollars

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

Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
•111.
110.

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

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 (inverted4)3




5

do
do
do
Bil. dol
do

Ratio
do

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

Percent, EOP ...

6.370
1.315

6 .084
1.321

6.213
1.341

6.246
1.339

6.262
1.348

NA
10.67
54.08
6.6
625.15

NA
8.73
41.19
5.9
541.05

NA
43.60
65.85
9.9
477.44

NA
48.90
59.54
9.6
600.28

2 .47

2 . 19

2.34

2.26

-0.01
0.10
NA
632 .5
2453.4

-0.72
-0.12
-0.52
-0.4
-0.2

-0.04
-0.09
NA
-0.3
-0.2

1.352

0.002

0.005

1.345

1.347

NA
-1.87
NA
NA
NA

NA
20.35
43.45
7.9

65.26
10.6

NA
-37.06
NA
NA

NA
-9.24
21.81
2.7

NA
-48.17
NA
NA

NA

NA

NA

NA

NA

NA

NA

11.11

...

...

...

0.05
-0.2 1
-0.08
0.3
0.7

-0.33
-0.35
NA
0.2
-0.2

0.033
-0.002

0.016
0.009

NA
5.30
-6.31
-0.3
25.7

NA
-50.77
NA
NA
NA

-0.15

NA

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

Series title and timing classification1

Percent change

Annual average
1st Q

2d Q
1988

3d Q

July

Aug.
1988

July
to
Aug.

Sept.
1988

1st Q
to
2d Q

Aug.
to
Sept.

I. CYCLICAL INDICATORS—Con.
B7. Money and Credit—Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 © .
i
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business loans3 ©
*109. Average prime rate charged by b a n k s 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3

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

Mil. dol
do..

93
836

241
756

42
1,077

-1,956
2 ,885

2 , 193
3,173

2,433
3,440

•2,288
3,241

•1,857
2 ,839

-145
-199

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

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

6.80

6.66
5.83
9.69
8.63
7.64
10.16
8.09

6.66
5.76
9.64

7 .16
6.23

10.08

7.64
10.10
8.37
8.59

9.06
7.83
10.65
8.49
8.78

7.98
6.99
10.14
9.20
7.74

7.75
6.73
10.12
9.20
7.76

10.66

8.01
7 .02
10.27
9.33
7.79
10.74

8.19
7.23
10.03
9.06
7.66
10.58

0.26

5 .97
9.23
8.14
7.32
9.91
8.11
8.33

0.08

-0.24
-0.27
-0.13
-0.16

9.75
9.71

9.29

9.84

10.00

0.55

0.16

0.50
0.47
0.44
0.45
0.19
0.55
0.12
0.19

Lg,Lg,Lg..
Lg,Lg,Lg..

Bil. dol., EOP ..
Bil. dol

57 1 . 8 3
349.71

6 1 3 . 0 2 629 .48
3 6 4 . 12 3 7 6 . 4 9

644.37
389.83

NA
392.40

647.99
392.82

653.43
393.74

NA
390.65

0.2

NA
-0.8

2.4
3.5

365 . 8 1 3 6 3 . 4 5

364.39

364.58

361.38

0.1

-0.9

15.92

16.00

NA

0.08

NA

119.0
0.4
119.6

119.8
0.3
120.5

0.4
0

-0.1

107 . 1
97.7
108.3
114.8
107.3

106.9
97.2
108.7
115.7
107 .6

10.66

349.15

354.26

359.36

Percent...

15.59

15.64

15.80

15.86

1982 = 100
1982-84 = 100
Percent
1982-84=100
1982 = 100
...do
...do
...do
...do
...do

113.9
109.6

117.7
113.6
0.4
113.5

119.4

12 1 . 0
117.5
0.3
117.1

122.3
119.1
0.4
119.7

87.7
99. 1
109.7
101.4

102 . 6
93.7
101.5
111.7
103.6

0.3
115.5
104.8
104.6
94.2
104.5
113.0
104.4

96.5
106.4
113.8
105 . 6

106.9
97.2
108.3
114.9
107.2

118.5
0.4
118.9
107 . 8
106.7
96.6
107 . 9
114.3
106.7

1977 = 100...

169.4

173.5

176.

178.4

179.8

179.3

179.6

95.0
181.5
100.4

94.0
188.5

93.7
193.7

93.5
195.8
100.9

93.0
NA
NA
NA
NA

93.2

92.9

1 2 1 . 1 4 12 1 . 2 6 12 1.88
114.2 1 114.64 115.19
6 , 6 16
6,691
6,928
2,950
2,921
3, 105
2 ,465
2 , 5 02
2,542
1 ,200 1,26
1 ,282
5,277
5,320
5,550

121.68

Lg,Lg,Lg..
Lg,Lg,Lg..

8.20

8.61

NA

0.29
0.15
0.13
0.03

0.8

-431
-402

0.1

0.21

1,998

1,808

1.

0.06

II. OTHER IMPORTANT ECONOMIC MEASURES
6. Prices, Wages, and Productivity
B l . 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

O.l

109.0

100.2
100.0

102 .8

116.1

106.6
106.1

108.0

108.0

0.7

0.8

0.1

108. 1

1.3
1.2
0.
1.4
1.7
1.4
2.4
1.
0.7

0.6

-0.2
-0.5
0.4
0.
0.3

180.4

0.2

0.4

0.9

93.0

-0.3

0.1

-0.2
1.

0.4

1.1

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..,
do...
do..

110.1
108.2

100.6

111.0
109.0

101.0
112 .

110.8

112.1
110.4

-0.1
-0.6
-0.4

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
....do
Thousands..
....do
....do
....do....
....do....

117.83
109.60
8,237
3,751
3 ,032
1,454
6 ,708

119.86
112.44
7,425
3,369
2 ,7 09
1 ,347
5,979

78. 1
55.5
54.7

78.0
56.2
54.7

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

- 2 0 5 .6
828.3
1033.9

-157 .
916.5
1074.2
52.9
655 .7
602 .

Mil. dol
do
do
1977 = 100..
Thousands....
A.r., bil. dol..

29,9
11,998
9 , 176

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

1 8 , 9 3 0 2 1 , 1 7 6 25 , 2 9 4 26 , 5 9 6
3,192
2 ,164
2 ,400
2 ,867
5,338
3,907
4,428
5 ,220
3 0 , 4 5 3 3 3 , 8 5 3 3 6 , 2 10 3 6 , 1 6 8
3,363
2,894
3,434
3 ,47 1
5,693
5,57
5,592
5 ,896

Percent
do..
do..

78.0
56.7
54.9

78.0
56.6
54.

77.9
56.7
56.2

122.03
115.1
6 ,625
6,851
2,815
3 ,090
2,576
2 ,46
1,234
1,293
5 ,174
5,517

115.06

77.9
56.7
56.0

78.0
56.8
56.4

12 1 . 9 2
115.33
6,596
2,857
2 ,461
1,27
5,268

3.4
9
-4.2
4
6.6

77.9
56 . 7
56.2

0.4

0.3

0.1

0.1
0.1

0.1

-0.1
0.1
-3.7
-7.5
-0.3
-1.2
-4.5

0.4
-4.5
-5 .
-3.0
-6.4
-4.9

-0
-0.1
-0.2

0.
-0.
-0.1

D. Government Activities
D l . 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

61.2

623.0
561.9

-155 .1 - 1 3 3 . 3
951.0
983 .0
1106.1 1 1 1 6 . 3
55.8
56 . 2
685 .5
698.4
629.7
642.1

21.8

NA
NA
1098.9
NA
NA
652.2

3.4
0.9
0.4
1.9

2.0

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 .

30,812
12 , 0 3 2
9 , 145
182.0 1 8 8 . 9
1 ,583
1,589
277 .5
295 .3

31,99
10,284
8,589
190.5
1,594
298 .4

33,878
15,034
10,638
186 . 0
1,586
29£

NA 2 9 , 6 9 1
NA 1 8 , 7 9 4
7,353
6,995
184.4
184.9
NA
1,580
294.1

29,004
9 , 185
8,024
184.4
1,57

NA
NA
7 ,041
183.9
NA

-2.3
-51.1
14.7
-0.3
-0.1

NA
NA
-12 .3
-0.3
NA

5.9
46 .2
23.9
-2 .
-0.

3.9
2.5
5.9
10.3
7 .6
9.5

NA
NA
NA
NA
NA
NA

5.1
11.3
2.3

0.1

E. U.S. International Transactions
E l . 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

8



2 6 , 5 15 2 7 , 5 4 5
3,349
3,266
5,778
5 ,457
34,533 38,106
3,360
3 , 122
5,888
5 ,378

-0.1
-2 .

1.8

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

Percent change

Annual average
1985

1986

3d Q
1987

2d Q
1987

1987

4th Q
1987

IstQ
1988

2d Q
1988

4th Q
to
IstQ
1988

3d Q
1988

IstQ
to
2d Q
1988

Series number

Series title

Unit
of
measure

2d Q
to
3d Q
1988

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 abioad
Income on foreign investment in the United States

Bil. dol
do
do
do
do
do
do
do

-25 .
90.
115.
-30.
53.
84.
22 .
15.

- 3 5 . 13
106.:21
1 4 1 . 34
- 4 0 . i 07
6 2 . 39
1 0 2 . ' 46
2 5 . ' 94
2 0 . 1B4

-37.73
100.35
138.08
-39.55
59 . 8 6
99.42
22 . 4 3
20.74

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

4 0 1 4 .9 4 2 4 0 .3 4526 .7
3618 .7 3721 .7 3847 .0
15 , 1 2 0 15 , 4 0 1 1 5 , 7 7 0
3609 .6 3706 .3 3812 .6
2838 .7 3019 .6 3209 .7
2542 .8 2640 .9 2686 .3
11,012
10,929
10,625

4484.
3823 . 0
15 , 6 9 3
3795 .2
3154. 1
2652 .8
10,889

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

2629
2354
372
355
911
847
1345
1152

02 - 3 0 . 88
14
9 3 . 76
17 1 2 4 . 54
- 3 6 . 14
54
98
55 . 9
92 . 13
52
2 1
22 . 53
72
16 . 7 4

- 3 8 . 159
1 0 6 . : 32
1 4 5 . :30
- 3 9 . 156
6 4 . ' ?0
1 0 4 . : 57
2 3 . : 29
22

- 2 9 . 15 - 3 3 . 82
1 1 9 . :25 1 2 1 . 12
148..40 154.'94
- 4 1 . 19 - 3 5 . 18
68. 01
7 5 . 30
109.:20 1 1 0 . 48
26 . 55
3 3 . :25
20. 7 1
5 . '4 0

- 3 0 . . 43
123.:28
153. 7 1
- 2 9 . ' 94
7 9 . i6 6
109.i60
2 3 . . 43
25 . 18

NA
NA
NA
NA
NA
NA
NA
NA

-4.67
1 . ,6
4 . ,4
6.01
10. 7
1. 2
- 2 0 . ,2
6

4568 .0
3865 .3
15 , 8 2 6
3852 .2
3224 .9
2683 .9
10,989

4662 .8
3923 .0
16,022
3855 .9
3315 .8
2728 .9
11,145

4 7 2 4 .5
3956 . 1
16,126
3890 .1
3375 .6
2762 .3
11,260

4823 .8
3985
1 6 , 2 13
3949 .9
3421 .5
2762 .2
11,237

4899 .5
4007 .3
16 , 2 5 7
3973 .5
3498 .9
27 94 . 0
11,335

1 .,3
0 . ,8
0 . ,6
0. 9
1 .,8
1 .,2
1 .,0

. 1 3194 .6
.8 2579 .0
449 .8
.8
410 .6
.1
.2 1036 .6
893 .6
.7
.1 1708 .2
.9 1274 .8

3257 .6
26 01 . 3
453 .6
411 .0
1057 .6
901 .7
1746 .4
1288 .5

1 .,7
1 ., 1
3 .,7
3 .,5
0 ,, 4
0 ,,2
2 .. 0
1 ,. 0

22.:

2

22.

NA
NA
NA
NA
NA
NA
NA
NA

3.39
1 ,. 8
- 0 . .8
5.24
5.,8
- 0 . ,8
- 1 1 . ,8
- 0 . ,9

667
668
669
622
618
620
651
652

.6
.6
.3
.6
.3

200
50
217
213
224
225
227

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

Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars

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

Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services....
Services in 1982 dollars

,2

.2

2,, 1
0,, 7
0 .,5
1 .,5
1 ,, 4
0,
-0,

,2

1
0
0
0

2

.2

1
0 .9

A2. Personal Consumption Expenditures
.0
.8
.2
.1
.2
.4
.6
.3

2807
2455
406
385
943
879
1457
1190

.5
.2
.5
.0
.6
.5
.3
.7

3012
2521
421
390
997
890
1592
1239

. 1 2 9 9 2 ., 2
. 0 2 5 1 6 . ,6
4 2 0 . ,5
.9
3 9 1 ., 3
.9
.9
9 9 5 ., 3
8 8 9 . .8
.5
. 3 1 5 7 6 . ,4
. 5 1 2 3 5 . ,5

3058
2545
441
406
1006
891
1610
1246

.2
.2
.4
.5
.6
.9
.2
.8

3076
253 1
422
387
1012
890
1641
1253

.3
.7
.0
.6
.4
.5
.9
.6

3128
2559
43 7
401
1016
892
1674
1265

.9
.7
.9
.6
.0

.4
.9
.1
.9
.3
.0

758
715
714
679
43
35

. 1
. 1
.4
.7
.7
.3

764
719
721
685
42
33

.4
.7
.4
.9
.9
.8

-0,
0 ,. 6
0 ,. 8
0 .. 8
- 6 ,.7
-1,. 1

.2
.4
.7
.8
.5
.7

961
783
382
331
579
452

.6
.8

.2

962
781
373
326
589
455

.4
. 1
.4
. 1
.0
.0

. 1
.0
.8
.2
.9
. 1

-90
-92
507
496
597
589

.4
.6
. 1
.9
.5
.5

-84
-94
526
5 07
611
601

.9
.9
.3
.0
.2
.9

2 ,. 1
0 ,. 8

2,. 7
2 .,4
2 .,0

0 ,. 1
2 ,. 0
0 ,. 7

2
0
0
0
2
0

1 .1

230
231
232
233
236
238
237
239

.8
.6
.0
.9
.8
.5

240
241
242
243
245
30

.0
.9
.8
.1
.0
.9

2 .2

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

Total
Total in 1982 dollars
Fixed investment...
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3

do
do
do
do
do
do

643
637
631
627
11
9

.1
. 0
.8
.9
.3
. 1

665
643
650
628
15
15

.9
.5
.4
. 1
.5
.4

712
674
673
640
39
34

.9
.8
.7
.4
.2
.4

6 9 8 . .5
660., 1
6 6 5 ., 8
6 3 2 . ,3
3 2 , ,7
2 7 .. 8

702
667
688
654
14
13

.8
.9
.3
.9
.5
.0

764
724
692
657
72
67

-

1

763
728
698
662
65
66

do
do
do
do
do
do

820
731
355
326
465
405

.8
.2
.2
.0
.6
.2

871
760
366
333
505
427

.2
.5
.2
.4
.0
. 1

924
780
382
339
542
441

.7
.2
.0
.0
.8
.2

915. 7
772 .
3 7 7 ., 5
3 3 2 ., 1
538. 2
440., 1

932
782
386
342
546
440

.2
.9
.3
. 1
.0
.8

947
792
391
347
555
444

.3
.6
.4
.7
.9
.9

945
776
377
327
567
448

-123
-128
428
427
551
556

.0
.9
.0
.8
.1
.7

- 1 2 5 .2
- 1 3 0 .7
440 .4
440 .9
565 .6
57 1 . 6

-125
-126
459
459
585
585

.7
.0
.7
.2
.4
.2

-112
-109
487
486
599
595

3 6 3 1 ., 8 3 7 0 8 . 0
2 6 5 2 . ,0 27 02 . 8
306 .8
3 0 8 . .9
18 . 1
1 7 ., 8
322 .0
3 0 5 ., 2
358 .3
348., 1

3802
2769
326
20
316
369

.0 3850 .8
.9 2816 .4
.0
323 .9
20 .5
.5
. 1
316 .2
373 .9
.5

603
570
144
-110
4

.4
.0
.0
.7
.3

.2

- 0 .7
- 1 .9
2 .3
.5
- 2 1 .6
- 3 0 .7

2

0
0
1
0
-0
-1

-0,
- 2 ,,0
- 3 , ,5
- 5 ,. 7
2 ,. 1
0 .. 9

1 ,. 7
1 ,. 0
1 .2
1
2 .1
0 .8

0 . 1
- 0 .3
-2 .3
- 1 .7
1 .7
0 .6

260
261
262
263
266
267

13..6
1 7 ,, 0
6 ,. 1
5 ,. 9
2 ,.5
1 .. 7

2 1.7
1 6 ,. 4
4 .0
2
- 0 .4
- 0 .9

5 .5

.8
.0
.3
. 1

250
255
252
256
253
257

NA
2 .0
.9
4 .7
NA
4

.2

220
280
282
284
286
288

NA
NA
9 .8
NA
.3

290
295
292
298
293

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

Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars

250
255
252
256
253
257

Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars

,2

.•2

.6
.4

,2

.2

A5. Foreign Trade
do
do
do
do
do
do

-78 .0
- 1 0 4 .3
370 .9
367 .2
448 .9
47 1 . 4

- 1 0 4 .4
- 1 3 7 .5
378 .4
37 8 . 4
482 .8
515 .9

do
do
do
do
do
do

3234
2367
255
9
282
319

.0
.5
.9
.2
.3
.0

3437
2507
286
12
298
331

. 1 3678 .7
. 1 2683 .4
.7
312 .9
18 . 4
.4
310 .4
.9
353 .6
.9

do
do
do
do
Percent

533
539
125
-131
4

.5
.8
.4
.8
.4

537
560
121
-144
4

.2
.0
.7
.4
.0

-122
-126
416
416
539
542

,2

.
.0
., 8
.4
., 0
.3

.2

-2 . 3
3
2
2
2

A6. National Income and Its Components
220.
280.
282.
284.
286.
288.

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

290.
295.
292.
298.
293.

Gross saving
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3

3928
2874
328
19
326
380

.8
.0
.8
.1
.5
.6

634
583
127
-77
3

.3
.8
.1
.7

-0,
0,
0,
1,.2

1 .5
-6 .8
3 .3
.8

NA
NA
140 .3
NA
4 .0

3 ,. 9
.1
4,
11,.5
.1

- 1 4 .7
22
.7

.0

1 ,. 3
1 ,. 7
.6

2.0
2.0

NA
293 1. 1
319 .3
20
NA
396 .5

1

-2

A7. Saving
560
561
104
-104
3

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.




.4
.0
.2
.9
.2

5 4 2 ., 4
5 5 5 ,, 5
6 9 . .5
- 8 2 ., 6
2 ., 2

556
569
72
-85
2

.8
.6
.6
.5
.3

627
576
149
-99
4

.0
.4
.9

.2
.4

.1

1,
.1

0,

1. 1
1 .2
-0

.1

0

2 For a few series, data shown here are rounded to fewer digits than those shown elsewhere in B C D . Annual
figures published by the source agencies are used if available.
3 Differences rather than percent changes are shown for this series.
4 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.
6 This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

9

CYCLICAL INDICATORS
COMPOSITE INDEXES A N D THEIR C O M P O N E N T S
Chart A l . Composite Indexes
July May
P

T

Aug. Apr,
P

T

Jan. July July
P T

P

Nov.
T

1952 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 84 85 86 87 881989
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags ( + ) in months from reference turning dates.
1 Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
Current data for these series are shown on page 60.

10




OCTOBER 1 9 8 8

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite I n d e x e s — C o n t i n u e d
July May
P

T

Aug. Apr.
P

T

Apr. Feb
P

T

Nov.

Mar.

P

T

Jan. July July
P T

P

Nov.
T

Index: 1967=lOOl

1952 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 84 85 86 87 881989
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.

licit OCTOBER 1 9 8 8



11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index C o m p o n e n t s
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

T

Dec. Nov.
P

T

Nov.

Mar.

P

T

Jan. July July
P T

P

Nov.
T

I, Averageyeekly hours of production or

1952 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 84 85 86 87 881989
Current data for these series are shown on pages 61, 64, and 66.

12



OCTOBER 1 9 8 8

I t C I I

CYCLICAL INDICATORS

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index C o m p o n e n t s — C o n t i n u e d
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

T

Nov.

Mar.

Jan. July July
P T

P

Nov.
T

1952 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 84 85 86 87 881989
1
This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, 71, and 72.

BCI) OCTOBER

1988




13

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index C o m p o n e n t s
July May
P T

Aug. Apr.
P

T

Apr. Feb.
P

T

Dec. Nov.
P T

Nov.
P

Mar.
T

Jan. July July
P

T

Nov.
P

T

1952 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 84 85 86 87 881989
Current data for these series are shown on pages 62, 63, and 65.

14



OCTOBER 1 9 8 8

licit

Q j
A

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index C o m p o n e n t s
Jan. July July
P T

P

Nov.
T

1952 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 84 85 86 87 881989
Current data for these series are shown on pages 62, 68, 70, and 73.

ItCII O C T O B E R

1988




15

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY E C O N O M I C PROCESS

Chart B l . E m p l o y m e n t and U n e m p l o y m e n t
Dec.

Jan. July

Nov.

P

T

P

July

Nov.

T

P

T

80

81

m

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 61.

16



OCTOBER 1 9 8 8

lt€l»

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . E m p l o y m e n t and U n e m p l o y m e n t — C o n t i n u e d
Dec.

Jan. July

Nov.

P

T

F

T

July
P

Nov.
T

SM

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

I!CI»

OCTOBER 1 9 8 8




17

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . E m p l o y m e n t and U n e m p l o y m e n t — C o n t i n u e d
Dec.

Nov.

P

T

Jan. July
P

T

July

Nov.

P

T

[Comprehensive Unemployment!
3 T

5-

7-

911134-i
567891011 -

2-i
34567 J

101214-

1618-

2022°1
12345-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 62.

18



OCTOBER 1 9 8 8

IICII

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Dec.

Nov.

P

T

[Comprehensive Output and Income]

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 63.

I!CI»

OCTOBER 1 9 8 8




19

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and I n c o m e — C o n t i n u e d
Dec.

Nov.

Nov.

Mar.

P

T

p

T

s s s

7.

J

.

I

I

Jan. July
P

July

Nov.

T

P

T

80

81

P

':M l l l l l l t

[Industrial Production!

1962 63

64

65

66

I f

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

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

20



OCTOBER 1 9 8 8

ItCII

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Dec.

Nov.

Jan. July

July

Nov.

P

T

P T

P

T

«:

^iflt'

1

[Orders and Deliveries

1962 63

64

65

66

go®

67

68

Current data for these series are shown on page 64.

I t C I t

OCTOBER 1988




69

70

71

72

73

74

75

76

77

78

79

80

I p i i i

I

I t

81

S

i f ®

82

83

84

85

86

87

88 1989

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. C o n s u m p t i o n , Trade, Orders, and D e l i v e r i e s — C o n t i n u e d
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 65.

22



OCTOBER 1 9 8 8

ItCII

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

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.

1

im:i»

OCTOBER 1 9 8 8




86

87

88 1989

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital I n v e s t m e n t — C o n t i n u e d
Dec.

Jan. July

Nov

P

T

P

T

July

Nov.

P

T
10090-

807060 J
40 t
353025-

2015-

10-

500-|
450400 350300 250200 500-»
450400350 300250200-

180160140120100 -

60

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

J

88 1989

C u r r e n t data for these series are shown on pages 66 and 67.

24



OCTOBER 1 9 8 8

BCI)

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital I n v e s t m e n t — C o n t i n u e d
Dec.

Jan. July

Nov

P

T

P

T

July

Nov.

P

T

550-i
500450400350300250 -

200-

150-

100

J

2.6-1
2.42.22.0
1.81.61.41.21.0'
0.8

200
180160140120100-

60
240
220 2001
180160140120
100

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 67.

I!CI»

OCTOBER 1 9 8 8




25

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Dec.

1962 63

64

65

66

67

68

Jan. July

Nov,

P

T

69

70

P

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

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.
1

26




OCTOBER 1 9 8 8

ItCII

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory I n v e s t m e n t — C o n t i n u e d
Dec.

1962 63

64

65

66

67

68

Nov.

Nov.

Mar.

P

T

P

T

69

70

71

72

73

74

75

Jan. July
P

76

77

78

79

80

July
T

81

Nov.
P

T

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 68.

OCTOBER 1 9 8 8




27

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Dec.

Nov.

P

T

Jan. July
P

T

July

Nov.

P

T

, 98. Change in producer prices for se§§tive crude aid intermediate materials
+ 4-.
+ 2-

0- •
- 2 -

(

- 4 - 6 -

+ 4-i
+2 -

0- •
- 2 -

'

- 4 -

340300260220180-

380340 300 260 220180-

140-

100-

60 J
240-i
200160-

120-

80-j 0

40-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

This is a weighted 4 - t e r m m o v i n g average (with weights 1 , 2 , 2 , 1 ) placed on the t e r m i n a l m o n t h of the span.
2 Beginning with data for June 1 9 8 1 , this is a copyrighted series used by permission; it may not be reproduced without written permission f r o m C o m m o d i t y Research Bureau, Inc.
Current data for these series are shown on page 6 9 .
1

28




OCTOBER 1 9 8 8

lt€l»

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and P r o f i t s — C o n t i n u e d
Dec.

Nov.

Nov.

T

P

Jan. July

Mar.

P

T

P

T

July

Nov.

P

T

t| tutti
f§
280 n
240200160120-

40 J

14-

1210*
864-

102 -i
100 989694-

500400-

300-

200-

100 J

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on pages 6 9 and 70.

licit

OCTOBER 1 9 8 8




29

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and P r o f i t s — C o n t i n u e d
Dec.

Nov.

P

T

Jan. July
P

July

Nov.

T

P

T

80

81

SSI

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 70.

30



OCTOBER 1 9 8 8

licit

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Dec.

1962 63

64

65

66

67

68

Jan. July

Nov.

P

T

69

70

P

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 71.

I!CI»

OCTOBER 1 9 8 8




31

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and C r e d i t — C o n t i n u e d
Dec.

1962 63

64

65

66

67

68

Nov.

P

T

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

32



OCTOBER 1 9 8 8

IM:I»

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and C r e d i t — C o n t i n u e d
Jan. July
P

T

July

Nov.

P

T

i

m

m

m

m

m

i

z

^

i S i i l S l w f ^
A. A

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

7^

79

80

81

82

83

84

85

1

86

87

88 1989

Current data for these series are shown on page 72.

I!CI»

OCTOBER 1988




33

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and C r e d i t — C o n t i n u e d
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

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

34



OCTOBER 1 9 8 8

ItCII

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and C r e d i t — C o n t i n u e d
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

Nov.

P

T

21-

20191817-

1615141312 11-

1098765450 400350 300 250 -

200 -

150
700 600 500 -

400-

300-

200-

100 J

1412-

Current data for these series are shown on page 73.

ItCII

OCTOBER 1 9 8 8




35

I

CYCLICAL INDICATORS
DIFFUSION INDEXES A N D RATES OF C H A N G E

Chart C I . Diffusion Indexes
Dec.

1962 63

64

65

66

67

68

Nov.

P

T

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Values of this index prior to January 1 9 8 4 include a twelfth component, series 12, which has been suspended from the current index.
Current data for these series are shown on page 74.
1

36



OCTOBER 1 9 8 8

ltd)

I

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C I . Diffusion I n d e x e s — C o n t i n u e d
Dec.

Nov

P

T

Jan. July
P

T

July

Nov.

P

T

lOO-i

50-

-

0-

8070-

60- .
50-

•

40-

'

3020-

100-

50-

100-.

50-

100 -

0-1
90 - .
80 70605040-

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.

1

ItCII

OCTOBER 1 9 8 8




37

I

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C I . Diffusion Indexes—Continued
Jan. July
P T

July
P

Nov.
T

Jan. July
P

Actual
Anticipated

Percent rising

July

Nov.

P

T

T

Actual
Anticipated

Percent rising

970. Expenditures for new plant and

974. Number of employees, manufacturing and trade (4-Q span)1

975. Level of inventories, manufacturing and trade (4-Q span)1
80

f

70 -

>vt

j p i

^llll^ " - f e y
ft

•

'

Jl

/M •• V

t

H

r

• T '

605040 J

976. Selling fffices, n g > j » H n g (4-Q span)1
90-

iSlttl
SSSS

J

\

y

\

^ /

*

80 7060-

• y Sfii* • Spilpwplf ;.v
usC
• Sift.

50-

978. Selling pices, retailfide (4-Q span)

——

Br-

— ti
ill:.
/ '• .' V1
<
L
ty

3. ^

®

..."
•

r

- /

•

X

*

:

90-

la

80-

%

M?

/ \

*

I s fei/

-MM:.-

^

100 - i

W-4 r<>

r^sA

70-

AJLI

_

1976

77

78

79

80

81

82

83

84

85

86

6087

1988

i This is a copyrighted series used by permission; it m a y not be reproduced without written permission f r o m Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1 , 4 0 0
business executives.
C u r r e n t data for these series are shown on page 76.

38



OCTOBER 1 9 8 8

IM:

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

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.
1 Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.

I!CI»

OCTOBER 1 9 8 8




39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL I N C O M E A N D PRODUCT
Chart A l . G N P and Personal I n c o m e
Dec.

1962 63

64

65

66

67

68

Nov.

P

T

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

40



OCTOBER 1 9 8 8

licit

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A2. Personal C o n s u m p t i o n Expenditures
Dec.

Nov.

P

T

Jan. July
P

T

July

Nov.

P

T

Personal consumption expenditures—

1962 63

64

65

66

67

68

69

70

83

84

85

86

87

88 1989

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

ItCI) OCTOBER

1988




41

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A3. Gross Private D o m e s t i c I n v e s t m e n t
Nov.

Jan. July

Mar

P

T

P

T

July

Nov.

P

T

Gross private domestic investment*-

ii^li® f
c

Vsi /

mkt

ii

ii!

rtilp!

4fl

^ '

71

72

73

74

75

76

77

78

79

80

81

Current data for these series are shown on page 81.

42



OCTOBER 1 9 8 8

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. G o v e r n m e n t Purchases of Goods and Services
Dec.

Jan. July

Mar.

Nov.

Nov.

P

T

P

July

Nov.

T

P

T

80

81

Government purchases of goods and

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 81.

BCII

OCTOBER 1 9 8 8




43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

44



OCTOBER 1 9 8 8

ItCI)

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL I N C O M E A N D P R O D U C T — C o n t i n u e d
Chart A6. National I n c o m e and Its C o m p o n e n t s
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

IM Jl O

CTOBER 1 9 8 8




45

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

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

46



OCTOBER 1 9 8 8

BCI)

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of G N P and National I n c o m e
Dec.

Nov.

P

T

70n

65-

60 J

15-.

10-

0-

-5-1

80

n

75-

70-

10-

285. Rental income of persons w|fiapital consumption;
1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 83.

ItCI)

OCTOBER 1 9 8 8




47

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

B _

Chart B l . Price M o v e m e n t s
Jan. July
P

T

July

Nov.

P

T

Jan. July
P

July

Nov.

T

P

T

80

81

I I HSU

310. Implicit prk
national

1976 77

78

79

80

81

82

83

84

85

86

87 1988

1976 77

78

79

82

83

84

85

86

87 1988

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

48



OCTOBER 1 9 8 8

BCI)

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, A N D P R O D U C T I V I T Y — C o n t i n u e d

Chart B l . Price M o v e m e n t s — C o n t i n u e d
Dec.

Jan. July

Nov,

P

T

P

T

July

Nov.

P

T

130-

Consumer price indexes—

12011010090-

8070-

60-

50-

40-

+ 20-I

+ 10-j

J'

+ 20+ 10-

'

0- <
-10-

200-.
180160140-

12010080

J

220200180160140-

120100-

60

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

J

88 1989

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

1

ItCII

OCTOBER 1 9 8 8




49

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, A N D P R O D U C T I V I T Y — C o n t i n u e d

Chart B2. Wages and P r o d u c t i v i t y — C o n t i n u e d
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

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

1

50




76
2

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

One-month percent changes have been multiplied by a constant (12) to make them comparable

OCTOBER 1 9 8 8 » C I )

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, E M P L O Y M E N T , A N D U N E M P L O Y M E N T
C h a r t C I . Civilian Labor Force a n d M a j o r C o m p o n e n t s
Dec.

Jan. July

Nov.

P

T

P

July

T

Nov.

P

T

c< -

ii

m

w
m
I i
ms

i

II'

M.
9

"'"^.ii.in

O

^

^

\

1

;|CMiian

rates) g e j -

_

-

—

r

m

442. Civilian employment (rralllorts>

ll

"msjjjjjj

—
—

S
S p l

_

&

gtfg

4 s j M 20yearsand over

exes 16-19 years of age
J H

11§§! f § | Females 20 years

I

Number unemployed (millions)—

—

dover

I t rt 37. Persons unemploye

M

|

445. Females 20 years a

J 444. Males 20 ye
and over 5 I

over
V

Both sexes 16-19 years A g e

JSJ

oyed, full-time workers (njgps)

447. Nun

E

-448. Number of persons erfpyed \
reasons (millions)

Mr

1962 63

64

65

66

67

68

Current data for these series are shown on page 89.

IM:I»

OCTOBER 1988




69

70

71

72

73

74

75

76

77

78

79

80

81

! for economic

82

83

84

85

86

87

88 1989

OTHER I M P O R T A N T E C O N O M I C MEASURES
jJ) j

G O V E R N M E N T ACTIVITIES

Chart D l . Receipts and Expenditures
Dec.

1962 63

64

65

66

67

68

Jan. July

Nov,

P

T

69

70

P

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



OCTOBER 1 9 8 8

ItCII

OTHER IMPORTANT ECONOMIC MEASURES

D

GOVERNMENT ACTIVITIES—Continued

C h a r t D 2 . Defense Indicators
Nov.

Mar.

Jan. July

P

T

P T

vv^,

;
M

f

a il t

•

1962 63

64

65

66

67

68

Current data for these series are shown on page 90.

OCTOBER 1988



69

70

71

72

73

74

WZi

w

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

OTHER IMPORTANT ECONOMIC MEASURES

®

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense I n d i c a t o r s — C o n t i n u e d
Jan. July
P

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 91.

54



OCTOBER 1 9 8 8

licit

OTHER IMPORTANT ECONOMIC MEASURES

D

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense I n d i c a t o r s — C o n t i n u e d
Dec.

Jan. July

Nov.

P

T

P

Hi

T

July

Nov.

P

T

fit®!

.

......

2.01.81.6 H
1.41.21.0 -

3.5-|
3.02.52.0-

1.5-

1.0-

400 350300250-

200-

150-

100-

50 J

10-|
98765-1
4-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 91.

IICII

OCTOBER 1988




55

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
Dec.

Jan. July

Nov.

P

T

P

T

July

Nov.

P

T
35 i
3025-

2015-

109876543-

2-

1J
45 - |
40 - r
353025-

20-

1098765-

10.80.6-

0.4-

0.2-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 92.

56



OCTOBER 1 9 8 8

licit

OTHER IMPORTANT ECONOMIC MEASURES

E

U.S. I N T E R N A T I O N A L T R A N S A C T I O N S — C o n t i n u e d

C h a r t E2. Goods a n d Services M o v e m e n t s
Dec.

Jan. July

Nov

P

T

P

T

July

Nov.

P

T

jjj§ l§j§|§|

750 650 550450 -

Goods and services

350 250 -

150 -

650 550 450350 -

250 -

150-

50

J

140-

100-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 93.

IM:I»

OCTOBER 1988




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Jan. July
P

T

July
P

Industrial producte—

1976 77

78

79

80

81

82

83

84

85

86

87 1988

1976 77

78

79

80

81

82

83

84

85

86

87 1988

Current data for these series are shown on page 94.

58



OCTOBER 1 9 8 8

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices
Jan. July
P

T

Chart F3. Stock Prices

July

Jan. July

Nov.

P

T

P

T

July

Nov.

P

T

100-1
1976 77

78

79

80

81

82

83

84

85

86

87 1988

1976 77

78

79

80

81

82

83

84

85

86

87 1988

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

IM

Jl

OCTOBER 1 9 8 8




59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Q

Year
and
month

910. Index of
eleven leading
indicators (series
1, 5, 8, 19, 20,
29, 32, 36, 99,
106, 1 1 1 ) 1

(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 2

(1967 = 100)

Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29)2

(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)

3

( )

1986
January
February
March

174.1
175.0
176.4

162.9
163.4
162.9

140.5
141.1
142.3

115.9
115.8
114.5

108.9
110.2
109.9

103.3
103.3
103.5

117.3
119.0
119.8

142.2
140.3
140.0

April
May
June

178.1
178.5
178.3

165.6
164.3
163.7

140.5
141.4
141.6

117.9
116.2
115.6

110.4
109.5
109.6

103.8
103.5
103.0

119.9
119.7
120.4

140.3
142.4
142.6

July
August
September

179.9
180.3
179.9

164.4
164.8
165.8

141.8
142.2
141.6

115.9
115.9
117.1

109.8
108.8
108.9

103.3
102.9
102.8

120.0
120.4
118.9

144.9
145.6
145.5

October
November
December

181.2
182.7
186.7

165.4
165.8
167.4

143.7
143.4
142.4

115.1
115.6
117.6

108.4
108.6

102.8
103.6
104.9

117.8
117.4
117.9

147.3
146.8
149.2

January
February
March

185.5
186.0
187.6

165.6
168.2
168.0

144.6
142.1
141.3

114.5
118.4
118.9

108.9
(NA)

104.4
104.6
105.3

119.3
120.8
121.5

148.9
147.0
145.4

April
May
June

187.6
188.6
190.5

168.0
167.6
168.2

141.8
142.0
142.6

118.5
118.0
118.0

105.3
106.0
106.7

121.3
121.3
122.9

144.5
144.1
145.6

July
August
September

190.9
191.7
191.9

169.8
170.6
170.7

141.8
141.6
143.0

119.7
120.5
119.4

107.1
106.4
106.6

124.2
0)126.0
124.7

144.5
144.2
145.4

October
November
December

192.1
190.2
190.9

rl73.0
172.6
174.5

142.5
143.3
142.7

rl21.4
120.4
122.3

107.2
107.4
0)108.2

121.7
118.6
118.3

147.1
146.7
146.3

rl89.9
191.5
191.8

173.7
175.0
176.1

144.7
145.1
145.7

120.0
120.6
120.9

107.1
106.7
rl06.5

119.0
119.5
119.9

146.6
147.7
rl48.8

192.4
191.0
0>rl93.9

176.0
rl76.4
177.7

146.6
146.3
rl48.0

120.1
120.6
120.1

105.5
105.6
105.8

119.5
118.9
(NA)

0)rl51.4
rl50.4
rl50.8

rl92.5
193.4
"193.3

rl78.3
178.7
0)5178.8

rl47.5
148.5
0)6148.7

rl20.9
120.3
pl20.2

rl05.5
rl05.4
pl05.4

111.0

1987

1988
January
February
March
April
May
June
July
August
September

rl49.8
pl49.7
(NA)

October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by (§), that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated b y 0 ) . 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.

' V a l u e s o f t h i s i n d e x p r i o r to J a n u a r y 1984 i n c l u d e a t w e l f t h c o m p o n e n t , s e r i e s 1 2 , w h i c h h a s b e e n s u s p e n d e d f r o m t h e c u r r e n t i n d e x .
T h e following series reached their high values before 1986:
s e r i e s 940 ( 1 3 0 . 0 ) in J a n u a r y 1 9 8 4 , a n d s e r i e s 914 ( 1 1 1 . 5 ) in F e b r u a r y 1 9 8 4 .
S e e " N e w F e5a t u r e s a n d C h a n g e s f o r T h i s I s s u e , " p a g e iii o f t h e M a r c6h 1987 i s s u e .
''Excludes s e r i e s 36 a n d 1 1 1 , f o r w h i c h d a t a a r e n o t
available.
E x c l u d e s series 5 7 , for which data are not a v a i l a b l e .
E x c l u d e s s e r i e s 77 a n d 9 5 , f o r w h i c h d a t a a r e n o t a v a i l a b l e .
2

3

6 0




OCTOBER

1988

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process
L, L, L

L, C,L

L, C.L

(Hours)

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

5. Average weekly initial
claims for unemployment
insurance, State programs 1

(Thous.)

U, C,C

L, Lg, U

L, Lg, U

(Hours)

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

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

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

46. Index of help-wanted
advertising in newspapers

(Ann. rate,
bil. hours)

(1967 = 100)

(Ratio)

48. Employee hours in
nonagricultural establishments

1986
January
February
March

40.8
40.6
40.7

3.5
3.4
3.5

375
384
393

0.519
0.484
0.486

137
137
136

184.60
183.90
184.36

April
May
June

40.8
40.7
40.6

3.4
3.5
3.4

374
378
378

0.487
0.476
0.504

137
135
143

184.45
184.53
184.48

July
August
September

40.6
40.8
40.8

3.5
3.5
3.5

370
379
369

0.492
0.506
0.502

137
138
140

184.78
185.34
185.77

October
November
December

40.7
40.8
40.8

3.5
3.5
3.6

343
342
356

0.503
0.525
0.518

139
145
138

186.12
186.62
186.86

January
February
March

40.9
41.1
41.0

3.6
3.6
3.7

359
361
341

0.508
0.528
0.573

136
140
150

187.56
188.63
188.57

April
May
June

40.7
41.0
41.0

3.5
3.8
3.7

324
326
327

0.587
0.601
0.619

149
153
152

187.58
189.74
190.02

July
August
September

41.0
41.0
40.6

3.8
3.8
3.7

327
297
286

0.628
0.660
0.663

153
161
158

190.69
191.40
188.46

October

41.2
41.2
41.0

3.9
3.9
3.8

284
293
312

0.672
0.680
0.661

162
0)162
155

192.76
192.99
193.22

January
February
March

41.1
41.0
40.9

3.9
3.7
3.7

351
321
304

0.646
0.669
0.691

153
156
158

193.56
195.04
194.92

April
May
June

41.2
41.0
41.1

3.9
3.9
3.9

296
307
292

0.707
0.702
0)0.719

157
160
156

196.33
196.09
197.14

r41.1
41.0
0)p41.2

3.9
r3.9
0>p4.O

325
298
0)283

0.714
0.695
p0.690

159
160
pl53

0)rl98.25
rl97.71
pl98.09

1987

November
December

1988

July
August
September
October
November
December
See note on page 60.

Graphs of these series are shown on pages 12, 16, and 17.
*Data exclude Puerto Rico, which is included in figures published by the source agency.

I t C I I

OCTOBER 1 9 8 8




61

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

0 1

Minor Economic
Process

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

U, C,C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C, C,C

41. Employees
on nonagricultural payrolls

L, C, U

40. Employees
on nonagricultural payrolls,
goodsproducing
industries

(Thous.)

(Thous.)

Comprehensive Unemployment

U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

L, Lg, U

37. Number of
persons unemployed

43. Unemployment rate

(Thous.)

(Percent)

L, Lg, U

45. Average
weekly insured
unemployment
rate, State
programs1

(Percent)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1986
January
February
March

105 5 9 7
105 4 2 7
105 6 4 0

98 788
98 887
98 973

24 ,832
24 ,752
24 , 6 8 8

5 9 . 87
5 9 . 61
5 9 . 74

7 ,, 8 4 7
8 ,, 4 2 7
8 ., 3 3 0

6.7
7.2
7.1

2 . .8
2 . .8
2 . ,8

1 5 .. 0
1 5 , .4
1 4 . .6

1.8
2.0
1.9

April
May
June

105 7 9 3
105 9 3 8
106 495

99 136
99 , 2 6 2
99 , 1 7 0

24 679
24 ,587
24 , 4 9 9

5 9 . 74
5 9 ..73
6 0 ..02

8 ., 3 7 3
8 ,, 4 4 4
8 ;, 4 4 1

7.1
7.2
7.1

2 . .8
2 . .8
2 . .8

1 4 ,. 6
1 4 , .7
1 5 ,. 1

1.8
1.9
1.9

July
August
September

1 0 6 ., 7 1 0
1 0 6 ., 9 2 9
1 0 6 ., 8 8 3

9 9 ,, 4 5 7
9 9 ,, 6 0 8
9 9 ;, 9 6 3

2 4 ,, 4 7 6
2 4 ,, 4 5 7
2 4 ;, 4 2 9

6 0 . .05
6 0 .,10
6 0 . 05

8 ,, 2 7 8
8 ., 1 1 5
8:, 2 9 8

7.0
6.9
7.0

2 .8
2 ,. 8
2 ., 8

1 5 ,. 2
1 5 , .5
1 5 ,. 4

1.9
1.9
2.0

October
November
December

1 0 7 .,052
1 0 7 .,224
1 0 7 ,, 5 0 4

1 0 0 ,, 1 2 0
1 0 0 ,, 3 4 9
1 0 0 ;, 5 7 1

2 4 ,, 4 2 8
2 4 ,, 4 2 9
2 4 :, 4 7 1

6 0 . 07
6 0 . 15
6 0 ..20

8 ., 2 3 0
8 ., 2 1 4
7, , 9 1 9

6.9
6.9
6.7

2 . .7
2 . .7
2 . .6

1 5 ,. 2
1 5 ,. 0
1 5 ,. 0

1.9
1.9
1.9

January
February
March

1 0 7 ,, 8 4 0
1 0 8 ., 1 1 9
1 0 8 ,, 2 1 8

1 0 0 ,, 7 9 5
1 0 1 ,, 0 1 6
1 0 1 :, 2 6 0

2 4 ,, 5 0 1
2 4 ,, 5 3 3
2 4 :, 5 3 6

6 0 .,30
6 0 .,43
6 0 .,43

7 ,, 9 6 4
7 ., 8 8 6
7:, 7 9 1

6.7
6.6
6.5

2 . .6
2 . .6
2 , .6

1 5 ,. 0
1 4 ,. 8
14 . 9

1.8
1.8
1.7

April
May
June

1 0 8 ,, 5 5 6
1 0 9 ,,065
1 0 9 ,, 1 0 8

1 0 1 ,, 6 1 5
1 0 1 ., 8 2 9
1 0 2 :, 0 7 8

2 4 ,, 5 9 6
2 4 ,, 6 5 3
2 4 ;, 6 8 4

6 0 .,57
6 0 .,79
6 0 ..72

7, , 5 5 7
7. , 5 7 3
7, , 3 0 8

6.3
6.3
6.1

2, .5
2 . .4
2 . .4

1 4 ,. 8
1 4 ,. 8
1 4 ,. 7

1.7
1.7
1.7

July
August
September

1 0 9 ,,427
1 0 9 ,,907
1 0 9 ,, 6 8 8

1 0 2 ,, 4 3 0
1 0 2 ,, 6 7 2
1 0 2 :, 9 0 6

2 4 ,, 7 8 8
2 4 ,, 8 5 1
2 4 :, 9 0 2

6 0 .,84
6 1 .,02
6 0 ..87

7, , 2 5 1
7 ,256
7 ,091

6.0
6.0
5.9

2 .. 3
2 , .3
2 .. 2

1 4 .. 2
1 4 ,. 3
1 4 ,. 2

1.6
1.6
1.6

October
November
December

1 0 9 ., 9 6 1
1 1 0 ., 3 3 2
1 1 0 ,, 5 2 9

1 0 3 ,, 3 7 1
1 0 3 ,, 6 7 8
104 , 0 0 1

25 , 0 2 5
2 5 ,, 1 2 3
2 5 :, 2 0 1

6 1 ., 0 0
6 1 .. 1 1
6 1 .. 1 9

7 ,177
7 ,090
6 ,978

6.0
5.9
5.8

2 .. 1
2 .. 1
2 . ,1

1 4 ,. 1
1 4 ,. 0
1 4 ,. 2

1.5
1.5
1.5

January
February
March

1 1 0 ,,836
111 ,182
110 , 8 9 9

104 ,262
104 , 7 2 9
105 , 0 2 0

2 5 ,, 1 8 0
2 5 ,, 2 7 1
2 5 :, 3 3 0

6 1 .,33
6 1 .,44
6 1 .,23

7 ,046
6, , 9 3 8
6:, 8 0 1

5.8
5.7
5.6

2, . 3
2 ,. 3
2.2

14 . 4
14 . 4
13 . 7

1.4
1.4
1.4

April
May
June

1 1 1 :, 4 8 5
111 , 1 6 0
111 ,933

1 0 5 :, 2 8 1
1 0 5 ,, 4 8 9
1 0 6 ;,057

2 5 ., 4 3 5
2 5 ,, 4 6 6
2 5 .,592

6 1 .,52
6 1 ,. 2 0
6 1 .,59

6 ,, 6 1 0
6 ,783
0)6,455

5.4
5.6
0)5.3

2 .,1
2 .. 1
2 ..1

1 3 . ,4
13, . 8
0)12.9

1.3
1.3
0)1.2

112 , 0 1 4
112 , 0 2 9
0)112,158

r l 0 6 ,271
r l 0 6 ;,440
0)plO6,695

0)r25,663
r 2 5 ;, 6 4 6
p25,637

6 1 ..56
6 1 . 58
0)61.61

6 ,625
6 ;, 8 5 1
6 ,596

5.4
5.6
5.4

2. 1
2. 1
0)2.0

13.6
13. 7
1 3 . ,7

1.3
1.4
1.3

1987

1988

July
August
September

|

October
November
December
See note on page 60.

Graphs of these series are shown on pages 14, 15, 17, and 18.
1

Data exclude Puerto Rico, which is included in figures published by the source agency.

62



OCTOBER 1 9 8 8

lt€l»

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

Timing Class

Year
and
month

PRODUCTION AND INCOME

C, C,C

C, C,C

50. Gross national product
in 1982 dollars

(Ann. rate,
bil. dol.)

52. Constant
(1982) dollars

51. Personal
income less
transfer payments in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

C, C, C

C, C,C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)

C, C,C

47. Index of
industrial
production

(1977 = 100)

C, C.C

73. Index of
industrial
production,
durable manufactures

(1977 = 100)

C, L, L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

C, C,C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1986
January
February
March

3,719.3

3 ,439.3
3 ,459.8
3 ,483.0

3 ,022.2
3 ,053.7
3 ,079.6

2 ,575.6
2 ,604.1
2 ,626.5

540.3
539.8
548.0

126.4
125.5
123.9

129.8
128.9
127.4

128.6
128.2
127.3

1,604 7

April
May
June

3,711.6

3 ,516.5
3 ,514.5
3 ,521.0

3 ,109.2
3 ,093.8
3 ,088.6

2 ,654.6
2 ,638.3
2 ,632.5

545.2
544.9
541.4

124.7
124.3
124.1

128.5
127.7
126.9

128.9
129.7
130.2

1,598 0

July
August
September

3,721^3

3 ,532.9
3 ,545.4
3 ,561.7

3 ,090.9
3 ,, 0 9 3 . 7
3 ,, 0 9 1 . 8

2 ,, 6 2 9 . 0
2 ,, 6 3 6 . 0
2 ,, 6 3 4 . 2

542.5
544.0
542.7

124.8
124.9
124.5

128.1
127.9
128.4

130.6
131.1
130.3

1,595

October
November
December

3,734^7

3 ,579.6
3 ,595.5
3 ,623.6

3 ,, 1 0 1 . 9
3 ,107.6
3:, 1 2 6 . 5

2 ,, 6 4 3 . 2
2 ,, 6 4 9 . 2
2 ,, 6 6 6 . 8

548.2
544.9
545.0

125.3
125.7
126.8

128.6
129.0
129.7

131.2
131.7
133.4

1,597 8

January
February
March

3,77617

3 ,641.3
3 ,683.5
3:, 7 0 3 . 4

3 ,, 1 1 4 . 9
3 ,, 1 4 2 . 9
3 :, 1 4 3 . 8

2 ,, 6 5 5 . 8
2 ,, 6 8 2 . 5
2 ,, 6 8 5 . 4

543.0
542.4
545.6

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

1,616 2

April
May
June

3,823!6

3 ,725.0
3 ,736.3
3 ,747.1

3 ,, 1 4 6 . 1
3 ,, 1 4 2 . 4
3 :, 1 3 8 . 3

2 ,, 6 8 7 . 1
2 ,, 6 7 8 . 7
2 ,, 6 7 8 . 7

539.8
541.7
542.1

127.4
128.2
129.1

130.9
131.4
132.0

134.6
135.7
136.9

1,645 6

July
August
September

3,86^3

3 ,778.6
3 ,803.7
3 :, 8 2 0 . 8

3 ,, 1 5 9 . 4
3 ,, 1 6 7 . 1
3 ,, 1 6 2 . 9

2 ,, 6 9 8 . 7
2 ,, 7 0 7 . 8
2 ., 7 0 5 . 4

542.5
544.3
546.5

130.6
131.2
131.0

133.5
133.8
133.7

138.5
138.8
138.6

1,677

October
November
December

3 , 9 2 3 !o

3 ,, 8 9 7 . 2
3 ,, 8 8 4 . 1
3 ., 9 3 9 . 0

3 ., 2 1 2 . 9
3 ,, 1 9 4 . 2
3 ., 2 3 6 . 6

2 ., 7 5 4 . 2
2 ,, 7 3 6 . 8
2 ,, 7 7 8 . 2

549.0
551.3
549.5

132.5
133.2
133.9

136.8
136.7
137.3

138.1
139.6
141.3

1,713 9

January
February
March

3,956! i

3 ,, 9 2 1 . 8
3 ., 9 4 6 . 7
3 ,, 9 8 5 . 9

3 ,, 2 1 4 . 6
3 ,, 2 3 5 . 0
3 ., 2 5 1 . 1

2 ,, 7 4 5 . 6
2 ., 7 6 4 . 0
- 2 ., 7 7 6 . 3

550.2
552.7
559.4

134.4
134.4
134.7

137.9
138.4
138.8

141.4
141.1
141.7

1,748

April
May
June

3,985.2

4 ,, 0 0 1 . 0
4 ,, 0 2 1 . 4
4 ., 0 4 4 . 9

3 ,, 2 4 2 . 3
3 ,, 2 4 3 . 1
3 ., 2 5 4 . 1

2 ., 7 7 0 . 0
2 ,, 7 7 3 . 7
2 ., 7 8 4 . 6

556.7
557.0
560.7

135.4
136.1
136.5

139.7
141.5
141.7

142.3
142.1
rl42.6

1,762 4

E)p4,007.'3

4 ,, 0 7 1 . 3
r4,,083.4
0)p4,lO3.3

3 ,, 2 6 2 . 3
r3,,264.1
[H)p3,264.4

r2,,792.9
r2,,794.6
|H)p2,795.6

r562.4
r560.6
[H>p562.7

rl38.1
rl38.3
0>pl38.3

142.9
rl43.2
0>pl43.6

rl44.4
rl44.3
[H>pl44.6

0)pl,770 8

3

1987

5

1988

July
August
September

i

October
November
December
See note on page 60.

Graphs of these series are shown on pages 14, 19, 20, and 40.

OCTOBER 1 9 8 8




63

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

mm
•ififl

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

CONSUMPTION, TRADE/ORDERS, AND DELIVERIES

Capacity Utilization

Timing Class

Year
and
month

PRODUCTION AND
INCOME—Continued

L, C , U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L, C. U

84. Capacity
utilization rate,
materials

L, L, L

Manufacturers' new orders,
durable goods industries
7. Constant
(1982) dollars

6. Current
dollars

(Percent)

(Percent)

L, L, L

(Bil. dol.)

(Bil. dol.)

L, L, L

L, L, L

L, Lg, U

8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials

25. Change in
manufacturers'
unfilled orders,
durable goods
industries 1

(Bil. dol.)

(Bil. dol.)

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

L, L, L

32. Vendor
performance,
companies receiving slower
deliveries1©
(Percent
reporting)

1986
January
February
March

80 7
80 2
79.2

80 5
79 8
78 5

102.61
101.12
100.45

95.98
94.59
93.88

82.62
80.40
78.35

1.92
1.75
3.54

370,.35
372,.10
375,.64

46
48
50

April
May
June

79 9
79.6
79.3

78 7
78 3
78 0

99.04
97.27
97.29

92.38
90.65
90.59

81.10
78.36
80.38

-2.12
-1.63
-2.62

373..52
371..89
369.27

50
55
50

July
August
September

7 9 ,.7
79.6
79.4

7 8 ,. 1
7 7 ,. 9
7 7 ,.7

99.72
96.40
102.20

92.77
89.59
94.89

79.04
79.86
82.49

-0.13
-2.22
2.02

369.13
366,. 9 1
368,.93

54
51
52

October
November
December

7 9 ..5
79.6
8 0 ..2

7 7 ..9
7 8 ..5
7 9 .. 1

100.06
100.74
104.53

92.56
93.02
96.52

81.32
79.47
84.68

-0.44
1.34
0.87

368.49
369..83
370..70

54
56
56

January
February
March

79.6
8 0 ..0
80.3

78.7
7 8 ..7
78.7

97.34
102.40
104.78

89.71
94.38
96.40

79.69
84.12
84.78

-3.28
-1.26
1.19

367..42
366,.16
367.35

55
52
55

April
May
June

80.2
8 0 ..4
8 0 .,8

79.1
7 9 .,3
79.8

107.64
107.92
108.77

98.93
99.01
99.70

83.80
83.47
85.72

4.55
5.26
4.24

371.,90
377.,16
381..40

57
60
57

July
August
September

8 1 .,5
8 1 . ,5
8 1 .,3

8 0 .,6
81.,1
8 1 .,2

109.94
106.99
109.68

100.49
97.44
99.34

84.03
83.87
85.94

6.04
2.58
1.30

387.,44
390.,02
391.,32

62
60
69

October
November
December

8 2 .,0
8 2 ..2
8 2 ..6

8 2 .,1
8 2 .,9
8 3 .,6

112.02
111.96
113.19

101.28
100.87
101.61

86.76
85.78
86.79

3.71
3.67
2.01

395.,04
398.,71
4 0 0 .,72

70
66
71

January
February
March

8 2 .,7
8 2 .,6
8 2 . ,7

83.0
8 2 .,3
82.4

113.07
114.16
113.06

100.78
101.56
100.41

83.26
85.44
85.35

3.94
4.33
0.32

404..66
408..99
409..31

68
66
69

April
May
June

8 2 .,9
8 3 ..3
8 3 ,.3

8 2 ..9
8 3 ,. 0
8 3 ,.2

116.84
115.37
0)125.44

103.39
rl01.74
0)110.13

85.78
0)r87.83
87.79

4.32
0.62
8.92

413,.62
414..24
423..16

62
66
70

0)83.9
8 3 ,. 8
p83.,8

0)r84.5
r 8 4 ,.3
p 8 4 ,.2

rll6.11
rl22.73
p117.70

rl01.76
rl07.28
pl02.17

r85.16
r87.49
p87.75

r426,.15
r431..05
0)p431.86

68
64

1987

1988

July
August
September

r2.99
r4.90
pO. 8 1

66

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

1

The following series reached their high values before 1986:

64




series 25 (9.31) and series 32 (72) in March 1984.

OCTOBER 1 9 8 8

I t C I I

CYCLICAL INDICATORS

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

C, C, C

C, C.C

Manufacturing and trade sales
56. Current
dollars

(Mil. do!.)

57. Constant
(1982) 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

Timing Class

Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

59. Constant
(1982) dollars

(Mil. dol.)

L, C, C

55. Personal
consumption
expenditures,
automobiles

L, L, L

58. Index of
consumer
sentiment x ( u )

(Ann. rate,
bil. dol.)

(IstQ
1966 = 100)

L, L, L

12. Index of
net business
formation

(1967 = 100)

L, L, L

13. Number of
new business
incorporations

(Number)

1986
January
February
March

426 ,129
419 ,385
414 ,543

412 ,651
410 ,176
409 ,478

123.6
122.9
121.4

117.,524
116.,599
1 1 6 s, 1 8 4

108,, 7 1 8
108., 9 7 1
109;,504

124! 1

95.6
95.9
95.1

1 1 9 ..3
120.,8
1 2 1 .,5

57,580
58,799
58,365

April
May
June

420 ,984
416 ,635
421 ,122

418 ,301
414 ,113
418 ,444

123.8
123.8
123.7

116.,905
118.,259
118.,314

110,, 8 1 0
111,, 6 7 0
111:,407

129! 2

96.2
94.8
99.3

122..4
1 2 0 ,.7
120.3

58,937
58,257
57,558

July
August
September

420 ,333
422 ,468
434 ,978

417,, 5 1 5
420 ,580
432;,602

124.5
125.0
123.6

118.,821
120.,308
127.,115

111,, 7 7 9
112;,754
[0)118,467

97.7
94.9
91.9

1 2 0 ,.7
119.3
120..4

58,002
56,541
58,002

October
November
December

426 ,853
427 ,284
438:,060

423,,097
424,, 3 2 0
433,, 4 2 0

124.8
125.0
126.6

120.,778
120.,470
126., 0 1 1

112,, 8 7 7
1 1 2 ,, 5 8 9
1 1 6 ,, 8 9 3

139! 8

95.6
91.4
89.1

119.7
1 1 8 ,.3
1 2 1 ,.9

57,410
56,924
0)65,318

January
February
March

425 ,169
442 ,039
442 ,633

420 ,569
434,, 8 1 2
433:,419

125.5
126.4
126.7

117.,246
123.,292
123.,680

1 0 8 ,, 3 6 0
1 1 3 ,, 4 2 4
113,, 0 5 3

120.i

90.4
90.2
90.8

118.1
1 2 0 ,.5
122.,0

55,071
58,868
60,248

April
May
June

444,, 3 0 0
446,, 8 9 7
451., 5 3 2

432,, 7 1 0
431 ,990
435:,135

125.5
127.3
127.2

124.,609
124.,797
126.,461

1 1 3 ,, 3 8 4
1 1 3 ,, 0 4 1
1 1 4 ,, 0 3 2

127!)

92.8
91.1
91.5

1 2 0 ,.7
119,.8
120.,3

57,736
56,627
r57,559

July
August
September

453,, 5 0 8
r458,,052
r463.,353

436,, 2 5 9
r438,,850
r442,,206

128.9
129.4
127.7

127.,122
r l 2 9 .,448
r l 2 8 . ,110

1 1 4 ,, 5 2 4
r l l 6 ,201
r l l 4 ,589

144! 4

93.7
94.4
93.6

120..4
121.5
122,.8

r57,500
57,767
57,697

October
November
December

463,, 2 5 7
461,, 2 4 4
464',394

440,, 9 8 0
437,, 6 2 9
439 ,754

129.0
129.4
129.8

126.,808
127,, 2 4 8
128.,615

1 1 3 ,, 1 2 0
1 1 3 ,, 4 1 2
1 1 4 :, 6 3 0

128!o

89.3
83.1
86.8

121.,8
122.,8
1 2 3 .,2

55,508
55,901
54,451

January
February
March

464 ,772
468 ,675
476 ,922

440 ,040
444 ,041
449:,906

131.2
131.3
131.2

128.,769
130,, 1 2 1
132,, 2 5 9

1 1 4 ,, 7 6 7
116 , 4 9 1
1 1 7 :, 7 7 3

133! 9

90.8
91.6
94.6

1 2 4 . ,2
1 2 4 .,5
1 2 5 .,3

55,782
57,574
60,426

April
May
June

477 , 7 6 8
481 ,874
488 ,787

448 ,136
448 ,952
452 ,240

131.9
132.7
133.0

131,,717
132,,833
133,,617

1 1 6 ,, 6 6 7
1 1 7 ,, 1 3 7
1 1 7 :, 5 1 7

139! 8

91.2
94.8
94.7

1 2 2 .,8
1 2 4 . ,2
1 2 3 . ,5

54,821
58,379
r54,908

r489.,235
0>p494,699
(NA)

r449,,877
0>p453,O52
(NA)

rl34.1
0)rl34.6
pl34.2

[H>rl34,342
r l 3 4 . ,180
pl33,661

r l l 7 , ,741
r l l 7 , ,290
pi16,227

93.4
97.4
97.3

r l 2 2 , .7
r l 2 3 , .3
0 ) p l 2 5 , .8

p57,275
(NA)

[0)151

1987

1988

July
August
September

pl40.2

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
1

Series 58 reached its high value (101.0) in March 1984.

OCTOBER 1 9 8 8




65

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for
plant and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

(Bil. dol.)

L, L, L

Manufacturers' new orders,
nondefense capital goods industries

20. Constant
(1982) dollars

10. Current
dollars

L, L, L

(Bil. dol.)

24. Current
dollars

L, C, U

9. Construction contracts awarded for
commercial and industrial buildings 1 2

27. Constant
(1982) dollars

(Bil. dol.)

U, Lg, U

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space 3

(Millions)

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

C, Lg, Lg

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations 2

(Bil. dol.)

1986
January
February
March

30.19
32.52
31.14

32.16
35.95
33.88

25.70
27.36
26.84

28.13
31.33
30.05

72.89
82.65
73.01

6.77
7.68
6.78

2 3 ! 39

April
May
June

30.64
30.10
30.29

32.90
32.88
33.67

25.86
25.67
25.61

28.66
28.95
29.53

82.17
78.06
76.57

7.63
7.25
7.11

19.99

July
August
September

30.64
30.02
31.05

33.22
33.15
33.81

26.07
25.53
26.35

29.18
29.18
29.66

73.43
76.48
76.51

6.82
7.10
7.11

20.' 2 0

October
November
December

31.76
32.03
33.50

34.03
35.11
36.56

27.31
27.31
28.36

30.07
30.91
31.97

73.54
83.00
76.45

6.83
7.71
7.10

22.10

January
February
March

31.71
32.18
31.91

34.45
35.41
35.08

27.20
27.28
26.88

30.47
31.10
30.66

80.75
73.72
77.18

7.50
6.85
7.17

2l!44

April
May
June

33.44
34.97
35.54

37.33
38.97
39.40

28.73
30.63
29.75

33.19
35.17
34.35

78.14
76.74
84.28

7.26
7.13
7.83

32.26

7.87
7.87
7.99

29.56

92.22

85.77

8o!n

69.72

1987

69.17

74.64

July
August
September

37.50
34.89
r34.54

41.82
39.17
r39.15

32.28
29.85
29.39

37.29
34.81
34.69

84.76
84.70
85.96

October
November
December

35.03
35.17
37.96

39.88
39.62
42.40

30.22
30.66
33.03

35.70
35.73
38.14

82.21
75.90
84.37

7.64
7.05
7.84

35.91

January
February
March

37.67
38.90
36.40

42.89
43.91
41.35

33.87
33.82
31.92

39.63
39.59
37.56

69.43
91.89
73.91

6.45
8.54
6.87

r30.85

April
May
June

37.76
36.04
40.19

r43.77
r41.54
r45.67

33.75
31.52
35.46

40.33
37.72
41.68

69.80
69.98
75.49

6.48
6.50
7.01

B>p39.'68

r40.56
0>r43.65
p38.39

r46.00
0>r49.24
p42.60

r36.21
0>r38.71
p34.09

r42.34
[H>r45.09
p38.99

81.82
76.46
75.29

7.60
7.10
6.99

(NA)

.r.

74.55

78.06

1988

July
August
September

r78.71

p86.54

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
lr

This is a copyrighted series used 2by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division. The following series reached their high values before 1986: series 9 (93.19 square feet and 8.66
square meters) in September 1985, and series 97 (99.88) in 2d quarter 1985. Converted to metric units by the Bureau of Economic Analysis.

66




O C T O B E R 1 9 8 8 ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process
Timing Class

C, Lg, Lg

C, Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

61. Current
dollars
(Ann. rate,
bil. dol.)

100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

C, Lg, Lg

69. Machinery
and equipment
sales and
business
construction
expenditures
(Ann. rate,
bil. dol.)

C, Lg, U

C, Lg, C

76. Index of
industrial production, business equipment

(1977 = 100)

C, Lg, C

Lg, Lg, Lg

Gross private nonresidential
fixed investment in 1982 dollars

28. New private housing
units started 1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

86. Total

87. Structures

1

L, L, L

(Ann. rate,
thous.)

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits 1
(1967 = 100)

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars

(Ann. rate,
bil. dol.)

1986
January
February
March

381!33

384.62

392.50
399.19
393.40

142.1
141.3
139.2

446.8

145.1

301.7

1,938
1,869
1,873

147.3
140.9
141.9

185 !5

April
May
June

377!91

375!87

395.79
384.77
391.06

139.6
138.6
137.2

432 !8

126.7

306.1

1,947
1,847
1,845

148.2
143.3
142.7

195 !7

July
August
September

375.66

369!2i

385.28
387.20
381.72

139.4
139.1
139.6

425 ! 6

121*7

303.9

1,789
1,804
1,685

141.9
137.6
134.4

199 !o

October
November
December

383.05

375!34

391.92
388.64
394.05

139.4
138.8
139.5

427.3

123! 8

303.5

1,683
1,630
1,837

133.6
131.1
151.8

January
February
March

376!73

370.67

380.86
390.75
389.03

138.6
141.7
141.9

418! 2

121.0

297 .2

1,804
1,809
1,723

134.9
134.6
134.1

198! 4

April
May
June

380.66

374!67

394.44
393.13
402.72

142.1
141.7
144.2

434.8

120.9

313.8

1,635
1,599
1,583

127.3
119.9
122.7

197.6

July
August
September

3 9 4 ! 54

391]i8

412.08
411.20
424.48

145.6
145.6
146.3

462.8

128.0

334! 7

1,594
1,583
1,679

120.4
120.7
119.7

192.1

October
November
December

406.82

403.05

416.93
416.55
423.85

148.7
148.3

4 6 4 ."8

132 ! l

332.7

1,538
1,661
1,399

115.9
116.3
109.4

192! 7

0)199!7

1987

149.8

1988
January
February
March

412.02

408.91

430.32
429.21
436.50

151.2
152.4
153.3

473^4

124.0

349! 4

1,382
1,519
1,529

99.5
114.0
117.7

189.5

0)426.94

0)425!ii

r442.03
r451.37
r452.12

154.6
156.9
rl58.1

490.2

125.0

365.1

1,584
1,393
1,465

115.6
114.5
119.1

189.6

July
August
September

3440^42

a438!83

r453.81
0)p455.68
(NA)

rl59.4
rl60.3
0)pl61.0

pl25! 5

0)p37O.'3

r l ,477
rl,431
pl ,453

113.2
116.7
111.2

pl90.'2

October
November
December

a444!40

a444!53

April
May
June

0)p495

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

'The following series reached their high values before 1986:
(158.5) in February 1984.

OCTOBER 1 9 8 8




series 87 (151.4) in 2d quarter 1985, and series 28 (2,260) and series 29

67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

{ J

Minor Economic
Process

Inventory Investment

Timing Class

Year
and
month

INVENTORIES AND INVENTORY INVESTMENT

L, L , L

L, L, L

L, L , L

30. Change in
business inventories in 1982
dollars 1

(Ann. rate,
bil. dol.)

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars 1
Actual

Inventories on Hand and on Order

Smoothed2

31. Change
in mfg. and
trade inventories

L, L, L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

70. Constant
(1982) dollars

Lg, Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars

L, Lg, Lg

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

24 56
27 68
52 16

15.84
20.58
29.61

9. 0
-3. 6
22 1

-0.60
1.35
-0.82

656..91
656..62
658..46

639.74
641.72
646.48

105.25
104.86
104.60

0)1.58

238.30
239.65
238.83

(Ann. rate,
bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Ratio)

(Bil. dol.)

1986

1,. 5 5
1,. 5 6

January
February
March

45.7

April
May
June

23.6

25 76
- 4 0 28
10 64

35.00
23.87
5.63

7.2
-30. 7
8 8

-1.21
-1.01
-1.15

659,.06
656..50
657..24

649.07
647.07
648.17

104.54
104.34
103.52

1,. 5 5
1,. 5 6
1,. 5 5

237.62
236.61
235.46

July
August
September

3.0

2 1 .,02
- 2 0 .,50
- 2 1 .,92

-2.08
0.42
-1.71

30. 0
-9. 1
-18. 2

-0.58
-0.70
1.24

659..74
658..98
657..46

650.88
649.15
646.21

103.92
103.36
102.43

1,. 5 6
1.. 5 4
1.. 4 9

234.89
234.19
235.43

October
November
December

-1CL5

1 9 .. 8 1
- 8 ..17
1.94

-7.34
-5.48
0.55

25. 3
-6. 2
-47. 8

-0.86
0.91
1.92

659.,57
659..05
655,. 0 6

647.49
646.69
644.74

102.42
103.44
102.60

1.. 5 3
1.. 5 2
1., 4 9

234.57
235.47
237.40

January
February
March

2 9 .'8

3 4 ,. 8 7
7 ,. 3 3
46.87

7.04
12.13
22.20

74. 2
19. 2
37. 7

-1.06
-0.59
1.82

661..25
662.85
665.99

649.35
649.72
651.98

103.41
103.02
103.23

1,. 5 4
1.. 4 9
1 ,. 5 0

236.33
235.74
237.56

April
May
June

2 ^ 8

1 9 ,. 9 0
54.35
4 6 ,. 3 6

27.20
32.54
40.29

26. 5
r 7 6 . ,0
r 3 8 . .9

2.82
1.09
2.71

668..20
r674,.54
677.,78

652.61
656.22
657.99

102.94
103.23
102.57

1,. 5 1
1,. 5 2
1,. 5 1

240.38
241.47
244.17

July
August
September

13.0

3 3 .. 6 6
- 5 ,.96
4 6 ..16

42.50
34.74
24.65

r 4 0 .,1
r l 3 . .1
r 5 4 .,1

2.76
1.75
2.20

r681 .12
r682.21
686..72

659.44
658.09
660.52

103.84
104.66
104.04

1,. 5 1
1,. 5 0
1 ,. 4 9

246.94
248.68
250.88

October
November
December

67

A

8 2 ..87
4 3 ,. 5 0
6 4 ,. 8 6

32.82
49.27
60.63

0)97.1
70. 5
79. 7

2.18
1.02
1.04

694..81
700..69
707..33

666.42
669.88
674.91

105.04
105.86
106.82

1 ,. 5 1
1,. 5 3
1,. 5 3

253.06
254.08
255.11

January
February
March

66'.0

4 0 ,. 5 6
4 7 ,. 5 9
1 1 .. 3 8

56.69
50.32
42.09

51. 1
37. 9
30.0

3.81
0.25
1.32

711.,59
714..75
717.25

679.86
683.23
684.90

107.42
108.16
108.08

1,. 5 5
1,. 5 4
1,. 5 2

258.92
259.18
260.49

April
May
June

35.3

5 .. 0 5
r23.10
r l 7 . ,93

27.26
rl7.26
rl4.27

45. 2
r52. 4
r66.4

2.52
2.83
2.21

721.,02
r 7 2 5 . 38
r 7 3 0 . 92

686.17
687.95
689.75

108.09
108.43

263.01
265.83

109.02

1,. 5 3
1,. 5 3
1,. 5 3

268.04

rl5.38
pl3.97
(NA)

r59. 7
p69. 8
(NA)

r l .43
0)p3.92

r 7 3 5 . 89
0)p741.71
(NA)

r690.41
0)p692.33
(NA)

rl09.82
0)pllO.71
(NA)

1.. 5 3
p i .,53
(NA)

r269.47
0)p273.39
(NA)

1987

1988

July
August
September

p33!8

r 5 .,16
pl4.52
(NA)

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
lr

The following series reached their high values before 1986: series 30 (83.4) in 1st quarter 1984, series 36 actual (91.94) in February
2
1984, and series 36 smoothed (79.42) in May 1984. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the
terminal month of the span.

68




OCTOBER 1 9 8 8

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

PRICES< C0STS' AND PR0FITS

Minor Economic
Process
Timing Class

Year
and
month

Stock
Prices

Sensitive Commodity Prices

L, L, L

98. Change in
producer prices
for sensitive
crude and
intermediate
materials 1
(Percent)

23. Index of
spot market
prices, raw
industrial,
materials 2 ( u )

(1967 = 100)

L, L, L

L, L, L

U, L, L

99. Change in sensitive materials
prices
Smoothed 3

Actual

(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

(1982) dollars1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, C , L

L, C.L

Corporate profits after tax
with IVA and CCAdj *
79. Current
dollars
(Ann. rate,
bil. dol.)

80. Constant

(1982) dollars
(Ann. rate,
bil. dol.)

L, L , L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income 1
(Percent)

1986

0.37
-0.92
0.93

236.9
233.3
223.1

0.29
-0.68
-0.99

-0.05
-0.05
-0.28

208.19
219.37
232.33

123.2

11317

0)20416

0)19616

4I4

1.29
0.82
0.45

219.9
221.3
225.0

0.00
0.50
0.69

-0.51
-0.36
0.12

237.98
238.46
245.30

125^4

11516

19212

18119

4l8

July
August
September

0.99
-2.14
1.18

227.6
212.0
221.2

0.69
-2.83
1.71

0.51
0.07
-0.31

240.18
245.00
238.27

132! 6

120l7

193.3

180.7

4l9

October
November
December

1.17
1.16
-0.18

235.5
243.7
247.5

2.27
1.35
0.38

0.12
1.08
1.56

237.36
245.09
248.61

137! 9

12419

17916

16611

5ll

0.35
0.26
0.88

252.8
247.2
246.3

0.76
-0.57
0.19

1.08
0.51
0.16

264.51
280.93
292.47

135.5

12115

172.0

157.6

i'.S

-0.26
2.52
1.78

253.8
272.6
276.4

0.85
0)3.00
1.00

0.14
0.75
1.48

289.32
289.12
301.38

14lli

12517

17216

15716

616

July
August
September

1.92
1.55
3.38

284.2
288.3
292.4

1.53
0.98
1.58

0)1.73
1.51
1.27

310.09
0)329.36
318.66

149! 5

133*. 2

182 li

165^8

512

October
November
December

2.57
1.44
0.07

294.6
292.0
293.1

1.13
0.26
0.17

1.30
1.11
0.76

280.16
245.01
240.96

14517

12812

17919

I62I4

4l7

0.67
0.52
1.11

292.5
288.9
292.3

0.17
-0.17
0.77

0.36
0.13
0.16

250.48
258.13
265.74

149^4

13ll2

17913

161.3

5l3

143 li

183.2

163.7

515

(NA)

(NA)

(NA)

January
February
March
April
May
June

1987
January
February
March
April
May
June

1988
January
February
March
April
May
June

rO.
rO.

-1.02
15
15

297.3
301.6
309.5

0.08
r0.51
r0.76

0.24
r0.34
r0.45

262.61
256.12
270.68

0)16217

July
August
September

1.69
-0.07
-0.07

309.0
0)309.9
306.4

0.58
0.08
-0.33

0.53
r0.54
0.29

269.05
263.73
267.97

(NA)

October
November
December

5

6

304.2

(NA)

276.05

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
x

The following series reached their high values before 1986: series 98 (3.55) in July 1983; and series 18 (149.4) and series 22 (6.9) in
2
1st quarter 1984. This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity
3
6
Research Bureau, Inc. See footnote 2 on page 68. "See footnote 1 on page 70. 'Average for October 3 through 25. Average for October
5, 12, 19, and 26.

ItCII O C T O B E R 1 9 8 8



69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

PRICES, COSTS, AND PROFITS-Continued

Minor Economic
Process

Profits and Profit Margins—Continued

Timing Class

U, L , L

L, L, L

Cash Flows

L, L, L

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

(Percent)

Year
and
month

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income 1 2

(Cents)

(1977 = 100)

H>100.1

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

L, L, L

Unit Labor Costs and Labor Share

L, L, L

Corporate net cash flow
34. Current
dollars
(Ann. rate,
bil. dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

35. Constant
(1982) 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, Lg

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

Actual data
as a percent
of trend

(1977 = 100)

(Percent)

64. Compensation of employees as a
percent of national income

(Percent)

1986
January
February
March

8^4

3.7

April
May
June

8.'i

4.3

July
August
September

7! 9

October
November
December

373.7

375.7

163.3

0.710

136.7
137.2
0)140.2

99.6
100.0
0)102.2

99.9

373.1

374.3

164.9

0.717

137.5
138.1
138.3

100.2
100.7
100.8

72.6

3.3

99.7

379! 6

380! 5

167.3

0.722

137.5
138.1
138.2

100.2
100.7
100.7

73.0

7! 2

3.5

98.5

386! 2

385! 7

169.6

0.725

139.2
138.0
136.9

101.5
100.6
99.8

January
February
March

6.5

4.6

98.8

385! 9

386! 4

170.5

0.730

138.1
137.6
137.9

100.7
100.3
100.5

73!6

April
May
June

6.5

4.9

99! 4

393! 9

393! 8

170.8

0.730

136.9
136.6
136.2

99.8
99.6
99.3

73!6

July
August
September

6.7

5.5

99.9

404! 2

404! 3

171.1

0.729

135.2
135.8
137.4

98.5
99.0
100.1

72.9

October
November
December

6.2

4.4

99.1

402! 4

402.6

173.5

0.738

136.4
136.5
135.6

99.4
99.5
98.8

72! 9

January
February
March

6 ^

M>6.3

99.1

407! 3

405!6

173.5

0.736

135.9
136.4
137.9

99.1
99.4
100.5

73! i

April
May
June

6.4

p5.8

98* 7

0)42o!8

0)418!7

[H>176.*7

0)0.747

136.8
136.4
137.2

99.7
99.4
100.0

73.2

(NA)

(NA)

(NA)

(NA)

(NA)

rl36.7
136.6
pl37.4

r99.6
99.6
plOO.l

(NA)

72! 8

0)73

.*4

1987

1988

July
August
September

(NA)

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.

1
2

I V A , inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series 81 reached its high value (8.6) in 3d quarter 1985.

70



OCTOBER 1988 ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

MONEY AND CREDIT

Minor Economic
Process

Money

Timing Class

Year
and
month

L, L , L

85. Change
in money
supply M l

(Percent)

L, C, U

102. Change
in money
supply M 2 1

(Percent)

L, L , L

104. Change
in total liquid
assets 1

(Percent)

Velocity of Money

L, L,L

L, L, L

105. Money
supply M l in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Bil. dol.)

(Bil. dol.)

C, C, C

107. Ratio,
gross national
product to
money supply
Ml1

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M21

(Ratio)

L, L, L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies 1
(Ann. rate,
bil. dol.)

L, L, L

112. Net change
in business loans

(Ann. rate,
bil. dol.)

1986
January
February
March

0.26
0.56
1.41

0.35
0.44
0.79

0.69
0.62
0.63

546.8
551.3
562.1

2,261.7
2,277.7
2,307.9

6.667

1.337
1.340
1.338

-23.17
57.40
43.56

62.84
-32.09
-14.94

April
May
June

1.14
1.64
1.47

0.93
0.95
0.94

0.68
0.70
0.63

569.4
577.7
583.2

2,333.5
2,351.4
2,361.0

6.459

1.338
1.325
1.315

52.58
30.83
(NA)

-56.35
20.84
-7.87

July
August
September

1.44
1.45
1.01

0.95
0.84
0.66

0.78
0.66
0.70

591.5
599.0
603.5

2,383.5
2,399.2
2,408.8

6.281

1.307
1.301
1.298

-7.43
40.57
-15.14

October
November
December

1.09
1.65
0)2.69

0.82
0.60
0.90

0.47
0.52
0.72

609.0
618.0
633.0

2,424.2
2,434.5
2,450.0

6.072

1.294
1.292
1.291

24.23
20.02
93.40

January
February
March

0.83
-0.01
0.40

0.71
0.05
0.18

0.70
0.30
-0.03

633.8
631.0
630.8

2,450.3
2,441.0
2,434.9

5.997

1.288
1.302
1.307

0)126.83
-19.49
-33.82

April
May
June

1.43
0.24
-0.59

0.46
0.06
0.09

0.38
0.67
0.35

637.0
636.4
631.0

2,435.6
2,428.8
2,424.7

6.024

1.308
1.311
1.314

3.54
-5.56
-7.10

0.20
0.39
0.13

0.23
0.40
0.40

0.07
0.55
0.62

630.7
630.5
629.2

2,424.1
2,423.4
2,424.9

6.124

1.322
1.326
1.326

-51.73
-34.25
22.25

1.16
-0.46
-0.25

0.48
0.07
0.16

0.68
0.26
0.02

634.4
629.9
627.2

2,428.3
2,423.8
2,423.6

6. i91

1.346
1.341
1.358

38.02
5.00
61.02

January
February
March

1.07
0.09
0.45

0.83
0.72
0.72

0.86
r0.72
0.60

631.8
631.3
631.0

2,435.6
2,449.0
2,454.5

6.213

1.341
1.340
1.343

54.84
65.56
10.39

April
May
June

0.94
0.01
0.82

0.79
0.38
0.48

0.96
r0.68
r0.32

633.8
631.8
634.9

2,461.6
2,462.8
0)r2,466.5

6.246

1.338
1.339
1.341

118.04
10.86
rl7.81

r0.75
r0.03
p-0.01

r0.31
0.19
pO.lO

r0.96
p0.44
(NA)

0)637.1
634.6
p632.5

r2,464.1
r2,458.9
p2,453.4

p6.262

rl.345
rl.347
pi.352

r20.35
rll.ll
p-37.06

1987

July
August
September
October
November
December
1988

July
August
September
October
November
December

2

0.04

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
lr

The following series reached their high values before 1986: series 102 (2.66) in January 1983, series 104 2 (1.20) in March 1984, series
107 (7.035) in 4th quarter 1984, series 108 (1.373) in March 1984, and series 33 (143.70) in September 1984. Average for weeks ended
October 3, 10, and 17.

OCTOBER 1 9 8 8




71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

MONEY AND CREDIT—Continued

Minor Economic
Process

Credit Flows—Continued

Timing Class

Year
and
month

L, L, L

113. Net change
in consumer
installment
credit 1

(Ann. rate,
bil. dol.)

L, L, L

111. Change in
business and
consumer credit
outstanding1

(Ann. rate,
percent)

Credit Difficulties

L, L, L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets 1
(Ann. rate,
mil. dol.)
Revised

1986

L, L, L

14. Current
liabilities of
business
failures1©

(Mil. dol.)

Bank Reserves

L, L, L

39. Percent
of consumer
installment
loans delinquent 30 days
and over 1
(Percent)

Interest Rates

L, U, U

L, Lg, U

93. Free
reserves1©

94. Member
bank borrowings from the
Federal
Reserve1©

(Mil. dol.)

(Mil. dol.)

L, Lg, Lg

119. Federal
funds r a t e 1 ©

(Percent)

C, Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury b i l l s 1 ©

(Percent)

2

January
February
March

75 25
78 84
35.45

12.4
5.6
4.7

437,744

3, 238. 9
3, 252. 2
3, 278. 8

2 . 27
2 . 29
2. 41

341
214
135

770
884
761

8.14
7.86
7.48

7.04
7.03
6.59

April
May
June

60.43
59 93
51 44

2.2
7.7
3.6

564,904

1, 766. 8
3 572. 8
3s 467. 6

2 . 44
2 . 52
2 . 53

-92
-38
127

893
876
803

6.99
6.85
6.92

6.06
6.12
6.21

July
August
September

6 2 .. 6 9
5 4 ., 2 5
7 3 .. 0 9

6.4
6.9
3.7

742,608

7 ,, 4 6 4 . 6
2 ,, 7 4 8 . 4
5 ,, 1 2 6 . 7

2 . 22
2 . 33
2 . 24

169
-132
-282

741
872
1,008

6.56
6.17
5.89

5.84
5.57
5.19

October
November
December

7 5 ,. 3 5
2 1 ,. 7 2
0 .. 5 0

8.6
4.7
13.3

755,360

2 ., 8 7 0 . 8
2 ., 1 7 0 . 2
4 ,, 3 2 6 . 8

2 . 25
2 .,34
2 ., 26

-96
225
542

841
752
827

5.85
6.04
6.91

5.18
5.35
5.49

- 1 0 .,39
3 1 .,74
2 2 .,08

7.0
1.9
2.1

3 ,, 3 5 1 . ,9
3 ,, 6 3 6 . 6
3 ., 3 5 7 . 6

2 ,. 4 3
2 ,. 4 0
2 ,. 2 8

488

381,680

656
388

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

April
May
June

5 5 .,44
1 3 .,93
7 9 .,74

6.7
4.6
7.9

606,320

3 ,201 .2
p2,872.4
p 2 , 7 4 2 , ,3

2 ,. 3 6
2 ,. 4 3
2 ,. 3 5

-166
44
414

993
1,035
776

6.37
6.85
6.73

5.76
5.75
5.69

July
August
September

6 7 .,61
5 6 .,14
5 7 .,46

1.6
4.1
8.9

562,548

p2 , 1 4 2 , .7
Pi ,907 .4
p2,026.2

2 ,, 3 4
2 ,. 3 7
2 ,. 3 5

89
385
-147

672
647
940

6.58
6.73
7.22

5.78
6.00
6.32

October
November
December

4 7 ., 3 9
2 1 ., 5 9
5 1 .,54

9.1
5.8
11.4

613,652

P3 , 1 5 1 . . 6
p i , 6 1 0 , .6
p5 , 5 1 2 , . 2

2 .. 6 6
2 ., 5 4
2 .,47

186
298
252

943
625
777

7.29
6.69
6.77

6.40
5.81
5.80

January
February
March

74.83
60 .42
62. 29

13.2
10.1
r6.3

p4,101 .8
477,440

2 .44
2 .32
2 .19

213
737
-823

1,082
396
1,752

6.83
6.58
6.58

5.90
5.69
5.69

April
May
June

46.,21
35 . 7 8
96 . 6 4

12.5
6.2
rlO.O

p600,280

2 .31
2.32
2 .34

-2,134
-1,538
-2,195

2,993
2,578
3,083

6.87
7.09
7.51

5.92
6.27
6.50

r43.45
p65.26
(NA)

r7.9
pl0.6
(NA)

(NA)
(NA)

-2,433
r-2,288
p-1,857

3,440
3,241
p2,839

7.75
8.01
8.19

6.73
7.02
7.23

8.30

"7.34

1987
January
February
March

1988

July
August
September
October
November
December

p4,093.3
p3,370.9
p2,892 .8
(NA)

3

See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
l

T h e following series reached their high values before 1986:
s e r i e s 1 1 3 ( 1 3 2 . 0 8 ) in S e p t e m b e r 1 9 8 5 ; s e r i e s 1 1 1 ( 2 2 . 6 ) in J u n e 1 9 8 4 ; s e r i e s 1 1 0 ( 9 2 7 , 3 2 4 ) i n 4 t h q u a r t e r 1 9 8 5 ; s e r i e s 1 4 ( 8 2 9 . 2 ) i n J u l y 1 9 8 3 ; s e r i e s 3 9 ( 1 . 7 8 ) in F e b r u a r y 1 9 8 4 ; a n d s e r i e s 9 3 ( - 7 , 3 2 8 ) , s e r i e s
2
3
94 ( 8 , 0 1 7 ) , s e r i e s 119 ( 1 1 . 6 4 ) , a n d s e r i e s 114 ( 1 0 . 4 9 ) i n A u g u s t 1 9 8 4 .
S e e "New Features and Changes for This Issue," page iii.
Average
for w e e k s e n d e d O c t o b e r 5 , 12, 1 9 , and 2 6 .
"Average for weeks ended October 6, 13, 20, and 27.
7 2




OCTOBER 1988

I t C I I

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

MONEY AND CREDIT-Continued

Minor Economic
Process
Timing Class

Year
and
month

Outstanding Debt

Interest Rates—Continued

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

116. Yield on
new issues of
high-grade
corporate
bonds1©

115. Yield on
long-term
Treasury
bonds1©

117. Yield on
municipal
bonds, 20bond average1©

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
on FHA

67. Bank rates
on short-term
business
loans1©

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks1©

66. Consumer
installment
credit outstanding

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

101. Constant
(1982) dollars

mortgages 1 ©
(Percent)

(Percent)

(Percent)

(Percent)

1986

(Percent)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

Lg, Lg, Lg

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

(Percent)
10.33
9.76
8.95

9.51
9.07
8.13

8 08
7 44
7 08

10 78
10 59
9.77

9.29

9 ,. 5 0
9 ,. 5 0
9 ,. 1 0

524 ,025
530 ,595
533 ,549

353,,832
351,, 1 5 8
349:,913

342,, 8 6 0
345,, 2 8 8
348,,866

15.24
15.34
15.32

April
May
June

8.71
9.09
9.39

7.59
8.02
8.23

7 20
7 54
7 87

9.80
10.07
9 98

8.13

8 ,. 8 3
8 ,. 5 0
8 ,. 5 0

538 ,585
543,579
547 ,866

345,, 2 1 7
346 ,954
346 ,298

346,, 6 0 3
346,, 9 5 4
346:,645

15.32
15.47
15.56

July
August
September

9.11
9.03
9.28

7.86
7.72
8.08

7 ,. 5 1
7 ,. 2 1
7 ,. 1 1

1 0 ,. 0 1
9 ,. 8 0
9 ,. 9 0

i V n

8 .. 1 6
7 ,. 9 0
7 ,. 5 0

553,, 0 9 0
5 5 7 ,, 6 1 1
563 ,702

345,, 6 7 9
349,, 0 6 0
347:,798

347,,766
351,, 5 2 1
349,,897

15.66
15.73
15.83

October
November
December

9.29
8.99
8.87

8.04
7.81
7.67

7 .. 0 8
6 ,. 8 5
6 ,. 8 6

9 ,. 8 0
9 ,. 2 6
9 ,. 2 1

1 2 8

7 ,. 5 0
7 ,. 5 0
7 ,. 5 0

569,, 9 8 1
571 ,791
571 ,833

349,,817
351,,485
359,, 2 6 8

350,,870
352,,189
360,,349

15.92
15.90
15.78

January
February
March

8.59
8.58
8.68

7.60
7.69
7.62

6 .. 6 1
6 .. 6 1
6 .. 6 6

8 ,. 7 9
8.81
8 ,. 9 4

7! 46

7 .. 5 0
7 ,, 5 0
7 .. 5 0

570,, 9 6 7
573,, 6 1 2
575,, 4 5 2

369,,837
368,, 2 1 3
365,,395

0)367,997
364,,567
361,,062

15.68
15.57
15.54

April
May
June

9.36
9.95
9.64

8.31
8.79
8.63

7 .. 5 5
8 ,. 0 0
7 ,. 7 9

10.02
1 0 ,. 6 1
1 0 ,. 3 3

8 ! 24

7 ,. 7 5
8 .. 1 4
8 ..25

580,, 0 7 2
581,, 2 3 3
587:,878

365,, 6 9 0
365 ,227
364 ,635

358,, 8 7 1
355,, 9 7 2
354:,015

15.57
15.56
15.69

July
August
September

9.70
10.09
10.63

8.70
8.97
9.58

7 ,. 7 2
7 .. 8 2
8 .,26

1 0 .. 3 8
1 0 .. 5 5
1 1 ., 2 2

8 ! 20

8 .,25
8 .,25
8 .,70

593,, 5 1 2
598,, 1 9 0
602:,978

360 ,324
357,, 4 7 0
359,, 3 2 4

348 ,139
344,, 3 8 3
346,, 5 0 3

15.71
15.73
15.78

October
November
December

10:09

10.80

8 ..70
7 ., 9 5
7 ., 9 6

1 0 ., 9 0
1 0 .,76
1 0 .,63

8^47

10.22

9.61
8.99
9.12

9 .,07
8 .,78
8 .,75

606 ,927
608,,726
613,,021

362,, 4 9 2
362,, 9 0 9
367 ,994

348,, 2 1 5
348,, 2 8 1
353;,161

15.57
15.67
15.56

9.81
9.43
9.68

8.82
8.41
8.61

7 ., 6 9
7 ., 4 9
7 .,74

1 0 .,17
9 ., 8 6
1 0 .,28

8 . 75
8.37

8. 51
8 . 50

619,,258
624 ,294
629:,485

372 ,564
378 ,027
378 ,893

356,, 1 8 0
360 ,713
361 ,194

15.79
15.82
15.79

April
May
June

9.92
10.25
10.08

8.91
9.24
9.04

7 ,. 8 1
7 .. 9 1
7 ,. 7 8

10.46
1 0 .. 8 4
1 0 ., 6 5

8.49

8 . 50
8.84
9 .,00

633 ,336
636.,318
644,,372

388 ,730
389 ,635
r391 ,119

367 ,420
365,, 8 5 4
r364 ,170

15.83
15.82
15.93

July
August
September

10.12
10.27
10.03

9.20
9.33
9.06

7 ,. 7 6
7 .79
7.66

1 0 ,. 6 6
1 0 ,. 7 4
10.58

9! 75

9 .,29
9 .,84
10.00

r 6 4 7 , ,993
0)p653,431
(NA)

r392 ,815
H)r393,741
p390,653

r364 ,392
r364 ,575
p361,381

rl5.92
0)pl6.OO
(NA)

October
November
December

2

January
February
March

1987

1988
January
February
March

9.86

2

8.90

3

7.46

Mo., 0 0

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
x

The following series reached their high values before 1986: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
2
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 4 109 (13.00) in August 1984. Average for weeks ended
3
October 7, 14, 21, and 28. Average for weeks ended October 6, 13, 20, and 27. Average for October 1 through 28.

OCTOBER 1 9 8 8




73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Q

Year

950. Eleven leading
indicator components
(series 1, 5, 1, 19, 20,
29, 32, 36, 99, 106, 111)

951. Four roughly
coincident indicator
components (series
4 1 , 4 7 , 5 1 , 57)

DIFFUSION INDEXES

952. Six 1
aggiiig
indicator components
(series 62, 77, 91, 95,
101, 109)

month

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 2

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

1986
January
February
March

59. 1
45. 5
59. 1

59 1
50 0
54 5

75 0
75 0
50 0

100 0
75 0
75 0

58. 3
75. 0
66. 7

5 0 ..0
6 6 ..7
5 0 ,.0

32.5
17.5
80.0

80.0
50.0
37.5

58.8
52.9
64.7

49. 0
3 9 . ,2
5 1 . ,0

5 7 .,0
4 7 .,3
4 9 . ,5

48.1
47.3
43.8

April
May
June

63. 6
50. 0
59. 1

54 5
63 6
63 6

100 0
25 0
37 5

75 0
75 0
100 0

0 .,0
6 6 . ,7
3 3 .,3

4 1 ..7
5 0 ,.0
3 3 ,. 3

45.0
42.5
45.0

65.0
50.0
40.0

25.5
74.5
56.9

5 6 . ,9
5 6 .,9
6 7 . ,6

5 0 .,8
5 1 .,9
4 6 .,8

42.7
43.2
47.0

July
August
September

59. 1
50. 0
50. 0

68 2
72 7
9 0 .,9

87 5
100 0
7 5 .,0

75 0
100 0
100,.0

5 0 .,0
5 0 .,0
4 1 . ,7

5 0 ,. 0
41 .7
50 .0

40.0
80.0
65.0

75.0
55.0
67.5

34.3
78.4
17.6

9 2 ,.2
4 5 ,. 1
90 .2

5 1 .,9
5 4 .,1
51.4

46.5
50.0
55.9

October
November
December

54. 5
81. 8
8 1 .,8

7 2 . ,7
8 1 .,8
9 0 .,9

7 5 ..0
8 7 .,5
100,.0

7 5 ,.0
100..0
100..0

9 1 .,7
4 1 .,7
2 5 .,0

7 5 ,. 0
3 3 ,. 3
5 8 ,. 3

47.5
77.5
45.0

90.0
77.5
55.0

71.6
80.4
7.8

70 .6
7 0 ,. 6
9 4 ,. 1

5 3 .,0
5 8 .,9
5 8 .,9

53.2
55.9
58.4

January
February
March

3 6 ..4
4 5 . .5
63.6

7 2 . ,7
7 2 . ,7
63 .6

2 5 ,.0
100,.0
5 0 ,. 0

100,.0
1 0 0 ,. 0
5 0 ,. 0

6 6 .,7
2 5 .,0
2 5 .,0

50 .0
5 8 ,.3
50.0

72.5
72.5
22.5

70.0
75.0
85.0

88.2
35.3
52.0

6 9 ,.6
82 .4
78 .4

5 0 .,8
5 9 .,2
6 1 .,1

64.6
64.3
63.0

April
May
June

4 0 ,. 9
4 5 . ,5
- 5 9 ., 1

7 2 .,7
6 3 .,6
7 2 . .7

6 2 ..5
5 0 ,. 0
8 7 ..5

1 0 0 ,. 0
1 0 0 ,. 0
1 0 0 ,. 0

75. 0
5 0 .,0
5 8 ,.3

50 .0
66 .7
5 0 ,. 0

7.5
95.0
50.0

77.5
42.5
77.5

73.5
78.4
15.7

80 .4
94 .1
90 .2

6 2 ..4
6 2 ,.4
6 1 ,.6

70.3
72.4
77.3

July
August
September

50.0
4 5 . ,5
45.5

7 2 . .7
7 2 .,7
6 3 .,6

1 0 0 .,0
1 0 0 .,0
5 0 .. 0

100.,0
100.,0
100.,0

4 1 . ,7
41. 7
8 3 . ,3

5 0 ,. 0
6 6 ..7
5 0 ..0

62.5
52.5
25.0

55.0
62.5
87.5

64.7
84.3
37.3

9 2 ,. 2
5 9 ,. 8
6 2 ,. 7

7 0 ,. 8
6 2 ,. 2
6 8 ,. 1

78.4
79.7
82.7

October
November
December

8 1 ,.8
2 2 . ,7
5 0 ,. 0

5 4 .,5
59..1
4 0 .,9

7 5 .,0
5 0 .,0
100.,0

100,.0
100 .0
100 .0

66. 7
7 5 .,0
2 5 ,. 0

o
83. o
83., o
8 3 .,3

87.5
35.0
25.0

35.0
50.0
60.0

86.3
23.5
5.9

2 7 ,. 5
6 2 ,. 7
8 0 ,.4

6 7 ,. 3
67 . 8
68 .4

77.8
77.0
76.5

45. 5

3 1 .,8
5 0 ..0
6 3 .,6

7 5 ,. 0
8 7 ,.5
1 0 0 ,. 0

100 .0
100 .0
1 0 0 ,. 0

7 5 .,0
5 8 ,. 3
50.0

8 3 ,.3
75. 0
91. 7

55.0
30.0
52.5

45.0
65.0
r27.5

80.4

5 4 . ,5
5 4 .,5

r47. 1
41. 2
31. 4

61. 6
61. 6
62. 2

70.3
70.3

April
May
June

63.6
31.8
r86.4

r72 .7
7 7 ..3
3 7 2 ..2

5 0 ,. 0
100.0
100.0

1 0 0 .,0
1 0 0 ..0
"100.,0

75 . 0
25.0
75.0

83.3
8 3 .,3
5 6 2 ..5

82.5
22.5
60.0

r25.0
p47.5

94.1
r29.4
29.4

25. 5
p86.3

63. 8
58.,1
68.9

r73.8
71.1
p66.5

July
August
September

r 3 1 ..8
54.5
355.6

1987

1988
January
February
March

7 5 . .0
100.0
" 6 6 . ,7

41 .7
66 .7
562.5

r50.0
r35.0
p75.0

29.4
60.8

68.6
22.5
p76.5

73.5

r61,.4
r52,.4
p50.5

October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
1

Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
Figures are the percent of components declining.
Excludes series 36 and 111, for which data are not available.
"Excludes series 57, for which data are not available.
5
Excludes series 77 and 95, for which data are not available.

2

3

74




OCTOBER 1988

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries

1-quarter
span

DIFFUSION INDEXES-Continued
967. Spot market
prices, 13 raw
industrial materials

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

6-month
span

1-month
span

960. Net profits,
manufacturing, about
600 c o m p a n i e s 2 ©

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

9-month
span

1-month
span

9-month
span

(4-quarter span)

1986
January
February
March

47.1
44.1
42.6

44. 1
41. 2
41. 2

36

April
May
June

67.6
33.8
58.8

47. 1
55. 9
47. 1

24

July
August
September

47.1
45.6
73.5

47 1
64 /
4 4 .,1

59

October
November
December

47.1
50.0
58.8

6 4 . ,7
7 0 . ,6
7 6 .,5

65

January
February
March

41.2
70.6
47.1

9 1 ..2
7 3 ..5
8 9 ..7

42

April
May
June

54.4
48.5
61.8

80.9
73.5
8 2 ,.4

83

July
August
September

67.6
44.1
58.8

8 2 ,. 4
7 3 ,. 5
7 3 ,. 5

October
November
December

52.9
44.1
55.9

7 6 ,. 5
7 3 ,. 5
73.5

65

January
February
March

47.1
55.9
41.2

7 3 ,. 5
85 .3
76 .5

r45

April
May
June

57.4
55.9
55.9

r73 .5
p70.6

7 5 ,. 0
4 1 ,.7
5 8 ,.3

61 .5
38 .5
34 .6

46.2
50.0
57.7

60 .5

90.5

43

8 5 ,.4
3 7 ,.5
1 6 ,. 7

81 .0
94 .0

90.5
88.1

46

7 5 ,. 0
3 5 ,. 4
5 2 ,. 1

4 7 ,.9
5 0 ,. 0
5 8 ,.3

53 . 8
61 .5
65 . 4

42.3
50.0
50.0

61 .9
50 .0
77 .4

88.1
90.5
81.0

' 70

4 7 ,.9
7 5 ,. 0
7 9 ,.2

50 . 0
50 . 0
65 . 4

50.0
65.4
73.1

35 . 7
6 7 ,. 9
42.9

81.0
71.4
78.6

*74

*48

5 8 ,.3
4 7 ,.9
3 1 ,.2

' 62

7 0 .. 8
7 0 ..8
7 5 ,.0

7 2 ,.9
8 7 ,.5
8 7 .,5

73 . 1
61 .5
65 . 4

65.4
80.8
76.9

34 .5
76 .2
50 .0

95.2
100.0
92.9

*74

9 1 .,7
8 9 .,6
7 5 .,0

84 .6
42 .3
30 . 8

88.5
96.2
80.8

9 8 ,. 8
9 5 ..2
83 .3

87.8
92.7
92.5

* 74

62

3 1 ., 2
6 4 .,6
6 0 ..4

62

5 0 .,0
7 0 ..8
7 0 .,8

7 5 .,0
8 7 .,5
8 3 .,3

61 .5
88 .5
57 .7

73.1
96.2
80.8

3 9 ,. 3
46 .3
93 .9

97.5
97.5
62.5

*76

9 1 . ,7
91. 7
9 5 ..8

7 3 ..1
7 6 .,9
6 1 . ,5

88.5
88.5
76.9

81. 3
9 5 .,0
8 . .8

10.0
12.5
10.0

*78

r63

70. 8
62. 5
50. 0

8 3 ,.3
7 9 ..2
8 3 ,.3

5 3 .,8
4 6 . ,2
5 0 .,0

53.8
69.2
69.2

0. 0
0. 0
53. 8

17.5
8.0
12.8

'77

p57

75. 0
79. 2
6 6 ,.7

(NA)

5 2 ,. 1
5 4 ,.2
7 0 ,. 8

8 3 ,. 3
7 5 ..0
7 0 ,. 8

4 2 . .3
3 4 ,.6
6 5 . ,4

69.2
61.5
61.5

75. 0
88. 8
37.0

7.7
52.6

p59

7 9 . ,2
6 0 .,4
r 5 8 . ,3

r87,.5
r83,.3
p 7 0 ,. 8

57.7
65. 4
65.4

61.5
61.5
361.5

3 7 ,.2
3 ,. 8
9 7 ,. 4

(NA)

7 9 . ,2
r50,.0
p 5 2 .,1

70

1987

59

1988

July
August
September

r41.2
r70.6
p44.1

October
November
December

42. 3
46. 2
38. 5
3

5.1
(NA)

84.6
91.0

30.8
2 8 .,2
6 9 .,2

42. 3

See note on page 74.
Graphs of these series are shown on page 37.
x

B a s e d o n 4 3 i n d u s t r i e s t h r o u g h J a n u a r y 1 9 8 6 , o n 4 2 i n d u s t r i e s t h r o u g h A p r i l 1 9 8 7 , o n 41 i n d u s t r i e s t h r o u g h J u n e 1 9 8 7 , o n 4 0 i n d u s t r i e s
t h r o u g h M a r c h 1 9 8 8 , and on 39 i n d u s t r i e s t h e r e a f t e r .
D a t a f o r c o m p o n e n t i n d u s t r i e s a r e n o t s h o w n in t a b l e C 2 b u t a r e a v a i l a b l e f r o m t h e
source.
2
T h i s is a c o p y r i g h t e d s e r i e s u s e d b y p e r m i s s i o n ; it m a y n o t b e r e p r o d u c e d w i t h o u t w r i t t e n p e r m i s s i o n f r o m D u n £ B r a d s t r e e t , I n c .
3
B a s e d on a v e r a g e for O c t o b e r 4 , 1 1 , 1 8 , and 2 5 .

I!CI»

OCTOBER 1988




75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INDEXES-Continued

Year
and
quarter

970. Expenditures for new plant and equipment,
21 industries
a. Actual
expenditures
(1-Q span)

b. Later
projections

971. New orders, manufacturing 1 ©

(1-Q span)

(1-Q span)

973. Net sales, manufacturing
and trade 1 @

Actual

c. Early
projections

972. Net profits, manufacturing
and trade 1 ©
Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

1985

76.2
78.6
61.9
45.2

61.9
76.2
69.0
42.9

66.7
76.2
71.4
33.3

74
74
76
75

82
84
82
80

70
69
70
70

80
81
81
78

76
74
75
74

84
84
84
81

19.0
57.1
28.6
71.4

First quarter . .
Second quarter
Third quarter .
Fourth quarter

47.6
66.7
40.5
76.2

76.2
66.7
45.2
38.1

76
76
74
75

82

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

52.4

61.9
76.2
57.1
47.6

80
83
85

74
74
75
76

78
81
83
82

78
80
82
83

82

84
84
86
84

76
76

82
82
82
84

80
80

85
84
86
85

1986
First quarter . .
Second quarter
Third quarter .
Fourth quarter

83
84
78

1987
First quarter . .
Second quarter
Third quarter .
Fourth quarter

50.0
69.0
83.3
69.0

88.1
85.7
76.2

78
83
82

82

83
85
86

1988

81.0
73.8

First quarter . .
Second quarter
Third quarter .
Fourth quarter

(NA)

82

71.4
57.1
50.0
52.4

95.2
69.0
71.4

82
(NA)

(NA)

(NA)

DIFFUSION INDEXES-Continued

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 @

975. Level of inventories,
manufacturing and trade 1

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

976. Selling prices, manufacturing1 ©

©

Anticipated

(4-Q span)

Anticipated

Actual

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

65

(4-Q span)

978. Selling prices, retail
trade 1 ©

977. Selling prices, wholesale
trade 1 ©

70
70
64

64

Anticipated

Actual

( 4 - Q span)

( 4 - Q span)

66
66

(4-Q span)

63

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

60

60

66

58
58
59

62

59
58

63
60
61

66
62

62

58

61

62

58
59
60
58

59
60
59
58

62
61

58
58
60
57

59

62

60

65
62
59

60
61
64
64

60
59
62
62

64
65

63
62

63
62
62
61

67
70

60

59
60

66

60

66

65
70
67

62

62

64
64

60
62

62

66

62
62

62

64
64
64
64
68
70

1986
First quarter . .
Second quarter
Third quarter .
Fourth quarter

62
60

58
63

59
59
58
62

62

1987
First quarter . .
Second quarter
Third quarter .
Fourth quarter

68

60
61
62

64
64
68
70

60
66
67

74
74

70
69
74
72

66

63
70
72
70

63
68
66
69

67
67
72
72

74
73

72
72
71
68

70
70

1988
First quarter . .
Second quarter
Third quarter .
Fourth quarter

(NA)

(NA)

62
64
62
63

(NA)

(NA)

(NA)

71
70
72

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 ( g ) , 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.
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

76




OCTOBER 1 9 8 8

Dun $

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1988

April

March

February

Augustr

Julyr

June

May

September13

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING1
(Hours)

All manufacturing industries

-

41.0

-

+

41.2

-

(82)

(52)

(30)

Percent rising of 20 components

40.9

41.0

+

(22)

41.1

0

41.1

-

+

41.2
(75)

(35)

(50)

(60)

41.0

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+

Stone, clay, and glass products
Primary metal industries

+

Fabricated metal products
Machinery, except electrical

-

-

_
-

_

Electric and electronic equipment
Transportation equipment

0

Instruments and related products
Miscellaneous manufacturing

+

_

_

40.1
39.5

+

42.3
43.6

+

41.9
42.6

+

41.0
43.0

+

-

40.1
39.3

+
+

40.6
39.5

0

42.3
43.1

0
+

42.3
43.3

+
+

42.5
43.5"

+

41.6
42.6

0
-

41.6
42.5

+
+

42.0
42.8

40.9
42.0

0
+

40.9
42.1

+
+

41.2
43.0

0

41.3
39.3

+

41.4
39.2

+
+

41.8
39.4

-

41.4
39.2

40.1
39.3

0
-

40.1
38.5

0
+

41.2
37.0

+
+

41.6
37.4

-

43.3
38.2

0

42.1
44.4

-

40.3
39.5

-

-

_
_
-

_

-

0

-

40.2
39.4

+
+

40.5
39.7

-

40.1
39.0

+

40.0
39.5

42.4
43.6

-

42.1
43.4

+
+

42.2
43.6

+
+

42.3
43.8

42.0
42.5

41.7
43.0

+

+

41.8
42.4

+
+

42.2
42.7

40.8
42.8

+
+

40.9
43.8

41.4
39.1

-

41.3
39.0

40.5
39.1

+
+

40.6
40.4

-

-

-

41.3
39.3

+

+

40.1
39.5

+
+

40.3
39.8

+

40.8
36.8

-

40.7
36.9

+

+

0

41.1
36.9

0

40.9
36.9

+
+

41.0
37.2

43.3
37.7

+

43.2
38.0

0
0

43.2
38.0

0
0

43.2
38.0

0
+

43.2
38.1

42.0
44.1

+
+

42.4
45.1

-

42.3
45.3

-

+

42.2
44.4

+
+

42.3
44.6

41.7
37.3

-

41.6
36.9

0
+

41.6
37.0

41.5
37.5

0

41.5
37.3

115,369

+ 125,442

-

116,112

+ 122,726

(56)

-

41.1
43.0

(56)

(41)

(71)

12,271
11,958

-

22,018
18,461

+

37,735
22,999

-

0
-

-

-

41.0
42.6

+

41.8
39.2

-

-

-

-

Nondurable goods industries:

_

-

-

40.3
38.6

+

Textile mill products
Apparel and other textile products

+
+

41.6
37.0

0

Paper and allied products
Printing and publishing

0

43.3
38.1

0

43.2
38.1

+
+

42.4
43.3

+
+

42.5
43.7

+

41.6
37.8

+
+

41.7
37.9

Food and kindred products
Tobacco manufacturers 2

Chemicals and allied products
Petroleum and coal products 2
Rubber and miscellaneous plastics products
Leather and leather products

_
_
-

_

_
_

_
+
•

42.0
37.3

-

-

-

-

0

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

+ 114,155
(56)

Percent rising of 34 components

Primary metals
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Other durable goods industries

11,074
11,918

+

19,815
18,082

+

-

+
+

30,486
22,780

+
+

_

-

-

_
-

113,063

+ 116,836

(41)

-

(57)

-

-

-

11,200
11,640

+
+

12,348
12,038

20,097
17,839

+
+

21,051
18,417

-

20,969
18,865

+

+

29,664
22,135

+
+

31,435
23,093

28,313
22,836

+
+

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.

-

40.5
39.2

0
-

-

-

-

+

L 3

11,553
11,775

-

-

-

_

12,103
11,471

+

21,408
19,039

+

29,239
22,852

+

( + ) = rising, (o) = unchanged, and ( - ) = falling.

-

-

-

117,702
(44)

11,866
11,619

+
+

22,791
18,984

-

34,684
22,782

-

_
_

12,636
11,881
21,085
18,198
31,163
22,739

The "r" indicates revised; "p",

Unless otherwise noted, data are seasonally adjusted by the source agency.
Not seasonally adjusted.
Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.
2

3

I!CI»

OCTOBER 1 9 8 8




77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

1Q

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of C h a n g e - Continued

Diffusion index components

1988

February

April

March

966. INDEX OF INDUSTRIAL PRODUCTION
(1977 = 100)

0

All industrial production
Percent rising of 24 components

134. 4

+

(54)

2

134. 7

+

135. 4

+

Augustr

Julyr

SeptemberP

1

136. 1

+

(60)

(79)

(71)

Juner

May

136.5

+

138.1

+

0

138.3

(50)

(79)

(58)

138.3

(52)

134.0
162.2

(NA)
(NA)

Durable manufactures:
Lumber and products
Furniture and fixtures

+

Clay, glass, and stone products
Primary metals

+

Fabricated metal products
Nonelectrical machinery

+

Electrical machinery
Transportation equipment

+

Instruments
Miscellaneous manufactures

+

+

-

+

-

-

139. 0
158. 3
121. 6
86. 4

_

+

+
-

+

137. 8
159. 4

+
+

139. 8
160. 5

121. 4
85. 3

+
+

121.5
89. 2

+

0

118. 8
167. 2

+
+

1 1 9 . ,8
170. 3

+

+

179.,1
1 3 3 .,1

+

1 5 1 .,3
1 0 6 .,0

+

141..0
107..2

+

-

_

122. 5
1

+

118. 8
164. 6

+

117. 6
1 6 3 . ,6

+

1 7 7 ..8
128.4

+

176. 6
130. 0

+

1 7 8 . ,7
130. 4

+

1 4 9 .,2
1 0 4 .,4

+
+

1 4 9 . ,7
105.,1

+
+

1 5 0 . ,5
1 0 5 .,9

+

141..9
107..0

141.,1
107.2

0

140.,3
1 0 7 ..2

+

+

115..3
108..5

+

117..0
1 0 8 . .7

+

_

_

138. 0
159. 2

+

+

+

+

-

+

136.4
161.2

+

123.4
87.5

+

_

-

122.0
91.7

+

121.8
91.9

-

121.9
173.1

+
+

122.2
174.1

+

181.3
131.9

+
-

182.6
131.8

+

156.0
107.5

+
+

156.2
107.8

120.4
171.2

+

179.5
132.8

+

153.0
107.6

+

141.3
104.5

+

-

114..6
108..6

114.3
109.3

+

+

+

116.0
109.4

149..5
1 8 0 ,. 7

+

148.6
182.3

+
+

152.3
184.2

+

-

+

+

-

-

_

136.9
163.4

_

+

_

0

(NA)
91.6
122.7
175.4
182.5
132.3
156.2
(NA)

Nondurable manufactures:
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products

+
+

_
-

_

_
+

_
+

117..3
109..2

0

_
-

1 4 8 ,. 0
1 7 8 ,. 7

+

+

149.. 1
1 8 0 ,. 4

+

+

149..2
1 8 1 ,. 8

+

1 4 5 ,. 4
9 5 ,. 9

+
+

1 4 6 ,. 4
9 8 ,. 4

+
+

1 4 8 ,. 9
9 8 ,. 5

+

-

+
+

172 .3
59 .7

1 7 2 ,. 2
59 .5

+

1 7 2 ,. 3
58 .0

+

-

84 .9
129 . 1

+
+

86.9
136 . 0

94 . 8
136 . 9

+
+

95.5
141 .2

+

_

_
-

-

-

-

_

-

142.9
100.3

_
+

_
+

142.7
(NA)

(NA)
(NA)

116.1
(NA)

(NA)
(NA)

149.3
184.8

+

(NA)
185.5

-

(NA)
94.8

1 4 9 ,. 1
9 5 ,. 2

+

150.5
94.1

+
+

153.3
95.0

+

-

-

154.1
94.9

1 7 3 ,. 4
57 . 1

+
+

174.4
58.9

+
+

175.6
59.1

+
+

175.8
59.3

82.2
126.9

+
+

93.5
141.5

-

(NA)
137.2

95.8
137.4

+

(NA)
(NA)

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

_
-

_

+

83 .9
133 .7

+

92.4
134 . 3

+

-

+

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
1
2

_
-

_
-

86 .0
127 . 8
94 .6
140 . 1

_
-

+

_

( + ) = rising, (o) = unchanged, and ( - )

94.7
140.3

= falling.

_

+

94.6
138.6

(NA)
141.9
(NA)
(NA)

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.

78




OCTOBER 1 9 8 8

I I C I )

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

Diffusion index components

1988

February

967.

Raw industrials price index (1967 = 100)

-

Percent rising of 13 components

288.9

+

292.3

+

297.3

+

301.6

+

2

309.5

-

309.0

+

(42)

(65)

(65)

(58)

October1

September

August

July

June

NDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS

(65)

(35)

May

April

March

309.9

-

(46)

306.4

-

304.2
(42)

(38)

Dollars

Copper scrap

(pound)..
(kilogram)..

-

Lead scrap

(pound)..
(kilogram)..

-

Steel scrap

(U.S. t o n ) . .
(metric t o n ) . .

Tin

(pound)..
(kilogram)..

Zinc

(pound)..
(kilogram)..

Burlap

(yard)..
(meter)..

Cotton

(pound)..
(kilogram)..

Print cloth

(yard)..
(meter)..

0.785
1.731
0.230
0.507

+ 115.000
126.765

-

-

-

0.770
1.698
0.214
0.472
109.000
120.151

0.820
1.808

0.210
0.463

+

0.215
0.474

+

0.230
0.507

108.750
119.875

-

103.000
113.537

-

+

0.776
1.711
0.232
0.511

-

0

+ 106.500
117.395

+ 120.000
132.276

-

0.773
1.704

+

0.875
1.929

+

0.942
2.077

0.232
0.511

+

0.246
0.542

+

0.258
0.569

117.000
128.969

-

115.000
126.765

4.008
8.836

+

4.058
8.946

+

4.176
9.206

+

4.222
9.308

+

0.542
1.195

+

0.579
1.276

+

0.651
1.435

+

0.684
1.508

0

0.684
1.508

+

0.699
1.541

0.277
0.303

+

0.281
0.307

+

0.282
0.308

0.277
0.303

+

0.285
0.312

0.594
1.310

+

0.597
1.316

+

0.619
1.365

0.536
0.586

+

0.550
0.601

-

0.469
1.034

+

0.492
1.085

+

0.276
0.302

+

0.574
1.265

+

-

+

+

+

0.590
0.645

0.768
1.693

3.852
8.492

3.836
8.457

-

-

+

+

+

-

-

0.748
1.649

3.828
8.439

3.792
8.360

-

-

-

0.530
0.580

Wool tops

(pound)..
(kilogram)..

+

5.000
11.023

+

5.420
11.949

+

6.208
13.686

+

Hides

(pound)..
(kilogram)..

0

0.928
2.046

+

1.065
2.348

+

1.100
2.425

-

Rosin

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

-

47.500
104.719

0

47.500
104.719

0

47.500
104.719

0

47.500
104.719

Rubber

(pound)..
(kilogram)..

-

0.536
1.182

+

0.549
1.210

+

0.555
1.224

+

Tallow

(pound)..
(kilogram)..

-

0.168
0.370

+

0.170
0.375

-

0.165
0.364

7.100
15.653

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
l

+

-

-

0.281
0.307
0.633
1.396
0.500
0.547
6.575
14.495

-

-

-

-

0.969
2.136

-

0

47.500
104.719

0

0.593
1.307

+

0.710
1.565

-

0.158
0.348

+

0.172
0.379

+

1.089
2.401

-

-

-

0.574
1.265

-

0.549
1.210

-

-

0.281
0.307
0.513
1.131

-

-

+

-

+

0.498
0.545

+

0.508
0.556

6.500
14.330

0

6.500
14.330

0

6.500
14.330

+

0.941
2.075

+

1.026
2.262

-

0.980
2.161

-

47.500
104.719

0

47.500
104.719

47.500
104.719

0

0.662
1.459
0.179
0.395

-

-

( + ) = rising, (o) = unchanged, and ( - )

-

0

0.640
1.411

-

0.174
0.384

-

= falling.

0.500
0.547

0.599
1.321
0.154
0.340

-

-

-

114.000
125.662
4.142
9.131
0.708
1.548
0.276
0.302
0.520
1.146
0.480
0.525
6.950
15.322
0.905
1.995
47.500
104.719
0.555
1.224
0.147
0.324

The "r" indicates revised; "p",

The index is the average for October 3 through 25; component prices are averages for October 4, 11, 18, and 25.
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.
2

I!CI»

OCTOBER 1 9 8 8




79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

200. Gross national product in current dollars
a. Total

b. Difference

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
bil. dol.)

217. Per capita
gross national
product in 1982
dollars

a. Total

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

213. Final sales
in 1982 dollars

(Ann. rate,
dollars)

50. Gross national product in 1982 dollars

(Ann. rate,
bil. dol.)

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

3,925.6
3,979.0
4,047.0
4,107.9

73.8
53.4

4,180.4
4,207.6
4,268.4
4,304.6

7.9
5.6
7.0

6.2

42.3
21.7
36.6

60.9

3,577.5
3,599.2
3,635.8
3,662.4

72.5
27.2

7.2

60.8

5.9
3.4

3,719.3
3.711.6
3,721.3
3.734.7

56.9
-7.7
9.7
13.4

68.0

4.9
2.4
4.1
3.0

15,004
15,061
15,173
15,244

3.561.7
3,582.3
3.639.8
3,654.7

6.4

1.4

15,447
15.380
15.381
15,397

3,673.6
3,688.0
3,718.3
3,745.2

42.0
46.3
42.3
57.7

4.6
5.0
4.5

15,537
15,693
15,826

6.1

16,022

3,746.9
3,795.2
3,852.2
3,855.9

33.1
29.1
p22.1

3.4
3.0
p2.2

16,126
16,213
pl6,257

3,890.1
3,949.9
p3,973.5

26.6

1986
First quarter . .
Second quarter
Third quarter .
Fourth quarter

36.2

2.6

-0.8
1.0

1987
4,391.8
4,484.2
4,568.0
4,662.8

87.2
92.4
83.8
94.8

8.4
8.7
7.7

8.6

3,776.7
3,823.0
3,865.3
3,923.0

4,724.5
4,823.8
p4,899.5

First quarter . .
Second quarter
Third quarter .
Fourth quarter

61.7
99.3
p75.7

5.4
8.7
p6.4

3.956.1
3.985.2
p4,007.3

1988
First quarter . .
Second quarter
Third quarter .
Fourth quarter

GNP AND PERSONAL INCOME-Continued

Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224. Current dollars
(Ann. rate,
bil. dol.)

225. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

231. Total in 1982
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1982 dollars

227. Per capita in
1982 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

2.764.6
2.850.7
2,840.0
2,899.5

2.509.4
2.563.5
2,535.4
2,562.8

10,524
10,727
10,581
10,667

2,554.9
2.599.3
2.661.4
2,700.4

2,319.1
2,337.4
2,375.9
2,386.9

361.4
367.1
387.2
373.2

344.8
350.3
369.1
356.4

2,965.1
3.016.3
3.032.4
3,064.7

2,614.5
2,655.9
2,643.9
2,649.4

10,858
10,928
10,923

2.739.0
2.772.1
2,842.8
2,876.0

2.415.1
2,440.9
2,478.6
2.486.2

381.4
393.0
429.9
421.8

363.3
374.2
405.1
397.3

3,143.9
3,154.1
3,224.9
3,315.8

2,679.6
2.652.8
2.683.9
2,728.9

11,024
10,889
10,989
11,145

2,921.7
2,992.2
3.058.2
3.076.3

2,490.2
2.516.6
2,545.2
2.531.7

403.5
420.5
441.4
422.0

378.3
391.3
406.5
387.6

3,375.6
3,421.5
p3,498.9

2,762.3
2,762.2
p2,794.0

11,260

3,128.1
3,194.6
p3,257.6

2,559.8
2,579.0
p2,601.3

437.8
449.8
p453.6

401.1
410.6
p411.0

1986
First quarter . .
Second quarter
Third quarter .
Fourth quarter

11,006

1987
First quarter . .
Second quarter
Third quarter .
Fourth quarter
1988
First quarter . .
Second quarter
Third quarter .
Fourth quarter

11,237
pll,335

NOTE: Series are seasonally adjusted except for those, indicated by ( u ) , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 41.

80




O C T O B E R 1 9 8 8 ltd)

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

PERSONAL CONSUMPTION EXPENDITURES—Continued
236. Nondurable
goods in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

Q

237. Services in
current dollars

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

890.9
905.6
915.7
932.7

838.2
843.0
850.0
858.3

1,302.7
1,326.6
1,358.5
1,394.5

1,136.2
1.144.1
1,156.8
1.172.2

639.3
652.3
626.7
654.1

634.3
647.5
618.1
648.0

621.5
632.8
626.0
646.8

618.6
630.6
622.1
640.4

938.4
937.2
944.7
954.1

870.4
880.9
881.4
885.3

1,419.2
1,441.9
1,468.2
1,500.1

1,181.4
1,185.8
1,192.0
1,203.6

686.6
667.8
653.0
656.4

678.0
652.1
627.6
616.5

642.6
648.3
652.3
658.4

632.4
628.5
624.6
627.0

977.5
995.3
1,006.6
1,012.4

889.9
889.8
891.9
890.5

1,540.7
1,576.4
1,610.2
1,641.9

1,222.0
1.235.5
1,246.8
1.253.6

685.5
698.5
702.8
764.9

646.4
660.1
667.9
724.7

647.8
665.8
688.3
692.9

616.6
632.3
654.9
657.6

1,016.2
1,036.6
pl ,057.6

892.7
893.6
p901.7

1.674.1
1.708.2
pl ,746.4

1,265.9
1,274.8
pl,288.5

763.4
758.1
p764.4

728.9
715.1
p719.7

698.1
714.4
p721.4

662.9
679.7
p685.9

....
....

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

• H
I f i l

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1982 dollars

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

17.8
19.5
0.7
7.2

15.8
16.9
-4.0
7.7

784.4
801.7
840.2
856.7

705.5
716.7
749.8
752.7

336.1
339.6
368.4
376.6

309.0
313.3
340.9
340.6

448.3
462.1
471.8
480.1

396.4
403.4
408.9
412.1

44.0
19.5
0.7
-2.0

45.7
23.6
3.0
-10.5

847.8
868.8
881.8
886.5

741.8
758.8
766.9
774.5

356.6
368.7
372.7
366.7

322.7
333.6
336.7
340.5

491.2
500.2
509.1
519.7

419.1
425.2
430.2
434.0

37.7
32.7
14.5
72.0

29.8
27.8
13.0
67.1

903.8
915.7
932.2
947.3

772.9
772.2
782.9
792.6

372.7
377.5
386.3
391.4

334.0
332.1
342.1
347.7

531.1
538.2
546.0
555.9

438.9
440.1
440.8
444.9

65.3
43.7
p42.9

66.0
35.3
p33.8

945.2
961.6
p962.4

776.4
783.8
p781.1

377.7
382.2
p373.4 '

327.8
331.6
p326.1

567.5
579.4
p589.0

448.7
452.2
p455.0

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
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.

IM

Jl

OCTOBER 1 9 8 8




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q |

Year
and
quarter

Net exports of goods and services
250. Current
dollars

m m

Exports of goods and services

255. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

FOREIGN TRADE

252. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

220. National income in current
dollars

Imports of goods and services

256. Constant
(1982) dollars

253. Current
dollars

(Ann. rate,
bil. dol.)

NATIONAL INCOME
AND ITS COMPONENTS
280. Compensation of
employees

257. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

-53.1
-74.3
-81.2
-103.2

376.8
372.6
365.1
369.2

371.2
367.6
362.6
367.4

429.9
446.9
446.2
472.4

452.6
470.0
470.5
492.6

3,161.5
3,209.2
3,252.4
3,312.8

2,314.8
2,347.5
2,381.2
2,426.7

-115.7
-140.2
-151.8
-142.4

376.9
373.9
377.8
385.2

374.5
372.1
379.1
387.8

469.9
475.1
486.9
499.4

490.2
512.4
530.9
530.2

3,378.9
3.421.8
3.450.9
3,496.6

2,461.0
2,483.4
2,518.2
2,565.8

-119.1
-122.2
-125.2
-125.7

-132.8
-126.0
-130.7
-126.0

395.3
416.8
440.4
459.7

394.9
416.4
440.9
459.2

514.4
539.0
565.6
585.4

527 .7
542 .3
571 .6
585i.2

3,573.0
3,631.8
3,708.0
3,802.0

2,608.9
2,652.0
2.702.8
2.769.9

-112.1
-90.4
p-84,9

....

-81.4
-102.4
-107.9
-125.3

-93.0
-101.2
-109.1
-114.3

....

-109.0
-92.6
p-94.9

487.8
507.1
p526.3

486.2
496.9
p507.0

599.9
597.5
p611.2

595.1
589.5
p601.9

3,850.8
3,928.8
(NA)

2,816.4
2,874.0
p2,931.1

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

a

E
282. Proprietors'
income with IVA
and CCAdj 1

Year
and
quarter

(Ann. rate,
bil. dol.)

| NATIONAL INCOME AND ITS COMPONENTS —Continued
284. Rental income
of persons with
CCAdj 1

(Ann. rate,
bil. dol.)

Q j

286. Corporate
profits before tax
with IVA and
CCAdj 1

288. Net interest

290. Gross saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

SAVING

295. Business
saving

292. Personal
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

253.2
257.3
248.8
264.2

9.0
11.2
8.9
7.8

266.0
275.8
296.1
291.4

318.4
317.4
317.4
322.7

550.9
553.3
509.4
520.3

518.4
532.4
554.1
554.5

128.7
167.8
93.3
111.7

273.1
294.6
285.0
294.2

10.6
12.5
13.1
13.4

303.2
297.1
301.2
293.9

331.1
334.1
333.3
329.3

571.2
537.5
517.7
522.5

565.6
557.7
562.3
554.3

136.9
154.1
98.8
96.8

310.1
308.9
306.8
326.0

17.4
17.8
18.1
•20.5

298.3
305.2
322.0
316.1

338.3
348.1
358.3
369.5

539.2
542.4
556.8
603.4

549.0
555.5
569.6
570.0

130.8
69.5
72.6
144.0

323.9
328.8
p319.3

20.5
19.1
p20.0

316.2
326.5
(NA)

373.9
380.6
p396.5

627.0
634.1
(NA)

576.4
583.3
(NA)

149.9
127.8
pl40.3

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

See note on page 80.
Graphs
1

of these series are shown on pages 44, 45, and 46.

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

82




OCTOBER 1988

l t d )

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q j

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

298. Government
surplus or deficit

Year
and
quarter

^

SAVING—Continued

Percent of gross national product
235. Personal consumption expenditures

(Ann. rate,
bil. dol.)

(Percent)

(Percent)

248. Nonresidential
fixed investment
(Percent)

247. Change in
business inventories

249. Residential
fixed investment
(Percent)

251. Net exports of
goods and services
(Percent)

(Percent)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

-96.3
-146.9
-138.0
-145.9

65.1
65.3
65.8
65.7

11.1
11.2
10.8
11.0

4.7
4.7
4.7
4.8

0.5
0.5
0.0
0.2

-1.4
-1.9
-2.0
-2.5

4.6
5.1
3.3
3.2

65.5
65.9
66.6
66.8

10.5
10.3
10.1
10.1

4.9
5.1
5.2
5.2

1.1
0.5
0.0
0.0

-2.2
-2.4
-2.6
-2.7

-140.6
-82.6
-85.5
-110.7

4.2
2.2
2.3
4.3

66.5
66.7
66.9
66.0

9.6
9.8
10.1
10.0

5.1
5.1
5.0
4.9

0.9
0.7
0.3
1.5

-2.7
-2.7
-2.7
-2.7

-99.2
-77.1
(NA)

....

4.7
5.9
3.3
3.9

-131.4
-174.3
-143.5
-128.5

....

4.4
3.7
p4.0

66.2
66.2
p66.5

10.0
10.1
plO.l

4.8
4.7
p4.6

1.4
0.9
p0.9

-2.4
-1.9
p-1.7

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

Q j

SHARES OF GNP AND NATIONAL INCOME—Continued

Percent of GNP—Continued

Year
and
quarter

265. Federal Government purchases of
goods and services

Percent of national income

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

(Percent)

64. Compensation of
employees

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

(Percent)

285. Rental income
of persons with
CCAdj 1
(Percent)

287. Corporate profits
before tax with
IVA and CCAdj 1

289. Net interest

(Percent)

(Percent)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

8.6
8.5
9.1
9.2

11.4
11.6
11.7
11.7

73.2
73.1
73.2
73.3

8.0
8.0
7.6
8.0

0.3
0.3
0.3
0.2

8.4
8.6
9.1
8.8

10.1
9.9
9.8
9.7

8.5
8.8
8.7
8.5

11.8
11.9
11.9
12.1

72.8
72.6
73.0
73.4

8.1
8.6
8.3
8.4

0.3
0.4
0.4
0.4

9.0
8.7
8.7
8.4

9.8
9.8
9.7
9.4

8.5
8.4
8.5
8.4

12.1
12.0
12.0
11.9

73.0
73.0
72.9
72.9

8.7
8.5
8.3
8.6

0.5
0.5
0.5
0.5

8.3
8.4
8.7
8.3

9.5
9.6
9.7
9.7

8.0
7.9
p7.6

12.0
12.0
pl2.0

73.1
73.2
(NA)

8.4
8.4
(NA)

0.5
0.5
(NA)

8.2
8.3
(NA)

9.7
9.7
(NA)

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1

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

IM

Jl

OCTOBER 1 9 8 8




03

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, AND PRODUCTIVITY

0 1
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982 = 100)

310c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

PRICE MOVEMENTS

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

(1982 = 100)

311c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

Consumer price index
for all urban consumers
320. Index

©

(1982-84=100)

320c. Change
over 1-month
spans 1

(Percent)

Consumer price index for
all urban consumers, food

320c. Change
over 6-month
spans 1

(Ann. rate,
percent)

322. Index

(1982-84 = 100)

322c. Change
over 1-month
spans 1

(Percent)

322c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1986
January
February
March

112.4

April
May
June

113.4

July
August
September

114.7

October
November
December

115.3

0.3
-0.3
-0.4

0.6
-0.2
0.0

107.4
107.0
107.3

' 0.2
-0.4
0.3

3.0
2.6
1.9

108.6
108.9
109.5

-0.3

-0.5
0.4
1.7

107.6
108.0

0.3
0.4
0.2

3.4
5.9
6.1

109.5
109.7
110.2

0.0
0.2
0.3

2.6

109.2
110.1
110.5

0.9

2.8
2.2

0.4

5.8
5.8
5.8

110.3
110.4
110.5

0.2
0.3
0.2

3.7
4.1
4.4

111.3

0.2
0.4
0.2

5.0
3.7
3.3

3.7

111.2
111.6
112.1

0.7
0.4
0.4

5.0
5.1
5.3

111.9
112.1
112.3

0.5
0.2
0.2

3.6
4.0
4.7

4.0

112.7
113.1
113.5

0.4
0.4
0.3

4.4
4.5
4.1

112.7
113.3
113.9

0.4
0.5
0.5

3.4
3.2
4.0

3.5

113.8
114.4
115.0

0.3
0.4
0.3

3.9
3.7
3.6

113.8
113.9
114.5

-0.1
0.1
0.5

3.6
2.7
2.5

3.5

115.3
115.4
115.4

0.3
0.3
0.2

3.7
3.2
3.7

114.7
114.8
115.3

0.2
0.1
0.4

3.2
2.5
2.1

3.0

115.7
116.0
116.5

0.3
0.2
0.5

3.9
4.0
4.4

115.6
115.3
115.7

0.3
-0.3
0.3

3.2
3.9
4.2

5.0

117.1
117.5
118.0

0.4
0.3
0.3

4.5
5.1
4.7

116.5
117.0
117.7

0.7
0.4
0.6

5.8
7.6
8.5

p5.1

118.5
119.0
119.8

0.4
0.4
0.3

118.9
119.6
120.5

1.0
0.6
0.8

1.9

0.7
112.7

108.8
2.1

3.6
113.3

2.8

4.7

114 *i
2.3

2.1

109.6
109.3

114.8

0.2
0.5

108.2

110.7

111.1

0.8

1987
January
February
March

116.3

April
May
June

117.3

July
August
September

118.2

October
November
December

118.9

3.5
115.8

3.5
117.0

3.1
118.0

2.4
119.0

1988
January
February
March

119.4

April
May
June

121! 6

July
August
September

1.7
119.9

5.5
121.3

p4.4
pl22! 3

pl22!9

October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.

1

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




O C T O B E R 1 9 8 8 »CI)

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

i
330. Index

©

330c. Change
over 1-month
spans1©

(1982 = 100)

(Percent)

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

Producer price index, industrial commodities

Producer price index, all commodities
Year
and
month

|

330c. Change
over 6-month
spans1©

(Ann. rate,
percent)

335. Index

©

(1982 = 100)

335c. Change
over 6-month
spans1©

335c. Change
over 1-month
spans1®

(Ann. rate,
percent)

(Percent)

331c. Change
over 1-month
spans 1

331. Index

(1982 = 100)

(Percent)

331c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1986
January
February
March

103. 2
101. 7
100. 3

-0.4
-1.5
-1.4

-6. 3
-6. 5
-7. 0

103. 7
102. 1
100. 5

-0.4
-1.5
-1.6

-7.6
-7.9
-8.1

94.2
90.4
88.3

-1. 2
-4. 0
-2. 3

-17.8
-17.4
-18.2

April
May
June

99. 6
100. 0
99. 9

-0.7
0.4
-0.1

-7. 2
-4. 7
-1. 8

99. 8
99. 8
99. 8

-0.7
0.0
0.0

-9.2
-6.7
-3.4

85.4
86.8
86.2

-3. 3
1. 6
- 0 . ,7

-15.9
-8.2
-4.0

July
August
September

99. 4
99. 3
99. 4

-0.5
-0.1
0.1

0. 2
-0. 4
-0. 4

98. 8
98. 6
98. 8

-1.0
-0.2
0.2

-1.4
-1.2
-1.2

86.4
86.6
86.5

0. 2
0.,2
-0., 1

5.0
1.4
0.9

October
November
December

99. 7
99. 8
99. 7

0.3
0.1
-0.1

2. 2
3. 5
3. 7

99. 1
99. 2
99. 2

0.3
0.1
0.0

3.3
4.5
4.7

87.5
87.4
86.6

1., 2
-0., 1
-0,. 9

6.3
7.8
9.7

January
February
March

100. 5
101. 0
101. 2

0.8
0.5
0.2

4 .,5
5 .,7
6 ., 7

1 0 0 . ,4
1 0 0 . ,8
1 0 1 .,1

1.2
0.4
0.3

5.1
5.5
6.6

89.1
89.9
90.6

0,. 9
0,. 8

2 ,. 9

11.3
16.4
19.3

April
May
June

1 0 1 .,9
1 0 2 .,6
103.,0

0.7
0.7
0.4

6 ,. 1
5 ,. 6
5 ,. 0

1 0 1 .,6
101.,9
1 0 2 .,4

0.5
0.3
0.5

5.5
5.8
4.8

92.3
94.3
94.6

1 .9
2 .2
0 .3

15.1
15.7
12.3

July
August
September

1 0 3 ..5
103.. 8
103,.7

0.5
0.3
-0.1

4 ,. 4
3 ,. 1
2 ,. 3

1 0 3 .,1
1 0 3 ,.7
1 0 3 ,.5

0.7
0.6
-0.2

4.8
4.6
3.5

95.6
96.7
96.0

1 .1
1 .2
-0 . 7

8.4
1.3
0.2

October
November
December

1 0 4 ,. 1
1 0 4 ,.2
1 0 4 ,. 2

0.4
0.1
0.0

2 .1
1 .9
2 ,. 3

104.0
104.2
104.2

0.5
0.2
0.0

2.5
1.7
2.3

96.1
94.9
94.7

0.1
- 1 .2
-0 .2

-3.5
-4.3
-3.7

January
February
March

104 .6
104 . 8
1 0 4 ,. 9

0.4
0.2
0.1

3 .3
4 .5
6 .2

104 .4
104 . 6
1 0 4 ,. 7

0.2
0.2
0.1

3.1
3.7
4.5

93.9
94.6
94.2

-0.8
0.7
-0.4

-1.9
r3.4
6.4

April
May
June

105.8
106.5
107.4

0.9
0.7
0.8

6 .2
6 .2
6 .2

105.6
106.1
106.5

0.9
0.5
0.4

4.5
4.8
4.2

95.2
r96.5
97.7

1.1

5.8

r l .4

6.7

rl.2

6.5

July
August
September

107 . 8
108 .0
108 . 1

0.4
0.2
0.1

106.7
107.1
106.9

0.2

96.6

-1.1

0.4

97.7
97.2

-0.5

1987

1988

-0.2

1.1

October
November
December
See note on page 80.
Graphs of these series are shown on page 48.

1

Changes are centered within the spans:

85 O C T O B E R

1 9 8 8 BCII




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

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

0 1
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

332c. Change
over 1-month
spans 1

(1982 = 100)

Producer price index, capital equipment

332c. Change
over 6-month
spans 1

(Ann. rate,
percent)

(Percent)

PRICE MOVEMENTS-Continued

333. Index

(1982 = 100)

333c. Change
over 1-month
spans 1

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1982 = 100)

334c. Change
over 1-month
spans 1

(Percent)

334c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1986
102.3
101. 1
99. 9

-0. 6
-1. 2
-1. 2

-6.5
-7.3
-8.0

108.6
108.7
108.9

0. 1
0. 1
0. 2

1. 9
1. 7
2. 0

104. 5
102. 6
101. 2

-0. 8
-1. 8
-1. 4

-6.8
-6.9
-7.8

April
May
June

99. 0
98. 8
98. 7

-0. 9
-0. 2
-0. 1

-8.2
-6.0
-2.6

109.2
109.3
109.6

0. 3
0. 1
0. 3

2.

0
1. 8
2. 0

100. 4
1 0 1 . ,0
1 0 1 . ,1

-0. 8
0. 6
0., 1

-8.1
-3.7
-0.2

July
August
September

98. 0
98. 0
98. 6

-0. 7
0. 0
0. 6

-1.6
-1.0
-0.6

109.7
109.7
110.0

0. 1
0. 0
0. 3

2. 4
2. 8
2. 2

1 0 0 . ,2
100. 7
1 0 1 .,1

- 0 ., 9
0. 5
0.,4

2.0
0.8
0.6

October
November
December

9 8 . ,2
9 8 ..3
9 8 .,4

-0. 4
0. 1
0. 1

2.1
3.3
2.4

110.5
110.8
110.8

0. 5
0. 3
0., 0

2. 8
2. 4
2. 0

1 0 1 . ,4
1 0 1 . .4
1 0 1 . ,4

0., 3
0.. 0
0., 0

3.2
2.8
3.0

9 9 .. 0
9 9 ..6
9 9 ..8

0., 6
0. 6
0. 2

4.1
5.2
6.0

111.0
111.1

111.2

0., 4
-0., 2
0., 1

1.. 6
1.3
1., 1

1 0 1 .,8
102,.1
1 0 2 ,.6

0,. 4
0,. 3
0.. 5

3.8
4.4
4.6

April
May
June

100..2
100..8
101..3

0., 4
0., 6
0.,5

5.9
5.7
5.9

111.4
111.5
111.4

0., 3
0.. 1
-0,. 1

0., 7
1.,6
2 .,5

103,.3
103,.6
103,.7

0,. 7
0,. 3
0,. 1

4.6
4.4
4.1

July
August
September

101..9
102,.4
102,.7

0., 6
0., 5
0., 3

6.1
5.6
5.0

111.6
111.9
112.5

0,. 2
0.. 3
0,. 5

1,. 1
1., 1
1,. 6

104,.1
104,.3
104,.7

0,. 4
0,. 2
0,. 4

2.3
1.7
0.6

October
November
December

1 0 3 ,.2
1 0 3 ,.6
1 0 3 ,. 8

0., 5
0., 4
0,. 2

4.6
3.9
4.3

112.0
112.1
112.3

-0., 4
0,. 1
0,. 2

2 .2
2 ,. 0

1,. 2

104 .5
1 0 4 ,. 5
104,.0

-0 . 2
0,. 0
-0,. 5

0.6
-0.6
0.0

0,. 4

4.7

0 .2
0.5

r5.3
6.7

112.8
113.0
113.2

0., 4
0,. 2
0,. 2

2 ,. 5
r2 .9
3 ,. 4

1 0 4 .,4
1 0 4 ,. 0
104 .7

0., 4
-0,. 4
0.7

1.3
2.1
3.9

105 .6
rl06.3
107 .2

0 .7
rO . 7
rO . 8

7.2
7.6
7.4

113.4
rl13.7
114.2

0 .2
rO . 3
0.4

2 .7
3 ,. 2
4.5

105 .2
105 .6
1 0 6 ,. 0

0.5
0.4
0,. 4

4.5
6.4
5.6

107.9
108.3
108 .7

0 .7
0.4

1 0 6 ,.7
107 .3
107.6

0.7
0.6

January
February
March

1987
January
February
March

1988
January
February
March
April
May
June
July
August
September

104 .2
104.4
104.9

0 .4

114.3
114.8
115.7

0.1
0.4

0 .8

0.3

October
November
December
See note on page 80.
Graphs of these series are shown on page 48.

Changes are centered within the spans:

86




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

O C T O B E R 1 9 8 8 »CI)

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

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

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls 1
Year
and
month

Real earnings

Current-dollar earnings
340. Index

(1977 = 100)

340c. Change
over 1-month
spans2
(Percent)

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

341. Index

(1977 = 100)

341c. Change
over 1-month
spans2
(Percent)

Current-dollar compensation
341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

345c. Change
over 1-quarter
spans 2

345. Index

(1977 = 100)

345c. Change
over 4-quarter
spans 2

(Ann. rate,
percent)

(Ann. rate,
percent)

1986
January
February
March

167.5
168.2
168.5

-0.2
0.4
0.2

2.6
2.4
1.7

93.6
94.3
95.0

-0.6
0.8
0.7

2.9
2.9
2.2

179!6

April
May
June

168.5
168.8
169.3

0.0
0.2
0.2

2.1
1.6
1.6

95.5
95.3
95.2

0.5
-0.1
-0.2

3.4
2.0
0.3

180! 4

July
August
September

169.2
169.6
169.8

0.0
0.2
0.2

2.2
2.8
2.3

95.2
95.3
95.1

0.0
0.1
-0.2

-0.4
0.3
0.2

182! 3

October
November
December

170.3
171.2
171.2

0.3
0.5
0.0

2.5
2.8
2.7

95.3
95.5
95.3

0.1
0.2
-0.2

-1.1
-1.3
-1.6

184! 6

January
February
March

171.3
171.9
172.1

0.1
0.4
0.1

2.6
2.0
2.1

94.7
94.7
94.4

-0.7
0.0
-0.3

-2.4
-3.1
-3.3

185! 6

April
May
June

172.5
172.9
172.9

0.3
0.2
0.1

2.3
2.6
• 2.9

94.1
94.0
93.7

-0.3
-0.1
-0.3

-2.1
-2.0
-1.5

187 ! l

July
August
September

173.2
174.1
174.6

0.2
0.5
0.3

2.8
3.3
3.3

93.7
93.8
93.7

-0.1
0.1
-0.1

-1.3
-0.5
-0.1

189! 2

October
November
December

174.9
175.6
175.7

0.2
0.4
0.1

4.0
3.0
2.8

93.5
93.8
93.7

-0.2
0.3
-0.1

0.2
-0.1
-0.4

192! 1

January
February
March

176.6
176.7
177.0

0.5
0.1
0.2

3.6
3.5
3.3

93.8
93.7
93.5

0.1
-0.1
-0.2

0.1
-0.5
-1.0

193.7

April
May
June

178.0
178.7
178.6

0.6
0.4
-0.1

3.1
r3.3
p3.9

93.6
93.6
93.2

0.1
0.0
-0.4

-1.2
r-1.7
p-1.0

195.8

179.3
rl79.6
pl80.4

0.4
0.1
p0.5

93.2
r92.9
p93.0

0.0
r-0.3
pO.l

4.4
i'.2

3.2
i'.z

4.3
3.7

5.1
3.7

1987
2.1
3.8

3.4
i!o

4.4
i ! i

6.2
Y.e

1988

July
August
September

3.5
(NA)

4.5

(NA)
(NA)

October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
A d j u s t e d f o r o v e r t i m e (in m a n u f a c t u r i n g o n l y ) a n d i n t e r i n d u s t r y e m p l o y m e n t s h i f t s .
C h a n g e s are centered within the spans:
1 - m o n t h c h a n g e s a r e p l a c e d on t h e 2d m o n t h , 6 - m o n t h c h a n g e s a r e p l a c e d o n t h e 4 t h m o n t h ,
t e r c h a n g e s a r e p l a c e d o n t h e 1 s t m o n t h o f t h e 2d q u a r t e r , a n d 4 - q u a r t e r c h a n g e s a r e p l a c e d o n t h e m i d d l e m o n t h o f t h e 3d q u a r t e r .
2

87

O C T O B E R 1 9 8 8 BCII




1-quar-

OTHER IMPORTANT ECONOMIC MEASURES

B

PRICES, WAGES, AND PRODUCTIVITY—Continued

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

Negotiated wage and
benefit decisions

Real compensation
346. Index

346c. Change
over 1-quarter
spans 1

(1977 = 100)

WAGES AND PRODUCTIVITY--Continued

346c. Change
over 4-quarter
spans 1

(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 ©

(Ann. rate,
percent)

370. Index

(1977 = 100)

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

370c. Change
over 1-quarter
spans 1

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

(Ann. rate,
percent)

(1977 = 100)

1.'6

108.'6

i'.z

108^4

-0.6

1 0 8 '.0

1986
2.7

January
February
March

99^2

April
May
June

100! 3

July
August
September

100.'8

October
November
December

0.6

1.2

2! 5

101.4

4.6

0.7

1.6

2.9

1.9

-0.4
110.4

0.7

1.2

I A

2.4

7.7
110.5

-1.4
lio.'o

2.7

2.4

-OA

-0.8
1 0 9 ^8

0.2

107'.8

1.5

107^8

1.9

108! 6

2.7

109.6

i.*3

109.' 9

1987
January
February
March

100! 6

April
May
June

IOO!2

July
August
September

100! 4

October
November
December

loi.'o

-3.1

1.1

2.1

-OA

-1.4

4.1

3.9

-OA

0.6

2.7
HO!6

2.5

2.1

O.k

2.5

0.3
109! 9

3.9
1 1 1 17

3.4

2.4

0.7

0.6
ni'.s

1988
January
February
March

101.0

April
May
June

100! 9

July
August
September

0.1

pi.8

pi.8

(NA)
-0.3

3.5
112! 8

rp3.3

p2.4

(NA)

-2.5

112 i
(NA)

(NA)

p3.4

11CL8

110! 4
(NA)

p3.3
(NA)

(NA)

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

Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.

88




OCTOBER 1988

B C I I

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q

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

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

(Thous.)

(Thous.)

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

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)

1986
January
February
March

116
116
117

751
951
183

108 904
108 524
108 853

7 847
8 427
8 330

3 521
3 766
3 778

2 ., 9 2 0
3 ., 1 8 0
3 ., 1 0 9

1,406
1,481
1,443

6 ,, 4 4 7
6 ., 8 2 5
6 ., 8 6 1

5 ,, 3 0 1
5 ., 2 0 9
5 ,, 3 0 7

7 8 .,3
7 8 ..1
7 8 .,1

5 5 ,.0
5 5 ,. 1
5 5 ,. 1

53.4
54.5
54.9

April
May
June

117 334
117 481
118 112

108 961
109 037
109 671

8 373
8 444
8 441

3 724
3 836
3 791

3 ., 1 0 2
3 ., 1 1 6
3 ., 1 3 3

1,547
1,492
1,517

6 ,, 8 1 4
6 ,, 9 2 6
6 ., 7 9 2

5 ., 5 6 4
5 ., 6 0 0
5 ., 3 8 1

7 8 .,0
78.0
7 8 .,2

5 5 ,. 2
5 5 ,. 3
5 5 ,.7

55.5
55.1
55.4

July
August
September

118 115
118 150
118.,345

109 837
110 035
110:,047

8 278
8 115
8 ., 2 9 8

3 820
3 661
3 ., 8 3 1

3 ,, 0 2 5
3 ,, 0 0 5
2 :, 9 9 1

1,433
1,449
1,476

6 ,, 6 9 1
6 ,, 5 5 3
6 :, 7 9 2

5 ., 1 4 9
5 ., 2 8 8
5 :, 3 3 7

7 8 .,1
7 7 .,9
7 8 ,.1

55 .7
5 5 ,. 8
55 .7

54.6
54.9
54.9

October
November
December

118., 4 2 4
118., 6 7 1
118.,576

110,, 1 9 4
110., 4 5 7
110;,657

8 ,, 2 3 0
8 ., 2 1 4
7, , 9 1 9

3 ., 8 1 7
3 ., 8 0 7
3 ,, 7 2 8

3 ,, 0 0 7
2 ,, 9 7 1
2 :, 8 2 6

1,406
1,436
1,365

6 ,, 7 0 4
6 ,, 6 7 2
6 ,, 4 8 1

5 ., 4 3 8
5 ,, 2 7 0
5 :, 3 2 4

7 7 ,.9
7 8 ,.2
7 8 ,. 3

55 . 8
55 . 8
55 .6

54.9
54.4
53.4

January
February
March

118., 9 7 8
119., 2 3 0
1 1 9 ;, 2 4 6

111., 0 1 4
I l l , ,344
111;,455

7 ,, 9 6 4
7 ,, 8 8 6
7:, 7 9 1

3 ,, 6 9 1
3 ,, 6 0 6
3 :, 5 5 3

2 ,, 8 7 7
2 ,, 8 5 8
2 :, 8 3 2

1,396
1,422
1,406

6 ., 4 7 3
6 ,, 3 9 7
6 :, 2 4 8

5 ,, 2 1 1
5 ,, 4 5 8
5 :, 1 8 0

7 8 ,. 2
7 8 ,. 2
7 8 ,. 1

55 . 8
55 . 9
55 . 9

54.3
54.7
54.3

April
May
June

119., 3 6 3
1 1 9 ,, 9 0 7
1 1 9 ;, 6 0 8

111., 8 0 6
1 1 2 ,, 3 3 4
1 1 2 :, 3 0 0

7 ,, 5 5 7
7 ,, 5 7 3
7 ;, 3 0 8

3 ,, 4 5 4
3 ,, 4 5 6
3:, 4 2 2

2 ,, 7 3 3
2 ,700
2 ,634

1,370
1,417
1,252

6 ,, 0 8 3
6 ,, 0 5 3
6 :, 0 0 0

5 ,, 1 0 4
5 ,, 0 5 8
4 :, 9 7 9

7 8 ,. 1
7 8 ,.2
7 8 ,. 0

56 .0
56 .2
56 .2

54.2
55.2
53.6

July
August
September

119 ,890
1 2 0 ,, 3 0 6
1 1 9 :, 9 6 3

1 1 2 ,, 6 3 9
1 1 3 ,, 0 5 0
1 1 2 :, 8 7 2

7:, 2 5 1
7 ,, 2 5 6
7 ,091

3 ,, 3 2 3
3 ,, 2 5 8
3:, 1 1 8

2 ,680
2 ,661
2 ,671

1,248
1,337
1,302

5 ,, 8 5 2
5 ,812
5 ,636

5 ,154
5 ,, 0 1 6
4 :, 9 8 6

78 .0
7 7 ,. 9
77 . 9

56 .3
56 . 3
56 .2

54.0
56.3
54.4

October
November
December

120.,387
120,,594
120.,722

113,, 2 1 0
113.,504
113.,744

7 ,, 1 7 7
7 ,, 0 9 0
6 ., 9 7 8

3 ,, 1 7 4
3 ., 1 3 5
3 ., 0 6 3

2 ,, 6 1 5
2 ,, 6 2 0
2 :, 6 1 1

1,388
1,335
1,304

5 ,, 7 2 5
5 ,, 6 8 4
5 :, 6 0 1

5 ,, 0 6 7
5 ,, 2 4 1
5 :, 0 0 4

7 8 ,. 0
7 8 ,. 0
7 7 ,. 8

56 . 4
56 .5
56 .6

55.1
54.8
55.5

January
February
March

121,,175
121.,348
120,, 9 0 3

114,,129
114.,409
1 1 4 :, 1 0 3

7 ., 0 4 6
6 ,, 9 3 8
6 ;, 8 0 1

3 ,, 1 5 4
3 ., 0 7 1
3 :, 0 8 9

2 ., 5 8 1
2 ,, 6 3 5
2 ;, 4 1 1

1,312
1,232
1,301

5 ., 6 0 3
5 ,, 5 4 9
5 :, 4 9 8

5 3, 1 4 5
5 ,, 2 5 4
5 ., 1 0 6

77. 9
7 8 .,2
7 7 .,9

5 6 . ,7
5 6 ,. 8
5 6 .,6

56.0
54.9
53.9

April
May
June

121.,323
120 ,978
121 ,472

1 1 4 :, 7 1 3
1 1 4 ,, 1 9 5
115 , 0 1 8

6 ,, 6 1 0
6 ,783
6 ,455

2 ., 9 0 9
3 ,, 0 7 2
2 ,, 8 7 0

2 ,, 4 4 2
2 ,, 4 8 1
2 ,473

1,259
1,230
1,112

5 a, 3 0 2
5 ., 4 1 8
5 ., 1 1 1

4 ,,924
4 ,,623
5 ,,076

78. 2
77. 9
77. 8

56.7
56. 4
56. 6

54.2
54.0
56.2

July
August
September

121 ,684
122 , 0 3 1
121 ,924

115 , 0 5 9
115 , 1 8 0
115 , 3 2 8

6 ,625
6 ,851
6 ,596

2 ,815
3 ,, 0 9 0
2 ,, 8 5 7

2 ,576
2 ,, 4 6 8
2 ,461

1,234
1,293
1,278

5 ,, 1 7 4
5 ,,517
5 ., 2 6 8

5 ., 1 8 5
4 ,, 9 5 9
4 .,814

77.9
7 8 .,0
77.9

5 6 .,7
5 6 ..8
5 6 .,7

56.0
56.4
56.2

1987

1988

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

IM

Jl

OCTOBER 1 9 8 8




89

OTHER IMPORTANT ECONOMIC MEASURES

B

GOVERNMENT ACTIVITIES

Q j

RECEIPTS AND EXPENDITURES

Federal Government 1
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

DEFENSE INDICATORS

State and local government 1

501. Receipts

502. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

510. Surplus
or deficit

(Ann. rate,
bil. dol.)

Advance measures of defense activity

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

548. Manufacturers'
new orders,
defense
products

1986
January
February
March

-198.6

806

1,005.'3

67! 2

613 ] 1

545! 9

28,411
30,247
30,969

12,843
9,715
13,822

185,822
188,008
190,756

9,975
9,449
11,858

April
May
June

-234.'4

816.3

1,050! 7

6o!i

616! 6

556! 5

29,758
30,267
33,056

13,136
11,052
12,949

188,903
189,004
193,207

8,514
9,012
7,845

July
August
September

-206!i

833^

1,039! 7

62.7

629! 6

566.9

31,199
29,968
30,678

13,810
11,432
12,315

196,185
198,635
199,295

10,091
7,709
9,968

October
November
December

-183!3

856!8

l,040!l

54.8

632! 9

578.1

28,383
30,341
26,583

9,450
11,866
11,581

198,408
198,337
197,769

7,508
10,426
7,763

January
February
March

-188!3

871! 3

1,059^

47.'7

637.5

589.9

25,911
34,669
28,986

10,617
12,546
12,167

196,585
199,440
199,308

6,129
7,650
9,769

April
May
June

-144!6

9 2 0 .'o

1,064^0

61.4

659^3

597! 9

33,794
32,801
30,475

12,138
12,103
12,748

200,411
202,504
204,177

11,265
9,907
10,128

July
August
September

-138!3

930'.i

1,06^4

52! 9

659! 1

606! 2

31,867
32,619
34,065

13,667
12,881
13,609

207,148
209,556
215,074

9,882
9,179
9,102

October
November
December

-16CL4

944.4

1,104!9

49.7

666! 9

617'. 2

29,233
30,794
24,532

10,613
9,383
11,912

212,355
212,086
205,974

9,864
9,824
7,036

January
February
March

-155.' i

9 5 1 !o

1,106.* 1

55.8

685! 5

629! 7

31,157
33,243
31,595

7,871
11,080
11,901

208,366
210,637
212,335

9,223
8,480
8,065

April
May
June

-133.3

983.0

1,116.3

56.2

698.4

642'.1

33,172
32,294
36,167

16,222
14,301
14,580

210,520
214,223
219,469

9,871
8,215
13,829

(NA)

(NA)

pl ,098.9

(NA)

(NA)

p652! 2

29,691
p29,004
(NA)

18,794
p9,185
(NA)

219,349
p219,239
(NA)

r6,995
r8,024
p7,041

1987

1988

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1

Based on national income and product accounts.

90




O C T O B E R 1 9 8 8 »CI)

OTHER IMPORTANT ECONOMIC MEASURES

D

GOVERNMENT ACTIVITIES—Continued

Q

DEFENSE INDICATORS—-Continued
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

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

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.)

578. Civilian,
direct hire
employment
(Thous.)

564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1986
January
February
March

178.9
178.0
178.6

31 ,682
31 ,148
31 ,963

159 ,414
160 ,355
164 ,278

20 152
21 586
23 342

8 ,, 2 7 2
8 ,, 5 0 8
7 :, 9 3 5

1, , 5 7 0
1, , 5 7 2
1:, 5 7 2

2 ., 1 5 7
2 ., 1 6 0
2 ., 1 6 0

1 ,103
1 ,087
1 ,084

266! 8

6 A

April
May
June

179.8
180.2
180.7

32 , 0 7 2
32 , 0 8 9
32 , 1 5 6

164 ,153
164 ,405
163 ,323

22 , 1 0 1
22 , 9 2 1
21 ,954

8 ,639
8 ,760
8 :, 9 2 7

1 ,581
1 ,588
1 ,564

2 ,, 1 5 0
2 ,, 1 5 0
2 ;, 1 4 3

1 ,081
1 ,072
1 ,060

2 7 7 ^2

6.6

July
August
September

182.4
183.7

31 ,800
31 ,648

164 ,192
163 ,058

22 , 5 3 8
21 ,714

184.6

31 ,684

164 ,078

October
November
December

185.6
185.5
186.2

31 ,578
31 ,369
30 ,762

January
February
March

187.3
188.9
188.6

April
May
June

9 :, 2 2 2

1 ,592

2 ,, 1 5 0

1 ,589
1 ,590

2 ,, 1 6 1
2 ,, 1 6 9

1 ,059
1 ,052
1 ,072

288.0

6.7

2 3 :, 8 8 6

8 ,, 8 4 3
8 :, 9 4 8

1 6 2 ,, 5 7 0
163 ,442
161 ,459

2 2 ,, 3 2 4
2 1 ,, 1 6 8
2 2 :, 5 1 2

9 ,, 0 1 6
9 ,554
9 :, 7 4 6

1, , 5 9 2
1 ,591
1 ,590

2 ,, 1 7 7
2 ,, 1 8 1
2 ,, 1 7 8

1 ,069
1 ,063
1 ,059

278*. 1

6*. 5

3 1 ,, 1 2 2
3 1 ,, 2 3 3
3 1 :, 1 6 9

1 5 8 ,, 8 3 3
1 5 7 ,, 7 7 9
1 5 8 ,, 0 8 4

2 2 ,, 2 4 3
2 4 ,, 0 9 6
23;,259

8 ,, 7 5 5
8 ,, 7 0 4
9 :, 4 6 4

1 ,593
1 ,591
1 ,588

2 ,, 1 7 9
2 ,, 1 7 2
2 ,, 1 6 8

1 ,061
1 ,067
1 ,070

287! 3

6.6

189.2
189.3
188.6

3 1 ,, 5 9 7
31 ,624
31 ,709

1 6 0 ,, 3 5 8
160 ,898
1 6 1 ,, 8 1 6

2 3 ,, 5 9 3
2 2 ,, 7 6 0
24:,046

8 ,, 9 9 1
9 ,367
9 :, 2 1 0

1 ,584
1 ,587
1 ,585

2 ,, 1 5 8
2 ,, 1 5 3
2 ,, 1 5 1

1 ,072
1 ,068
1 ,070

294'.8

6.6

July
August
September

188.7
189.1
189.8

3 2 ,, 1 7 4
3 2 ,, 5 5 3
32:, 6 6 8

1 6 2 ,, 6 0 5
1 6 2 ,, 7 4 1
162;, 3 1 6

2 2 ,, 8 5 8
2 4 ,, 3 4 0
2 1 :, 5 1 3

9 ,, 0 9 3
9 ,, 0 4 3
9 :, 5 2 7

1 ,588
1 ,589
1 ,590

2 ,, 1 5 8
2 ,, 1 6 7
2 ., 1 7 4

1 ,074
1 ,076
1 ,090

299! 8

6.6

October
November
December

190.3
188.7
188.9

3 3 ,, 1 7 1
3 3 ,, 9 3 6
33;, 5 0 4

1 6 3 ,, 2 4 7
1 6 4 ,, 1 3 0
1 6 1 ,, 8 6 0

2 5 ,, 8 1 6
2 1 ,, 2 7 6
2 6 :, 3 2 9

8 ,, 9 3 3
8 ,, 9 4 1
9 :, 3 0 6

1 ,593
1 ,592
1 ,592

2 ., 1 7 2
2 ., 1 7 4
2 ,, 1 6 7

1 ,090
1, , 0 8 7
1:, 0 8 3

299! 2

6 A

January
February
March

190.6
191.0
189.9

33 , 6 5 6
3 3 ,, 8 5 9
3 3 ,, 9 4 5

1 6 2 ,, 2 0 6
162 ,089
1 6 0 ,, 8 4 1

2 0 ,, 7 8 6
2 3 ,, 4 4 1
2 3 :, 7 5 2

8 ,, 8 7 7
8 ,, 5 9 7
9 :, 3 1 3

1 ,599
1 ,596
1, , 5 8 7

2 ., 1 6 6
2 ,, 1 6 2
2 ., 1 4 2

1 ,077
1 ,071
1 ,067

298.4

6.3

April
May
June

187.9
185.5
184.6

3 4 ,, 0 6 9
3 4 ,, 6 9 5
35:,328

1 6 2 ,, 1 7 1
1 6 2 ,, 0 0 9
1 6 7 ;, 1 1 7

2 6 ,, 5 4 8
2 0 ,, 1 3 0
2 3 :, 7 6 5

8 ,, 5 4 1
8 ,, 3 7 7
8 .,721

1, , 5 8 8
1, , 5 8 5
1 :, 5 8 4

2 ., 1 0 8
2 ., 1 0 0
2 ., 1 0 4

1 ,059
1 ,053
1 ,041

298.8

6.2

rl84.9
rl84.4
pl83.9

r34.,799
p34,056
(NA)

r l 6 5 .,449
r l 6 4 .,449
pl62,748

2 4 ., 2 4 3
r23.,321
p20,798

r8.,663
r9,,024
p 8 ;, 7 4 2

r l ,,580
pl:,578
(NA)

2 ,, 1 1 1
r2,,122
P 2 :, 1 3 7

1 ,031
Pi ,036
1N A )
(

p294.1

p6! 0

1987

1988

July
August
September
October
November
December

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

R

O

OCTOBER 1 9 8 8




91

OTHER IMPORTANT ECONOMIC MEASURES

E

U.S. INTERNATIONAL TRANSACTIONS

B
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.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

614. Imports of petroleum and petroleum
products

(Mil. dol.)

616. Imports of automobiles and parts

(Mil. dol.)

1986
January
February
March

18 , 5 5 7
18 , 5 2 0
17 , 9 9 9

2,320
2,283
2,135

3 ,854
4 ,294
3 ,740

30,600
28,866
29,124

4 ,, 9 7 8
4 ,254
3 ,578

5,044
5,378
5,018

April
May
June

18 , 7 6 2
19 , 0 2 3
20 , 0 3 8

2,043
1,960
1,819

3 ,981
3 ,644
3 ,582

30,287
29,390
29,960

2 ,, 0 8 4
2 ,718
2 ,731

5,044
5,054
5,535

July
August
September

19 , 7 3 1
17 , 9 7 0
18 , 2 8 2

2,062
2,231
2,111

3 ,585
4 ,091
3 ,812

30,969
30,122
31,738

2 ,483
2 ,225
2 ,435

6,242
6,280
4,909

October
November
December

19 , 7 2 8
19 , 2 9 5
19 , 2 5 5

2,447
2,204
2,352

3 ,, 9 3 2
4 ,, 1 3 8
4 ., 2 2 7

30,953
32,666
30,762

2 ,, 1 5 5
2 ,, 7 8 8
2 ,, 2 9 9

5,790
7,156
5,483

January
February
March

1 8 ,, 3 9 9
19 , 3 2 7
20;, 1 7 1

1,926
2,047
2,157

3 ., 4 5 2
4 ., 4 0 4
4 ., 0 9 8

31,666
31,825
32,271

2 ,, 2 6 9
3 ,, 5 9 8
3 ;, 5 1 3

4,882
6,322
5,329

April
May
June

2 0 ,, 4 0 2
2 0 ,, 2 6 0
21;,107

2,234
2,410
2,445

4 ,, 1 2 2
4 ., 1 7 6
4 ,, 3 3 8

31,978
32,514
34,418

2 ,, 8 4 2
3 ., 6 8 5
3 ., 3 7 5

5,516
6,093
5,823

July
August
September

22.,430
2 0 .,883
21.,810

2,956
2,520
2,625

4 ., 2 6 0
4 ., 4 2 0
4 ., 7 1 7

34,625
34,492
34,582

4 ., 1 2 5
4 ,, 5 7 4
3 ., 4 3 9

5,800
6,008
5,307

October
November
December

22.,074
23.,094
24.,152

2,593
2,409
2,472

4 ., 4 0 7
5 ., 3 7 1
5 ., 3 7 1

35,966
35,316
36,586

3 ., 7 8 0
3 ., 2 9 2
3 ., 1 5 8

6,776
6,342
6,560

January
February
March

2 4 .,488
2 4 ., 5 1 8
2 6 ,,876

2,634
2,936
3,030

5 ,, 0 4 0
5 ., 1 7 7
5 ., 4 4 2

34,258
37,729
36,644

3 ., 5 4 1
3 ., 5 3 6
3 ., 2 2 5

5,441
5,659
5,677

April
May
June

26.,026
2 7 .,478
2 6 .,283

3,030
3,327
3,220

5 ,, 2 8 8
5 ., 3 7 4
5 ,, 3 5 3

34,825
35,732
37,948

3 ., 2 2 6
3 ., 8 0 2
3 ., 0 6 0

6,220
5,507
5,351

r 2 6 ,,515
2 7 ,,545
(NA)

3,266
3,349
(NA)

5 ., 4 5 7
5 ., 7 7 8
(NA)

34,533
38,106
(NA)

3 ., 1 2 2
3 ., 3 6 0
(NA)

5,888
(NA)

1987

1988

July
August
September

5,378

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

92




OCTOBER 1 9 8 8

OTHER IMPORTANT ECONOMIC MEASURES

E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q j

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

668. Exports

(Mil. dol.)

622. Balance

669. Imports

(Mil. dol.)

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1986
January
February
March

-29,485

93,067

122,552

-35,433

54,il3

89,546

24,352

17,357

April
May
June

-29,629

94,088

123,717

-33,861

56,946

90,807

22,248

17,533

July
August
September

-31,288

93,493

124,781

-36,721

56,268

92,989

21,845

15,729

October
November
December

-33,118

94,408

127,526

-38,532

56,642

95,174

21,667

16,350

January
February
March

-34,657

98,907

133,564

-39,871

56,791

96,662

24,79i

19,715

April
May
June

-37,727

100,353

138,080

-39,552

59,864

99,416

22,429

20,737

July
August
September

-38,987

106,318

145,305

-39,665

64,902

104,567

23,289

22,222

October
November
December

-29,150

119,247

148,397

-41,192

68,01.3

109,205

33,248

20,709

-33,817

121,122

154,939

-35,184

75,300

110,484

26,554

25,395

p-30,429

pl23,284

pl53,713

p-29,937

p79,665

pl09,602

p23,429

p25,176

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1987

1988
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.

balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

IMJlO C T O B E R 1 9 8 8




93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q

Year
and
month

47. United States,
index of industrial production

(1977 = 100)

721. OECD 1
European countries, index of
industrial
production

(1977 = 100)

728. Japan,
index of industrial production

(1977 = 100)

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

(1977 = 100)

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1977 = 100)

727. Italy, index
of industrial
production

(1977 = 100)

(1977 = 100)

723. Canada,
index of industrial production

(1977 = 100)

1986
January
February
March

126.4
125.5
123.9

112
113
112

144.6
144.8
144.8

113
113
113

107
105
105

108
110
109

108.4
110.9
113.8

126.2
126.3
123.3

April
May
June

124.7
124.3
124.1

115
111
114

144.4
144.2
144.5

117
112
116

109
104
108

111
109
109

114.9
108.7
113.9

128.1
124.8
123.0

July
August
September

124.8
124.9
124.5

115
114
114

144.2
141.9
145.8

117
114
114

109
109
109

111
111
111

111.1

124.3
123.9
124.3

October
November
December

125.3
125.7
126.8

114
114
113

143.8
141.9
142.0

114
114
112

109
107
107

111
111
110

111.0
112.2

111.1

125.1
124.9
126.8

January
February
March

126.2
127.1
127.4

112
115
115

141.3
140.8
142.8

111
114
114

105
109
109

110
112
112

111.8
115.2
117.6

126.2
127.6
128.8

April
May
June

127.4
128.2
129.1

115
116
116

141.7
139.5
144.7

116
116
114

108
110
111

112
112
112

115.5
119.7
116.2

128.9
129.6
130.3

July
August
September

130.6
131.2
131.0

rll6
rll6
116

145.9
145.9
148.2

113
117
116

110
110
111

rll5
rll7
rll5

115.6
110.8
115.1

130.9
133.6
134.1

October
November
December

132.5
133.2
133.9

rll8
118
117

150.7
151.1
152.9

117
117
117

111
111
112

rll7
rll6
rll7

120.1
118.7
114.0

135.5
136.5
136.9

January
February
March

134.4
134.4
134.7

rl20
rll8
rl20

153.5
157.7
158.0

117
118
118

112
112
112

rll8
rll6
rll7

124.2
118.9
119.2

137.9
rl37.5
rl38.1

April
May
June

135.4
136.1
136.5

rl20
rll8
pl21

156.8
153.2
rl58.3

117
118
rl21

111
112
p l 14

rll8
118
rll8

121.5
rll8.3
120.1

rl38.2
rl39.9
rl40.0

rl38.1
rl38.3
pl38.3

(NA)

pl56.2
(NA)

p l 19
(NA)

(NA)

p l 19
(NA)

pl23.6
(NA)

pl39.3
(NA)

110.0
109.8

1987

1988

July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 58.

Organization for Economic Cooperation and Development.

94




O C T O B E R 1 9 8 8 ltd)

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q

United States
Year
and
month

320. Index

©

( 1 9 8 2 - 8 4 = 100)

CONSUMER PRICES

Japan

320c. Change
over 6-month
spans 1

(Ann. rate,
percent)

738. Index

©

(1982-84=100)

738c. Change
over 6-month
spans 1

(Ann. rate,
percent)

735. Index

©

(1982-84 = 100)

United Kingdom

France

West Germany
735c. Change
over 6-month
spans 1

(Ann. rate,
percent)

736. Index

®

(1982-84 = 100)

736c. Change
over 6-month
spans 1

(Ann. rate,
percent)

732. Index

©

(1982-84 = 100)

732c. Change
over 6-month
spans 1

(Ann. rate,
percent)

1986
105.0

January
February
March

109. 6
109. 3
108. 8

0. 6
-0. 2
0. 0

104.9
104.8

1. 2
0. 4
0. 0

105. 5
105. 2
104. 9

-0. 4
-0. 8
-1. 3

116. 1
115. 9
116. 1

1. 4
1. 2
1. 2

113.1
113. 5
113. 7

3.2
2.9
1.8

April
May
June

108 6
108 9
109 5

-0. 5
0. 4
1. 7

105.1
105.4
104.9

-0. 6
0. 0
-0 6

1 0 4 . ,9
1 0 4 . ,9
1 0 5 . ,0

-1. 9
-1. 1
-0. 6

116. 6
116. 9
117. 2

1. 6
2. 4
3. 3

1 1 4 .,8
115. 0
1 1 4 . ,9

1.1
1.1
2.1

July
August
September

109 5
109 7
1 1 0 . ,2

2. 6
2. 8
2. 2

104.6
104.4
104.9

-1. 7
-0 4
-0.6

1 0 4 . ,5
1 0 4 . ,2
1 0 4 . ,4

-1. 1
-1. 5
-0. 8

117. 4
117.5
118.0

2. 9
2. 9
3. 1

114. 6
114. 9
115. 5

2.8
4.2
5.9

October
November
December

1 1 0 .,3
1 1 0 .,4
1 1 0 .,5

3. 7
4. 1
4. 4

105.0
104.5
104.3

-1. 9
- 2 . ,3
- 0 . ,2

104.,1
1 0 4 .,0
1 0 4 .,2

0. 0
0. 2
0.0

118. 2
1 1 8 . ,4
1 1 8 .,5

4. 5
4 .,3
3 ..6

1 1 5 . ,7
1 1 6 . ,7
117.,1

6.8
6.9
5.6

January
February
March

111.2
1 1 1 .,6
112.,1

5. 0
5. 1
5. 3

103.9
103.9
104.3

2.3
0 .,4
1 ., 3

104,.6
1 0 4 ,.7
1 0 4 ,.7

1. 2
1. 5
1. 2

119.6
119.,8
120.,0

4 ., 1
4 ,. 1
3 ,, 4

117,.5
118,.0
1 1 8 ,.2

5.4
3.8
2.4

April
May
June

1 1 2 ,.7
1 1 3 ,. 1
113.5

4. 4
4 . ,5
4 .,1

105.2
105.4
105.2

2 ., 1
3 ,,3
1, . 9

1 0 4 ,.9
1 0 5 ,.0
105.2

1. 7
1. 7
1 ., 0

1 2 0 .,6
120.,9
1 2 1 ,. 1

2 ,. 4
2 ,J
2 ,. 5

119,.6
1 1 9 ,.7
1 1 9 ,.7

2.2
2.0
2.7

July
August
September

1 1 3 ,. 8
1 1 4 ,. 4
1 1 5 ,. 0

3 .,9
3 .,7
3 .,6

104.7
104.8
105.7

- 0 ,.9
1, . 0
0 ,. 0

1 0 5 ,. 2
1 0 5 ,. 1
1 0 4 ,. 9

0 ..8
0 .,4
0 .,8

1 2 1 ,.4
1 2 1 ,.7
1 2 1 ,.7

2 ,. 3
2 ,. 3
2 ,. 8

1 1 9 ,.6
1 2 0 ,. 0
1 2 0 ,. 3

3.7
4.6
4.8

October
November
December

1 1 5 ,. 3
1 1 5 ,. 4
1 1 5 ,. 4

3 .,7
3 .,2
3 ,. 7

105.7
105.2
105.1

0 ,. 0
- 1 .7
-0 .4

105 .0
1 0 5 ,. 0
105 .2

- 0 . ,2
0 .,0
1, . 0

1 2 2 ,. 0
1 2 2 ,.2
1 2 2 ,.2

2 ,. 2
2 .1
2 .5

1 2 0 ,. 9
1 2 1 ,.5
1 2 1 ,. 4

4.2
4.2
4.0

January
February
March

1 1 5 ,. 7
1 1 6 ,. 0
116 .5

3 .9
4 .0
4 .4

104.8
104.6
105.0

1 .3
- 0 .2
0 .2

105 . 4
105 .6
105 .7

1 .1
1 .7
1, . 3

122 .4
122 .7
123 . 0

2 .6
2 ,. 6
2 ,. 5

121 .4
121 .9
122 .3

3.8
3.8
4.6

April
May
June

117 . 1
117 .5
118 .0

4 .5
5 .1

105.5
105.6
105.4

0 ,. 8
2 .1
(NA)

106 .0
106 .2
106 .3

1 .. 9
2 .3

1 2 3 ,. 6
123 .9
124 .3

3 .,3
3 ,. 4

124 .3
124 . 8
1 2 5 ,. 3

5.7
7.5
8.3

July
August
September

118 .5
119 . 0
119 . 8

1987

1988

4 .7

105.2
105.5
(NA)

106 .2
106.3
106.3

1 .9

1 2 4 ,.7
125 . 1
(NA)

(NA)

125 .4
126 .8
127 .4

October
November
December
See note on page 80.
Graphs of these series are shown on page 59.

x

Changes over 6-month spans are centered on the 4th month.

I M J l

OCTOBER 1 9 8 8




95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q

CONSUMER PRICES-Continued

Italy
Year
and
month

737. Index ©

STOCK PRICES

733c. Change
over 6-month
spans 1

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 ©

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

Canada

737c. Change
over 6-month
spans 1

733. Index

©

100)

(1982-84=

(Ann. rate,
percent)

(1982-84=100)

1986
January
February
March

125 . 9
126 .8
127 .2

6.8
6.6
5.3

111 4
111 8
112 1

4.4
4.8
2.9

226.5
238.6
252.7

936,.5
964.8
1 :, 0 5 2 . 8

327.1
320.8
329.6

438.3
468.6
514.8

647,.8
690,.0
755.0

303.8
343.9
430.2

321.2
322.7
344.3

April
May
June

127.6
128 1
128 6

5.5
5.5
4.8

112 2
112 8
112 9

3.2
3.6
3.6

258.9
259.4
266.8

1,, 1 1 6 , . 7
1,, 1 4 4 , . 6
1 :, 2 0 3 . . 9

345.8
318.7
313.8

590.3
600.2
537.2

780.6
756.2
764.9

512.3
580.0
485.1

347.9
352.8
348.6

July
August
September

128 6
128 8
1 2 9 ,. 2

4.0
3.3
3.4

113.8
114 1
114.. 1

4.5
4.5
5.4

261.3
266.5
259.2

1,, 2 6 2 . . 7
1,, 3 5 4 . 5
1 ;, 3 6 1 . , 4

293.2
316.3
327.2

580.0
605.1
603.4

755..5
750..0
767..2

483.2
562.7
554.7

331.7
342.2
336.6

October
November
December

1 2 9 ,. 9
1 3 0 ,. 4
1 3 0 ,. 8

3.9
3.0
3.7

1 1 4 ..7
115..3
115..5

4.3
4.1
4.8

258.2
266.6
270.4

1,, 2 8 0 . 3
1,, 2 9 7 . , 0
1 ;, 4 0 6 . 4

322.1
325.2
331.9

609.7
616.6
652.2

7 5 0 ..7
774.,1
7 7 9 .,4

557.1
546.3
514.8

343.4
344.3
346.5

January
February
March

131.6
132.. 1
132..6

4.2
4.7
4.5

115.,8
116.3
116.8

4.4
4.7
4.2

287.7
305.6
318.1

1,, 4 9 2 . 7
1,, 5 7 7 . , 3
I, , 6 7 5 . , 5

308.8
285.2
288.5

642.1
660.1
708.1

8 4 1 .,0
9 1 7 .,9
973.,1

526.7
502.9
501.9

378.4
395.4
422.5

April
May
June

132.,9
133.,4
133..9

4.8
5.9
6.5

1 1 7 .,3
118.0
118.3

5.1
5.2
4.7

314.7
314.5
327.8

1., 8 5 6 . , 7
1., 9 3 7 . 3

304.2
302.3
313.7

725.9
703.6
664.6

957.2
1 , 0 4 2 .,0
1 :, 0 9 8 . , 5

533.2
533.4
p521.5

420.0
416.4
422.6

July
August
September

134..3

6.8

1 1 9 .,2

4.5

337.3

134.,6
135.,6

6.4
5.5

1 1 9 .,3
1 1 9 .,3

3.8
4.1

358.3
346.6

1., 8 0 6 . , 9
1., 9 0 2 . , 6

327.7
340.7
330.0

691.9
704.9
729.8

1 , 1 5 5 . .7
1 , 1 0 2 . .2
1 , 1 2 1 .,9

494.8
466.0
451.9

455.4
451.3
440.9

October
November
December

136.,8
1 3 7 .,2
137.,4

5.1
4.0
3.4

1 1 9 .,7
1 2 0 . ,2
1 2 0 . ,3

3.1
2.9
3.5

304.8
266.5
262.1

1., 8 3 1 . , 8
1., 6 7 6 . , 8

632.8
508.5
484.6

1:, 0 2 8 . , 6

1 :, 6 5 4 . , 9

306.1
234.2
224.2

7 9 5 .,0
8 1 0 . ,9

450.0
366.9
361.0

341.2
336.5
357.1

January
February
March

138.,1
1 3 8 .,5
139.,1

3.5
3.5
4.0

1 2 0 . ,5
1 2 1 . ,0
1 2 1 . .6

3.5
4.4
4.0

272.5
280.8
289.1

1., 6 5 4 . , 9
1., 7 9 7 . , 4
1,, 9 0 9 . , 4

213.0
223.3
237.7

465.0
501.6
510.3

864. 2
859. 2
8 8 9 . ,1

349.1
334.1
377.2

345.4
362.1
374.4

April
May
June

1 3 9 . ,6
140.0
140.4

4.5
5.9
5.9

122. 0
122. 8
122. 9

4.5
5.2
4.5

285.7
278.6
294.4

1 ,, 9 6 0 . 5
1 ,, 9 6 2 . 2
1 ,, 9 7 8 . 5

235.9
230.4
246.1

523.5
545.7
609.1

880. 3
879. 1
907. 5

383.5
359.7
372.8

377.4
367.1
388.9

July
August
September

1 4 0 .,8
141..4
142.,1

1., 9 7 1 . ,2

253.2
(NA)

9 3 3 .,1
9 0 9 , ,2
(NA)

399.9
416.6
rp412.8

381.6
371.3
371.0

p450.8

p382.9

1987

1 :, 9 6 5 . , 7

1 :, 8 8 8 . , 0

1988

123. 7
124. 1
124.,1

October
November
December

292.7
286.9
291.5

rpl,958.3

632.2
618.6
636.0

p300.3

pi,943.3

p677.5

1 ;, 9 8 7 . . 1

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

Graphs
1

Changes over 6-month spans are centered on the 4th month.

96




O C T O B E R 1 9 8 8 ltd)

APPENDIXES
B. Current Adjustment Factors
Jan.

Feb.

144 5

104 2

,4
91.

92. 1

82. 7

89.
.1

105.8

85.6

81.,4

95 8

99 2

113.
,5

104.2

102.0

107.
.1

93.3

100. 9

100 5

100 4

101.
.3

100. 9

100.,8

.3
100,

99.5

517. Defense Department gross obligations
1
incurred

107 2

92 7

107.
,0

91. 2

80.,2

87,.3

525. Defense Department prime contract awards

117.
,1

95.
.8

117.
.9

81. 1

69.,1

543. Defense Department gross unpaid
obligations outstanding

103.
,5

.4
103.

103.0

102. 6

,1
100.

.8
99.

99.
.7

99.,4

,5
99.

92.
,5

5. Average weekly initial c l a i m s , State
unemployment insurance
13. New business i n c o r p o r a t i o n s

1

72. Commercial and industrial loans 2
outstanding in current d o l l a r s

570. E m p l o y m e n t , defense products industries
578. Defense Department civilian
direct hire employment

. .

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Dec.

91.
.5

103. 7

128.,0

96.,2

96.
.4

91. 7

104.
,6

98.,9

98.
.6

99,
.0

99.7

100.2

91.5

91. 0

132.,0

99,
.8

105. 3

115.
,4

84,
.7

86.2

92.0

205.,4

54,
.2

92.6

102.
.8

100.,4

98.
.3

97.0

95. 1

97.,6

98.
.1

100. 2

100.
,9

99. 7

99.,5

99,
.9

100.0

99. 9

100.
,2

.2
100.

100. 4

100.
,5

99.
,6

99. 8

100. 3

100.
.8

101.5

101. 0

99.,0

99..5

9 9 .8

99.,9

.4
98,

108.
,3

98. 4

,7
100.

.4
103,

98.4

101. 9

102.
.0

93,
.3

98.7

107.
.7

109.
,2

107,
.5

109.
,8

100. 8

89.,3

83.
.1

80.3

85.9

88.,9

106.
.8

119. 3

119.
,7

98.1

95,
.0

.6
111.

101. 3

103.1

102,
.8

95.3

95. 8

96.
,9

104,
.2

98. 6

97.
,4

92.
,3

.4
98.

,4
91.

94. 5

95.4

107.
.7

99.8

100. 8

103.,2

105.
.4

107. 9

103.,4

100.
,8

102.
.9

107.
.5

99. 8

108.,6

.2
114.

93.2

87.9

89.,0

99.
.5

103. 1

96.
,3

Oct.

personnel,

580. Defense Department net o u t l a y s

1

6 0 4 . Exports of domestic agricultural

products .

6 0 6 . Exports of nonelectrical machinery
6 1 4 . Imports of petroleum and petroleum
1
products
616. Imports of automobiles and p a r t s

1

. . . .

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source a g e n c y . Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are a v a i l a b l e . For a description
of the method used to compute these f a c t o r s , see Bureau of the Census Technical Paper No. 1 5 , THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
f a c t o r s are the products of seasonal and trading-day factors.
T h e s e factors apply only to the loans portion of this series.

2




97

C. Historical Data for Selected Series—Continued
Year
26.

I Q

50.

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
1986
1987
1988

195 4
1955
1956
1957
195 8
1959
196 0
196 1
196 2
1963
196 4
1965
1966
1967
196 8
1969
197 0

197 1

1972
1973
197 4
1975
1976
1977
197 8
197 9
1980
198 1
1982
1983
198 4
1985
1986
1987
198 8

9 7 , .7
1 0 0 , .5
9 8 ,.4
9 8 ,.3
9 7 . .5
1 0 0 ..4
97 ..6
9 8 ,.0
9 8 . .2
1 0 0 ,.0
1 0 0 , .6
1 0 1 ,. 4
1 0 1 ,.1
1 0 0 , .7
1 0 1 ,.2
9 9 ,.3
9 7 ,. 4
9 8 , .5
9 8 ,.8
9 7 . .7
9 6 . .2
9 8 ,.8
9 9 ,.8
1 0 0 ,.2
9 9 ,.9
9 7 , .7
95 ,. 8
97 ,. 3
9 5 ,.7
9 8 ,. 1
9 9 ,. 4
9 9 ,.5
9 9 ,.9
9 9 ,.4

9 7 ,.0
1 0 0 ,.2
9 9 ,. 1
9 8 ,.7
9 6 ,.7
99 ,. 6
9 8 ,. 8
9 6 ,.6
9 9 ,. 0
9 9 ,. 4
1 0 0 ,.6
1 0 1 ,.6
1 0 1 ,.9
1 0 0 ,.6
1 0 0 ,.7
9 9 ,. 8
9 6 ,. 3
9 8 ,.5
9 8 ,. 7
9 9 ,. 0
96 ,. 7
97 ,. 2
1 0 0 ,. 0
9 9 ,.5
9 8 ,.5
9 8 ,. 2
9 6 ,.7
9 7 ,.7
9 5 ,. 8
96 ,. 2
9 8 ,. 7
9 9 ,. 1
1 0 0 ,. 1
9 8 ,. 8

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
197 0
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

50C.

IV Q

II Q

Year

Annual

30.

R A T I O , I M P L I C I T PRICE DEFLATOR TO UNIT LABOR COST,
NONFARM BUSINESS SECTORl
(INDEX:
1977=100)

GROSS NATIONAL
(ANNUAL RATE,
1 4 0 6 ,. 8
1 4 6 9 , .6
1 5 1 5 ,. 7
1 5 5 3 ,.3
1 5 0 6 ,. 1
1 6 0 6 ,.4
1 6 7 1 , .6
167 1,. 3
1 7 7 7 ,. 9
1 8 3 4 , .6
1 9 4 8 ,.7
2 0 3 6 ,.9
2 1 9 0 ,. 1
2 2 4 1 ,.8
2 3 2 7 ,. 3
2 4 1 6 , .5
2 4 0 8 , .6
2 4 7 8 . .6
2 5 4 5 , .6
2 7 3 4 ,.0
2 7 4 7 ,. 4
2 6 4 2 , .7
2 8 0 4 ,.4
2 8 9 6 ,. 0
3 0 2 0 . .5
3 1 8 1 . ,7
3 2 3 3 . .4
3 2 6 1 ., 1
3 1 7 0 ., 4
3 1 8 6 . .6
3 4 5 1 ..7
3 5 7 7 . ,5
3 7 1 9 ,.3
3 7 7 6 . .7

PRODUCT IN 1 9 8 2 DOLLARS
B I L L I O N S OF DOLLARS)
1 4 0 1 ,.2
1 4 8 5 ,. 7
1 5 2 2 ,.6
1 5 5 2 ,.4
1 5 1 4 , .2
1 6 3 7 ,.0
1 6 6 6 ,.8
1 6 9 2 ,.1
1 7 9 6 ,. 4
1 8 6 0 ,.0
1 9 6 5 ,.4
2 0 6 6 ,. 4
2 1 9 5 ,.8
2 2 5 5 ,. 2
2 3 6 6 ,.9
2 4 1 9 ,.8
2 4 0 6 ,.5
2 4 7 8 ,.4
2 5 9 5 ,.1
2 7 4 1 ,.0
27 55 ,. 2
2 6 6 9 ,.6
2 8 1 6 , .9
2 9 4 2 ,. 7
3 1 1 5 , .9
3 1 7 8 , .7
3 1 5 7 ,.0
3 2 5 0 , .2
3 1 7 9 , .9
3 2 5 8 ,.3
3 4 9 8 ,.0
3 5 9 9 ,.2
3 7 1 1 , .6
3 8 2 3 ,.0

PERCENT CHANGE IN GROSS
DOLLARS
(ANNUAL
- 5 .4
8.9
-0.8
3 .3
- 7 .9
5 . 1
7 .0
4 .2
5 .3
5 .5
9 .2
9 .0
8.2
2 .3
4.7
5 .7
- 2 .4

11 .2

9 . 1
9 .7
- 2 .2
- 7 .6
7 .7
5 .6
3 .6
0.0
4. 1
8.0
- 5 .9
3 .5
10.7
4.9
6 .4
4.6

9 9 ,.1
1 0 0 ,.2
9 8 ,.3
9 7 ,.7
9 9 , .2
9 8 , .6
96 ,.6
9 9 ,. 0
9 9 ,.8
1 0 0 , ,2
1 0 0 ,. 4
1 0 2 ,. 2
1 0 1 ,.1
1 0 1 ,. 3
1 0 0 ,.2
97 ,. 5
97 ,. 3
9 9 ,. 0
9 9 ,. 6
9 7 ,.5
9 6 ,.3
9 9 ,.8
9 9 ,. 1
9 9 , .6
9 9 ,. 4
9 6 ,. 3
9 6 ,. 4
96 ,. 9
9 5 ,. 4
9 8 ,. 7
9 9 ,. 2
9 9 ,. 0
9 8 ,. 5
9 9 ,. 1

9 8 ,.1
1 0 0 , .7
9 8 ,. 0
9 8 ,.3
9 7 ,.7
9 8 ,.8
97 ,.2
9 8 ,.4
99 ,. 2
1 0 0 ,. 4
1 0 0 ,. 8
1 0 2 ,. 0
1 0 0 , .6
1 0 0 ,.9
1 0 0 ,.7
9 8 ,.5
9 7 ,. 4
9 9 ,. 0
9 8 ,.9
97 ,. 1
9 6 ,.1
1 0 0 ,.2
9 9 ,.3
1 0 0 ,.7
9 9 ,.6
97 ,. 1
9 5 ,. 8
97 ,. 9
9 5 ,. 3
9 8 ,.7
9 9 ,. 1
9 9 ,. 8
9 9 ,. 7
9 9 ,.9

NATIONAL PRODUCT
RATE, PERCENT)
- 1 .6
4.4
1 .8
-0.2
2 .2
7 .8
-1 . 1
5 .1
4.2
5 .7
3.5
5 .9
1 .0
2 .4
7.0
0.5
-0.3

0.0

8.0
1 .0
1. 1
4. 1
1 .8
6 .6
13.2
-0.4
-9 . 1
-1.3
1 .2
9.3
5 .5
2 .4
-0.8
5 .0

4.9
5 .4
0.3
2 .4
9 .8
- 1 .8
0.4
5 .8
3.8
7 .2
4. 1
6 .5
4.2
5 .9
3. 1
2 .2
5 .0

2 .1

4.2
-0.4
-5 . 1
7 .0
1 .7
8.3
3 .5
3.7
0.3
1.8
- 3 .2
6 .0
2 .6
4. 1
1.0
4.5

IN

98



1959

101.2
100.9
100.7
98.8
97.1
98.8
99.0
97.8
96 . 3
99.0
99.6

1974
1975

100.0

99.4
97.3
96 . 2
97 . 4
95.6
97 . 9
99.1
99.4
99.6
99.3

5 OB.

1954
1955
1956
1957
1958
1959
1960,
1961
1962
1963,
1964
1965
1966
1967,
1968
1969
197 0,
1971
1972
1973
1974
1975
1976
1977
1978,
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

PERCENT

1982

61.

0.0

7 .7
3 .6
-3.5
5 .7
4.0
- 1 .0
5 . 1
-0.8
5 .2
-5.5
0.6
7 .3
1 .7
3 .0
1 .4
6 .1

- 1 .3
5 .6
2 .1
1 .7
-0.8
5 .8
2.2
2 .6
5 .3
4.1
5 .3
5 .8
5 .8
2 .9
4.1
2 .4
-0.3

2.8

5 .0
5 .2
-0.5
- 1 .3
4.9
4 .7
5 .3
2.5
-0.2
1.9
- 2 .5
3.6
6 .8
3 .4
2 .8
3 .4

- 5 ,.8
1 6 ,. 4
1 1 ,. 2
7 ,3
.
1 ,. 5
4 . .5
1 0 ,. 8
17,
1 8 ,. 4
2 0 , .2
1 3 ,. 8
2 5 ,. 4
3 3 ..9
3 1 ..1
2 3 , .2
2 9 . .2
1 6 ., 1
2 0 , .6
3 2 ,.4
3 0 ..1
1 8 . .8
- 3 . .4
2 3 . .7
4 4 . .7
3 3 ..1
1 0 . .9
- 2 9 . .5
3 5 . .7
- 9 ..4
.0
6 0 . .9
- 4 ..0
3 .. 0
1 3 ,. 0

1,

- 1 9 ,.8
3 0 ,.8
- 3 ,.0
1 2 , .7
- 3 1 , .2
1 9 , .7
2 8 . .2
17 ,.2
2 3 ..0
2 4 . .5
4 2 , .6
4 3 , .2
4 2 , .5
1 2 , .6
2 6 . .7
3 3 , .5
- 1 4 , .9
6 4 ,.8
5 4 , .6
6 2 , .7
- 1 5 ,.4
- 5 2 , .7
5 1 , .7
3 9 ,.2
26 .. 4
0,. 1
3 2 ,.1
6 1 ,.9
- 4 8 , .6
27 ,. 3
8 6 , .6
4 2 ,. 3
5 6 ,.9
4 2 ,. 0

.1

-1.

1,

.6
1 9 ,. 4
11 . 1
- 7 ,.8
1 2 ,. 9
1 9 ,. 3
- 1 3 ,.9
17 ,. 4
7 ,. 5
1 0 ,. 7
1 6 ,. 9
1 9 ,. 2
4 4 ,. 0
2 9 ,. 3
1 0 ,. 5
2 1 ,.9
.0
.0
2 1 ,. 0
5 6 ,.3
4 1 , .5
4 ,. 4
1 1 , .6
2 1 , .7
4 1 ,.3
- 7 , .6
- 4 , .5
1 0 , .6
- 5 9 ,.3
27 ,. 0
4 1 , .7
7 ,. 7
- 1 0 , .5
6 7 ,. 1

1,
1,

- 5 ,.6
1 6 .. 1
6 ,. 9
- 0 , .9
8 ,. 1
3 0 , .6
- 4 ,.8
2 0 ,.8
1 8 ,. 5
25 ,. 4
1 6 , .7
2 9 , .5
5 . .7
1 3 ,. 4
3 9 , .6
3 ,. 3
- 2 ,.1
- 0 ,.2
4 9 , .5
7 ,0
.
7 ,. 8
26 ,. 9
1 2 ,. 5
4 6 ,.7
9 5 ,.4
- 3 ,.0
- 7 6 ,.4
- 1 0 , .9
9 , .5
7 1 ,.7
4 6 ,.3
2 1 ,.7
- 7 ,.7
46 ,. 3

1 6 ,. 8
1 9 ,. 8
1,. 1
9 ,. 1
35 . 8
- 7 ,.5
1,. 6
2 4 ,. 2
1 6 ,. 7
3 2 ,.5
1 9 ,. 8
3 2 ,. 9
2 2 ,.5
3 2 ,.5
1 8 ,. 4
1 3 ,. 4
2 9 ,. 3
1 2 ,. 7
27 ,. 0
- 2 ,.7
- 3 5 ,.9
45 . 3
11 . 7
59 . 1
2 6 ,.7
2 8 ,.7
2 ,. 1
14 . 4
- 2 5 ,. 4
4 8 ,. 1
22 .6
3 6 ,. 6
9 .7
42 .3

- 4 , .8
1 6 .. 3
1 2 , .9
3 ,. 0
- 3 ,.4
1 6 ,. 5
7 ,. 7
7 ,. 3
1 6 ,. 2
1 6 ,. 6
1 5 ,. 7
2 5 ,,2
3 6 ,.9
2 8 ,.8
2 1 ,. 0
25 ,. 1
8 . .2
1 9 , .6
2 1 ,.8
4 0 ..0
3 3 ..3
- 1 2 .. 8
2 2 .. 1
2 9 . .1
3 6 . ,8
1 5 .,0
- 6 . ,9
2 3 . .9
- 2 4 . ,5
- 6 .,4
6 2 . .3
9 ..1
1 5 .. 4
3 4 ..4

DIFFERENCE 2

2 0 ,.8
1 3 ,. 2
1 6 ,. 9
- 2 4 ,.2
3 6 ,.7
1 3 ,. 9
- 1 4 ,.3

- 1 9 . .1
7 8 ..7
3 0 , .7
25 ..5
- 1 1 . .9
8 9 . ,9
3 6 . .2

3 8 , .6
- 3 ,.0
1 3 , ,6
8 . ,5
4 8 ,.3
1 0 , .9
1 2 ,.9
- 2 , .3
- 9 , .7
- 2 2 ,.0
- 0 ., i
4 9 . .2
2 4 , .5
- 2 3 , .9
3 7 ,. 8
2 8 ,. 2
- 7 ,. 7
3 9 ,. 0
- 6 ,.1
4 0 ,.1
- 4 5 ,.6
4 ,. 8
5 8 ,.7
1 4 ,. 6
2 6 , .6
1 3 ,. 4
57 ,.7

4 3 ..4
9 0 ,.7
7 3 ,.9
1 0 0 ,.0
1 1 4 ,.3
1 2 0 ,.7
6 3 ,.1
9 4 ,.2
57 ,. 7
- 7 ,.1
6 8 ,.6
1 2 3 ,.7
1 3 5 , .6
- 1 4 ,.8
- 3 4 ,.3
1 3 1 ,.7
1 3 1 ,, 9
1 5 6 ,. 6
7 7 ,. 2
- 5 ,. 3
6 1 ,.7
- 8 2 ,. 8
1 1 3 ,. 1
2 2 2 ,. 3
1 1 7 ,.3
1 0 3 ,.0
1 2 5 ,. 3

:
EQUIPMENT

6.0
3.6
4.5
-6 . 1
9 .8
3 .5
-3.4
9 .3
-0.7
2 .9
1 .7
9 .5
2 .0
2 .3
-0.4
- 1 .6
-3.6

- 7 .7
17 . 8
12 . 3
6 .1
- 1 2 ,. 8
27 ,. 6
7 ,. 3
.7
1 6 ,. 7
1 8 ,. 6
1 5 ,. 3
2 3 ,. 9
3 3 ,. 8
1 8 ,. 1
3 1 ,. 4
2 2 ,. 9
1 0 ,. 0
2 5 ,. 2
2 5 ,.6
3 9 ,.6
3 7 ,.5
- 3 0 ,.3
2 9 ,.0
25 ,. 9
4 1 ,. 1
3 2 ,. 8
2 ,3
.
2 1 ,.8
- 5 ,. 4
- 9 ,. 3
6 3 ,.2
1 6 ,. 9
2 3 ,.6
27 ,. 8

Annual

DOLLARS

CHANGE IN GROSS NATIONAL PRODUCT IN 1 9 8 2 DOLLARS
(ANNUAL RATE, B I L L I O N S OF DOLLARS)

1 4 1 6 ,. 2
1 4 9 4 ,.9
1 5 2 5 ,. 6
1 5 5 1 ,. 1
1 5 3 9 ,.2
1 6 2 9 ,. 1
1 6 6 5 ,. 3
17 0 8 ,. 7
1 7 9 9 ,. 4
1 8 7 3 ,.3
1 9 7 3 ,.3
2 0 8 7 , .6
2 2 0 8 ,. 3
2 2 7 1,. 4
2 3 6 5 ,.6
2 4 2 3 ,.3
2 4 1 6 ,.2
2 4 8 4 ,. 8
26 0 8 ,. 5
2 7 4 4 ,. 1
27 2 9 ,. 3
2 6 9 5 ,. 0
2 8 2 6 ,. 7
2 9 5 8,. 6
3 1 1 5 ,.2
3 1 9 2 ,.4
3 1 8 7 ,.1
3 2 4 8 ,.8
3 1 6 6 ,.0
3 2 7 9 ,. 1
3 5 0 1 ,.4
3 6 1 8 ,.7
3 7 2 1,. 7
3 8 4 7 ,. 0

NOTE: Unless otherwise n o t e d , these series contain revisions beginning with 1985.
1
T h i s series contains revisions beginning with 1984.
Y e a r - t o - y e a r differences and percent changes are computed from annual d a t a .

2

- 7 .2
1 1 ,. 7
1 7 ,. 1
6 ,. 5
- 1 5 ,.2
1 4 ,. 6
2 6 ,.7
- 7 ,. 1
2 2 ,. 0
1 7 ,. 0
1 6 ,. 9
3 2 ,. 3
3 5 ,. 7
3 6 ,. 6
1 9 ,. 1
26 ,. 6
5 ,. 8
3 1 ,. 7
8 ,. 1
3 4 ,. 1
3 5 ,.3
- 2 1 ,.8
2 4 ,.4
2 4 , .2
3 1 , .6
2 3 ,.9
4 ,. 1
27 ,. 3
- 2 4 ,.0
- 4 2 ,.3
8 3 ,. 4
1 5 ,. 8
4 5 ,.7
2 9 ,. 8

100.0
100.6
101.8

AVERAGE
1 4 3 8 ,.8
1 5 1 8 ,.7
1 5 4 0 ,.6
1 5 3 7 ,.3
1 5 8 6 ,.7
1 6 4 3 ,. 4
1 6 5 4 ,.1
1 7 5 4 ,.9
1 8 1 0 ,.1
1 9 0 6 ,. 1
1 9 9 3 ,.7
2 1 4 7 ,.6
2 2 2 9 ,.2
2 3 0 0 , .6
2 3 8 3 ,. 0
2 4 2 3 ,.5
2 4 1 3 ,.8
2 4 9 1 ,.0
2 6 7 1,. 3
2 7 6 2 ,.8
2 6 9 5 ,. 4
2 7 5 2 ,.7
2 8 5 6 ,.8
2 9 9 4 ,. 1
3 1 8 1 , .6
3 2 0 1 ,.3
3 1 9 9 ,.2
3 2 1 9 ,.0
3 1 5 9 ,.3
3 3 6 5 ,. 1
3 5 3 5 ,.2
3 6 6 2 ,. 4
3 7 3 4 ,.7
3 9 2 3 ,. 0

1 4 1 8 ,.0
1 5 0 5 ,. 5
1 5 2 3 ,.7
1 5 6 1 ,.5
1 5 5 0 ,.0
1 6 2 9 ,.5
1 6 6 8 ,.4
1 7 1 6 ,.3
1 8 1 3 ,. 1
1 8 9 2 , .5
1 9 8 5 ,. 2
2 0 9 9 ,.3
2 2 1 8 ,.3
2 2 8 7 ,.7
2 3 8 5 ,. 3
2 4 3 3 ,.2
2 4 3 5 ,. 8
2 4 9 1 ,.1
2 6 2 2 ,. 1
27 3 8 ,. 3
2 7 1 9 ,.3
27 1 4 ,. 9
2 8 2 8 , .6
3 0 0 1 ,.8
3 1 4 2 , .6
3 2 0 7 ,. 4
3 1 5 9 ,.1
3 2 6 4 , .6
3 1 5 4 , .5
3 3 0 6 ,.4
3 5 2 0 , .6
3 6 3 5 ,.8
3 7 2 1,. 3
3 8 6 5 ,. 3

98.0
100.4
98.4
98.2
97.8
99.4
97.6
98.0
99.0

IV Q

II Q
CHANGE IN BUSINESS INVENTORIES IN 1 9 8 2
(ANNUAL RATE, B I L L I O N S OF DOLLARS)

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962 .
1963 .
1964.
1965 .
1966 .
1967 .
1968.
1969 .
197 0 .
197 1 .
1972 .
197 3 .
1974.
1975 .
1976 .
197 7 .
1978.
1979 .
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.

29.5 1

28.06

36.11
40.62
36.36
34.11
39.22
37.57
40.03
40.87
49.02
55.57
66.42
72.37
76.27
82 . 0 4
90.30
90.59
98.97
113.09
130.12
144.12
150.18
176 . 6 4
201.56
240.16
278.51
302.86
322 . 2 4
290.05
340.48
376.46
381.33
376.73

(ANN.

RATE,
29.16
29.57
37.63
41.37
33.25
35.38
40.63
37.80
40.75
42 . 6 6
50.37
5 8.34
69.82
72.38
74.73
84.2 1
92.37
92.90

BIL.

DOL.)
28.67
32.03
38.48
41.07
32.7 1
36.94
38.94
38.43
41.51
44.81
52.00
60.67
71.72
72.60
76.02
87 . 9 1
93.72
92.75

100.86

103.27

118.57
138.81
141.56
154.60
181.74
214.10
250.08
282.09
311.92
316.65
294.82
349.73
389.69
377.91
380.66

122.69
143.00
141.04

161.20

190.46
220.53
259.76
284.28
323.7 1
305.06
308.63
361.70
390.18
375.66
394.54

AVERAGE

28.08

34.08
39.40
39.11
33.03
37.10
38.97
39.54
41.15
46 . 3 4
53.67
63.52
73.63
73.63
78.63

88.80

91.27
95.41
110.50
125.77
146.79
142.93
167.76
190.46
234.84
269.80
286.38
322.38
298.32
325 . 5 9
365.85
392.27
383.05
406.82

28.86
30.94
37.90
40.54
33.84
35.88
39.44
38.34
40.86
43.67
51.26
59.52
70.40
72.75
76.42
85 . 7 4
91.91
92.91
103.40
120.03
139.67
142.42
158.44
184.82
217.76
254.96

282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67

(OCTOBER

1988)

C. Historical Data for Selected Series—Continued
Year

IV Q

II Q

63.

INDEX

OF UNIT

43 5
42 9
44 7
46 7
48 2
48 0
49 4
50 1
50 3
5 0 . ,5
5 0 . .4
5 1 ., 1
5 2 ,.0
5 4 , .7
56 ,. 4
59 ,.5
6 4 ,.9
66 ,. 2
6 9 ,.5
7 1 ,. 2
7 8 ,. 5
8 8 ,. 6
9 1 ,.7
9 8 ,. 0
105 ,. 2
1 1 4 ,.5
1 2 7 ,. 3
1 3 8 ,. 4
1 5 1 ,.5
1 5 6 ,. 8
157 ,. 8
1 6 1 ,. 6
1 6 3 ,. 3
170 .5

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
196 7
1968
1969
1970
197 1
1972
1973
1974
197 5
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
100.

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....
1986
1987 . . . .
1988

EXPENDITURES
EQUIPMENT
116 .. 4 3
1 1 0 ..11
1 3 3 ., 3 0
1 3 9 .. 7 9
1 2 4 ..29
1 1 2 ., 7 9
127 ., 0 3
1 2 3 .. 1 4
1 2 9 ,. 0 1
1 2 9 ..85
1 5 4 .. 2 8
1 7 2 .. 3 4
2 0 1 ..40
2 1 1 ..07
2 1 5 .. 0 8
2 2 0 ..16
2 2 9 .. 1 9
2 1 9 ..02
2 2 5 .. 3 4
2 5 0 ..69
27 2 .. 5 5
2 5 6 .,03
2 4 9 ,. 0 9
27 3,. 8 7
2 9 1 ,. 4 0
3 1 8 ,. 0 4
3 3 9 ,. 1 6
3 3 5 ,. 7 6
3 2 6 ,. 4 5
2 9 0 ,. 1 6
3 4 4 ,. 4 5
3 8 0 ,. 4 2
3 8 4 ,. 6 2
3 7 0 ,.67

LABOR COST, BUSINESS
( 1977 = 1 0 0 )
43.8
43.1
45 . 4
47.1
48.0
47 . 8
49 . 7
49 . 9
50.7
50.1
50.7
51.2
53.1
54.5
56.8
60.8
65.2
67 . 2
69.3
73.2
81.4
88.4
93.4
99.4
106 . 0
117.9
131.9
141.1
153.5
155 . 5
158.1
162.0
164.9
170.8

SECTOR 1

1 1 2 .,73
1 2 2 ., 2 1
137 ., 9 1
1 3 8 .,34
109 ., 8 0
1 2 0 .,72
1 2 6 .,21
1 2 4 ..69
1 3 3 .,59
1 4 2 .,58
1 6 3 .,24
1 8 6 .,92
2 1 3 .,33
2 09 ., 1 5
2 0 9 ., 5 3
2 2 9 .,63
2 3 3 .,80
2 1 6 ..68
2 3 1 .,87
2 6 4 ..73
27 5 ,. 2 0
2 4 1 .,62
2 5 7 ..41
2 8 6 ..07
3 0 5 .. 1 6
3 2 9 ,. 6 1
3 3 0 ..37
3 4 2 ..29
3 0 2 .. 7 9
3 1 1 ..99
3 6 5 . . 17
3 9 4 ,.14
3 6 9 ..21
3 9 1 ..18

CHANGE IN GROSS NATIONAL PRODUCT IN CURRENT
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
195 4
1955
1956
1957
195 8
1959
196 0
196 1
196 2
1963
196 4
1965
196 6
196 7
196 8
196 9
197 0
197 1
1972
197 3
197 4
1975
1976
1977
197 8
197 9
198 0
1981
1982
198 3
198 4
1985
1986
1987
198 8

-0.3
12 . 8
2 .6
9 .0
- 7 .0
10.9
13.7
4.4
12 . 9
9 .3
14.8
22 . 1
22 . 8
8.8
25 . 8
23 . 9
10.7
44.3
39 . 2
48. 1
12 . 9
7 .8
52 .7
55 . 4
49 . 0
52 .9
81 . 5
130.2
- 1 .8
53 . 3
129 . 1
73.8
72 . 5
87 . 2

43 .. 3
4 3 . ,7
46 .. 1
47 ,. 8
47 ,.6
4 9 ,.1
5 0 ..1
49 ,.7
5 0 , .5
5 0 . .5
5 1 .. 1
5 1..2
5 4 ,.4
55 ,. 0
5 8 , .9
6 3 . .2
66 ,. 3
6 8 ,.5
6 9 ,.9
7 6 ,.2
8 6 , .6
9 0 , .6
97 ,. 0
102 ,. 5
1 1 0 ,. 8
1 2 4 , .6
1 3 6 , .6
1 4 7 ,. 8
1 5 6 ,. 8
1 5 7 , .6
1 6 0 , .7
1 6 4 ,. 8
1 6 9 , .6
1 7 3 ,.5

0.2
8.3
5 .6
2 . 1
4.0
12.7
- 1 .6
10.5
7. 8
8.2
8.7
12 . 3
9 .8
6.2
23 . 8
14.3
14.7
19. 1
30.7
31 . 3
32 .9
38.9
30.9
69 . 8
1 18.9
54.0
-0.8
38.9
46 . 9
101 . 6
79.3
53 . 4
27 . 2
92 . 4

4.7
8.2
4 .8
7 . 1
13. 1
0.2
3.2
10.6
7 .0
12 . 8
10.4
15 . 7
13. 1
17 . 0
16 . 9
19 . 8
19 . 0
19.6
26 . 7
26 . 5
30 . 0
63 . 9
32 .9
62 .7
59 . 2
7 1 .6
6 1 .8
81 . 9
19 . 9
76 . 5
53 . 7
68.0
60.8
83 . 8

AND

1 0 9 ,. 6 4
1 2 8 .. 2 1
1 3 8 .. 3 1
1 3 0 ..82
109 .. 8 0
1 2 1 .. 7 4
127 ., 0 8
127 ,.7 1
1 3 1 ,. 3 6
146 ,. 3 8
1 6 8 .. 7 9
1 9 4 ,. 4 5
2 1 5 ,. 4 2
2 1 0 ..46
2 1 4 ,. 3 4
2 2 8 ,.76
2 2 6 ..02
22 0,. 1 5
2 4 7 ,. 1 8
26 8,. 2 0
27 0,. 2 2
2 4 0 ,. 9 8
2 6 3 ,. 2 2
2 8 0 ,.17
3 1 8 ,. 2 9
3 3 6 ,. 8 2
3 2 5 ,. 5 6
3 3 2 ,. 5 5
2 9 6 ,.07
3 2 8 ,. 6 2
3 6 9 ,.49
3 9 6 ,. 8 8
3 7 5 ,. 3 4
4 0 3 ,.05

DOLLARS

8.4
6 .4
8 .4
- 5 .6
13.2
4.4
- 4 .7
13.0
3 .6
9 .0
4.6
2 1 .3
13.2
14.2
13.8
8. 1
3.0
13.4
39 . 6
43 . 9
27 . 7
50.8
49 . 0
30.8
78. 1
45 . 4
114.6
14.8
33 . 1
101 . 9
43 . 9
60.9
36 . 2
94.8

1954,
1955 ,
1956 ,
1957 ,
1958,
1959,
1960,
1961,
1962,
1963,
1964,
1965,
1966,
1967 ,
1968,
1969,
197 0,
197 1
1972
1973,
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

43.4
43 . 2
45 . 5
47 . 2
48.0
48.5
49 . 7
49 . 9
50.4
50.3
50.7
51.2
53.3
54.7
57 . 4
61.4
65.4
67.4
69.6
73.9
82 . 7
89.0
94.3
100.0
107 . 6
119.5
132.5
142.7
154.5
156.7
159.1
162.9
166.3
171.5

1 1 3 .. 4 5
1 1 8 ., 8 7
136 .. 7 2
1 3 7 ., 4 4
1 1 4 .. 1 9
117 ., 8 9
127 .. 9 4
1 2 4 .. 5 5
1 3 1 ,. 3 8
1 3 8 ,. 6 5
1 6 1 ,. 2 3
1 8 3 ,. 7 6
2 0 9 ,. 5 9
2 1 0 ,.14
2 1 1 ,. 8 6
2 2 5 ..31
2 2 9 ,. 9 4
2 1 8 ,. 9 1
2 3 3 ,. 1 3
2 6 0 ,. 6 0
2 7 4 ,.96
2 4 6 ,. 1 4
2 5 5 ,. 1 4
27 9,. 3 0
3 0 4 ,. 4 2
3 2 7 ,. 0 8
3 3 2 ,. 6 6
337 ,. 1 1
3 1 0 ,. 5 8
307 ,. 0 4
3 5 8 ,. 0 1
3 9 1 ,. 5 8
3 7 6 ,. 2 4
3 8 4 ,. 8 8

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962 .
1963 .
1964.
1965 .
1966 .
1967 .
1968.
1969.
1970.
1971.
1972 .
1973.
1974.
1975 .
1976 .
1977 .
197 8 .
1979.
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.
200C.

0.9
33 . 4
22 . 3
22 . 8
5 .8
39 . 0
19 . 5
18.5
40.8
32 . 3
42.9
55 . 3
66 .9
44.4
76 . 3
7 1.2
5 1 .6
87 . 2
110.1
146 . 5
113.5
125 . 6
184.4
207 .7
259 . 2
258.5
223 . 8
320.6
113.4
239 .7
366 . 5
242 .7
225 . 4
286 . 4

NOTE: Unless otherwise n o t e d , these series contain revisions beginning with 1985.
'This s e r i e s c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1 9 8 3 .
Y e a r - t o - y e a r differences and percent changes are computed from annual data.

6 8 . ,9
6 6 . ,9
6 8 . ,3
6 9 ,.0
6 9 , .8
6 8 . ,5
6 9 , .2
7 0 ,.3
6 9 ,.0
6 9 ,.3
6 8 . .7
6 8 . ,4
6 8 ,. 1
7 0 ,. 0
7 0 ,.8
7 1 , .6
7 4 ,.4
7 3 , .6
7 3 ,. 3
7 2 ,. 3
7 3 ,. 1
7 4 ,.8
7 2 ,. 8
7 3 ,. 3
7 3 ,. 3
7 2 ,. 4
7 3 , .6
7 3 ,.7
7 5 ,.7
7 5 ,. 4
7 2 ,.7
7 3 ,. 2
7 2 ,. 8
7 3 ,. 0

SS NATIONAL
NNUAL RATE,

AVERAGE

DIFFERENCE

I Q

IV Q

II Q

Annual

COMPENSATION OF EMPLOYEES AS A PERCENT
OF NATIONAL INCOME
(PERCENT)

AVERAGE

4 3 . ,2
4 3 . ,2
4 5 . .8
47 ,. 4
4 8 ., 1
49 ,. 0
49 ,. 8
49 ,, 9
5 0 ,.3
5 0 , .2
5 0 ,.8
5 1 ,,2
5 3 , .6
5 4 , .6
57 ,.6
6 2 ,. 0
65 ,. 3
67 ,. 8
6 9 ,.9
75 ,. 1
8 4 ,.5
8 8 , .6
9 5 ,.2
9 9 ,. 8
1 0 8 ,. 4
1 2 1 ,.1
1 3 4 ,. 3
1 4 3 . .5
156 ,.2
1 5 6 . .7
1 5 9 , .9
1 6 3 ..0
167 ,. 3
17 1,. 1

IN 1 9 8 2 DOLLARS FOR NEW PLANT
(ANN. RATE, B I L . D O L . )
115 ,. 0 2
1 1 4 ,. 9 5
1 3 7 ,. 4 4
1 4 0 ,. 7 9
1 1 2 ,. 8 5
1 1 6 ,. 3 3
131 ,. 4 6
122 ,. 6 6
1 3 1 ,. 5 6
1 3 5 ,. 8 0
1 5 8 ,. 6 3
1 8 1 ,. 3 1
2 0 8 ,. 2 0
2 0 9 ,. 8 7
2 0 8 ,. 4 3
2 2 2 ,. 6 6
2 3 0 ,.79
2 1 9 ,. 7 8
2 2 8 ,.12
2 5 8 ,. 8 4
2 8 1 ,. 9 2
2 4 5 ,. 9 3
2 5 0 ,. 8 3
2 7 7 ,. 1 3
302 . 8 3
3 2 3 ,. 7 9
335 . 6 4
337 . 8 4
3 1 6 ,. 9 5
297 . 3 4
352 . 9 3
394 .98
375 .87
3 7 4 ,. 6 7

Year

Annual

2

3 6 7 ,. 9
394 .0
4 1 9 ,.5
4 4 7 ,. 3
4 4 3 ,. 9
4 8 5 ,.1
5 1 6 ,. 1
5 1 7 ,. 4
5 6 4 ,. 4
5 9 2 ,. 1
6 3 6 ,. 9
6 8 2 ,. 7
754 .8
7 9 9 ,.7
8 6 2 ,.9
9 4 1 ,. 3
9 9 4 ,.2
107 5,. 2
1 1 6 6 ,.5
1311 .6
1 4 2 6 ,.2
1 5 2 4 ,. 6
1730 .9
1899 . 1
2111 .4
2420 .5
2 6 7 3 ,. 0
297 8 .8
3 1 1 2 ,. 6
3 2 6 5 ,.8
3 6 7 4 ,.9
3 9 2 5 ,. 6
4 1 8 0 ,.4
4 3 9 1 ,.8

1970

1983

68.1
67.3
68.8
69.0
69.2
69.1
70.0
69.5
69.3
69.0
69.0
68.3
69.4
70.2
71.1
72.7
74.1
73.4
72.9
72.5
74.3
72.8
73.6
72.1
72.1
72.8
74.7
73.6
75.9
74.3
73.3
73.2
73.0
72.9

1 4 ,. 1
2 ,
.6
8 , .5
- 6 ,. 1
9 , .5
1 1 ,. 4
3 , .5
9 .7
,
6 , .5
9 , .9
1 4 ,. 1
1 3 ,. 1
4 ,. 5
12 ,. 9
1 0 ,. 8
4 ,. 4
1 8 ,. 3
1 4 , .7
1 6 ,. 1
3 ,. 7
2 ,1
.
1 3 ,. 2
1 2 ,. 6
9 .8
9 ,. 2
1 3 ,. 2
19 . 6
- 0 .2
6 ,. 8
15 . 4
7 .9
,
7,. 2
8,. 4

6 7 . ,7
6 7 . ,4
6 9 ., 1
6 9 . .6
6 8 . ,5
6 9 . ,3
7 0 . ,3
6 9 ..0
6 9 ., 1
6 9 .,0
6 9 . ,3
6 8 . ,3
6 9 . ,6
7 0 . .3
7 1 . .4
7 3 . .5
7 4 . ,3
7 3 . .2
7 2 . ,3
7 2 . .2
7 4 , .7
7 2 . ,8
7 3 . .8
7 2 , ,9
7 1 . .9
7 3 . .5
7 4 , .2
7 4 , .5
7 5 ,.8
7 3 ,.4
7 3 ..4
7 3 ..3
7 3 ,. 4
7 2 , ,9

PRODUCT IN CURRENT DOLLARS
B I L L I O N S OF DOLLARS)
368.1
402 .3
425 . 1
449 .4
447.9
497 . 8
514.5
5 27 . 9
572 .2
600.3
6 45 . 6
695 . 0
764.6
805 .9
886 .7
955 .6
1008.9
1094.3
1197.2
1342 .9
1459 . 1
1563.5
1761.8
1968.9
2230.3
2474.5
2672.2
3017.7
3159.5
3367 . 4
3754.2
3979.0
4207.6
4484.2

0., 3
8 . .6
.4
5 .
1 . .9
3 . .7
1 0 . .9
- 1 . .2
8 .. 4
.6
5 ,
5 , .7
5 ,
.6
7 .4
,
5 .3
3,. 1
1 1 ,. 5
6 .2
,
6 .0
,
7 ,. 3
1 1 ,. 0
9 ,. 9
9 .6
,
1 0 ,. 6
7 .3
15 . 5
24 .5
9 .2
- 0 .1
5 .3
6 .2
13 . 0
8 .9
5 .6
2 .6
8,. 7

5 , 1
.
8 ,. 4
4 , .7
6 ,.5
1 2 ,. 2
0,. 2
2 ,
.5
8 ,. 3
5 ,0
.
8 ,. 8
6 , .6
9 ,. 3
7 .0
,
8,. 7
7 .8
,
8,. 5
7 .7
,
7 ,. 4
9 ,. 2
8,. 1
8 , .5
1 7 ,. 4
7,. 7
1 3 ,. 4
11 . 0
12 . 1
9 .6
11 . 3
2 .5
9 .4
5 .8
7,. 0
5 ,. 9
7 .7
,

IN

68.4
67.2
68.7
69.2
69.3
68.8
69.8
69.6
69.2
69.1
69.0
68.3
69.0
70.2
71.0
72.4
74.2
73.4
73.0
72.4
74.0
73.6
73.4
72.8
72.3
72.8
74.4
74.0
75.7
74.4
73.1
73.2
73.0
73.0

AVERAGE

3 8 1 ,.2
4 1 6 ,. 9
4 3 8 ,.3
4 5 0 ,.9
4 7 4 ,.2
5 02 , 4
.
5 1 3 ..0
5 5 1 , .5
5 82 , 8
6 2 2 ,. 1
6 6 0 , .6
7 3 2 ,.0
7 9 0 ,.9
8 3 7 ,. 1
9 1 7 ,.4
9 8 3 , .5
1 0 3 0 , .9
1 1 2 7 ,. 3
1 2 6 3 ,.5
1 4 1 3 ,.3
1 5 1 6 ..8
167 8 ..2
1 8 4 3 ,.7
2 0 6 2 ,. 4
2 3 6 7 ,. 6
2 5 9 1,. 5
2 8 4 8 , .6
3 1 1 4 ,.4
3 2 1 2 ,. 5
3 5 4 5 ,.8
3 8 5 1,. 8
4 1 0 7 ,.9
4 3 0 4 , .6
4 6 6 2 ,.8

372 .8
410.5
429 .9
456 .5
461.0
498 . 0
517.7
538.5
579 .2
613.1
656 . 0
710.7
777 . 7
822 .9
903 .6
975 . 4
1027 . 9
1113.9
1223.9
1369.4
1489.1
1627 . 4
1794.7
2031.6
2289.5
2546.1
2734.0
3099 .6
3179.4
3443.9
3807 .9
4047 . 0
4268.4
4568.0

PERCENT CHANGE IN GROSS NATIONAL PRODUCT
DOLLARS
(ANNUAL RATE, PERCENT)

- 0 ,. 3

1962

68.7
67.1
68.6
69.0
69.6
68.1
69.9
69.7
69.4
69.0
68.9
68.2
68.8
70.1
70.7
72.0
74.1
73.4
73.6
72.6
74.1
74.1
73.3
72.7
72.0
72.6
75.0
74.1
75.5
74.3
73.0
73.1
72.6
73.0

CURRENT

9 ,. 4
6 ,3
.
8 ,. 0
- 4 ,.8
12 ,. 0
3 , .6
- 3 , .6
1 0 ,. 0
2 ,. 5
6 ,. 0
2 ,. 8
1 2 ,. 5
7 .0
,
7 ,. 1
6 ,. 3
3 ,. 4
1,. 2
4 ,. 9
1 3 , .6
1 3 ,. 5
7 ,. 7
1 3 ,. 1
1 1 ,. 4
6 ,. 2
1 4 ,. 4
7,. 3
17 ,. 9
1 .9
4 .2
1 2 ,. 4
4 ,. 7
6 ,. 2
3,. 4
8 , .6

372 .5
405 .9
428.2
451.0
456 . 8
495 . 8
515.3
533 . 8
574.6
6 06 . 9
6 49 . 8
7 05 . 1
772 . 0
816.4
892 . 7
963.9
1015.5
1102 .7
1212.8
1359.3
1472.8
1598.4
1782 . 8
1990.5
2249.7
2508.2
2732.0
3052.6
3166.0
3405 .7
3772.2
4014.9
4240.3
4526 .7

PERCENT
CHANG E 2

0,. 2
.
9 ,0
5 , .5
5 ,. 3
1,. 3
8 , .5
3 ,. 9
3 , .6
7 .6
,
5 .6
,
7 ,. 1
8 . .5
9 ,
.5
5 .8
,
9 ,. 3
8 ,. 0
5 .4
,
8 , .6
1 0 ,. 0
1 2 ,. 1
8 ,. 3
8 . .5
1 1 ,. 5
1 1 ,. 7
1 3 ,. 0
1 1 ,. 5
8 , .9
1 1 ,. 7
3,. 7
7 , .6
1 0 ,. 8
6 ,. 4
5 , .6
6 .. 8
(OCTOBER

1988)

2




99

C. Historical Data for Selected Series—Continued
Year

I Q

IV Q

Annual

2 1 3 . FINAL SALES IN 1 9 8 2 DOLLARS
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
1954... .
1955 . . . .
1956
1957
1958....
1959....
1960
1961. . . .
1962.. . .
1963.. . .
1964
1965 . . . .
1966
1967....
1968....
1969
197 0 . . . .
1971....
1972....
1973.. . .
1974
1975 . . . .
1976 . . . .
197 7
1978....
1979. . . .
1980. . . .
1981... .
1982
1983.. . .
1984
1985....
1986 . . . .
1987....
1988. . . .

1413 9
1457 . 9
1498 5
1546 8
1521 3
1591 8
1644 9
1678 5
1755 9
1817 7
1931. 8
2 004 6
2154 3
2205 2
2308 1
2389 9
2402 8
2447 0
2537 5
2700 0
27 12 1
2664 4
27 80 0
287 1 8
2988 9
3157 7
3229 3
3233 8
3194 4
3228 9
3368 3
356 1 7
3673 6
3746 9

1 4 0 8 . ,9
1467. 9
1 5 1 0 . ,3
1 5 4 6 . ,4
1 5 2 7 .,1
1 6 0 9 . ,4
1 6 5 9 .,5
1 6 9 0 . ,4
1 7 7 9 . ,7
1 8 4 1 . ,4
1 9 5 0 ., 1
2 0 4 2 .,5
2 1 6 2 . ,0
2 2 3 7 . ,1
2 3 3 5 .,5
2 3 9 7 ., 0
2 3 9 6 . ,5
2 4 5 3 . ,2
2 5 6 9 . ,6
2 7 0 1 .,4
2 7 1 7 . ,8
2 6 9 9 . ,9
27 87 .,9
2 9 1 6 . ,8
3 0 7 4 . .8
3 1 4 5 . ,8
3 1 5 4 . ,8
3 2 2 8 . ,4
3 1 8 5 ..3
3 2 6 7 . .6
3 4 3 4 . .8
3 5 8 2 .,3
3 6 8 8 ..0
3 7 9 5 . ,2

1423. 8
1489. 1
1512. 5
1554. 2
1548. 5
1625 . 0
1657 . 6
1699. 2
1794. 7
1872. 3
1971. 4
2 073.9
2 1 8 4 . ,4
2256 . 6
2362 . 1
2403. 9
2419. 7
2470. 5
2589. 7
2 7 0 8 . ,2
2 7 0 0 . ,4
27 1 8 . 3
2 8 0 5 .,0
2957 . 1
3 1 0 9 . ,5
3196. 5
3 1 8 8 . ,6
3228. 9
3 1 6 4 . ,0
3 3 0 7 .,4
3 4 5 9 . ,6
3 6 3 9 . ,8
3 7 1 8 . ,3
3 8 5 2 .,2

1 4 3 7 . ,2
1 4 9 9 . ,4
1 5 2 9 . ,5
1 5 4 5 . ,1
1 5 7 3 . ,8
1 6 2 4 . ,1
1 6 6 8 . ,0
17 37 .,5
1 8 0 2 . ,6
1 8 9 5 .,4
1 9 7 6 .,8
2 1 2 8 . ,3
2 1 8 5 ., 1
2 2 7 1.,3
2 3 7 2 . ,5
2 4 0 1 . ,6
2 4 1 2 .,7
2 4 8 9 . ,9
2 6 5 0 . ,3
27 0 6 .,5
2 6 5 3 . ,9
2 7 4 8 . ,3
2 8 4 5 . .2
2 9 7 2 . ,4
3 1 4 0 . .3
3 2 0 8 . ,9
3 2 0 3 . .8
3 2 0 8 . ,5
3 2 1 8 . ,6
3 3 3 8 ..1
3 4 9 3 , .5
3 6 5 4 , .7
3 7 4 5 , .2
3 8 5 5 ,.9

2 2 0 . NATIONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE
B I L L I O N S OF DOLLARS)
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....
1986
1987
1988. . . .
225 .

302 3
324 9
349 1
370 5
365 7
401 2
425 3
424 3
464 4
487 9
5 2 4 ,.3
5 6 6 ,.4
6 2 7 ,. 1
6 6 2 ..7
7 1 3 .,0
7 7 7 .,1
8 1 8 ,.8
8 7 2 ,.7
9 5 6 ,.3
1 0 8 4 ,.3
1 1 7 8 ,.5
1 2 2 8 ,.6
1 4 0 3 ,.4
1 5 3 3 ,.5
1 7 2 4 ,.4
1986 .7
2 1 6 1 .9
2388 .4
2483 .1
2599 .1
2962 .1
3161 .5
337 8 .9
357 3 . 0

3 0 2 ,.5
3 3 3 . .5
3 5 4 , .2
3 7 2 . .7
3 6 6 ,. 4
4 1 4 ., 1
4 2 5 ..3
4 3 4 ..1
4 7 0 ,.9
4 9 6 ,.8
5 3 3 ,.4
57 8,.6
6 3 6 ,. 4
6 6 9 ,.3
7 3 2 ,.4
7 9 2 ,.0
8 2 9 ,.5
8 9 0 ,.6
9 7 3 ,.4
1 1 0 4 ,.6
1 1 9 0 ,.6
1 2 5 6 ,. 5
1 4 2 5 ,. 6
1 5 9 6 ,.9
1 8 2 1 ,. 4
2 02 3 . 2
2 1 5 0 ,.5
2415 .2
2514 .0
2685 .5
3009 .0
3209 .2
3 4 2 1 ,.8
3 6 3 1 ,.8

3 0 6 . ,1
3 3 9 . ,9
3 5 7 .,4
3 7 6 .,7
3 7 7 . ,3
4 0 8 . ,8
4 2 5 . ,7
4 4 2 . ,5
4 7 5 . .8
5 0 3 . ,8
5 4 3 . ,3
5 8 9 . .3
6 4 7 .. 0
6 8 2 ..6
7 4 8 ..0
8 0 8 . ,1
8 4 1 .,0
9 0 5 ,.2
1 0 0 2 . .5
1 1 3 2 ..3
1 2 1 6 . .5
1 3 1 5 , .5
1 4 5 2 . .7
1 6 5 4 ,.8
1 8 7 0 ,.3
2 0 7 2 ,. 1
2 2 0 1 ,.0
2 4 8 3 ,.1
2 5 2 8 ,. 4
2 7 4 1 ,.8
3 0 4 7 ,. 3
3 2 5 2 ,. 4
3 4 5 0 ,.9
3 7 0 8 ,. 0

885
918
978
1004
1008
1054
1087
1100
1158

1963....
1964. . . .
1965 . . . .
1966. . . .
1967 .
1968
1969. . . .
1970....
1971.. . .
1972....
1973... .
1974
1975
1976 . . . .
1977 . . . .
1978....
1979 . . . .
1980. . . .
1981. . . .
1982
1983....
1984....
1985
1986... .
1987
1988

1190 .9
1253 .7
1327 . 1
1414 .3
1474 . 0
1530 .5
1566 . 4
1638 . 0
1708 . 1
1750 .9
1893 .2
1907 . 2
1873 . 1
1983 . 1
2026 .9
2 128 . 2
2216 .6
2225 .6
2242 .9
2245 .7
2288 .4
2446 .9
2509 .4
2 6 1 4 .5
2679 .6

.9
.2
.3
.6
.8
.7
.3
.8
.4

8 8 1 ,.6
9 3 6 ,.7
985 .6
1011 .4
1016 . 3
107 1 . 9
1093 .6
1117 .7
1167 . 8
1198
1287
1346
1422
1487
1554
1584
1666
1731
1767
1907
1888
1965
1992
2049
2162
2206
2185
2235
2260
2311
2456
2563
2655
2652

.2
.7
.8
.3
.9
.7
.7
.2
.9
.6
.6
.3
.7
.8
.6
.7
.6
.7
.0
.9
.1
.6
.5
.9
.8

3 1 4 ,.4
3 4 6 ,. 8
3 6 4 , .6
3 7 1 ,.3
3 9 0 ,.5
4 1 2 ,.7
4 2 3 ,.1
4 5 4 ,.9
4 8 2 ,.2
5 1 2 ,.6
5 4 9 ,.4
6 0 6 ,. 7
6 5 7 ,. 4
6 9 6 ,. 3
7 6 2 ,.9
8 1 5 ,.2
8 4 0 ,.9
9 2 3 ,.9
1 0 4 4 ,.3
1 1 6 9 ,.6
1228 .2
1355 .6
1 4 8 3 ,.9
1685 .9
1 9 3 6 ,.9
2107 .1
2300 .8
2487 .2
2548 .2
285 1 .5
3096 . 1
3312 .8
3496 .6
3802 . 0

3 06 . 3
336 . 3
356 . 3
372.8
375 .0
409.2
424.9
439.0
47 3 . 3
500.3
537 .6
5 85 . 2
642.0
677 .7
739 . 1
798.1
832.6
898.1
994.1
1122.7
1203.5
1289.1
1441.4
1617.8
1838.2
2047.3
2203.5
2443.5
2518.4
27 1 9 . 5
3028.6
3234.0
3437.1
3678.7

AVERAGE

8 9 5 ,.7
9 5 2 ,.8
9 9 0 ,.6
1 0 1 6 ,.8
1038 .1
1066 .6
1093 . 0
1127 . 4
1174 .7

912
970
1003
1015
1052
1075
1090
1146
1179

1210
1304
1383
1437
1500
1555
1617
1686
1734
1801
1922
1898
1935
2005
2086
2176
2213
2207
2262
2263
2335
2479
2535
2643
2683

1229 .4
1318 .6
1405 . 8
1451 . 1
1510 .7
1565 . 1
1630 .6
1682 . 1
1739 .6
1869 . 4
1942 .1
1892 .4
1953 . 1
2 02 2 . 2
2 102 . 8
2202 .0
2213 .7
2238 .8
2253 .7
2276 . 1
2392 .7
2496 .3
2562 .8
2649 .4
27 2 8 . 9

.9
.1
.2
.4
.1
.1
.5
.2
.2
.5
.2
.6
.0
.9
.9
.4
.7
.2
.9
.4
.4
.2
.4
.9
.9

1421.0
1478.6
1512.7
1548.1
1542.6
1612.6
1657 .5
1701.4
1783.3
1856.7
1957.6
2062.4
2171.5
2242.6
2344.6
2398.1
2407.9
2465.2
2586.8
2704.1
2696 . 0
2707.8
2804.6
2929.5
307 8 . 4
3177.4
3194.0
3225 . 0
3190.5
3285 .5
3439.1
3609.6
3706.3
3812.6

.9
.1
.0
.5
.1
.8
.5
.8
.8

894.0
944.5
989 .4
1012.1
1028.8
1067.2
1091.1
1123.2
1170.2
1207 . 3
1291.0
1365.7
1431.3
1493.2
1551.3
1599.8
1668.1
1728.4
1797.4
1916.3
1896.6
1931.7
2001.0
2066 .6
2167.4
2212.6
2214.3
2248.6
2261.5
2331.9
2469.8
2542.8
2640.9
2686.3

III Q

PER CAPITA

GROSS NATIONAL PRODUCT
(ANNUAL RATE, DOLLARS)
8 ,, 7 1 7
8 , 946
9 ,, 0 6 6
9 ,, 1 2 5
8 ,, 7 0 0
9 ,, 1 2 5
9 , 3 02
9 ,, 1 5 1
9 ,, 5 8 2
9 ,743
1 0 ,, 2 0 5
1 0 ,, 5 2 8
1 1 ,, 1 8 8
1 1 ,, 3 2 4
1 1 ,, 6 3 7
1 1 ,, 9 6 6
1 1 ,, 8 0 2
1 1 ,, 9 8 8
1 2 ,, 1 7 2
12 ,,9 46
1 2 ,, 8 9 0
12 , 2 8 4
1 2 ,, 9 0 5
1 3 ,, 1 9 8
1 3 ,, 6 2 3
1 4 ,, 1 9 4
1 4 ,, 2 6 1
1 4 ,, 2 2 4
1 3 ,, 6 8 5
1 3 ,, 6 1 9
14 , 6 1 3
15 , 0 0 4
1 5 ,, 4 4 7
15 , 5 3 7

1960

DISPOSABLE
(ANNUAL

AVERAGE

DISPOSABLE PERSONAL INCOME IN 1 9 8 2 DOLLARS
(ANNUAL RATE , B I L L I O N S OF DOLLARS)

1954....
1955
1956 . . . .
1957
1958....
1959....
1960
1961....
1962....

Year
217.

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962 .
1963.
1964.

227.

436.6

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962.
1963 .
1964.
1965 .
1966 .
1967.
1968.
1969 .
1970.
197 1 .
1972 .
197 3 .
1974.
1975 .
1976 .
1977 .
1978.
1979 .
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.

46 9 . 6
513.7
549 . 0
591.3
631.5
691.1
754.5
807 . 2
911.0
1006.5
1080.4

1218.0

1317.9
1474.9
1666.6
1857.6
2 06 5 . 6
2207.2
2345.7
2611.8
2764.6
2965.1
3143.9
PER CAPITA

IV Q
1982

257 .9
276 . 0
295 . 1
312.6
320.3
345.1
359 . 1
370.3
394.9
411.9
449.5
478.9
519.9
557 .2
6 07 . 5
647 . 0
711.1
774.1

821.2

936.1
1022.1
1148.3
1236.8
1359.0
1534.3
1701.5
1869.8
2095.8
2241.8
2395.4
2642.8
2850.7
3016.3
3154.1

8 ,, 7 1 1
9 ,, 0 8 7
9 ,, 0 3 4
9 ,, 0 9 5
8 ,, 8 8 1
9 ,, 1 8 1
9 ,213
9 ,, 3 2 2
9 ,, 7 0 0
9 ,, 9 8 0
1 0 ,, 3 2 6
1 0 ,, 7 8 5
1 1 ,, 2 6 7
1 1 ,, 4 9 5
1 1 ,, 8 6 7
1 1 ,, 9 8 7
1 1 ,, 8 5 8
1 1 ,, 9 7 6
12 , 4 7 5
12 , 9 0 5
1 2 ,, 6 9 8
1 2 ,, 5 5 2
1 2 ,, 9 5 5
1 3 ,, 6 0 9
1 4 ,, 0 9 7
1 4 ,, 2 2 9
1 3 ,, 8 4 9
1 4 ,, 1 6 3
1 3 ,, 5 4 7
14 , 0 6 3
1 4 ,, 8 3 4
1 5 ,, 1 7 3
15 , 3 8 1
15 , 8 2 6

8 ,, 7 9 5
9 , 122
9 ,089
8 ,, 9 1 4
9 ,, 0 4 9
9 ,, 2 1 9
9 , 093
9 , 491
9 ,645
1 0 ,, 0 1 3
1 0 ,, 3 3 3
1 0 ,, 9 9 8
11 , 2 8 8
11 , 5 2 8
1 1 ,, 8 2 4
11 , 9 0 4
1 1 , , 7 10
11 , 9 3 9
12 , 6 7 6
12 , 9 8 9
12 , 5 5 4
12 , 6 9 4
13 , 0 5 0
13 , 5 3 6
14 , 2 3 0
14 , 1 5 8
13 , 9 8 5
1 3 ,, 9 2 7
1 3 ,, 5 3 2
14 , 2 7 7
14 , 8 5 7
15 , 2 4 4
15 , 3 9 7
16 , 0 2 2

260.4
282 .4
299 .1
317 . 1
328.0
345 . 8
360.5
376 . 2
398.3
418.1
456.7
493.7
530.4
566.7
614.3
667 .7
726 . 5
784.2
845.3
959 .9
1052.8
1155.7
1263.2
1404.0
1573.6
1752.9
1934.1

5 ,489
5,590
5,851
5 ,902
5 ,827
5 ,991
6 ,051
6 ,028
6 ,243
6 ,324
6,566
6 ,859
7 ,224
7 ,446
7,653
7 ,756
8,026
8,261
8,372
8,965
8,948
8 , 7 07
9,125
9,237
9 ,599
9 ,889
9,816
9,783
9 ,694
9 ,780
10,359
10,524
10,858
11,024

IN

5 ,502
5,751
5 ,874
5 ,923
5 ,948

6 ,066

6,010

6 ,064
6 ,097
6 ,272
6,343
6,722
6 ,942
7 ,247
7 ,498
7 ,756
7,829
8,139
8,352
8,432
9,013
8,840
9,115
9,151
9,318
9,730
9,818
9,611
9,724
9 ,736
9,855
10,378
10,727

6 ,036
6,124
6 ,285
6,385
6 ,783
7,106
7,301
7,538
7,737
7,969

10,889

1622.1

1796.3
2010.3
2187.0
2318.1
2527 .9
2728.6
2899.5
3064.7
3315.8

2278.6
2443.2
2691.1
2840.0
3032.4
3224.9

5,440
5 ,679
5 ,871
5,918
5 ,848

11,006

265 .6
287 .2
305 .5
317.5
333.2
349 . 8
361.1
383 .9
402.2
426.2
462.9
5 05 . 0
539 .6
575.4
625 .2
680.5
7 33 . 7
794.4
884.6
992 .1
1072.0
1186.7
1292.5
1436.4

2162.0

DISPOSABLE PERSONAL INCOME
(ANNUAL RATE, DOLLARS)

8,208

8,337
8,57 1
9 ,059

8,866
8,947
9 ,187
9,461
9,763
9,820
9,676
9,818
9,720
9 ,933
10,446
10,581
10,928
10,989

Annual

DOLLARS

PERSONAL INCOME IN CURRENT DOLLARS
RATE, B I L L I O N S OF DOLLARS)

258.5
269.5
290.5
308.7
318.1
337 . 8
354.9
364.6
389 .2
407.1

1965 .
1966 .
1967 .
1968.
1969 .
1970.
1971.
1972 .
1973.
1974.
1975 .
1976 .
1977 .
1978.
1979.
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .

8 ,, 6 4 7
9 ,, 0 0 8
9 ,, 0 7 0
9 ,, 0 8 3
8 ,, 7 1 3
9 ,, 2 6 3
9 , 243
9 , 229
9 ,648
9 ,, 8 4 6
1 0 ,, 2 6 0
1 0 ,, 6 5 2
1 1 ,, 1 8 7
1 1 ,, 3 6 4
1 1 ,, 8 0 8
1 1 ,, 9 5 4
1 1 ,, 7 5 5
1 1 ,, 9 5 2
1 2 ,, 3 7 9
1 2 ,, 9 5 0
1 2 ,, 8 9 9
12 , 3 7 9
1 2 ,, 9 3 5
1 3 ,, 3 7 9
1 4 ,, 0 1 8
1 4 ,, 1 4 4
1 3 ,, 8 8 3
1 4 ,, 1 4 2
1 3 ,, 6 9 4
1 3 ,, 8 9 4
1 4 ,, 7 7 7
15 , 0 6 1
1 5 ,, 3 8 0
15 , 6 9 3

IN

1982

8 , ,7 18
9 ,,041
9 ,, 0 6 5
9 ,, 0 5 4
8 ,, 8 3 6
9 ,, 1 9 7
9 ,, 2 1 3
9 , 298
9 ,, 6 4 4
9 ,, 8 9 6
1 0 ,, 2 8 1
1 0 ,, 7 4 1
1 1 ., 2 3 2
1 1 ,, 4 2 8
1 1 ,, 7 8 4
1 1 ,, 9 5 3
1 1 ., 7 8 1
1 1 ,, 9 6 4
12 ,, 4 2 6
1 2 ,, 9 4 8
1 2 ,, 7 6 0
1 2 ,, 4 7 7
1 2 ,, 9 6 1
1 3 ,, 4 3 0
1 3 ,, 9 9 2
1 4 ,, 1 8 1
1 3 ,, 9 9 4
1 4 ,, 1 1 4
1 3 ,, 6 1 4
1 3 ,, 9 6 3
1 4 ,, 7 7 0
1 5 ,, 1 2 0
1 5 ,, 4 0 1
1 5 ,, 7 7 0

AVERAGE
260.5
278.8
297 .5
313.9
324.9
344.6
358.9
373 . 8
396 .2
415.8
451.4
486.8
525 .9
562.1
609 .6
656.7
715.6
776 . 8
839.6
949 .8
1038.4
1142.8
1252.6
1379.3
1551.2
1729.3
1918.0
2127.6
2261.4
2428.1

2668.6

2838.7
3019.6
3209.7

DOLLARS
AVERAGE
5 ,581
5 ,827
5,917
5 ,888
6 ,000
6 ,034
5 ,994
6 ,203

6 ,286

6,458
6,834
7,199
7 ,348
7,570
7,766
8,009

8,160

8,338
8,871
9,130
8,814
9 ,007
9,237
9 , 5 06
9,849
9 ,790
9 ,786
9,751
9 , 7 49
10,151
10,491
10,667
10,923
11,145

5 , 5 05
5 ,714
5,881
5 ,909
5 ,908
6 ,027
6 ,036
6,113
6,271
6,378
6 ,727
7 ,027
7 ,280
7,513
7,728
7,891
8,134
8,322
8,562
9,042
8,867
8,944
9,175
9 ,381
9 ,735
9,829
9,722
9,769
9,725
9,930
10,419
10,625
10,929

11,012
(OCTOBER

100



1988)

C. Historical Data for Selected Series—Continued
I Q

Year
230.

IV Q

PERSONAL CONSUMPTION
(ANNUAL RATE,

195 4
1955
1956
1957
195 8
1959
196 0
196 1
1962
196 3
196 4
196 5
1966
1967
196 8
196 9
197 0
197 1
197 2
1973
197 4
1975
1976
1977
197 8
197 9
198 0
1981
1982
1983
198 4
1985
1986
1987
198 8
232.

235 .5
25 1 . 1
265 . 8
2 80 . 9
289 . 0
308. 8
325 . 5
334.4
354. 0
374.0
398.8
427 .6
467 .7
491 .4
532 .4
581 .7
625 . 1
67 1 . 7
729 .3
813.2
880 . 0
967 .4
1091 .8
12 11 . 8
1332.6
1501 . 8
1682 . 2
1862.9
1996 . 3
2 146 . 6
236 1 . 1
2554.9
2739 .0
292 1 .7
PERSONAL

1954.
1955 .
1956 .
1957 .
1958.
1959 .
196 0 .
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
197 1 .
1972 .
197 3 .
1974.
197 5 .
1976 .
1977 .
1978.
1979.
1980.
1981.
1982 .
1983.
1984.
1985 .
1986 .
1987 .
1988.

238.2
256 . 1
26 8 . 4
2 83 . 2
291 .9
3 14.6
331 .6
339 . 1
359 .7
378.2
406 . 4
434.4
472 .7
500.5
545 .8
592 .7
635 . 1
685 .2
747 . 0
827 . 9
907 . 8
996 .6
111 1 . 2
1239.2
1391.1
1537 . 6
1688.9
1896 . 4
202 3 . 8
2213 .0
2417 .0
2599 .3
2772 . 1
2992 .2

CONSUMPTION

DURABLE GOODS
31.4
36.5
37.9
40.3
37.1
41.6
43.3
40.0
45.3
50.2
55.4

62.1

69.2
67.8
77.3
85 . 8
85.4
93.4
105.7
126 . 3
120.2
124.8
156.4
177 . 0
188.9
215.6
225 .0
241.1
245 . 1
266 .7
322 .7
361.4
381.4
403.5

EXPENDITURES IN CURRENT
B I L L I O N S OF DOLLARS)

RATE,

32.1
38.8
38.0
39.8
36.3
43.4
44.2
41.0
46 . 6
51.5
56.8
61.9
66.5
7 1.2
79.3
86.2
86.7
96.2
108.9
125.3
124.3
130.1
158.9
181.9
207 .6
214.4
204.9
236 . 0
248.9
284.5
335 . 1
367 . 1
393 . 0
420.5

IN

245 . 1
264.2
276 .7
289 .4
300.7
321 .8
333 . 8
349 . 1
370.2
389.6
417 . 1
457 . 4
486 .9
5 14.7
57 0 . 1
6 14.3
653 . 0
7 12 . 4
7 89 . 2
86 1 . 6
943 . 0
1057 .5
1 174.6
1307 .6
1465.7
1637 .5
1810.0
196 0 . 2
2 117 . 0
2315 .8
2493 .4
2700.4
2876 .0
3076 .3

CURRENT

BILLIONS

OF

6 4 ,.0
6 3 . ,7
6 3 . .4
6 2 . ,8
6 5 . ,1
6 3 . ,7
6 3 ., 1
6 4 . ,6
6 2 . .1
6 3 . ,2
6 2 . ,6
6 2 . .6
6 2 . ,0
6 1 . ,4
6 1 . ,7
6 1 . .8
6 2 . .9
6 2 . ,5
6 2 . .5
6 2 ..0
6 1 , .7
6 3 ,.5
6 3 ,. 1
6 3 ,. 8
6 3 ,. 1
6 2 ,. 0
6 2 ,.9
6 2 ,.5
6 4 ,. 1
6 5 ,.7
6 4 ,.2
6 5 .. 1
6 5 , .5
6 6 . .5

64.7
63.7
63.1
63.0
65.2
63.2
64.5
64.2
62.9
63.0
62.9
62.5

61.8

62.1

61.6
62.0
62.9
62.6
62.4
61.7
62.2
63.7
63.1
62.9
62.4
62.1
63.2

62.8
64.1
65.7
64.4
65.3
65.9
66.7

3 1 , .6
4 0 , .6
37 ,.6
3 9 ,.4
37 ., 0
4 4 , .2
4 3 , ,7
4 2 ,.3
47 .,1
5 2 , ,2
5 8 . .6
6 3 ,.8
6 9 ..1
7 1,. 3
8 3 , .6
8 6 ,. 4
87 ,,7
9 8 , .5
1 1 2 ,. 3
125 ,. 0
1 3 0 , .2
1 4 0 ,.0
1 6 2 ,.4
1 8 6 ,.5
2 1 0 ,.0
2 2 3 , ,9
2 1 8 , .7
2 4 6 ,. 9
2 5 2 ,. 8
2 9 5 , .2
3 3 7 , .7
3 8 7 ,.2
4 2 9 , .9
4 4 1 ,.4

33.3
39.6
39.3
39.1
38.3
42.0
42.5
44.3
49.1
53.3
56.6
66.1
69.3
72.2
83.8
86 . 5
82.9
102 . 2
118.0
122.3
120.3
146.5
168.1
192.6
215.8
221.9
228.5
235 .5
263.8
310.0
346 .7
37 3 . 2
421.8
422 . 0




1985.

AVERAGE
32.1
38.9
38.2
39.7
37.2
42.8
43.5
41.9
47.0
51.8
56.8
63.5
68.5
70.6

81.0
86.2

85 . 7
97.6
111.2
124.7
123.8
135.4
161.5
184.5
205 .6
219.0
219.3
239.9
252 .7
289.1
335 .5
372.2
406 .5
421.9

OF GNP

64.3
63.4
63.1
64.2
63.4
64.1
65.1
63.3
63.5
62.6
63.1
62.5
61.6
61.5
62.1
62.5
63.3
63.2
62.5
61.0
62.2
63.0
63.7
63.4
61.9
63.2
63.5
62.9
65.9
65.3
64.7
65.7
66.8
66.0

6 4 ,.5
6 3 ,. 4
6 3 ,. 2
6 3 ,. 0
6 4 ,. 4
6 4 ,. 2
6 4 ,. 1
6 3 ,.5
6 2 ,.8
6 2 ,. 8
6 3 ,. 2
62 . 4
61 .9
61 .7
62 .2
61 . 8
62 .9
62 .6
62 .5
6 1 ,. 8
62 .8
63 . 3
63 .5
62 .5
62 .2
6 2 ,. 4
64 .0
62 .6
65 . 0
65 . 7
6 4 ,. 3
65 .8
66 .6
66 . 9

NOTE: These series contain revisions beginning with

239 .8
257 .9
27 0 . 6
285 . 3
294.6
316 . 3
330.7
341.1
361.9
381.7
409 .3
440.7
477 . 3
503.6
552 .5
597 .9
640.0
691.6
757 .6 .
837 .2
916.5
1012.8
1129.3
1257 .2
1403.5
1566.8
1732.6
1915.1
2050.7
2234.5
2430.5
2629.0
2807.5
3012.1

DOLLARS,

DOLLARS)

AS A PERCENT

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
1986
1987
1988

Year
231.

AVERAGE

240.5
26 0 . 2
27 1 . 5
287 . 7
296 . 9
319 . 8
33 1 . 7
341 .9
363.7
385 . 1
414.9
443.4
481 .7
507 . 5
56 1 . 6
602 .7
646 . 8
696 . 8
764.8
846 .2
935 .3
1029 .6
1 139 . 8
127 0 . 2
1424.6
1590 .0
1749 . 3
1940.9
2 065 .6
2262 .8
2450.3
266 1 . 4
2842 .8
305 8 . 2

EXPENDITURES

(ANNUAL

Annual

DOLLARS

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962 .
1963.
1964.
1965 .
1966 .
1967 .
1968.
1969 .
1970.
1971.
1972 .
197 3 .
1974.
1 975 .
1976 .
1977 .
197 8 .
1979 .
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.

6 1.8
61.7
61.9
62.0
63.0
62.7
62.5
61.6
62.2
63.4
63.4
63.2
62.4
62.4
63.4
62.7
64.8
65.6
64.4
65.5

66.2
66.5

8 0 7 .,1
8 5 5 . ,3
8 9 5 ., 1
9 1 4 . ,3
9 1 6 . ,5
9 6 4 . ,3
9 9 7 ., 1
1 0 0 9 . ,5
1 0 5 3 . ,6
1 0 9 4 . ,1
1 1 4 5 . ,2
1 2 0 8 . ,2
1 2 8 7 .,6
1 3 1 9 . ,4
137 8 .,1
1 4 4 2 . ,9
1 4 8 1 . ,5
1 5 2 0 . ,9
1 5 8 1 . ,8
1 6 8 9 . ,9
1 6 6 7 .,5
1 6 7 7 ., 1
1 7 7 7 ..5
1 8 6 3 . ,7
192 3 .,0
1 9 9 7 .,5
2 0 1 5 . ,4
2 0 2 2 . ,9
2 0 3 1 . ,2
2 0 9 4 . ,2
2 2 1 2 .,1
2 3 1 9 . ,1
2 4 1 5 ., 1
2 4 9 0 . ,2

IV Q
EXPENDITURES IN 1 9 8 2
B I L L I O N S OF DOLLARS)
8 1 4 . ,3
8 6 9 . ,1
8 9 6 .,5
9 1 6 . ,2
926 . 0
977 . 2
1009. 8
1 0 2 3 .,5
1 0 6 3 .,6
1 1 0 0 . ,2
1164. 4
1 2 2 1 . ,7
1 2 9 3 ., 1
1 3 3 6 . ,5
1 3 9 6 . ,7
1 4 5 1 . ,7
1 4 8 8 ., 1
1 5 3 3 ., 0
16 07 .,9
16 87 .,2
1 6 7 7 .,2
1 7 0 6 . ,0
1 7 9 0 . ,4
1 8 6 9 . ,0
196 0 .,8
1 9 9 4 .,1
1 9 7 4 . ,1
2 0 2 2 .,4
2 0 4 1 . ,0
2 1 3 5 ., 1
2 2 4 6 .,7
2 3 3 7 . ,4
2 4 4 0 . ,9
2 5 1 6 . ,6

8 2 7 .,3
87 8 ., 0
8 9 9 .,2
9 2 2 .,6
9 3 9 . ,7
9 8 6 .,3
1 0 0 5 .,7
1 0 2 4 . ,6
1 0 7 2 . ,8
1 1 1 5 . ,5
1 1 8 4 . ,8
1 2 4 2 . ,3
1 3 0 5 . ,5
1 3 4 3 . ,3
1 4 2 1 . ,5
1 4 5 9 ,,9
1 5 0 1 . ,3
1 5 4 1 . ,0
1 6 2 9 . ,9
1 6 9 4 , .5
1 6 8 6 . .7
1 7 2 3 . ,9
1 8 0 9 . ,9
1 8 8 8 .,0
1 9 7 0 . ,3
2 0 0 7 ..9
1 9 9 6 . .3
2 0 3 1 , ,5
2 0 5 1.,8
2 1 6 3 , ,0
2 2 5 7 .,3
2 3 7 5 ..9
2 4 7 8 . ,6
2 5 4 5 ..2

Annual

DOLLARS

8 4 2 ., 3
8 9 2 ,.7
9 0 8 ,.4
9 2 5 ,.7
9 4 9 ..4
9 8 9 . .6
1 0 0 7 .,8
1 0 4 2 . .9
1 0 8 5 .. 8
1 1 2 3 . ,6
1 1 8 8 ..0
127 3 ..2
1 3 0 9 , .5
1 3 5 1 , .5
1 4 2 7 ., 1
1 4 7 2 ..0
1 4 9 7 ,.2
156 0 ., 1
1 6 6 7 .,8
1 6 8 6 ,. 8
1 6 6 4 , .7
1 7 4 0 .,4
1 8 3 7 . ,8
1 9 1 4 , .2
1 9 8 9 ,.7
2018,.0
2 0 1 5 , .6
2 0 2 0 ,. 0
2 0 7 8 ,.7
2 1 9 1 . .9
2 2 8 1 . .1
2 3 8 6 . .9
2 4 8 6 . ,2
2 5 3 1,.7

2 33 . PERSONAL CONSUMPTION EXPENDITURES IN 1 9 8 2 DOLLARS,
DURABLE GOODS
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
1954.
1955 .
1956 .
1957 .
1958 .
1959 .
196 0 .
1961.
1962 .
1963 .
1964.
1965 .
1966 .
1967 .
1968.
1969 .
1970.
1971.
1972 .
197 3 .
1974.
197 5 .
1976 .
1977 .
1978.
1979 .
1980.
1981.
1982 .
1983.
1984.
1985 .
1986 .
1987 .
1988 .
236.

64.4
63.6
63.2
63.2
64.5
63.8
64.2
63.9
63.0
62.9
63.0
62.5

I Q

PERSONAL CONSUMPTION
(ANNUAL RATE,

1954.
1955 .
1956 .
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965,
1966.
1967.
1968.
1969.
1970.
1971,
197 2 .
1973,
1974,
1975 ,
1976,
1977,
1978,
1979.
1980,
1981,
1982 ,
1983,
1984,
1985 ,
1986,
1987 ,
1988,

7 8 . ,8
91 .,6
9 3 . ,9
9 4 . ,8
8 6 . ,2
9 4 . ,5
96 .,9
9 1 . ,2
9 9 . ,9
1 0 9 . ,2
1 1 8 . ,1
1 3 0 . .7
1 4 7 . ,3
1 4 2 . .1
155 ,.8
1 6 8 . .8
1 6 3 , .5
1 7 0 . .7
1 9 1 . ,7
2 2 5 ,.7
2 0 8 . .2
1 9 3 . ,5
2 2 9 . .7
2 4 6 ,.7
2 5 2 , .6
2 6 8 . ,9
2 6 0 , .6
25 8,.7
2 4 7 ,.7
2 6 3 ..3
3 1 2 ,.6
3 4 4 ,.8
3 6 3 ,.3
3 7 8 ,.3

7 9 . ,6
97 .,2
9 2 . ,9
9 2 . ,5
85 .,5
9 8 . ,3
9 9 . ,9
9 1 . ,8
1 0 2 .,0
1 1 1 . ,2
1 2 0 . ,7
1 3 1 . .2
1 4 0 . ,9
1 4 8 . .4
1 5 9 ,.1
1 6 8 , .2
1 6 5 , .6
1 7 5 ..1
1 9 6 ..1
2 2 1 ,.8
2 0 9 , .9
1 9 8 , ,7
2 3 0 . ,6
2 5 1 ..8
2 7 2 ,.4
2 6 2 ,.9
2 3 1 ,.9
2 4 8 ,.4
2 4 9 ,. 1
2 8 0 ,.0
3 2 2 ,.5
3 5 0 ,.3
3 7 4 ,.2
3 9 1 ,.3

8 1 . ,2
9 9 . .7
9 1 . .9
9 1 ..0
8 6 . ,5
9 9 . ,4
9 8 . ,7
9 3 , .7
1 0 3 ,.1
1 1 2 . .9
1 2 4 , .2
1 3 5 ,.9
1 4 4 ,.8
1 4 7 ,.1
1 6 6 ,. 4
1 6 7 , .6
166 ,. 2
1 8 0 ,. 0
2 0 1 ,.4
2 2 0 ,.0
2 1 1 , .6
2 1 1 , .7
2 3 2 ,.4
2 5 6 ,.2
2 7 0 ,.9
27 0,. 9
2 4 2 ,.7
2 5 5 ,.5
2 5 1 ,.8
2 8 8 ,.5
3 2 4 ,.3
3 6 9 ,, 1
4 0 5 ,.1
4 0 6 ,.5

AVERAGE

86 ,. 4
9 9 ,.2
9 2 ,. 5
9 1 ,. 1
8 9 , .6
9 5 ,. 4
9 6 ,. 4
9 7 ,. 8
1 0 6 ,.8
1 1 3 ,.9
1 2 0 ,.3
1 4 0 ,. 8
1 4 4 ,. 5
147 ,. 2
1 6 5 ,. 3
1 6 6 ,. 7
154 .8
1 8 7 ,. 4
2 1 2 ,. 4
2 1 3 ,.8
1 8 9 ,.7
2 1 8 ,. 3
2 3 6 , .7
2 6 1 ,. 1
27 3,. 9
2 6 3 ,.4
2 4 8 ,.6
2 4 0 ,. 4
2 6 2 ,. 0
3 0 0 ,.5
3 3 3 ,. 1
3 5 6 ,. 4
3 9 7 ,. 3
3 8 7 ,. 6

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS,
NONDURABLE GOODS
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
1 1 8 ,.7
122 ,. 3
1 2 9 ,. 1
1 3 4 , .5
1 3 9 , .5
1 4 6 ,. 3
1 5 0 ,. 9
1 5 6 ,. 0
1 6 1 ,.5
1 6 7 ,. 5
1 7 5 ,. 2
1 8 5 ,. 6
2 0 4 ,.1
2 1 3 ,.7
2 2 7 ,. 6
245 .6
2 6 4 ,.7
2 7 8 ,. 3
2 9 3 ,. 1
3 2 7 ,. 0
3 6 5 ,. 6
400 .5
439 .4
4 7 7 ,.5
516 .4
5 8 3 ,. 4
662 .0
726 .6
758 . 1
7 9 1 ,. 0
849 .9
890 .9
938 .4
977 .5

1 1 8 ,. 8
124 . 0
130 .0
1 3 5 ,. 8
140 .8
147 . 7
1 5 3 ,. 8
156 . 8
1 6 2 ,. 9
168 .2
178 . 4
189 . 1
207 .6
215 .5
232 .6
250 .2
268 .2
282 . 0
301 .5
333 .5
376 . 8
411 .2
446 . 4
485 .6
534 .4
600 .9
671 .8
737 . 3
762 .6
810 .9
866 .9
905 .6
937 .2
995 . 3

119 .9
125 . 0
131 . 3
1 3 9 ,. 2
1 4 2 ,. 8
149 . 1
1 5 3 ,. 5
157 . 3
164 .5
170 .6
182 . 0
192 . 8
210 .7
217 . 8
238 .6
254 .2
2 7 1 ,. 9
284 .4
308 .4
344 .0
388 .1
423 .2
456 . 0
491 .9
548 .5
623 .6
6 86 . 4
745 .7
776 .7
8 2 7 ,. 0
8 7 2 ,. 8
915 .7
944 .7
1 0 0 6 ,. 6

121
127
132
138
143
150
154
159
166
171
183
199
211
220
241
258
276
288
317
353
393
429
466
5 06
567
645
705
752
7 86
837
879
932
954
1012

8 2 2 .,7
8 7 3 . ,8
8 9 9 . ,8
9 1 9 , ,7
9 3 2 .,9
97 9 .,4
1 0 0 5 ..1
1 0 2 5 .,2
1 0 6 9 .,0
1 1 0 8 . ,4
1 1 7 0 . ,6
1 2 3 6 . ,4
1 2 9 8 . ,9
1 3 3 7 .,7
1 4 0 5 .,9
1 4 5 6 . .7
1 4 9 2 ,, 0
1 5 3 8 . ,8
1 6 2 1 . ,9
1 6 8 9 . .6
1 6 7 4 .,0
1 7 1 1 . ,9
1 8 0 3 . ,9
1 8 8 3 . ,8
1 9 6 1 .,0
2 0 0 4 , .4
2 0 0 0 , .4
2 0 2 4 . .2
2 0 5 0 . ,7
2 146 ., 0
2 2 4 9 .,3
2 3 5 4 . .8
2 4 5 5 ..2
2 5 2 1.. 0

.3
.5
.7
.9
.9
.8
.6
.5
.4
. 1
. 1
.9
.4
.6
.2
.7
.5
.4
.4
.7
.1
.9
.0
.8
.9
.1
.2
.7
.6
.9
.6
.7
. 1
.4

8 1 , .5
9 6 , .9
9 2 ,.8
9 2 ,.4
8 6 , .9
9 6 , .9
9 8 ,.0
9 3 , .6
1 0 3 ,.0
1 1 1 ..8
1 2 0 .,8
1 3 4 ,.6
1 4 4 ,. 4
1 4 6 , .2
1 6 1 , .6
1 6 7 ,. 8
1 6 2 ,.5
1 7 8 ,. 3
2 0 0 ,.4
2 2 0 ,.3
2 0 4 ,.9
.6
2 05 ,
2 3 2 ,.3
2 5 3 ,.9
2 6 7 ,. 4
2 6 6 ,. 5
2 4 5 ,.9
2 5 0 ,.8
2 5 2 ,.7
2 8 3 ,. 1
3 2 3 ,. 1
3 5 5 ,. 1
3 8 5 ,. 0
3 9 0 ,.9

AVERAGE
119 .7
124 .7
130 .8
137 . 1
141 .7
148 .5
153 . 2
157 . 4
163 . 8
169 . 4
179 .7
191 . 9
208 .5
216 .9
235 . 0
252 .2
270 .3
283 .3
305 . 1
339 .6
380 .9
416 .2
452 .0
490 .4
541 .8
613 .2
681 .4
740 .6
77 1 . 0
8 1 6 ,.7
8 6 7 ,. 3
9 1 1 ,.2
9 4 3 ,.6
9 9 7 ,.9

(OCTOBER

1988)

101

C. Historical Data for Selected Series—Continued
Year
237.

IQ

1954..
1955 . .
1956 . .
1957 . .
1958. .
1959 . . .
1960...
1961...
1962 . .
1963. .
1964. . .
1965 . . .
1966 . . .
1967 . . .
1968. . .
1969 . . .
197 0 . . .
1971. . .
1972 . . .
1973. . .
1974. . .
1975 . . .
1976 . . .
1977 . . .
197 8 . . .
1979. . .
1980 . . .
1981. . .
1982 . . .
1983...
1984...
1985 . . .
1986...
1987...
1988. . .
239.

4
3
8
2
4
9
3
4
2
.4
.2
.9
.5
.9
.5
.3
.1
.0
.5
.9
.2
.1
.9
.4
.3
.8
.1
.2
.1
.9
.6
.7
.2
.7

PERSONAL

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962.
1963.
1964.
1965 .
1966 .
1967 .
1968.
1969.
1970.
197 1 .
1972 .
197 3 .
1974.
1975 .
1976 .
1977 .
1978.
1979 .
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.
241.

IV Q

II Q

PERSONAL CONSUMPTION EXPENDITURES IN
SERVICES
(ANNUAL RATE
BILLIONS

1954....
1955
1956
1957
1958....
1959 . . . .
1960....
1961....
1962 . . . .
1963. . . .
1964....
1965 . . . .
1966
196 7 . . . .
1968
1969
197 0
1971. . . .
1972 . . . .
1973 . . . .
1974....
1975....
1976
1977 . . . .
1978
1979 . . . .
1980
1981....
1982
1983
1984... .
1985 . . . .
1986
1987
1988. . . .

3 4 5 . ,6
3 6 1 . ,0
3 7 7 .,7
3 9 1 . ,1
4 0 4 . .8
4 2 4 . .3
4 4 4 .,1
4 6 1 . .3
4 8 0 . ,3
4 9 6 .,7
5 2 9 . .1
5 5 4 . .4
5 8 3 . .6
6 0 9 ..1
6 3 8 . .3
6 6 7 . ,3
6 9 2 , .8
7 1 7 ,.0
7 5 0 ,.0
7 8 4 , .6
8 0 1 ,.9
8 2 9 ,.6
8 5 4 ,.8
8 8 9 , .9
9 3 9 , .2
9 6 9 ,.1
9 8 1 ,.3
1 0 0 9 , .5
1 0 2 3 , .5
1 0 5 9 ,.4
1 0 9 6 ,.1
1 1 4 4 ,.1
1 1 8 5 ,. 8
1 2 3 5 ,.5

OF DOLLARS)

8 9 ..0
9 4 , .6
1 0 2 . .5
1 0 9 . .1
117 .. 1
1 2 6 ..4
1 3 4 . .5
1 4 2 ,.3
1 5 2 ,.1
1 6 2 ,.3
1 7 4 ,.3
1 8 6 , .9
2 0 2 ,. 0
2 1 8 ,.4
2 3 9 ,. 3
2 6 2 ,.1
2 8 7 , .2
3 1 3 , .9
3 4 4 ,.0
3 7 7 . .2
4 1 7 ..0
4 6 6 ,.4
5 2 1 ..4
5 9 1 . .7
6 6 6 ,. 1
7 4 2 , .5
8 4 4 ,.2
9 4 8 ,.4
1 0 3 6 ,.1
1 1 4 0 ,.6
1 2 3 9 ,.7
1 3 5 8 ,.5
1 4 6 8 ,.2
1 6 1 0 ,.2

9 0 ,.5
97 ,. 1
1 0 4 , .7
1 1 1 ,. 4
1 1 8 . .5
1 2 9 ,.1
1 3 6 , .7
1 4 5 ,. 3
1 5 4 , .7
1 6 5 , .2
1 7 7 ,.4
1 9 1 ,. 4
2 0 6 ,.2
2 2 1 ,.9
2 4 5 ,. 1
2 6 9 ,.0
2 9 3 ,.6
3 2 1 ,.7
3 5 3 ,.9
3 8 5 ,.7
4 2 9 ,.7
4 8 1 ,. 1
5 4 0 , .6
6 0 8 , .2
6 8 2 ,. 0
77 0,.5
8 7 6 ,. 3
9 7 2 ,.0
1 0 6 6 ,.5
1 1 6 7 ,.9
1267 . 1
1394 .5
1500 .1
1 6 4 1 ,.9

2 0 3 . ,2
2 4 5 . ,1
2 6 2 . ,1
2 4 8 . ,6
2 1 0 . ,9
2 6 1 . ,7
2 8 8 . .7
2 3 8 .,3
2 8 7 . ,7
2 9 1 ..9
3 2 4 . .7
3 6 2 ..1
3 9 6 , .9
3 6 8 . ,7
3 8 7 . .7
4 1 2 ..0
3 7 9 . .9
4 1 5 . .5
4 3 9 , .5
5 1 5 , .7
5 0 1 ,. 1
3 7 0 , .6
4 4 4 , .7
4 9 2 ,. 0
5 4 4 ,.0
5 82 ,
.2
5 5 6 ,.7
5 5 2 ,.3
4 6 4 , .2
4 2 7 ., 1
6 5 5 , .2
6 3 4 ,.3
67 8,. 0
6 4 6 ,. 4

2 06 .,4
26 0 .,8
2 5 8 . ,3
2 4 5 . ,3
2 0 6 .,2
2 8 3 ., 1
2 6 1 ..4
2 4 9 .,1
2 9 1 ..2
3 06 ..9
3 2 3 . .6
3 6 4 ..3
3 9 0 , .9
3 6 1 . .7
3 9 7 .,2
4 0 9 . .1
3 7 6 .,4
4 2 3 ..1
4 6 2 ..3
5 2 1 . .7
4 9 6 ,.5
3 5 8 ,.1
4 5 4 , .9
5 1 9 ,.0
5 8 4 , .6
5 9 0 ,.1
4 9 9 ,.2
5 5 1 ,.2
4 6 7 , ,5
4 8 6 , .9
6 5 8 ,.4
6 4 7 ,.5
6 5 2 ,.1
6 6 0 ,.1




Year

IQ

IV Q

II Q

Annual

1
NONDURABLE GOODS

AVERAGE
8 8 .,0
9 4 ..3
1 0 1 , .6
1 0 8 . ,5
1 1 5 . .7
125 .. 0
1 3 4 ..0
1 4 1 . .8
1 5 1 ., 1
1 6 0 . .6
1 7 2 . .8
185 ,. 4
2 0 0 , .3
2 1 6 ..0
2 3 6 ..4
2 5 9 ,.4
2 8 4 ,.0
3 1 0 , .7
3 4 1 ..3
3 7 3 ..0
4 1 1 . .9
46 1..2
5 1 5 , .9
5 8 2 ..3
6 5 6 .. 1
7 3 4 , .6
8 3 1 , .9
9 3 4 , .7
1 0 2 7 ,. 0
1 1 2 8 ,.7
1 2 2 7 ,.6
1 3 4 5 , .6
1 4 5 7 ,. 3
1 5 9 2 ,. 3

1954
1955
1956
1957
1958,
1959,
1960
1961,
1962
1963,
1964
1965
1966
1967
1968
1969
1970
1971
1972
197 3,
1974
1975
1976
1977
1978,
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

AVERAGE
3 4 7 ,. 4
3 6 3 . .6
3 8 0 ,.1
3 9 2 , .6
4 0 6 ,.1
4 2 6 ,.7
4 4 3 ,.9
46 1,. 4
4 8 1 ,.8
5 0 2 ,. 3
5 3 2 ,.3
5 5 8 , .5
5 8 5 ,. 3
6 1 2 ,. 3
6 4 1 ,.8
6 7 1 , .7
6 9 7 ,. 0
720 .2
7 5 6 ,. 0
7 86 . 1
,
8 0 3 ,. 1
8 2 9 ,. 8
8 6 2 ,. 8
8 9 8 ,.5
9 3 9 ,.8
97 1,. 2
9 9 1 ,.9
1009 . 0
1 0 2 7 ,. 0
1062 .7
1 1 0 0 ,. 3
1152 .3
1190 .7
1239 .5

(ANNUAL

390.2
404.3
427 . 4
430.7
432.3
452 .3
460.7
465 . 3
480.2
492.4
5 05 . 1
531.2
563.4
576 . 3
594.2
613.4
628.4
639 .4
647 .5
687 .8
664.9
666 .9
696 .2
728.8
745 . 8
766 .2
767 .9
763.3
764.2
7 86 . 3
814.5
838.2
870.4
889 .9

(ANNUAL

RATE,

5 0 . .9
6 4 . .8
7 2 . .8
7 1..9
5 9 , .5
7 6 . .9
8 8 . .7
6 9 . .5
87 .,9
8 8 . ,9
9 8 . ,2
1 1 4 . .4
1 2 8 . ,2
1 2 5 . .5
1 3 3 . ,8
1 5 1 . ,3
146 ..2
1 6 6 . .6
1 8 8 ,.3
2 2 8 ,.0
2 3 8 ,. 1
2 0 4 ,.9
2 6 4 , .6
3 1 1 . ,5
3 7 9 , .7
4 4 6 . .9
46 1,. 0
5 06 ,.9
4 5 9 , .5
4 2 8 ,,3
6 6 3 ,.0
6 3 9 ,.3
6 8 6 ,.6
6 8 5 ,. 5

1982

RATE,

BILLIONS

389 . 0
410.9
425 .9
432.5
435.7
454.5
465.9
470.4
481.3
492.2
514.6
536 . 1
568.6
57 9 . 1
599 .2
616.2
629 .6
640.9

DOLLARS)

608.6

617.6
634.3
639.0
670.4
684.5
670.2
679 .8
712.1
728.3
753.5
766 . 0
759 .9
764.7
772 .8

661.8
680.8
665 .4
677 . 8
7 05 . 0
727 . 3
7 49 . 1
762 .1
760.9
764.5
768.3
795 .7

806.2

828.2

829 .6
850.0
881.4
891.9

843.0
880.9
889 .8

BILLIONS

OF

394.7
414.6
425 .5
438.6
443.2
457 . 0
46 3 . 1
469.2
485 .7
495 .9
524.4
544.7
57 3 . 6
57 8 . 7

OF

401.3
423.1
428.9
437.1
448.4
459.3
463.6
475 .5
489.7
496 .5
526 . 0
56 0 . 8
571.5
582 .7
6 07 . 6
621.4
637 .7
641.8

682 .2

679 . 4
663 .9
681.5
721.8
740.9
766 . 3
77 2 . 2
761.5
765 .2
778.6
812.7
831.2
858.3
885 . 3
890.5

DOLLARS)

5 2 ,.0
6 9 . .6
7 2 . .2
7 1 ,.7
5 8 ..2
8 4 ,. 4
7 8 ..1
7 4 , .7
8 8 ..0
9 2 . ,2
9 8 . .7
1 1 4 ..0
1 2 9 ..1
1 2 0 . .6
1 3 7 .,4
1 5 1 ..8
1 4 8 ..2
1 7 3 ,. 4
1 9 9 ,.1
2 3 7 ,.8
2 4 1 ,.3
2 0 4 ,.6
2 7 5 ,.8
3 4 1 ,.4
4 2 0 ,.2
4 6 3 ,.2
4 2 5 ,.0
5 1 5 ,.3
4 6 7 ,.8
4 8 1 ,.3
6 6 4 ,.2
6 5 2 ,.3
6 6 7 ,. 8
6 9 8 ,.5

5 4 , .7
7 1,. 3
7 2 ,. 8
7 3 ,.6
6 4 ,.1
7 8 ,. 4
7 7 ,. 4
8 1 ,.2
8 9 ,.3
9 5 ,.7
1 0 0 ,.0
1 1 7 ..4
127 ,.6
126 ,.5
1 3 6 ,.8
1 5 8 ..1
1 5 3 , .5
177 ,. 0
.
2 05 , 7
2 3 7 ,.2
2 3 8 ,.9
2 2 9 ,.5
27 9,. 6
3 6 3 ,.7
4 2 4 ,.7
4 6 1 ,.5
4 0 5 ,. 4
5 3 5 ,.9
4 5 2 ,.2
5 1 9 ,.7
6 7 0 ,.3
6 2 6 ,.7
6 5 3 ,. 0
7 02 . 8

393 .8
413.2
426 .9
434.7
439 .9
455 .8
463.3
470.1
484.2
494.3
517.5
543 .2
569.3
579.2
602 .4
617.2
632.5
640.3
665 .5
683.2

666 .1
676 .5
7 08.8
731.4
753 .7
766 .6
762 .6
764.4
77 1 . 0

800.2

825 .9
847 . 4
879.5
890.5

AVERAGE
5 8 ,.9
7 3 ,.3
7 2 ..9
6 7 ,.1
7 2 ,.1
8 1 ,. 1
6 8 ,.5
8 3 ,. 0
85 ,. 4
9 5 ,,8
1 0 1 . .6
1 1 8 ..8
1 2 9 . .6
1 3 0 ,.1
1 3 9 . .9
1 5 1 . .6
147 ,. 3
1 7 2 ,.9
2 1 4 ,.9
2 5 2 ,.3
2 4 5 ,. 1
2 3 9 ,. 3
2 9 0 ,.6
3 5 9 ,.6
4 4 2 ,.7
4 4 7 ,.8
4 5 6 ,.4
5 0 4 ,.0
4 0 9 ,.6
57 9 ,. 8
6 6 1 ,.8
6 5 4 ,. 1
6 5 6 ,. 4
7 6 4 ,.9

54.1
69.7
72.7
71.1
63.6
80.2
78.2
77.1
87 . 6
93.1
99.6
116.2
128.6
125.7
137.0
153.2
148.8
172.5
2 02 . 0
238.8
240.8
219.6
277 .7
344.1
416.8
454.8
437 . 0
515.5
447.3
5 02 . 3
664.8
643.1
665 .9
712.9

DOLLARS
AVERAGE
2 2 5 ..7
2 6 8 . .9
2 5 3 ..8
2 3 0 ,.3
2 4 6 .. 4
2 7 4 ..1
2 3 3 , .6
2 7 8 ,.4
2 8 0 ,.7
3 1 4 ,. 0
3 3 0 ,.8
3 7 1 ,.8
3 8 5 ,. 2
3 8 8 ,.4
3 9 0 , .2
4 0 0 , .5
3 7 9 ,.3
4 1 2 ,.8
4 8 6 ,. 0
5 3 4 ,.2
4 6 2 ,.2
4 1 0 ,. 1
4 6 1 ,.8
5 27 . 2
,
5 9 5 ,. 8
552 .9
513 .5
5 1 7 ,.9
4 0 8 ,.8
57 7,. 2
6 5 5 ,. 7
6 4 8 ,. 0
6 1 6 ,.5
724 .7

2 1 5 . .0
2 6 4 . .3
2 5 7 .,1
2 4 9 . .2
2 2 2 ..2
2 6 2 ..4
2 5 8 ,.3
27 0,.5
2 9 4 , .7
3 1 5 . .6
3 2 4 , .5
3 6 9 , .9
3 8 9 ,,1
3 7 8 . .8
3 9 2 ,.0
4 1 9 , .5
3 9 0 , .6
4 2 5 ,.9
4 7 3 ,.8
5 1 1 ,.4
4 6 5 ,.5
3 9 4 ,.4
4 5 2 ,.8
5 4 6 ,.9
5 8 3 ,.3
5 7 5 ,.7
4 6 7 ,.7
5 6 0 ,.7
4 4 8 , .6
5 2 4 ,.8
6 6 4 , .2
6 1 8 ,. 1
6 2 7 , .6
6 6 7 ,.9

NOTE: These series contain revisions beginning with

102

3 5 4 . .6
3 7 0 . .5
3 8 7 ..0
3 9 7 ..5
4 1 1 . .5
4 3 5 ..0
4 4 7 ,.9
46 9 ..7
4 8 9 ..3
5 1 3 ., 1
5 4 1 ,.8
57 1..7
5 9 3 ..4
6 2 1 , .6
6 5 4 , ,2
6 8 3 ,.9
7 0 4 , .6
7 3 1 ,. 0
77 3,. 2
7 9 3 ,.5
8 1 1 ,. 0
8 4 0 ,.5
8 7 9 ,. 4
9 1 2 ,. 2
9 4 9 ,.6
9 8 2 ,. 4
1 0 0 5 ,. 6
1 0 1 4 ,.3
1 0 3 8 ,.1
107 8,. 6
1 1 1 6 ,.8
1 1 7 2 ,.2
1 2 0 3 ,.6
1 2 5 3 ,.6

3 5 1 . ,4
3 6 3 . ,8
3 8 1 . ,8
3 9 3 . ,1
4 0 9 ..9
4 2 9 . ,8
4 4 3 . .9
4 6 1 . .7
4 8 4 . .0
5 0 6 .,7
5 3 6 . ,1
5 6 1 . ,7
5 87 ., 1
6 1 7 . ,5
6 4 6 . ,5
6 7 4 . .7
7 0 0 . .8
7 2 2 ..0
7 5 8 ,.1
7 9 0 ,.0
8 0 4 , .9
8 3 2 ,.4
8 6 5 ,.4
9 0 3 , .5
9 4 5 ,.9
97 1,. 0
9 9 3 , .6
1 0 1 1 ,.4
1 0 2 7 ,.2
1 0 6 8 ,.3
1 1 0 3 , .5
1 1 5 6 ,.8
1 1 9 2 ,. 0
1 2 4 6 ,. 8

PRIVATE DOMESTIC INVESTMENT IN 1 9 8 2
(ANNUAL RATE, B I L L I O N S OF DOLLARS)

Annual

DOLLARS,

CONSUMPTION EXPENDITURES IN 1 9 8 2 DOLLARS,
S
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
3 3 8 , .2
3 5 9 ,. 3
3 7 3 ,.8
3 8 8 ,.8
3 9 8 ,. 0
4 1 7 , .5
4 3 9 , .6
4 5 3 ,.0
4 7 3 . .6
4 9 2 ,.6
5 2 2 ,. 0
5 4 6 .. 3
5 7 6 . .9
6 0 1 ,.0
6 2 8 , .2
6 6 0 , .7
6 8 9 ,,7
7 1 0 ,. 8
7 4 2 ,.7
7 7 6 ,. 3
7 9 4 ,.4
8 1 6 ,.7
8 5 1 ,.7
8 8 8 ,.2
9 2 4 , .6
9 6 2 ,.4
9 8 6 ,.9
1 0 0 0 ,.9
1019 .2
1044 .6
1085 . 0
1136 .2
1 1 8 1 ,. 4
1222 . 0

GROSS

87 3
93 2
100 5
107 5
114 7
123 6
133 5
141 2
150 2
1 5 8 ,.6
1 7 1 ,. 2
1 8 3 ,. 4
1 9 8 ,.5
2 1 3 ,. 8
2 3 3 ,. 8
2 5 6 ,.3
2 8 0 ,.2
3 0 7 ,. 0
3 3 6 ,.7
3 6 9 ,. 1
4 0 6 ,.7
4 5 5 ,. 3
5 05 . 8
,
5 7 1 ,.7
6 49 . 0
7 2 2 ,. 4
8 1 2 ,.2
9 2 3 ,.2
1012 .2
1 1 1 7 ,. 6
1215 .1
1 326 . 6
,
1 4 4 1 ,. 9
1 5 7 6 ,.4

CURRENT

1985.

2 1 2 , .6
2 5 9 . .8
2 5 7 .,8
2 4 3 ..4
2 2 1 .,4
27 0 .. 3
26 0,.5
2 5 9 ,. 1
2 8 8 , .6
3 0 7 ,. 1
3 2 5 ,.9
3 6 7 ,. 0
3 9 0 , .5
3 7 4 ,.4
3 9 1 ..8
4 1 0 ,.3
3 8 1 ,.5
4 1 9 ,.3
4 6 5 ,. 4
5 2 0 ,.8
4 8 1 ,.3
3 8 3 ,.3
4 5 3 ,.5
5 2 1 ,.3
5 7 6 ,.9
57 5,. 2
5 0 9 ,. 3
545 .5
4 4 7 ,. 3
5 0 4 ,.0
65 8,. 4
6 3 7 ,. 0
6 4 3 ,.5
674 .8

DOLLARS
1954.
1955 .
1956 .
1957 .
1958,
1959.
1960,
196 1,
1962 ,
1963,
1964,
1965,
1966,
196 7,
1968,
1969,
197 0,
1971,
1972,
1973,
1974,
1975,
1976,
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

(ANNUAL
53.5
60.4
66.5
69.6
64.9
72.1
77.7
72.4
79.3
83.0
92.7
101.9
114.4
110.5
126.3
140.5
144.0
154.3
183.5
2 13.2

222 .0

217.4
247 . 8
296 . 4
353 .5
425 . 0
460.6
478.9
483.6
47 1 . 0
56 8 . 9
621.5
642 .6
6 47 . 8

RATE,

BILLIONS

54.6
63.5
67.8
69.2
63.2
74.8
75.7
73.6
81.9
86 . 5
93.4
104.9
115.2
114.3
126.3
142.7
144.0
163.2
187 . 2
218.5
225 . 3
219.7
256 .2
319.7
385 . 8
435.0
424.6
492 .5
472 .9
492 .5
597 .5
632 .8
648.3
665 .8

OF

DOLLARS)

56.8
65.7
68.9
70.4
64.1
75.9
73.7
75.2
82 . 7
88.4
94.9
107.5
115.2
116.2

128.8

146 . 3
146.3
168.2
191.3

222 .1
229 .6
227 .7

262.2

331.0
400.2
451.8
435 . 0
500.2
46 1 . 2
525 .2
605 .4
626 . 0
652 .3
688.3

58.1

66.6

69.0
69.4
68.1
74.9
73.4
77.7
82 . 1
91.4
96.0
110.7
112.8
120.7
135.0
144.2
148.5
173.2
204.1
223 . 1
224.7
235 .9
280.5
344.1
413.3
455 .6
46 1 . 0
494.3
469.5
548.8
616.8
646 . 8
658.4
692 .9

55.7
64.0

68.0
69.7
65.1
74.4
75.1
74.7
81.5
87.3
94.2

106.2
114.4
115.4
129.1
143.4
145.7
164.7
191.5
219.2
225 . 4
225 .2
261.7
322 .8
388.2
441.9
445.3
491.5
47 1 . 8
509 . 4
597 . 1
631.8
650.4
673 .7

(OCTOBER

1988)

C. Historical Data for Selected Series—Continued
Year

IV Q

II Q

GROSS PRIVATE DOMESTIC FIXED INVESTMENT IN 1 9 8 2
DOLLARS
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
1954
1955
1956
1957
1958
1959
1960
196 1
1962
1963
1964
1965
1966
1967
1968
1969
1970
197 1
1972
197 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
19 85
1986
1987

2 1 0 . ,4
2 3 3 . ,4
2 4 4 . ,9
2 4 2 ., 1
2 2 6 .,1
2 4 7 ., 1
2 6 2 . ,0
2 4 5 . ,5
2 6 5 . ,7
27 5 ., 0
3 0 7 . ,8
3 2 9 . .8
3 6 1 . ,2
3 3 2 .. 1
3 6 8 . ,6
3 8 5 ..4
3 7 4 .. 1
3 8 3 . .8
4 3 1 , .5
4 8 1 . .7
4 6 5 , .8
3 9 2 ..4
4 2 0 ,.3
4 6 7 ,.8
5 1 2 ,.4
5 5 8 ,. 3
5 5 2 ,.6
5 2 4 ,.9
4 8 8 ,.2
469 .4
57 1 . 8
618 .6
632 .4
616 .6

2 1 4 . .1
2 4 3 .,0
2 4 6 .,0
2 3 9 . ,3
2 19 ., 0
2 5 5 .,5
2 5 4 . ,1
2 4 7 . ,4
2 7 4 . ,4
2 8 8 . ,2
3 0 8 . ,3
3 4 0 . ,4
3 5 7 ., 1
3 4 3 . ,6
3 6 5 . ,8
3 8 6 . ,2
3 6 6 . ,5
3 9 7 .,8
4 3 6 . ,7
4 8 2 .. 1
4 5 9 . ,0
3 8 8 . ,4
4 2 5 ..9
4 9 3 ..1
5 4 3 , .5
5 5 7 ,. 3
4 9 6 ,. 9
5 2 9 ,.4
4 7 3 ,.0
4 9 6 ,.2
5 9 5 ,.1
6 3 0 ,.6
6 2 8 ,.5
6 3 2 ,.3

2 2 0 , .8
2 4 7 .,9
2 4 5 . .8
2 4 1 ..9
2 2 0 . .7
2 5 7 ..9
2 4 7 ..5
2 5 3 .,3
2 7 6 . ,3
2 95 ..3
3 1 0 . .7
3 4 4 , .5
3 5 5 ,.2
3 4 7 . .7
3 6 8 . .8
3 9 0 ..3
3 7 4 , .5
4 0 5 ,. 4
4 4 1 ,.4
4 8 1 ..3
4 4 6 .,7
3 9 7 ,. 8
4 2 9 ,.1
5 02 ,
.2
55 0 ,. 2
5 6 4 ,.9
4 9 7 ,. 2
5 2 5 ,.0
4 5 8 ,. 1
5 2 5 ,. 8
6 03 , 3
.
6 2 2 ,. 1
6 2 4 .6
654 .9

2 2 4 ,.1
2 4 9 . ,5
2 4 2 ,.7
2 3 8 .. 1
2 3 3 . .5
2 5 4 ..8
2 4 7 ,. 5
26 1., 0
27 3 ..2
3 0 3 . .3
3 1 3 . .9
3 5 2 , .5
3 4 1 , .2
3 5 9 ,. 1
3 7 9 . .7
3 7 8 . ,6
37 8 ,.2
4 1 1 , .7
4 6 5 ,. 0
4 7 7 , .9
4 2 0 . .6
4 0 5 ,.7
4 5 0 ,.3
5 05 ,
.5
5 5 4 , .6
5 6 0 ,.5
5 1 8 ,. 1
5 0 7 ,. 4
4 6 8 ,. 1
5 5 0 ,.3
6 1 4 ,. 0
6 4 0 ,. 4
6 2 7 ,. 0
657 .6

Annual

Year
245.

CHANGE

AVERAGE
217 . 3
243 .5
244.9
240.4
224.8
253 .8
25 2 . 7
251.8
27 2 . 4
290.5
310.2
341.8
353 .7
345 .6
37 0 . 7
385 . 1
373 .3
399 .7
443 .7
480.8
448.0
396 . 1
431.4
492 .2
540.2
56 0 . 2
516.2
521.7
47 1 . 8
510.4
596 . 1
627 .9

1954

- 2 ,.6
4 ,. 4
6 ,
.2
2 ,3
.
- 5 ,. 4
4 ,. 7
11 , 0
.
- 2 ,. 9
8 , .6
5 .9
,
5 .5
,
1 2 ,. 5
1 3 ,. 8
1 5 ,. 0
7 .6
,
1 0 ,. 8
2 ,2
.
12 , 3
.
4 ,. 8
1 4 ,. 8
1 6 ,. 1
- 1 2 ,.5
1 6 ,• 8
15,
26 ,. 3
2 1 ,.9
.4
2 8 ,. 0
- 2 4 ,.1
- 4 2 , .6
9 4 ,. 1
1 7 ,. 8
4 4 ,. 0
3 7 ,. 7

1968
1969

1975

.1

1978

0,

628.1
640.4

IV Q

II Q

IQ

IN BUSINESS INVENTORIES IN CURRENT
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
- 2 ,. 6
6 ,1
.
4 ,. 4
2 ,5
.
- 5 ,. 0
9 .5
,
2 .5
,
1,. 1
6 .1
,
5 .6
,
5 .4
,
9 .1
1 3 ,. 9
6 ,. 2
1 1 ,. 1
9 ,. 0
4 ,. 2
1 0 ,. 3
11 . 9
1 9 ,. 3
1 6 ,. 0
- 1 5 ,.2
1 9 ,. 6
2 1 ,.7
34 .4
28
0 .5
2 2 ,. 7
- 5 .0
- 1 1 ,.2
6 6 ,. 7
19 . 5
19 . 5
32 .7

.1

- 2 ,. 1
5 .6
,
3 ,. 9
3 .2
,
.0
2 .5
,
3 ,. 7
6 ,. 0
6 .6
,
7 . 3
,
5 .2
,
1 0 ,. 0
12 , 4
.
1 0 ,. 4
8 ,. 0
1 1 ,. 9
7 .2
,
8 ,. 8
1 4 .. 4
1 5 ,. 0
9 ,. 3
.8
17 ,. 4
3 2 ,.7
2 4 ,.5
9 .7
,
- 2 9 ,.6
3 5 ,. 7
- 9 ,.0
- 5 ,.5
6 5 ,. 0
.7
.7
1 4 ,. 5

0,

1,

0,
0,

0,

.8
6 ,
.7
3 ,
.9
- 2 ,. 3
4 ,. 0
6 ,3
.
- 4 , .9
5 .4
3 . .3
4 ,.4
.6
5 ,
8 ,. 0
1 6 , ,7
.
9 ,4
4 , .9
7 ,
.5
- 1 , .2
- 0 ,.3
1 0 ,. 8
2 9 , .2
2 0 ,.4
3 ,4
.
1 0 , .2
1 5 , .6
2 9 ,.4
- 7 ,.8
- 4 , .6
9 .. 7
- 5 9 , .9
3 1 ,. 0
4 5 ,. 0
7 .2
,
- 2 ,. 0
7 2 ,. 0

1988
247.

CHANGE

IN

BUSINESS

- 0 , .7

1954
1955
1956
1957
195 8
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
1986
1987
1988

1 ,. 1
1,.5
0,.5
- 1 ,.2
1,. 0
2 ,1
.
- 0 , .6
1,.5
1,. 0
0..9
1..8
1..8
1..9
0,.9
1.. 1
0,.2
1,. 1
0,. 4
1,. 1
1,. 1
- 0 ,.8
1,. 0
0,. 8
1,. 2
0,. 9
0,. 0
0,. 9
- 0 ,. 8
- 1 ,. 3
2 .6
,
0,. 5
1 .1
0,. 9

INVENTORIES
(PERCENT)
-0.7
1.5

1.0
0.6

-1.1
1.9
0.5

0.2

1.1

0.9

0.8
1.3

1.8

0.8
1.3
0.9
0.4
0.9

1.0
1.4

1.1

-1.0

1.1

1.1
1.5
1.1

0.0
0.8
-0.2
-0.3

1.8

0.5
0.5
0.7

AS A PERCENT

OF GNP

0..2
1..6
0..9
- 0 . .5
0..8
1..3
- 1 ..0
1,. 0
0..6
0..7
0..8
1.. 1
2 .. 1
1.. 1
0,.5
0..8

- 0 , .6
1..4
0..9
0..7
0.. 0
0..5
0,.7
1,. 1
1..1
1..2
0..8
1., 4
1,.6
1,. 3
0,.9
1..2
0..7

- 0 . .1
0,. 0
0,.9
2 ,1
.
1,. 3
0,.2
0,.6
0,. 8
1,. 2
- 0 ,.3
- 0 ,. 2
0,. 3
- 1 ,.9
0,. 9
1,. 2
0,. 2
0,. 0
1,. 5

0 ,. 8
1,. 2
1,. 1
0,.6
0,. 1
1,. 0
1,.6
1,. 1
0,. 4
- 1 ,. 1
1,. 2
- 0 ,.3
- 0 ,.2
1,. 7
0,. 0
0,. 0
0,. 3

248.

- 0 . .4
1.. 4
1..1
0..3
- 0 ..4
1..2
0,.6
0,. 4
1..1
1.. 0
0..8
1.. 4
1,. 8
1,. 3
0,.9
1.. 0

0 .. 3
0,. 7
0,. 9
1,. 4
1,. 0
- 0 ,. 4
0,. 9
1,. 1
1,. 2
0,.5
- 0 ,. 3
0,. 8
- 0 ,. 8
- 0 ,. 2
1,. 8
0,. 3
0,. 4
0,. 8

GROSS

PRIVATE RESIDENTIAL FIXED INVESTMENT
PERCENT OF GNP
(PERCENT)

1954
1955
1956
1957
1958
1959
1960
1961
1962

5 ,. 2
6 ,. 3
5 . .6
5 .,1
4 . .8
5 .
,7
5 .,5
4 . ,9
5 .0

5.5
6 .4
5.6
4.9
4.8
5.8

1963
1964
1965
1966
1967
1968
1969
1970
197 1
1972
1973. . .
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

5 .,1
5 ..3
4 . .9
4 . .4
3 .. 4
4 , .2
4 ,. 4
4 ,. 0
4 , .5
5 .6
,
5 .8
,
4 ,. 7
3 ,. 7
4 ,. 4
5 .1
,
5 , .6
5 ,. 6
5 ,0
.
4 ,. 4
3 ,, 3
4 ,.0
4 . .8
4 . .7
4 . .9
5 ..1

5 .4
5 .1
4.8
4.2
3.8
4.2
4.4
3.8
4.9
5 .6
5.5
4.5
3.8
4.5
5.6
5 .8
5.6
4.1
4.2
3.3
4.4
4.9
4.7
5.1
5.1

5.8

1969

1974

1982
1984

250.

5 .6

6.1

6 .2

5.5
4.8
4.9
5.7
4.9
5.0
5.0
5.3
4.9
4.6
3.9
3.9
4.2
4.3
3.9
5.2
5.6
5.3
4.4
4.0
4.4
5.6
5.8
5.6
4.2
3.9
3.2
4.9
4.8
4.7
5.2
5.0

NOTE: These series contain revisions beginning with




AS A

5.5
4.9
5.0
5.0
5 .4
4.9
4.5
3.5
4.1
4.3
4.0
4.3
5 .4
5.8
5.0
3.9
4.1
5.0
5.6
5.8
5 .4
4.6
3.5
3.6
4.7
4.7
4.8
5.2
4.9

1985.

5.5
4.9
5.0
5.7
5.1
4.9
5.0

5.3
5.0
4.7
4.0
3.8
4.2
4.3
4.0
5.0
5.6
5 .4
4.4
3.9
4.6
5.5
5.8
5 .6
4.5
4.0
3.4
4.5
4.8
4.7
5.1
5.0

PRIVATE NONRESIDENTIAL
A PERCENT OF GNP

FIXED INVESTMENT
(PERCENT)

- 1 , .6
5 .7
,
4 , .6
1,. 4
- 1 , .5
5 ,. 8
3 ,. 1
2 ,4
.
6 . 1
.
5 ,8
5 .4
,
9 ,. 9
1 4 , .2
1 0 ,. 3
7 .9
,
9 .8
,
3 ,. 1
7 .8
,
1 0 , .5
1 9 ,. 6
1 5 ,. 4
- 5 ,.6
1 6 ,. 0
2 1,. 3
2 8 ,.6
1 3 ,. 0
- 8 ,.3
2 4 ,. 0
- 2 4 ,.5
-7 ,
6 7 ,.7
1 1 ,. 3
1 5 ,. 5
39 . 2

.1

AS

9 ,. 4
9 ,. 0
1 0 , .2
1 0 , .5
9 ,8
.
9 ,. 1
9 , .6
.
9 ,1
9 ,. 0
8 . .9
.2
9 ,

1988
249.

GROSS

Annual

DOLLARS

1954.
1955 .
1956 .
1957 .
1958.
1959 .
196 0 .
1961.
1962 .
1963.
1964.
1965.
1966 .
1967 .
1968.
1969.
197 0 .
1971.
1972 .
1973 .
1974.
1975 .
1976.
1977 .
197 8 .
1979.
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.

9 ,. 3
9 .. 4
1 0 ,. 3
1 0 , .5
9 ,. 4
9 , .2
9 ,
.6
.
9 , 1
9 , ,2
9 .. 0
9 .4

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

9 ,. 2
1 0 , .2
1 0 , .5
1 0 , .5
9 ,. 0
9 ,. 4
.
9 ,4
.
9 ,0
9 .. 1
9 ,3
.
9 , .7

9 ,. 3
.6
9 ,
1 0 ,. 4
1 0 , .5
.
9 ,3
9 ,. 3
9 , .5
.
9 ,0
9 .. 1
9 .1
9 .4

1 0 ,. 0
1 0 ,. 8
1 0 ,. 4
1 0 ,. 4
1 0 , .5
1 0 . .5
9 .9
,
1 0 ,. 1
1 0 ,. 5
1 0 ,. 8
1 0 , .5
9 , .9
1 0 , .5
1 1 ,. 1
1 1 ,. 9
1 2 ,. 2
1 1 , .7
1 2 ,. 3
1 0 .. 4
1 0 , .7
1 1 ,. 1
1 0 , .5
9 , .6

1 0 ..3
1 0 . .9
1 0 .. 4
1 0 .. 1
1 0 . .6
1 0 . .5
1 0 ,. 0
1 0 ,, 1
1 0 ,. 8
1 0 ,. 9
1 0 , .2
1 0 .. 0
1 0 . .6
1 1 . .5
12 ,. 0
1 1 ,. 8
12 ,, 1
1 1 . .7
1 0 . .2
1 1 .. 0
1 1 . .2
1 0 ..3
9 ,. 8

1 0 , .5
1 0 , .9
1 0 ,. 2
1 0 ,. 1
1 0 , .7
1 0 ,. 4
9 ,. 9
1 0 ,. 0
1 0 ,. 9
1 1 ,. 0
1 0 ,. 0
1 0 , .2
1 0 , .7
1 1 , .7
12 ,.2
1 1 , .7
1 2 ,. 3
1 1 ,. 3
1 0 ,. 4
1 1 ,. 1
1 0 ,. 8
1 0 ,. 1
1 0 ,. 1

1 0 , .7
1 0 ,. 7
1 0 ,. 3
1 0 ,. 4
1 0 , .7
1 0 ,. 1
1 0 ,. 0
1 0 ,. 3
1 0 ,. 8
1 0 ,. 9
1 0 ,. 0
1 0 ,. 3
1 1 ,. 1
1 1 , .7
1 2 ,, 2
1 1 , .6
12 ,. 3
1 1 ,. 0
1 0 ,. 8
1 1 ..3
1 1 .. 0
1 0 ,. 1
1 0 ,. 0

1 0 .. 4
1 0 ,. 8
1 0 ,.3
1 0 , ,2
1 0 . .6
1 0 .. 4
1 0 ,. 0
1 0 ,. 1
1 0 ,. 8
1 0 ,. 9
1 0 . .2
1 0 .. 1
1 0 . .7
1 1 , .5
12 ,. 1
1 1 , .8
1 2 ,. 1
1 1 . .6
1 0 .. 4
1 1 .. 0
1 1 ,. 0
1 0 , ,2
9 , .9

NET EXPORTS OF GOODS AND SERVICES IN CURRENT
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
1.7
3.6
3.4

8.1
3.9

1.2

4.3
8.3
6.3
6.9
11.5
9.0
8.7

8.0

5.2
5.2

8.1
9.4

2 .1
9.5
25.0
29.3
23.6
4.0

-6.6
22.7
20.7
38.9
34.7
22.7
-45.7
-53.1
-93.0
-119.1

2.3
2.3
4.9
7.7
3.3
0.4
5 .1
7.0
7.6
8.5

10.2
10.8
7.6
7.8

6.1
5 .1
9.8
5.7

2.2

13.9
14.6
32.7

20.0
4.2
1.3
15.2
30.1
29.0
42.1

-2.1
-62.8
-74.3

-101.2

-122.2

2.7
3.3
5.7
7.4
3.6

2.1

6.5

6 .6
7.3

8.0
10.9
9.5
6.4
7.4
5.6
5.3
8.4

6.1

3.8
21.1
10.7
29.4
17.0
5.3

6.8

2 1.8
46 . 8
30.9
14.5
-19.3
-59.3

-81.2

-109.1
-125.2

DOLLARS

3.6
2.9
7.3

6.1
2.5

2.2

7.7
6.9

6.6

9 .5

6.8

7.5
4.0
4.5
22.5
14.9
32.9
14.7
-5.9
15.0
15.4
30.8
36.9
14.1
-25.8
-67.9
-103.2
-114.3
-125.7

2.6

3.0
5.3
7.3
3.3
1.5
5 .9
7.2
6.9

8.2

10.9
9.7
7.5
7.4
5 .5
5.6
8.5
6.3
3.2

16.8
16.3
31.1

18.8
1.9
4.1

18.8
32.1
33.9
26.3

-6.1
-58.9
-78.0
-104.4
-123.0

(OCTOBER

1988)

103

C. Historical Data for Selected Series—Continued
Year
251.

IV Q

NET EXPORTS

1954.
1955 .
1956 .
1957 .
1958.
1959 .
1960.
1961.
1962 .
1963 .
1964.
1965 .
1966 .
1967 .
1968.
1969.
1970.
197 1 .
1972.
1973.
1974.
1975 .
1976 .
1977 .
1978.
1979.
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.
253.

0.5
0.9

0.8

1.8

0.9

0.2
0.8

1.6

1.1

1.2
1.8
1.3
1.2

1.0

1.3

0.1
1.0
1.3
1.3
1.4

1.6
1.6

1.0

0.9

0.5

0.7

1.0

0.2

1.8

1.9
1.4

0.2

1.0

0.2

1.0

2 .1
1.1

0.2

-0.3
0.9

0.1

1.3

1.0

0.8

1.1

0.6

1.1

1.6
0.8
0.4
1.3

1.2

0.9

0.8
0.5
0.3
1.5
0.7

-0.1

-2.7

-1.7
-1.9
- 2 .4
-2.7

-0.6
-1.6
-2.0
-2.6

-1.2
-1.4
-2.2

-2.7

IMPORTS OF GOODS AND SERVICES IN CURRENT
(ANNUAL RATE, B I L L I O N S OF DOLLARS)

1960.
1961.
1962.
1963.
1964.
1965 .
1966 .
1967.
1968.
1969.
197 0 .
197 1 .
1972 .
1973.
1974.
1975 .
1976 .
1977 .
1978.
1979.
1980.
1981.
1982 .
1983 .
1984.
1985 .
1986 .
1987 .
1988.
256.

15.6
17.0
19.9

21.0
20.5
22.5
24.4

22.8
25.5
26.4
28.4
30.1
36.9
41.6
46.9
47.2
58.6
62.4
75.6
90.6

116.8
132.8
147.0
182 . 3
210.4
242.6
325 . 8
341.9
338.4
320.9
420.0
429.9
469.9
5 14.4

17.0

16.1

19.9

20.2

18.0

18.3

2 1.2
21.1

20.7

23.7
24.6
23.1

26.1

24.1
24.0
24.5
26.3

27.2
29.2
33.4
38.2
41.2
48.1
56.6

29.9
33.8
40.2
41.7
51.1
57.0

20.8

28.1

60.1

61.0

67.0
75.4
95.5
136 . 9
122.7
155.1
189.8
220.7
262 .9
318.3
354.4
336.8
346 . 2
446.1
446.9
475 .1
539 . 0

69.3
78.1
97.6
142.2
129.7
163.4
190.6
226 . 4
279.2
303.3
351.4
345 . 4
376 . 9
450.1
446 .2
486 .9
565 .6

EXPORTS OF GOODS AND SERVICES IN 1 9 8 2
(ANNUAL RATE, B I L L I O N S OF DOLLARS)
64.6
76 . 2
82 . 2
98.4
82 . 3
79.8
95 . 0
102 . 1
102 . 3
107 . 3
128.0
120. 1
138.4
144.0
149 . 3
144.9
175 . 8
178.7
189.5
227 .7
266.8
26 0 . 0
268.5
277 .8
290.8
340.4
398.9
394.5
374. 1
342.5
362 .7
37 1 . 2
374.5
394.9

7 1.8
74.4
86 . 7
97 . 7
82 . 5
81 . 1
98. 0
96 . 9
108.9
114.7
126 . 0
135 . 8
136 . 9
142.3
153 . 1
17 1 . 3
181 . 2
180.2
186 . 9
239 .2
276 .6
252 .5
272 .0
284.8
307 .6
343 .6
393 . 1
395 .3
378.5
341 .7
369 . 1
367 .6
372 . 1
416.4

70. 1
78.4
90. 1
94.6
82 . 6
87 . 6
99 . 9
100.8
108.8
115 . 8
129 . 6
132 .7
137 . 8
142.7
161 . 8
170.3
17 8 . 4
187 . 5
196 . 6
247 . 8
266 .7
256 . 9
277 . 9
287 . 0
318.5
363 .5
383 .6
391 . 1
359 .5
352.8
378.7
362 .6
379. 1
440.9

1.4
1.7
1.4

1.0
0.6
0.6
0.8
0.9

0.6
0.3
1.2

1.1

1.0

2.0

2.0
1.0
0.1
0.2

0.8

-0.3

0.6

0.8

0.6

1.1

1.0

0.7

1.2

1.6

1.8

1.2

1.1

1.2

0.8

0.4
-0.7

-0.2
-1.6
-1.9
-2.5
-2.7

-1.8
-2.5
-2.7
-2.7
DOLLARS

255.

16.3
19.0
19.5




- 0 . ,9
4 . ,4
- 1 . ,5
1 1 ., 0
- 7 . .8
- 1 8 . .9
- 9 .,4
3 ,, 8
- 9 ,, 4
- 6 . .6
9 . ,7
- 3 .,0
- 7 . .9
- 1 5 . ,5
- 2 8 , .7
- 3 1 , .6
- 3 1 ,.4
- 2 5 ,.3
- 5 2 , .2
- 4 4 ,.1
1 1 ,. 0
1 7 ,. 4
- 0 , .2
- 3 9 ,.9
- 3 9 ,.0
- 4 ,.8
4 3 , .5
5 9 ,.7
4 0 ,.4
1 6 ,. 1
- 6 8 ,.6
- 8 1 ,.4
- 1 1 5 ,.7
- 1 3 2 ,.8

18.1

20.6

19.9
20.9

21.9
23.7
22.9
25.1

23.5
24.0
23.9

21.1

26.8

26.2

28.2

27.5
29.6
33.2
39.1
42.1
49.3
54.7
60.5
66.1
78.2
97.3
135 . 2
130.3
158.9
189.7
223 .4
272.5
318.9
348.9
335 . 6
358.7
442.4
448.9
482 . 8
551.1

30.9
35.7
41.0
43.9
51.1
58.1

62.2
65.7
83.7
105 . 7
145.1
136 . 0
170.1
196.2
236 . 0
305 . 2
328.1
347 . 9
321.9
390.5
453.6
472.4
499 .4
5 85 . 4

1986

358.

DOLLARS
AVERAGE
7 3.5
78.6
92 . 6
88 . 9
82 . 4
86 . 2
100.5
102 .9
107 . 5
120.9
131.5
139.3
140.5
145 . 2
158.5
173 . 3
177 . 8
170.4
2 07 . 8
254. 1
266 .7
269. 3
279. 1
276 . 9
333 . 1
378.8
380 .6
389 . 8
336 . 0
355 . 5
376 . 6
367 . 4
387 . 8
459 .2

70.0
76 . 9
87 . 9
94.9
82 . 4
83 . 7
98 . 4
100.7
106 . 9
1 14.7
128.8
132 . 0
138.4
143.6
155 .7
165 . 0
17 8 . 3
179.2
195 . 2
242 .3
269 .1
259 .7
274.4
281 .6
3 12 . 6
356 . 8
388.9
392 .7
361 .9
348 . 1
37 1 . 8
367 . 2
378.4
427 .8

19. 3
20. 3
24. 8
28. 9
24. 4
2 4 . ,2
2 9 . ,7
30. 0
33. 6
35. 7
39. 5
44. 2
4 5 . ,8
48. 9
5 4 . ,2
61. 8
6 9 . ,9
7 2 . ,6
7 7 . ,6
1 0 9 . ,4
1 5 1 . ,5
155 .,4
1 7 5 . ,1
1 9 4 . ,0
2 2 2 ., 1
27 8 .,1
3 4 8 . ,4
3 8 3 .,4
3 7 8 . ,9
3 4 4 . ,1
3 8 3 . ,2
3 7 2 .,6
3 7 3 . ,9
4 1 6 . ,8

18. 8
21. 6
25 . 9
28. 2
24. 4
26. 2
30. 6
31. 2
33. 6
36. 0
40. 9
43. 3
46. 6
49. 1
56 . 8
6 2 . ,4
6 9 . ,4
7 5 . ,3
8 1 . ,9
1 1 8 . ,7
1 5 2 . ,9
1 5 9 .,0
1 8 0 . ,5
1 9 5 . ,9
2 3 3 . ,2
3 0 1 .,0
3 5 0 . .1
3 8 2 .,3
3 5 9 . ,9
3 5 7 .,7
3 9 0 . ,8
3 6 5 . ,1
3 7 7 . ,8
4 4 0 . ,4

INDEX

1 . ,5
- 2 . ,5
2 . ,9
9 . ,3
- 1 0 . ,6
- 2 2 . ,1
- 6 . .9
- 3 . ,0
- 5 ..2
- 1 . ,4
4 , ,8
- 0 . ,4
- 1 1 . ,6
- 1 6 . ,1
- 2 7 . ,5
- 3 6 . ,9
- 2 7 .,7
- 4 1 . .7
- 4 9 . .2
- 3 6 . .6
1.. 4
2 8 . .2
- 8 . .7
- 3 2 .,8
- 3 0 . .7
- 1 2 . .4
5 8 . .6
5 0 . .2
4 1 . .7
- 1 4 . .6
- 8 7 ,,3
- 1 0 2 ,.4
- 1 4 0 ,.2
- 1 2 6 ,. 0

3 . ,3
0., 0
5 ..1
7 .,5
- 9 . .0
- 1 6 . ,2
- 2 . .4
- 5 ., 4
- 6 . .5
- 2 . .6

5 . ,6
- 4 . .3
- 1 8 . ,2
- 1 3 . .5
- 2 9 . ,2
- 3 6 . .6
- 2 7 ..7
- 4 2 . .7
- 4 7 ..7
- 2 3 ,.4
- 5 , .5
1 4 ,. 4
- 1 3 ..4
- 2 8 ., 1
- 2 2 ,. 4
12 ..5
7 4 ..1
4 2 ,.1
1 1 , .7
- 3 5 ,.0
- 8 5 ,.5
- 1 0 7 ,. 9
- 1 5 1 ,.8
- 1 3 0 ,.7

OF OUTPUT PER HOUR, ALL PERSONS, ,
BUSINESS SECTOR 1
( 1977 - 1 0 0 )
62 .3
64 .5
64 .8
6 6 ,. 1
66 . 6
70 .1
71 .2
7 1. 8
75 . 2
77 . 2
80 . 7
82 . 3
85 . 2
85 . 7
88 . 7
89 . 5
87 . 9
91 . 7
93 . 3
97 . 7
95 .5
94 . 0
97 . 9
99 . 3
100 .2
100 . 4
98 .9
100 . 3
98 . 8
100 .9
104 . 1
105 . 4
108 .6
107 . 8

6 2 ,.5
6 4 ,.9
6 5 ,. 2
6 6 ,. 2
6 7 ,.7
7 0 ,. 9
7 0 ,. 9
7 3 ,. 0
7 4 ,. 9
7 8 ,. 1
8 1 ,. 2
83 . 0
8 5 ,. 0
8 6 ,. 9
89 . 6
89 . 1
88 . 8
91 . 7
94 . 4
96 . 3
94 .5
96 . 0
98 . 6
99 . 8
101 . 2
99 . 5
98 . 2
99 .9
99 . 2
102 .7
104 .7
106 . 0
108 . 4
108 . 6

6 3 ,. 4
6 5 ,. 1
6 5 ,. 3
6 6 ,.6
6 8 ,. 3
6 9 ,.7
7 0 ,. 8
7 3 ,. 6
75 . 8
7 8 ,. 9
8 2 ,. 0
8 3 ,. 7
85 . 3
8 7 ,. 8
89 . 8
88 . 9
90 . 4
92 . 4
94 .9
96 . 0
93 .7
97 . 3
98 . 8
101 . 1
101 . 0
98 . 8
98 . 8
100 .1
99 . 1
102 . 9
104 .6
106 . 4
108 . 0
109 . 6

Annual

DOLLARS

19. 8
21. 9
26 . 8
26. 7
24. 4
2 5 . ,9
30. 6
32. 0
33. 4
37. 6
41. 8
45. 2
4 8 . ,4
5 0 . ,4
56. 1
6 4 . ,9
6 9 . ,6
6 9 . ,7
8 8 . .2
1 2 8 . ,3
1 5 9 . ,9
1 6 8 . ,9
1 8 4 . ,8
1 9 0 . ,3
2 5 0 . ,9
3 2 0 . ,6
3 5 8 . .9
3 8 4 . .8
3 3 5 . .9
3 6 4 . .7
3 8 5 ..7
3 6 9 . .2
3 8 5 , .2
4 5 9 . .7

NET EXPORTS OF GOODS AND SERVICES IN 1 9 8 2 DOLLARS
(ANNUAL RATE, B I L L I O N S OF DOLLARS)

16.3

NOTE: Unless otherwise n o t e d , these series contain revisions beginning with
1
T h i s series contains revisions beginning with 1984.

104

1959

1.4

0.5
0.7
0.7
0.4
0.4

0.5

0.5

1.2

0.8

0.6

17. 3
2 0 . ,6
2 3 . ,3
2 9 . ,1
2 4 . ,4
2 3 . ,7
2 8 . ,7
3 1 . ,1
3 1 . ,7
3 3 . ,3
3 9 . ,9
3 9 . ,1
4 5 . ,6
4 9 . ,7
5 2 . ,1
5 2 . ,4
6 6 . ,7
7 1.,8
7 7 . ,8
1 0 0 ., 1
1 4 1 . ,7
1 6 2 .,0
1 7 0 . ,6
1 8 6 . ,3
2 0 3 . ,8
2 6 5 . ,2
3 4 6 . ,5
3 8 0 . .7
3 7 3 .,0
3 4 3 . ,6
3 7 4 . ,3
3 7 6 ..8
3 7 6 . ,9
3 9 5 .,3

1.2
1.6

1.5
1.7
1.3
0.9

0.8

1.3

0.7

0.7
0.3

IV Q

IQ
EXPORTS OF GOODS AND SERVICES IN CURRENT
(ANNUAL RATE, B I L L I O N S OF DOLLARS)

0.8

1.1

1.3
1.3
1.7
1.3

Year
252.

0.9
0.7
1.7
1.4
0.5
0.4
1.5
1.3

0.8

0.9
0.3
0.3
0.9
1.7

Annual

OF

0.7

1.2
1.7
0.7

0.6

0.6
0.8

AS A PERCENT

0.6

1.0
0.7
0.5

0.6

1954.
1955 .
1956.
1957 .
1958.
1959 .

195 4
1955
1956
1957
195 8
1959
196 0
196 1
196 2
196 3
196 4
1965
1966
196 7
196 8
196 9
197 0
197 1
1972
197 3
197 4
1975
1976
1977
197 8
197 9
198 0
1981
1982
1983
198 4
1985
1986
1987
1988

OF GOODS AND SERVICES
GNP
(PERCENT)

18. 8
21. 1
25 . 2
28. 2
24. 4
25. 0
29. 9
31. 1
33. 1
35. 7
40. 5
42. 9
46. 6
49. 5
54. 8
60. 4
68. 9
7 2 . ,4
8 1 . ,4
1 1 4 . ,1
1 5 1 . ,5
1 6 1 . ,3
177 .,7
1 9 1 . ,6
227 . 5
2 9 1 . ,2
3 5 1 . ,0
3 8 2 .,8
3 6 1 . ,9
3 5 2 .,5
3 8 3 . ,5
3 7 0 . ,9
3 7 8 . ,4
4 2 8 .,0

AVERAGE

5 . .9
- 1 , .8
1 0 . .8
0.. 1
- 1 3 ,.8
- 1 5 . .6
2 ,.6
- 6 ,.0
- 9 ,.0
3 ,. 0

2 . .5
0., 0
4 ..3
7 .0
- 1 0 . ,3
- 1 8 . ,2
- 4 ..0
- 2 , .7
- 7 . .5
- 1 . .9

3 .. 7
- 3 , ,2
- 1 7 . .2
- 2 2 , .5
- 3 3 .,2
- 3 4 ,.3
- 3 3 ,.3
- 4 9 ,.3
- 4 8 , .6
- 2 2 ,.4
- 3 ,.5
1 5 ,. 5
- 2 1 ,.8
- 4 1 ,. 0
- 1 5 ,.1
1 8 ,. 7
5 2 ,. 2
4 5 ,. 3
1 1 ,. 7
- 4 6 ,.2
- 9 4 .8
- 1 2 5 .3
- 1 4 2 .4
-126 .0

5 . .9
- 2 . ,7
- 1 3 , ,7
- 1 6 . .9
- 2 9 . .7
- 3 4 . .9
- 3 0 ,.0
- 3 9 ,.8
- 4 9 ..4
- 3 1 , .5
0,. 8
1 8 ,. 9
- 1 1 ,.0
- 3 5 ,.5
- 2 6 ,.8
3 , .6
57 ,. 0
4 9 ,.4
2 6 ,. 3
- 1 9 ,.9
- 8 4 .0
- 1 0 4 .3
- 1 3 7 ,.5
- 1 2 8 ,.9

NONFARM
AVERAGE
6 3 ,. 7
64 .9
6 5 ,.7
6 6 ,. 9
69 .6
70 .2
7 1.0
74 .7
76 . 7
79 . 2
82 . 0
84 . 8
85 . 3
88 . 2
89 . 7
88 . 8
89 . 9
92 . 0
96 . 4
95 . 8
93 .6
96 . 8
98 . 5
100 . 0
101 . 1
98 . 4
99 . 4
98 . 8
99 . 7
103 . 3
104 .9
106 . 5
107 . 8
109 . 9

6 3 ,. 0
6 4 ,. 8
6 5 ,.2
6 6 ,.5
6 8 ,. 0
7 0 ,. 2
7 1.0
73 .2
75 . 6
78 . 3
81 . 4
83 . 4
85 . 2
87 . 1
89 . 4
89 . 0
89 . 3
91 .9
94 .7
96 . 4
94 .3
96 . 0
98
100
100
99
98
99
99
102
104
106
108
109

.5
.0
.8
.3
.8
.8
.2
.5
.6
.1
.2
.0

1988
1985.

(OCTOBER

1988)

C. Historical D a t a f o r Selected S e r i e s — C o n t i n u e d
Year
370.

I Q

INDEX OF OUTPUT PER HOUR, ALL PERSONS,
SECTOR 1
( 1977-100)

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
1986
1987
1988

57 4
59 9
60 6
62 2
63 2
66 5
68 2
68 2
71 6
74 2
78. .1
80, .0
83. , 1
83. ,9
86. ,9
87. ,4
87. ,2
91. ,1
92, .3
97, .0
94, .5
93. ,8
98. .0
99, .4
100, ,1
100, .6
99, .4
100, .9
99, .8
101, .9
105 .1
106, .7
110, .5
109 .9
CHANGE

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 .
1986.
1987 .
1988.

IV Q

II Q
57.9
60.3
60.6
62.5
63.8
66.7
67.6
70.0
71.9
75.1
78.2
80.4
83.0
85.4
87 . 8
87.8
87.9
90.9
93.8
95.8
94.1
95.7
98.3
99.5
101.2
99.9
98.7
100.8
100.2
103.4
105 .6
107 .5
110.4
110.6

BUSINESS

58, .8
60, .2
60, .8
62, .5
64, .7
66 ,
.1
67, .3
70, .4
73, .0
76. .0
79, .1
81, .5
83. ,4
86. . 1
88, .2
87. ,9
89. .6
91, .9
94, .2
95, .3
93. ,4
96. ,8
98. .5
101, .2
101, .0
99, .3
99, .3
101, ,3
100, .3
103, .0
105, .5
108, .3
110, .0
111, .7

IN O U T P U T P E R H O U R O V E R 4 - Q U A R T E R
(ANNUAL RATE, PERCENT)
1.7
2 .4

1.0
2.8

3.6
2.1
1.8
4.7
3.6
4.2
4.1
2.9
2.3
3.3
2.4
-0.4
2.0
2.6
2.5
1.2
-1.9
3.6

1.8

2.7
-0.2
-1.7

0.0

2.0

-1.0
2.7
2.5

2.6
1.6
1.5

2.3
1.2
2.8

1.8

4.8
1.4

1.0

6.0
3.0
3.7
4.0
3.6
1.4
3.6
1.8
-0.1
1.6
2.4
5.0
-0.3
- 2 .6
3.8
1.9
1.7
0.8
- 2 .4
1.0
0.1
1.1
2.7
2.1
2.4
1.2
1.9

SPANS

4.5
1.4
0.8
0.5
-1.2
1.5

-1.1

2.1
3.1

1.6

2 .8
0.0
0.1
3.4
3.2

2.1
-1.8
1.7
2.7

1.2

.1
.6
.7
,l
,1
.7
.0
.4
.1
,1
.1
.4
.4
.6
.7
.5
.1
.1
.2
.0
.2
.0
,7
.7
.0
.0
.7
.1
.6
.6
.1
.9
.6
.4

42.9
85.7
90.5
76.2
19.0
85.7
66.7
76.2
81.0
66.7
66.7
81.0
66.7
42.9
57.1
90.5
52.4
76.2
78.6
85.7
85.7
23.8
76.2
71.4
76.2
52.4
38.1
47 .6
38.1
61.9
61.9
76.2
66.7
88.1

1.8

1.6
4.6
3.7
4.3
3.3
3.4
1.9
3.4
1.2
-0.1
2.9
2.4
3.7
-0.9
-0.9
3.6

1.6

-0.6
3.2
2.1

2.6

2.7

2.8

1.8

3.5
-0.6
2.7

38, .1
81, .0
76, .2
47, .6
66, .7
90, .5
42, .9
59, .5
61, .9
71, .4
42, .9
47, .6
57 ,
.1
47 ,
.6
57 ,
.1
66, .7
52, .4
61, .9
81, .0
73, .8
59, .5
47, ,6
69, .0
71, .4
76, ,2
81, .0
33, .3
52, .4
33,.3
90, .5
7 1,
.4
69, .0
40, .5
85, .7

3.2
1.3
2 .4
2.0
4.6

-1.6

2.0

0.2

1.3

54, .8
81, .0
61, .9
38, , 1
64, .3
61, .9
52, .4
76, .2
50, .0
59, .5
66, .7
76, ,2
54, .8
52, .4
71, .4
38, , 1
45, .2
71, .4
90, ,5
76, .2
47, .6
59, .5
66. ,7
71, .4
76, .2
54, .8
38, .1
52 .4
52 . 4
85 .7
71, .4
42, .9
76, .2
76,.2

37 OC. CHANGE IN OUTPUT PER HOUR OVER 1-QUARTER
(ANNUAL RATE, PERCENT)
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
1986
1987
1988

1.7

0.0

1.1
0.1
1.4

2.0
0.6
1.8

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 .
1986 .
1987.
1988.

-4.6
3.4
2.8
2.6

1.6

3.3
8.3
4.2
0.2
2 .6
9.1
2.8
3.6

1.8

1.9
- 2 .9
-3.5
8.3
3.7
4.1
-5.1
2.1
5.1
3.1
-0.7
-2.3
2.8
4.8
-0.1
3.6
5.1
2.9
7 .7
0.3

48.2
73.8
78.6
54.8
47.0
81.0
60.8
66.1
62.5
63.7
58.4
64.3
57.8
47.6
63.1
71.4
51.8
61.9
81.6
79.2
67.2
37.5
69.6
70.2
77.4
59.6
44.0
52.4
42.8
71.4
73.2
62.5
57.8
75.6

3.4
2 .9
0.6
1.4
3.8

1.1

-3.7
10.9

6.5

-0.8

1.1

0.2

6.3
-3.4
-1.8

1.8

5 .2
0.7
1.9
-0.3
7.5
4.1
1.7
3.0
-1.2

6.6

-4.9
-1.8
8.7

1.1

0.5
4.4
-2.7
-2.7
-0.7
1.5

6.1

2.1
3.1
-0.4
2.7

Annual

SPANS1

PERCENT
CHANGE2

4.2
-0.4
7 .1
2.8
7.6
4.8
1.7
6.9
4.3

2.1

5.6
1.7
3.3
1.7
0.4

8.0

4.5
1.5
-2.3
-2.8
4.5

1.0

7.0
-0.8
-2.5
2.1
2.1
0.2
-1.7
-0.3
2.8
-1.4
3.9

1.6
4.4
0.6

2.0

-0.6
0.6
-1.0
-1.7
8.3
2.1
-0.7

0.0

0.3
-3.4
0.6
-2.2
2.0
-5.5
3.0
3.1
1.7
0.7
-0.8

0.6

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 .
1986.
1987 .
1988.

1.6
3.0
1.3
2 .6
3.0
3.3
1.7
3.5
3.6
4.0
4.3
3.0

2.8
2.7
2 .7

0.1
0.7
3.2
3.0
2.0
-2.1
2.0
2.8
1.7

0.8

-1.2
-0.3
1.4
-0.4
2.7
2.5

2.1
2 .2

0.8

INDEX OF E X P E N D . FOR NEW P L A N T A N D
(PERCENT RISING OVER 1-Q SPANS)

40, .5
54 .8
90 .5
52 .4
14 .3
81 . 0
78 .6
19 . 0
52 .4
33,.3
95, .2
61, .9
88, .1
52, .4
61, .9
71, .4
57, .1
35,.7
71,.4
85, .7
66, .7
35,.7
71, .4
66, .7
81,. 0
76,.2
76,.2
76, .2
42, .9
38, .1
97, .6
76, .2
19,.0
50, . 0

33, .3
76,.2
90 .5
54 . 8
4 .8
78 .6
71 . 4
54 .8
71,. 4
83, .3
69, .0
85, .7
90, .5
40, .5
38, .1
90, .5
42, .9
52, .4
69, .0
81, .0
78, .6
28, .6
76, .2
83, .3
95 .2
76, .2
54, .8
64, .3
23, .8
47, .6
73, ,8
78, .6
57, .1
69 . 0

35, .7
88,, 1
71 .4
52 . 4
31 . 0
85 .7
38 .1
40 .5
66 .7
76,.2
81,.0
83, .3
71,.4
35,.7
61, .9
64, .3
47, .6
45 .2
66, .7
76,.2
66, .7
38,.1
81 .0
90 .5
78 .6
76,.2
57,.1
71,.4
14 .3
85,.7
90, .5
61, .9
28, .6
83,.3

45, .2
90, .5
54 .8
23, .8
.
57 , 1
7 1, 4
.
33 .3
73 .8
42 .9
66, .7
81, .0
85, .7
7 1,
.4
61, .9
69, .0
54, .8
28, .6
61, .9
90, .5
66, .7
71, .4
54, .8
7 1,
.4
57, .1
92 .9
71, .4
61, .9
35,.7
28, .6
95, .2
59, .5
45, .2
7 1,
.4
69, .0

ION I N D E X O F E X P E N D . F O R N E W P L A N T A N D
OJ.
( P E R C E N T R I S I N G O V E R :L-Q S P A N S )

AVERAGE

NOTE: Unless otherwise noted, these series contain revisions beginning with 1985.
2
!This series contains revisions beginning with 1983.
Year-to-year percent changes are computed from
3
annual data.
T h i s series contains revisions beginning with 1982. Changes are centered on the 3d quarter
of the span. Annual figures are averages of the centered changes.




IV Q

Year

9 7 OA. DIFFUSION
EQUIP.--ACTUAL

1.7
-1.3
-1.2

9 7 0 B . D I F F U S I O N I N D E X OF E X P E N D . FOR NEW P L A N T A N D
( P E R C E N T R I S I N G O V E R :l-Q S P A N S )
EQUIP. --LATER PROJ.
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..
1986. .
1987 . .

58.4
60.1
60.9
62.5
64.4
66.5
67.6
70.0
72.5
75.4
78.7
81.0
83.2
85 .5
87.8
87.8
88.4
91.3
94.1
95 .9
93.9
95.7
98.3
100.0
100.8
99.6
99.3
100.7
100.3
103.0
105.5
107.7
110.1
111.0

3

4.3
0.5
3.0
2.1
4.6
1.3
3.7
2.7
4.5
4.1
2.7
3.3
2 .9

1.1

-0.8

AVERAGE

59, .4
60, .1
61, .8
62 .9
65 .9
66 ,
.9
67, .5
71, .6
73,.7
76 ,
.4
79, .4
82 ,
.3
83, ,5
86, .5
88, .0
88, .0
89, .4
91, .5
96, . 1
95, .8
93, .3
96 ,
.8
98, .6
100, .3
101,.2
98, .7
99, .8
99 .9
101,.0
103, .8
105 .9
108, .5
109 .8
111,.8

4.4
2.8
1.5
5.2
2.6
0.1
4.9
3.6
5.3
2 .4
3.8
1.0
3.7
0.5
-0.2
4.5
1.3
5.1
-2.6

Annual

33,.3
52, .4
57, . 1
57,.1
52 ,
.4
57, . 1
69, .0
57. , 1
52, .4
47 ,.6
66, .7
66, .7
52, .4
52, ,4
66, ,7
66, .7
64, .3
50, .0
76, .2
71, .4
71, .4
6 1..9
66. ,7
61, .9
71, .4
52, .4
76, .2
61, .9
47, .6
47 ,
.6
61, .9
66, .7
76. ,2
61, .9

42, .9
7 1 .4
85 .7
85 .7
28, .6
61, .9
90, .5
52, .4
61. ,9
61. .9
85, .7
71, ,4
81, .0
52, .4
52, .4
66, .7
76, .2
73, .8
52 ,
.4
71, ,4
76, ,2
38, .1
61, .9
66, .7
76, ,2
57 ,
.1
66, .7
76, .2
61, .9
50 .0
69, . 0
76, .2
66, .7
76, .2

38,
81,
81, .0
47, .6
31, .0
66, .7
42, .9
52, .4
61, .9
61, .9
47 ,
.6
57, .1
81, .0
7 1,
.4
61, .9
61, .9
66, .7
66, .7
33, .3
61, ,9
81, .0
57, . 1
69, .0
57, .1
81, .0
66, ,7
81, .0
85 .7
66, .7
85, .7
92, ,9
71, .4
45, .2
57, .1

'.0

47, .6
81, .0
61, .9
52 ,
.4
66, .7
61, .9
61, .9
54, .8
59, .5
66, .7
76, .2
71, .4
57 ,
.1
47 ,
.6
52, .4
52 ,
.4
66, .7
33,.3
38, .1
61, .9
61, .9
52, .4
66, .7
76. ,2
76. .2
7 1.,4
66. .7
71, .4
66, ,7
76, .2
38, ,1
33. ,3
38. ,1
47 .,6

38.7
77.4
76.8
45.8
26.8
79.2
55 . 4
47.0
58.4
64.9
81.6
79.2
80.4
47 .6
57.7
70.2
44.0
48.8
74.4
77.4
70.8
39.3
75.0
74.4
86.9
75.0
62.5
61.9
27.4
66.6
80.4
65.5
44.0
67.8

AVERAGE
40.5
7 1.4
71.4
60.7
44.7
61.9
66.1
54.2
58.9
59.5
69.0
66.6
67.9
56.0
58.4
61.9
68.5
56.0
50.0
66.6
72.6
52.4
66.1
65.5
76.2
61.9
72.6
73.8
60.7
64.9
65.5
61.9
56.6
60.7
(OCTOBER 1988)

105

G. Experimental Data and Analyses—Continued

Foreign currency per U.S. dollar
Year
and
month

Ratio scale

Japan

West
Germany

France

United
Kingdom

(Yen)

(D. mark)

(Franc)

(Pound)

320

1987
Jan
Feb....
Mar
Apr
May
June...
July...
Aug
Sept...
Oct
Nov
Dec

154. 83
153. 41
151. 43
143. 00
140. 48
144. 55
150. 29
147. 33
143. 29
143. 32
135. 40
128. 24

1 .8596
1 .8239
1 .8355
1 .8125
1 .7881
1 .8189
1 .8482
1 .8553
1 .8134
1 .8006
1 .6821
1 .6335

,2007
6.
6.
,0760
6.
,1091
6.
,0332
5.
,9748
6.
,0739
6.
,1530
6.
,1934
6.
,0555
6.
,0160
5.
,7099
5.
,5375

0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
0.6252
0.6081
0.6017
0.5633
0.5468

127.
,69
,17
129.
127.
,11
124.
,90
124.
,79
127.
,47
133. 02
133. 77
134.32
2
129.80

1 .6537
1.6965
1 .6770
1 .6710
1 .6935
1 .7579
1 .8466
1 .8880
1 .8668
2
1.8316

,5808
5.
,7323
5.
,6893
5.
,6704
5.
,7348
5.
,9310
5.
,2241
6.
,3919
6.
,3515
6.
2
6 ..2466

0.5553
0.5688
0.5456
0.5324
0.5349
0.5628
0.5865
0.5894
0.5938
2
0.5784

1988
Jan
Feb....
Mar
Apr
May
June...
July...
Aug
Sept...
Oct
Nov
Dec

Foreign currency per U.S. dollar
Italy

Canada

Exchange value
of the U.S.
1
dollar

(Lira)

Year
and
month

(Dollar)

(March 1973=100)

1987
Jan....
Feb
Mar....
Apr
May....
June...
July...
Aug..,.
Sept...
Oct
Nov
Dec

1317. 17
1297. 74
1305. 90
1292. 96
1290. 80
1316. 50
1337. 96
1344. 18
1310. 86
1302. 58
1238.89
,74
1203.

1.3605
1.3340
1.3194
1.3183
1.3411
1.3387
1.3262
1.3256
1.3154
1.3097
1.3167
1.3075

101.13
99.46
98.99
97.09
96.05
97.78
99.36
99.43
97.23
96.65
91.49
88.70

1216,
.88
1249.62
1240.67
1240,
.99
1258.81
1305,
.56
1367,
.26
1397,
.93
1393,
.15
2
1365,
.00

1.2855

89.29
91.09
89.73
88.95
89.74
92.58
96.53
98.29
97.91
2
95.81

1988
Jan
Feb
Mar
Apr
May
June...
July...
Aug
Sept...
Oct
Nov
Dec

1.2682
1.2492
1.2353
1.2373
1.2176
1.2075
1.2237
1.2267

2 1.2061

1

75 76 77 78 79 80 81 82 83 84 85 88 87 88

This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the 2 August 1978 FEDERAL RESERVE BULLETIN (p. 700).
Average for October 3 through 21.
Source: Board of Governors of the Federal Reserve System.

106



G. E x p e r i m e n t a l D a t a a n d A n a l y s e s — C o n t i n u e d
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 unemploy1
ment insurance, State programs (thous.). . .
8. Mfrs.' new orders in 1982 dollars, consumer
goods and materials industries (bil. dol.). .
32. Vendor performance, percent of companies
receiving slower deliveries (percent)
20. Contracts and orders for plant and equipment
in 1982 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
2
1982 dol., smoothed (ann. rate, bil. dol.) .
99. Change in 2 sensitive materials prices,
smoothed (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1982 dollars
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
3
910. Composite index of leading indicators
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. dol.)
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of roughly coincident
3
indicators (index: 1967=100)

June
1987

Aug.
1987

July
1987

Sept.
1987

June
to
July
1987

July
to
Aug.
1987

Aug.
to
Sept.
1987

.

41 . 0

41 . 0

41 . 0

p40 . 4

0.00

0.00

-0.60

.

327

327

297

2 86

0.00

0.29

0.14

.

85 .3 8

r 84 . 0 2

r83.6 4

p85 . 3 1

-0.09

-0.02

0.13

57

62

60

69

0.22

-0.09

0*4 8

r3 8.5 9

r40 .74

r3 8.33

p3 8 . 0 4

0.13

-0.14

-0.02

.

121 . 0

11 8 . 6

119.8

119.8

-0.06

0.03

0.00

.

r37.86

r36.26

p2 7 . 0 1

NA

-0.04

-0.24

r l .56

1.98

r l .84

1 .61

0.18

-0.06

-0.12

301 . 3 8

310.09

329.36

318.66

0.19

0.41

-0.27

r 2 , 4 1 4 .6

r2,414.3

r 2 , 4 1 5 .1

p2 , 4 2 1 .6

0.00

0.01

0.11

r5 .8

r0.5

p4 . 8

NA

-0.30

0.24

NA

192.6

p i 92 .5

0.37

0.57

-0.05

190.8

r 1 91 .5

NA

101 , 8 1 8

r102,126

r 102 , 27 8

pl02,410

0.25

0.12

0.14

2,671.4

r 2 , 6 84 .6

r 2 ,6 91 .0

p2,698.1

0.25

0.12

0.17

r l 3 0 .6

r131 .0

p l 3 1 .2

0.32

0.09

0.05

430,617

r432 ,550

p43 2 , 842

NA

0.10

0.01

NA

r l 6 7 .9

r16 9.1

r l 6 9.4

p l 6 9.7

0.71

0.18

0.18

14.0

14.3

14.2

0.40

-0.15

0.07

1.52

pi.52

NA

-0.13

0.00

r97 .4

r 97 . 9

p98.7

-0.37

0.18

0.43

8.25

8.25

8.70

0.00

0 .00

0.46

r33 7 ,43 2

p33 8 , 7 94

-0.39

-0.17

0.16

rl5.82

p l 5 .85

NA

0.00

0.12

NA

r l 4 1 .3

r 1 4 1 .2

p142 . 9

-0.42

-0.07

1 .20

rl2 9•1

LAGGING INDICATORS
1
91. Average duration of unemployment
14.8
(weeks)
77. Ratio, manufacturing and trade inventories
1.53
to sales in 1982 dollars (ratio)
62. Labor cost per unit of output, manufacturing-r98.4
actual data as a percent of trend (percent) . .
109. Average prime rate charged by banks
8.25
(percent)
101. Commercial and industrial loans outstanding
r 3 4 4 ,66 9
in 1982 dollars (mil. dol.)
95. Ratio, consumer installment credit
15.82
outstanding to personal income (percent). . . .
3
930. Composite index of lagging indicators
r l 4 1 .9
(index: 1967=100)

r33 9,634

NA

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS
(pp. 67-68) for the weights and standardization factors. N A , not available, p , preliminary. r, revised, e , estimated.
1

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 factor. 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




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
|iini|iimmiii|mii|inii|Miii|mii|iiiii|mn|iini|iii

lljlllM|lllll[lllll|lllll|lHII|lllll|lllll|IUH|imi|H|

MONTHS
FROM

Actual

43. Unemployment rate, total (inverted)

data

CURRENT
ACTUAL
DATA

REF .

AND

Devi-

43. Unemployment rate, total (inverted)

Actual

ations

MONTH

L,Lg,U

SERIES

data

43

for
current

troughs

YEAR

from
specific

TROUGH

cycle

PERCENT
47

6 .9
6 ,9
.

49
50
5 1

10/86

6 , 7
.
6 , 7
6 , 7
.

48

12/86

11/86

1/87
2/87

52

6 ,6
.

3/87

53

6 . 3

4/87

54

6 , 3
.
6 , 1
.
6 , 0
.

6/87
7/87

6 . 0
5 ,9

9/87

55
56
57
58

MONTHS | D E V I FROM j A T I O N S jCURRENT
SPEC.
TROUGH j

FROM !
12/82 !

ACTUAL
DATA

SERIES

7

5/87

•7

8/87

• 8

MONTH
AND
YEAR

•9

43

PERCENT
46

9

10/86

6
6

9
7

11/86
12/86

-4., 1

6

7

1/87

50

- 4 .. 1

6

7

2/87

5 1
52

-4,. 2
- 4 .. 5

6
6

6

3/87
4/87

53

9

6

- 3 .. 9
-4,, 1

49

8

- 3 ., 9

47
48

- 4 ,. 5
-4,. 7
- 4 ,8
.

6

3

5/87

6
6

1
0

6/87
7/87

- 4 .8

6

0

8/87

- 4 .9

5 .9

9/87

54
55
56

10

57

•

3

• 10

t 11

>12

• 13

MONTHS i
CURRENT
ACTUAL

MONTH
AND

DATA

FROM
REF .

YEAR

TROUGH
SERIES

82. Capacity utilization rate, manufacturing

82

PERCENT

82. Capacity utilization rate, manufacturing

47

L,C,U

79 .5

10/86

48

79 . 6

11/86

49

80 . 2

12/86

50
5 1
52

79 . 6
80 . 0
80 .3

1/87
2/87
3/87

85

53

80 . 2

4/87

54
55
56

80 . 4
80 . 8
81 . 5

5/87
6/87
7/87

57

81 . 6

8/87

80

58

81 . 5

9/87

90

MONTHS

ATIONS

CURRENT
ACTUAL
DATA

20

> 85
+15

MONTH

FROM
12/82

+

DEVI-

FROM
SPEC .
TROUGH

Actual

AND
YEAR

>75

SERIES
82
PERCENT
46

1 1 .,
5

7 9 .. 5

1 1 . ,6
12 ,. 2

7 9 ., 6
8 0 ., 2

1 1/86

49

1 1 ..
6

7 9 ,6
.

1/87

50
5 1

12 . 0

2/87

52

65

12 . 3
12 . 2

8 0 ., 0
80., 3
8 0 . ,2

12/86

53

NOTE:

For

an

reference

explanation

108



of

12 . 4

8 0 .. 4

13 . 5
13 . 6

80., 8
8 1 .. 5
8 1 ,. 6

charts,

• 65

7/87
8/87

57

1 3.5

8 1 ,. 5

9/87

6/87

troughs

these

-6

miilmiilimilimilniiiliiiiiliimliiiiiliiiiiliil

0 + 6 +12 + 18 + 24+ 30+ 36+ 42+ 48+ 54
Months from specific

see

"How

to

Read

Charts"

on

p.

107

of

the

July

1987

o

-5

5/87

12 . 8

55
56

M o n t h s from

H

3/87
4/87

54

miiliiiiiliiiiilnmliinilimiliinilmiilniiiliii
0 + 6 +12 + 18 + 24+ 30+ 36+ 42+ 48 + 54

• 70

10/86

47
48

issue.

troughs

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
|iiiii|iiiii|iiiii|iiiii|iiiii|iiiii|inii|ii

Deviations
from
reference
peaks

Actual
data
for
current
cycle

QRTRS.

|iiiii|iiiii|iiiii|iiiii|iim|iiiii|iiiii|iiin|nni|iiiii|mn

DEVI-J

FROM

AT I O N S

CURRENT

QRTR .

REF .

FROM

ACTUAL

AND

DATA

YEAR

TROUGH

1 1 1 / 8 11

50. GNP in 1982 dollars

50

SERIES

ANN.
BIL.

Deviations
from
specific
troughs

Actual
data
for
current
cycle

RATE
DOL.

12

11.8

13

13.3

IV/85

3650.9
3698 . 8

1/86

14

13.5

3704.7

11/86

15
16

13.9

3718.0

14.3

373

I I I / 8 6
IV/86

17

15.5

3772.2

18

16 . 3
17.4

3795.3

11/87

383 1 . 2

1 1 1 / 87

19

1.5

1/87

> 3,900
QRTRS.

• 3,800

FROM
SPEC .
TROUGH

DEVIATIONS

CURRENT

FROM

ACTUAL

AND

DATA

YEAR

III/82
SERIES

• 3,700

50

ANN.
BIL.

RATE
DOL

13

• 3.500

1 5 ,. 7

14

1 7 ,. 3

3698

15

17 ,. 4

3704.7

17 ,. 9

37

17

1/86

.8

11/86

18.0

I I I / 8 6

1.5

IV/86

18,. 3

373

18

1 9 ,. 6

3772.2

19

• 3,400

IV/85

3650.9

16

> 3,600

QRTR .

20,. 3

3795.3

20

2 1 .5

383 1 .2

1/87
11/87
I I I / 8 7

• 3,300
• 3,200
-1 -5

•3,100

86. Nonresidential fixed investment, total,
1982 dollars

QRTRS.

DEVI-

FROM
REF.

ATIONS
FROM

CURRENT
ACTUAL

QRTR.
AND

TROUGH

111 / 8 1

DATA

YEAR

SERIES

• 490

86

ANN.
BIL.

RATE
DOL.

12

• 470

15.5

465

13

12.5

453 . 2

1/86

9 . 5

441 . 0

11/86

8 . 7

437.7

I I I / 8 6
IV/86

14

• 450

15
16

10.1

443

.2

.2

IV/85

1/87

17

5 .8

426 . 0

18
19

8 . 7
14 . 7

437 .9
461.8

11/87
I I I / 8 7

• 430

• 410

QRTRS.

DEVI-

FROM

ATIONS

CURRENT

QRTR.

SPEC .
TROUGH

FROM

ACTUAL
DATA

YEAR

1/83

AND

• 390
ANN.
BIL.

RATE
DOL

1 1

32 . 7

453

.2

1/86

13

29 . 1

441 . 0

11/86

14

28 . 1
29 . 7

437 . 7

I I I / 8 6

15

443

16

2 4 ,. 7

426 . 0

17

0 + 6 +12 + 18 + 24+30+36+42+48+54

46 5 . 2

12

>350

3 6 ,. 2

28,. 2

437

.9

11/87

18

3 5 ,. 2

46 1 . 8

I I I / 8 7

.2

IV/85

IV/86
1/87

Months from reference troughs

-6

[liiiiilniiiliiiiiliiinlniiiliiiiiliiiiiliniilniiilinn
0 +6 +12+18 + 24+30+36+42+48+54+60
Months from specific troughs

NOTE: For an explanation of these c h a r t s , see "How to Read Charts" on p. 107 of the July 1987 issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series.'' following this index)

Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade. Dl
Inventories, manufacturing and trade, Dl.
New orders, manufacturing. Dl
Plant and equipment expenditures, constant dollars..
Plant and equipment expenditures, current dollars....
Plant and equipment expenditures, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl ...
Prices, wholesale trade. Dl
Prolits. manufacturing and trade. Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

Current issue
Series
number

Charts

604

56

58
974
975
971
100
61
970
976
978
977
972
973
616
55

Tables

Historical
data
(issue date)

Series
description
(*)

92

10/87

56

(pagenumbers)

22
38
38
38
24
24
38
38
38
38
38
38
56
22

65
76
76
76
67
67
76
76
76
76
76
76
92
65

6/87
8/87
8/87
8/87
11/86
11/86
11/86
8/87
8/87
8/87
8/87
8/87
10/87
9/87

20
37
37
37
23
23
37
37
37
37
37
56
39

B
Balance of p a y m e n t s - 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 Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures-See Investment, capital.
Business failures, current liabilities
Business formation, index..
Business incorporations ....
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving

Canada See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Newly approved
Newly approved. Dl
Capital equipment, producer price index
Capital investment - See Investment, capital.
Capital investment commitments, CI
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor f o r c e - S e e also Employment.
Employment ...
Employment as percent of population
Labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded ..
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation - See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders. index
Four coinciders. rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows
Profitability
Twelve leaders, index
Twelve leaders, rate of change
See notes at end of index.

110



93
94

33
33

72
72

1/87
1/87

29
76

13,25
24

67
67

6/87
12/86

24
12

14
12
13

33
23
23

72
65
65

6/87
6/86
6/86

34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

5/87
5/87
5/87
12/86

32
32
32
26

82
84

20
20

64
64

12/86
12/86

14
14

97
11
965
333

24
24
37
48

66
66
75
86

12/86
12/86
10/86
3/87

22
22
22
51

914
35
34

11
29
29

60
70
70

1/86
9/87
9/87

5
26
26

442
90
441
37

51
17
51
18,51

89
62
89
62,89

2/87
2/87
2/87
2/87

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

60

5

74
60
66

1/87
1/87
1/86
1/86
6/87

5
5
21

101
72
112

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

345
280

49
45

87
82

10/87
11/86

46
46

64

30,47

70,83

9/87

46

346

49

88

10/87

46

340

49

87

8/87

5

341
348
349

49
50
50

87
88
88

8/87
7/87
7/87

5
53
53

53

19

63

9/87

11

1/87
1/87
1/86

5

920
920c
940

10
39
11

60

930
930c

10
39

60

10/87
10/87

5

914
915
917
916
910
910c

11
11
11
11
10
39

60
60
60
60
60

1/86
1/86
1/86
1/86
4/87
4/87

5
5
5
5
5

60'

"5"

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
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
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index

D e b t - S e e 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
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
Plant and equipment expenditures.
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.

Current issue

Series
description
(*)

Tables

Historical
data
(issue date)

23
24

66
67

6/87
8/87

21
17

25
47
25
25
47
25
48
12,21

9/87

22

67
83
67
67
83
67
86
64
65

3/87
3/87
4/87
12/86

40
40
40
40
40
24
51
15
12

66
113
95
39

35
32
15,35
33

73
72
73
72

5/87
5/87
9/87
1/87

33
33
33
34

320
322
58

49
49
22

84,95
84
65

4/87
4/87
6/87

49
49
20

525

53

90

7/87

55

20

12,23

66

6/87

21

10
116

23
34

66
73

4/87
2/87

21
35

110

32

72

10/87

101
72
112

15,35
35
32

73
73
71

5/87
5/87
5/87

32
32
32

66
113
95
39
111
33

35
32
15,35
33
13,32
32

73
72
73
72
72
71

5/87
5/87
9/87
1/87
5/87
9/86

33
33
33
34
31
31

98
331

28
48

69
85

5/87
3/87

51
50

557

54

91

12/86

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

7/87
10/87
10/87
7/87
7/87
7/87

55
55
56
56
56
55

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

6/87
5/87
6/87
6/87
8/87
10/87
10/87

17
15
17
15
5
43
43

39
32

33
12,21

72
64

1/87
1/86

34
17

965
951
974
963
966

37
36
38
36
37

10/86
1/86
8/87
10/87
12/86

962
975
952
950
964

36
38
36
36
37

971
970
960
972
967

38
38
37
38
37

973
976
978
977
968
961

38
38
38
38
37
36

75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

Series
number

Charts

29

13,25

9
69

248
87

(page

numbers)

6/87

11/86
9/87
9/87

11/86

12/86
8/87
1/86
6/87
9/87
8/87
11/86
8/87
8/87
1/86
8/87
8/87
8/87
8/87
2/87
8/87

22
5
37
5
12

37
5
5
15

37'
23
37
37
25

37'
37
37
37
25
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Earnings- See Compensation.
Employment and unemployment
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. Dl
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.

Federal funds rate
Federal Government--See Government.
Federal Reserve, member bank borrowings from..
Final sales in constant dollars
Financial flows. CI
Fixed investment See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food - See Consumer prices.
Foreign trade -See International transactions.
France See International comparisons.
Free reserves

Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP. constant dollars
GNP, constant dollars, differences
GNP. constant dollars, percent changes
GNP. current dollars
GNP. current dollars, differences
GNP. current dollars, percent changes
GNP, ratio to money supply M l
Goods output in constant dollars
Implicit price deflator
Per capita GNP. constant dollars
Gross private domestic investment See Investment, capital.

Current issue
Series
number

(page

Charts

578
577

55
55

48c
48
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

39
17
17
38
14,17
36
51
55
17
16
16
12.16
36
16
51
51
51
51
17
51
51
51
51
15.18
18,51
18
18
18
12,16

961

36

numbers)

Tables

91
91

61
62
76
62
74
89
91
62
61
61
61
74
61
89
89
89
89
62
89
89
89
89
62
62,89
62
62
62
61
77
74

Historical
data
(issue date)

2/87
7/87
7/87

Series
description
(*)

56
56

9/87
9/87
8/87
8/87
8/87
10/87
2/87
8/87
2/87
4/86
2/87
12/86
12/86
8/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
8/87

"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

8/87

"5"

119

34

72

3/87

35

94
213
917

33
40
11

72
80
60

1/87
10/87
1/86

35
38
5

311

48

84

9/87

49

93

33

72

1/87

35

49

20

63

9/87

14

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/87
9/87
9/87
9/87
9/87
9/87
12/86

53
53
53
53
53
53
48

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

81
81
83
91
91
81
81
83
81
81

11/86
11/86
11/86
10/87
10/87
11/86
11/86
11/86
11/86
11/86

43
43
43
43
43
43
43
43
43
43

311
68

48
30

84
70

9/87
9/87

49
28

50
50b
50c
200
200b
200c
107
49
310
217

19,40

31
20
48
40

63.80
80
80
80
80
80
71
63
84
80

9/87
9/87
9/87
10/87
10/87
10/87
8/87
9/87
9/87
10/87

38
38
38
38
38
38
30
14
38
38

46
60

16
16

61
61

4/86
2/87

9
9

1

12.16

5

36
16

61
77
74
61

8/87

961
21

8/87
8/87

5
5

39
40

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 title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Current issue

oerieb

number

Charts

Tables

(issue date)

U 3 I l(JU
CL
(*)

28
29
89
249

25
13,25
25
47

67
67
67
83

3/87
6/87
9/87
11/86

24
24
40
40

310

48

84

9/87

38

345
280

49
45

87
82

10/87
11/86

46
46

64

30,47

70,83

9/87

46

346
95
286

49
15,35
45

88
73
82

10/87
9/87
12/86

46
33
26

287
225
224

47
40
40

83
80
80

12/86
10/87
10/87

26
11
11

227

40

80

10/87

11

49

87

8/87

5

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/87
7/87
7/87
12/86
12/86
10/87
9/87
9/87

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63
71
82

9/87
9/87
8/87
11/86

30
47

283
284

47
45

83
82

11/86
11/86

47
47

285
348
349

47
50
50

83
88
88

11/86
7/87
7/87

47
53
53

53
13
335

19
23
48

63
65
85

9/87
6/86
3/87

11
21
51

76
75
557
73
74
47

24
22
54
20
20
14,20,58

67
65
91
63
63
63,94
78
75

12/86
12/86
12/86
12/86
12/86
12/86

12
12
13
12
12
12

12/86
12/86

12'

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
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada .
France .
Italy
Japan ...
United Kingdom
United States
West Germany
Industrial production
Canada .
France .
Italy
Japan ...
OECD, European countries
United Kingdom
United States
West Germany

340

966
47c

37'
39

ll'

967
23

37
28

79
75
69

1/86
1/86

25
25

5
962
45
288
289

12,16
36
18
45
47

61
74
62
82
83

12/86
12/86
3/87
12/86
12/86

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

12/86
2/87
3/87
3/87
3/87
1/87
2/87
2/87
3/87

35
35
35
35
35
35
35
35
50

733
736
737
738
732
320
735

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

5/87
5/87
5/87
5/87
5/87
4/87
5/87

60
61
61
61
60
49
61

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

6/87
6/87
6/87
6/87
6/87
6/87
12/86
6/87

59
59
59
59
58
58
12
59

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)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
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 o< 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, CI
Manufacturing and trade
Manufacturing and trade, change
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, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, CI
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 goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States ....
Income on U.S. investment abroad
I t a l y - See International comparisons.

Current issue
Tables

Historical
data
(issue date)

Series
description
(*)

59
59
59
59
59
59
59

96
96
96
96
96
96
96

7/87
7/87
7/87
7/87
7/87
7/87
7/87

63
63
63
63
63
25
63

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

7/87
7/87
10/87
7/87
10/87
11/86
11/86
7/87
10/87
10/87
7/87
10/87
7/87
11/86
11/86
10/87
7/87
7/87

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

255

44

82

11/86

44

250
251

44
47

82
83

11/86
11/86

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

9/87
11/86
11/86
6/87
5/87
6/87
1/86
6/87
6/87
6/87
8/87

40
40
40
17
17
17
5
17
17
17
37

36

13,26

68

9/86

17

Series
number

Charts

743
746
747
748
742
19
745
667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

(page

numbers)

78

27

68

5/87

17

38

26

68

5/87

17

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

12/86
12/86
10/86
1/86
6/87

22
22
22
5
21

69

24

67

8/87

17

243
242
86
248

42
42
25
47

81
81
67
83

11/86
11/86
9/87
11/86

40
40
40
40

88
87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/87
9/87
9/87
11/86
11/86
11/86

40
40
40
40
40
40
15

27

23

66

6/87

24

23

66

4/87

15

20
10
100
61
970

12,23
23
24
24
38

66
66
67
67
76

6/87
4/87
11/86
11/86
11/86

21
21

652
651

57
57

93
93

7/87
7/87

57
57

J
Japan—See International comparisons.

See notes at end of index.

112



Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

68
63

30
30

9/87
10/87

62
62
26

30
15
29

10/87
10/87
10/87

930
930c
952

10
39
36

10/87
10/87
1/86

Current issue
Series
number

(page

numbers)

Charts

Tables

910
910c
950
14
104

10
39
36
33
31

60

78

27

Historical
data
(issue date)

Series
description
(*)

74
72
71

4/87
4/87
6/87
6/87
4/87

5
' 5 '
34
29

68

5/87

17

26
20
12,21

68
64

5/87

17
14

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.

38
84
8

12/86
4/87

64

15

Money and financial flows, CI

917

11

60

1/86

5

Money supply
Liquid assets, change in total
Money supply M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply M l
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

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

4/87
4/87
4/87
4/87
4/87
8/87
8/87
9/86
3/87
3/87

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

6/87
4/87
4/87

15
15
15

20

12,23

66

6/87

21

10
548
7
6

23
53
21
21

4/87
5/87
4/87
4/87

21
15
15
15

964
971

37
38

66
90
64
64
77
75
76

9/87
8/87

15
37

88
87
86
248

25
25
25
47

67
67
67
83

9/87
9/87
9/87
11/86

40
40
40
40

517
543
721

53
53
58

90
90
94

7/87
10/87
6/87

55
55
58

580

54

91

10/87

56

49

20

63

9/87

14

N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars..
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP

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

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

L
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

23
23

Series title
(See complete titles in "Titles and
Sources of Series." following this index)

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, i m p o r t s . .

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
70
88
88
64
64
61

10/87
10/87
10/87
10/87
12/86
12/86
8/87

28
28
52
52
14
14
5

453
452

51
51

2/87
2/87

9
9

2/87

9

451

51

89
89
89

55

22
41

65

9/87

39

80

11/86

39

233
232

41

80

11/86

39

238
236
239
237
231
230
235

41
41
41
41
41
41
47

81
81
81
81
80
80
83

11/86
11/86
11/86
11/86
11/86
11/86
11/86

39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

12/86
12/86
10/87

48
48
56

ALPHABETICAL INDEX—SERIES,FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
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, CI
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj. constant dollars
With IVA and CCAd|, 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. CI
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

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 ...

U O , li
C l ! yl
(*)

number

Charts

Tables

(issue date)

20
10
100
61
970
90

12,23
23
24
24
38
17

66
66
67
67
76
62

6/87
4/87
11/86
11/86
11/86
2/87

21
21

49
49

23'
23
9

320
322

49
49

84,95
84

4/87
4/87

311
310
26

48
48
29

84
84
70

9/87
9/87
10/87

49
38
28

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

3/87
3/87
3/87
3/87
3/87
3/87
5/87

50
51
50
51
51
50
51

967'
23

37'
28

79
75
69

1/86
1/86

25'
25

98
99

28
13,28

69
69

5/87
5/87

51
25

19
968
26

13,28
37
29

69
75
70

7/87
2/87
10/87

25
25
28

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

8/87
8/87
8/87
7/87
1/87

37
37
37
55
35

88

25

67

9/87

40

370
358
916

50
50
11

88
88
60

10/87
10/87
1/86

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

9/87
9/87
9/87
9/87

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

12/86
12/86
8/87
8/87
7/87
1/86
9/87

26
26
37
37
27
5
26

81
282

29
45

70
82

9/87
11/86

26
47

283

47

83

11/86

47

967'
23
284

37'
28
45

79
75
69
82

1/86
1/86
11/86

25'
25
47

285
93
89

47
33
25

83
72
67

11/86
1/87
9/87

47
35
40

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series
number

(page

numbers)

Historical
data
(issue date)

Series
description
(*)

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.

Treasury bill rate
Treasury bond yields

Tables

59
54

22
22

65
65

6/87
6/87

20
20

213

40

80

10/87

38

69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

67
65
65
76
68
65
65

8/87
6/87
6/87
8/87
6/87
6/87
6/87

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

12/86
12/86
12/86
12/86
12/86

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

5/87
5/87
6/87

51
25
17

967
23

37'
28

79
75
69

1/86
1/86

25'
25

19
968

13,28
37

69
75

7/87
2/87

25
25

114
115

Residential fixed investment, percent of GNP..
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

Charts

34
34

72
73

2/87
2/87

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

2/87
2/87
12/86
12/86

9
9
8
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

2/87
2/87
2/87
2/87
2/87

9
9
9
9
9

44
45
43

18
18
18

62
62
62

2/87
3/87
2/87

9
8
9

561
96
25

54
21
21

91
64
64

6/87
4/87
4/87

15
15
15

107
108
32

31
31
12,21

71
71
64

8/87
8/87
1/86

30
30
17

11/86

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.

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance, slower deliveries

W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index

12,16

36

8/87

NOTE: CCAdj. capital consumption adjustment; CI, 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 Cyclical Indicators (1984) on which the series description appears.




113

TITLES AND SOURCES OF SERIES—Continued
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, 5, 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.
(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 1982 dollars (Q).—Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1982 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
(18,51,62,89)

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 (M).—Source
2
(26,68)

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 1982 dollars (Q).—
Source 1
(28,69)

40. Employees on nonagricultural 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)

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
1982 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)

42. Number of persons engaged in nonagricultural activities (M).—Source 3
(17,62)

920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).—Source
1
(10,39,60)

21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing (M).—
Source 3
(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).—Source 1
(11,60)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

l-B. Cyclical Indicators
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)

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)
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 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

7. Manufacturers' new orders in 1982 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 1982 dollars, consumer goods and materials industries (M).—Sources
land 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 1982 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories
(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).-Source 3
(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).—Source 3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).—Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).—Source 1
(19,63)
53. Wages and salaries in 1982 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 1982 dollars
(M).—Sources 1 and 2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M) — Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES—Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)

88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)

61. New plant and equipment expenditures by business
in current dollars (Q).—Source 1
(24,67)

89. Gross private residential fixed investment in 1982
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- Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
65. Manufacturers' inventories, finished goods (EOM) .—
Source 2
(27,68)
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
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 1982 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 1982 dollars (EOM).-Sources 1 and 2
(27,68)
71. Manufacturing and trade inventories in current
dollars (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)
73. Index of industrial production, durable manufactures (M).—Source 4
(20,63)
74. Index of industrial production, nondurable manufactures (M)-Source 4
(20,63)
75. Index of industrial production, consumer goods
(22,65)
(M).—Source 4
76. Index of industrial production, business equipment
(M).—Source 4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order (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 1982
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

(31,71)

86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)




Free reserves (M).—Source 4

(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)
96. Manufacturers' unfilled orders, durable goods industries (EOM).—Source 2
(21,64)

l - 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)

97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board
(24,66)

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)

98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)

99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)

964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)

100. New plant and equipment expenditures by business
in 1982 dollars (Q).-Source 1
(24,67)
101-

Commercial and industrial loans outstanding in 1982
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

(31,71)

104. Change in total liquid assets (M).—Sources 1 and
4
(31,71)
105. Money supply Ml in 1982 dollars (M).—Sources 1
and 4
(31,71)
106. Money supply M2 in 1982 dollars (M).—Sources 1
and 4
(13,31,71)
107. Ratio, gross national product to money supply Ml
(Q).—Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M) —
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
m 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)
112. Net change in business loans (M).—Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)
113. Net change in consumer installment credit (M).—
Source 4
(32,72)
114. Discount rate on new issues of 91-day Treasury
bills (M).—Source 4
(34,72)
U 5

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)
218 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

(34,72)

965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
40-82 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).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
973. Diffusion index of net sales, manufacturing and
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)
978. Diffusion index of selling prices, retail trade—about
400 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)
ll-A. National Income and Product
30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).—Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—
Source 1
(40,80)
213. Final sales in 1982 dollars (Q).-Source 1

243. Gross private domestic fixed investment in 1982
dollars (Q).-Source 1
(42,81)
245
Change in business inventories in current dollars
(Q) .-Source 1
(42,81)
247

248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars
(Q).-Source 1

(44,82)

251. Net exports of goods and services as a percent of
gross national product (Q).—Source 1
(47,83)
252 Exports of goods and services in current dollars
(Q).—Source 1
(44,82)
253 Imports of goods and services in current dollars
(Q).—Source 1
(44,82)
255 Net exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
256 Exports of goods and services in 1982 dollars
(Q).—Source 1

(40,80)

2 57.

217. Per capita gross national product in 1982 dollars
(Q).—Sources 1 and 2
(40,80)

2 60.

220. National income in current dollars (Q).—Source
1
(45,82)

Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

(44,82)

Imports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
290. Gross saving (Q).-Source 1

(46,82)

292. Personal saving (Q).-Source 1

(46,82)

293. Personal saving rate (Q).-Source 1

(46,83)

295. Business saving (Q).-Source 1

(46,82)

298. Government surplus or deficit (Q).—Source 1
(46,83)
ll-B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).—Source 1
(48,84)
311. Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).—Source 3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source 3
(49,84)
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).—Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Producer price index, capital equipment (M).—
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)

227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2
(40,80)

261. Government purchases of goods and services in
1982 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in current dollars (Q).—Source 1
(43,81)
2 63. Federal Government purchases of goods and services in 1982 dollars (Q).—Source 1
(43,81)
2 65. Federal Government purchases of goods and services as a percent of gross national product (Q).—
Source 1
(47,83)

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 1982 dollars
(Q).—Source 1
(41,80)

267. State and local government purchases of goods and
services in 1982 dollars (Q).—Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1
(41,80)

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)

223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).—Source 1
(41,80)
235. Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)
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 1982 dollars, nondurable goods (Q).—Source 1
(41,81)
239. Personal consumption expenditures in 1982 dol(41,81)
lars, services (Q).—Source 1
240. Gross private domestic investment in current dollars (Q).—Source 1
(42,81)
241. Gross private domestic investment in 1982 dollars
(Q).—Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)

116



^

Compensation of employees (Q).—Source 1

(45,82)

282 Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
1
(45,82)
283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
286

2 87

335. Producer price index, industrial commodities
(M).-Source 3
(48,85)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)

348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).—Source 3 (50,88)
358. Index of output per hour, all persons, nonfarm business sector (Q).—Source 3
(49,88)
370. Index of output per hour, all persons, business
sector (Q).-Source 3
(49,88)
ll-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3
(18,51,62,89)

Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

441. Civilian labor force (M).—Source 3

(51,89)

442. Civilian employment (M).—Source 3

(51,89)

Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).—Source 1
(47,83)

444. Number unemployed, males 20 years and over
(M).—Source 3
(51,89)

288. Net interest (Q).-Source 1

(45,82)

445. Number unemployed, females 20 years and over
(M).—Source 3
(51,89)

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 hire 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
(M) .-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—
Statistics Canada (Ottawa)
(58,94)

500. Federal Government surplus or deficit (Q).—Source
1
(52,90)

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)

501. Federal Government receipts (Q).—Source 1
(52,90)

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)

ll-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)

ll-D. Government Activities

512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(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
(53,90)
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 t|ie Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Source 1
(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
(Q).—Source 1
(57,93)

557. Index of industrial production, defense and space
equipment (M).—Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1
(57,93)

559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(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)




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)
ll-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)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(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
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(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).—Toronto Stock
Exchange (Toronto)
(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)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102