Full text of Business Conditions Digest : September 1982
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ITIONS U.S. DEPARTMENT OF COMMERCE Malcolm Baldrige, Secretary Robert G. Dederick, Under Secretary for Economic Affairs BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H. Young, Deputy Director Charles A. Waite, Associate Director for National Analysis and Projections Feliks Tamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication are— Barry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Morton Somer—Seasonal adjustments Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541) The cooperation of government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee consisting of the following persons: Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of Commerce John H. Auten, U.S. Department of the Treasury Norman Frumkin, Office of Management and Budget Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor J. Cortland Peret, Board of Governors of the Federal Reserve System Adrian W. Throop, Council of Economic Advisers Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce ABOUT THIS REPORT BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic time series found most useful by business analysts and forecasters. The original BCD, which began publication in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions and prospects. The report's contents were based largely on the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to business conditions analysis. Principal additions to the report were series from the national income and product accounts and series based on surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's present title was adopted. The dominant feature of the current BCD is the cyclical indicators section, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at all turns. This section is supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which begins on page 1. 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: $55.00 domestic, $68.75 foreign. Single copy price: $5.50 domestic, $6.90 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 Economic Measures provide additional information for the evaluation of current business conditions and prospects. They include selected components of the national income and product accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with major foreign countries. BUSINESS CONDITIONS DIGEST IICII New Features and Changes for This Issue METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures How To Read Charts How To Locate a Series Summary of Recent Data and Current Changes 1 1 1 1 4 5 5 6 SEPTEMBER 1982 Data Through August Volume 22, Number 9 PART L CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS A3! [ A4J Chart Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Table 10 12 14 15 60 — — — 16 19 21 23 26 28 31 61 63 64 65 68 69 71 36 — 39 74 77 — CYCLICAL INDICATORS BY ECONOMIC PROCESS Bl I BjLj B3_j B4J B51 , |6J [J37_ j Employment and Unemployment Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit DIFFUSION INDEXES AND RATES OF CHANGE fCT] JJC2 | [_CTJ Diffusion Indexes Selected Diffusion Index Components Rates of Change The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through April 1, 1985. BCII PART II. OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Al A2 A3 A4 A5 A6 A7__ ^A8j rm Bl B2 I 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 . Table 40 41 42 43 44 45 46 47 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 95 PRICES, WAGES, AND PRODUCTIVITY Price Movements Wages and Productivity Df LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT | Cl | Civilian Labor Force and Major Components JEM GOVERNMENT ACTIVITIES I PI I I D2 I Receipts and Expenditures Defense Indicators U.S. INTERNATIONAL TRANSACTIONS Ell E2 I Merchandise Trade Goods and Services Movements Fl I F2 I F3.J Industrial Production Consumer Prices Stock Prices INTERNATIONAL COMPARISONS PART III. APPENDIXES A. MCD and Related Measures of Variability (January 1981 issue) QCD and Related Measures of Variability (January 1981 issue] B. Current Adjustment Factors (July 1982 issue) C. Historical Data for Selected Series D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide") E. Business Cycle Expansions and Contractions (July 1982 issue) F. Specific Peak and Trough Dates for Selected Indicators (June 1982 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 97 105 110 114 Readers are invited to submit comments and suggestions concerning this publication. Address them to Feliks Tamm, Chief, Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230 NEW FEATURES AND CHANGES FOR THIS ISSUE A limited number of changes are madf from time to time to in- Changes in this issue are as follows: corporate recent find- 1. The series on sales of retail stores in 1972 dollars (series 59) has been revised for the period 1959 to date to reflect the recent revision of the implicit price deflator. On the basis of this revision, series 57 (manufacturing and trade sales in 1972 dollars) and series 77 (ratio of constant-dollar inventories to sales, manufacturing and trade) have been revised over the same period. Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Wealth Division and Statistical Indicators Division. 2. Series 110 (total funds raised by private nonfinancial borrowers in credit markets) has been revised for the period 1977 to date. This revision reflects the source agency's annual updating of these statistics. Ings of economic research, newly available time series, and revisions made by source agencies in concept, composition, comparability, coverage, seasonal adjustment methods, benchmark data, etfc. Changes may result In revision^ of data, additions of deletions of series, changes in placement of series in relation to other series, changes Further information concerning this revision may be obtained from the Board of Governors of the Federal Reserve System, Division of Research and Statistics, Flow of Funds Section. 3. Series 33 (net change in mortgage debt held by financial institutions and life insurance companies) has been revised for the period 1981 to date. This revision reflects the annual updating of data on mortgages held by life insurance companies. Further information concerning this revision may be obtained from the American Council of Life Insurance, 1850 K Street, N.W., Washington, D.C. 20006. 4. Appendix C contains historical data for series 16, 18, 22, 25, 31, 38, 51-53, 55, 62, 65, 68-71, 78-81, 86-89, 223, 500-502, and 510-512. 5. Appendix G contains recession comparisons for series 45, 48, 57, 77, 92, 106, 108, and 914. The October issue of BUSINESS CONDITIONS DIGEST is scheduled for release on November 2. II! In composltfon of etc. SIX BEA PROJECTS FOR ECONOMIC ANALYSIS BUSINESS CONDITIONS DIGEST A monthly report for analyzing economic fluctuations over a short span of years. This report brings together many of the economic time series most useful to business analysts and forecasters. In the cyclical indicators section, each of about 110 business cycle indicators is assigned a three-way timing classification according to its cyclical behavior at peaks, troughs, and all turns. This section also includes important analytical measures, such as composite indexes of leading, coincident, and lagging indicators and selected diffusion indexes. A second section contains other important economic data on prices, wages, productivity, government and defense-related activities, U.S. international transactions, and international comparisons. About 300 time series are shown in analytical graphs that help to evaluate business conditions and prospects. Current data are shown in accompanying tables. Appendixes provide historical data, seasonal adjustment factors, measures of variability, cyclical comparisons, and other useful information. A computer tape containing data for most of the series is available for purchase. HANDBOOK OF CYCLICAL INDICATORS A reference volume containing valuable background information for users of Business Conditions Digest. This recurrent report provides descriptive and analytical information on the economic time series presented monthly in Business Conditions Digest. Included are series descriptions, historical data, and measures of variability. For the cyclical indicators and composite indexes, special tables show detailed scoring measures and average timing at cyclical peaks and troughs. Verbal and algebraic explanations of the composite index methodology are also provided. LONG TERM ECONOMIC GROWTH A report for the study of economic trends over a long span of years: 1860-1970. This report provides a comprehensive, long-range view of the U.S. economy by presenting relevant statistical time series in easy-to-follow analytical charts and convenient data tables. It is a basic research document for economists, historians, investors, teachers, and students, bringing together in one volume a complete statistical basis for the study of long-term economic trends. A computer tape file of the time series included in the report is available for purchase. COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS The source statements for FORTRAN IV programs used by BEA in its analysis of time series are available on a single computer tape. SEASONAL ADJUSTMENT PROGRAMS—Two variants of the Census computer program measure and analyze seasonal, trading-day, cyclical, and irregular fluctuations. They are particularly useful in analyzing economic fluctuations that take place within a year. The X-ll variant is used for adjusting monthly data and the X-11Q for quarterly data. These programs make additive as well as multiplicative adjustments and compute many summary and analytical measures. INDEX PROGRAM—This program computes composite and diffusion indexes and summary measures of the properties of each index. TIME SERIES PROCESSOR—This program, through simple commands, performs a variety of arithmetic, statistical, and manipulative operations on time series data. SURVEY OF CURRENT BUSINESS A monthly report for analyzing current economic developments. This report provides a useful combination of current data for nearly 2,000 statistical series and significant articles analyzing economic developments. These data and analyses include such areas as the national income and product accounts, the balance of payments accounts, plant and equipment expenditures, regional personal income, and the input-output accounts. For further information (including prices and ordering instructions) on any of these items, please write to the Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. BUSINESS STATISTICS A biennial reference volume containing statistical series reported currently in the Survey of Current Business. This report provides historical data back to 1947 for nearly 2,600 time series. The series are accompanied by concise descriptions as to their composition, methods of compilation, comparability, revisions, and availability. Also listed are the names and addresses of organizations that provide the basic data for the series. IV METHOD OF PRESENTATION This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series which have been found to conform well to broad fluctuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and rates of change. Part II, Other Important Economic Measures, covers over 140 series which are valuable to business analysts and forecasters but which do not conform well enough to business cycles to qualify as cyclical indicators. (There are a few exceptions: Four series which are included in part 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 1956, but those for the composite indexes and their components (part I, section A) begin with 1948, and a few charts use a two-panel format which covers only the period since 1971. 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 1977 Handbook of Cyclical Indicators. In addition to the charts and tables described above, each issue contains a summary table which shows the current behavior of many of the series. Appendixes present 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 periodic review by NBER and on occasion are changed as a result of revisions in important economic time series. The dates shown in this publication for the 1948-1970 time period are those determined by a 1974 review. Since then, NBER has designated turning points for the 1973-1975 recession and the 1980 recession. Part I. CYCLICAL INDICATORS Business cycles have been defined as sequences of expansion and contraction in various economic processes that show up as major fluctuations in aggregate economic activity-that is, in comprehensive measures of production, employment, income, and trade. While recurrent and pervasive, business cycles of historical experience have been definitely nonperiodic and have varied greatly in duration and intensity, reflecting changes in economic systems, conditions, policies, and outside disturbances. One of the techniques developed in business cycle research and widely used as a tool for analyzing current economic conditions and prospects is the cyclical indicators approach. This approach identifies certain economic time series as tending to lead, coincide with or lag behind the broad movements in aggregate economic activity. Such indicators have been selected and analyzed by NBER in a series of studies published between 1938 and 1967. During the 1972-75 period, a new comprehensive review of cyclical indicators was carried out by the Bureau of Economic Analysis (BEA) with the cooperation of the NBER research staff. The present format and content of part I of BCD are based on the results of that study. Section A. Composite Indexes and Their Components All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical adequacy, consistency of timing at business cycle peaks and troughs, conformity to business expansions and contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and November 1975 issues of BCD.) The resulting scores relate to cyclical behavior of the series during the period 1947-70. This analysis produced a new list of indicators classified by economic process and typical timing at business cycle peaks and troughs. (See tables on page 2 and text below relating to section B.) This information, particularly the scores relating to consistency of timing, served as a basis for the selection of series to be included in the composite indexes. The indexes incorporate the best-scoring series from many different economic-process groups and combine those with similar timing behavior, using their overall performance scores as weights. Because they use series of historically tested usefulness and given timing characteristics (for example, leading at both peaks and troughs), with diversified economic coverage and a minimum of duplication, composite indexes give more reliable signals over time than do any of the individual indicators. Furthermore, much of the 1 Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks x. Economic \Process EMPLOYMENT II. PRODUCTION AND CyclicalN. Timing N. UNEMPLOYMENT (18 series) AND Capacity utilization (2 series) LEADING (L) INDICATORS (62 series) Marginal employment adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 series) Comprehensive employment U series) Comprehensive output and real income {4 series) industrial production (4 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (18 series) TIMING UNCLASSIFIED (U) INCOME (10 series) Mi. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED AND New and unfilled orders and deliveries (6 series) Consumption (2 series) Formation of business enterprises (2 series) Business investment commitments (5 series) Residential construction (3 series) Inventory investment (4 series) inventories on hand and on order (1 series) Consumption and trade (4 series) Backlog of investment commitments {1 series) Business Investment expenditures (5 series) Duration of unemployment (2 series) Business investment expenditures (1 series) Comprehensive employment (3 series) V. INVENTORIES CAPITAL INVESTMENT (18 series) Trade (1 series) (8 series) INVENTORY INVESTMENT (9 series) VI. VM. MONEY AND CREDIT (26 series) Stock prices {1 series) Commodity prices (1 series) Profits and profit margins (7 series) Cash flows (2 series) Money flows (3 series) Real money supply {2 series) Credit flows (4 series) Credit difficulties (2 series) Sank reserves (2 serfes) I nterest rates (i series) PRICES, COSTS, AND PROFITS (17 series) Velocity of money (2 series) Interest rates (2 series) inventories on hand and on order (4 series) Business investment commitments (1 series) Unit labor costs and labor share (4 series) interest rates (4 series) Outstanding debt (3 series) Commodity prices {I series) Profit share (I series) Interest rates (I series) B. Timing at Business Cycle Troughs >v Economic \Process CyclicalV Timing N. LEADING (L) INDICATORS (47 series) 1. EMPLOYMENT III CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED CAPITAL INVESTMENT (18 series) AND Marginal employment adjustments (3 series) Industrial production (1 series) New and unfilled orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business investment commitments (4 series) Residential construction (3 series) Comprehensive output and real income (4 series) Industrial production (3 series) Capacity utilization (2 series) Consumption and trade (3 series) Business investment commitments (1 series) Unfilled orders (1 series) Business investment commitments (2 series) Business investment expenditures (6 series) UNEMPLOYMENT (18 series) Marginal employment adjustments ROUGHLY (2 series) COINCIDENT(C) Comprehensive INDICATORS employment (23 series) (4 series) LAGGING (Lg) INDICATORS (40 series) li. PRODUCTION AND Marginal employment adjustments (1 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive and duration of unemployment (5 series) TIMING UNCLASSIFIED (U) (1 series) INCOME (10 series) V. INVENTORIES AND INVENTORY INVESTMENT (9 series) Inventory investment (4 series) Inventories on hand and on order (5 series) VII. PRICES, COSTS, MONEY AND PROFITS AND CREDIT (17 series) (26 series) VI. Stock prices (I series) Commodity prices (2 series) Profits and profit margins (6 series) Cash flows (2 series) Money flows (2 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) Profits (2 series) Money flow (1 series) Velocity of money (1 series) Unit labor costs and labor share (4 series) Velocity of money U series) Bank reserves U series) Interest rates (8 series) Outstanding debt (3 series) Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The main composite indexes are distinguished by their cyclical timing. Thus, there is an index of leading indicators, series which historically reached their cyclical peaks and troughs earlier than the corresponding business cycle turns. There is an index of roughly coincident indicators, consisting of series which historically reached their turning points at about the same time as the general economy, and an index of lagging indicators, which includes series that typically reached their peaks and troughs later than the corresponding business cycle turns. The leading index contains series with long as well as short leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chance, given the historical distribution of cyclical timing. (An analogous statement applies to the components of the lagging index.) Since 1948, leads were generally more frequent and longer at peaks than at troughs of business cycles, while lags were generally more frequent and longer at troughs than at peaks. The adopted system of scoring and classifying the indicators takes into account these well-established differences in timing. Consequently, rough coincidences include short leads (-) and lags ( + ) as well as exact coincidences (0). (For monthly series, the range is from -3 through +1 at peaks and from -1 through +3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 1977 Handbook of Cyclical Indicators.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags (+) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. "L" denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency to lag. Since these series have been selected for the consistency of their timing at both peaks and troughs, all components of the leading index are denoted "L,L,L," all components of the coincident index "C,C,C," and all components of the lagging index "Lg,Lg,Lg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 1948-70 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the post-1970 period can be determined by inspection of the charts, where the 1973-1975 recession and the 1980 recession are shaded according to the dates of the NBER reference cycle chronology. August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1977 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and Section B. Cyclical Indicators by Economic Process expectations for several operating variables are presented, along with the corresponding indexes This section covers 111 individual time series, based on actual data, as the last set of diffusion including the 22 indicators used in the series. This section also records rates of change for the construction of the composite indexes. The peak and trough timing classifications are shown on the three composite indexes (leading, coincident, and charts in the same manner as described above, but lagging) and for four indicators of aggregate this section includes series with different timing at economic activity: GNP in constant dollars peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for are labeled U, i.e., unclassified as to timing at 1-quarter spans. Although movements in diffusion indexes and in turning points of the given type. Eight series are unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures different timing at peaks and at troughs). No series present information about two related but distinct that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes measure the prevailing direction or scope of is included in the list of cyclical indicators. The classification scheme which groups the change, while rates of change measure the degree indicators of this section by economic process and as well as the overall direction. As is the case for cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead business cycle peaks (November '48, July '53, at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U.S. economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S. international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government receipts, expenditures, and defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEA, summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product, final sales, and personal and disposable personal income. The four major components of the gross national p r o d u c t — p e r s o n a l consumption expenditures, gross private domestic investment, government purchases of goods and services, and net exports of goods and services-are presented in sections A2 through A5. Most of the series in section A are presented in current as well as constant dollars. There are also a few per capita series. The national income and product accounts, briefly defined below, are described more fully in the Survey of Current Business, Part I, January 1976. Gross national product (GNP) is the market value of final goods and services produced by the labor and property supplied by residents of the United States, before deduction of allowances for the consumption of fixed capital goods. It is the most comprehensive measure of aggregate economic output. Final sales is GNP less change in business inventories. Personal income is the income received by persons (individuals, owners of unincorporated businesses, nonprofit institutions, private trust funds, and private noninsured welfare funds) from all sources. It is the sum of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, dividends, personal interest income, and transfer payments, less personal contributions for social insurance. Disposable personal income is the personal income available for spending or saving. It consists of personal income less personal taxes and nontax payments to government. Personal consumption expenditures (A2) is goods and services purchased by individuals, operating expenses of nonprofit institutions, and the value of food, fuel, clothing, rent of dwellings, and financial services received in kind by individuals. Net purchases of used goods are also included. 4 Gross private domestic investment (A3) is fixed capital goods purchased by private business and nonprofit institutions and the value of the change in the physical volume of inventories held by private business. The former include all private purchases of dwellings, whether purchased for tenant or owner occupancy. Net purchases of used goods are also included. Government purchases of goods and services (A4) is the compensation of government employees and purchases from business and from abroad. It excludes transfer payments, interest paid by government, and subsidies. It includes gross investment by government enterprises but excludes their current outlays. It includes net purchases of used goods and excludes sales and purchases of land and financial assets. Net exports of goods and services (A5) is exports less imports of goods and services. Exports are part of the national production; imports are not, but are included in the components of GNP and are therefore deducted. More detail on U.S. international transactions is provided in section E. National income (A6) is the incomes that originate in the production of goods and services attributable to labor and property supplied by residents of the United States. Thus, it measures the factor costs of the goods and services produced. It consists of the compensation of employees, proprietors' income, rental income of persons, corporate profits, and net interest. Saving (A7) is the difference between income and expenditures during an accounting period. Total gross saving includes personal saving, business saving (mainly undistributed corporate profits and capital consumption allowances), and government surplus or deficit. Shares of GNP and national income (AS).-The major e x p e n d i t u r e c o m p o n e n t s of GNP (consumption, investment, etc.) are expressed as percentages of GNP, and the major income components of national income (compensation of employees, corporate profits, etc.) are expressed as percentages of national income. Section B. Prices, Wages, and Productivity The important data on price movements include the monthly consumer and producer price indexes and their major components. Based largely on these series are the quarterly price indexes from the national income and product accounts, notably the GNP implicit price deflator (with weights reflecting the changing proportions of different expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are presented for the period since 1971. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. Section C. Labor Force, Employment, and Unemployment This section contains measures of the civilian labor force and its major components: Total numbers of employed and unemployed persons. The number of unemployed is subdivided into selected categories defined by sex, age, and class of worker. Also included are data on participation rates for a few principal segments of the labor force. Section D. Government Activities Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels: (1) Federal Government and (2) State and local government. Also shown is a selection of series from the discontinued Defense Indicators. These series measure defense activities which influence short-term changes in the national economy. Included are series relating to obligations, contracts, orders, production, shipments, inventories, outlays, and employment. These series are grouped according to the time at which the activities they measure occur in the defense order-production-delivery process. Series measuring activities which usually precede production, such as contract awards and new orders, are classified as "advance measures of defense activity." Series measuring activities which tend to coincide with production, such as employment, and activities which usually follow production, such as shipments, are classified as "intermediate and final measures of defense activity." Section E. U.S. International Transactions This group includes monthly series on exports (excluding military aid) and general imports, plus a few selected components of these aggregates. Also shown are the balances between receipts and expenditures for goods and services, merchandise, and investment income. Section F. International Comparisons This section is designed to facilitate a quick review of basic economic conditions in six of the nations with which we have important trade relationships. The U.S. business cycle shading has been omitted from these charts. Data on industrial production, consumer prices, and stock prices for Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European countries in the Organization for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the economies covered. Changes in consumer price indexes (plotted for the period since 1971) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1971) tend to be significant as leading indicators. HOW TO READ CHARTS Peak (P) of cycle indicates end of expansion and beginning of recession (shaded area) as designated by NBER. Basic Data Arabic number indicates latest month for which data are plotted. ("9" = September) Solid line indicates monthly data. (Data may be actual monthly figures or moving averages.) Dotted line indicates anticipated data. Broken line indicates actual monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ("IV" = fourth quarter) Solid line with plotting points indicates quarterly data. Parallel lines indicates a break in continuity (data not available, extreme value, etc.). Diffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. Broken line indicates monthly data over 1-month spans. Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L-l" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Arabic number indicates latest month for which data are used in computing the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Roman number indicates latest quarter for which data are used in computing the indexes. Solid line with plotting points indicates quarterly data over various spans. Diffusion indexes and rates of change are centered within the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Dotted line indicates anticipated quarterly data over various spans. Rates of Change Solid line indicates percent changes over 3- or 6-month spans. Arabic number indicates latest month used in computing the changes. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3-or 4-quarter spans. Roman number indicates latest quarter used in computing the changes. HOW TO LOCATE A SERIES 1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at the back of the report where series are arranged alphabetically according to subject matter and key words and phrases of the series titles, or- 2. See TITLES AND SOURCES OF SERIES at the back of the report where series are listed numerically according to series numbers within each of the report's sections. Basic data 1 Series title Timing classification3 Unit of measure Percent change June to July Average 1980 4th Q IstQ 2dQ June July 1981 1982 1982 1982 1982 Aug. 1982 1981 July to Aug. 1982 1982 4th Q to IstQ 1st Q to 2dQ 1982 1982 Series number 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators I. CYCLICAL INDICATORS A. Composite Indexes 910. Twelve leading indicators 920 Four coincident indicators 930 Six lagging indicators Lg,Lg,Lg 1967=100 .. .....do. ... do. ... L,L,L L,L,L L,L,L L,L,L L.L.L do. do. do. do. do. Marginal Employment Adjustments: *1. Average workweek, prod, workers, mfg 21. Avg. weekly overtime, prod, workers, mfg.2 .. 2. Accession rate, per 100 employees, mfg.2 . . . . *5. Avg. weekly initial claims (inverted4) 3. Layoff rate, per 100 employ., mfg. (inv.4)2 . . 4. Quit rate, per 100 employees, mfg.2 L,L,L L,C,L L.L.L L,C,L L,L,L L,Lg,U Job Vacancies: 60. Ratio, help-wanted advertising to persons unemployed2 46. Help-wanted advertising L,Lg,U L.Lg.U Leading Indicator Subgroups: 913. Marginal employment adjustments 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917. Money and financial flows L.L.L c,c,c ... ... . .. ... ... 131.2 140.3 176.8 133.1 141.3 187.8 127.9 138.3 185.4 125.3 134.9 183.3 NA 127.5 134.0 184.1 NA 92.9 93.0 90.0 107.2 101.0 103.1 102.3 99.3 98.8 99.6 99.6 96.5 97.1 128.3 133.2 183.6 129.8 132.8 182.5 128.6 132.0 172.1 NA NA 100.2 98.4 99.2 NA 98.3 99.1 98.4 90.8 93.4 92.1 89.0 135.6 137.9 134.7 136.6 NA 140.4 NA 140.2 NA 140.0 NA 142.8 Hours do. . . . Percent Thousands. . Percent do. ... 39.7 39.8 39.3 38.7 39.1 39.2 39.3 39.0 2.8 3.5 480 1.7 1.5 2.8 3.2 446 1.6 1.3 2.5 2.9 536 2.2 1.1 2.3 NA 548 NA NA 2.4 NA 567 NA NA 2.4 NA 551 NA NA 2.4 NA 515 Ratio 1967=100... 0.508 129 0.429 119 0.360 110 0.316 102 0.247 87 0.243 85 0.229 83 169.05 167.50 9 6 , 7 2 3 96,177 9 0 , 9 5 4 90,408 25,159 24,588 167.25 96,356 90,029 24, 179 166.52 96,406 89,839 23,994 166.54 96,272 89,662 23,880 166.12 96,404 89,451 23,730 57.26 57.22 57.14 57.15 1.2 -0.9 -0.6 -2.5 -0.6 -5.7 -1.1 NA 1.0 0.8 NA -0.1 NA 910 920 930 NA 0.8 0.6 NA 2.8 913 914 915 916 917 -0.7 NA -1.8 -0.5 -0.7 -3.1 NA 2.0 0.4 1.8 -2.0 -0.3 -3.4 1.4 B. Cyclical Indicators by Economic Process B1. Employment and Unemployment Comprehensive Employment: 48. Employee hours in nonagri. establishments . . . 42 Persons engaged in nonagri activities U,C,C *41 Employees on nonagri payrolls C,C,C 40. Employees in mfg., mining, construction . . . . L,C,U 90. Ratio, civilian employment to total population o f working age2 . . . . U,Lg,U u,c,c Comprehensive Unemployment: 37. Total unemployed (inverted4) L,Lg,U 43. Unemployment rate, total (inverted4)2 L,Lg,U 45. Avg. weekly insured unemploy-rate (inv.4)2 . . L,Lg,U *91. Avg. duration of unemployment (inverted 4 ) . . Lg.Lg.Lg 44. Unemploy. rate, 1 5 weeks and over (inv.4)2 . . Lg,Lg,lg A.r., bil.hrs.. Thousands. . do. . . . do. ... 169.48 169.99 95,938 97,030 90,406 91,105 25,658 25,481 Percent 58.47 58.28 57.78 57.33 Thousands . . Percent do. ... Weeks Percent 7,637 7.1 3.9 8,273 7.6 3.4 9,113 8.4 3.8 9 , 5 7 6 10,428 10,427 8.8 9.5 9.5 4.1 4.6 4.7 11.9 13.7 13.2 1.7 2.1 2.2 13.8 2.5 15.1 3.0 16.5 NA NA 2.4 NA 597 NA NA -0.8 -1.5 0. NA -15.9 NA NA -0.2 0.215 -0.014 -0.014 78 -2.4 -6.0 10,790 10,805 9.8 9.8 4.5 4.6 15.6 0.3 0. NA 6.5 NA NA 16.2 NA -2.2 1.0 0.1 NA -3.5 NA NA NA NA -0.044 -0.069 -14.7 -7.3 1 21 2 5 3 4 60 46 -0.2 -0.2 -0.6 -0.4 -0.5 -0.6 -2.3 -1.7 48 42 41 40 -0.08 0.01 -0.45 -0.07 90 -3.5 -0.1 -5.1 -8.9 -0.3 0. -0.4 -0.7 37 43 45 91 44 0. -0.1 -0.3 0.1 0.2 5.5 0.1 -0.1 0.3 -0.1 3.3 3.2 3.3 1474.0 1502.6 1490.1 1470.7 1478.4 1205.7 1242.0 1249.0 1241.6 1251.7 1248.8 1039.9 1069.1 1073.4 1066.3 1072.7 1070.3 1253.0 1069.5 1252.3 1069.0 -0.1 -0.6 -0.9 -0.6 -0.3 -0.1 0.2 -0.5 -3.8 -4.5 -9.4 -0.1 -0.3 -0.5 B2. Production and Income Comprehensive Output and Income: 50. GNP in 1972 dollars 52 Personal income in 1972 dollars *51. Pers. income less transfer pay., 1972 dollars .. 53. Wages and salaries in mining, mfg., and construction 1972 dollars C,C,C C,C,C C,C,C A.r.,fail.dol. do. ... do. . . . CC,C do 232.6 230.2 225.7 222.4 219.6 217.5 216.2 214.5 1967=100... do. ... do. . . . A.r.,bil. dol. 147.0 136.7 161.2 667.9 151.0 140.5 164.8 689.5 146.3 134.5 160.2 678.0 141 .8 128.2 156.7 661.8 139.3 126.1 155.4 663.2 138.5 125.5 155.0 138.7 125.9 155.3 138.0 124.5 155.4 Percent do. ... do. ... 74.8 71.6 80.0 Industrial Production: *47 Industrial production total 73. Industrial production, durable mfrs 74. Industrial production, nondurable mfrs 49 Value of ooods output 1972 dollars C,C,C C,L,L C CC Capacity Utilization: 82. Capacity utilization rate, mfg., FRB 2 83 Capacity utilization rate mfg BEA 2 84. Capacity utilization rate, materials, FRB2 L,C,U c,c,c L,C,U 79.1 78 78.4 76 79.9 72 75.2 72 72.0 -1.3 0.1 0.3 0.2 -0.6 0. -0.7 -0.8 -0.5 -1.1 0.1 -1.5 70.3 53 47 73 74 49 -3.1 -1 .8 -4.7 -1.6 -0.8 -3.2 71 0.2 -1.3 0 50 52 51 -1.3 -2.2 -2.4 69.6 0.5 0.8 0.6 -1 -3.2 -2.4 -1.3 -1.6 -1.2 -4.1 -6.5 -2.7 82 83 84 B3. Consumption, Trade, Orders, and Deliveries Orders and Deliveries: 6. New orders, durable goods 7. New orders, durable goods, 1972 dollars *8. New orders, cons, goods and mtls., 1972 dol. . 25 Chg in unfilled orders durable goods2 96. Mfrs.' unfilled orders, durable goods5 *32. Vendor performance2 <§) L,L,L L,L,L L,L,L L,L,L L,Lg,U L,L,L Consumption and Trade: 56 Manufacturing and trade sales *57. Manufacturing and trade sales, 1972 dollars . . C,L,C 75. Industrial production, consumer goods C,L,U 54 Sales of retail stores U,L,U 59. Sales of retail stores, 1972 dollars L,C,C 55. Personal consumption expend., autos L,L,L 58. Index of consumer sentiment © c.c.c c,c,c 79.07 38.18 33.32 dol do. ... do. . . . do. . . . Bil. dol., EOP Percent 83.24 77.40 76.41 75.48 74.55 76.45 73.42 37.41 33.96 33.40 32.80 32.24 33.02 31.68 33.12 30.25 29.44 29.92 30.69 30.06 28.68 1.51 -0.14 -2.82 -0.81 -3.03 -4.33 -2.59 -3.41 310.05 3 0 8 . 3 7 3 0 8 . 3 7 3 0 5 . 9 5 2 9 6 . 8 7 2 9 6 . 8 7 2 9 4 . 2 7 290.86 40 45 33 34 33 38 37 40 dol do. . . . 1967=100... Mil. dol do. . . . A.r., bil.dol. 101966=100 321.01 155.13 145.4 79,325 44,158 1967=100... Number. . . . 121.1 113.4 107.3 NA 44,293 48,465 48,305 45,821 Bil. Bil. 350.52 156.79 147.9 86,566 44,910 344.21 152.17 144.2 86,573 44,080 339.49 344.74 3 4 5 . 5 6 345.41 NA 150.16 152.61 1 5 2 . 3 7 1 5 2 . 3 4 NA 141.0 143.4 144.6 145.7 144.0 8 6 , 6 6 0 8 9 , 0 5 9 8 8 , 0 4 2 89,089 8 8 , 2 9 2 4 3 , 7 7 6 4 4 , 7 8 6 4 3 , 9 5 5 4 4 , 3 0 1 43,817 60.6 67.2 62.8 68.0 67.8 64.4 70.7 65.7 66.5 66.2 65.7 65.4 65.4 2.5 2.4 2.1 -4.0 -1.8 1.74 -0.82 2.01 1.6 -2.22 -0.9 -1.2 -0.8 -3.0 -1 3 0. 0. 0.8 1.2 0.8 NA NA -0.5 -1.2 -0.9 -1.1 0. 1 -1.4 -1.3 -2.2 0.1 -0.7 8.3 1.2 -1 1.5 1.6 1.7 2.8 2.3 -0.3 -0.5 6 7 8 25 96 32 56 57 75 54 59 55 58 B4. Fixed Capital Investment Formation of Business Enterprises: *1 2 Net business formation 13. New business incorporations L,L,L LL.L NA NA NA NA NA NA NA NA NA NA NA NA NA -5.1 NA NA 12 13 Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued Basic data 1 Series title Timing classification3 Unit of measure Average 1980 1981 4th Q 1981 IstQ 1982 2dQ 1982 Percent change June 1982 July 1982 June to July 1982 Aug. 1982 July to Aug. 1982 | 4th 0 to IstQ 1982 1st Q to 2d Q 1982 0.6 -4.8 -5.8 10 0.6 -4.2 -8.0 -5.2 -4.5 -4.9 20 24 S 1. CYCLICAL INDICATORS-Con. B4. Fixed Capital Investment— Con. Business Investment Commitments: 1 0. Contracts and orders, plant and equipment . , . *20. Contr. and orders, plant and equip., 1972 dol 24. New orders, cap. goods indus., nondefense . . . 27. New orders, capital goods industries, nondefense, 1972 dollars 9. Construction contracts, commercial and industrial buildings, floor space 11. New capital appropriations, mfg 97. Backlog of capital appropriations, mfg.5 Business Investment Expenditures: 61. Business expend., new plant and equipment .. 69. Machinery and equipment sales and business construction expenditures 76. Industrial production, business equip 86. Nonresid. fixed investment, total, 1972 do!. .. Residential Construction Commitments and Investment: 28. New private housing units started, total *29. New building permits, private housing 89. Fixed investment, residential, 1972 dol L,L,L Bil. dol 26.57 27.92 26.92 25.63 24.14 23.78 22.97 23.10 -3.4 13.83 23.01 12.73 21.82 12.16 20.74 11.24 19.28 10.79 20.32 10.85 19.46 -4.0 5.4 L,L,L L,L,L do. . . . do. .. . 14.33 23.45 14.06 24.04 L,L,L do. ... 12.90 12.39 12.15 11.12 10.72 L,C,U Mil. sq.ft. .. U,Lg,U Bil. dol C,Lg,Lg Bil. dol., EOP 77.81 25.90 90.73 77.72 26.42 92.74 71.89 22.99 92.74 61.52 25.77 91.11 59.01 20.04 82.96 C,Lg,Lg A.r., bil. dol. 2 9 5 . 6 3 321.49 3 2 7 . 8 3 3 2 7 . 7 2 3 2 3 . 2 2 do. . . . C,Lg,Lg C,Lg,U 1967=100... C,Lg,C A.r., bil. dol. 317.92 3 4 8 . 5 9 354.91 3 3 8 . 7 9 173.2 181.1 179.5 170.9 166.1 172.0 174.2 172.0 9.35 9.68 68.02 56.41 330.81 331.34 160.4 156.4 166.7 L,L,L L,L,L L,L,L A.r., thous. . 1967=100... A.r., bil. dol. 1,292 96.7 47.2 1,087 80.0 44.9 865 61.3 39.9 920 65.9 38.9 952 74.1 40.1 L,L,L do. . . . -5.0 9.0 4.8 -15.4 -4.4 L,L,L L,L,L L,L,L do. ... . . . ..do. .. . Bil. dol -9.10 38.4 0.77 3.42 37.5 0.10 Lg,Lg,Lg Lg,Lg,Lg Bil. dol., EOP do. . . . do. . . . 908 75.0 9.33 61.12 3.5 -17.1 -3.6 8.3 -3.6 27 -14.4 12 . 1 -1.8 -4.1 -22.2 -8.9 9 11 97 0. -1.4 61 -8.5 323.79 153 .6 NA 151 .4 -2.3 -1.8 NA -1.4 -4.5 -4.8 -1.3 -2.4 -6.1 -3.1 69 76 86 1,195 85.8 1,002 71.7 31.6 14.4 -16.2 -16.4 6.4 7.5 -2.5 3.5 12.4 3.1 28 29 89 11.0 30 B5. Inventories and Inventory Investment Inventory Investment: 30. Chg. in business inventories, 1972 dol.2 *36. Change in inventories on hand and on order, 1972 dollars (smoothed 6 ) 2 31. Chg. in book value, mfg. and trade invent.2 .. 38. Chg. in mtl. stocks on hand and on order 2 . . . Inventories on Hand and on Order: 71. Mfg. and trade inventories, total 5 *70. Mfg. and trade invent., total, 1972 dol. 5 65. Mf rs.' inventories of finished goods5 77. Ratio, inventories to sales, mfg. and trade, constant dollars 2 78. Materials and supplies, stocks on hand and on order 5 Lg,Lg,Lg Lg,Lg,Lg Ratio Ug,Lg Bil. dol., EOP -20.2 3.16 -20.19 -15.67 -14.40 -12.93 18.6 -29.0 0. 28.8 8.2 -1.73 -2.57 -2.68 -4.04 -0.80 NA NA NA 1.47 -20.6 3.24 NA NA NA -23.35 -47.6 -0.84 4.52 29.0 -0.11 36 31 38 4 8 2 . 5 7 5 2 0 . 0 2 5 2 0 . 0 2 5 1 2 . 7 7 5 1 2 . 7 5 5 1 2 . 7 5 513.44 2 6 2 . 7 8 2 6 9 . 8 5 2 6 9 . 8 5 2 6 5 . 9 8 265.18 265.18 2 6 5 . 5 7 79.99 87.66 88.49 87.66 85.90 85.90 86.61 NA NA NA 0.1 0.1 0.8 NA NA NA -1.4 -1.4 0.9 0. -0.3 -2.9 71 70 65 NA 0. NA 0. -0.04 77 NA -0.4 NA -3.5 -3.7 78 0.86 236.2 0.74 2.1 -0.10 -0.3 -0.65 -4.1 0.09 -6.9 92 23 118.78 128.04 122.17 114.21 114.12 109.70 109.38 109.65 -0.3 0.2 -6.5 -0.1 19 1.70 1.70 221.89 2 2 3 . 1 3 1.78 1.78 1.74 1 .74 1.74 223.13 215.42 207.39 207.39 206.59 B6. Prices, Costs, and Profits Sensitive Commodity Prices: *92. Chg. in sensitive prices (smoothed 6 ) 2 23. Spot market prices, raw industrials @ L,L,L U,L,L Percent 1967=100... Stock Prices: *19. Stock prices, 500 common stocks® L,L,L 1941-43=10. Profits 16. 18. 79. 80 15. 26. L,L,L L,L,L L,C,L L,C,L L,L,L L,L,L A.r., bil. dol. .....do. ... do. . . . do. . . . Cents 1977=100... 157.8 86.1 97.0 53.3 4.8 96.5 150.9 76.2 109.4 55.5 4.8 98.0 144.9 71.2 112.3 55.5 4.3 97.7 115.0 56.3 100.4 49.2 4.0 96.7 116.3 56.2 100.1 48.5 3.6 96.4 -20.6 -20.9 -10.6 -11,4 -0.3 -1.0 1.1 -0.2 -0.3 -1.4 -0.4 -0.3 16 18 79 80 15 26 L,L,L L,L,L A.r., bil. do!. do. . . . 263.1 139.8 275.2 134.7 277.5 131.8 254.9 120.6 263.5 123.3 -8.1 -8.5 3.4 2.2 34 35 Lg,Lg,Lg 1977 = 100... 132.9 143.1 147.9 150.9 153.0 2 .0 1.4 63 Lg,Lg,Lg Dollars Lg,Lg,Lg 1967=100... 1.211 196.6 1.305 210.3 1.349 219.7 1.376 226.6 1.388 230.1 2.0 3.1 0.9 1.5 68 62 75.5 75.1 75.4 76.4 76.3 1.0 -0.1 64 -0.18 -0.06 -0.06 1.8 1.7 -0.33 -0.01 0.12 -0.3 1.2 85 102 104 105 106 -0.192 0.055 - 0 . 0 2 4 -0.009 107 108 - 2 . 6 4 -13.27 21.27 7.22 -0.24 9.66 9.0 12 .2 33 112 113 110 and Profit Margins: Corporate profits after taxes Corp. prof its after taxes, 1972 dollars ... Corp. profits after taxes with IVA and CCAdj . . . do ... .in 1972 dol. .. Profits (after taxes) per dol. of sales, mfg.2 . . . Ratio, price to unit labor cost, nonfarm bus Cash Flows: 34. Net cash flow, corporate 35. Net cash flow, corporate, 1972 dollars Unit Labor Costs and Labor Share: 63. Unit labor cost, private business sector 68. Labor cost (cur. dol.) per unit of gross domestic product (1972), nonfin. corp *62. Labor cost per unit of output, mfg 64. Compensation of employees as percent of Percent 1.49 298.0 1.27 283.4 -0.24 270.6 -0.89 259.6 -0.80 241.7 0.22 232.2 231.5 0.96 237.0 231.0 231.2 -0.2 0.1 B7. Money and Credit Money: 85 Change in money supply (M1) 2 102. Change in money supply (M2) 2 *104. Chg. in total liquid assets (smoothed6)2 105. Money supply (M1), 1972 dollars *106. Money supply (M2), 1972 dollars L,L,L L,C,U L,L,L L,L,L L,L,L Percent. . . . do. . . . do. . . . Bil. dol. . . . . do. . . . 0.53 0.73 0.74 203.7 807.8 0.52 0.80 0.93 197.6 803.6 0.74 0.83 0.90 194.5 804.7 0.56 0.77 0.84 198.0 818.0 0.23 0.76 0.96 197.4 828.1 -0.02 0.55 0.98 195.2 825.2 -0.02 0.81 0.94 194.1 827.1 0.86 1.19 1.03 195.2 834.6 0. 0.26 -0.04 -0.6 0.2 0.88 0.38 0.09 0.6 0.9 Velocity of Money: 107. Ratio, GNP to money supply (M1) 2 108. Ratio, pers. income to money supply (M2) 2 .. C,C,C C,Lg,C Ratio. . . . . . .....do. ... 6.561 1.357 6.839 1.383 6.877 1.380 6.685 1.356 6.740 1.347 1.345 1.348 1.336 0.003 -0.012 Credit 33. 1 1 2. 113. 1 10 L,L,L L,L,L L,L,L L.I .L A.r., bil. dol. do. . . . do. . . . rln 61.48 39.71 16.57 13.93 0.66 -11.70 19.40 17.21 16.77 38.04 45.26 40.92 20.87 2.63 6.27 6.03 15.69 16.19 317.92 319.58 2 4 7 . 5 4 269.84 3 0 2 . 6 9 -4.96 9.48 6.84 6.74 NA 4 . 9 2 -31.44 NA -9.35 NA -4.56 NA Flows: Change in mortgage debt2 Change in business loans2 Change in consumer installment credit 2 Total nrivate borrowina Basic data 1 Series title Timing classification3 Unit of measure Percent change Average July to Aug. 1982 June to July 1982 4th Q to IstQ 1982 IstQ to 2d Q 1982 NA NA NA 0.13 NA 0.08 14 39 -93 -159 740 788 -274 -320 93 94 -1.56 -0.20 -0.35 -0.21 -0.17 -0.44 -2.47 -2.90 -0.82 -1.11 -1.05 -1.68 -0.24 -1.87 0.64 0.87 0.22 0.13 0.48 0.35 -0.10 -0.74 0.28 -0.53 -0.51 -0.49 -0.69 -0.55 -0.02 0.23 119 114 115 116 117 118 67 109 NA 0.5 1.2 66 0.2 NA 4.7 -0.05 5.0 -0.08 72 95 4th Q 1981 IstQ 1982 2dQ 1982 June 1982 NA 2.37 NA 2.24 NA 2.16 NA 2.16 NA NA NA NA NA NA -516 - 1 , 2 5 6 829 1,617 -982 1,297 -895 1,205 -378 669 -285 510 -517 -536 14.51 12.36 12.94 15.65 12.33 16.41 17.11 16.50 14.15 12.11 13.32 15.96 12.45 16.73 12.59 11.91 12.97 15.75 12.28 16.29 10.12 9.01 12.15 14.64 11.23 14.61 16.50 16.26 14.39 Lg,Lg,Lg Bil.dol., EOP 306.21 327.08 327.08 328.59 332.51 3 3 2 . 5 1 333.08 NA 0.2 Lg,Lg,Lg Bil.dol Lg,Lg,Lg Percent 164.51 182.24 14.15 13.21 191.22 2 0 0 . 2 6 2 1 0 . 3 1 2 1 3 . 7 1 2 1 4 . 5 0 214.91 13.11 13.06 12.98 12.96 12.85 NA 0.4 -0.11 1980 1981 July 1982 Aug. 1982 Series number j Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued I. CYCLICAL INDICATORS-Con. B7. Money and Credit-Con. Credit Difficulties: 14. Liabilities of business failures (inv. 4 )® 39. Delinquency rate, instal. loans (inv. 4 ) 2 5 . . . . L,L,L L,L,L Mil.dol Percent, EOP 386.26 2.57 Bank Reserves: 93. Free reserves (inverted 4 ) 2 © 94. Borrowing from the Federal Reserve 2 ® L,U,U L,Lg,U Mil.dol do. . . . -1,141 -1,051 1,420 1,359 Interest Rates: 119. Federal funds rate 2 ® 114. Treasury bill rate 2 ® 115. Treasury bond yields 2 ® 116. Corporate bond yields 2 ® 117. Municipal bond yields 2 ® 118. Mortgage yields, residential 2 ® 67. Bank rates on short-term bus. loans2® *1Q9. Average prime rate charged by banks 2 ® Outstanding Debt: 66. Consumer installment credit 3 *72. Commercial and industrial loans outstanding, weekly reporting large comm. banks *95. Ratio, consumer install, credit to pers. income2 . L,Lg,Lg Percent do. . . . C,Lg,Lg do. . . . C,Lg,Lg do. . . . Lg,Lg,Lg do. . . . U,Lg,Lg do. . . . Lg,Lg,Lg do. . . . Lg,Lg,Lg do. . . . Lg,Lg,Lg 13.36 11.61 10.81 12.77 8.60 13.42 15.17 15.27 NA 2.37 16.38 14.08 12.87 15.48 11.33 16.31 19.56 18.87 13.59 12.02 13.23 16.01 12.54 16.61 17.23 17.01 14.23 12.89 13.45 16.14 13.02 16.96 17.13 16.27 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity B1. Price Movements 310. 320. 320c 322 330. 331. 332. 333 334. Implicit price deflator, GNP Consumer prices (CPI), all items® Change in CPI all items S/A 2 CPI food Producer prices (PPI), all commodities® PPI, crude materials PPI, intermediate materials PPI capital equipment PPI, finished consumer goods 1972=100... 1967=100... Percent 1967=100... 178.6 246.8 1.0 254.6 195.5 272.4 0.7 274.6 201.6 280.7 0.4 279.3 203.7 283.0 0.1 282.3 206.0 287.3 0.7 285.2 290.6 1.0 287.2 292.2 0.6 287.0 292.8 0.3 286.2 0.6 -0.4 -0.1 0.2 -0.3 -0.3 1.0 0.8 -0.3 1.1 1.1 1.5 0.6 1.0 310 320 320 322 ... ... ... ... ... 268.8 304.6 280.3 239.8 248.9 293.4 329.0 306.0 264.3 271.3 295.8 318.1 310.5 272.4 276.1 298.3 317.1 311.1 275.1 278.0 298.7 324.8 308.9 278.0 277.9 299.4 327.0 309.7 279.9 279.7 300.6 323.7 311.0 281.2 281.3 300.4 321.9 310.7 283.1 283.0 0.4 -1.0 0.4 0.5 0.6 -0.1 -0.6 -0.1 0.7 0.6 0.8 -0.3 0.2 1.0 0.7 0.1 2.4 -0.7 1.1 0. 330 331 332 333 334 1977=100... 127.3 138.9 142.8 145.1 147.4 148.1 148.8 149.7 93.5 130.6 96.1 98.9 92.6 143.2 95.4 100.7 92.2 147.4 95.1 100.2 93.0 150.1 96.1 100.0 93.5 152.3 96.4 100.3 93.1 do. do. do. do. do. B2. Wages and Productivity 340. Average hourly earnings, production workers, private nonfarm economy 341 . Real average hourly earnings, production workers, private nonfarm economy 345. Average hourly compensation, nonfarm bus. . . 346. Real avg. hourly comp., nonfarm business . . . 370. Output per hour, private business sector do. do. do. do. ... ... . .. ... 0.5 0.6 1.6 1.6 340 93.1 -0.2 0.2 0.9 1.8 1.1 -0.2 0.5 1.5 0.3 0.3 341 345 346 370 106.94 108.67 109.16 109.13 110.17 110. 19 110.52 110.64 9 9 . 3 0 100.40 100.04 99.55 99.74 99.76 99.73 99.84 7,637 8,273 9,113 9 , 5 7 6 10,428 1 0 , 4 2 7 10,790 10,805 3,353 3,615 4, 166 4,407 4,892 5,088 5,139 5,031 2,615 2,895 3,100 3,275 3,583 3,554 3,684 3,626 1,669 1,763 1,847 1,893 1,953 1,842 2,018 2,040 0.3 0. 3.5 1.1 3.7 9.6 0.1 0.1 0.1 1.0 -1.6 1.1 0. -0.5 5.1 5.8 5.6 2.5 1.0 0.2 8.9 11.0 9.4 3.2 441 442 37 444 445 446 0. 0.2 0.7 -0.1 -0.1 1.1 -0.4 -0.1 -0.4 0.4 0.5 -0.1 451 452 453 -2.5 0.1 -16.7 0.6 1.0 -1.4 1.2 1.1 -1.2 2.4 1.4 4.4 501 502 500 511 512 510 92.9 C. Labor Force, Employment, and Unemployment 441 . 442. 37. 444. 445. 446. Labor 451. 452 453. Total civilian labor forceTotal civilian employment Number of persons unemployed Unemployed males, 20 years and over Unemployed females, 20 years and over Unemployed persons, 16-19 years of age Millions do. . . . Thousands. . do. . . . do. . . . do. . . . Force Participation Rates: Males, 20 years and over 2 Females, 20 years and over 2 Both sexes, 16-19 years of age2 Percent do. . . . do. . . . 79.4 51.3 56.7 A.r.,bil.dol. do. . . . do. . . . do. . . . do. . . . do. . . . 540.7 602.1 -61.4 385.9 357.8 28.2 79.0 52.1 55.4 78.9 52.3 54.6 78.5 52.2 54.2 78.9 52.7 54.1 78.8 53.0 52.4 78.8 53.2 53.1 78.7 53.1 54.2 D. Government Activities D1. Receipts and Expenditures 501. 502. 500. 51 1 . 512. 510. Federal Government receipts Federal Government expenditures Federal Government surplus or deficit 2 State and local government receipts State and local government expenditures . . . . State and local govt. surplus or deficit 2 ' 628.2 625.7 609.9 617.0 688.2 727.4 728.3 736.6 -60.0 -101.7 -118.4 -119.6 421.5 416.8 424.2 434.3 392.4 385.0 396.5 402.2 31.7 29.1 27.7 32.1 ... D2. Defense Indicators 51 7 525 548. 564. Defense Department obligations Military prime contract awards New orders, defense products National defense purchases Mil.dol do. . . . do. . . . A.r.,bil. dol. 1 3 , 3 9 2 1 5 , 9 4 5 16,124 19,613 18,694 1 7 , 5 0 3 17,669 6,754 7 , 7 7 7 11,129 11,490 1 4 , 2 9 6 8,065 8,610 4,396 4,855 4,919 6,950 5,462 5,437 4,684 153.7 131.4 166.9 166.2 176.2 NA NA 5,495 0.9 -39.8 -13.8 NA NA 17.3 21.6 43.1 41.3 -0.4 -4.7 3.2 -21.4 6.0 517 525 548 564 Mil.dol. do. do. do. do. do. 18,390 1 9 , 4 5 6 19,067 18,681 18,294 1 8 , 8 2 2 18,026 3,435 3,608 3,466 3,358 3,420 3,332 2,789 3,788 4,456 4,236 4,132 4,033 4,211 4,305 2 0 , 7 7 1 2 1 , 7 5 1 2 1 , 7 7 7 2 0 , 7 5 6 1 9 , 7 5 2 21,310 1 9 , 5 5 9 6,139 5,747 6,319 5,165 4,137 4,823 5,929 2,030 2,190 2,289 2,373 2,319 1,798 2,439 NA NA NA NA NA NA -4.2 -16.3 2.2 -8.2 22.9 35.7 NA NA NA NA NA NA -2.0 -3.1 -2.5 -4.7 -10.1 3.7 -2.1 1.8 -2.4 -4.8 -19.9 -2.3 602 604 606 612 614 616 E. U.S. International Transactions E1 . Merchandise Trade 602. 604. 606. 612. 614. 616. Exports, total except military aid Exports of agricultural products Exports of nonelectrical machinery General imports, total Imports of petroleum and products Imports of automobiles and parts .. ... ... ... ... ... 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data 1 of Series title Percent change Average IstQ measure 1979 1980 1981 1981 2dQ 1981 3dQ 1981 4th Q 1981 IstQ 1982 2dQ 1982 3dQ to 4th Q 1981 4th Q to IstQ 1982 to 2dQ 1982 Series number Unit IstQ II. OTHER IMPORTANT ECONOMIC MEASURES-Con. E2. Goods and Services Movements Except Transfers Under Military Grants 618 620 622 651 652 668 669 667 Merchandise exports Merchandise imports . Merchandise trade balance2 Income on U S investments abroad Income on foreign investment in the U.S. . Exports of goods and services Imports of goods and services Balance on goods and services2 Mil. dol do do do do do . do. do 46,118 52,955 -6,836 16,033 8,229 71,694 70,420 56,059 62,394 -6,334 18,171 10,694 85,526 83,451 1,274 2,074 59,064 66,036 -6,972 21,486 13,227 93,223 90,454 2,770 60,683 64,995 -4,312 20,528 12,405 93,280 88,613 4,667 60,284 66,831 -6,547 21,642 13,441 94,389 91,480 2,909 1502.6 2937.7 1493.7 2029.1 1043.1 6,537 4,538 1507.8 2864.9 1505.4 1958.7 1035.0 6,583 1502.2 2901.8 1490.1 1996.5 1036.6 6,544 951.1 145.3 361.6 944.6 221.6 219.2 2.4 229.5 233.4 217.4 12.1 216.9 16.5 218.9 214.1 4.8 455.7 443.5 475.5 450.9 486.0 454.2 468.9 455.7 12.2 24.6 31.8 13.2 57,694 65,539 -7,845 22,048 13,865 92,965 90,406 2,559 57,593 66,778 -9,185 21,727 13,198 92,259 91,316 1510.4 2980.9 1493.9 2060.0 1048.8 6,563 4,516 4,557 1490.1 3003.2 1485.3 2101.4 1051.9 6,458 4,559 1470.7 2995.5 1486.1 2117.1 1046.9 6,360 4,527 951.4 142.2 943.4 949.1 137.5 943 55,780 61,653 -5,873 20,890 14,029 90,206 87,070 3,136 55,094 -0.2 1.9 60,878 - 5 , 7 8 4 -1,340 -1.5 22,709 -4.8 15,036 -0.8 91,286 87,492 1.0 3 , 7 9 4 -1,616 -3.1 -7.7 3,312 -3.9 6.3 -2.2 -4.6 2,193 -1.2 -1.3 89 8.7 7.2 1.2 0.5 658 618 620 622 651 652 668 669 667 1478.4 3045.2 1482.7 2151.5 1054.8 6,380 4,552 -1.3 0.7 -0.6 2.0 0.3 -1.6 0. -1.3 -0.3 0.1 0.7 -0.5 -1.5 -0.7 0.5 1.7 -0.2 1.6 0.8 0.3 0.6 50 200 213 224 225 217 227 955.0 -0.8 -5.7 0. 0. 0.8 -4.8 0.7 2.5 0.6 2.5 -0.2 0.7 1.9 3.6 0.3 2.7 0.6 0.6 0.6 0.6 1.5 1.2 0.8 2.1 231 233 238 239 230 232 236 237 -6.2 -1.3 -11.7 -3.5 0.3 -18.6 -10.7 -1.5 -20.2 -11.5 -1.2 -48.8 3.5 -1.9 11.0 4.0 -0.6 19.4 241 243 30 240 242 245 1.7 4.8 -0.2 4.3 8.9 1.5 -0.7 -1.4 -0.2 0.6 -0.3 1.3 -1.3 -3.6 0.1 0.1 -2.2 1.6 261 263 267 260 262 266 -0.6 1.4 -2.7 0.2 0.9 -2.4 -3.3 -4.7 0.4 -2.2 -4.6 7.8 1.8 3.5 -1.2 1.6 0.7 3.6 256 257 255 252 253 250 0.7 1.4 -2.7 -4.8 0. 2.3 -0.3 1.0 -6.2 -14.6 0.9 3.7 1.2 1.1 0.8 -1.1 0.9 3.4 220 280 282 286 284 288 -2.8 2.6 18.0 -48.0 1.0 -10.0 -2.3 -12.3 -18.2 -0.9 3.0 1.1 3.7 3.2 0.1 290 295 292 298 293 A. National Income and Product A1. GNPand Personal Income 50 200 213 224. 225. 217. 227 GNP in 1972 dollars GNP in current dollars Final sales, 1972 dollars Disposable personal income, current dollars . . . Disposable personal income, 1972 dollars Per capita GNP in 1972 dollars Per capita disposable pers income 1972 dol A.r , bil dol. . . . do do do do A.r., dollars do 1479.4 2417.8 1472.2 1650.2 1015.7 6,572 1474.0 2633.1 1479.0 1824.1 1018.0 6,475 4,512 4,472 4,519 A2. Personal Consumption Expenditures 231 233 238 239 230 232 236 237 Total 1972 dollars Durable goods 1972 dollars Nondurable goods, 1972 dollars Services, 1972 dollars Total current dollars Durable goods current dollars Nondurable goods current dollars Services current dollars A.r bil dol do . . . . . . .do do do do .do. do 927.6 930.5 947.6 147.2 353.1 137.1 140.0 236.3 208.4 225.8 229.1 7.3 213.3 -5.0 216.9 9.0 471.5 451.1 20.5 138.6 361.7 134.1 363.1 138.3 355.8 362.4 363.0 362.2 364.5 427.3 437.6 445.2 444.2 444.3 446.2 446.2 449.5 452.2 1 5 0 7 . 2 1667.2 1843.2 1799.9 1819.4 1868.8 1884.5 1919.4 1947.8 213.4 214.3 234.6 236.9 230.4 241.2 229.6 237.9 240.7 600.0 670.4 734.5 720.6 729.6 741.3 746.5 749.1 755.0 693.7 782.5 874.1 842.4 859.4 886.3 908.3 932.4 952.1 A3. Gross Private Domestic Investment 241 243 30 240 242 245 Total 1972 dollars Total fixed investment, 1972 dollars Change in business inventories 1972 dol 2 Total current dollars Total fixed investment current dollars . . . Chg in bus inventories, current dol.2 do do do do . .do. . .do. 423.0 408.8 14.3 402.3 412.4 -10.0 195.4 210.8 -15.4 414.8 202.3 206.7 -4.4 431.5 450.4 447.7 -35.6 -16.2 A4. Government Purchases of Goods and Services 261 263 267 260 262 266. Total 1972 dollars Federal Government 1972 dollars State and local governments 1972 dollars Total current dollars Federal Government, current dollars State and local governments, current dollars . . . do do do . . .do do do 278.3 284.6 102.1 176.2 106.5 178.1 287.1 110.4 176.7 286.8 283.9 286.4 107.0 176.9 110.7 175.7 583.2 218.2 600.2 230.0 365.0 370.1 626.3 250.5 375.7 474.4 538.4 168.3 197.2 341.2 596.9 228.9 368.0 107.9 179.0 578.1 217.0 361.1 159.2 108.6 50.6 158.5 116.4 42.0 159.3 111.1 48.2 159.7 115.5 44.2 157.8 118.7 39.2 339.2 367.3 367.2 341.3 26.1 365.4 334.2 368.9 314.0 25.2 345.1 23.7 341.3 25.9 306.0 291.3 116.0 175.3 289.2 285.3 114.4 174.9 630.1 110.3 175.0 249.7 380.4 630.9 244.3 386.6 156.9 120.4 36.5 151.7 114.7 36.9 154.4 118.7 35.7 367.9 344.4 359.9 328.6 365.8 330.9 23.5 31.3 34.9 A5. Foreign Trade 256 257 255 252. 253. 250. Exports of goods and services 1972 dollars Imports of goods and services 1972 dollars Net exports of goods and serv 1972 dol.2 Exports of goods and services, current dol I mports of goods and services, current dol Net exports of goods and sen/., current dol.2 . . ... do do do. do do do 146.2 109.0 37.2 281.4 268.1 13.2 31.2 A6. National Income and Its Components 220 280. 282 286. 284 288 do do do do do do National income Compensation of employees Proprietors' income with IVA and CCAdj Corporate profits with IVA and CCAdj Rental income of persons with CCAdj Net interest 1966.7 2117.1 2 3 5 2 . 5 2 2 9 3 . 7 2 3 2 4 . 4 2 3 8 7 . 3 2 4 0 4 . 5 2 3 9 6 . 9 2 4 2 5 . 2 1458.1 1598.6 1767.6 1718.0 1750.0 1789.1 1813.4 1830.8 1850.7 132.1 194.8 27.9 153.8 116.3 181.6 32.9 187.7 422.7 406.2 310.6 96.7 14.3 5.9 332.1 106.2 -33.2 5.8 124.7 190.6 33.9 235.7 123.4 200.3 34.4 217.6 123.8 185.1 34.0 231.6 127.5 193.1 33.6 124.1 183.9 33.6 116.4 157.1 33.9 117.3 155.4 34.2 244.0 249.5 258.7 267.5 490.0 476.3 389.1 158.6 -72.5 7.5 428.8 380.3 441.5 379.1 134.4 -24.5 6.5 139.1 -90.7 6.6 144.3 -87.5 6.7 A7. Saving 290 295 292 298 293 Gross saving (private and govt ) Business saving Personal saving Government surplus or deficit2 Personal saving rate 2 do do do do Percent 477.5 374.5 461.4 362.7 482.4 367.0 130.2 -28.2 6.4 105.9 -8.3 5.4 122.0 -7.6 6.1 384.6 NOTE: Series are seasonally adjusted except for those indicated by (§), which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated. EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA - inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts. 1 For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available. 2 Differences rather than percent changes are shown for this series. 3 The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L - leading; C = roughly coincident; Lg = lagging; U = unclassified. 4 Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed. 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 at the terminal month of the span. CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes 160150- 910. Index of twelve leading indicators (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 92,104 140130120' 110' 1009080- 160 n 150- 1401 , 920. Index of four roughly coincident (series 41, 47, 51, 57) 130120110100220210200190180170160150140130120- 930. Index of six lagging jodicaiocs , 1 (series 62, 70, 72, 91, 95,109) 110- J 1009080- 70- 60- 50J 73 74 75 76 77 78 79 80 81 82 1983 NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning date; Current data for these series are shown on page 60. SEPTEMBER 1982 KCII CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart Al. Composite Indexes—Continued justments (series 1, 2, 3, 5) 11010090- nt commitments (series 12, 20, 12011010090- 120- hasing (series 8, 32, 36, 92) 11010090- 11010090 : 916. Profitability (series 19, 26, 150140130- (series 104,106,110) 120- — 11010090- 70- 60- 94K! Ratio, coincident index to lagging 110100908070194849 50 51 52 53 54 55 56 57 58 5" 71 75 /6 77 78 79 80 81 82 1983 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. ltd) SEPTEMBER 1982 11 CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components -.-. 1 1. Average work week,; production workers, ring ( h c ) ly initial claims. State nn —inverted scale) ds and materials. 1972 dollars dor performance, percent of companlf receiving eries (percent) t business formation (index: 1967 ontracts and orders for 972 jit and equipment, LL 3 74 75 76 77 78 79 80 81 821983 Current data for these series are shown on pages 61. 64, 65, and 66. 12 SEPTEMBER 1982 110 CYCLICAL INDICATORS IA I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components—Continued New buildjBi permits, private housing units (index: 1967=1 L in invfRories on hand and on order, 1972 dollars, id assets, smoothed1 (percent) 19. Stock iices, 500 common stocks (MeJ)941-43MD) . Money supply-M2-in 1972 dollars (oil. 194849 50 51 52 53 64 •=:'• -• •'.''• s - ; .:^. •;••:. • ,,. 73 74 75 76 77 78 79 80 81 821983 '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, and 71. BCD SEPTEMBER 1982 13 C Y C L I C A L INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index Components yets on nonatricultural payrofc 57. Manufacturing and 1972 dobrs (bil. C :s! < 50 51 52 53 <h4 f>5 56 5; 58 59 60 G1 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 821983 Current data for these series are shown on pages 62, 63, and 65. 14 SEPTEMBER 1982 BCII CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components atkm ofifiemployment (weeks—inverted scale) trade inventories, 1972 dollars ( output manufacturing (index: 1967*100) rate charted by banks (percent) loans outstanding, weekly ial banks (M. del.) 194849 50 51 52 53 54 55 56 57 58 59 W Current data for these series are shown on pages 62, 68, 70, and 73. SEPTEMBER 1982 15 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment I Mag|l Employment Adjustments | 1. Average workweek, production workers, 41- 21. Average weekly overtime hours, production workers, manufactaiinj (hours) 2. Accession rate, nttmufacturing (per 10 4- \ 5. Average weekly initial claims, State unemployment insurance ( 401." 3. Layoff rate, manufacturing (per 100 4. Quit rate, manufacturing (per 100 employees) 1956 57 ~.B 51,' '• > , 7;< 79 80 81 82 1983 Current data for these series are shown on page 61. 16 SEPTEMBER 1982 ito CYCLICAL INDICATORS B i CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued 14- , Ratio, help-wanted advertising to number of persons unemployed (ratio) 10- 0.6- 02- 2001/b150- 46. Help-wanted advertising (index: 1967=100) 12510075- 180- IbU- 14!!- 1009590- 42. Persons engaged in qjagricultural activities InflJons) 85- ees on nonagttajptal payrolls (millions) 1956 57 58 59 60 61 62 6 >. r. 81 82 1983 Current data for these series are shown on pages 61 and 62. BCII SEPTEMBER 1982 17 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued [Comprehensive Employment—Con. | ~~m fS" 90. Ratio, civilian employment to total population of working age (percent) ,-» -_UU IU.U.UI ^*Hk . •rV/^'X. ^****fr Jt^^"^ 59- ILAi • ^^S / -f 60- j2 58\ f A 1 XA^ 1 8 J \ 5756- Vy, ^ 55- V>^^I\4^WV ~*J*~' S 54- I Comprehensive Unemployment! 37. Number unemployed, total (miions—inverted scale) IJIul 9101112- 43. Unemployment rate, total (percent—inverted scale) 56- 9- 45. Average weekly insured unemployment rate (percent—inverted scale) 10- PIu 4567- 91. Average duration of unemployment (weeks—inverted Scale) 10- 1416- 44. Unemployment rate, persons unemployed 15 week* and over (percent—inverted scale) 0-1 3J .956 57 f>K 59 B!) Si 6> 67 GR 69 70 73 74 75 7f> 17 78 79 80 81 82 1983 Current data for these series are shown on page 62. 18 SEPTEMBER 1982 BCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income 52. Personal income «•? dolars (am. r 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 63. BCII SEPTEMBER 1982 19 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income—Continued Indi al Product! 47. Industrial production, total (ind«0|967=100) 74. Industrial production, nondurable manufactures (index: 1967=100) 73. Industrial fMwction, durable manufactures (index: 19«P=100) 49. Value of gootfiptput in 197Z dollars, Q (ann. rate, 83. Rate of capacjW utilization, (BEA), 0 (percent) 82. Rate of capacity 84. Rate of capacity H^tion, materials, diluent) 1956 57 58 59 60 61 62 63 SI 55 56 67 f> 78 79 80 81 82 1983 Current data for these series are shown on pages 63 and 64. 20 SEPTEMBER 1982 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries 100- 9080- 6. Neflgers, durable g cunVdoDars (bV. do). 706050- New orders, durable fM(b jnihigfttes. 1972 (bildol.) rrvn "N<. 40- 30- 45- 8. New orders for consfHf goods and mat in 1972 dollars (bil. 403530- 25. Change in unfilled orders, Mile goods (bil. dol.; MCD moving avgi||term) -4 J 380340300260220- 96. Manufacturers' unfilled orders, (ML dot.) 180- 140- 100- 60- 32. Vendor performance, receiving slower deliv of companies cent) 100755025- 1956 57 58 59 60 61 62 P.: T=> 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 64. SEPTEMBER 1982 BCII 21 CYCLICAL INDICATORS BI CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued 56. Manufacturing and trade sates hi current doBars— (UM) 140- 100- 7fi 140130 Industrial nrnriiictinn. ftflfffiliniftf PftftflS 60- 54. Sales of retai stores *) current dollars (M. «.)— U 50- Sates of retail stores hi 1972 dollars (bil. dot.) ulul X 706050- 403C- 55. Personal efpmption expenditures, automobie^ Q (ann. rate, bl. dot.) 58. Index of consumer sentiment (1st Q 1966=100) lOO-i 1956 57 58 59 60 61 62 «'• 82 1983 Currant d«t« for thes« Mries are shown on page 65. 22 SEPTEMBER 1982 BCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment 160- of BusiiBiEnterDrises 140- 12. Net business formatioHHdex: 1967=100 1201005550454035- 13. New business hie 30- PI 25- 35-| 302520- s Investmeijilmmitmentsl 15- 20. Contracts and orders for plant and in 1972 dollars (bil. dol.) , \ . • I 1 AM It 10J 30-1 s and orders to dollars (bil. 252015- 10- w orders, capital goods industries, 972 dollars (bil. dol.) 110100908070605040- (ml. sq. ft. of floor area; MCP LZU 1956 57 58 59 6,' 6, 30- 75 76 77 78 79 80 81 82 1983 'This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Current data for these series are shown on pages 65 and 66. KCII SEPTEMBER 1982 23 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued [Bums InvestmeHDprnmitments—Con 97. Backlog of capital (M.dot) 11. N*w capital Q(M.dol.) [Ti 61. Business (ann. rate, 69. Machinery and equipment 76. k^ial production, 1967=100 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on pages 66 and 67 24 SEPTEMBER 1982 licit CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued 200180- ktontial fixed investment in 1972 (Mars, Q (am.|Hbl- *••) 86. Total, Q 160" 140120100- 88. Producers'durable 60- Commitniems and Investment I 28. New private homing 2.62,42.22.01.81.61.4- 08J 29, tfcw btlding permits 20018016014012010080- 60- 89. Residential fixed (am. rate, bi. 706050- 40- 1956 57 58 59 60 61 62 63 64 65 66 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1933 Current data for these series are shown on page 67. BCII SEPTEMBER 1982 25 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment 30. Change in business inventories, Lit 36. Net change in inventories on (ann. rate, bil. dot.; moving 31. Change hi book value, manufacturing and tr (ann. rate, H. dol.; MCD moving avg.—6-te LLL Change in stocks of materials and supplies manufacturing (bil. do).; MCD moving avg. 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 :'3 ,'H RC 81 82 1983 'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 68. 26 •SEPTEMBER 1982 KCll CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued 600550500450400350- 71. Book value, manufacturing and current d#*s (bl. dol.) 300250- and trade inventories, 1972 dollars (bit. dol.) 200150lOO-i 90807060- 65. Book value of manufacturers' inventories of finished goods (ML dd.) 50- 40- 30- 1.9-1 77. Ratio, deflated inventories to sales, 1.8-1 1.71.61.5260240220200180160140120- 78. Stocks of materials and supplies on hand and on order, / manufacturing (Ml. dol.) 1008060- 40-" 1956 57 58 5'-. 6C- ' '9 BC 81 82 1983 Current data for these series are shown on page 68. itcn SEPTEMBER 1982 27 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits 92. Chanee in sensitive crude (percent; moving avf.—4- + 4- + 20- -2J 340300260220- 23. Spot market prices, raw industrials2 ( 180- OIL 140J 140120100- Stock prices, 500 common stMWKindex: 1941-43 200180160140- 16. Corporate Mts after taxes, 120100- profits after taxes, 1972 dollars, Q rate7». <M.) X 60 J 120100- 60- 40- Corporate profits after taxes current dollars, 0 (arm. rate, 20J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 79 80 81 82 1983 'This is a weighted 4-term moving average {with weights 1,2,2,1) placed on the terminal month of the span. 'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. Current data for these series are shown on page 69. 28 SEPTEMBER 1982 BCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued orporate domestic 22. Ratio, corporate income, Q ( profits (after taxes) with inventory valuation adjustments to total corporate domestic 15. Profits (after taxes) per dollar of 26. Ratio, price to unit labor cost, (snn. rate, bil. dot.) X 34. Net cash flow, (ann. rate, bil. 1956 57 58 59 60 61 62 63 6 n 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on pages 69 and 70. ItCII SEPTEMBER 1982 29 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued lUntHbofCosts 63. Unit labor cost, private business (index: 1977=100) Labor cost (current dollars) per unit of cross 62, Labor cost per unit of output, €4. Compensation of employees as a percent of '; Q (percent) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 70. 30 SEPTEMBER 1982 BCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit in money supply Ml lU-,1 ent; MCD moving avg.—6-term) Change In money supply M2 (percent; MCD moving avg.—6-term) l i e u Money supply-Ml-in 1972 dollars (bil. dol.) LIE 106. Money supply-M2-in 1972 cUBf (bl. dol.) L,L,L 107. Ratio,GNP to BW*y supply Ml, Q C,C,C Vel f of Money 108. Ratio, personalfttepme to money 1956 57 58 59 60 61 62 6:i 'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 71. ltd* SEPTEMBER 1982 31 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued 33. Change tn mortgage debt (aim. r»te, bil. dd.) Ul 112. Change in bank loans to businesses (aim. rttf, bil. dol.; MCD moving avg.—6-term) a. 113. Change in consumer installment credit (ann. rate, bil. dol.) 110. Total private borrowing, Q (ann. rite, bil. dol.) 1956 57 58 59 K t,; •:.': 78 79 80 81 82 1983 Current data for these series are shown on pages 71 and 72. 32 SEPTEMBER 1982 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued 14. Current KabifWf business failures (mil. dol inverted scallpCD moving avg.—«i 39. Detoquency rate, 30 days and over (percent—inverted scale) 93. Free reserves (bil. doHfiverted scale) 94. Member bank borrow the Federal Reserve (bis dol.) Up 1956 57 58 59 60 61 62 6 1983 Current data for these series are shown on page 72. SEPTEMBER 1982 33 CYCLiCAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued '956 57 58 59 60 61 62 63 64 fiS 66 68 69 73 '/4 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on pages 72 and 73. Digitized for34 FRASER SEPTEMBER 1982 ltd* CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for the«e series are shown on page 73. ItCII SEPTEMBER 1982 35 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes 950. Twelve leading indicator componenttff-mo. span—, I't&lgan—) lOO-i 951. Few roughly coincident indicator c Iff HIM 50- 952. Six lagging indicator components (mit span—, 1-mo 100-1 50- 0-J Jtoerare workweek, production workers, ma span—, 1-mo. span— 100-1 50- . span—, 1-mo. span- »l claims, State unemployment insurance—51 «is (percent dec 100- —, 1-mo. span—) m pnvate nonagrfcuftural payroNs—17 100-1 50- 0-« 1956 57 58 59 60 61 62 63 64 65 66 57 68 69 70 71 72 73 74 75 7~ 77 73 79 80 81 82 1983 Current data for these series are shown on page 74. 36 SEPTEMBER 1982 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued New orders, durable goods industries—34-35 ingB'ies (9-mo. 100- 101Mutf VI 50- 0- Newly approved capital appropriations, deflateqHi industries ( 90705030- 966. Industrial production—24 j 100- 50- Spot market prices, raw industrials—13 i 100-1 50- 968. Stock prices, 500 common stocks—52-82 Juries (9-mo. 100-1 51 50- 960. Net profits, manufacturing 901 7050- 30J 1956 57 58 59 60 61 62 63 64 65 6>> 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 '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. SEPTEMBER 1982 IICII 37 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued expenditures for new 22 industries (1-Q yees, manufacturing (b) Later anticipation manufacturing and Hde (4-Q span)1 manufacturing < manufacturing (4-Q 7; es, wholesale trade (4-Q sjjln)1 manufacturini and to manufacturing and traJH (4-Q span) 1971 72 73 74 75 76 77 78 79 80 81 82 1983 s, retal trade (4-Q span 1971 72 73 74 75 76 77 78 79 80 81 82 1983 'Thi* is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. Current data for these series are shown on page 76. 38 SEPTEMBER 1982 ltd* CYCLICAL (fMDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change 1-tnonft spans-— 910c. Composite index of twelve ;MBig indicators (series 1, 5, 8,12,19, 2QM32, 36, 92,104, tra A Ay\ fififWl -———---JjjftA1^ 920c. Composite inde» of four i (series 41,47,51, 5?) I^^^Bmffi^n^^^^^^H^H^H «lf KlrtiMlffli I Ifr"11^^™^™ " +40-1 +30 +20 + 10 0 -10 -20 -30 -40 •" +30 +20- +10 0 ••— -10-20 I fl 930c. Composite index of six (series 62, 70, 72, 91,9 +70+60+50+40 +30 +20+100 -10 -20-30 -40 -50 I II l»"».i:f ~""1J - m ' 50c. GNP in constant (1972) + 10-1 +5 0-5-10- 47c. Index of industrial i + 30+ 20- I +10- 231 0-10-20-30- 48c. Employee-hours in nonagricultural i li I ?M r, V. ' Af,t , i'»\ il mt' I : H I : ^ Sic. Personal income less Irani payments in 1972 dollars 1 +20+ 15+ 10+50-5 -10-15- ir'iliiiMl '•' '"" " T51 +15+10+50-10- 1956 57 58 59 Si 6! f,2 63 64 65 6r, 5? 58 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 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. BCII SEPTEMBER 1982 39 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income 200. Gfff in current 223. Personal me persona)(neons n Q (arm. rate, M. dd.) SO. GfffinJ972 213. Final sates in 1972 (k^ Q (arm. rate, 217. Per capita GNP in 1972 doflars, Q (arm 'i956 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 1983 Current data for these series are shown on pages 63 and 80. 40 SEPTEMBER 1982 ItCII OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures I Annual rate. Mba dolagl972) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 30 81 82 1983 Current data for these series are shown on pages 80 and 81. ltd) SEPTEMBER 1982 41 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A3. Gross Private Domestic Investment Annual rate, billion dollars (grrent) I 520480440400360320280240200160- 242. Total fixed investment, Q 120" SO J + 30-1 245. Change in bustewa inventories, 0 0- -10-20-30- | Annual rate, billion dollars 11972) | -40240-1 220200- 180- 100*30+ 20+ 100- -10- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 7k, 77 73 79 80 81 82 1983 Current data for these series are sho' 42 SEPTEMBER 1982 BCII OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services I Annual rate, bffion doling 19 72 1956 57 58 59 60 61 62 63 64 65 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 81. BCD SEPTEMBER 1982 43 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A5. Foreign Trade Annual rate, billion dollars Hiurrent) | Annual rate, MBon dote 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 (1972) | 80 81 82 1983 Current data for these series are shown on page 82. 44 SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components Annul rate, biSon dotes rporate profits with inventory valuation and capit income with inventory valuation and I consumption adjustments, Q 284. Rental inconvlBbersons with c consumption HHtment, 0 1956 57 58 59 60 61 62 74 70 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 82. SEPTEMBER 1982 45 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving 290. Gross saving (private and : ib > , s« 59 K bi 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on pages 62 and 63. 46 SEPTEMBER 1982 IICII OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of GNP and National Income 70 -t 65- 6020- State and local oods.._ 15- purchases of goods and services, Q 10- 248. Nonresidentiai fixed inves 5- ial fixed investment, Q 0J 247. Change in business inventories, Q 64. Compensation JMpployees, Q 75- 65 J with inventory valuation 0 ventory valuation and justments, Q 10- 289. Net Merest 5- of persons with capital c 1956 57 58 59 60 61 62 6'S Current data for these series are shown on page 83. iu:n SEPTEMBER 1982 47 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements 310c Percent change • annual rate at (i-Q sp» 310. Implicit price deflator, GNP, Q J f 311. Fixed-vMAid price index, gross bi«iwss product, Q [Index: 1967=100 334. Finished consumer tooas 3971 7? ".:'; -.; •••- i 81 82 1983 Current data for these series are shown on pages 84, 85, and 86. SEPTEMBER 1982 IICII OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Chart Bl. Price Movements—Continued Chart B2. Wages and Productivity 341. Real average workers, private. 140. Average hourly earnings of production private nonfarm economy (current dollars)1 346. Real average hourly nonfarm business compensation, al employe sector, 0 (current 1956 57 58 59 60 61 62 p.i l!2 1983 '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. ItCII SEPTEMBER 1982 49 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B2. Wages and Productivity—Continued in averagjjtjourly earnings of production , private nMarm economy1— o-momn spans \ 34IC, Real earnings 'H Chile in averagiiourly compensation, all employees, businesslltor, Q- 6-month span* (ann. rate) Current-dollar compensation Real compensation l-i|uani)i ijJIRls (ami. rate) A Iffl iated wage Ip; benefit decisions, all industriesFirst year average changes, Q (ann. rate)—Average changes over life of 'contract, Q (ann. rate) hour, aU persons, iness sector, Q 370. Output peHr, all persons, private buBs sector, Q ^ 370c. Change in output per hour, private IHiess sector, Q i-quarter spans (ann. rate; '956 a7 58 59 60 6! 6?. 63 64 65 74 75 76 77 78 79 80 81 82 1983 'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 'One-month percent changes have been multiplied by a constant (12) to make them comparable with th0 annualized 6-month changes. See page 87 for actual 1-month percent changes. Current data for these series are shown on pages 87 and 88. 50 SEPTEMBER 1982 BCII OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart Cl. Civilian Labor Force and Major Components jarticipation rates (percent)— 453. Both s«H|16-19 years 445. Females 20 years and over 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 89. IICII SEPTEMBER 1982 51 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures I Annual rate, billion dollars (cung)| 501. F«teal Government receipts, Q 1956 57 58 59 60 61 62 63 64 65 66 6; 68 7'.: 77 ,-H 7tt JJQ 81 82 1983 Current data for these series are shown on page 90. 52 SEPTEMBER 1982 ItCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators 26-< 242220181614- 5If. Bettsat Departmen (bil. dol.; MCD moving avg.-6- 121016141210- 525. Defense Department mitary prime (bS. dol.; MCD mo»!ng avg.-6- 6- 130120110100908070- 543; Defense Department gross unpaid obfigaM outstanding (bil. 605040J 11109- 548. Manuf (bil. dol.; 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 orders, de avf.—6 70 71 72 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 90. ItCII SEPTEMBER 1982 53 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued es of Defense Activity! 557. Output of defense** space 13012011010090- 16141210- 559. Manufacturers' 6-" 1101009080706050- 561. Manufacturers' 40- 161412- net outlays, MCD moving av 580. Defense assistance (H. 555.0- 45403.5- , defense avg.—4-tei 588. Manufacturers' (H. dot.; MCD 1 5J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 7* 75 76 7? 78 79 80 81 82 1983 Current data lor then t«ri«t are ihown on pu< 91. 54 SEPTEMBER 1982 BCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued .*: Measures of Defense Activity—Con. 570. Employment in 1.61.41.21.0- Defense Department 577. Military, 3.5i 3.02.52.0- 1.5- 1.0- 220i 200180160140- 564. Federal Government defense, Q (ann.rate 12010080- 40- 565. National defense 10. 987. 65- .1956 57 58 59 60 61 6? 67 77 73 74 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on page 91. SEPTEMBER 1982 55 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade 602. Exports, excluding (Ml. dol.; MCD movint 604. Exports of total 606. Exports of nonelectrical machmery (bl. 512. General imports (M. dot.; MCD moving 616. Imports of automobiles j7 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 1983 Current data for these series are shown on page 92. 56 SEPTEMBER 1982 BCII OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements 667. Balance on goods and »er» 622. Merchandise trade balance, Q 651. Income on U.S. investments 1956 57 58 59 60 61 62 63 64 65 66 67 6H 69 70 72 73 74 75 76 77 78 73 80 81. 82 19H.5 NOTE: Annual totals are shown for the period prior to 1960. Current data for these series are shown on page 93. BCD SEPTEMBER 1982 57 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS Chart Fl. Industrial Production Industrial production— 721. OECD European countries 60-* 1956 57 58 59 60 61 62 63 64 fo 66 6? 68 <•' ti.) 81 82 Current data for these series are shown on page 94. 58 SEPTEMBER 1982 ltd* OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued Chart F2. Consumer Prices Chart F3. Stock Prices I Percent change at annual rate | [6-rnonth spans] I Inder 1967=1001 Stock prices— Consumer prices- 19. United States 160-1 140' 120 • 100 A£ 80' 60' 600-1 748. Japan i^V-taiL ~^^^ ^ I8J V^" Av ~\S~v.W~ r ^ / " 500 400 300 200 J 745. West Germany 10U- |X /**»r\i "V -^- ><\u/1^ - mi,, X"^- * ^ <L 140- — ^*IPV. M 120100»n- 1971 72 73 74 75 76 ,'/ /;- 75 76 77 78 79 80 81 82 1983 Current data for these series are shown on pages 95 and 96. ItCII SEPTEMBER 1982 59 CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS Qj COMPOSITE INDEXES Year and month 910. Index of 12 leading indicators (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) 920. Index of 4 roughly coincident indicators (series 41, 47, 51, 57) 930. Index of 6 lagging indicators (series 62, 70, 72, 91,95, 109) (1967 = 100) (1967 = 100) (1967 = 100) 940. Ratio, coincident index to lagging index (1967 = 100) Leading indicator subgroups 913. Marginal employment adjustments (series 1, 2, 3, 5) 914. Capital investment commitments (series 12, 20, 29) 915. Inventory investment and purchasing (series 8, 32, 36, 92) 916. Profitability (series 19, 26, 80) 917. Money and financial flows (series 104, 106, 110) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) C1) 1980 January February March 134.7 134.1 131.5 146.1 145.2 143.5 178.4 180.8 190.0 81.9 80.3 75.5 96.3 96.4 94.5 111.6 109.9 107.8 102.7 102.1 101.6 90.9 91.6 89.6 137.2 138.7 136.4 April May June 126.2 123.0 123.9 140.5 138.0 136.7 196.2 183.5 168.5 71.6 75.2 81.1 90.3 88.3 89.6 104.3 103.2 104.5 100.3 98.8 97.7 88.7 88.5 89.7 131.8 126.4 128.9 July August September 128.1 130.7 134.4 136.5 136.7 138.1 163.6 161.7 164.2 October November December 135.0 136.5 136.4 139.7 140.8 141.3 135.2 134.2 135.8 83.4 D84.5 84.1 91.7 92.2 92.9 106.1 107.0 0)108.8. 98.5 99.5 101.5 90.6 91.3 91.5 133.5 137.4 139.0 168.5 175.6 191.0 82.9 80.2 74.0 93.6 94.2 94.5 107.3 108.2 108.3 103.1 103.4 103.2 91.8 92.2 93.0 139.4 139.9 138.8 142.0 142.5 142.4 189.1 186.5 181.2 75.1 76.4 78.6 94.2 94.1 94.1 106.7 105.2 106.0 102.1 103.1 103.7 93.9 94.4 0)94.5 139.4 137.5 139.0 0)137.3 136.0 135.2 142.2 142.2 142,7 179.4 189.6 191.4 79.3 75.0 74.6 94.9 94.2 94.5 106.3 105.1 103.6 0)104.3 103.7 103.5 94.4 93.7 93.8 140.4 140.7 140.1 July August September . . . . . . . 134.8 134.1 r!30.7 D142.8 142.5 141.8 192.6 193.5 0)194.1 74.1 73.6 73.1 0)95.0" 93.6 91.4 102.5 102.4 rl01.5 103.8 102.8 101.9 93.5 93.8 92.3 139.1 138.5 r!36.4 October November December r!28.3 128.2 127.2 139.9 r!38.5 136.5 189.5 184.9 181.7 73.8 74.9 75.1 90.5 90.3 89.3 r99.0 99.7 99.3 100.6 99.6 98.7 92.3 92.4 r91.6 r 135.0 r!34.4 r!34.8 2 125.7 3 125.2 3 182.3 184.0 183.7 73.6 73.8 73.5 (NA) 125.1 134.1 135.7 135.0 99.0 98.0 99.4 97.2 96.4 95.9 r90.0 r88.8 r88.2 r!35.8 r!36.0 r!38.1 rl26.6 3 127.7 3 rl28.3 134.0 134.9 r!33.2 184.5 184.2 r!83.6 72.6 73.2 72.5 100.3 99.4 r99.2. r95.8 97.2 r98.3 r88.6 r88.4 (NA) r!40.1 r!41.0 r!40.2 182.5 172.1 r72.8 p76.7 rlOO.2 p98.4 99.1 p98.4 1981 January February . . March April May June 1982 January February March April May June July August September 3 3 129.8 "128.6 5 132.8 132.0 6 r!40.0 0)pl42.8 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 by0). 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. 1 See "New Features and Changes for This Issue" on page iii of the February 1982 issue. 2 Excludes series 12, for which data are not available, and includes a substitute value for series 1. See "New Features and Changes for This Issue" on page iii of the March 1982 issue. 3 Excludes series 12, for which data are not available. See "New Features and Changes for This Issue" on page iv of the July 1982 issue. 4 Excludes series 12 and 36, for which data are not available. 5 Excludes series 57, for which data are not available. 6 Excludes series 70 and 95, for which data are not available. 60 SEPTEMBER 1982 KCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS JQ EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process Timing Class Year and month L,L, L L, L, L L,C, L 1. Average workweek of production workers, manufacturing 21. Average weekly overtime hours, production workers, manufacturing (Hours) (Hours) 2. Accession rate, manufacturing L, C, L 5. Average weekly initial claims, State unemployment insurance l (Per 100 em- ployees) (Thous.) C2) 1980 Comprehensive Employment Job Vacancies Marginal Employment Adjustments L, L, L 3. Layoff rate, manufacturing L, Lg, U 4. Quit rate, manufacturing (Per 100 em- (Per 100 em- ployees) ployees) (2) (2) U, C, C L, Lg, U L, Lg, U 60. Ratio, helpwanted advertising to persons unemployed 46. Index of help-wanted advertising in newspapers 48. Employeehours in nonagricultural establishments (Ratio) (1967 = 100) (Ann. rate, bil. hours) January February . . . March . . 40.3 40 0 39 g 3.1 2.9 3 1 3.9 3.8 3.7 416 397 438 1.4 1 3 1 4 1.9 1 9 18 0.688 0.677 0.643 154 151 145 171.55 171.45 170.58 April May June 39 8 39 4 39 2 3 0 2 6 2 4 3 2 3 1 3 4 532 616 581 2 7 3 2 2 6 1 6 1 5 14 0 493 0 414 0 427 122 112 115 169.68 168.95 168.24 July August September 39.2 39.4 39.6 2.5 2.7 2.8 3.5 3.6 3.7 510 495 488 1.6 1.8 1.5 1.4 1.4 1.3 0.422 0.423 0.453 118 117 122 167.36 168.22 168.95 October November December 39 6 39.8 40.0 2 8 3.0 3.0 B>3 7 3.6 3.5 447 422 420 15 1.3 1.2 1 3 1.4 1.5 0 466 (H)0.495 0.490 127 B>134 130 169.31 169.19 170.24 i n 2.8 2 s 3 5 3.5 3 4 424 410 413 1 4 1.3 1 3 1 4 1.4 1 3 0 475 0.482 0 468 128 129 125 [H>171 34 170.20 170.77 0 n 3 4 3 1 3 4 395 401 405 i1 1 3 1 3 1 "3 1 3 14 0 445 n 4?fi n A^n 1 1ft 121 169 57 170 80 170 70 H)i o n Afift 123 . . 1981 January . . . . February March . . . . [R>4n 4 39.7 3Q q April May June 40 1 July August September 40 0 3 0 3 4 39 9 39.4 3 0 2.7 O 9 2.9 [H)395 d?l 483 October November December 39.5 39.3 39.1 2.7 2.5 2.4 2.9 3.1 2.7 517 539 551 07 c 2 2.4 2.3 /\r\ ? An i [D\o 3 f| 1 O 1.7 1 ^ 1.3 0.405 112 171 04 170 96 167.34 2.2 2.3 2.2 1.2 1.1 1.1 0.378 0.363 0.339 110 111 109 169.73 168.76 168.66 1 HA 103 96 165 66 168.93 167.92 1 A. (H)l 5 AflA 11 Q 1982 January . . . February March April May June July August September 39.4 39.0 OQ r\ 39.1 OQ 0 39 3 p39.0 0 2 A 2.3 2 .4 /1 2 4 p2.4 (NA^ 563 514 566 (\nn) NA^ (\nf\) NA^ O OOQ 0.320 0.290 ccc 0 . £0 0r- 4/i QQ 00 i c y po 585 CC 1 box 0.245 0.243 87 85 167.99 515 597 rO.229 pO.215 r83 p78 v1££ £9 r!66.54 P166.12 October November December See note on page 60. Graphs of these series are shown on pages 12, 16, and 17. 1 Data exclude Puerto Rico, which is included in figures published by the source agency. 2 See "New Features and Changes for This Issue" (item 2) on page iii of the February 1982 issue. SEPTEMBER 1982 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Qg EMPLOYMENT AND UNEMPLOYMENT-Continued Minor Economic Process Timing Class Year and month Comprehensive Employment-Continued Comprehensive Unemployment U, C, C C, C, C L, C, U U, Lg, U 42. Persons engaged in nonagricultural activities, labor force survey 41. Employees on nonagricultural payrolls, establishment survey 40. Employees in goodsproducing industries (mining, mfg., construction) 90. Ratio, civilian employment to total population of working age (Thous.) (Thous.) (Thous.) (Percent) L, Lg, U L, Lg, U Lg, Lg, Lg Lg, Lg, Lg 37. Number of persons unemployed, labor force survey 43. Unemployment rate, total 45. Average weekly insured unemployment rate, State programs ' 91. Average duration of unemployment 44. Unemployment rate, persons unemployed 15 weeks and over (Thous.) (Percent) (Percent) (Weeks) (Percent) L, Lg, U 1980 January February March 96,506 96,521 96,205 90,801 90,846 90,929 26,489 26,377 26,285 59.20 59.17 58.91 6,660 6,635 6,714 6.3 6.2 6.3 3.3 3.2 3.4 10,5 10,6 11.0 1.3 1.3 1.4 April May June 95,832 95,552 95,483 90,723 90,308 89,976 25,951 25,628 25,329 58.55 58.39 58.20 7,370 8,059 8,024 6.9 7.5 7.5 3.7 4.2 4.5 11.3 10.7 11.7 1.6 1.6 1.7 July August September 95,546 95,667 95,759 89,692 89,955 90,126 25,055 25,203 25,271 58.16 58.11 58.21 8,330 8,239 8,024 7.8 7.7 7.5 4.3 4.2 4.2 11.9 12.4 13.0 1.9 2.0 2.1 October November December 95,965 96,164 96,146 90,320 90,560 90,725 25,355 25,484 25,537 58.21 58.27 58.26 8,109 8,066 7,899 7.5 7.5 7.3 4.0 3.8 3.6 13.2 13.5 13.6 2.1 2.2 2.2 96,456 96,723 97,063 90,909 90,913 91,014 25,588 25,501 25,588 58.34 58.38 58,52 8,022 7,965 7,958 7.4 7.4 7.3 3.5 3.3 3.4 14.4 14.1 13.9 2.2 2.1 2.1 97,408 0)97,640 97,082 91,099 91,131 91,286 25,534 25,540 25,656 58.73 1)58.76 58.33 7,899 8,248 8,004 7.3 7.5 7.4 3.4 3.3 3.3 13.7 13.3 14.3 2.0 2.0 2.2 97,522 97,436 96,900 B>91,396 91,322 91,363 0)25,718 25,637 25,583 58.51 58.44 58.03 S)7,824 7,978 8,236 H)7.2 7.3 7.6 D3.1 3.2 3.3 14,1 14.3 13.7 2.0 E>2.0 3.5 13.6 13.1 1981 January February March April May June July August September "2.1 96,965 96,800 96,404 91,224 90,996 90,642 25,393 25,176 24,908 58.01 57.85 57,47 8,669 9,100 9,571 8.0 8.3 8.8 3.9 4.1 H)12.8 2.1 2.2 2.2 January February March 96,170 96,217 96,144 90,460 90,459 90,304 24,684 24,631 24,450 57.40 57.35 57.23 9,298 9,575 9,854 8.5 8.8 9.0 4.0 4.0 4.3 13.5 14.1 13.9 2.2 2.5 2.7 April May . ." June 96,032 96,629 96,406 90,083 90,166 r89,839 24,289 24,255 r23,994 57.09 57.47 57.22 10,307 10,549 10,427 9.4 9.5 9.5 4.6 4.6 4.7 14.2 14.6 16.5 2.7 3.0 3.3 July August September 96,272 96,404 r89,662 p89,451 r23,880 p23,730 57.14 57.15 10,790 10,805 9.8 9.8 4.5 p4.6 15.6 16.2 3.2 3.3 October November December 1982 October November December See note on page 60. Graphs of these series are shown on pages 14, 15, 17, and 18. *Data exclude Puerto Rico, which is included in figures published by the source agency. 62 SEPTEMBER 1982 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Qg PRODUCTION AND INCOME Minor Economic Process Timing Class Year and month Industrial Production Comprehensive Output and Income C, C, C 50. Gross national product in 1972 dollars C,C,C 52. Constant (1972) dollars 51. Personal income, less transfer payments, in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 53. Wages and salaries in mining, mfg., and construction in 1972 dollars (Ann. rate, bil. dol.) Personal income 223. Current dollars (Ann. rate, bil. dol.) C.C.C C, C , C (Ann. rate, bil. dol.) C, C, C 47. Index of industrial production, total (1967 = 100) C, C , C C, L, L 73. Index of industrial production, durable manufactures 74. Index of industrial production, nondurable manufactures (1967 = 100) (1967 = 100) C, C, C 49. Value of goods output in 1972 dollars (Ann. rate, bil. dol.) 1980 January February March 1,494!9 2,076.6 2,084.5 2,099.2 1,215.8 1,206.3 1,201.6 1,055.3 1,048.2 1,044.1 241.1 240.2 237.3 153.0 152.8 152.1 144.8 144.4 143.5 166.0 165.8 164.3 682! 5 April May June 1,457.8 2,098.0 2,107.7 2,123.0 1,192.7 1,190.1 1,190.0 1,033.8 1,029.9 1,029.5 232.9 229.5 227.3 148.2 143.8 141.4 138.5 133.3 129.9 161.6 158.1 155.1 658 ! 2 July August September 1,463'.8 2,162.5 2,183.3 2,210.0 1,204.7 1,204.2 1,208.3 1,030.9 1,032.5 1,035.1 226.9 229.9 230.6 140.3 142.2 144.4 128.7 129.9 132.1 154.6 157.6 161.0 659. *5 October November December . . . . . . . 1,479.*4 2,236.8 2,260.2 2,283.0 1,214.3 1,217.8 1,222.2 1,041.7 1,046.7 1,051.3 231.1 232.2 232.3 146.6 149.2 150.4 135.7 139.2 140.3 162.1 163.0 165.0 671.*6 January February March 1,507.8 2,308.1 2,330.1 2,351.7 1,227.1 1,232.2 1,234.5 1,056.2 1,061.9 1,064.0 0)234.2 231.6 231.8 151.4 151.8 152.1 141.0 140.8 142.1 165.6 166.2 165.3 692.' 8 April May June 1,502^2 2,364.5 2,379.1 2,398.4 1,234.7 1,234.0 1,239.5 1,064.5 1,065.0 1,069.4 231.5 231.6 232.3 151.9 152.7 152.9 142.5 143.5 143.2 165.9 166.4 165.8 689! 8 July August September 0)1,5KL4 2,436.3 2,459.6 2,478.6 1,248.1 1,253.6 1,253.1 1,071.8 0)1,078.3 1,077.9 232.0 231.4 228.9 0)153.9 153.6 151.6 0)143.6 143.4 140.9 167.1 D167.3 165.9 0)697!2 October November December l,490."i 2,487.2 2,499.0 2,497.6 1,251.1 1,250.1 1,245.7 1,076.5 1,074.3 1,069.3 228.1 226.0 223.1 149.1 146.3 143.4 137.8 134.4 131.3 162.8 160.3 157.4 678.'6 1,470.7 2,499.1 2,513.8 2,518.6 1,236.0 1,243.8 1,245.0 1,061.7 1,068.8 1,068.3 222.2 223.3 221.7 140.7 142.9 141.7 127.1 129.3 128.2 155.1 157.8 157.3 661.8 rl,478!i r2,535.5 r2,556.2 r2,566.3 rl,249.6 0>rl,256.7 rl,248.8 rl,070.3 rl,077.4 rl,070.3 220.9 220.3 r217.5 140.2 139.2 r!38.5 126.7 r!26.1 r!25.5 156.1 r!55.0 r!55.0 663*. 2 r2,592.5 E)p2, 601.0 rl, 253.0 pi, 252. 3 rl.069.5 pi, 069.0 r216.2 P214.5 r!38.7 P138.0 r!25.9 P124.5 r!55.3 p!55.4 1981 1982 January February March April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 14, 19, 20, and 40. SEPTEMBER 1982 63 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q| PRODUCTION AND INCOME-Contmued ^g CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization Orders and Deliveries Minor Economic Process Timing Class Year and month L, C, U 83. Rate of capacity utilization, manufacturing (BEA) (Percent) 82. Rate of capacity utilization, manufacturing (FRB) (Percent) L, C, U 84. Rate of capacity utilization, materials (Percent) L.L.L L, L, L Value of manufacturers' new orders, durable goods industries 6. Current dollars (Bil. dol.) 7. Constant (1972) dollars (Bil. dol.) L, L, L L, L, L L, Lg, U L, L, L 8. New orders for consumer goods and materials in 1972 dollars 25. Change in unfilled orders, durable goods industries 96. Manufacturers' unfilled orders, durable goods industries 32. Vendor performance, companies receiving slower deliveries ® (Bil. dol.) (Bil. dol.) (Bil. dol.) (Percent reporting) 1980 January February March 83*4 85!s 83.62 82.83 78.97 41.81 40.94 39.02 36.63 36.38 33.86 4.19 2.46 1.32 296.07 298.54 299.86 48 42 45 77*9 78.* 8 74.64 69.47 71.29 36.79 34.12 34.68 31.24 30.28 30.18 -0.17 -3.14 -0.72 299.69 296.56 295.83 40 32 28 75*9 75!2 78.94 76.34 81.81 38.04 36.51 38.92 31.97 32.38 33.75 D3.91 1.37 2.75 299.75 301.12 303.86 32 34 39 79!l 80.1 83.08 82.89 84.98 39.08 38.84 39.47 34.78 34.48 33.96 1.63 1.19 3.37 305.49 306.68 310.05 44 45 47 1.10 0.52 0.35 311.15 311.67 312.02 46 50 52 1.62 1.96 0.02 313.64 315.60 315.62 |H>56 52 48 *80 April May . June . *76 July August September October November December *76 *78 1981 January . February . . March . . April May June E>79*9 D82*2 82.53 82.70 83.86 38.23 38.15 38.49 33.05 34.38 33.92 79*8 81.*2 86.41 87.40 86.91 39.33 (H)39.51 39.06 34.59 D35.09 35.02 79*. 3 81.* i H>87.58 84.82 84.46 39.15 37.73 37.42 34.65 33.12 32.81 1.84 -0.40 -0.22 [H>317.46 317.06 316.84 46 48 43 74!s 75*2 77.19 78.59 76.42 34.02 34.44 33.43 30.72 30.03 30.01 -4.07 -1.69 -2.71 312.77 311.08 308.37 38 32 30 7i'.6 72.'6 75.06 76.31 77.86 32.79 33.40 34.01 28.78 29.28 30.25 -0.49 -1.67 -0.26 307.88 306.21 305.95 32 36 35 r76!3 egie r76.19 r75.71 r74.55 r33.27 r32.89 r32.24 r29.14 r30.56 r30.06 r-0.94 r-3.81 r-4.33 r305.00 r301.19 r296.87 31 30 38 r76.45 p73.42 r33.02 P31.68 r30.69 p28.68 r-2.59 p-3.41 r294.27 P290.86 37 40 *78 0)78 July August September October November December *76 *72 1982 January February March April May June *72 p7i July August September October November December See note on page 60. Graphs of these series are shown on pages 12, 20, and 21. 64 SEPTEMBER 1982 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Minor Economic Process Timing Class . . C, C, C C.L, C C, C , C 56. Current dollars (Mil. dol.) 57. Constant (1972) dollars (Mil. dol.) Revised 1980 75. Index of industrial production, consumer goods (1967 = 100) C, I, U U, L, U Sales of retail stores 54. Current dollars (Mil. dol.) 1 FIXED CAPITAL INVESTMENT Formation of Business Enterprises Consumption and Trade Manufacturing and trade sales Year and month B Q| CONSUMPTION, TRADE, ORDERS, AND DEUVERIES-Contmued 59. Constant (1972) dollars (Mil. dol.) Revised L, C, C 55. Personal consumption expenditures, automobiles (Ann. rate, bil. dol.) L, L, L 58. Index of consumer, sentiment ® (IstQ 1966=100) 1 L, L, L 12. Index of net business formation (1967 = 100) L, L L 13. Number of new business incorporations (Number) (2) 316,565 317,513 313,589 161,059 159,585 155,497 147.9 148.2 148.0 78,409 77,951 76,898 45,746 45,058 43,917 68!6 67.0 66.9 56.5 131.0 129.8 125.8 44,230 44,175 43,359 307,644 306,516 307,113 152,220 150,095 150,639 145.2 142.1 141.8 76,543 76,730 77,616 43,416 43,326 43,531 50'.9 52.7 51.7 58.7 120.5 117.8 114.8 42,240 42,710 40,648 July August September 316,518 319,783 328,922 153,118 151,327 155,068 142.1 142.9 144.5 79,114 79,393 80,026 44,173 43,815 43,706 58^9 62.3 67.3 73.7 115.3 117.7 120.6 43,621 44,255 45,746 October . . . . November December 336,198 339,269 342,509 157,438 157,324 158,171 146.3 148.1 147.1 81,325 82,249 82,855 44,222 44,459 44,522 64^7 75.0 76.7 64.5 119.6 119.2 0)121.3 45,945 46,750 47,840 348,308 349,441 350,352 158,662 1)159,555 159,019 146.9 147.8 148.3 84,104 85,201 86,128 44,903 45,199 45,426 0)7L6 71.4 66.9 66.5 118.1 117.1 117.7 46,039 48,588 47,972 352,751 353,398 0)356,277 159,036 157,783 159,201 148.9 150.7 150.3 86,263 86,361 87,299 45,259 45,074 45,421 63.0 72.4 76.3 73.1 118.0 115.4 114.6 49,413 48,997 49,172 July August September 355,070 354,594 353,419 158,268 156,707 156,711 |H>150.7 149.6 147.8 87,292 87,961 87,823 45,135 45,317 44,945 yiis 74.1 1)77.2 73.1 113.1 113.6 rill. 5 49,404 48,631 48,450 October November December 346,619 344,913 341,106 152,649 152,494 151,360 146.5 144.0 142.0 86,413 86,733 86,572 44,088 44,161 43,990 62!s 70.3 62.5 64.3 r!07.5 108.5 e!06.0 47,947 0)49,413 47,556 January February March 334,710 341,415 r342,340 147,362 151,304 151,814 139.6 141.8 141.5 85,320 87,418 87,242 43,026 44,173 44,128 68*. 6 71.0 66.5 62.0 April May June 339,385 r349,280 r345,555 150,549 154,914 152,371 142.1 r!43.6 r!44.6 88,294 0)90,841 r88,042 44,638 83)45,764 43,955 r67\S 65.5 67.5 65.7 July August September p345,409 (NA) p!52,342 (NA) r!45.7 p!44.0 r89,089 p88,292 44,301 p43,817 January February March April . , May June .. 1981 January February March April May June 1982 (NA) 43,330 47,234 46,899 46,876 46,995 (NA) 65.4 65.4 October November December See note on page 60. Graphs of these series are shown on pages 12, 14, 22, and 23. x See "New Features and Changes for This Issue," page iii. See "New Features and Changes for This Issue" on page iv of the July 1982 issue. 2 SEPTEMBER 1982 65 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q| FIXED CAPITAL INVESTMENT-Continued Minor Economic Process Timing Class Business Investment Commitments L, L, L L, L, L Contracts and orders for plant and equipment Year and month 10. Current dollars (Bil. dol.) 20. Constant (1972) dollars (Bil. dol.) L, L, L Value of manufacturers' new orders, capital goods industries, nondefense 24. Current dollars (Bil. dol.) L, C, U L, L, L 9. Construction contracts for commercial and industrial buildings 1 27. Constant (1972) dollars Square feet of floor space (Bil. dol.) (Millions) Square meters of floor space 2 (Millions) U, Lg, U C, Lg, Lg 11. Newly approved capital appropriations, 1,000 manufacturing corporations 97. Backlog of capital appropriations, 1,000 manufacturing corporations (Bil. dol.) (Bil. dol.) 1980 January February March 28.47 25.74 26.24 16.20 13.68 14.00 25.43 23.18 23.36 14.74 12.48 12.65 99.43 82.08 78.31 9.24 7.63 7.27 27! 50 April May June 26.23 23.46 25.34 13.89 12.64 13.96 23.74 21.15 22.21 12.74 11.57 12.54 72.76 67.35 71.59 6.76 6.26 6.65 25*81 July August September 27.09 26.52 26.75 15.20 14,04 14.41 24.28 22.19 23.59 13.93 12.09 12.98 74.62 71.41 64.15 6.93 6.63 5.96 24*. 12 October November December 26.74 27.61 28.70 13.94 14.32 0)15.66 23.31 23.70 25.22 12.40 12.58 0)14.12 73.46 0)90.80 87.75 0)8.44 29.13 25.57 28.17 15.10 12.69 14.17 25.06 21.86 24.46 13.32 11.06 12.56 83.72 83.86 83.79 7.78 7.79 7.78 27.*70 E>30.61 28.07 28.70 15.19 14.09 14.16 D25.69 24.49 24.04 13.05 12.53 12.14 79.64 84.75 81.01 7.40 7.87 7.53 0)28.' 06 July August September r28.25 r27.86 27.92 r!3.49 r!4.12 14.29 24.66 24.87 24.31 11.94 12.83 12.75 73.46 78.67 68.12 6.82 7.31 6.33 26. *94 October November December 26.24 27.71 26.81 13.28 14.23 13.97 22.53 24.37 22.13 11.68 12.80 11.98 74.26 70.77 70.65 6.90 6.57 6.56 22*99 January February March 26.32 24.90 25.67 13.27 11.95 12.98 21.72 21.56 22.17 11.32 10.54 11.49 56.29 65.10 63.17 5.23 6.05 5.87 25*77 April May June 25.69 22.95 23.78 13.84 11.39 11.24 22.61 20.33 19.28 r!2.54 10.28 5.33 4.80 6.32 P 20.04 9.35 57.32 51.70 68.02 r22.97 p23.10 rlO.79 plO.85 r20.32 P19.46 r9.68 p9.33 56.41 61.12 5.24 5.68 6.82 82! 36 86*38 88 '.12 26*i5 90*73 8.15 1981 January February March April May June 93.*44 96.* 18 0)97.' 34 92*74 1982 July August September 91.11 P82.96 October November December See note on page 60. Graphs of these series are shown on pages 12, 23, and 24. 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Converted to metric units by the Bureau of Economic Analysis. 66 SEPTEMBER 1982 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS |Q FIXED CAPITAL INVESTMENT-Continued Minor Economic Process Timing Class Year and month Residential Construction Commitments and Investment Business Investment Expenditures C, Lg, Lg C, Lg, Lg C, Lg, U 61. Business expenditures for new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures 76. Index of industrial production, business equipment (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (1967 = 100) C, Lg, C Lg, Lg, Lg C, Lg, C Nonresidentia 1 fixed investment ir 1972 dollars 86. Total (Ann. rate, bil. dol.) 87. Structures (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann. rate, bil. dol.) L, L, L 28. New private housing units started, total (Ann. rate, thous.) L, L, L 29. Index of new private housing units authorized by local building permits (1967 = 100) L, L, L 89. Residential fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) 1980 January February March 291 89 312 50 320 69 317 90 175 2 176 5 176 2 171 9 51 1 120 8 1 339 1 356 1 060 103 4 96 8 79 8 53 4 April May June 294.' 36 310.76 313.38 312.48 174.5 171.8 169.7 162*4 48*5 113*9 1,030 939 1,196 65.3 69.5 90.3 42*6 July August September 296 23 315 98 306 42 324.35 169 5 171 1 170.7 163 8 47 1 1 1fi 7 October November December . . . . . . . . 299*58 326.37 325.84 328.40 171.9 173.9 177.1 166*4 47*5 January February March 332.78 331.57 344.52 111 .1 312.24 169.7 April May June 316.73 344 36 345.78 353.20 181 0 182.0 183 6 July August September [H>328.25 348.42 357.31 H)360.38 October November December 327.83 January February March April May June 1 273 101 7 AA n 1 418 i in 4 1,463 |H)119.9 118*9 1,504 1,539 1,457 110.3 111.7 100.9 120.1 E)l»585 1,294 1,318 99 8 49.5 170.1 51*6 119 1 1 301 1,172 1 046 95 s 95 2 79 6 0)184 8 184.4 182.7 173.9 52.5 1)121.4 1 040 946 899 70.9 67.4 349.27 358.67 356 78 180.5 179 0 179 0 [H)174 2 53*3 120*9 854 860 882 60 0 64 4 327*72 330.07 342.57 343.72 172.2 171.6 169.0 17216 53*5 118*5 885 945 931 64.9 64.0 68.7 38 '.9 323. '22 325.51 335.59 r331.34 164.9 r!59.9 r!56.4 rl66.*7 E)r53."7 rl!3.'6 882 1,066 r908 71.0 76.3 75.0 r40*i p323.79 r!53.6 P151.4 rl,195 pi, 002 85.8 71.7 49*5 1981 177.5 179.3 96.6 94.7 1)49.6 47 3 76 0 42.9 59.6 39 9 1982 July August September ra320.24 October November December ra324.*47 (NA) See note on page 60. Graphs of these series are shown on pages 13, 24, and 25. SEPTEMBER 1982 67 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q| INVENTORIES AND INVENTORY INVESTMENT Minor Economic Process Timing Class Year and month Inventory Investment Inventories on Hand and on Order L, L, L L, L, L L, L, L L, L, L 30. Change in business inventories in 1972 dollars 36. Change in inventories on hand and on order, 1972 dollars 31. Change in book value of mfg. and trade inventories, total 38. Change in stocks of materials and supplies on hand and on order, mfg. (Ann. rate, bil. dol.) Monthly data (Ann. rate, bil. dol.) Smoothed data 1 (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Bil dol.) Lg, Lg, Lg Lg, U- Lg Manufacturing and trade inventories 71. Current dollars (Bil dol.) 70. Constant (1972) dollars (Bil dol.) Lg, Lg, Lg Lg, Lg, Lg L, Lg, Lg 65. Manufacturers' inventories of finished goods, book value 77. Ratio, constantdollar inventories to sales, mfg. and trade 78. Stocks of materials and supplies on hand and on order, mfg. (Bil dol.) (Ratio) (Bil dol.) Revised 1980 2 -12.36 -13.06 -10.27 56.5 51.5 49.8 2.76 2.86 1.52 448.84 453.13 457.28 264.08 263.78 263.95 74.00 75.02 76.31 1.64 1.65 1.70 215.40 218.26 219.78 -15.94 -26.63 -6.34 -5.09 -9.88 76.3 26.8 17.6 -0.54 -1.97 -1.55 463.64 465.88 467.34 265.69 265.61 264.67 77.76 78.84 79.14 1.75 1.77 1.76 219.24 217.27 215.72 -10.99 -9.46 -0.65 -15.86 -16.77 -11.36 31.3 38.1 32.5 @)1.97 -0.18 0.85 469.95 473.12 475.83 264.36 263.66 263.62 79.84 80.14 79.90 1.73 1.74 1.70 217.69 217.51 218.36 -6.*2 4.27 -7.32 -5.89 -4.49 -1.59 -2.11 33.1 21.9 25.9 1.43 1.32 0.78 478.59 480.42 482.57 263.77 263.09 262.78 79.84 80.31 79.99 1.68 1.67 1.66 219.79 221.11 221.89 2A -15.50 16.34 -5.47 -6.28 -5.63 -1.61 36.0 55.5 24.4 0.58 0.77 -0.34 485.57 490.19 492.23 262.33 263.33 263.10 79.42 80.55 82.36 1.65 1.65 1.65 222.47 223.24 222.90 0.32 D17.44 17.27 1.09 3.91 7.89 22.1 44.0 43.8 1.31 1.64 0.55 494.07 497.74 501.38 263.41 264.70 265.92 82.10 83.55 84.00 1.66 1.68 1.67 224.21 225.85 226.40 5.15 4.84 14.14 0)12.48 11.19 8.56 40.3 62.6 1.88 -1.09 504.74 509.96 515.39 266.53 267.56 269.42 84.22 85.65 86.86 1.68 1.71 1.72 228.28 227.19 0)228.32 4.8 ... -1.16 -2.51 -20.09 6.99 4.72 -2.22 -19.4 -2.71 -1.26 -1.22 518.46 0)521.64 520.02 270.47 0)271.17 269.85 88.05 0)88.50 87.66 1.77 1.78 1.78 225.61 224.35 223.13 January February March -is!i ... -33.66 -25.61 -9.22 -13.34 -22.60 -24.64 -43.0 -31.7 r-12.4 -2.96 -2.64 -2.11 516.44 513.80 r512.77 267.69 266.45 265.98 86.84 87.90 88.49 0)1.82 1.76 1.75 220.17 217.53 215.42 April May June r-4.4 r-6.66 r-28.33 r-7.19 r-18.33 r-14.28 r-14.40 r25.4 -54.3 r28.8 -1.67 -2.33 -4.04 514.88 510.36 r512.75 r266.54 r264.54 r265.18 87.39 86.56 85.90 1.77 1.71 1.74 213.75 211.42 207.39 pO.13 (NA) p-12.93 (NA) p8.2 (NA) p-0.80 p513.44 p265.57 86.61 pi. 74 p206.59 (NA) (NA) January February March -2.6 April May June -2.S July August September -8.' 5 October November December -11.29 -11.18 -2.68 0.96 1981 January February March April May June 12.1 July August September October November December 0)16! 5 0)65.1 36.9 38.2 1.12 1982 July August September (NA) (NA) (NA) October November December See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. lr This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 2 See "New Features and Changes for This Issue," page iii. SEPTEMBER 1982 (NA) CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Qj PRICES, COSTS, AND PROFITS Minor Economic Process Sensitive Commodity Prices Timing Class L, L, L U, L, L 92. Change in sensitive crude materials prices Year and month 23. Index of spot market prices, raw industrials3® Smoothed data 2 Monthly data (Percent) Stock Prices (Percent) (1967 =100) L L, L 19. Index of stock prices, 500 common stocks © (1941-43 = 10) Profits and Profit Margins L, L, L L, L, L Corporate profits after taxes 16. Current dollars (Ann. rate, bit. dot.) 18. Constant (1972) dollars (Ann. rate, bil. dot.) L, C, L L, C, L Corporate profits after taxes with IVA and CCAdj ' 79. Current dollars (Ann. rate, bil. dol.) 80. Constant (1972) dollars (Ann. rate, bil. dol.) L, L, L 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) 1980 January February March 3.21 1.48 -1.44 2.30 2.30 1.65 316.2 322.5 316.9 110.87 115.34 104.69 172!9 97!6 io6!6 56\7 icL8 0.64 79A 98!9 54!s 8.9 [H>84.'2 95!e 52!6 9*.7 49.*8 [H>9!9 April May June 0.54 0.07 0.96 -0.04 301.9 278.5 267.5 102.97 107.69 114.55 144 '.3 0.12 July August September 2.04 2.41 2.06 0.77 1.41 1.99 277.6 292.1 298.3 119.83 123.50 126.51 15^9 October November December 2.46 2.31 1.45 2.24 2.29 2.18 300.8 (H>304.7 298.4 130.22 |H>135.65 133.48 158!i 83!7 93.4 2.74 2.12 2.89 291.6 284.2 289.8 132.97 128.40 133.19 EDieiie 84!6 108.' 8 Dseis 9\8 1981 January February March [H>6.64 -0.62 April May June E>3.26 1.71 2.25 0.23 2.75 1.84 1.26 293.0 288.9 282.9 134.43 131.73 132.28 146 ! 2 74 '.2 105.9 54 .'i 8*.8 0.47 1.19 0.50 0.12 286.6 289.5 283.0 129.13 129.63 118.27 15CL8 75.*4 11CL7 55!e 8.*8 -0.05 -0.29 -0.38 277.2 270.5 264.2 119.80 122.92 123.79 144.' 9 7L2 H>112!3 5^5 0.16 s!i -1.13 -2.09 -2.21 -0.49 -0.76 -1.42 263.4 261.0 254.5 117.28 114.50 110.84 rll5.'6 r56.*3 rlOO.'i r49.*2 r6.*7 r-0.42 rl.81 r-1.69 r-0.92 247.4 245.5 232.2 116.31 116.35 109.70 rll6.*3 r56.*2 rlOO.'i r48.*5 6.*7 237.0 236.2 "239.7 109.38 109.65 5 122.69 July August September -0.63 October November December -1.09 -0.51 0.79 1982 January February March April May June July August September 0.78 0.22 1.03 rO.96 -0.26 0.86 October November December See note on page 60. Graphs of these series are shown on pages 13, 28, and 29. X 2 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Beginning with data for June 1981, this series is based on copyrighted data used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. "Average for September 1 5 through 21, excluding weekends. Average for September 1, 8, 15, and 22. IM Jl SEPTEMBER 1982 69 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS . . . Minor Economic Process Timing Class Year and month MB PRICES, COSTS, AND PROFITS-Continued Cash Flows Profits and Profit Margins— Continued U.L, L L, L, L L, L, L 81. Ratio, profits (after taxes) with IVA and CCAdj to corp. domestic income * 15. Profits (after taxes) per dollar of sales, all manufacturing corporations 26. Ratio, price to unit labor cost, nonfarm business sector (Percent) (Cents) (1977 = 100) L, L, L Unit Labor Costs and Labor Share L, L, L Net cash flow, corporate 34. Current dollars (Ann. rate, bit. dol.) 35. Constant (1972) dollars (Ann. rate, bil. dol.) Lg. Lg, Lg Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg 63. Index of unit labor cost, private business sector 68. Labor cost per unit of real gross domestic product, nonfinancial corporations 62. Index of labor cost per unit of output, manufacturing 64. Compensation of employees as a percent of national income (1977 = 100) (Dollars) (1967 = 100) (Percent) 1980 January February March April May June July August September October November December !:! 5*6 96 '.7 272*5 149.* 7 127*.6 1.168 183.7 186.2 188.2 74*8 5*3 4." 4 96 '.6 247.' 5 132*6 132 '.3 1.208 191.7 196.6 201.0 76*6 !:! 4*6 96.4 262*8 137*8 134 '.7 1.224 203.1 203.7 202.2 75*6 s'.i 4*.8 97*6 269*7 "" 137*6 1.245 201.1 200.9 201.1 75*6 0)98* 2 [H)279.'6 H>14i.*2 139*0 1.267 202.6 203.6 204.4 74*9 1981 January February March ^ April May June 6."6 4.*9 97*. 9 267.7 132 ."6 14L5 1.289 206.1 207.4 208.9 75*3 July August September Be'.i 4*8 98*1 276 '.5 133*9 144 '.2 1.315 208.9 209.9 212.6 74 '.9 October November December 5*9 4.' 3 97 '.7 277*5 131*8 147*. 9 1.349 216.6 219.9 222.5 75*4 ^ 150.9 1.376 227.9 226.0 225.8 0)76.4 [H>pl53".0 Drl.388 228.0 r230.7 EX231.5 76*3 »» 1982 January February March r5.7 4."6 96*. 7 r254.*9 April May June r5.6 p3.6 p96*.4 r263*5 July August September r231.0 p231.2 October November December See note on page 60. Graphs of these series are shown on pages 15, 29, and 30. X IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 70 SEPTEMBER 1982 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Qj MONEY AND CREDIT Minor Economic Process Timing Class Money L, L, L 85. Change in money supply Year and month /Ml ^\ (Mi) L, L, L L, C, U 102. Change in money cnnnlw supply (M7\ (n\£.) (Percent) (Percent) L, L, L 104. Change in total liquid assets Smoothed data 1 Monthly data (Percent) Credit Flows Velocity of Money (Percent) 105. Money supply (Ml) in Q 7 ') in 1iy/£ dollars 106. Money supply (M2) in 1972 dollars C, Lg, C L, L, L 108. Ratio, personal income to money supply 33. Net change in mortgage debt held by financial institutions and life insurance companies (Ann. rate, bit. dol.) C, C, C L, L, L 107. Ratio, gross national product to money supply (M2) (Ml) (Bil. dol.) (Bil. dol.) (Ratio) (Ratio) Revised2 1980 January February March April May June 0.75 0.82 0.00 0.65 0.86 0.52 0.87 1.00 0.75 0.47 0.64 209.9 0.81 -1.32 -0.23 -0.28 0.44 0.83 0.50 1 24 0.*68 1.21 July August September 1.09 1.78 1.'38 October November December 1.17 0.48 -0.72 1.352 1.354 qc yD .on ju 67.63 79.57 6.583 1.357 1.353 1.346 54.13 23.42 14.26 6 . CO/I DoH- i "q?Q 206 '.2 818.6 815*.6 808.9 6.538 0.80 0.70 0.63 201.6 199.3 199.7 799.3 798.2 800.1 0.83 1.22 0.57 0,66 0.78 0.86 201 . 7 203 9 204.7 pi r\ o OlU. c. 0.68 0.96 0.01 0.69 1.15 0.76 0.85 0.82 0.84 0.57 0.75 1.13 0.87 0.82 O . Q7 yi 0.82 1.23 1.34 814 , 6 QIO O LC. . n U AO *}Rfi co QO DC . yc. nn c . UO 1.364 1.365 1.378 0)82.61 73.37 65.39 1 808.8 807.7 800.0 6.588 798.4 JQC 0 / _>o . o 803.1 C011 D . Ol 1 0.93 200.3 i qq i yy i, i 200.4 0)204.9 203.6 200.2 1 C M-o. ID 1981 January February March 0.82 0.36 1.19 0.94 1.386 55.58 fifl .ZL9 DU t£ 1.383 46.64 0)2.10 -0.95 -0.19 1.30 0.53 0.49 0.72 1.12 0.95 0.87 0.84 0.91 203.7 200.2 198.4 810.1 808.1 806.1 6.744 1.372 1.373 1.378 54.24 41.69 46.94 July August September 0.23 0.40 0.02 0.74 1.07 0.33 0.95 1.16 0.68 0.97 1.01 0.98 196.6 195.8 193.7 802.8 804.9 798.9 0)6.923 1.389 1.388 0)1.394 60.60 34.03 26.69 October November December 0.39 0.81 1.03 0.63 1.14 0.71 0.88 1.13 0.92 0.90 0.87 193.7 194.2 195.5 800.5 805.6 808.1 6.877 1.390 1.381 1.370 22.75 21.70 5.26 January February March 1.75 -0.29 0.22 1.02 0.36 0.93 rO.95 0.85 0.84 rO.82 198.3 197.3 198.3 814.1 815.0 824.9 6.685 rO.98 0.84 1.357 1.360 1.350 22.09 16.30 3.41 April May June 0.91 -0.20 -0.02 0.83 0.89 0.55 0.99 1.08 0.93 0.98 199.6 197.3 195.2 829.7 829.3 825.2 r6.740 1.348 rl.347 r 1.345 10.62 3.07 -11.70 r-0.02 pO.86 3 1.28 rO.81 pi. 19 r 194.1 p!95.2 r827.1 0)p834.6 1.348 pi. 336 p-4.96 (NA) April May June 0.51 1982 July August September reO.73 reO.98 el. 05 Del- 53 Del. 03 reO.94 October November December See note on page 60. Graphs of these series are shown on pages 13, 31, and 32. ^his series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 2 See "New Features and Changes for This Issue," page iii. 3 Average for weeks ended September 1, 8, and 15. SEPTEMBER 1982 71 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS QH MONEY AND CREDIT-Continued Minor Economic Process Timing Class Year and month Credit Difficulties Credit Flows— Continued L, L, L 112. Net change in bank loans to businesses (Ann. rate, bil. dol.) L, L, L 113. Net change in consumer installment credit (Ann. rate, bil. dol.) L, L, L 14. Current liabilities of business failures (u) 110. Total private borrowing (Ann. rate, mil. dol.) Revised 1980 L, L, L (Mil. dol.) Bank Reserves L, L, L 39. Delinquency rate, 30 days and over, consumer installment loans (Percent) L, U, U Interest Rates L, Lg, U 93. Free reserves ® 94. Member bank borrowing from the Federal Reserve (u) (Mil. dol.) (Mil. dol.) L, Lg, Lg 119. Federal funds rate (§) (Percent) C, Lg, Lg 114. Treasury bill rate © (Percent) 1 38.88 31.93 8.28 31.62 28.44 7.85 378,360 243.15 190.79 274.24 2.37 2.32 2.53 -999 -1,465 -2,638 1,241 1,655 2,824 13.82 14.13 17.19 12.04 12.81 15.53 6.41 -35.40 11.84 -21.06 -31.76 -24.85 221,208 428.15 381.15 436.68 2.53 2.64 2.74 -2,261 -835 -169 2,455 1,018 380 17.61 10.98 9.47 14.00 9.15 7.00 July August September 5.46 20.65 26.00 -6.74 9.44 10.22 308,564 445.69 345.41 1,002.94 2.77 2.94 2.70 -111 -357 -1,055 395 659 1,311 9.03 9.61 10.87 8.13 9.26 10.32 October November December 25.90 43.91 22.69 4.82 7.40 16.19 363,568 359.24 (H)239.34 288.30 2.53 2.66 2.57 p-1,018 p-1,201 p-1,587 pi, 335 p2,156 pi, 617 12.81 15.85 18.90 11.58 13.89 15.66 6.31 -7.09 -18.96 14.47 22.14 35.65 320,608 341.36 789.20 485.34 2.42 2.51 2.53 -1,028 -1,023 -719 1,386 1,301 994 19.08 15.93 14.70 14.72 14.90 13.48 April May June 35.71 41.36 32.80 32.66 18.85 24. 37 !>392,646 536.88 428.20 408.54 2.40 2.40 2.30 -1,136 D -1,968 -1,700 1,338 0)2,220 2,039 15.72 18.52 [H>19.10 13.63 0)16.30 14.56 July August September 41.10 28.34 22.93 C 11:7 Q .AC. D tO 29.14 D35.70 318,116 450.41 752.34 2.22 2^35 2.28 -1,335 -U122 -1,035 1,679 M17 1,451 19.04 17 '.82 15.87 14.70 15 '.61 14.95 October November December 13.62 13.32 23.36 12.02 7.20 -0.40 247,540 2.37 2.42 2.37 -871 -348 -330 1,149 695 642 15.08 13.31 12.37 13.87 11.27 10.93 46.64 D58.09 9.40 5.32 0.90 11.88 269,836 2.48 2.39 2.24 r-1,101 r-1,414 r-1,254 rl,526 rl,713 rl,611 13.22 14.78 14.68 12.41 13.78 12.49 54.30 40.56 r40.92 14.10 16.79 16.19 p302,692 2.20 2.21 H>2.16 -1,307 -745 -895 1,581 1,105 1,205 14.94 14.45 14.15 12.82 12.15 12.11 r9.48 p4.92 26.15 6.84 (NA) (NA) r-378 p-285 3 -513 r669 p510 3 896 12.59 10.12 10.22 11.91 9.01 "8.29 January February March April May June 1981 January February March . . 1 O C1 lo. OJ, (NA) 1982 January February March April May June July August September 2 3 October November December See note on page 60. Graphs of these series are shown on pages 32, 33, and 34. *See "New Features for weeks Average for weeks ^Average for weeks 2 Average 3 and Changes for ended September ended September ended September 72 This Issue," page iii. 1, 8, and 15. 1, 8, 15, and 22. 2, 9, 16, and 23. SEPTEMBER 1982 ItO CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Ql MONEY AND CREDIT-Continued Minor Economic Process Timing Class Interest Rates-Continued Outstanding Debt Lg, Lg, Lg C, Lg, Lg U, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg 116. Corporate bond yields © 115. Treasury bond yields ® 117. Municipal bond yields <g) 118. Secondary market yields on FHA mortgages ® 67. Bank rates on short-term business loans (Percent) (Percent) Year and month (Percent) (Percent) (Percent) ® Lg, Lg, Lg Lg, Lg, Lg 109. Average prime rate charged by banks ® 66. Consumer installment credit (Percent) (Mil. dol.) Lg, Lg, Lg Lg, Lg, Lg 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (Mil. dol.) 95. Ratio, consumer installment credit to personal income (Percent) 1980 January February March 11.65 13.23 14.08 10.03 11.55 11.87 7.35 8.16 9.17 12.60 (NA) 14.63 15.'o7 15.25 15.63 18.31 306,213 308,583 309,237 159,510 162,171 162,861 14.75 14.80 14.73 April May June 13.36 11.61 11.12 10.83 9.82 9.40 8.63 7.59 7.63 13.45 11.99 11.85 17.*75 19.77 16.57 12.63 307,482 304,835 302,764 163,395 160,445 161,432 14.66 14.46 14.26 July August September 11.48 12.31 12.74 9.83 10.53 10.94 8.13 8.67 8.94 12.39 13.54 14.26 ll!56 11.48 11.12 12.23 302,202 302,989 303,841 161,887 163,608 165,775 13.97 13.88 13.75 October November . December 13.17 14.10 14.38 11.20 11.83 11.89 9.11 9.56 10.20 14.38 14.47 14.08 is.'n 13.79 16.06 20.35 304,243 304,860 306,209 167,933 171,592 173,483 13.60 13.49 13.41 January February . . March . . . 14.01 14.60 14.49 11.65 12.23 12.15 9.68 10.10 10.16 14.23 14.79 15.04 19.91 20.16 19.43 18.05 307,415 309,260 312,231 174,009 173,418 171,838 13.32 13.27 13.28 April May June 15.00 15.68 14.97 12.62 12.96 12.39 10.62 10.78 10.67 15.91 16.33 16.31 19.99 17.15 19.61 20.03 314,953 316,524 318,555 174,814 178,261 180,994 13.32 13.30 13.28 July August September 15.67 16.34 |H)16.97 13.05 13.61 ©14.14 11.14 12.26 12.92 16.76 17.96 1)18. 55 E>2i'.ii 20.39 E>20.50 20.08 320,106 322,534 325,509 184,419 186,781 188,692 13.14 13.11 13.13 October November December 16.96 15.53 15.55 14.13 12.68 12.88 12.83 11.89 12.91 17.43 15.98 16.43 17'.23 18.45 16.84 15.75 326,511 327,111 327,078 189,827 190,937 192,884 13.13 13.09 13.10 January February March . 16.34 16.35 15.72 13.73 13.63 12.98 D13.28 12.97 12.82 17.38 17.10 16.41 ly.'ia 15.75 16.56 16.50 327,521 327,596 328,586 196,771 201,612 202,395 13.11 13.03 13.05 April May June 15.62 15.37 15.96 12.84 12.67 13.32 12.59 11.95 12.45 16.31 16.19 16.73 i7*.ii 16.50 16.50 16.50 329,761 331,160 332,509 206,920 210,300 r213,709 rl3.01 r!2.96 r!2.96 15.75 14.64 l3.8l 12.97 12.15 Ml. 58 12.28 11.23 10.70 16.29 14.61 16.26 14.39 13.50 1)333,079 (NA) r214,499 DP214,909 "217,088 p!2.85 (NA) 1981 1982 July August September 1 2 3 October November December See note on page 60. Graphs of these series are shown on pages 15, 34, and 35. 1 Average 2 Average 3 for weeks ended for weeks ended Average for September 1 ''Average for weeks ended M Jl SEPTEMBER 1982 September 3, 10, 17, and 24. September 2, 9, 16, and 23. through 27. September 1, 8, and 15. 73 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE Q| DIFFUSION INDEXES Year and month 950. Twelve leading indicator components (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 92, 104, 952. Six lagging indicator components (series 62, 70, 72, 91, 95, 109) 951. Four roughly coincident indicator components (series 41, 47, 51, 57) 961. Average workweek of production workers, manufacturing (20 industries) 106) 1-month span 6-month span 1-month span 6-month span 1-month span 6-month span 1-month span 9-month span 962. Initial claims for State unemployment insurance, week including the 12th1 (51 areas) 1-month span 9-month span 963. Number of employees on private nonagricultural payrolls (186 industries) 1-month span 6-month span 1980 0.0 100.0 0.0 0.0 0.0 66.7 33.3 33.3 41.7 50.0 33.3 57.5 22.5 22.5 12.5 10.0 15.0 33.3 70.6 100.0 100.0 41.7 33.3 33.3 33.3 33.3 50.0 22.5 87.5 85.0 37.5 75.0 95.0 62.7 84.3 13.7 58.8 23.5 96.1 35.2 64.0 61.0 44.1 100.0 100.0 100.0 50.0 50.0 66.7 50.0 50.0 50.0 57.5 80.0 72.5 87.5 85.0 97.5 76.5 96.1 96.1 88.2 88.2 62.6 59.4 54.6 64.0 100.0 100.0 100.0 100.0 50.0 66.7 50.0 90.0 75.0 33.3 41.7 41.7 60.0 95.0 87.5 77.5 86.3 39.2 31.4 76.5 81.4 70.6 56.7 48.7 51.1 50.0 62.5 83.3 83.3 66.7 83.3 66.7 83.3 72.5 77.5 22.5 60.0 17.5 64.7 78.4 17.6 19.6 19.6 68.3 65.3 54.0 67.7 100.0 75.0 75.0 50.0 75.0 25.0 37.5 50.0 25.0 12.5 75.0 66.7 83.3 83.3 66.7 66.7 35.0 35.0 15.0 15.0 12.5 r68.6 17.6 59.9 50.3 50.3 51.3 33.9 0.0 0.0 0.0 75.0 66.7 66.7 66.7 50.0 33.3 62.5 20.0 30.0 34.7 28.2 31.2 30.1 27.7 24.2 0.0 58.3 33.3 50.0 33.3 33.3 50.0 95.0 12.5 r42.5 r32.5 42.5 75.0 P30.0 16.7 April May June 12.5 33.3 50.0 16.7 45.8 41.7 July August September 83.3 83.3 91.7 100.0 25.0 75.0 91.7 100.0 October November December 62.5 70.8 50.0 75.0 66.7 75.0 100.0 January February March 16.7 33.3 70.8 75.0 58.3 58.3 April May June 75.0 16.7 41.7 45.8 50.0 25.0 July August September 25.0 50.0 16.7 25.0 October November December 25.0 41.7 25.0 8.3 75.0 53.8 48.9 49.2 50.0 58.3 33.3 41.7 29.2 33.3 25.0 0.0 0.0 0.0 25.0 87.5 100.0 25.0 50.0 7.5 10.0 15.0 2.0 2.0 9.8 41.7 66.7 50.0 70.0 0.0 0.0 January February March 0.0 0.0 23.5 60.8 46.1 3.9 5.9 19.6 3.9 7.8 39.8 34.1 29.3 29.0 32.8 29.6 23.1 26.6 28.8 35.8 59.1 71.2 61.0 1981 8.3 8.3 2 2 9.1 9.1 0.0 0.0 0.0 75.0 2 18.2 2 36.4 36.4 68.2 r37.5 50.0 50.0 81.8 50.0 25.0 75.0 50.0 M6.7 7.5 5.0 5.0 7.5 5.0 5.0 58.8 9.8 61.8 49.0 22.5 5.9 9.8 27.5 11.8 5.9 7; 8 64.8 65.9 67.2 67.2 67.5 39.0 1982 January February March April May June July August September 2 2 2 31.8 45.5 45.5 2 2 2 2 2 3 63.6 63.6 2 r40.9 2 3 63.6 50.0 0.0 87.5 58.3 41.7 66.7 0.0 37.5 M6.7 5 50.0 50.0 5 50.0 50.0 5.0 12.5 96.1 24.5 5.9 60.8 68.6 11.8 r31.4 p43.1 (NA) 32.5 42.5 35.8 r27.4 40.9 51.1 p32.8 21.8 27.4 r31.2 r72.5 r!9.6 r32.0 r55.0 p!7.5 p67.6 r45.2 p44.6 (NA) October November December NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter. Series are seasonally adjusted except for those, indicated by(u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 36. figures are the percent of components declining. 2 Excludes series 12, for which data are not available. See "New Features and Changes for This Issue" on page iv of the July 1982 issue. 3 Excludes series 12 and 36, for which data are not available. "•Excludes series 57, for which data are not available. 5 Excludes series 70 and 95, for which data are not available. 74 SEPTEMBER 1982 CYCLICAL INDICATORS C 1 DIFFUSION INDEXES AND RATES OF CHANGE—Continued QH DIFFUSION INDEXES-Continued Year and month 964. Value of manufacturers' new orders, durable goods industries (34 industries) 965. Newly approved capital appropriations, deflated (17 manufacturing industries) 1-month span 9-month span 1-quarter span January February March 70.6 45.6 41.2 23.5 29.4 32.4 65 April May June 19.1 38.2 50.0 47.1 63.2 44.1 18 July August September 76.5 50.0 82.4 45.6 64.7 73.5 27 October November December 70.6 60.3 55.9 85.3 85.3 79.4 53 January February . . . . . . . . March 41.2 52.9 58.8 88.2 73.5 70.6 56 April May June 64.7 52.9 50.0 50.0 47.1 35.3 53 July August September 47.1 26.5 47.1 32.4 20.6 20.6 33 October November December 26.5 58.8 32.4 29.4 20.6 14.7 30 47.1 50.0 35.3 r23.5 48 48.5 67.6 p23.5 4-Q moving average 966. Index of industrial production (24 industries) 1-month span 6-month span 967. Index of spot market prices, raw industrials (u) (13 industrial materials) 1-month span 9-month span 960. Net profits, manufacturing 2 ® (about 600 companies) 968. Index of stock prices, 500 common stocks 1 <u) 1-month span 9-month span (4-quarter span) 1980 'ii 70.8 20.8 41.7 25.0 16.7 12.5 50.0 73.1 61.5 'ii 16.7 16.7 14.6 16.7 12.5 16.7 11.5 15.4 '39 39.6 70.8 66.7 37.5 70.8 87.5 'is 79.2 91.7 66.7 3 3 58.3 50.0 74.1 52.8 53.8 3.8 39.6 47.2 77.4 *56 50.0 46.2 46.2 26.4 92.5 89.6 90.6 94.3 86.8 56 53.8 76.9 57.7 46.2 42.3 38.5 92.5 88.7 76.4 84.9 96.2 94.3 60 95.8 95.8 95.8 65.4 53.8 46.2 61.5 65.4 65.4 43.4 55.7 15.1 90.6 88.7 86.8 'ei "49 83.3 62.5 45.8 79.2 70.8 58.3 30.8 30.8 65.4 38.5 38.5 46.2 66.0 42.5 85.8 79.2 67.3 59.6 '60 "43 56.2 62.5 45.8 54.2 58.3 45.8 69.2 26.9 38.5 46.2 46.2 53.8 81.1 30.2 67.3 59.6 44.2 42.3 *59 'ii 87.5 52.1 12.5 31.3 20.8 16.7 61.5 61.5 42.3 61.5 42.3 23.1 19.2 40.4 46.2 32.7 38.5 26.9 46.2 23.1 23.1 15.4 58.7 65.4 67.3 14.4 10.6 34.6 42.3 34.6 38.5 15.4 30.8 26.9 10.6 34.6 28.8 34.6 42.3 38.5 30.8 34.6 23.1 26.9 88.5 54.8 11.5 18.0 "19.2 0.0 1981 20.8 8.3 p36 8.3 8.3 20.8 10.4 33.3 75.0 31.3 12.5 0.0 p49 9.6 (NA) 1982 January February March April May June July August September 20.6 41.2 p33 20.8 r35.3 r41.7 r41.7 rSO.O p32.4 r62.5 p41.7 0.0 r29.2 r50.0 p29.2 61.5 53.8 52.9 26.5 "69.2 October November December See note on page 74. Graphs of these series are shown on page 37. x Based on 54 industries for January 1980, on 53 industries through May 1981, and on 52 industries thereafter. tries are not shown in table C2 but are available from the source. 2 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun 3 Based on 12 components (excluding rosin) . ** Based on average for September 7, 14, and 21. SEPTEMBER 1982 Data for component indus§ Bradstreet, Inc. 75 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj DIFFUSION INDEXES-Continued Year and quarter 970. Business expenditures for new plant and equipment (22 industries) 971. New orders, manufacturing l ® a. Actual expenditures Actual (1-Q span) b. Later anticipations c. Early anticipations (1-Q span) (1-Q span) 86.4 52.3 63.6 68.2 63.6 50.0 68.2 63.6 47.7 68.2 Anticipated Actual Anticipated (4-Q span) (4-Q span) 973. Net sales, manufacturing and trade ' © 972. Net profits, manufacturing and trade ' ® (4-Q span) (4-Q span) (4-Q span) Anticipated Actual (4-Q span) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 88.6 77.3 85 81 73 78 80 84 80 72 78 74 70 72 78 82 80 70 87 84 82 82 85 88 84 78 74 63 60 60 66 75 57 62 62 54 57 56 66 •73 59 61 73 62 68 66 72 80 63 67 68 70 62 62 74 74 76 76 60 66 60 60 70 69 74 72 70 74 71 68 78 76 80 80 52 60 68 64 53 61 66 66 63 65 70 72 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 77.3 54.5 81.8 59.1 50.0 45.5 59.1 36.4 54.5 40.9 81.8 77.3 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 72.7 72.7 70.5 63.6 40.9 68.2 72.7 54.5 59.1 68.2 36.4 77.3 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 54.5 59.1 59.1 22.7 27.3 34.1 (NA) 59.1 65.9 59.1 (NA) (NA) Q| DIFFUSION INDEXES-Continued Year and quarter 974. Number of employees, manufacturing and trade ' (u) Anticipated Actual (4-Q span) (4-Q span) 975. Level of inventories, manufacturing and trade ' (u) Anticipated Actual (4-Q span) (4-Q span) 976.- Selling prices, manufacturing l © Anticipated Actual (4-Q span) (4-Q span) 977. Selling prices, wholesale trade > (u) 978. Selling prices, retail trade ' <g) Actual Actual Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 62 60 60 58 60 60 58 56 80 76 73 75 70 74 71 68 92 93 92 94 86 88 88 86 96 95 95 96 88 90 92 90 94 95 94 96 90 92 92 90 58 54 53 51 54 56 48 50 67 61 64 60 62 70 53 56 90 88 90 90 87 90 83 86 92 90 92 90 90 92 87 88 92 91 94 90 90 93 84 90 51 53 52 52 56 54 56 55 62 64 62 63 63 61 66 64 88 86 84 82 88 90 89 84 90 88 84 82 90 89 89 84 94 90 86 86 90 90 92 87 48 50 51 51 58 54 56 56 72 80 76 68 72 82 78 72 78 82 81 76 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . (NA) (NA) (NA) (NA) (NA) NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those, indicated by®, that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 38. 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. 76 SEPTEMBER 1982 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued IH SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1982 January May April March February July r June August P 961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING > (Average weekly hours) All manufacturing industries 37.6 Percent rising of 20 components + (5) 39.4 39.0 (95) (12) o 39.0 + (42) 39.1 + (75) 39.2 + (72) 39.3 39.0 (55) (18) 38.0 37.6 Durable goods industries: Lumber and wood products Furniture and fixtures 35.0 33.6 + + 37.9 37.7 37.6 37.3 o + 37.6 37.4 + + 38.5 37.5 + + r38.7 37.8 o 38.4 37.8 Stone, clay, and glass products Primary metal industries 38.6 38.3 + + 40.1 39.4 40.0 38.8 o 40.0 38.5 + o 40.2 38.5 + + 40.4 38.9 + o 40.6 38.9 Fabricated metal products Machinery, except electrical . . : 38.1 39.3 + + 39.7 40.7 39.5 40.2 39.4 40.1 + 39.5 39.8 39.4 + + 39.5 39.9 39.2 39.6 Electric and electronic equipment Transportation equipment 38.3 39.0 + + 39.8 40.5 39.4 40.4 39.3 41.1 + o 39.4 41.1 + + + 39.8 41.0 39.4 40.9 Instruments and related products Miscellaneous manufacturing 39.0 37.3 + + 39.9 38.6 39.9 38.5 + + 40.2 38.7 o 40.1 38.7 40.0 38.6 Food and kindred products Tobacco manufacturers 39.1 36.1 + + 40.2 38.3 39.5 37.3 39.4 36.6 o + 39.4 37.2 + + Textile mill products Apparel and other textile products 32.3 31.4 + + 38.3 35.5 37.6 35.0 + 37.7 34.7 + + 37.9 34.8 + 35.1 o + 37.8 35.2 Paper and allied products Printing and publishing 41.3 36.9 + + 42.3 37.4 41.8 37.1 + o 42.1 37.1 41.8 36.8 + + 42.0 + r37.1 42.1 37.0 41.0 44.3 + 41.2 43.5 o 40.7 43.5 o + 40.7 44.0 + + 41.0 44.1 o o r41.0 r44.1 40.9 43.3 37.9 34.1 + + 40.0 35.6 39.6 35.8 + + 39.8 35.6 + o 39.9 35.6 + + r35.7 o + - r74,550 + o o 39.9 38.6 + o r39.6 39.5 41.6 40.2 r38.6 + 39.5 + + 40.5 39.2 Nondurable goods industries: Chemicals and allied products Petroleum and coal products + Rubber and miscellaneous plastics products Leather and leather products r38.4 r37.8 40.1 39.9 37.4 + o 39.4 38.8 37.8 35.1 41.6 36.7 + 40.1 35.9 40.5 44.3 39.6 35.7 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES l 2 (Millions of dollars) All durable goods industries 75,061 (47) Percent rising of 34 components + Primary metals Fabricated metal products + 76,309 + 77,859 - (35) (50) r76,194 - r75,710 (35) (68) (48) 76,446 - 73,425 (50) (32) 8,095 9,210 9,163 8,777 8,241 9,052 + - 8,137 88,988 + + 8,453 9,405 8,617 9,389 + + 7,596 9,819 + + 8,660 9,368 14,408 11,888 - 13,015 11,705 + 12,876 12,396 + - 13,793 11,708 16,011 + r!5,545 - 16,347 r!5,477 + + 17,515 15,631 - 15,575 15,044 Machinery, except electrical Electrical machinery 15,120 11,842 - 14,506 11,391 + 14,438 12,782 + + 15,264 12,508 - Transportation equipment Other durable goods industries + - 15,182 14,977 + + 17,305 15,814 + 17,138 16,086 - 16,594 r!4,703 + NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised; "p", preliminary; and "NA", not available. *Data are seasonally adjusted by the source agency. 2 Data for most of the 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. SEPTEMBER 1982 77 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued IQ SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1982 January February March Mayr April Juner Julyr August p 966. INDEX OF INDUSTRIAL PRODUCTION ' (1967 = 100) All industrial production Percent rising of 24 components .... 140.7 2 + (33) 142.9 141.7 140.2 139.2 138.5 (75) (31) (21) (42) (42) + 138.7 138.0 (62) (42) Durable manufactures: Lumber and products Furniture and fixtures 99.2 144.3 + + 104.9 148.4 128.5 89.7 + .135.0 88.5 131.5 83.0 Fabricated metal products Nonelectrical machinery 120.7 160.9 + 121.4 160.0 121.1 157.3 Electrical machinery Transportation equipment 168.2 96.6 + + 172.9 102.0 + 172.6 104.4 Instruments Miscellaneous manufactures 162.2 144.9 + 164.5 144.5 + 163.0 145.3 162.8 144.6 151.1 112.7 + + 151.7 126.7 o 150.8 126.7 149.7 116.1 120.0 (NA) + 125.8 (NA) 148.3 145.6 + + 151.5 146.4 Chemicals and products Petroleum products 196.7 123.3 + 201.3 119.5 Rubber and plastics products Leather and products 244.7 63.1 + + 251.8 64.0 Clay, glass, and stone products Primary metals + + 103.5 150.2 + + + 106.2 151.8 + 110.6 151.1 + 111.7 149.9 + + 113.0 152.2 (NA) (NA) 127.0 125.0 + 125.7 75.2 72.6 + + 126.5 76.4 (NA) 71.3 119.1 153.7 115.8 150.0 115.4 146.8 + 116.1 145.5 - 115.1 144.2 172.2 105.9 72.8 170.9 110.0 + + 171.3 111.6 + + 171.7 113.1 - 170.7 108.3 + 163.8 141.7 + 164.6 139.2 + 165.2 138.1 + 165.1 139.0 + + 150.5 118.6 + + 151.0 123.6 + Nondurable manufactures: Foods Tobacco products + Textile mill products Apparel products Paper and products Printing and publishing + + + + + + 126.3 (NA) (NA) (NA) (NA) 123.5 123.0 (NA) (NA) (NA) 150.6 145.9 149.8 144.2 146.5 143.8 145.6 141.2 + 144.3 141.9 + + 147.0 142.2 200.3 121.3 198.6 120.8 193.2 125.9 + 192.4 128.0 - 121.2 + 258.0 ' 64.2 126.0 (NA) 253.4 61.2 + + 255.1 + 60.6 + 193.6 122.2 257.0 61.1 + + + + 124.3 (NA) (NA) (NA) 259.0 62.3 (NA) (NA) (NA) Mining: Metal mining Coal + + 121.3 147.9 + 120.8 156.0 Oil and gas extraction Stone and earth minerals + + 151.5 115.8 + 146.6 120.5 + 109.9 155.6 108.8 146.2 141.4 121.6 137.7 119.6 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. + 90.0 71.4 56.2 149.2 144.4 140.3 + 144.1 132.7 114.6 129.2 109.4 126.6 111.0 - 123.7 ( + ) = rising, (o) = unchanged, and (-) + = falling. (NA) (NA) The "r" indicates revised; "p" x Data are seasonally adjusted by the source agency. Where actual data for separate industries are not available, estimates are used to compute the percent rising. 2 78 SEPTEMBER 1982 110 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1982 January February March May Apri 1 967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS Raw industrials price index (1967 = 100) . . . . - 263.4 - (42) Percent rising of 13 components 261.0 254.5 (35) (38) - 247.4 - June August September 1 2 245.5 - 232.2 + (23) (35) (31) July 237.0 - (62) 236.2 + 239.7 (69) (54) Dollars Copper scrap (pound) . . (kilogram) . . - 0.572 1.261 - 0.565 1.246 - 0.530 1.168 + 0.534 1.177 - 0.530 1.168 - 0.427 0.941 + 0.465 1.025 - 0.461 + 1.016 0.485 1.069 Lead scrap (pound) . (kilogram) . . - 0.168 0.370 + 0.175 0.386 - 0.160 0.353 - 0.152 0.335 - 0.150 0.331 - 0.142 0.313 + 0.146 0.322 + 0.166 0.366 - 0.165 0.364 Steel scrap (U.S. ton) . . (metric ton) . . + 88.000 97.002 - 83.750 92.318 - 74.600 82.232 - 72.750 80.192 - 70.000 77.161 - 57.800 63.713 + 59.000 65.036 + 59.200 65.256 + 60.000 66.138 Tin (pound) . (kilogram) . . + 7.200 15.873 + 7.280 16.049 - 6.080 13.404 - 5.830 12.853 + 5.842 12.879 - 5.284 11.649 - 5.280 11.640 + 5.714 12.597 + 5.877 12.956 Zinc (pound)., (kilogram) . . - 0.433 0.955 + 0.436 0.961 - 0.402 0.886 - 0.362 0.798 o 0.362 0.798 + 0.368 0.811 + 0.388 0.855 + 0.399 0.880 + 0.418 0.922 (yard). . (meter) . . + 0.233 0.255 o 0.233 0.255 + 0.235 0.257 + 0.244 0.267 - 0.242 0.265 - 0.238 0.260 - 0.236 0.258 + 0.241 0.264 + . 0.251 0.274 + 0.577 1.272 - 0.571 + 1.259 0.598 1.318 + 0.618 1.362 + 0.625 1.378 - 0.613 1.351 + 0.659 1.453 - 0.615 1.356 - 0.586 1.292 Burlap Cotton (pound) . . (kilogram) . . Print cloth (yard) (meter) . . - 0.710 0.776 - 0.700 0.766 - 0.693 0.758 - 0.650 0.711 - 0.630 0.689 - 0.626 0.685 - 0.588 0.643 - 0.546 0.597 + 0.553 0.605 Wool tops (pound) . (kilogram) . . - 3.580 7.892 - 3.520 7.760 - 3.460 7.628 - 3.412 7.522 - 3.400 7.496 o 3.400 7.496 o 3.400 7.496 o 3.400 7.496 o 3.400 7.496 Hides (pound) . . (kilogram).. + 0.590 1.301 o 0.590 1.301 - 0.584 1.287 - 0.545 1.202 + 0.558 1.230 - 0.526 1.160 + 0.541 + 1.193 0.544 1.199 + 0.545 1.202 Rosin (100 pounds) (100 kilograms) . . o 47.000 103.616 o 47.000 103.616 + 53.500 117.946 - 49.000 108.025 - 47.000 103.616 o 47.000 103.616 o 47.000 103.616 47.000 103.616 o 47.000 103.616 (pound) . . (kilogram) . . - 0.483 1.065 - 0.470 1.036 + 0.471 1.038 - 0.460 1.014 - 0.458 1.010 + 0.463 1.021 + 0.468 1.032 0.464 1.023 - 0.450 0.992 (pound) (kilogram). . - 0.167 0.368 - 0.161 0.355 + 0.171 0.377 + 0.177 0.390 + 0.182 0.401 - 0.176 0.388 - 0.168 0.370 0.150 0.331 + 0.160 0.353 Rubber Tallow . . o - NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised; "p" preliminary; and "NA", not available. 1 Average for September 7, 14, and 21. 2 Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis. SEPTEMBER 1982 79 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT M| GNP AND PERSONAL INCOME Year and quarter b. Difference a. Total (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 217. Per capita GNP in1972 dollars 50. Gross national product in 1972 dollars 200. Gross national product in current dollars c. Percent change at annual rate b. Difference a. Total (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) c. Percent change at annual rate (Ann. rate, dollars) 213. Final sales in 1972 dollars (Ann. rate, bil. dol.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2,335.5 2,377.9 2,454.8 2,502.9 53.9 42.4 76.9 48.1 2,575.9 2,573.4 2,643.7 2,739.4 73.0 -2.5 70.3 95.7 12.2 -0.4 11.4 15.3 1,494.9 1,457.8 1,463.8 1,479.4 5.6 -37.1 6.0 2,864.9 2,901.8 2,980.9 3,003.2 125.5 19.6 1,507.8 1,502.2 1,510.4 1,490.1 28.4 -5.6 -1.5 8.2 -20.3 1,472.6 1,469.2 1,486.6 1,489.3 9.8 7.5 13.6 8.1 4.2 1.1 -3.4 17.4 6,570 6,537 6,595 6,586 1,459.7 1,455.4 1,481.9 1,491.6 6,593 6,413 6,421 6,472 1,497.5 1,460.3 1,472.3 1,485.7 -5.3 6,583 6,544 6,563 6,458 1,505.4 1,490.1 1,493.9 1,485.3 -5.1 r2.1 6,360 r6,380 1,486.1 rl,482.7 -0.9 4.8 0.7 2.7 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1.5 -9.6 1.6 4.3 15.6 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 36.9 79.1 22.3 5.3 11.4 3.0 7.9 2.2 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2,995.5 r3,045.2 -7.7 r49.7 1,470.7 rl,478.4 -1.0 r6.8 -19.4 r7.7 •H PERSONAL CONSUMPTION EXPENDITURES j^ GNP AND PERSONAL INCOME-Continued Year and quarter Disposable personal income 224. Current dollars (Ann. rate, bil. dol.) 225. Constant (1972) dollars (Ann. rate, bil. dol.) 230. Total in current dollars 231. Total in 1972 dollars 232. Durable goods in current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 233. Durable goods in 1972 dollars 227. Per capita in 1972 dollars (Ann. rate, dollars) (Ann. rate, bil. dol.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1,587.5 1,624.0 1,674.3 1,714.9 1,011.1 1,011.7 1,019.8 1,020.1 4,511 4,502 4,524 4,511 1,446.3 1,476.0 1,528.3 1,578.0 921.2 919.5 930.9 938.6 211.1 208.7 217.3 216.6 148.6 144.9 149.1 146.3 1,766.9 1,781.0 1,845.5 1,902.9 1,022.8 1,005.5 1,018.2 1,025.7 4,511 4,423 4,466 4,487 1,618.7 1,622.2 1,682.0 1,745.8 937.0 915.8 928.0 941.0 220.8 199.0 212.7 224.7 145.4 128.9 134.6 139.5 1,958.7 1,996.5 2,060.0 2,101.4 1,035.0 1,036.6 1,048.8 1,051.9 4,519 4,516 4,557 4,559 1,799.9 1,819.4 1,868.8 1,884.5 951.1 944.6 951.4 943.4 236.9 230.4 241.2 229.6 145.3 138.6 142.2 134.1 2,117.1 r2,151.5 1,046.9 rl,054.8 4,527 r4,552 1,919.4 rl,947.8 949.1 r955.0 237.9 r240.7 137.5 r!38.3 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 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. SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued HH PERSONAL CONSUMPTION EXPENDITURES-Continued Year and quarter 236. Nondurable goods in current dollars (Ann. rate, bil. dot.) 238. Nondurable goods in 1972 dollars (Ann. rate, bil. dol.) 237. Services in current dollars (Ann. rate, bil. dol.) JH GROSS PRIVATE DOMESTIC INVESTMENT 239. Services in 1972 dollars (Ann. rate, bil. dol.) 240. Total in current dollars (Ann. rate, bil. dol.) 241. Total in 1972 dollars (Ann. rate, bil. dol.) 242. Fixed investment, total, in current dollars 243. Fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 569.3 586.0 609.3 635.5 349.9 349.2 353.4 359.8 666.0 681.3 701.7 725.9 422.8 425.4 428.5 432.6 415.1 428 ! 3 431.9 416.8 241.5 24L3 237.2 225.3 393.5 401^9 420.2 419.4 228.6 227!e 232.4 227.6 650.6 656.7 673.7 700.5 357.8 352.7 353.7 359.0 747.3 766.6 795.6 820.6 433.9 434.3 439.7 442.5 424.0 391.0 384.1 410.3 222.7 201.9 199.2 209.6 424.6 391.4 405.3 428.0 225.3 204.4 207.8 215.9 720.6 729.6 741.3 746.5 361.6 361.7 363.0 363.1 842.4 859.4 886.3 908.3 444.2 444.3 446.2 446.2 455.7 475.5 486.0 468.9 221.6 229.5 233.4 218.9 443.5 450.9 454.2 455.7 219.2 217.4 216.9 214.1 749.1 755.0 362.2 r364.5 932.4 r952.1 449.5 r452.2 414.8 r431.5 195.4 r2Q2.3 450.4 r447.*7 210.8 r206.7 266. State and local government in current dollars 267. State and local government in 1972 dollars 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . D Year rear and quarter GROSS PRIVATE DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars (Ann. rate, bil. dol.) 30. Change in business inventories in 1972 dollars (Ann. rate, bil. dol.) HH GOVERNMENT PURCHASES OF GOODS AND SERVICES 260. Total in current dollars (Ann. rate, bil. dol.) 261. Total in 1972 dollars (Ann. rate, bil. dol.) 262. Federal Government in current dollars 263. Federal Government in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -2.3 456.9 464.5 478.5 497.6 276.4 276.8 278.8 281.2 164.4 163.2 168.0 177.8 102.2 101.0 101.9 103.4 292.5 301.2 310.5 319.8 174.2 175.9 176.8 177.8 -0.7 -0.4 -21.2 -17.7 -2.6 -2.5 -8.5 -6.2 519.2 536.0 538.5 559.8 284.7 286.9 283.4 283.2 189.6 198.8 193.3 207.0 106.4 109.1 105.5 104.8 329.6 337.2 345.2 352.8 178.3 177.8 177.9 178.4 12.2 24.6 31.8 13.2 12.1 16.5 4.8 578.1 583.2 600.2 626.3 286.8 283.9 286.4 291.3 217.0 218.2 230.0 250.5 107.9 107.0 110.7 116.0 361.1 365.0 370.1 375.7 179.0 176.9 175.7 175.3 -15.4 r-4.4 630.1 r630.9 289.2 r285.3 249.7 r244.3 114.4 rllO.3 380.4 r386.6 174.9 r!75.0 21.5 26.4 11.8 -2.6 12.9 13.7 4.8 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2.4 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -35.6 r-16.2 See note on page 80. Graphs of these series are shown on pages 41, 42, and 43. SEPTEMBER 1982 81 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued D Q| FOREIGN TRADE Year and quarter 255. Constant (1972) dollars 250. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 280. Compensation of employees 257. Constant (1972) dollars 253. Current dollars 256. Constant (1972) dollars 252. Current dollars 220. National income in current dollars Imports of goods and services Exports of goods and services Net exports of goods and services NATIONAL INCOME AND ITS COMPONENTS (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1979 First quarter . Second quarter . . . . Third quarter Fourth quarter . . . . 16.1 10.5 33.4 31.5 39.8 44.2 256.1 268.2 290.6 310.5 138.8 140.4 149.2 156.4 238.9 259.1 274.5 300.0 105.4 109.0 109.4 112.2 1,907.4 1,941.3 1,993.6 2,024.5 1,406.5 1,434.9 1,477.6 1,513.6 14.0 24.2 39.0 23.5 50.5 53.2 53.1 45.6 335.7 337.3 337.2 346.7 164.4 161.2 155.9 155.1 321.7 313.1 298.2 323.2 113.9 108.0 102.8 109.6 2,079.7 2,067.2 2,122.3 2,199.2 1,555.2 1,571.7 1,604.9 1,662.8 31.2 23.7 25.9 23.5 48.2 44.2 39.2 36.5 365.4 368.9 367.2 367.9 159.3 159.7 157.8 156.9 334.2 345.1 341.3 344.4 111.1 115.5 118.7 120.4 2,293.7 2,324.4 2,387.3 2,404.5 1,718.0 1,750.0 1,789.1 1,813.4 31.3 36.9 35.7 359.9 r365.8 151.7 r!54.4 328.6 r330.9 114.7 rl!8.7 2,396.9 r2,425.2 1,830.8 rl,850.7 17.2 9.1 1980 First quarter . Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . r34.9 Qj NATIONAL INCOME AND ITS COMPONENTS-Continued Year and quarter : 282. Proprietors' income with inventory valuation and capital consumption adjustments (Ann. rate, bil. dol.) 284. Rental income of persons with capital consumption adjustment (Ann. rate, bil. dol.) 286. Corporate profits with inventory valuation and capital consumption adjustments (Ann. rate, bil. dol.) Q SAVING 288. Net interest (Ann. rate, bil. dol.) 290. Gross saving (private and government) (Ann. rate, bil. dol.) 295. Business saving (Ann. rate, bil. dol.) 292. Personal saving (Ann. rate, bil. dol.) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 128.9 134.1 133.3 132.2 28.2 27.0 27.2 29.2 201.3 197.2 197.5 183.1 142.5 148.1 158.1 166.4 423.1 432.2 431.4 404.4 301.6 308.0 318.7 313.9 122.7 108.9 115.5 118.0 30.8 32.7 33.8 34.2 195.3 172.2 177.8 181.2 175.7 181.6 190.4 203.0 410.8 395.8 404.4 414.0 322.3 330.2 335.5 340.3 108.6 113.1 105.3 123.4 123.8 127.5 124.1 34.4 34.0 33.6 33.6 200.3 185.1 193.1 183.9 217.6 231.6 244.0 249.5 461.4 482.4 490.0 476.3 362.7 367.0 379.1 389.1 105.9 122.0 134.4 158.6 116.4 rl!7.3 33.9 34.2 157.1 r!55.4 258.7 r267.5 428.8 r441.5 r380.3 r384.6 139.1 r!44.3 98.0 102.8 98.6 87.3 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 97.9 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . See note on page 80. Graphs of these series are shown on pages 44, 45, and 46. 82 SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Q|| SHARES OF GNP AND NATIONAL INCOME Q| SAVING-Continued Year and quarter 298. Government surplus or deficit, total (Ann. rate, bil. dot.) 293. Personal saving rate (percent of disposable personal income) Percent of gross national product 235. Personal consumption expenditures, total 249. Residential fixed investment (Percent) (Percent) (Percent) (Percent) 248. Nonresidential fixed investment 247. Change in business inventories 251. Net exports of goods and services (Percent) (Percent) 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 0.9 1.1 0.5 2.1 6.2 6.3 5.9 5.1 61.9 62.1 62.3 63.0 11.9 11.9 12.2 12.1 5.0 5.0 5.0 4.7 -0.1 -10.6 -44.2 -45.9 -32.2 5.5 6.1 6.1 5.5 62.8 63.0 63.6 63.7 12.1 11.7 11.6 11.6 4.4 3.5 3.7 4.0 -0.8 -0.6 -8.3 -7.6 5.4 6.1 6.5 7.5 62.8 62.7 62.7 62.7 11.5 11.8 11.8 12.0 4.0 3.8 3.4 3.2 0.4 0.8 1.1 0.4 6.6 64.1 64.0 11.9 11.6 3.1 3.1 r-0.5 22.2 20.1 12.9 0.7 0.4 0.7 0.4 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 0.0 0.0 0.5 0.9 1.5 0.9 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -24.5 -72.5 1.1 0.8 0.9 0.8 1982 r-90.7 r-87.5 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . r6.7 1.0 -1.2 rl.l Qj SHARES OF GNP AND NATIONAL INCOME-Continued Year and quarter Percent of GNP-Continued 265. Federal Government purchases of goods and services (Percent) Percent of national income 268. State and local government purchases of goods and services 64. Compensation of employees (Percent) (Percent) 283. Proprietors' income with IVA and CCAdj l 285. Rental income of persons with CCAdj l (Percent) (Percent) (Percent) (Percent) 289. Net interest 287. Corporate profits with IVA and CCAdj l 1979 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 7.0 6.9 6.8 7.1 12.5 12.7 12.6 12.8 73.7 73.9 74.1 74.8 6.8 6.9 6.7 6.5 1.5 1.4 1.4 1.4 7.4 7.7 7.3 7.6 12.8 13.1 13.1 12.9 74.8 76.0 75.6 75.6 5.9 5.3 5.4 5.4 7.6 7.5 7.7 8.3 12.6 12.6 12.4 12.5 74.9 75.3 74.9 75.4 8.3 8.0 12.7 12.7 76.4 76.3 r4.8 9.9 9.0 7.5 7.6 7.9 8.2 1.5 1.6 1.6 1.6 9.4 8.3 8.4 8.2 8.4 8.8 9.0 9.2 5.4 5.3 5.3 5.2 1.5 1.5 1.4 1.4 8.7 8.0 8.1 7.6 10.0 10.2 10.4 4.9 1.4 1.4 6.6 6.4 10.8 11.0 10.6 10.2 1980 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 9.5 1982 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. SEPTEMBER 1982 83 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY ^J PRICE MOVEMENTS Fixed-weighted price index, gross business product Implicit price deflator, gross national product Year and month 310. Index (1972 = 100) 310c. Change over 1-quarter spans ' (Ann. rate, percent) 311. Index (1972 = 100) 311c. Change over 1-quarter spans! (Ann. rate, percent) Consumer prices, food Consumer prices, all items 320. Index (u) 320c. Change over 1-month spans l 320c. Change over 6-month spans ' (1967 = 100) (Percent) (Ann. rate, percent) 322. Index 322c. Change over 1 -month spans l 322c. Change over 6-month spans ' (1967 = 100) (Percent) (Ann. rate, percent) 1980 January February March 10.5 April May June 10.1 . . . 180." 6 October November December 185 '.2 233.2 236.4 239.8 1.4 1.2 1.4 15.5 15.0 14.5 244.5 244.9 246.9 0.4 0.2 0.8 10.4 242.5 244.9 247.6 0.9 0.9 1.0 11.6 10.4 248.6 250.4 251.7 0.7 0.7 0.5 10.8 12.2 247.8 249.4 251.7 0.1 0.7 1.0 10.0 10.3 10.3 253.7 257.8 261.5 0.8 1.6 1.4 12.5 13.4 13.5 253.9 256.2 258.4 1.1 1.1 1.0 11.8 12.4 11.4 263.7 266.6 268.2 0.8 1.1 0.6 12.7 10.5 260.5 263.2 265.1 0.8 1.0 0.6 10.0 269.3 271.0 271.7 0.4 0.6 0.3 6.6 4.6 3.8 266.8 269.0 271.3 0.4 0.8 0.7 272.3 272.6 273.2 0.2 0.1 0.2 4.3 4.1 4.9 274.4 276.5 279.3 1.1 0.8 1.1 9.8 9.1 275.0 276.5 278.3 0.7 0.5 0.7 5.0 5.0 4.7 7.4 279.9 280.7 281.5 0.4 0.5 0.4 7.2 6.0 3.2 279.0 279.3 279.5 0.3 0.1 0.1 4.8 4.9 2.8 4.4 282.5 283.4 283.1 0.3 0.2 2.8 3.7 5.1 281.5 283.2 282.2 0.7 0.6 2.9 4.4 5.6 5.7 5.8 283.0 285.4 287.2 183i4 176.*5 July August September 11.0 173." 9 172.3 9.9 9.6 IQJ'.Q 10.0 10.5 192 '.3 9.6 7.7 7.9 6.8 7.7 8.0 1981 January February March 19C)!6 April May June 193!2 July August September 197 .*4 October November December 201 ! 6 10.4 10.9 197 *.l 8.6 6.8 2oi.*2 9.3 9.0 205 .'7 8.8 209^4 9.3 8.8 9.6 9.3 10.4 10.5 1982 January February March April May June 4.3 203.7 2ii."s r3.8 r4.6 r206.*6 July August September r213.*8 -0.3 284.3 287.1 290.6 0.2 1.0 1.0 292.2 292.8 0.6 0.3 287.0 286.2 -0.4 0.3 0.8 0.6 3.9 2.1 -0.1 -0.3 October November December See note on page 80. Graphs of these series are shown on pages 48 and 49. Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and 1-quarter changes are placed on the 1st month of the 2d quarter. SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Qj PRICE MOVEMENTS-Continued Producer prices, all commodities Year and month 330. Index © (1967 = 100) 330c. Change over 1-month spans ' (u) (Percent) Producer prices, crude materials Producer prices, industrial commodities 330c. Change over 6-month spans ' (u) (Ann. rate, percent) 335. Index ® (1967-100) 335c. Change over 1-month spans ' ® (Percent) 335c. Change over 6-month spans ' (u) (Ann. rate, percent) 331. Index (1967-100) 331c. Change over 1-month spans ' (Percent) 331c. Change over 6-month spans ' (Ann. rate, percent) 1980 January February March 254.9 260.2 261.9 2.1 2.1 0.7 14.5 14.2 13.1 260.6 265.9 268.6 3.0 2.0 1.0 18.7 17.7 16.8 289.0 295.1 289.0 April May June 262.8 264.2 265.6 0.3 0.5 0.5 12.5 10.7 271.3 271.9 273.5 1.0 0.2 0.6 12.3 9.5 7.7 283.2 287.5 289.2 July August September 270.4 273.8 274.6 1.8 1.3 0.3 11.7 11.6 11.8 276.2 278.2 278.8 1.0 0.7 0.2 8.0 8.6 9.8 October November December 277.8 279.1 280.8 1.2 0.5 0.6 10.9 10.3 11.8 282.0 283.4 286.6 1.1 0.5 1.1 January February . , March 284.8 287.6 290.3 1.4 1.0 0.9 11.5 11.0 10.2 291.5 295.7 299.6 April May June 293.4 294.1 294.8 1.1 0.2 0.2 8.2 6.2 3.8 July August September 296.2 296.4 295.7 0.5 0.1 October November December 296.1 295.5 295.8 0.5 0.9 0.1 0.0 2.1 -2.1 1.5 0.6 10.6 16.3 22.8 304.0 318.2 320.3 5.1 4.7 0.7 32.1 31.0 26.8 11.4 13.0 15.5 325.5 329.0 325.7 1.6 1.1 17.2 1.7 1.4 1.3 15.8 15.6 13.3 329.1 332.1 328.4 303.5 304.7 305.1 1.3 0.4 0.1 10.3 7.9 5.3 333.2 333.7 336.9 1.8 1.0 0.7 306.2 307.2 307.4 0.4 0.3 0.1 3.7 3.0 3.2 337.6 334.4 328.4 -0.9 -1.8 1.4 1.5 1.6 309.0 309.3 310.0 0.5 0.1 0.2 3.7 2.9 2.4 322.7 318.1 313.6 -1.7 -1.4 -1.4 -10.5 -10.0 rl.3 311.8 311.6 311.0 319.3 317.3 314.7 1.8 -0.6 -0.8 r-1.6 5.9 8.7 9.9 -2.0 8.9 5.1 -1.0 1981 -0.2 0.1 -0.2 0.1 4.8 2.9 7.0 1.0 0.9 -1.1 5.2 1.4 0.0 1.5 0.2 1.0 0.2 -6.2 -9.1 -13.4 -8.2 1982 January February March April May June July August September 0.8 0.1 298.3 298.6 298.0 -0.2 r298.0 298.6 299.4 0.0 0.2 0.3 300.6 300.4 0.4 -0.1 2.1 2.4 1.5 1.2 309.9 309.5 310.7 313.0 313.4 0.6 rO.6 -0.1 -0.2 0.1 0.5 -0.4 -0.1 0.8 1.2 1.7 2.2 0.4 r320.1 327.3 327.0 -O.I 0.7 0.1 323.7 321.9 -1.0 -0.6 2.8 2.9 October November December See note on page 80. Graphs of these series are shown on page 48. 1 Changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. ItUI SEPTEMBER 1982 85 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued RH PRICE Producer prices, capital equipment Producer prices, intermediate materials Year and month 332. Index (1967-100) 332c. Change over 1-month spans ' (Percent) MOVEMENTS-Continued 332c. Change over 6-month spans ' (Ann. rate, percent) 333. Index (1967 = 100) 333c. Change over 1-month spans 1 (Percent) Producer prices, finished consumer goods 333c. Change over 6-month spans ' (Ann. rate, percent) 334. Index (1967 = 100) 334c. Change over 1-month spans ' (Percent) 334c. Change over 6-month spans ' (Ann. rate, percent) 1980 January February March 267.1 272.0 273.9 2.5 1.8 0.7 15.0 14.3 14.2 228.2 230.0 232.1 1.4 0.8 0.9 13.1 12.2 11.9 235.9 239.4 242.1 1.7 1.5 1.1 15.6 12.9 13.1 April May June 274.2 276.0 278.5 0.1 0.7 0.9 10.8 235.6 236.3 238.1 1.5 0.3 0.8 11.4 11.9 10.5 243.5 244.4 246.6 0.6 0.4 0.9 13.2 12.9 10.8 July August September 281.1 284.0 285.3 0.9 1.0 0.5 10.2 10.7 11.0 240.9 243.3 244.0 1.2 1.0 0.3 11.0 11.6 11.0 251.0 254.4 254.8 1.8 1.4 0.2 11.3 12.0 10.8 October November December 287.9 290.4 293.4 0.9 0.9 1.0 11.7 10.4 11.7 248.2 249.6 250.9 1.7 0.6 0.5 11.0 10.7 11.7 256.9 258.7 259.6 0.8 0.7 0.3 10.5 January February March 297.1 298.4 301.5 1.3 0.4 1.0 11.6 10.8 9.4 253.8 256.0 257.9 1.2 0.9 0.7 10.2 10.8 262.7 264.6 267.8 1.2 0.7 1.2 April May June 304.1 305.7 306.9 0.9 0.5 0.4 7.5 7.7 5.6 260.2 262.0 264.1 0.9 0.7 0.8 9.5 9.1 7.8 270.4 270.6 272.0 1.0 0.1 0.5 7.9 6.7 4.6 July August September 308.1 309.7 309.8 0.4 0.5 0.0 3.7 3.2 2.8 265.6 267.4 267.8 0.6 0.7 0.1 8.1 8.2 7.7 272.9 273.3 273.9 0.3 0.1 0.2 3.6 4.3 3.6 October November December 309.7 310.6 311.1 0.0 0.3 0.2 2.5 0.9 0.2 270.5 272.5 274.1 1.0 0.7 0.6 7.5 5.2 6.0 275.2 276.3 276.9 0.5 0.4 0.2 4.1 3.6 2.5 0.3 r-0.9 275.4 274.3 275.7 0.5 4.5 3.9 4.3 278.5 278.2 277.3 -0.1 -0.3 0.2 2.0 4.3 6.5 r277.3 276.6 279.7 rO.O r-0.3 1.1 2.0 3.5 281.3 283.0 0.6 0.6 9.0 8.5 9.5 8.2 1981 9.9 10.8 9.4 9.8 1982 January February . . . . . . . . March . . . . , . . _ . . April May June 312.0 311.1 310.1 *$ . "... r308.3 308.8 309.7 July August September . . . ; . . . 311.0 310.7 -0.3 -0.3 -1.2 -0.9 r-0.6 -0.6 -0.3 rO.2 0.3 0.4 -0.1 -0.4 0.5 276.5 277.7 279.9 0.3 0.4 0.8 281.2 283.1 0.5 0.7 0.6 rl.5 October November December See note on page 80. Graphs of these series are shown on page 48. 1 Changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. 86 SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued ^J WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted l Year and month Current-dollar earnings 340. Index (1977 = 100) 340c. Change over 1-month spans 2 (Percent) Current-dollar compensation Real earnings 340c. Change over 6-month spans 2 (Ann. rate, percent) 341. Index (1977 = 100) 341c. Change over 1-month spans 2 (Percent) 341c. Change over 6-month spans 2 (Ann. rate, percent) 345. Index (1977 = 100) 345c. Change over 1-quarter spans 2 (Ann. rate, percent) 345c. Change over 4-quarter spans 2 (Ann. rate, percent) 1980 January February March 121.7 122.7 124.1 0.3 0.9 1.1 April May June 124.6 125.8 127.0 0.5 0.9 1.0 10.2 July August September 127.7 128.7 129.4 0.6 0.7 0.6 10.0 10.2 October November December 130.7 132.0 132.6 January February March 9.4 9.5 9.6 9.9 8.8 94.4 94.0 93.8 -1.1 -0.4 -0.2 -5.1 -4.6 -4.2 125*.9 93.3 93.4 93.4 -0.5 -1.2 -0.3 -0.8 129.0 0.1 0.0 0.5 0.0 11.8 10.4 0.0 9.0 93.8 93.8 93.4 -0.5 -0.4 -1.6 1.0 1.0 0.4 9.6 9.8 9.9 93.3 93.2 92.7 -0.1 -0.2 -0.5 -2.2 -2.5 -1.4 133.7 134.8 135.7 0.8 0.8 0.6 9.1 8.6 8.9 92.8 92.7 92.7 0.2 -0.2 -0.6 -0.4 April May June 136.6 137.6 138.4 0.7 0.8 0.6 8.1 8.7 8.7 93.0 93.0 92.9 July August September 139.1 140.5 141.4 0.5 1.1 0.6 8.1 8.0 7.6 92.2 92.5 92.1 -0.8 October November December 142.0 143.0 143.5 0.4 0.7 0.3 8.6 6.4 5.7 92.1 92.3 92.3 -0.1 144.9 145.0 145.4 1.0 0.1 0.3 6.3 6.6 r6.6 92.9 92.8 93.3 April May June 146.3 147.7 r!48.1 0.6 0.9 0.3 r5.4 p6.5 93.7 93.7 -0.1 r93.1 r-0.7 July August September r!48.8 p!49.7 r92.9 p93.1 -0.2 pO.3 10.4 10.6 10.4 132.3 10.6 9.7 135.4 9.7 1981 0.1 0.3 0.0 -0.1 0.3 -0.4 0.3 -0.1 11.8 139.2 9.4 0.6 -1.3 -0.3 -1.3 141.6 -2.0 -1.4 -1.4 144.7 1.6 0.5 2.6 6.9 8.9 9.2 7.8 7.5 147.'4 p7.*6 1982 January February March 0.4 pO.6 0.7 -0.2 3.7 3.0 0.6 rl.7 0.4 r-0.2 pO.8 7.7 150.1 p5.9 p!52.3 October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts. 2 Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. SEPTEMBER 1982 87 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Q| WAGES AND PRODUCTIVITY-Continued Negotiated wage and benefit decisions, all industries ® Average hourly compensation, all employees, nonfarm business sector-Continued Year and 348. First year average changes Real compensation 346c. Change over 1-quarter spans! 346. Index (1977 = 100) (Ann. rate, percent) 346c. Change over 4-quarter spans l (Ann. rate, percent) (Ann. rate, percent) 349. Average changes over life of contract (Ann. rate, percent) Output per hour, all persons, private business sector 370. Index (1977 = 100) 370c. Change over 1-quarter spans l 370c. Change over 4-quarter spans 1 (Ann. rate, percent) (Ann. rate, percent) 358. Index of output per hour, all persons, nonfarm business sector (1977 = 100) 1980 January February March 8.8 -4.1 96.*4 6.7 ... April qc o May -2.5 0.6 99^3 -2.2 10.2 7.4 lo 98.' 7 -CL5 ... ... -4.3 QQ yo .9L. 0 Q7 £ 1.4 ... 98*.4 2*5 99.2 2.2 100.4 0.9 loo.'o 0 . L. June July August September October November December 2.4 96^3 ... 11.4 7.2 -2.8 95*.7 6!6 2.6 98 ! 9 -0.6 ... ... 8.5 6.1 ... 2.0 99^3 ... 1981 0.4 January February March 95.*7 April May June 95.7 July August September 95 ' J October November December 95." 1 7.7 7.2 -1.2 ... ... -0.1 ... 5.6 100." 7 -o.'e 11.6 ... 10.8 ioo!7 0.0 ... -2.5 10.5 -0.3 ... i i 1.1 8.1 101 ! 6 0*.4 11.0 5.8 ::: pO.7 ioo!6 -6*. 7 -2.9 106! 2 99! i p-6'.4 1982 January February March April May June 4.3 pi. 9 pi. 2 96.' 1 loo'.o -1.0 99.*2 ... ... p96.4 ... pi. 2 P 2.1 pi. 2 pi. 6 plOO.3 p99.*3 July August September October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. Changes are centered within the spans: 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. SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Qj CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month Labor force participation rates 441. Total 442. Employed 451. Males 20 years and over 452. Females 20 years and over (Thous.) (Thous.) (Percent) (Percent) Number unemployed 453. Both 37. Total sexes, 16-19 years of age (Percent) (Thous.) 444. Males 20 years and over 445. Females 20 years and over (Thous.) (Thous.) 446. Both 447. Fullsexes, 16-19 time years of age workers (Thous.) (Thous.) 448. Number employed part-time for economic reasons (Thous.) 1980 January February March 106,493 106,548 106,321 99,833 99,913 99,607 79.6 79.7 79.4 51.3 51.2 51.1 57.6 57.1 57.0 6,660 6,635 6,714 2,722 2,682 2,826 2,370 2,383 2,351 1,568 1,570 1,537 5,276 5,241 5,397 3,567 3,539 3,531 April May June 106,482 107,022 106,809 99,112 98,963 98,785 79.4 79.7 79.3 51.3 51.3 51.3 55.9 57.3 56.8 7,370 8,059 8,024 3,276 3,630 3,644 2,578 2,640 2,653 1,516 1,789 1,727 5,987 6,568 6,666 3,943 4,397 4,172 July August September 107,221 107,159 107,232 98,891 98,920 99,208 79.4 79.4 79.3 51.4 51.5 51.3 57.4 55.7 56.5 8,330 8,239 8,024 3,772 3,731 3,756 2,739 2,751 2,588 1,819 1,757 1,680 6,908 6,833 6,732 4,243 4,315 4,312 October November December 107,437 107,600 107,531 99,328 99,534 99,632 79.3 79.3 79.2 51.4 51.5 51.4 56.6 56.2 56.1 8,109 8,066 7,899 3,607 3,595 3,476 2,784 2,767 2,783 1,718 1,704 1,640 6,709 6,747 6,617 4,236 4,222 4,191 January February March 107,923 108,034 108,364 99,901 100,069 100,406 79.1 79.0 79.2 51.7 51.8 52.0 56.6 56.5 56.2 8,022 7,965 7,958 3,461 3,433 3,410 2,804 2,763 2,787 1,757 1,769 1,761 6,611 6,537 6,553 4,451 4,227 4,290 April May June 108,777 109,293 108,434 100,878 101,045 100,430 79.2 79.6 78.9 52.1 52.4 52.3 57.0 56.6 53.9 7,899 8,248 8,004 3,337 3,595 3,497 2,796 2,871 2,824 1,766 1,782 1,683 6,442 6,631 6,577 4,200 4,264 4,033 July August September 108,688 108,818 108,494 100,864 100,840 100,258 78.9 78.9 78.8 52.3 52.2 51.8 54.5 55.1 55.1 7,824 7,978 8,236 3,298 3,459 3,569 2,872 2,825 2,918 1,654 1,694 1,749 6,365 6,400 6,757 4,374 4,350 4,656 October November December 109,012 109,272 109,184 100,343 100,172 99,613 78.8 78.8 79.0 52.3 52.4 52.2 54.8 55.0 54.0 8,669 9,100 9,571 3,851 4,105 4,543 3,017 3,109 3,175 1,801 1,886 1,853 7,204 7,545 8,127 5,009 5,026 5,288 January February March 108,879 109,165 109,346 99,581 99,590 99,492 78.5 78.5 78.5 52.1 52.2 52.4 54.2 54.6 53.8 9,298 9,575 9,854 4,322 4,351 4,548 3,104 3,286 3,435 1,872 1,938 1,870 7,805 7,897 8,355 5,071 5,563 5,717 April May June 109,648 110,666 110,191 99,340 100,117 99,764 78.7 79.1 78.8 52.4 52.8 53.0 54.3 55.7 52.4 10,307 10,549 10,427 4,742 4,904 5,031 3,586 3,608 3,554 1,979 2,037 1,842 8,601 8,717 8,873 5,834 5,763 5,444 July August September 110,522 110,644 99,732 99,839 78.8 78.7 53.2 53.1 53.1 54.2 10,790 10,805 5,088 5,139 3,684 3,626 2,018 2,040 8,942 9,067 5,492 5,648 1981 1982 October November December See note on page 80. Graphs of these series are shown on page 51. SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Ql DEFENSE INDICATORS Q[ RECEIPTS AND EXPENDITURES State and local governments l Federal Government * Year and month Advance measures of defense activity 500. Surplus or deficit 501. Receipts 502. Expenditures 510. Surplus or deficit 511. Receipts 512. Expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 517. Defense Department gross obligations incurred 525. Defense Department military prime contract awards 543. Defense Department gross unpaid obligations outstanding 548. Value of manufacturers' new orders, defense products (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) 1980 January February March -39.' 7 525! 7 565.' 4 29! i 374 '.5 345 '.3 12,578 12,399 13,806 5,491 6,839 5,887 71,178 71,665 73,179 3,583 3,680 4,741 April May June -eY.'s 520.' 2 587^7 23!3 376 ! 6 353!3 13,722 13,718 12,809 6,944 6,901 6,450 73,912 74,252 74,592 4,489 3,724 4,230 July August September -73.' 1 542! 4 615%.4 27." 1 389! 3 362.' 2 12,677 13,728 13,552 6,211 7,188 6,893 74,870 75,133 76,745 5,839 4,128 5,483 October November December -65 '.2 574.' 6 639!9 33.'6 403!3 37CK3 13,014 12,876 15,825 5,639 6,773 9,835 77,777 78,183 79,936 3,963 3,770 5,122 January February March -39.' 7 62C)!o 659^7 31.3 4l6".6 37s!e 14,808 15,741 15,560 7,155 7,514 7,590 82,087 83,608 84,883 4,341 5,340 4,198 April May June -40 ! 5 627 '.6 667^5 32!9 415.*2 382 .*2 15,210 15,699 15,156 8,505 7,967 7,041 84,994 85,165 86,126 4,153 4,842 4,680 July August September -58."6 64CL2 698 ! 2 33!5 420.' 3 386 ."9 16,836 17,374 16,584 8,845 9,504 9,325 87,968 89,857 91,896 5,010 5,010 5,927 October November December -10L7 625 ".7 727 ".4 29." i 42l!5 392! 4 12,892 15,674 19,805 4,466 9,817 9,049 91,354 92,575 93,827 4,109 5,003 5,644 January February March r-118.'4 r609!9 728!3 27l7 424^2 396 ! 5 19,361 20,608 18,869 9,756 13,761 9,870 98,818 102,677 105,418 6,573 7,213 7,065 April May June r-119.*6 r617.'6 r736!6 r32.1 r434.3 20,793 17,786 17,503 10,518 9,657 14,296 108,428 108,841 109,654 6,174 4,775 5,437 p!7,669 8,610 110,885 r4,684 p5,495 1981 1982 July August September . r402.2 (NA) (NA) (NA) 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 SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued HQI DEFENSE INDICATORS-Contmued National defense purchases Intermediate and final measures of defense activity Year and month 557. Output of defense and space equipment 559. Manufacturers' inventories, defense products 561. Manufacturers' unfilled orders, defense products 580. Defense Department net outlays (1967 = 100) (Mil. dol.) (Mil. dol.) (Mil. dol.) 588. Manufacturers' shipments, defense products 570. Employment in defense products industries (Mil. dol.) (Thous.) Defense Department personnel 577. Military, active duty <u) 578. Civilian, direct hire employment (u) (Thous.) (Thous.) 564. Federal purchases of goods and services (Ann. rate, bil. dol.) 565. Federal purchases as a percent of GNP (Percent) 1980 January February March 97.2 97.6 97.4 8,448 8,504 8,849 48,917 49,594 51,293 10,900 10,652 11,358 2,829 3,003 3,042 1,346 1,352 1,358 2,029 2,032 2,033 964 965 966 126.' 8 i!g April May June 97.6 97.4 97.7 9,012 9,177 9,319 52,708 53,276 54,378 11,188 11,061 11,537 3,074 3,157 3,127 1,360 1,364 1,365 2,028 2,031 2,034 969 975 988 130 .'o 5!l July August September 97.9 97.7 98.1 9,604 9,917 9,966 57,023 58,009 60,068 11,193 11,425 11,993 3,194 3 S 141 3,424 1,367 1,373 1,377 2,044 2,049 2,051 990 973 971 13CK5 4*.9 October November December 99.2 100.3 101.0 10,238 10,298 10,535 60,597 60,863 62,544 12,193 12,224 11,992 3,433 3,504 3,440 1,382 1,386 1,388 2,053 2,056 2,051 971 972 973 138!i s!6 January February . . March 100.9 100.5 100.7 10,918 11,154 11,406 63,458 65,143 65,468 12,639 12,932 12,619 3,427 3,655 3,873 1,391 1,388 1,390 2,056 2,061 2,062 973 972 974 143*. 1 5*.6 April May June 101.5 102.0 101.7 11,627 11,760 12,155 65,852 66,940 67,758 12,833 13,433 13,264 3,768 3,754 3,863 1,393 1,393 1,394 2,060 2,064 2,070 980 990 1,008 15o!5 5*.2 July August September 102.6 102.8 103.0 12,163 12,217 12,492 68,799 69,711 71,650 13,889 13,809 14,014 3,968 4,099 3,988 1,394 1,396 1,396 2,082 2,084 2,083 1,023 1,017 984 154. * 4 5*.2 October November December 104.5 105.3 107.0 12,618 12,962 13,154 71,701 72,560 73,919 14,227 14,548 15,298 4,057 4,145 4,285 1,391 1,384 1,389 2,090 2,097 2,093 998 1,006 1,009 166! 9 5!6 105.2 106.5 107.0 13,334 13,598 13,857 76,490 79,329 81,905 14,152 14,689 15,075 4,002 4,374 4,490 1,385 1,378 1,376 2,104 2,109 2,107 1,008 1,013 1,018 166! 2 5!5 April May June 107.2 107.7 r!07.9 13,946 14,029 14,227 83,808 83,914 84,530 4,271 4,669 4,821 1,373 1,369 rl,367 2,106 2,104 2,108 1,022 1,028 1,045 r!76.*2 5.*8 July August September r!09.1 pllO.O 14,205 r84,413 p85,189 15,670 15,379 15,334 r!6,312 p!5,122 r4,800 p4,721 pi, 367 r2,110 p2,lll 1,051 pi, 043 1981 1982 January February March (NA) (NA) October November December See note on page 80. Graphs of these series are shown on pages 54 and 55. SEPTEMBER 1982 91 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Q| MERCHANDISE TRADE Year and month 602. Exports, excluding military aid shipments, total 604. Exports of agricultural products (Mil.dol.) (Mil. do). ) 606. Exports of nonelectrical machinery 612. General imports, total 616. Imports of automobiles and parts (Mil.dol.) (Mil.dol.) (Mil.dol.) 614. Imports of petroleum and petroleum products (Mil.dol.) 1980 January February March 17,419 16,984 18,265 3,442 3,484 3,325 3,297 3,454 3,423 21,181 21,834 24,866 5,614 7,741 6,991 1,899 2,035 1,960 April May June 18,567 17,647 18,440 3,329 3,326 3,085 3,571 3,620 3,943 19,831 20,658 20,427 5,185 7,191 6,611 1,710 1,999 1,843 July August September 18,267 19,086 18,828 3,286 3,557 3,596 3,985 4,230 4,027 19,189 19,719 19,934 5,153 6,018 4,982 2,103 2,139 2,270 October November December 19,217 18,715 19,251 3,485 3,464 3,838 4,117 3,968 3,819 20,327 19,856 21,427 5,876 6,051 6,254 2,189 2,314 1,897 January February March 18,902 19,788 21,278 4,295 3,977 4,201 4,058 4,155 4,352 22,616 21,916 21,029 7,359 8,018 5,992 2,264 1,742 2,125 April May June 19,786 18,899 19,750 3,604 3,708 3,256 •4,311 4,160 4,388 22,249 21,232 22,005 6,919 6,329 6,521 2,042 2,299 2,257 July August September 19,289 19,031 19,551 3,089 3,202 3,563 4,567 6,207 4,559 20,114 23,242 21,274 5,400 6,335 5,709 2,108 2,635 1,943 October November December 19,163 19,153 18,885 3,735 3,442 3,220 4,338 4,366 4,005 23,077 22,508 19,746 6,123 6,483 4,636 2,464 2,239 2,164 January February March 18,737 18,704 18,602 3,258 3,590 3,225 4,346 4,054 3,997 22,829 19,090 20,349 6,810 4,396 4,290 2,389 2,135 2,596 April May June 17,843 18,218 18,822 3,400 3,527 3,332 3,932 3,957 4,211 17,387 20,558 21,310 3,560 4,027 4,823 2,264 2,896 1,798 July August September 18,026 2,789 4,305 19,559 5,929 2,439 (NA) (NA) (NA) (NA) 1981 1982 (NA) (NA) October November December See note on page 80. Graphs of these series are shown on page 56. 92 SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Continued £g| GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise, adjusted! Goods and services Year and month 668. Exports 667. Balance (Mil. dot.) (Mil.dol.) 669. Imports (Mil.dol.) 622. Balance (Mil.dol.) 618. Exports (Mil.dol.) Income on nvestments 620. Imports (Mil.dol.) 651. U.S. investments abroad (Mil.dol.) 652. Foreign investments in the United States (Mil.dol.) 1980 January February March "37 85,277 85,240 -9,679 54,752 64,431 19,944 10,505 April May June 306 82,949 82,643 -6,520 55,843 62,363 16,016 10,268 July August September 4,824 85,385 80,56i -3,949 55,786 59,735 17,848 10,485 October November December a.iai 88,49i 85,360 -5,190 57,856 63,046 18,877 n.sis 4,667 93,280 88,613 -4,312 60,683 64,995 20,528 12,405 2,909 94,389 91,480 -6,547 60,284 66,831 21,642 is.iii July August September 2,559 92,965 90,406 -7,845 57,694 65,539 22,048 13,865 October November December 943 92,259 91,316 -9J85 57,593 66,778 21,727 13,198 January February March . . r3,136 r90,206 r87,070 r-5,873 r55,780 r61,653 r20,890 r!4,029 April May June p3,794 p91,286 p87,492 rp-5,784 rp55,094 rp60,878 p22,709 p!5,036 1981 January February March ;.. April May June . . . . 1982 July August September October November December See note on page 80. Graphs of these series are shown on page 57. 1 Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). licit SEPTEMBER 1982 93 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS QU INDUSTRIAL PRODUCTION Year and month 47. United States, index of industrial production (1967-100) 1 721. OECD European countries, index of industrial production 728. Japan, index of industrial production 725. West Germany, index of industrial production 726. France, index of industrial production 722. United Kingdom, index of industrial production (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) 727. Italy, index of industrial production (1967 = 100) 723. Canada, index of industrial production (1967 = 100) 1980 January February March 153.0 152.8 152.1 163 163 163 230.7 241.0 235.0 164 167 164 166 167 166 130 128 125 168.9 176.1 174.6 162.9 161.9 164.8 April May June 148.2 143.8 141.4 163 158 159 238.2 235.7 234.4 164 161 160 167 160 160 124 124 124 176.1 162.3 167.4 160.8 158.4 158.1 July August September 140.3 142.2 144.4 161 154 155 234.5 225.3 233.4 161 157 157 166 166 156 123 120 118 165.2 141.5 160.8 157.5 158.8 160.9 October November December 146.6 149.2 150.4 156 156 156 235.7 232.6 236.4 160 157 156 159 157 163 118 117 117 163.2 169.5 159.4 162.0 162.7 163.1 January February March 151.4 151.8 152.1 154 159 158 237.2 237.0 237.7 156 164 160 156 159 157 116 117 117 158.6 170.3 169.3 160.7 163.8 166.2 April May June 151.9 152.7 152.9 156 156 155 238.0 235.2 240.7 160 160 156 156 159 160 117 116 118 168.4 158.0 159.8 166.2 168.4 169.8 July August September 153.9 153.6 151.6 156 152 156 243.1 240.7 245.6 157 157 160 157 157 160 117 117 118 164.2 137.2 164.1 165.9 163.0 160.6 October November December 149.1 146.3 143.4 156 158 156 248.3 248.4 247.1 160 157 156 160 160 163 121 118 118 160.2 170.8 160.3 158.3 155.6 153.6 140.7 142.9 141.7 156 159 158 245.8 244.0 247.1 160 161 163 156 156 157 117 118 118 160.9 173.6 168.1 152.2 151.8 150.0 April May June 140.2 139.2 r!38.5 158 156 p!54 244.8 238.3 P243.8 r!61 160 154 156 159 p!59 118 120 pl!7 r!67.5 r!47.7 r!49.9 r!46.2 July August September r!38.7 P138.0 (NA) (NA) p!52 (NA) (NA) (NA) 1981 1982 January February March 161.8 p!53.4 (NA) (NA) October November December See note on page 80. Graphs of these series are shown on page 58. Organization for Economic Cooperation and Development. 94 p!41.9 SEPTEMBER 1982 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q CONSUMER PRICES Japan United States Year and month 320. Index ® 320c. Change over 6-month spans ' 738. Index ® West Germany 738c. Change over 6-month spans * 735. Index ® United Kingdom France 735c. Change over 6-month spans J 736. Index ® 736c. Change over 6-month spans ' 732. Index © 732c. Change over 6-month spans ' (1967 = 100) (Ann. rate, percent) (1967 = 100) (Ann. rate, percent) (1967 = 100) (Ann. rate, percent) (1967 = 100) (Ann. rate, percent) (1967 = 100) (Ann. rate, percent) 233.2 236.4 239.8 15.5 15.0 14.5 271.3 273.3 275.0 9.9 9.6 9.4 171.0 172.8 173.8 5.6 5.6 5.5 277.2 280.2 283.4 14.8 14.5 14.1 394.1 399.7 405.1 20.2 19.8 19.5 242.5 244.9 247.6 11,6 10.4 9.6 280.1 282.6 284.0 8.5 7.6 8.0 174.9 175.6 176.5 6.4 5.5 4.9 286.7 289.3 291.1 12.7 12.5 12.1 419.0 422.8 426.8 17.2 14.4 13.3 July August September 247.8 249.4 251.7 10.0 10.3 10.3 284.0 283.2 288.3 6.1 7.2 5.5 176.8 177.0 177.0 4.6 5.0 5.4 295.5 298.4 301.0 12.2 12.6 13.2 430.4 431.3 434.1 10.9 11.3 11.1 October November December 253.9 256.2 258.4 11.8 12.4 11.4 288.8 289.4 288.3 6.2 5.3 4.6 177.3 178.3 179.4 5.4 5.4 6.3 304.3 306.4 309.1 12.9 12.7 12.6 436.8 440.3 442.7 9.1 10.6 12.0 January February March 260.5 263.2 265.1 10.0 9.3 8.8 291.1 290.8 292.2 4.4 3.1 3.8 180.9 182.3 183.5 6.6 6.2 5.7 312.7 315.6 318.8 13.2 13.0 13.0 445.5 449.5 456.2 13.0 12.1 11.6 April May June 266.8 269.0 271.3 9.6 9.3 10.4 294.5 297.0 297.3 2.6 2.9 3.2 184.7 185.4 186.3 6.3 6.7 6.9 323.1 326.0 329.2 13.8 14.3 15.3 469.4 472.4 475.2 12.5 12.1 10.7 July . August September 274.4 276.5 279.3 10.5 9.8 9.1 296.4 294.7 299.5 3.9 4.1 4.2 187.1 187.7 188.6 6.9 7.1 6.9 334.9 339.0 342.9 14.9 15.7 15.1 477.3 480.8 483.5 10.4 11.8 12". 5 October . November December 279.9 280.7 281.5 7.2 6.0 3.2 300.7 299.8 299.8 4.0 3.3 2.4 189.2 190.1 190.7 6.3 4.8 3.5 347.1 350.3 352.4 13.9 13.6 13.0 487.9 493.0 496.1 11.5 9.9 10.0 January February March 282.5 283.4 283.1 2.8 3.7 5.1 300.7 299.8 300.4 1.9 0.5 0.1 192.3 192.8 193.1 3.0 3.5 4.9 356.0 359.6 363.8 13.0 12.0 12.0 499.0 499.1 503.5 8.4 7.3 6.0 April May June 284.3 287.1 290.6 5.7 5.8 302.9 303.8 303.8 194.0 195.2 197.1 4.9 5.4 368.2 371.1 373.7 9.9 (NA) 513.6 517.3 518.9 6.0 5.2 July August September 292.2 292.8 1980 January February March April May . June . . . 1981 1982 301.5 (NA) -0.5 (NA) 197.6 197.3 374.7 (NA) 518.9 517.0 October November December See note on page 80. Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. itcn SEPTEMBER 1982 95 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued fiS Year and month Qj STOCK PRICES CONSUMER PRICES-Continued Italy Canada 737. Index ® 737c, Change over 6-month spans 1 733. Index (u) 733c. Change over 6-month spans ' 19. United States, index of stock prices, 500 common stocks @ 748. Japan, index of stock prices (g) 745. West Germany, index of stock prices (u) 746. France, index of stock prices (g) 742. United Kingdom, index of stock prices (§) 747. Italy, index of stock prices (u) 743. Canada, index of stock prices © • (1967 = 100) (Ann. rate, percent) (1967 = 100) (Ann. rate, percent) (1967 =100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 =100) (1967 = 100) (1967 = 100) 9.9 9.7 9.9 120.6 125.5 113.9 420.1 425.5 413.0 117.2 123.3 118.1 203.8 207.4 185.4 224.3 239.4 231.6 59.8 61.1 61.1 224.7 256.3 203.2 1980 January February March 367.9 374.3 378.2 22.3 22.5 19.9 231.3 233.3 235.8 April May June 384.3 388.2 391.7 18.9 19.3 20.3 237.2 240.0 242.7 10.4 11.2 11.7 112.0 117.1 124.6 417.6 422.9 423.8 116.5 118.8 120.6 189.0 201.1 201.4 228.1 230.3 240.7 61.0 61.5 64.8 212.8 216.4 227.5 July August September 398.7 403.5 411.6 20.0 21.4 22.7 244.5 246.8 249.0 12.2 12.5 12.4 130.4 134.3 137.6 424.9 429.1 437.6 121.2 121.7 120.0 198.9 199.9 203.0 255.9 256.7 262.6 66.0 74.4 82.7 240.0 232.3 233.5 October November December 418.5 427.3 432.5 20.7 20.4 20.3 251.2 254.3 255.8 13.6 13.1 13.2 141.7 147.6 145.2 447.5 447.8 443.5 120.6 117.2 116.3 218.0 215.2 206.6 267.4 277.5 267.6 93.5 99.2 96.0 223.3 235.2 219.9 January February March 440.7 449.1 455.4 20.1 20.1 19.3 259.1 261.7 265.2 13.1 12.2 13.2 144.6 139.7 144.9 457.9 458.2 467.3 115.3 114.0 116.3 191.1 201.1 209.4 259.0 269.0 273.2 110.0 122.1 125.9 223.7 218.6 233.9 April May June 461.3 468.7 473.9 18.9 18.2 16.8 267.2 269.6 273.8 12.3 12.3 11.9 146.2 143.3 143.9 494.6 502.8 515.2 122.7 122.1 126.1 197.7 162.5 152.3 293.2 295.6 289.0 132.4 135.9 123.5 232.3 245.7 242.9 July . August September 477.7 481.0 487.7 17.7 16.8 17.0 276.2 278.2 280.2 12.2 12.2 11.0 140.5 141.0 128.7 534.4 540.7 511.3 127.5 122.5 122.5 168.9 177.4 176.5 284.8 298.6 278.9 99.1 112.0 99.1 232.3 231.6 192.3 October November December 497.5 506.0 511.1 15.8 15.3 15.6 283.0 285.4 286.7 10.6 10.9 11.2 130.3 133.7 134.7 493.8 505.6 512.7 118.8 118.0 117.7 163.9 169.2 170.7 259.5 278.0 284.2 91.2 93.8 96.9 190.4 208.9 201.2 January February March 517.7 524.4 529.1 13.8 13.6 13.1 288.7 292.1 295.8 10.5 11.4 11.4 127.6 124.6 120.6 518.9 516.9 486.2 116.8 118.4 120.1 185.7 193.1 145.9 291.1 300.1 298.8 95.0 98.8 104.2 185.3 176.7 173.1 April May June 533.9 539.8 545.2 15.9 19.0 297.5 301.5 304.5 11.1 10.2 126.5 126.6 119.7 484.5 503.4 489.6 120.6 117.6 114.2 184.8 183.3 166.3 303.2 315.4 314.6 96.7 91.0 83.1 171.2 168.4 153.8 July August September 553.4 563.4 119.0 119.3 P133.5 480.8 474.3 P477.7 113.5 112.3 P114.0 rp!63.9 rp!64.1 P172.1 313.2 rp325.3 p347.4 78.4 rp84.7 P84.2 156.8 rp!68.9 p!86.7 1981 1982 306.1 307.6 October November December See note on page 80. Graphs of these series are shown on page 59. Changes over 6-month spans are centered on the 4th month. 96 SEPTEMBER 1982 C. Historical Data for Selected Series Year Jan. Feb. Mar. Apr. May June July Aug. Sept. 1948... 1949. .. 1950. .. 1951. . . 1952. .. 1953. .. 1954... 1955. .. 1956. .. 1957... 1958. .. 1959. .. 1960. .. 1961. .. 1962. .. 1963. .. 1964. .. 1965. .. 1966... 1967. .. 1968. .. 1969. .. 1970. .. 1971... 1972... 1973. .. 1974. . . 1975. .. 1976. .. 1977. .. 1978. .. 1979. .. 1980. .. 1981. .. 1982. .. -0.33 -0.99 0.58 5.41 0.59 1.73 -2.46 0.78 1.31 -0.25 -2.39 0.73 -1.54 -0.34 0.40 0.93 1.07 1.00 1.82 -0.06 0.00 0.18 -0.82 1.18 0.37 2.69 4.12 -2.64 -1.43 1.38 2.66 5.05 4.19 1.10 -0.30 -0.85 0.36 3.72 -0.01 0.42 -1.69 0.62 0.23 -0.02 -1.12 1.45 -0.86 0.17 0.62 1.04 0.71 1.18 1.84 0.28 0.26 0.66 -1.07 0.88 0.67 3.10 3.91 -2.73 -0.15 0.54 2.98 7.30 2.46 0.52 -0.14 -0.96 0.41 3.91 1.97 -0.80 -2.49 1.19 0.41 -0.87 -0.51 0.89 -1.24 -0.31 -0.48 1.36 0.78 0.84 2.43 -0.43 1.60 0.75 -0.89 -0.02 0.43 4.27 3.19 -3.31 1.00 0.45 4.57 6.66 1.32 0.35 0.01 -1.30 0.46 3.31 2.18 -0.52 -1.83 0.36 1.22 -0.86 -0.85 0.52 -1.07 0.18 -0.78 0.60 0.85 0.89 1.76 0.16 0.32 2.32 -1.27 -0.55 0.35 3.67 3.12 -2.68 0.94 1.62 4.05 4.98 -0.17 1.62 -0.34 -1.10 0.43 2.42 0.21 -0.09 -1.79 0.34 0.55 -0.64 -0.34 -0.40 -0.61 0.16 -0.39 0.84 1.13 0.88 1.51 1.06 -0.35 1.08 -0.89 -1.27 1.04 3.65 5.12 -1.79 0.66 1.11 5.04 2.32 -3.14 1.96 0.73 -1.24 0.77 2.60 2.72 -0.53 -1.67 0.56 0.26 -1.25 0.22 0.24 -0.26 0.09 -0.16 -0.14 1.21 0.92 2.14 1.57 -0.14 -0.02 -0.82 -1.38 0.99 3.06 3.88 -2.24 0.70 2.20 4.31 4.31 -0.72 0.02 0.36 -0.88 2.33 2.25 1.80 -2.18 -1.19 0.81 1.48 -1.73 0.14 -0.03 -0.43 0.41 0.03 0.00 1.59 0.79 1.78 0.63 -1.19 -0.04 -1.00 -0.76 0.63 2.04 4.34 0.03 1.71 1.07 3.71 1.39 3.91 1.84 0.21 -0.41 3.91 0.97 0.65 -2.25 -1.00 0.65 1.90 -1.70 0.00 0.11 0.45 0.43 -0.42 0.11 0.61 0.75 1.08 0.36 0.74 -0.25 -1.39 -0.05 0.74 2.87 5.61 -0.80 -0.44 1.52 4.50 0.35 1.37 -0.40 -0.27 -0.30 2.18 0.80 0.85 -3.49 0.30 1.18 0.12 -1.41 -0.26 1.16 0.32 0.15 0.55 0.59 1.15 1.42 2.38 0.31 1.18 0.78 -0.68 0.95 2.39 3.13 2.86 -0.89 1.00 2.31 5.40 2.70 2.75 -0.22 9.6 1.9 29.2 5.7 19.6 -4.7 4.5 9.1 6.6 -16.5 0.5 9.5 -3.5 7.0 2.2 11.5 10.2 17.7 11.1 10.9 2.0 9.9 7.8 32.2 43.1 13.6 20.8 27.8 33.6 46.3 56.5 36.0 8.6 0.3 -0.3 17.8 -1,1 2.2 -3.5 3.2 12.7 2.4 2.9 3.7 12.5 -2.6 7.0 3.7 6.4 17.7 7.3 10.3 16.8 12.4 11.8 7.7 28.9 38.8 -8.4 27.4 33.5 37.3 53.0 51.5 55.5 7.1 -3.1 5.3 18.4 -0.2 5.4 -3.8 7.6 5.1 1.9 -5.7 5.3 9.2 -6.4 7.8 2.7 15.4 14.2 9.7 7.0 15.2 8.2 15.9 10.2 28.0 51.9 -11.7 26.5 35.8 59.1 37.6 49.8 24.4 4.5 -7.8 3.6 16.6 -2.2 8.7 -4.6 0.8 13.1 3.7 -9.5 14.2 0.2 0.1 1.8 1.2 2.0 -6.5 8.3 14.5 -4.5 3.9 -3.8 6.0 8.0 -0.1 -6.8 6.1 6.8 0.9 9.0 5.4 9.0 -5.5 7.3 9.4 2.2 5.7 -4.6 8.0 6.4 0.9 -1.7 10.8 2.5 -1.1 5.9 5.6 11.4 -4.4 -3.2 5.4 -3.0 9.5 -4.2 6.6 5.7 3.0 -2.4 8.4 4.5 5.1 -2.9 21.9 5.2 -1.0 2.8 -5.4 8.9 5.4 7.0 -1.8 1.9 -2.1 5.2 1.0 17.8 0.1 10.8 2.6 -0.9 5.0 8.0 5.6 4.3 -4.8 1.9 IQ -0.44 0.34 1.97 1.32 -0.56 -2.54 1.31 1.47 -0.16 -1.91 0.10 0.81 -0.83 0.04 0.48 0.06 1.19 1.31 0.73 1.01 1.50 -0.11 -1.32 0.32 1.21 3.56 -1.03 -1.54 1.58 2.91 7.03 0.57 1.63 -4.07 -0.61 0.43 1.12 0.81 -0.65 -1.85 -0.82 1.16 0.25 -1.45 0.78 -0.02 -0.40 0.33 0.13 0.21 0.88 1.33 0.47 0.46 0.44 0.02 -0.19 0.72 1.50 4.18 -0.84 -0.13 1.00 2.66 6.84 2.26 1.19 -1.69 -0.86 0.26 1.29 0.45 -0.48 -1.94 -0.06 1.87 0.07 -1.44 -0.08 -0.57 -0.30 0.57 1.54 -0.16 1.02 1.45 0.31 1.08 1.00 -0.06 0.66 0.53 2.28 2.93 -2.60 -0.93 1.69 4.45 4.16 2.33 3.37 -2.71 -0.26 -0.93 0.45 4.35 0.85 0.45 -2.21 0.86 0.65 -0.38 -1.34 1.02 -1.21 -0.16 0.18 1.11 0.85 1.01 2.03 -0.07 0.62 0.53 -0.93 0.68 0.49 3.35 3.74 -2.89 -0.19 0.79 0.13 -1.21 0.55 2.78 1.70 -0.38 -1.76 0.42 0.68 -0.92 -0.32 0.12 -0.65 0.14 -0.44 0.43 1.06 0.90 1.80 0.93 -0.06 1.13 -0.99 -1.07 0.79 3.46 4.04 -2.24 0.77 1.64 0.10 -0.53 2.81 1.34 1.10 -2.64 -0.63 0.88 1.17 -1.61 -0.04 0.41 0.11 0.33 0.05 0.23 1.12 0.99 1.75 0.43 0.24 0.16 -1.02 0.05 1.25 2.68 4.27 -0.55 0.76 1.63 -0.64 0.34 1.46 0.86 -0.56 -2.11 0.14 1.50 0.05 -1.60 0.27 0.07 -0.51 0.31 0.72 0.04 1.03 1.36 0.50 0.85 0.98 -0.05 -0.28 0.52 1.66 3.56 -1.49 -0.87 1.42 3.34 -0.16 -0.58 1.32 2.33 0.77 -1.17 -1.12 0.92 0.64 -1.13 -0.36 0.41 -0.56 0.16 0.13 0.45 1.02 1.06 1.52 0.54 0.45 0.44 -0.81 0.05 1.05 3.26 2.64 -1.64 0.69 1.85 6.34 2.66 0.66 3.87 -1.34 1.20 1.48 2.68 0.41 1.72 2.06 -2.82 3.35 1.51 -0.14 5.0 -4.0 20.0 2.8 9.3 -5.0 -3.8 3.0 -5.5 24.0 2.5 5.8 -7.1 4.2 -0.9 -7.2 17.4 3.2 3.7 -3.4 -0.3 2.3 21.8 1.5 9.1 -4.0 5.2 -6.6 6.4 13.5 -1.5 6.1 -4.3 5.0 -8.6 3.8 3.5 -1.0 10.7 -2.1 3.5 -1.1 0.6 4.4 0.8 6.5 11.9 -13.6 9.0 3.6 -6.4 3.2 10.4 1.3 0.5 8.9 9.7 14.2 13.0 AVERAGE FOR PERIOD AVERAGE FOR PERIOD 5.8 8.7 6.2 0.5 4.7 12.0 17.2 13.3 13.9 4.8 13.8 6.9 -0.2 5.7 18.6 -0.8 9.0 9.1 17.0 14.7 13.7 12.8 12.9 24.8 24.0 46.7 14.5 19.6 36.6 45.5 41.0 38.1 62.6 15.9 14.1 8.4 11.2 19.4 24.0 64.7 16.6 49.9 47.1 41.5 16.3 32.5 65.1 6.3 15.3 23.8 62.1 18.1 24.6 20.9 52.2 60.4 33.1 36.9 -0.1 18.8 40.4 54.5 -2.5 25.6 37.9 55.9 30.6 21.9 38.2 7.4 12.2 6.3 8.2 18.9 4.8 10.3 20.5 3.3 12.8 15.5 12.3 15.2 26.7 34.7 -0.9 29.1 40.9 59.4 63.8 76.3 22.1 17.6 -0.2 13.6 20.4 34.9 57.3 -13.7 30.2 27.0 38.9 50.1 26.8 44.0 11.1 13.2 5.6 7.6 32.0 58.9 -5.5 48.7 23.1 38.5 51.9 17.6 43.8 14.2 15.0 8.9 7.6 26.6 60.4 6.1 31.7 20.6 33.3 80.0 31.3 40.3 Annual IV Q Dec. 4.6 2.7 12.5 16.0 6.2 III Q Nov. 31. CHANGE IN BOOK VALUE OF MANUFACTURING AND TRADE INVENTORIES, TOTAL (ANNUAL RATE, BILLIONS OF DOLLARS) 1948. .. 1949. .. 1950. .. 1951. .. 1952. .. 1953. .. 1954. .. 1955. .. 1956. .. 1957. .. 1958. .. 1959. .. 1960. .. 1961. .. 1962. . . 1963. . . 1964. .. 1965. .. 1966. .. 1967. .. 1968. .. 1969. . . 1970.. . 1971. .. 1972. .. 1973... 1974. . . 1975. .. 1976. .. 1977... 1978. .. 1979... 1980. .. 1981. . . 1982. . . II Q Oct. 25. CHANGE IN MANUFACTURERS' UNFILLED ORDERS, DURABLE GOODS INDUSTRIES (BILLIONS OF DOLLARS) 7.3 2.9 9.2 1.5 -6.0 10.4 3.2 0.0 5.6 4.1 7.2 -2.1 12.2 3.6 2.3 5.0 -3.5 6.8 6.4 5.2 0.0 1.8 1.4 4.2 6.4 5.9 2.4 -5.6 20.5 2.8 6.3 -5.2 0.0 8.5 6.7 -3.3 4.6 4.8 -4.7 3.5 2.7 4.8 11.1 14.0 11.6 8.6 17.2 4.8 9.8 15.7 8.8 13.5 14.3 14.4 16.1 53.9 57.7 4.6 28.0 40.4 55.9 33.5 25.9 -19.4 12.5 8.6 29.7 44.6 -2.2 24.9 32.4 43.3 45.6 52.6 38.6 13.8 9.5 10.5 14.4 31.2 50.3 -6.7 36.0 30.3 45.6 55.3 40.2 36.6 14.6 11.9 11.0 17.3 24.9 57.3 12.4 33.7 34.8 40.1 45.8 34.0 56.0 8.2 16.6 9.0 10.2 12.0 5.0 6.9 16.7 39.4 58.1 6.7 26.1 33.1 54.7 41.5 27.0 18.6 38. CHANGE IN STOCKS OF MATERIALS AND SUPPLIES ON HAND AND ON ORDER, MANUFACTURING (BILLIONS OF DOLLARS) -3.0 10.3 10.4 2.1 3.7 -2.9 6.4 7.8 1.8 -1.9 5.0 2.6 0.9 5.5 4.4 6.0 9.4 15.9 8.5 10.8 13.7 8.5 10.2 14.2 31.3 52.6 2.6 30.2 32.6 45,9 47.0 38.4 37.5 AVERAGE FOR PERIOD 1948. . . 1949. . 1950. . . 1951 . . . 1952. . . 1953. .. 1954... 1955. .. 1956. .. 1957. .. 1958. .. 1959. .. 1960. .. 1961. . . 1962. .. 1963. . . 1964. . . 1965. .. 1966. .. 1967. . . 1968. . . 1969. .. 1970. .. 1971. .. 1972. .. 1973. .. 1974. .. 1975. . . 1976. .. 1977. .. 1978. .. 1979. .. 1980. .. 1981... 1982. .. -1.40 0.86 0.67 -0.49 -2.42 0.42 -0.98 -0.10 0.96 0.60 0.31 0.84 0.94 0.64 0.90 0.51 -0.71 1.04 0.66 2.52 2.84 -1.61 -0.24 1.39 0.62 4.42 2.76 0.58 0.17 -1.06 0.56 0.41 -0.09 -0.99 1.35 -0.69 -0.36 0.21 0.32 0.07 0.76 1.24 0.17 0.54 0.16 -0.43 0.31 0.77 2.33 3.25 -1.72 -0.11 0.82 1.31 3.26 2.86 0.77 0.10 -1.48 1.12 0.18 -0.43 -0.58 0.80 -1.18 -0.12 -C.21 0.58 0.32 0.66 1.66 -0.23 0.03 0.69 -0.17 0.05 0.46 2.97 2.33 -2.88 1.52 1.28 2.09 3.48 1.52 -0.34 -0.08 -1.05 0.38 0.97 -0.62 -0.54 0.39 -0.95 0.13 -0.64 0.79 0.26 0.07 0.97 0.19 0.04 0.80 -0.15 -0.37 0.32 2.24 2.72 -3.20 0.55 1.14 2.00 4.24 -0.54 1.31 0.38 -0.93 0.48 0.26 -0.24 -0.40 0.01 -0.67 0,23 -0.15 0.38 0.36 0.46 1.01 0.03 -0.15 0.81 -0.23 -0.83 0.78 2.60 4.04 -1.88 1.05 1.34 3.18 1.43 -1.97 1.64 NOTE: These series contain revisions beginning with 1977. -0.28 -0.66 0.52 -0.22 -0.50 0.15 0.50 -0.45 0.10 -0.19 -0.16 0.49 0.43 1.37 0.52 -0.57 0.18 -0.11 -1.29 0.53 2.29 3.70 -1.52 0.95 0.59 3.11 2.99 -1.55 0.55 -0.95 -0.77 0.80 1.12 -0.91 0.27 0.14 -0.46 0.38 -0.19 0.02 0.57 0.32 0.97 0.60 -0.72 0.31 -0.61 -0.42 0.99 1.91 3.36 -0.40 0.70 0.07 2.47 1.33 1.97 1.88 -1.24 -0.69 0.65 1.04 -0.98 0.15 0.11 0.20 0.80 -0.13 -0.10 0.42 0.16 1.14 0.68 0.27 -0.08 -0.38 -0.05 1.41 2.30 3.31 -0.56 -0.50 1.40 2.98 2.86 -0.18 -1.09 -1.84 0.14 0.86 0.04 -0.58 0.32 0.81 0.09 0.05 0.16 0.30 1.02 0.72 0.30 0.42 0.27 0.55 -0.11 -0.09 1.29 2.62 1.92 -0.60 0.83 1.54 3.29 0.96 0.85 1.12 -1.73 0.56 1.07 0.24 -0.93 0.22 0.50 -0.58 0.07 0.01 0.36 1.19 0.84 0.37 0.29 0.54 0.67 -0.28 0.32 0.88 2.81 -0.38 0.04 0.75 0.95 2.65 2.29 1.43 -2.71 -1.08 -0.18 0.71 0.22 -0.92 0.54 0.31 -0.26 0.33 -0.01 -0.05 0.85 0.61 0.24 0.59 0.55 -0.32 0.51 0.30 1.42 2.54 0.11 0.46 1.70 1.07 4.40 2.55 1.32 -1.26 -1.25 0.09 1.20 0.34 -1.17 0.07 -0.08 -0.68 1.17 0.03 0.02 0.71 1.04 0.08 0.88 0.68 -0.04 0.41 0.58 1.09 2.86 -0.68 -0.47 0.53 2.15 3.18 0.94 0.78 -1.22 -1.31 0.85 0.42 -0.34 -1.33 0.86 -0.95 -0.19 0.32 0.50 0.23 0.75 1.28 0.19 0.49 0.45 -0.44 0.47 0.63 2.61 2.81 -2.07 0.39 1.16 1.34 3.72 2.38 0.34 0.01 -0.88 0.46 0.34 -0.45 -0.26 0.30 -0.69 0.15 -0.33 0.34 0.37 0.32 1.12 0.25 -0.23 0.60 -0.16 -0.83 0.54 2.38 3.49 -2.20 0.85 1.02 2.76 2.89 -1.35 1.17 -1.34 -0.44 0.77 0.73 -0.82 0.25 0.35 -0.06 0.41 -0.05 0.07 0.67 0.40 0.80 0.57 -0.06 0.26 -0.37 -0.19 1.23 2.28 2.86 -0.52 0.34 1.00 2.91 1.72 0.88 0.64 -1.35 0.16 0.99 0.27 -1.01 0.28 0.24 -0.51 0.52 0.01 0.11 0.92 0.83 0.23 0.59 0.59 0.10 0.21 0.40 1.13 2.74 -0.32 0.01 0.99 1.39 3.41 1.93 1.18 -1.73 -0.62 0.77 0.44 -0.65 -0.27 0.44 -0.55 0.22 -0.01 0.26 0.55 0.58 0.86 0.40 0.20 0.35 -0.19 -0.04 0.88 2.50 2.21 -1.19 0.64 1.14 2.61 2.56 0.77 0.10 (SEPTEMBER 1982) 97 C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Nov. Dec. IQ II Q 354.5 340.9 382.3 402.1 423.7 432.5 432.5 467.7 487.0 489.2 491.2 504.9 520.5 538.7 560.3 583.8 617.9 661.9 692.4 713.8 756.8 786.7 786.8 806.2 862.4 904.3 879.5 879.1 353.8 343.6 385.1 402.1 421.9 432.8 435.7 470.0 487.0 487.1 497.7 510.0 517.5 544.2 562.4 583.8 622.7 666.7 695.1 719.3 759.8 785.0 785.8 808.9 869.4 906.8 871.0 882.0 349.8 347.1 389.2 402.4 423.4 430.1 438.3 472.8 487.3 483.5 498.7 518.0 514.4 546.5 564.5 587.4 628.9 669.7 695.1 724.8 762.8 787.0 787.7 817.2 874.9 904.0 866.0 880.0 339.7 344.6 353.3 385.7 404.2 428.8 425.1 441.6 472.8 486.8 479.0 499.6 518.4 519.9 547.9 565.3 593.1 632.1 345.9 342.9 363.8 395.3 409.5 434.3 422.7 452.6 477.9 488.4 476.6 509.0 521.6 526.2 555.4 571.9 604.7 642.1 701.3 728.4 767.1 787.3 796.3 829.6 884.0 888.0 857.4 976.7 1029.3 1050.6 1041.7 1076.5 979.3 1033.4 1053.3 1046.7 1074.3 986.0 1044.4 1054.0 1051.3 1069.3 933.2 988.1 1042.0 1049.2 1060.7 705.5 740.4 774.9 792.8 800.0 837.5 889.6 885.6 861.5 906.0 947.6 1005.0 1043.2 1031.1 1066.3 -12.8 12.9 13.6 0.9 4.4 -7.2 7.4 7.4 0.7 -8.5 2.4 20.5 -7.0 5.2 4.6 7.7 12.6 5.5 0.0 17.2 -5.0 12.2 -1.4 6.3 8.5 -6.2 5.8 0.3 0.8 -3.8 4.3 -1.1 5.7 3.6 1.9 6.9 3.0 3.8 7.2 -4.4 12.0 11.7 5.1 3.1 0.5 10.4 4.8 1.2 0.8 5.5 4.6 6.6 4.1 5.3 7.2 8.4 5.7 2.5 6.6 15.6 1.7 13.0 -4.6 7.1 7.6 5.1 0.4 9.8 -4.8 -2.1 3.0 2.0 4.6 6.9 5.9 2.4 -2.8 2.0 10.4 3.3 -0.3 0.0 7.1 8.0 3.4 -5.1 7.5 11.7 -3.8 10.0 3.7 4.6 7.4 8.9 3.4 51 . PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1948. .. 1949. .. 1950. .. 1951. .. 1952. . . 1953. .. 1954... 1955. .. 1956. . . 1957. .. 1958. . . 1959. . . 1960. .. 1961... 1962. . . 1963. .. 1964. . . 1965... 1966. .. 1967. .. 1969. .. 1970... 1971... 1972. .. 1973. .. 1974. .. 1975. .. 1976. .. 1977... 1978... 1979. .. 1980. .. 1981... 1982... 336.1 344.5 353.3 386.0 398.7 426.2 426.3 439.6 471.9 485.0 479.1 496.6 520.4 519.2 544.5 563.6 588.1 630.3 670.2 700.7 337.6 344.2 350.3 383.8 406.1 428.0 425.7 440.7 473.4 487.1 479.3 498.6 518.2 519.2 548.0 565.1 594.0 632.4 674.0 700.7 345.3 345.0 356.3 387.4 407.7 432.1 423.2 444.5 473.1 488.2 478.7 503.7 516.5 521.4 551.1 567.1 597.2 633.5 676.0 702.5 343.3 343.6 360.0 393.9 405.6 432.6 421.2 448.7 478.6 488.4 474.4 507.0 519.9 522.9 554.4 569.4 601.5 637.1 677.5 704.0 343.8 344.1 364.8 394.1 410.5 434.8 423.3 453.4 476.8 487.2 476.1 509.4 522.5 525.8 555.0 571.7 604.9 642.9 680.9 705.1 350.6 341.0 366.5 398.0 412.4 435.4 423.6 455.6 478.3 489.6 479.3 510.5 522.3 529.8 556.7 574.5 607.7 646.4 685.4 707.5 763.1 785.2 794.8 824.9 878.7 893.5 860.0 888.6 927.1 982.3 1038.9 1055.3 1056.2 767.4 786.7 795.5 830.1 886.0 887.3 856.6 896.7 932.5 987.0 1040.3 1048.2 1061.9 770.7 790.0 798.5 833.7 887.4 883.1 855.7 900.6 940.0 995.1 1046.8 1044.1 1064.0 773.0 793.2 799.0 839.2 887.8 882.6 856.0 904.5 941.8 1004.7 1042.4 1033.8 1064.5 774.6 793.2 801.4 841.6 889.1 885.8 863.2 907.6 948.4 1002.6 1042.7 1029.9 1065.0 777.0 792.1 799.5 831.6 891.8 888.4 865.4 906.0 952.5 1007.7 1044.4 1029.5 1069.4 349.0 339.6 371.8 396.9 408.5 434.2 423.7 461.5 473.1 490.5 488.4 510.5 521.4 530.1 558.6 575.2 610.1 648.6 687.7 710.6 750.2 781.2 793.3 799.8 845.9 898.6 889.1 863.9 909.4 959.0 1016.3 1049.5 1030.9 1071.8 351.9 342.4 378.8 401.6 418.2 431.4 427.6 461.8 479.7 491.5 487.0 504.9 520.6 532.7 559:2 577.3 615.3 651.2 688.7 714.1 752.9 784.9 794.7 803.5 853.1 893.9 884.0 871.6 912.3 960.9 1019.6 1050.8 1032.5 1078.3 352.6 346.2 379.7 399.2 423.8 430.3 430.8 463.8 483.3 490.0 490.0 504.1 519.5 533.7 559.4 580.9 617.9 655.7 689.4 715.2 755.0 786.0 794.5 803.5 854.0 901.2 879.3 875.9 914.0 968.7 1022.1 1050.0 1035.1 1077 .9 IV Q 351.2 342.7 376.8 399.2 416.8 432.0 427.4 462.4 478.7 490.7 488.5 506.5 520.5 532.2 559.1 577.8 614.4 651.8 688.6 713.3 752.7 784.0 794.2 802.3 851.0 897.9 884.1 870.5 911.9 962.9 1019.3 1050.1 1032.8 1076.0 352.7 343.9 385.5 402.2 423.0 431.8 435.5 470.2 487.1 486.6 495.9 511.0 517.5 543.1 562.4 585.0 623.2 666.1 694.2 719.3 759.8 786.2 786.8 810.8 868.9 905.0 872.2 880.4 921.5 980.7 1035.7 1052.6 1046.6 1073.4 5.5 -1.0 -9.7 -6.6 24.7 5.2 -1.7 3.0 3.9 5.3 0.5 4.9 -5.0 0.0 8.0 3.2 12.7 4.1 7.0 0.0 9.9 7.0 2.3 1.1 7.8 10.4 -8.0 -4.6 11.5 7.2 5.9 1.6 31.1 2.8 22.6 11.9 4.8 12.1 -6.8 10.9 -0.8 2.7 -1.5 13.0 -3.9 5.2 7.0 4.3 6.7 2.1 3.6 3.1 5.2 5.3 5.2 4.6 5.3 1.9 -5.5 -1.3 5.3 10.1 10.3 7.8 -6.7 -4.8 13.2 22.1 -6.0 1.4 -5.5 11.9 14.9 0.5 -10.3 8.2 8.2 3.5 7.4 5.0 9.0 7.0 2.7 2.6 5.2 3.6 5.0 0.8 8.2 0.5 -0.7 0.4 5.3 2.3 12.2 -4.9 1.8 1.8 17.2 0.6 15.5 6.3 6.1 13.3 -4.4 -2.9 4.4 5.8 6.2 6.9 1.3 5.0 7.0 11.5 6.2 1.9 8.5 2.5 0.0 3.7 3.5 1.8 4.4 10.6 4.2 8.7 -2.5 0.3 26.5 -10.3 5.7 12.5 5.7 1.7 0.9 6.0 3.8 6.1 8.4 2.6 -0.5 9.5 3.7 6.0 5.7 6.7 8.2 4.2 8.1 3.8 -1.7 -2.8 -13.4 3.7 3.6 3.1 -2.1 5.3 6.3 2.0 -5.3 -4.8 18.8 -3.3 -10.8 -3.3 0.3 16.7 -12.3 2.2 25.3 0.0 -2.0 0.7 4.2 10.4 10.4 25.1 15.2 32.5 -7.5 11.6 0.8 18.1 2.5 -3.4 -12.4 -1.8 6.0 1.3 2.4 14.2 2.9 -6.9 17.3 -3.0 9.4 5.3 9.4 -3.6 7.6 -1.9 -2.5 2.3 0.4 6.7 -16.9 8.5 9.1 -0.3 6.3 4.8 10.6 9.6 -1.9 3.0 1.9 2.3 11.8 1.9 4.8 4.2 4.1 5.4 10.7 4.9 1.8 6.1 5.2 8.6 1.2 1.9 0.0 12.0 5.3 -2.3 -2.3 9.9 9.2 0.0 -5.0 0.8 9.2 6.1 0.0 -5.0 17.1 12.8 -6.7 13.0 4.6 0.0 9.7 9.1 4.8 9.6 6.7 1.8 0.5 22.7 9.5 0.9 -2.1 4.6 8.5 10.7' 6.0 5.8 2.1 5.7 10.7 -6.1 -6.7 1.7 -0.3 0.0 1.3 1.1 -11.0 4.1 12.5 -2.6 -1.5 4.1 10.2 3.1 2.9 13.0 7.9 4.3 1.6 5.7 8.3 3.3 1.1 0.6 -0.6 4.7 1.2 2.1 11.6 0.5 -3.2 7.1 10.2 -6.2 0.3 -11.0 -6.7 -8.9 2.4 -4.0 3.9 2.4 4.0 1.5 2.3 10.2 3.0 -0.9 1 .5 10.4 8.8 0.7 10.6 3.2 4.9 3.1 5.2 8.5 13.5 0.8 9.7 5.9 3.9 1.1 2.5 5.4 5.3 -0.9 3.6 7.0 5.9 2.2 5.7 -8.2 6.7 8.3 2.4 -0.6 0.6 2.3 0.6 8.3 5.1 -7.6 2.7 -0.9 -1.5 -2.4 -5.4 4.9 -0.2 2.1 1 .0 -5.8 1.9 5.8 7.4 9.1 1.5 6.4 -3.1 -0.6 2.3 6.2 15.2 1.2 6.5 1.5 11.8 5.3 2.2 1.4 6.8 0.5 -3.1 1.0 10.4 3.2 -10.8 15.4 3.9 -3.3 10.2 -5.6 8.9 1.8 6.9 -3.1 14.5 8.6 -3.1 -4.6 7.6 2.5 3.6 7.4 4.2 0.3 -1.6 8.6 5.5 12.3 -1.1 1.3 7.8 7.3 6.2 -3.5 -0.2 7.1 8.0 3.4 -5.2 -5.6 6.7 3.6 -1.6 -8.0 6.8 -5.8 6.3 3.0 1.2 3.7 0.2 11.4 1.0 1.0 -2.1 3.0 2.0 4.5 6.9 -3.9 -1.0 1.7 3.1 4.7 5.2 6.9 2.4 4.4 3.7 4.6 7.3 8.8 3.3 5.5 2.4 3.0 8.3 5.1 4.9 5.6 4.1 6.2 3.8 8.2 2.3 4.6 4.9 9.9 3.8 2.9 4.6 5.7 2.9 7.2 -0.7 6.6 1.2 6.1 5.2 8.5 2.8 1.8 -2.4 3.1 4.1 5.8 -3.5 -1.4 5.4 3.1 4.0 7.1 0.5 -1.0 2.0 2.4 4.6 2.4 5.4 5.2 -0.9 -5.5 2.0 0.8 0.1 0.4 3.2 5.0 3.0 3.7 2.2 7.5 4.7 2.8 -1.1 2.8 -0.3 0.8 1.1 5.6 2.2 -0.8 3.9 2.1 5.4 7.0 3.1 1.0 5.1 -3.1 1.2 2.0 11.2 .3 - .0 .9 .6 .0 5.8 2.2 2.2 3.2 -3.2 3.2 8.0 2.6 -4.2 7.2 2.5 7.6 5.2 0.4 4.3 1.8 0.1 -4.4 2.7 7.9 5.9 -5.8 4.9 4.7 7.9 5.5 1.0 5.6 -1.5 0.5 -3.4 7.0 10.2 1.2 -5.9 1.9 5.7 7.3 9.0 1.5 6.4 -3.2 4.1 9.6 7.8 -4.7 -8.6 4.4 5.3 2.3 3.8 1.8 5.7 -5.4 7.8 4.6 4.2 3.2 5.6 4.5 2.2 4.2 8.8 6.0 -7.3 -4.3 8.0 5.6 5.4 1.7 -4.5 4.7 0.3 6.8 7.5 5.4 3.1 7.2 3.8 1.5 1.3 2.6 2.8 1.6 3.8 3.2 6.6 5.5 0.9 -4.5 2.0 1.3 16.7 -5.4 11.0 -1.8 8.8 -1.0 7.8 8.4 7.6 -0.1 17.6 11.2 6.3 -4.6 12.0 11.4 8.5 -6.3 5.8 0.3 0.7 -3.9 4.1 -1.2 6.1 -4.7 8.5 5.8 2.8 -3.9 8.6 -0.4 6.5 -2.2 12.0 2.9 0.1 -2.6 8.9 3.4 3.1 6.8 -4.6 13.8 3.1 2.9 1.5 10.4 4.5 1.2 0.5 5.5 4.6 11.9 -4.5 1.7 12.3 2.8 1.2 2.8 1.9 7.2 6.4 4.5 3.3 5.7 4.1 0.9 5.0 10.9 7.9 -8.3 -6.5 6.8 4.3 3.2 2.7 -1.9 5.9 -2.0 3.4 1.9 6.8 3.0 3.8 4.3 4.3 4.2 7.5 4.2 9.4 4.4 4.4 1.9 6.7 5.2 4.8 7.5 6.8 4.2 2.5 6.3 4.1 5.3 7.2 5.6 8.3 5.8 -8.9 -4.7 9.7 5.9 3.7 0.9 -3.7 4.9 -0.4 2.1 7.1 4.2 -4.8 -1.8 7.4 6.5 9.4 1.4 -7.9 3.2 3.3 3.0 5.7 1.4 -0.7 3.1 5.0 7.0 6.5 0.9 -6.8 1.2 3.3 NOTE: These series contain revisions beginning with 1973. Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month. Quarterly and annual figures are averages of the centered changes. 6.0 -0.2 12.6 3.8 6.0 1.8 2.1 8.0 3.4 -0.7 3.6 4.2 -0.6 6.3 3.3 4.1 7.1 6.5 3.8 4.4 5.3 3.2 0.2 3.8 7.4 3.4 -4.1 1.8 5.4 6.4 6.1 1.0 -0.1 1.8 AVERAGE FOR PERIOD 9.8 -2.0 16.3 7.8 5.0 -10.4 8.0 -1.3 4.0 5.9 -6.4 4.7 2.9 0.1 -6.3 0.7 6.6 347.4 343.5 369.8 395.6 413.4 431.7 427.7 456.7 479.1 488.1 485.0 506.5 519.5 530.4 556.2 575.0 608.8 648.0 684.4 709.9 745.3 778.0 790.3 802.3 846.7 894.1 882.5 867.4 908.7 956.1 1012.0 1047.0 1039.9 1069.1 AVERAGE FOR PERIOD 15.0 -16.7 23.7 -9.4 -10.5 8.2 -10.1 3.6 -2.3 -5.5 -10.4 -4.9 5.7 11.8 -4.3 -1.9 1.4 2.7 0.9 10.1 -2.0 0.5 -2.7 11.4 11.9 5.3 -13.1 -8.0 12.4 0.5 -4.4 -6.1 51-C. CHANGE IN PE RSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS, OVER 3-MONTH SPANS (COMPOUND ANNUAL RATE, PERCENT) 1948. .. 1949... 1950... 1951. .. 1952... 1953... 1954. .. 1955. .. 1956... 1957. .. 1958... 1959. .. 1960. .. 1961. .. 1962. .. 1963. . . 1964. . . 1965. . . 1966. .. 1967. .. 1968... 1969. .. 1970... 1971. .. 1972... 1973... 1974. .. 1975. .. 1976. . . 1977... 1978... 1979... 1980. .. 1981... 1982. .. III Q AVERAGE FOR PERIOD 51-C. CHANGE IN PERSONAL INCOME, LESS TRANSFER PAYMENTS, IN 1972 DOLLARS, OVER 1-MONTH SPANS (COMPOUND ANNUAL RATE, PERCENT) 1948. .. 1949. .. 1950. .. 1951... 1952. .. 1953... 1954. .. 1955... 1956. .. 1957... 1958. .. 1959. .. 1960. .. 1961. .. 1962. .. 1963. .. 1964... 1965... 1966. .. 1967... 1968. .. 1969... 1970. . . 1971. .. 1972. .. 1973. .. 1974. . . 1975. .. 1976. .. 1977. .. 1978. .. 1979. .. 1980. .. 1981. .. 1982... Annual Oct. -1.4 5.0 2.1 -3.9 5.9 7.0 0.1 1.9 -1.5 7.2 6.3 2.7 -5.6 7.0 9.5 -2.4 7.7 2.8 6.4 6.6 3.3 3.8 5.3 4.3 -0.4 2.1 8.3 3.0 -3.0 5.3 2.7 6.7 6.0 1.9 2.5 3.4 6.8 7.9 4.0 4.7 3.8 -0.1 -1.2 6.4 8.6 0.8 -6.8 3.7 5.2 5.8 6.1 1.4 5.9 -3.4 6.2 1.9 14.4 4.8 11.6 -3.1 6.6 6.8 6.3 0.9 4.8 -0.2 11.2 3.8 5.8 1.5 2.0 7.7 3.2 -0.6 3.2 3.9 0.2 5.4 3.4 4.1 7.0 6.7 4.2 3.7 5.5 3.1 0.5 3.5 7.1 3.2 -3.9 2.1 4.8 6.2 5.8 1.5 -0.1 1.7 (SEPTEMBER 1982) C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. June May July Aug. Sept. Oct. Nov. Dec. IQ 52 . PERSON ^L INCOME, TOTAL, IN 1972 DOLLARS (ANNUA L RATE, FJiJjJ-iiWLMO Ur U^ILiLit\ 1948. . . 1949. .. 1950. .. 1951. . . 1952. .. 1953. . . 1954. . . 1955.. . 1956. .. 1957. . . 1958. .. 1959. . . 1960. . . 1961... 1962. . . 1963. . . 1964. .. 1965. .. 1966. . . 1967. .. 1968. . . 1969. .. 1970. . . 1971. . . 1972. . . 1973. . . 1974. .. 1975. .. 1976. . . 1977. .. 1978. . . 1979. .. 1980. .. 1981. . . 1982. .. Annual IV Q AVERAGE FOR PERIOD 357.9 364.4 389. 7 403.8 367.4 367.0 398.8 407.2 364.7 365.4 390.4 414.0 363.7 365.8 389.9 414.9 370.5 362.9 390.5 419.2 368.6 362.2 393. 417. 371.5 365.2 399.5 422.6 371.9 369.6 399.7 420.0 373.4 363.9 403.6 423.3 372.6 366.8 405.8 422.7 369.2 370.9 409.4 422.3 360.5 365.2 391.4 405.9 366.3 364.7 390.3 416.0 370.7 365.7 397.5 420.1 371.7 367.2 406.3 422.8 367.3 365.7 396.4 416.2 448. 1 449.6 466.0 500.0 514.9 514.2 534.3 558.9 449.7 449.8 454.1 448.0 454.6 446.2 456.6 448.3 457.8 448.6 456. 449. 453.8 453.1 452.4 456.7 456.0 459.7 455.4 462.3 501.4 517.3 514.4 536.7 556.9 590.0 615.3 639.4 683.6 724.4 593.4 611.8 642.5 682.4 728.7 501.2 518.8 514.9 541.8 555.7 566.3 596.9 614.1 645.9 683.5 730.7 789.8 836.8 862.7 886.5 924.9 990.9 1009.4 989.9 1035.3 1075.4 1133.3 1189.6 1215.8 1227.1 795.8 841.9 865.1 888.2 932.9 998.9 1003.2 991.3 1044.7 1080.5 1137.7 1190.5 1206.3 1232.2 801.9 845.4 868.9 892.0 936.8 999.9 998.8 991.6 1047.3 1089.1 1145.6 1197.3 1201.6 1234.5 506.8 519.6 512.1 544.9 559.2 567.3 599.7 616.5 650.5 687.5 731.9 768.0 805.8 848.1 886.4 892.6 940.7 1000.4 1001.8 994.3 1050.6 1091.2 1153.8 1194.1 1192.7 1234.7 505.2 519.6 514.6 547.1 562.1 571.4 600.3 618.9 654.0 693.1 734.9 769.3 811.3 849.8 879.0 895.0 943.6 1001.8 1005.3 1003.3 1052.8 1095.6 1150.8 1193.6 1190.1 1234.0 506.7 521.9 517.2 548.3 562.5 576.6 602.2 622.1 656.6 696.6 739.1 771.9 816.1 852.0 878.2 910.9 933.8 1004.3 1008.3 1021.1 1052.0 1097.7 1155.2 1194.0 1190.0 1239.5 501.5 522.7 526.8 548.5 561.6 577.4 604.3 622.6 659.4 699.4 741.8 775.8 821.6 856.7 880.3 898.1 948.3 1011.4 1012.8 1009.1 1058.7 1109.0 1167.8 1206.4 1204.7 1248.1 508.6 523.6 525.7 542.7 561.2 577.9 605.2 624.8 664.6 701.2 744.5 779.3 825.2 860.6 882.8 902.1 955.8 1006.9 1007.3 1017.1 1061.0 1110.9 1171.3 1208.5 1204.2 1253.6 512.3 522.1 528.6 542.5 560.7 578.4 605.0 628. 7 667.4 719.4 748.1 780.1 827.2 861.7 884.5 904.0 956.5 1015.2 1002.3 1021.7 1062.0 1118.8 1172.7 1206.9 1208.3 1253.1 516.0 522.9 529.8 543.5 561.7 583.5 607.3 631.8 667.3 714.7 751.2 779.3 829.2 863.1 878.3 905.6 972.8 1018.4 1003.8 1025.1 1062.4 1126.9 1179.6 1207.7 1214.3 1251.1 515.9 520.9 535.2 549.4 559.4 589.1 608.8 631.7 672.0 719.9 755.4 785.1 832.3 861.3 876.7 909.5 983.3 1020.5 996.0 1026.7 1071.8 1130.6 1183.8 1210.8 1217.8 1250.1 453.2 465.1 500.6 516.4 517.9 536.3 557.2 556.9 591.9 610.6 636.2 678.9 723.3 756.5 790.8 835.7 863.9 879.6 917.4 987.3 1017.2 995.0 1025.4 1075.6 1137.2 1195.4 1212.2 1222.2 1245.7 450.6 449.1 468.3 500.9 517.0 514.5 537.6 557.2 564.4 593.4 613.7 642.6 683.2 727.9 764.9 795.8 841.4 865.6 888.9 931.5 996.6 1003.8 990.9 1042.4 1081.7 1138.9 1192.5 1207.9 1231.3 456.3 447.7 479.7 506.2 520.4 514.6 546.8 561.3 571 .8 600.7 619.2 653.7 692.4 735.3 769.7 811.1 850.0 881.2 899.5 939.4 1002.2 1005.1 1006.2 1051.8 1094.8 1153.3 1193.9 1190.9 1236.1 454.2 453.1 489.8 507.5 522.8 527.0 544.6 561.2 577.9 604.8 625.4 663.8 706.7 744.8 778.4 824.7 859.7 882.5 901.4 953.5 1011.2 1007.5 1016.0 1060.6 1112.9 1170.6 1207.3 1205.7 1251.6 454.9 462.4 497.8 516.1 520.6 533.8 550.0 559.3 588.2 608.9 633.2 672.7 719.3 754.4 785.1 832.4 862.8 878.2 910.8 981.1 1018.7 998.3 1025.7 1069.9 1131.6 1186.3 1210.2 1218.1 1249.0 454.0 453.1 483.9 507.7 520.2 522.5 544.7 559.7 575.6 602.0 622.9 658.2 700.4 740.6 774.5 816.0 853.4 876.9 900.2 951.4 1007.2 1003.7 1009.7 1056.2 1105.2 1162.2 1201.0 1205.7 1242.0 100.2 100.4 98.5 115.8 121.9 136.4 129.5 135.6 148.4 153.9 140.2 150.6 158.8 150.2 161.3 166.1 173.5 186.0 198.3 206.0 212.5 221.6 220.2 210.0 218.5 99.5 96.2 105.1 118.8 121.2 137.6 128.5 140.5 150.4 152.1 136.5 155.8 157.4 153.4 164.3 168.2 177.1 187.1 202.5 205.3 215.8 223.7 216.2 211.5 221.9 AVERAGE FOR PERIOD 151.6 154.1 154.7 102.4 92.6 115.0 117.9 130.6 134.3 130.1 145.0 153.8 148.8 142.1 150.6 153.7 157.7 103.2 93.7 116.3 118.6 132.3 133.0 132.7 146.9 153.2 147.5 147.1 152.2 151 .9 160.0 169.1 180.4 189.9 205.1 207.8 216.3 225.1 215.0 210.3 223.7 170.5 181.5 190.5 205.6 206.5 217.8 225.3 212.1 210.7 225.1 171.0 178.9 192.5 205.8 205.9 218.7 224.8 206.8 211.1 227.4 171.4 181.5 194.1 206.1 208.9 219.9 222.6 205.3 211.5 228.8 102.7 95.9 116.0 119.8 134.4 131.5 133,3 147.3 155.1 145.3 147.7 156.8 148.9 160.8 165.8 172.6 184.3 195.8 206.2 210.5 220.6 223.0 208.8 214.4 230.0 229.4 208.9 221.7 234.0 246.6 246.4 229.9 231.4 227.8 210.2 221.8 235.9 247.5 246.6 230.6 228.9 226.6 210.8 221.2 237.1 248.0 244.4 231.1 228.1 219.7 211.1 224.0 237.2 249.6 242.3 232.2 226.0 216.4 213.0 224.9 236.1 250.8 241.6 232.3 223.1 232.2 209.3 217.9 225.0 237.1 251.2 239.5 232.5 230.9 206.7 220.4 231.2 244.4 248.9 229.9 231.8 207.5 206.1 220.4 253.6 213.2 213.3 209.0 229.2 256.9 288.6 286.6 306.9 329.8 350.0 355.8 384.6 402.6 414.1 441.9 462.1 494.9 533.4 581.4 623.0 682.7 747.1 810.4 864.1 934.4 1050.3 1155.9 1247.5 1373.7 1514.5 1702.7 1916.6 2109.6 2380.6 288.8 289.2 314.2 334.3 354.6 364.5 386.1 404.2 420.3 446.3 468.8 504.0 546.9 594.1 635.2 700.4 764.5 819.3 874.7 957.1 1077.9 1187.4 1283.5 1404.2 1561.1 1761.8 1981.9 2185.3 2458.2 238.5 262.1 280.4 289.0 294.7 319.7 341.6 354.2 370.1 391.1 405.0 428.4 451.6 476.9 512.1 559.4 605.7 646.4 715.6 777.0 826.4 890.3 994.2 1108.3 1206.2 1314.6 1438.4 1609.2 1821.3 2034.4 2260.0 2494.6 227.2 254.9 271.8 287.7 289.6 310.3 332.6 351.0 361.1 384.4 402.3 417.8 443.6 466.2 499.2 540.7 588.2 630.0 690.6 754.7 811.1 868.4 951.4 1065.2 1168.6 1265.0 1391.2 1540.4 1732.7 1951.2 2160.4 2415.8 1948. .. 1949. .. 1950. .. 1951. . . 1952. .. 1953. .. 1954. . . 1955. .. 1956. .. 1957. . . 1958. .. 1959. .. 1960. .. 1961. . . 99.8 101.6 98.0 115.5 120.8 135.1 129.7 134.1 148.1 153.6 142.8 149.0 158.9 150.3 99.4 100.9 96.9 115.1 121.9 136.5 129.7 135.4 148.2 154.4 139.4 150.1 159.1 149.8 101.3 98.7 100.7 116.9 122.9 137.7 129.0 137.4 148.9 153.8 138.3 152.6 158.3 150.5 98.3 97.2 103.1 118.7 121.1 137.8 128.6 138.6 151.3 152.7 136.0 154.4 157.5 151.8 99.6 96.6 105.4 118.3 122.0 138.0 128.6 141.1 149.8 151.6 136.0 156.2 158.0 153.2 100.6 94.9 106.7 119.4 120.6 137.0 128.2 141.8 150.2 152.1 100.8 96.0 109.4 119.6 115.9 137.6 127.6 142.7 147.1 151.3 102.2 95.3 112.0 119.4 124.6 136.6 127.7 142.9 150.9 151.3 102.0 96.3 112.1 119.0 129.4 134.2 127.7 143.4 152.5 149.8 156.9 156.7 155.3 156.1 156.4 155.4 152.0 155.2 156.4 1963. .. 1964. . . 1965. . . 1966. . . 1967. .. 1968. .. 1969. . . 1970. .. 1971. . . 1972. .. 166.1 171.0 184.7 196.7 207.1 165.9 174.3 186.4 198.4 205.2 166.2 175.3 186.9 199.8 205.8 220.9 220.6 210.1 216.4 221.2 219.7 209.7 218.4 222.6 220.2 210.1 220.6 167.1 176.6 185.9 201.5 205.5 214.6 223.0 217.8 210.8 221.6 168.5 177.0 187.5 202.0 204.9 216.4 223.9 215.2 212.3 221.9 169.1 177.6 188.0 204.1 205.4 216.4 224.2 215.5 211.3 222.3 169.1 178.8 188.5 204. .3 206.1 216.6 224.7 215.7 210.9 221.1 1974. . . 1975. .. 1976. . . 1977.. . 1978. . . 1979. . . 1980. .. 1981. . . 1982. . . 233.3 213.0 216.5 222.8 235.1 251.2 241.1 234.2 232.2 208.1 218.0 225.0 236. 5 250.7 240.2 231.6 231.0 206.8 219.1 227.3 239.6 251.8 237.3 231.8 230.5 205.9 220.1 229.1 244.1 249.7 232.9 231.5 231.2 207.2 221.0 231.2 243.9 248.8 229.5 231.6 231.0 207.0 220.2 233.4 245.1 248.2 227.3 232.3 230.2 205.9 221.2 234.0 246.4 248.5 226.9 232.0 223. PERSONAL INCOME IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1953. . . 1954. .. 1955. .. 1956. .. 1957... 1958. . . 1959. .. 1960. . . 1961. . . 1962. . . 1963. . . 1964. . . 1965. .. 1966. .. 1967. .. 1968. . . 1969. .. 1970. .. 1971. . . 1972. .. 1973. .. 1974. .. 1975. .. 1976. .. 1977. . . 1978. . . 1979. .. 1980. . . 1981. . . 1982. . . III Q 356.1 364.1 385.7 406.7 53. WAGE AND SALARY INCOME IN MINING, MANUFACTURING, AND CONSTRUCTION IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1948. . . 1949. .. 1950. . . 1951. . . ll Q 200.8 204.3 205.3 206.6 210.8 211.6 214.0 214.2 215.1 213.9 211.2 202.0 216.4 244.0 219.4 246.7 224.5 249.2 219.8 252.1 220.3 253.5 221.4 255.3 225.7 254.8 230.1 257.8 232.2 258.3 235.3 261.2 237.4 262.1 242.8 263.1 220.0 246.6 282.3 287.3 297.8 284.2 288.3 299.5 287.0 287.2 301.9 287.3 286.0 304.9 288.6 286.9 307.5 289.8 287.1 308.6 289.3 287.6 313.3 288.6 289.1 313.6 288.6 290.9 315.9 290.5 292.8 317.5 288.7 295.4 319.9 287.8 296.3 321.9 342.9 353.8 373.5 397.4 406.6 431.3 457.8 483.4 521.6 566.5 613.5 656.3 723.8 783.3 840.4 910.1 1011.7 1118.4 1208.7 1338.6 1460.4 1628.5 1853.4 2076.6 2308.1 346.1 353.4 375.7 397.6 408.7 434.4 455.8 485.7 522.0 572.0 614.4 663.7 729.9 788.1 843.8 921.7 1025.9 1124.6 1214.3 1350.8 1477.1 1642.9 1870.2 2084.5 2330.1 347.6 355.3 378.7 397.9 410.0 438.1 348.1 354.4 382.0 401 . 5 410.7 440.8 349.7 355.6 384.6 403.0 413.7 441.8 352.3 357.4 387.1 403.3 418.0 443.2 353.9 364.0 387.8 403.8 419.8 444.8 355.5 363.8 384.8 404.1 420.1 446.0 354.5 365.8 385.7 404.8 421 .1 448.3 354.5 366.6 386.4 406.1 424.8 449.4 354.7 370.9 390.6 405.6 428.9 451.7 353.7 372.7 396.2 403.2 431 .5 453.7 284.5 287.6 299.6 324.2 345.5 354.2 376.0 397.6 408.4 434.7 495.1 533.7 580.6 622.4 683.1 747.0 808.7 859.2 938.9 1049.9 1157.1 1242.1 1375.0 1514.1 1700.9 1915.8 2107.7 2379.1 497.7 537.8 585.4 626.8 688.8 752.3 809.7 879.0 931.0 1058.5 1168.6 1272.3 1380.2 1526.9 1720.1 1931.9 2123.0 2398.4 500.5 540.6 589.0 631.5 695.1 759.0 814.3 869.4 948.3 1068.0 1181.9 1269.5 1394.3 1548.2 1745.9 1965.3 2162.5 2436.3 504.4 542.7 594.1 635.9 700.6 765.1 819.2 875.9 958.7 1077.4 1186.6 1285.6 1404.8 1559.7 1761.6 1983.1 2183.3 2459.6 507.2 557.5 599.2 638.1 705.6 769.5 824.4 878.7 964.2 1088.3 1193.7 1295.5 1413.5 1575.3 1777.8 1997.4 2210.0 2478.6 507.8 554.6 602.5 639.8 710.6 773.3 823.0 882.1 982.5 1098.9 1204.5 1307.0 1422.6 1593.5 1801.2 2016.8 2236.8 2487.2 511.4 559.4 606.6 646.1 715.8 776.0 825.0 888.6 996.1 1110.3 1204.2 1315.2 1440.5 1608.9 1819.5 2034.2 2260.2 2499.0 517.3 564.2 608.2 653.2 720.4 781.8 831.2 900.0 1004.1 1115.9 1209.9 1321.7 1452.1 1625.0 1843.3 2052.2 2283.0 2497.6 485.8 522.8 571.4 615.4 663.7 730.0 788.2 844.7 919.7 1024.2 1124.9 1214.2 1348.5 1476.9 1644.9 1871.8 2086.8 2330.0 491.8 528.7 578.2 619.8 676.1 742.1 812.8 854.2 933.2 1042.4 1142.1 1228.0 1365.8 1502.6 1686.9 1902.2 2098.0 2364.5 ons beginning with 1977. 102.8 94.1 115.8 118.8 132.4 132.9 132.0 146.4 154.0 147.2 145.6 153.2 151.5 159.5 165.3 171.7 181.6 194.1 206.0 208.4 219.7 223.5 207.0 212.3 22*8.7 235.9 220.9 211.6 223.4 236.8 249.5 242.8 231.9 225.7 101.0 96.6 107.6 118.2 124.7 135.8 129.4 141.4 150.8 151.0 140.8 153.2 155.7 154.7 164.0 168.9 178.1 189.2 203.0 206.6 216.2 223.4 214.4 211.1 223.1 234.8 228.3 209.0 220.8 231.9 244.4 247.5 232.6 230.2 AVERAGE FOR PERIOD 201.2 488.3 524.9 575.8 618.5 671.2 736.3 793.3 850.1 927.4 1034.9 1131.6 1219.7 1356.2 1493.1 1663.4 1891 .8 2099.2 2351.7 101.7 95.9 111.2 119.3 123.3 136.1 127.7 143.0 150.2 150.8 141.1 153.2 155.2 155.5 165.0 169.6 180.2 189.6 205.0 206.8 216.9 225.0 214.3 210.6 223.3 235.3 229.1 208.3 221.6 234.6 246.8 247.2 229.1 230.8 (SEPTEMBER 1982) 99 C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. June May July Aug. Sept. Oct. Nov. 80.8 79.6 79.8 88.3 90.2 92.1 93.0 91.0 96.1 98.2 98.8 101 . 6 101.4 98.8 99.9 97.5 98.3 95.3 97.9 99.7 104.5 108.2 112.9 112.0 113.1 118.9 131.6 142.4 147.1 157.1 165.9 179.5 201.1 216.6 82.3 78.5 81.3 88.8 89.7 93.0 93.7 92.3 96.4 100.2 98.8 101 . 8 102.4 98.8 99.6 97.8 97.0 96.0 99.2 99.7 104.0 108.6 112.8 111.9 113.5 119.9 135.5 141.9 148.1 158.1 167.2 180.1 200.9 219.9 Dec. IQ 62. INDEX OF LABOR COST PER UNIT OF OUTPUT, TOTAL MANUFACTURING (1967=100) 1948. .. 1949. . . 1950. . . 1951. .. 1952. .. 1953. . . 1954... 1955. .. 1956. .. 1957. .. 1958. . . 1960. .. 1961. . . 1962... 1963. . . 1964. .. 1965. .. 1966. .. 1967. . . 1968. .. 1969. .. 1970. .. 1971... 1972. .. 1973. .. 1974. .. 1975. .. 1976. .. 1977. .. 1978. .. 1979... 1980. .. 1981. .. 1982. .. 78.6 81.7 79.4 81.7 89.2 90.5 94.5 91.4 92.1 96.4 101.2 78.4 82.0 79.2 83.0 89.2 90.6 94.5 91.7 92.5 95.9 101.8 79.3 81.1 78.5 83.8 89.7 91.2 94.7 90.8 93.2 96.2 102.6 78.8 81.2 77.8 85.3 89.8 91.3 94.5 90.1 93.1 97.1 102.8 78.3 81.8 78.3 85.6 90.6 91.0 94.1 90.1 93.7 97.2 101.7 97.5 103.1 99.7 99.3 97.4 96.3 95.8 99.3 100.9 104.7 111.8 113.1 112.5 115.0 122.4 144.1 143.9 149.3 161.6 170.4 183.7 202.6 98.7 103.4 99.1 98.8 97.8 96.3 96.8 99.5 101.5 104.6 111.5 113.3 113.7 115.7 123.2 145.6 143.0 151.2 163.5 171.5 186.2 99.9 102.7 99.3 98.5 98.5 95.8 96.4 100.3 101.8 105.2 112.4 113.6 114.1 115.7 123.5 147.7 143.4 150.7 163.5 171.5 188.2 203.6 204.4 100.0 101.4 100.3 97.2 97.6 95.2 97.0 99.5 102.2 106.0 112.2 113.3 113.3 116.8 124.4 145.9 144.0 151.8 162.5 175.0 191.7 206.1 100.8 101.1 100.4 97.1 97.6 95.0 97.0 100.0 102.1 106.9 112.1 113.4 113.7 116.3 125.2 145.7 144.3 152.9 163.4 173.5 196.6 207.4 78.5 81.1 77.2 86.7 91.1 91.6 93.4 90.2 94.3 96.9 100.0 97 . 6 101.4 100.5 100.8 97.5 97.9 95.3 97.4 100.3 102.2 106.8 112.6 113.1 113.7 116.9 125.7 143.3 144.2 154.0 163.7 174.4 201.0 208.9 79.8 80.9 76.8 87.8 89.2 91.3 93.1 90.6 97.7 96.9 100.2 99 . 2 100.9 99.8 100.1 98.3 97.8 94.4 97.3 100.9 102.8 106.9 112.8 112.8 113.2 117.2 126.8 141.3 144.5 154.6 164.2 176.4 203.1 208.9 80.9 79.8 76.6 88.7 89.9 90.9 93.5 91.0 95.7 97.6 99.8 100 . 6 100.6 99.3 100.0 97.8 98.0 94.8 98.3 101.0 102.9 107.7 112.9 114.2 113.1 117.6 127.6 141.0 145.3 155.5 164.4 178.3 203.7 209.9 81.4 79.4 77.8 88.7 90.1 91.1 92.6 91.2 95.4 97.1 100.0 101 . 1 101.1 98.8 99.7 97.9 98.5 94.9 98.2 100.4 103.6 108.0 112.9 112.4 113.2 117.8 128.4 140.8 146.7 156.5 165.4 178.9 202.2 212.6 II Q 7 . 73 9.33 8.99 9.33 12.48 12.45 13.62 13.55 14.20 16,35 16.90 16.34 17.33 18.57 18.99 20.05 20.76 21.74 22.75 25.51 27.22 28.78 31.53 34.49 34.86 35.72 38.87 49.08 50.20 55.72 60.65 66.19 74.00 79.42 7 . 84 9.03 9.49 12.55 12.40 13.64 13.61 14.39 16.40 16.83 16.40 17.56 18.69 18.96 20.07 20.87 21.78 22.87 25.74 27.25 29.05 31.85 34.60 34.94 35.82 39.37 49.37 50.67 55.94 60.66 67.06 75.02 80.55 7 . 96 9.64 9.09 9.65 12.64 12.41 13.71 13.65 14.48 16.52 16.82 16.46 17.73 18.63 19.03 20.04 20.96 21.83 23.03 25.88 27.31 29.30 32.05 34.82 35.15 36.16 40.00 49.68 51.09 56.13 61.02 67.34 76.31 82.36 ft 9.62 9.08 9.98 12.57 12.47 13.56 13.60 14.59 16.56 16.68 16.54 17.91 18.75 19.04 19.96 21.07 21.63 23.08 26.20 27.32 29.59 32.69 34.64 35.34 36.21 40.59 49.54 51.44 56.31 61.35 68.12 77.76 82.10 ft 9.53 9.03 10.43 12.33 12.66 13.46 13.62 14.82 16.72 16.58 16.59 18.11 18.72 19.27 20.07 21.14 21.74 23.32 26.41 27.46 29.95 32.71 34.66 35.53 36.60 40.99 49.43 51.76 57.25 61.78 68.58 78.84 83.55 8 . 22 9.52 9.10 10.91 12.34 12.80 13.47 13.62 15.24 16.78 16.52 16.48 18.21 18.76 19.44 20.29 21.10 21.87 23.58 26.43 27.57 30.14 32.98 4.65 5.82 6.95 1.71 9.30 2.62 57.57 62.16 69.27 79.14 84.00 8 . 53 8 . 43 9.39 9.25 8.57 8.79 11.55 12.05 12.35 12.31 13.14 12.93 13.32 13.45 13.61 13.72 15.71 15.42 16.89 16.92 16.36 16.52 16.63 16.83 18.37 18.39 18.70 18.84 19.76 19.63 20.36 20.21 21.19 21.19 22.01 22.04 24.00 23.83 26.71 26.51 27.89 27.64 30.51 30.30 33.24 33.44 34.38 34.53 36.36 35.83 37.04 36.93 42.71 43.65 49.28 48.98 53.16 53.79 58.10 58.07 63.45 62.64 70.49 70.05 79.84 80.14 84.22 85.65 ft 9.13 8.68 12.34 12.36 13.31 13.28 13.75 15.96 16.88 16.18 16.84 18.66 18.70 19.88 20.50 21.18 22.15 24.31 26.81 28.18 30.70 33.65 34.74 36.19 37.17 44.62 49.63 54.45 58.52 63.64 71.35 79.90 86.86 78.8 81.6 79.0 82.8 89.4 90.8 94.6 91.3 92.6 96.2 101.9 98 . 0 98.7 103.1 99.4 98.9 97.9 96.1 96.3 99.7 101.4 104.8 111.9 113.3 113.4 115.5 123.0 145.8 143.4 150.4 162.9 171.1 186.0 203.5 ft 9.12 8.85 12.32 12.33 13.47 13.32 13.82 16.02 16.86 16.15 16.85 18.60 18.94 19.98 20.54 21.43 22.25 24.52 26.84 28.33 30.74 33.98 35.11 35.96 37.38 45.65 49.81 55.45 59.37 63.83 71.62 79.84 88.05 ft 8.92 9.17 12.22 12.32 13.57 13.28 13.88 16.21 16.74 16.30 16.96 18.58 18.96 19.97 20.66 21.50 22.40 24.88 26.91 28.51 31.08 34.24 35.01 35.95 37.64 46.96 49.98 55.13 59.88 64.72 71.83 80.31 88.50 8.98 9.22 12.28 12.33 13.62 13.46 14.01 16.19 16.75 16.35 17.10 18.64 18.81 20.12 20.74 21.62 22.54 25.19 27. 07 28.77 31.26 34.20 34.90 35.93 38.21 48.16 50.27 55.54 59.98 65.38 72.83 79.99 87.66 7 9.64 9.09 9.65 12.64 12.41 13.71 13.65 14.48 16.52 16.82 16.46 17.73 18.63 19.03 20.04 20.96 21.83 23.03 25.88 27.31 29.30 32.05 34.82 35.15 36.16 40.00 49.68 51.09 56.13 61.02 67.34 76.31 82.36 78.5 81.4 77.8 85.9 90.5 91.3 94.0 90.1 93.7 97.1 101.5 97 . 2 100.7 101.0 100.5 97.3 97.7 95.2 97.1 99.9 102.2 106.6 112.3 113.3 113.6 116.7 125.1 145.0 144.2 152.9 163.2 174.3 196.4 207.5 33.49 31.49 29.70 1955. .. 1956 . . . 34 . 51 1957. .. 41.77 1954... 1958... 1959... 38.04 1960. .. 36.71 41.00 1961... 40.60 1962. .. 42.41 1963.. . 44.34 50.23 57.47 1964. .. 1965... 1966. .. 1967. .. 1968. .. 1969... 1970. .. 1971... 1972. 1973. 1974. 1975. .. .. .. .. 1976... 1977... 1978... 1979. .. 1980... 1981. .. 1982. .. 68.12 73.16 94.67 97.66 103.16 101.47 114.28 125.44 151.09 164.03 160.01 182.38 209.23 264.54 312.50 332.78 33.85 30.46 33.28 29.39 34.04 28.90 31.14 35 . 07 31.75 35 . 56 41.47 31.60 38 . 02 41.29 36.47 37.99 35.24 38.39 41.20 41.62 42.65 36.64 37.56 40.62 40.81 43.51 45.16 50.04 58.39 68.05 72.80 91.65 99.90 105.99 101.95 113.74 124.03 153.01 164.23 164.79 184.19 214.70 266.44 320.69 331.57 40.27 44.23 44.72 50.57 60.22 70.90 72.08 92.59 102.45 104.72 103.46 114.87 127.84 153.04 159.61 165.88 188.89 218.00 279.21 317.90 344.52 40.42 44.82 46.07 51.32 61.01 71.08 71.47 93.90 101.35 105.25 101.79 114.97 132.27 154.28 160.46 167.62 191.18 229.24 274.06 310.76 344.36 33.70 28.48 32.37 38 . 51 40.89 34.63 39.50 41.92 40.07 45.51 46.87 52.58 61.24 71.24 71.89 91.69 101.65 104.91 103.23 115.20 133.44 156.28 159.70 170.60 194.48 227.09 281.50 313.38 345.78 32.31 28.27 32.82 79.9 80.5 78.7 86.5 90.0 91.6 93.7 91.0 94.7 97.5 100.6 99 . 0 100.6 100.5 99.9 98.0 97.8 95.4 97.5 100.0 102.8 107.0 112.5 113.0 113.4 117.4 127.9 143.6 145.2 154.3 164.4 176.0 196.6 210.3 9^52 giio 10.91 12.34 12.80 13.47 13.62 15.24 16.78 16.52 16.48 18.21 18.76 19.44 20.29 21.10 21.87 23.58 26.43 27.57 30.14 32.98 34.65 35.82 36.95 41.71 49.30 52.62 57.57 62.16 69.27 79.14 84.00 g!i3 8^98 8 '.68 12.34 12.36 13.31 13.28 13.75 15.96 16.88 16.18 16.84 18.66 18.70 19.88 20.50 21.18 22.15 24.31 26.81 28.18 30.70 33.65 34.74 36.19 37.17 44.62 49.63 54.45 58.52 63.64 71.35 79.90 86.86 9.22 12.28 12.33 13.62 13.46 14.01 16.19 16.75 16.35 17.10 18.64 18.81 20.12 8.98 9.22 12.28 12.33 13.62 13.46 14.01 16.19 16.75 16.35 17.10 18.64 18.81 20.12 20.74 20.74 21.62 21.62 22.54 22.54 25.19 25.19 27.07 28.77 27.07 28.77 31.26 31.26 34.20 34.90 35.93 34.20 34.90 35.93 38.21 48.16 38.21 48.16 50.27 55.54 59.98 65.38 72.83 79.99 87.66 50.27 55.54 59.98 65.38 72.83 79.99 87.66 AVERAGE FOR PERIOD 32.82 29.26 32.26 31.30 28.29 33.24 31.39 28.36 34.21 31.93 27.34 34.20 31.02 28.22 34.39 30.48 29.06 34.93 33.54 30.45 30.86 33.35 28.55 32.26 31.84 28.64 33.24 31.14 28.21 34.51 32.47 28.96 32.72 39.99 34.32 41.31 42.53 39.90 45.10 47.58 55.65 62.42 73.78 73.51 91.55 104.87 103.86 102.98 114.70 140.74 159.60 158.94 170.88 197.98 237.74 291.00 315.98 348.42 41.24 35.16 40.24 40.26 41.69 46.17 47.82 53.98 62.02 75.01 74.35 92.42 105.15 103.13 104.14 116.65 139.88 159.53 159.52 173.76 201.52 244.75 297.68 306.42 357.31 40.39 35.26 40.74 41.31 42.16 45.30 48.18 54.64 64.06 74.94 74.52 93.96 107.83 101.22 106.02 115.40 142.47 164.83 158.88 173.20 203.11 252.58 296.47 324.35 360.38 40.62 35.07 40.50 40.97 42.58 45.12 48.91 55.26 65.42 75.80 73.56 95.40 107.10 100.38 105.56 116.57 145.34 168.28 161.93 175.04 208.07 254.35 303.10 326.37 349.27 40.01 36.04 40.17 40.65 42.90 45.16 48.45 55.66 66.65 74.33 74.63 96.66 106.32 100.98 106.78 119.32 150.63 169.02 160.27 178.03 208.89 257.97 297.47 325.84 358.67 38.09 35.74 41.08 41.08 43.17 44.10 48.65 57.15 68.95 75.05 77.93 94.18 106.30 102.38 113.33 120.90 149.53 163.26 158.80 185.00 210.25 261.07 306.64 328.40 356.78 41.96 37.05 37.42 40.94 40.56 43.38 44.74 50.28 58.69 69.02 72.68 92.97 100.00 104.62 102.29 114.30 125.77 152.38 162.62 163.56 185.15 213.98 270.06 317.03 336.29 40.95 35.11 39.23 41.71 40.36 45.33 46.51 52.42 61.21 71.72 72.16 92.31 101.97 104.01 103.29 115.14 133.88 157.50 159.83 169.42 192.47 230.48 278.75 312.21 347.78 40.54 34.91 40.76 41.37 41.25 45.52 47.86 54.76 62.83 74.58 74.13 92.64 105.95 102.74 104.38 115.58 141.03 161.32 159.11 172.61 200.87 245.02 295.05 315.58 355.37 39.57 35.62 40.58 40.90 42.88 44.79 48.67 56.02 40.76 35.67 39.50 39 . 99 40.68 35.45 39.79 41.59 40.58 45.66 46.60 53.35 61.38 72.83 73.12 91.34 102.92 101.86 104.85 115.25 135.94 161.95 159.34 170.05 191.76 235.12 280.68 312.48 353.20 NOTE: These series contain revisions beginning with 1977. 100 81.6 79.1 80.9 88.9 90.2 93.2 93.2 91.6 96.3 99.7 98.9 100 . 6 102.1 98.6 99.7 98.0 97.4 95.6 98.6 99.8 104.5 108.9 112.8 112.4 113.4 119.9 136.0 142.5 147.9 158.2 167.1 180.5 201.0 219.7 80.7 80.0 77.1 88.4 89.7 91.1 93.1 90.9 96.3 97.2 100.0 100 . 3 100.9 99.3 99.9 98.0 98.1 94.7 97.9 100.8 103.1 107.5 112.9 113.1 113.2 117.5 127.6 141.0 145.5 155.5 164.7 177.9 203.0 210.5 END OF PERIOD 69. MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION (ANNUAL RATE, BILLIONS OF DOLLARS) EXPENDITURES 1953. .. Annual IV Q AVERAGE FOR PERIOD 81.7 79.3 81.6 89.5 90.7 94.4 92.9 91.6 96.5 100.7 99.2 98 . 5 102.4 98.1 99.6 98.6 96.9 95.6 98.7 100.0 104.9 109.8 112.8 113.3 113.5 120.8 140.8 143.1 148.5 159.4 168.1 181.9 201.1 222.5 65. MANUFACTURERS' INVENTORIES OF FINISHED GOODS, BOOK VALUE, ALL MANUFACTURING INDUSTRIES (BILLIONS OF DOLLARS) 1948 . 1949. .. 1950. .. 1951. . . 1952. .. 1953. . . 1954. .. 1955. .. 1956... 1957... 1958. .. 1959. .. 1960. .. 1961. .. 1962. . . 1963. .. 1964... 1965. .. 1966. .. 1967. .. 1968. .. 1969... 1970... 1971. .. 1972. .. 1973... 1974. .. 1975. .. 1976... 1977. .. 1978. .. 1979... 1980. .. 1981... 1982. . . III Q 67.01 75.06 75.37 95.41 106.57 101.25 108.56 118.93 148.50 166.85 160.33 179.36 209.07 257.80 302.40 326.87 354.91 41.23 41.26 44.76 46.95 53.37 62.44 72.59 73.58 93.33 103.62 103.15 104.63 115.99 137.30 159.51 160.48 171.24 196.89 236.82 286.57 317.92 348.59 (SEPTEMBER 1982) C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. June May July Aug. 70. MANUFACTURING AND TRADE INVENTORIES IN 1972 (BILLIONS OF DOLLARS) 1948. .. 1949. .. 1950. .. 1951. . . 1952. . . 1953. . . 1954... 1955. . . 1956. .. 1957. .. 1958. .. 1959... 1960... 1961. .. 1962... 1963. .. 1964... 78.19 83.20 81.47 78.66 83.50 81.28 91.15 79.15 81.87 92.20 101.55 108.39 107.88 106.04 111.49 115,77 113.70 114.80 122.43 121.67 126.42 132.00 1966. .. 170.49 1967. .. 1968. . . 177.83 1969. .. 185.29 193.40 1970. .. 171.34 178.17 186.45 194.16 155.26 172.16 178.24 187.06 194.46 202.08 209.47 221.20 225.48 225.58 235.70 247.15 261.05 264.08 262.33 202.22 210.32 221.67 223.40 226.48 236.44 248.26 261.76 263.78 263.33 202.15 210,86 223.00 221.87 227.53 237.08 250.48 262.18 263.95 263.10 1972... 1973. .. 1974. .. 1975. . . 1976... 1977... 1978... 1979... 1980... 1981... 1982. . . Oct. Nov. Dec. 1 Q 79.15 80.69 83.52 81.87 83.16 83.81 92.20 101.55 108.39 107.88 106.04 111.49 115.77 113.70 114.80 122,43 121.67 126.42 132.00 137.68 145.98 155.26 172,16 178,24 187.06 194.46 198.26 202.15 210.86 223.00 221.87 227.53 237.08 250.48 262.18 263.95 263.10 96.53 101.96 110.18 106.38 107.55 113.70 116.20 112.46 117.55 123.34 121.81 128.21 133.09 139.31 148.00 159.65 173.22 181.08 189.35 195.41 200.24 203.86 213.23 225.10 218.37 231.12 239.78 253.79 264.81 264.67 265.92 11 Q 79.70 80.69 81.82 81.95 82.04 82.15 82.15 81.91 82.23 93.57 101.56 109.38 107.36 105.92 112.56 116.05 113.16 116.24 122.35 121.68 126.58 132.13 83.12 83.81 96.53 101.96 110.18 106.38 107.55 113.70 116.20 112.46 117.55 123.34 121.81 128.21 133.09 173.26 180.44 188.58 194.68 199.63 203.64 212.14 224.14 219.35 229.23 239.07 173.22 181.08 189.35 195.41 200.24 203.86 213.23 225.10 218.37 231.12 239.78 150.41 163.28 175.17 183.10 192.13 196.78 201.27 206.26 215.42 224.86 218.45 233.58 243,78 86.58 99.68 104.20 110.26 104.71 109.18 115.29 116.37 112.96 117.77 123.76 123.34 130.46 135.76 141.17 150.82 164.96 175.18 184.10 192.96 196.53 201.50 207.02 216.51 226.00 218.83 233.33 243.97 88.04 100.28 104.81 109.52 105.08 109.30 115.82 116.10 113.20 117.79 123.91 124.01 130.39 136.17 142.21 151.41 166.52 176.42 184.38 193.01 196.90 201.28 207.73 218.02 225.92 217.82 233.70 244.92 88.54 100.72 105.26 109.18 104.92 109.60 115.76 116.16 113.92 119.34 122.89 124.22 130.78 136.27 172.91 179.26 187.79 195.07 198.91 202.65 211.27 222.96 220.98 228.50 238.13 84.64 98.56 101.91 110.94 105.26 108.78 114.63 117.05 112.01 118.13 123.52 122.62 129.10 134.08 140.09 150.08 162.09 174.94 182.57 191.14 196.74 200.73 205.31 214.62 224.52 218.80 231.36 242.13 85.61 95.24 101.31 109.72 106.94 106.57 113.19 116.04 112.67 116.79 123.08 121.96 127.54 132.48 82.74 97.46 101.94 110.99 105.89 108.14 114.24 116.43 112.30 118.33 123.76 122.21 128.67 133.47 139.58 149.17 160.93 173.97 181.51 190.35 196.08 200.40 203.99 214.26 225.25 218.14 231.10 240.70 263.06 265.69 263.41 264.13 265.61 264.70 264.81 264.67 265.92 266.64 264.36 266.53 266.76 263.66 267.56 265.18 263.62 269.42 266.06 263.77 270.47 265.11 263.09 271.17 264.45 262.78 269.85 98.97 103.16 110.99 105.19 108.64 115.21 117.46 112,72 117.57 123.92 123.20 129.87 134.83 152.13 168.06 177.50 185.01 193.70 196.98 201.70 208.26 220.24 226.58 216.92 235.08 246.18 71. MANUFACTURING AND TRADE INVENTORIES, TOTAL BOOK VALUE, IN CURRENT DOLLARS (BILLIONS OF DOLLARS) 1948... 1949. . . 1950. . . 1951... 1952. . . 1953. . . 1954... 1955... 1956... 1957. .. 1958. ... 1959. .. 1960. .. 1961. . . 1962. .. 1963... 1964. .. 1965. .. 1966. . . 1967... 1968. .. 1969. . . 1970... 1971... 1972. .. 1973. . . 1974. . . 1975. .. 1976. .. 1977... 1978. .. 1979. . . 1980... 1981. . . 1982... 47.52 53.30 49.66 62.26 70.72 48.24 53.33 49.63 63.74 70.63 74.01 74.19 48.83 53.06 50.07 65.27 70.62 74.64 75.73 73.55 80.27 87.85 87.67 75.44 73.82 74.45 87.14 92.92 94.43 96.18 101.24 106.02 112.46 121.76 138.27 146.26 157.07 170.00 179.16 188.35 204.63 236.83 286.94 290.10 320.86 353.97 400.95 448.84 485.57 81.33 88.05 87.92 87.44 93.96 94.21 96.76 101.56 106.40 112.99 123.24 138.88 147.12 158.47 171.03 180.14 188.99 207.04 240.06 286.24 292.39 323.65 357.08 405.37 453.13 490.19 75.12 81.75 88.21 87.44 87.89 94.73 93.68 97.41 101.78 106.82 114.28 124.42 139.69 147.70 159.73 171.72 181.47 189.84 209.37 244.39 285.27 294.60 326.64 362.01 408.50 457.28 492.23 49.20 49.36 52.41 51.87 51.06 50.37 66.65 70.43 75.37 74.74 74.52 82.84 88.52 86.65 89.07 94.74 93.68 97.56 101.88 107.39 114.89 125.44 140.21 148.85 160.79 173.01 182.49 191.11 211.60 247.28 285.19 297.02 330.05 366.95 413.82 463.64 494.07 50.11 51.42 51.67 67.87 70.05 75.69 74.42 75.02 68.65 70.23 76.17 51.06 51.05 51.40 69.10 54.71 69.91 77.19 91.33 95.90 93.87 95.72 94.32 99.67 103.72 108.86 118.48 131.49 142.52 152.82 165.51 176.41 185.91 196.15 221.40 265.89 285.30 307.87 338.98 379.97 432.40 473.12 509,96 98.81 99.19 102.33 107.78 115.58 127.02 140.61 150.23 162.26 173.00 183.63 192.81 214.50 252.06 284.04 299.54 332.29 370.19 417.99 465.88 497.74 102.80 108.25 116.44 128.72 140.89 151.04 163.18 174.09 184.10 193.45 217.17 256.96 283.58 303.60 334.21 373.40 422.32 467.34 501.38 103.23 108.48 117.48 130.06 141.40 151.57 164.36 175.34 184.84 194.08 219.39 262.00 284.09 306.24 335.93 376.18 428.98 469.95 504.74 95.31 53.23 69.53 91.18 98.31 86.08 89.58 51.92 73.24 76.98 84.96 89.42 85.59 93.75 83.51 88.51 51,49 50.81 69.99 76.96 73.70 76.24 84.52 88.83 85.74 74.04 75.69 84.04 88.58 85.94 90.48 95.52 93.66 Annual IV Q Hi Q END OF PERIOD 79.43 83.52 101.45 107.90 108.30 105.32 111.29 115.81 114.03 114.40 121.58 122.29 125.56 131.50 90.43 101.52 107.67 108.65 105.25 110.22 116.00 114.54 114.03 120.33 122.35 124.95 131.11 136.69 Sept. DOLLARS 50.89 69.53 70.80 77.41 73.17 77.39 85.63 89.88 85.95 90.94 95.88 94.72 100.39 104.28 110.02 118.88 132.64 143.09 153.60 166.83 177.07 186.84 197.76 223.40 271.29 286.69 312.03 342.91 383.42 433.76 475.83 515.39 52.34 50.56 56.38 69.77 71.58 76.99 72.85 78.33 86.05 81.91 81.28 81.91 81,28 85.61 88.54 100.72 105.26 109.18 104.92 109.60 115.76 116.16 113,92 119.34 122.89 124.22 130.78 136.27 143.29 152.13 168.06 177.50 185.01 193.70 196.98 201.70 208.26 220.24 226.58 216.92 235.08 246.18 259.67 264.45 262.78 269.85 88.54 100.72 105,26 109.18 104.92 109.60 115.76 116.16 113.92 119.34 122.89 124.22 130.78 136.27 143.29 152.13 168.06 177.50 185.01 193.70 196.98 201.70 208.26 220.24 226.58 216.92 235.08 246.18 259.67 264.45 262.78 269.85 98.97 103.16 110.99 105.19 108.64 115.21 117.46 112.72 117.57 123.92 123.20 129.87 134.83 141.40 150.41 163.28 175.17 183.10 192.13 196.78 201.27 206.26 215.42 224.86 218.45 233.58 243.78 256.17 265.18 263.62 269.42 END OF PERIOD 52.58 52.51 50.10 49.50 59.82 70.24 72.38 58.37 69.98 72.06 76.40 73.20 76.12 73.18 48.83 53.06 50.07 65.27 70.62 74.64 75.12 51.92 52.51 52.51 50.89 49.50 59.82 70.24 72.38 49.50 59.82 70.24 72.38 50.11 51.42 51.67 54.71 68.65 70.23 69.53 70.80 76.17 77.41 73.17 74.04 78.91 86.26 86.94 88.99 86.55 87.30 89.05 87.09 91.23 91.14 92.13 95.80 94.88 100.91 105.04 110.01 119.35 134.19 143,02 154.88 168.01 177.33 187.37 199.04 225.38 276.46 288.20 314.08 344.65 387.78 438.79 478.59 518.46 95.85 95.50 100.95 105.44 110.76 120.11 135.60 144.24 155.52 168.71 178.14 187.36 200.61 228.74 281.00 287.99 316.21 347.81 392.43 441.34 480.42 521.64 94.72 95.60 101.06 105.48 111.50 120.91 136.79 145.33 156.16 169.83 178.33 188.56 201.95 233.24 285.81 288.38 318.54 351.18 397.09 444.13 482.57 520.02 89.16 82.04 83.63 81.75 88,21 87.44 87.89 94.73 93.68 84.04 88.58 85.94 90.48 95.52 93.66 97.41 98.81 101.78 106.82 114.28 124.42 139.69 147.70 159.73 171.72 181.47 189,84 209.37 244.39 285.27 294.60 326.64 362.01 408.50 457.28 492.23 102.80 108.25 116.44 128.72 140.89 151.04 163.18 174.09 184.10 193.45 217.17 256.96 283.58 303.60 334.21 373.40 422.32 467.34 501.38 78. STOCKS OF MATERIALS AND SUPPLIES ON HAND AND ON ORDER, MANUFACTURING, IN CURRENT DOLLARS (BILL'IONS OF DOLLARS) 85.63 89.88 85.95 90.94 95.88 94.72 100.39 104.28 110.02 118.88 132.64 143.09 153.60 166.83 177.07 186.84 197.76 223.40 271.29 286.69 312.03 342.91 383.42 433.76 475.83 515.39 76.12 73.18 76.12 73.18 79.52 87.30 89.05 87.09 79.52 87.30 89.05 87.09 92.13 92.13 94.72 95.60 101.06 105.48 111.50 120.91 136.79 145.33 156.16 169.83 178.33 188.56 201.95 233.24 285.81 288.38 318.54 351.18 397.09 444.13 482.57 520.02 94.72 95.60 101.06 105.48 111.50 120.91 136.79 145.33 • 156.16 169.83 178.33 188.56 201.95 233.24 285.81 288.38 318.54 351.18 397.09 444.13 482.57 520.02 END OF PERIOD 1948. . . 1949 . . . 1950. . . 1951 1952 . 1953... 1954... 1955. .. 1956. . . 1957. . . 1958. .. 1959. . . 1960. .. 1961. . . 1962... 1964... 1965... 1966. . . 1967. . . 1968. .. 1969. .. 1970... 1971... 1972. .. 1973... 1974... 1975. .. 1976... 1977... 1978. . . 1979... 1980. .. 1981. . . 1982. . . 51.59 42.38 37.21 51.76 41.32 46.24 50.35 40.55 37.77 46.65 50.27 39.56 40.18 41.54 44.04 38.32 42.05 43.36 37.95 42.26 51.86 51.78 52.16 39.84 38.90 46.83 49.83 38.98 42.34 38.79 39.28 47.80 49.22 38.44 42.73 51.88 37.19 50.93 36.43 49.69 35.74 40.28 47.84 48.47 38.20 43.24 41.09 41.74 50.01 42.17 41.22 37.86 39.76 48.06 48.97 38.05 42.74 40.55 37.83 42.06 41.42 38,19 41.26 41.07 44.71 44.31 51.40 44.38 52.17 52.83 58.43 59.66 68.58 73.98 75.58 77.99 78.22 77.85 61.32 68.41 73.44 75.42 78.42 77.91 77.09 89.56 119.85 141.91 128.93 138.27 151.22 186.31 215.40 222.47 91.88 123.10 140.20 128.82 139.08 152.53 189.57 218.26 223.24 68.35 74.01 76.26 77.82 78.28 78.32 94.85 125.43 137.31 130.33 140.36 154.63 193.05 219.78 222.90 37.96 44.96 52.90 62.29 68.54 74.04 77.06 77.68 77.91 78.64 97.09 128.15 134.11 130.88 141.50 156.63 197.29 219.24 224.21 45.33 53.36 63.29 68.57 73.90 77.87 77.45 77.07 79.42 99.69 132.19 132.22 131.93 142.84 159.81 198.72 217.27 225.85 40.10 38.29 45.81 53.79 64.66 69.09 73.32 78.04 77.34 75.79 79.96 101.98 135.89 130.70 132.88 143.43 162.93 201.71 215.72 226.40 NOTE: These series contain revisions beginning with 1977. 48.97 47.55 38.47 43.38 39.64 38.66 40.89 46.38 54.11 65.63 69.69 72.60 78.35 76,72 75.37 80.94 103.89 139.24 130.30 133.58 143.50 165.40 203.04 217.69 228.28 46.57 38.61 43.48 39.84 39.46 40.76 46.80 54.27 66.77 70.38 72.88 78.27 76.34 75.31 82.36 106.19 142.55 129.75 133.07 144.90 168.38 205.90 217.51 227.19 47.85 35.88 42.59 50.05 45.99 38.94 44.29 39,93 39.51 40.91 46.12 39.15 39.69 44.80 39.35 39.58 40.92 44.04 45.11 39.10 43.79 36.35 45.57 50.85 42.97 39.76 45.03 38.42 39.92 41.09 40.91 40.94 44.00 50.56 57.49 67.76 72.54 36.44 43.66 50.29 45.06 50.51 44.14 55.83 67.44 43.98 49.86 56.44 67.68 71.08 71.67 47.82 54.99 67.07 70.79 49.01 73.15 73.68 79.50 75.96 75.55 84.52 111.62 144.10 129.18 134.65 147.38 174.32 209.15 219.79 225.61 78.82 76.24 75.22 83.65 108.81 144.47 129.14 133.90 146.44 171.66 206.86 218.36 228.32 45.04 36.27 44.37 79.18 74.91 79.14 76.46 75.85 85.95 114.15 144.21 129.64 136.35 148.46 178.71 211.70 221.11 224.35 76.87 76.43 87.03 117.01 143.52 129.17 136.87 150.61 181.89 212.64 221.89 223.13 74.23 51.86 51,88 37.19 39.84 38.90 46.83 49.83 38.98 42.34 40.28 47.84 48.47 38.20 43.24 42.17 40.10 37.83 42.06 42.45 41.07 44.71 45.81 52.83 61.32 68.35 74.01 76.26 77.82 78.28 78.32 94.85 125.43 137.31 130.33 140.36 154.63 193.05 219.78 222.90 38.29 43.46 53.79 64.66 69.09 73.32 78.04 77.34 75.79 79.96 101.98 135.89 130.70 132.88 143.43 162.93 201.71 215.72 226.40 47.85 35.88 42.59 50.05 45.99 38.94 44.29 39.93 43.79 36.35 45.57 50.85 42.97 39.76 45.03 38.42 43.79 36.35 45.57 50.85' 42.97 39.76 45.03 38.42 39.51 40.91 41.09 41.09 40.94 44.00 50.56 57.49 67.76 72.54 40.94 44.00 50.56 57.49 67.76 72.54 43.68 47.82 54.99 67.07 70.79 73.15 78.82 76.24 75.22 83.65 108.81 144.47 129.14 133.90 146.44 171.66 206.86 218.36 228.32 74.91 79.14 74.91 79.14 76.87 76.43 87.03 117.01 143.52 129.17 136.87 150.61 181.89 212.64 221.89 223.13 76.87 76.43 87.03 117.01 143.52 129.17 136.87 150.61 181.89 212.64 221.89 223.13 (SEPTEMBER 1982) 101 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 16. CORPORATE PROFITS AFTER TAXES IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1 948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 . . . . . . . . . . .. . . . .. 22.7 20.6 19.0 25.3 20.7 22.4 19.6 26.3 27.6 28.4 20.5 28.9 29.6 24.7 30.4 31.5 38.2 44.2 49.8 46.1 48.1 49.6 41.8 45.7 56.2 73.8 82.4 69.4 100.7 114.9 129.6 161.2 172.9 161.6 23.9 18.2 22.7 21.6 19.6 22.4 20.2 26.7 28.1 27.3 20.9 31.3 27.4 26.0 30.4 33.2 8.1 5.9 9.8 6.1 9.3 8.0 1.6 7. 3 6.6 6.8 85.0 73.2 102.3 121.3 144.1 164.5 144.3 146.2 23.5 18.9 27.7 19.7 19.5 21.8 21.4 27.5 26.5 26.7 23.3 28.1 26.4 27.5 31.3 34.0 39.1 46.4 49.4 47.2 49. 5 46.2 42.1 50.8 59.0 76.6 90.9 88.3 103.5 126.6 149.9 169.6 155.9 150.8 22.7 18.5 30.4 21.1 21.4 17.1 23.0 28.5 28.0 24.4 26.7 27.4 25.2 29.6 32.2 34.8 38.7 48.9 48. 5 49.4 50.7 45.0 39.6 52.3 63.9 79.0 82.2 95.2 103.4 125.3 159.9 165.0 158.1 144.9 22. RATIO OF PROFITS (AFTER TAXES) TO TOTAL CORPORATE DOMESTIC INCOME (PERCENT) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978. . 1979 1980. . . 1981 1982 18.6 16.3 15.2 16.1 12.1 12.1 10.9 13.4 12.7 12.2 9.3 11.9 11.1 9.3 10.5 10.1 11.4 12.2 12.6 10.9 10.5 9.6 7.5 7.8 8.7 10.0 9.6 8.1 10.7 11.2 10.9 11.6 10.8 9.8 19.1 14.9 17.1 13.2 11.6 12.0 11.2 13.2 12.8 11.6 9.5 12.4 10.3 9.7 10.2 10.5 11.3 12.4 12.4 10.9 10.4 9.1 7.3 7.9 8.6 10.1 9.9 8.6 10.6 11.3 11.8 11.3 8.9 8.8 18.5 15.4 19.3 11.8 11.4 11.8 11.9 13.2 11.9 11.3 10.3 11.2 10.0 10.0 10.4 10.6 11.3 12.4 12.1 10.9 10.1 8.5 7.3 8.5 8.7 9.5 10.8 10.1 10.6 11.3 11.7 11.0 9.7 8.8 17.5 15.8 20.1 12.4 11.8 9.5 12.2 13.4 12.4 10.6 11.4 10.7 9.6 10.5 10.4 10.7 11.1 12.8 11.6 11.2 10.1 8.2 7.0 8. 5 9.1 9.6 9.7 10.3 10.4 11.2 11.8 10.6 9.9 8.1 68. LABOR COST (CURRENT DOLLARS) PER UNIT OF REAL GROSS DOMESTIC PRODUCT, NONFINANCIAL CORPORATIONS (DOLLARS) 1948 1949 1950. 1951 1952 1953 1954 1955 1956 1957 1958. 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 .. .. 0.378 0.388 0.384 0.401 0.422 0.435 0.451 0.435 0.458 0.479 0.502 0.490 0.499 0.511 0.499 0.499 0.492 0.496 0.504 0.535 0.550 0.577 0.624 0.635 0.653 0.669 0.743 0.842 0.853 0.913 0.975 1.053 1.168 1.267 0.375 0.389 0.380 0.409 0.428 0.438 0.449 0.435 0.464 0.481 0.500 0.488 0.508 0.506 0.504 0.493 0.496 0.495 0.514 0.535 0.555 0.588 0.628 0.642 0.658 0.683 0.773 0.832 0.870 0.920 0.982 1.079 1.208 1.289 0.389 0.384 0.382 0.409 0.433 0.440 0.444 0.440 0.471 0.486 0.498 0.498 0.505 0.503 0.500 0.491 0.498 0.498 0.519 0.540 0.559 0.598 0.631 0.644 0.661 0.697 0.804 0.829 0.884 0.928 1.007 1.107 1.224 1.315 0.387 0.390 0.387 0.412 0.435 0.451 0.442 0.446 0.477 0.492 0.491 0.499 0.508 0.497 0.497 0.494 0.501 0.497 0.525 0.540 0.566 0.611 0.641 0.645 0.665 0.716 0.825 0.844 0.903 0.950 1.025 1.136 1.245 1.349 Annual AVERAGE 23.2 19.0 25.0 21.9 20.2 20.9 21 .1 27.2 27.6 26.7 23.9 2; .9 27.1 26.9 31.1 33.4 38.5 46.3 49.4 47.2 49.4 47.2 41.3 49.0 58.9 76.6 85.1 81.5 102.5 122.0 145.9 165.1 157.8 150.9 18.4 15.6 17.9 13.4 11.7 11.4 11.6 13.3 12.4 11.4 10.1 11.6 10.2 9.9 10.4 10.5 11 .3 12.4 12.2 11.0 10.3 8.8 7.3 8.2 8.8 9.8 10.0 9.3 10.6 11.2 11.6 11.1 9.8 8.9 AVERAGE 0.382 0.388 0.383 0.408 0.430 0.441 0.446 0.439 0.467 0.484 0.497 0.494 0.505 0.504 0.500 0.494 0.497 0.497 0.515 0.538 0.558 0.594 0.631 0.641 0.659 0.692 0.786 0.837 0.878 0.928 0.998 1 .094 1 .211 1.305 I Q III Q II Q IV Q 18. CORPORATE PROFITS AFTER TAXES IN 1972 DOLLARS1 (ANNUAL RATE, BILLIONS OF DOLLARS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 .... 1976 1977 1978 1979 1980 1981 1982 ... . 44.3 38.4 35.0 2.8 4.2 6.4 1.3 2.0 42.1 34.0 9.5 0.6 1.0 4.3 1.8 2.8 1.3 8.7 4.8 8.0 8.5 57.8 46.3 48.3 56.9 72.4 75.2 55.1 75.1 81.9 86.5 99.3 97.0 84.0 45.9 33.5 41.8 36.3 32. 1 36.1 32.2 42.5 42.6 39.3 29.9 43.8 37.9 36.0 41.6 45.0 51.1 60.8 64.2 57.7 59.2 55.2 45.5 49.3 57.0 74.1 74.9 57.0 75.8 85.1 94.2 99.0 79.4 74.2 43.8 34.9 49.7 33.0 32.1 35.0 34.2 43.1 39.6 38.3 33.3 39.1 36.5 37.9 42.8 46.0 52.3 61.1 63.3 58.6 58.9 52.5 45.5 52.4 58.8 72.8 77.2 67.5 75.7 87.3 96.2 99.8 84.2 75.4 41.9 34.2 53.4 34.9 34.9 27.4 36.7 44.3 41.2 34.8 37.8 38.2 35.0 40.8 43.8 47.0 51.7 64.2 61.4 60.7 59.7 50.5 42.3 53.5 63.6 73.8 67.0 71.7 74.8 84.9 100.7 95.0 83.7 71.2 55. PERSONAL CONSUMPTION EXPENDITURES, AUTOMOBILES (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE NOTE: Unless otherwise noted, these series contain revisions beginning with 1977. 'This series contains revisions beginning with 1973. 102 Year 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 .... . . 6.0 7.3 10.4 12.1 9.2 12.3 11.1 14.2 14.0 15.4 12.3 15.3 16.4 13.6 17.0 19.8 21.7 25.6 27.0 22.9 28.0 30.7 27.8 32.8 36.1 44.2 34.2 34.6 48.5 56.9 56.4 66.8 68.0 71.6 5.5 9.3 10.9 10.3 9.5 12.2 11.6 16.0 13.2 15.0 12.0 16.4 16.9 14.2 18.0 20.6 21.9 24.8 24.0 25.5 28.5 30.0 29.0 33.7 37.4 43.0 34.4 34.8 49.4 57.0 65.3 62.4 50.9 63.0 6.3 9.6 13.2 9.3 7.5 12.0 10.8 16.9 12.9 14.1 11.9 17.1 17.1 14.9 17.7 20.6 23.0 25.4 24.8 25.0 30.6 30.5 29.0 34.3 38.6 41.0 38.0 40.5 49.9 58.0 64.8 66.8 58.9 71.5 6.9 9.6 12.3 8.8 10.9 11.5 11.8 15.7 14.1 14.4 12.7 14.8 16.0 16.3 19.2 21.1 20.6 25.4 24.6 24.6 30.1 30.0 23.3 35.7 40.9 36.8 32.6 43.0 52.1 57.9 66.0 63.2 64.7 62.8 Annual AVERAGE 44.0 35.2 45.0 36.8 33.3 33.7 33.6 43.0 41.4 36.6 32.6 40.4 37.6 37.3 42.5 45.2 51 .6 61.2 63.4 58.7 59.1 54.0 44.9 50.9 59.0 73.3 73.6 62.8 75.4 84.8 94.4 98.3 86.1 76.2 AVERAGE 6.2 9.0 11.7 10.1 9.3 12.0 11.3 15.7 13.5 14.7 12.2 15.9 16.6 14.8 18.0 20.5 21.8 25.3 25.1 24.5 29.3 30.3 27.3 34.1 38.2 41.2 34.8 38.2 50.0 57.5 63.1 64.8 60.6 67.2 . 81. RATIO OF PROFITS AFTER TAXES WITH IVA AND CCADJ TO (PERCENT) TOTAL CORPORATE DOMESTIC INCOME 1948 1949 1950 1951 1952 1953 1954 1955 1956 . . 1957 1958 1959 1960 1961 .... 1962 1963 1964 1965 1966 1967 1968 1969. . . . 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 12.9 14.2 11.6 7.0 10.0 9.3 8.9 11.5 10.0 9.3 7.8 10.2 9.8 8.6 11.2 11.1 12.3 13.2 13.3 11.8 10.4 9.5 6.4 7.3 8.2 8.1 5.1 4.8 7.9 7.3 7.7 7.4 5.1 6.0 13.4 13.8 11.5 9.5 9.4 8.7 9.2 11.6 9.6 9.2 8.0 10.9 9.1 9.5 10.7 11.5 12.2 13.3 12.7 11.6 10.7 8.8 6.8 7.1 8.0 7.0 4.4 6.1 7.1 8.4 8.6 6.7 5.3 6.0 12.6 14.6 11.0 11.1 8.9 8.3 9.5 11.3 9.5 9.2 8.6 9.8 9.4 9.5 10.8 11.5 12.1 13.2 12.2 11.5 10.4 8.4 6.5 7.6 8.1 6.6 2.7 7.1 7.0 9. 8. 6. 5. 6. 13.9 12.6 11.1 10.5 9.6 7.4 10.1 10.9 8.9 8.7 9.4 10.0 8.9 9.9 11.3 11.3 11.9 13.3 12.5 11.6 10.1 7.3 6.1 7.9 8.1 6.7 3.5 7.3 6.8 8.2 8.1 5.2 5.1 5.9 AVERAGE 13.2 13.8 11.3 9.5 9.5 8.4 9.4 11.3 9.5 9.1 8.4 10.2 9.3 9.4 11.0 11.4 12.1 13.2 12.7 11.6 10.4 8.5 6.4 7.5 8.1 7.1 3.9 6.3 7.2 8.3 8.2 6.4 5.2 6.0 (SEPTEMBER 1982) C. Historical Data for Selected Series—Continued Year I Q II Q 111 Q IV Q 79. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCADJ IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 1970 1971. . . 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 16.1 18.1 14.7 11.9 17.3 17.7 16.2 22.9 22.3 22.1 17.6 25.1 26.6 23.2 32.2 34.4 41.1 47.5 52.5 49.5 47.8 49.0 37.0 43.3 53.2 62.1 52.2 46.0 77.5 80.4 97.7 111.2 100.0 108.8 17.2 17.1 15.6 16.0 16.1 16.8 16.8 23.8 21.7 22.4 17.9 27.9 24.7 25.6 31.7 36.0 41.0 48.9 51.1 49.0 50.7 46.9 39.2 43.6 53.2 57.1 47.2 55.6 73.0 94.5 109.4 109.0 98.9 105.9 16.5 18.0 16.4 18.6 15.7 16.0 17.5 23.8 21.7 22.3 19.8 25.0 24.9 26.4 32.3 36.5 41.4 49.2 50.0 49.7 50.8 45.7 37.8 46.4 55.5 58.2 35.0 65.6 73.6 107.3 112.9 109.7 95.6 110.7 18.3 14.9 17.5 18.0 17.7 13.7 19.5 23.7 21.0 20.5 22.5 25.9 23.7 28.0 34.4 36.8 41.2 50.7 52.1 51.4 50.6 40.7 34.9 49.4 57.8 59.7 38.8 72.3 72.9 96.1 116.6 98.9 93.4 112.3 86. NONRESIDENTIAL FIXED INVESTMENT, TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 . 1957 1958 1959 I960 . . . 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 . 1972 1973 1974 1975 1976 . 1977 1978 1979 . . 1980 1981 1982 51.6 49.3 44.8 51.8 53.1 55.6 55.3 56.6 64.3 66.1 61.5 61.1 67.4 65.2 70.0 71.8 79.3 91.7 106.7 105.8 109.9 115.1 115.4 110.8 117.3 132.8 140.3 120.7 122.0 134.5 148.5 168.0 171.9 169.7 50.4 46.8 48.9 53.0 53.6 55.9 54.8 60.2 65.3 65.9 58.8 63.1 67.8 66.3 72.2 74.1 81.6 95.6 108.1 105.5 107.4 116.2 115.0 112.1 119.1 138.3 138.2 117.8 124.1 138.8 157.9 168.0 162.4 170.1 50.4 44.4 53.0 53.9 48.9 57.0 56.0 63.2 66.2 67.3 57.6 65.0 66.2 66.5 73.3 76.1 83.9 98.9 109.0 104.8 108.6 118.5 114.7 112.2 120.4 140.5 135.2 119.2 127.4 141.2 161.6 172.9 163.8 173.9 51.9 43.5 53.3 52.8 52.8 56.7 55.6 65.2 65.7 65.7 59.3 65.1 66.3 68.6 72. 5 78.2 86.0 103.4 108.2 106.3 112.3 117.4 110.3 113.6 127.2 140.7 129.1 119.6 128.9 146.5 165.2 170.9 166.4 174.2 88. NONRESIDENTIAL FIXED INVESTMENT, PRODUCERS' DURABLE EQUIPMENT, IN 1972 DOLLARS fANN. RATE, BIL. DOL. } 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 .. . .. . . . I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 . 34.2 30.6 26.9 31.4 32.9 33.6 31.8 32.1 36.9 37.6 33.7 34.8 38.1 34.6 39.6 41.2 46.5 54.1 62.9 63.0 66.9 71.1 71.1 67.7 73.8 86.8 93.6 82.2 82.8 95.6 106.7 121.3 120.8 120.1 32.1 28.5 30.1 31.9 33.2 33.4 31.1 35.1 36.9 37.4 31.9 35.9 38.8 36.2 40.6 42.1 47.4 55.0 64.9 63.8 65.1 71.7 70.7 69.2 75.1 90.9 93.0 80.2 84.6 98.6 113.1 119.7 113.9 119.1 31.5 26.9 33.3 32.9 28.3 34.4 32.3 37.3 37.4 38.9 31.4 37.1 37.0 36.5 40.6 43.9 48.9 58.0 64.9 62.9 66.4 72.6 70.8 69.2 76.3 92.1 93.5 80.9 87.7 99.9 115.9 122.5 116.7 121.4 32.7 26.5 33.0 32.7 31.4 33.6 31.8 38.8 37.0 37.3 32.9 37.2 35.7 38.6 40.5 45.5 50.4 60.0 65.5 64.9 68.7 72.0 67.0 71.3 82.1 92.9 88.2 81.1 89.4 105.4 119.0 119.7 118.9 120.9 Annual AVERAGE 17.0 17.0 16.0 16.1 16.7 16.0 17.5 23.6 21.7 21.8 19.4 26.0 25.0 25.8 32.6 35.9 41.2 49.1 51.4 49.9 50.0 45.6 37.2 45.7 54.9 59.3 43.3 59.9 74.2 94.6 109.2 107.2 97.0 109.4 AVERAGE 51.1 46.0 50.0 52.9 52.1 56.3 55.4 61. 3 65.4 66.2 59.3 63.6 66.9 66.7 72.0 75.1 82.7 97.4 108.0 105.6 109.5 116.8 13.8 12.2 21.0 38.1 35.7 19.3 25.6 40.3 158.3 169.9 166.1 172.0 AVERAGE 32.6 28.1 30.8 32.2 31.5 33.7 31.8 35.9 37.0 37.8 32.5 36.2 37.4 36.5 40.4 43.1 48.3 56.8 64.5 63.6 66.8 71.8 69.9 69.3 76.9 90.7 92.1 81.1 86.1 99.9 113.7 120.8 117.6 120.4 NOTE: Unless otherwise noted, these series contain revisions beginning with 1977. 'This series contains revisions beginning with 1975. Year IQ II Q III Q IV Q 80. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCADJ IN 1972 DOLLARS 1 (ANNUAL RATE, BILLIONS OF DOLLARS) 1948. 1949 1950 1951 1952 1953 1954 1955. . . 1956. . . 1957 1958 1959 I960 1961 1962 1963 1964 1965. . . 1966. . . 1967 1968 1969 1970. . 1971 1972. . . . 1973 1974. . . 1975 1976 1977. . 1978 1979. . . . 1980 1981 1982. . 31.0 33.6 27.0 20.1 28.7 28.7 25.8 36.5 34.3 32.3 25.5 35.2 36.8 32.1 44.2 46.6 55.2 63.0 68.3 62.5 58.1 57.1 40.9 45.7 53.8 60.9 47.4 36.8 58.1 57.8 65.6 69.0 56.7 56.8 32.6 31.3 28.5 26.8 26.4 27.0 26.9 37.7 33.0 32.4 25.7 39.2 34.2 35.5 43.4 48.9 55.1 65.0 66.0 61.2 61.0 53.9 43.0 45.3 53.5 55.0 41.4 43.6 54.4 66.6 71.8 66.1 54.8 54.1 30.4 33.3 29.1 31.3 25.7 25.4 27.9 37.3 32.6 32.0 28.3 35.0 34.5 36.4 44.2 49.3 55.3 64.9 63.9 61.8 60.4 51.9 40.9 47.9 55.5 55.0 29.7 50.6 54.3 74.2 72.8 65.1 52.0 55.6 33.6 27.5 30.5 29.9 28.9 21.9 31.1 36.8 31.1 29.2 31.7 36.0 32.7 38.6 47.0 49.6 55.0 66.6 66.2 63.1 59.6 45.5 37.2 50.5 57.2 55.6 32.1 54.3 '53.1 65.4 73.9 57.5 49.8 55.5 87. NONRESIDENTIAL FIXED INVESTMENT, STRUCTURES, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1948. . 1949 1950 1951 1952 1953 1954 1955 1956 1957. . . . 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 17.4 18.7 18.0 20.4 20.2 22.0 23.5 24.5 27.3 28.5 27.9 26.3 29.3 30.6 30.4 30.6 32.8 37.6 43.8 42.8 43.0 44.1 44.2 43.2 43.5 45.9 46.6 38.6 39.2 38.9 41.9 46.6 51.1 49.5 18.3 18.3 18.7 21.1 20.4 22.5 23.7 25.0 28.4 28.5 26.9 27.2 29.0 30.1 31.6 32.1 34.3 40.7 43.2 41.7 42.4 44.5 44.3 42.9 43.9 47.3 45.2 37.6 39.4 40.2 44.7 48.2 48.5 51.0 18.9 17.5 19.7 21.0 20.6 22.6 23.7 25.9 28.8 28.4 26.2 28.0 29.2 30.1 32.7 32.3 35.1 40.9 44.1 41.9 2.1 5.9 3.9 3.0 4.0 8.3 1.8 8.3 9.8 1.3 45.7 50.4 47.1 52.5 19.1 17.1 20.4 20.1 21.4 23.1 23.7 26.4 28.8 28.3 26.4 27.9 30.6 29.9 31.9 32.8 35.6 43.4 42.7 41.5 43.6 45.4 43.3 42.3 45.2 47.9 40.8 38.5 39.5 41.2 46.2 51.2 47.5 53.3 89. RESIDENTIAL FIXED INVESTMENT, TOTAL, IN 1972 DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 . 1958 1959 I960 1961 1962 . 1963 1964 1965 1966 1967 1968 1969 1970 . . . 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 25.4 22.3 30.3 31.4 26.0 28.0 27.3 35.2 32.1 29.9 28.2 37.1 37.3 32.9 36.4 39.5 45.6 42.9 42.4 32.3 41.9 45.6 40.6 47.8 62.4 66.9 52.8 39.4 49.4 56.7 60.9 60.7 53.4 49.6 26.9 22.0 33.2 27.1 26.5 28.2 29.0 35.7 31.9 29.2 28.2 38.4 34.1 33.1 38.0 42.6 43.4 43.6 39.8 36.1 43.0 45.0 38.4 52.6 63.4 63.7 50.1 40.3 50.3 61.2 63.7 59.6 42.0 47.3 26.0 23.9 35.0 25.3 26.2 27.1 30.8 34.9 31.2 28.9 30.2 37.6 32.9 34.9 38.3 43.1 42.1 42.5 37.7 38.4 43.3 43.2 40.4 56.0 63.7 61.1 47.4 43.1 49.9 62.8 63.1 59.5 44.0 42.9 24.1 26.9 33.3 25.5 27.6 26.9 32.7 33.3 30.7 29.0 33.5 36.4 32.7 36.3 38.2 44.7 41.4 41.9 33.0 41.5 44.0 40.5 44. 58. 65. 57. 42. 45.9 55.0 61.9 61.8 56.7 49.5 39.9 Annual AVERAGE 31.9 31.4 28.8 27.0 27.4 25.8 27.9 37.1 32.8 31.5 27.8 36.4 34.6 35.6 44.7 48.6 55.2 64.9 66.1 62.2 59.8 52.1 40.5 47.4 55.0 56.6 37.6 46.4 55.0 66.0 71.0 64.4 53.3 55.5 AVERAGE 18.4 17.9 19.2 20.7 20.6 22.6 23.6 25.4 28.3 28.4 26.8 27.4 29.5 30.2 31.6 31.9 34.4 40.6 43.4 42.0 42.8 45.0 43.9 42.8 44.1 47.4 43.6 38.3 39.5 40.4 44.6 49.1 48.5 51.6 AVERAGE 25.6 23.8 33.0 27.3 26.6 27.5 29.9 34.8 31.5 29.2 30.0 37.4 34.2 34.3 37.7 42.5 43.1 42.7 38.2 37.1 43.1 43.6 41.0 53.7 63.8 62.3 48.2 42.2 51.2 60.7 62.4 59.1 47.2 44.9 (SEPTEMBER 1982) 103 C. Historical Data for Selected Series—Continued Year IQ II Q III Q IV Q 500. FEDERAL GOVEE (ANNUAL RAT E, BILLIONS OF DOLLARS) 1948 1949 1950. . . 1951. . . 1952. . 1953 1954 1955 1956 1957 1958 1959 1960 1961 . 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 . 1973 1974. . . . 1975 1976 1977 1978 . . 1979 1980 1981 . 1982 . . 13.6 0.6 -4.7 18.3 0.2 -4.5 -10.6 1.8 6.6 4.6 -7.5 -2.9 7.6 -4.3 -5.6 -1.9 -3.0 4.6 0.6 -12.9 -9.8 11.4 -1.3 -18.5 -12.8 -8.6 -4.7 -45.5 -56.3 -37.6 -48.4 -10.1 -39.7 -39.7 10.5 -3.1 7.8 8.4 -3.7 -6.2 -6.7 4.9 5.8 2.8 -11.9 1.6 4.2 -5.1 -4.1 1.9 -6.7 3.9 1.3 -13.2 -12.2 11.5 -13.1 -23.7 -19.8 -7.1 -10.6 -99.0 -48.2 -41.9 -26.6 -6.7 -67.5 -40.5 5.8 -4.1 16.6 1.0 -7.5 -5.8 -5.1 4.8 5.2 2.8 -12.1 -1.7 1.4 -3.9 -3.2 1.2 -2.4 -3.0 -3.2 -13.6 -2.6 6.5 -14.9 -23.7 -10.5 -2.6 -8.4 -66.6 -51.6 -52.1 -23.3 -18.0 -73.1 -58.0 511. 1948 1949 1950 1951 1952 1953 1954 1955. . . . 1956 1957 1958 1959 I960 1961 1962. . . 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 31.0 40.0 47.2 47.6 66.1 76.3 73.5 67.9 69.4 78.1 83.5 90.5 90.2 98.9 109.0 113.5 118.3 118.2 135.8 159.9 173.4 184.0 193.9 213.4 235.8 260.7 279.6 333.6 376.3 401.7 445.1 487.9 565.4 659.7 33.0 41.7 39.0 54.5 70.1 78.2 69.6 66.7 71.8 79.8 87.8 89.9 92.3 101.7 109.2 112.2 118.8 120.4 140.0 160.9 180.9 187.1 207.4 220.8 244.0 262.8 295.2 353.6 375.7 412.4 451.1 493.4 587.7 667.5 17.5 19.0 21.0 23.1 25.0 27.8 28.7 31.2 34.6 38.1 41.3 45.3 49.6 53.3 58.0 62.3 68.8 74.2 83.8 91.0 106.0 118.0 133.7 151.6 178.6 193.6 209.6 233.7 263.7 293.9 329.1 344.3 376.6 415.2 NOTE: These series contain revisions beginning with 1977. 104 IQ 39.0 41.4 40.4 67.9 73.6 77.4 67.6 69.0 74.2 81.0 93.0 91.9 95.7 104.4 112.8 116.8 118.0 130.5 151.8 168.9 185.1 192.9 210.3 225.9 259.4 271.2 317.6 374.0 399.9 440.6 482.4 539.6 639.9 727.4 18.4 20.0 22.0 24.1 26.4 2 7-. 9 29.8 32.8 36.2 39.3 44.4 47.8 51.1 55.7 60.0 65.6 71.6 77.7 88.2 98.6 111.9 126.1 140.4 159.9 192.6 199.8 218.5 249.4 280.0 308.4 336.9 366.3 403.3 421.5 34.9 41.3 40.8 57.8 71.1 77.1 69.8 68.1 71.9 79.6 88.9 91.0 93.1 101.9 110.4 114.2 118.2 123.8 143.6 163.7 180,5 188.4 204.3 220.6 244.3 264.2 299.3 356.6 384.8 421.1 461.0 509.7 602.1 688.2 1948. . . . 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960. . . . 1961 1962 1963 1964 1965 1966. . . . 1967 1968 1969 1970 1971 1972 . 1973 1974 1975 1976 1977 1978 . . 1979 1980 . . 1981 1982 17.7 19.5 21.3 23.4 25.4 27.4 29.0 31.7 35.0 38.5 42.0 46.4 49.9 54.0 58.5 63.2 69.5 75.1 84.8 93.6 107.3 120.2 135.4 153.0 178.3 195.0 211.4 237.7 267.8 297.7 327.6 352.0 385.9 416.8 III Q IV Q 44.6 40.6 42.6 65.9 66.3 71.8 62.9 69.7 76.0 82.7 76.0 87.6 97.9 94.5 103.3 111.6 115.4 122.7 136.5 147.0 163.6 195.4 192.7 194.9 223.0 252.1 274.8 288.2 320.0 364.1 396.7 477.8 525.7 620.0 43.4 38.6 46.8 62.9 66.4 71.9 62.9 71.6 77.6 82.5 75.9 91.6 96.4 96.6 105.1 114.1 112.1 124.4 141.3 147.6 168.8 198.5 194.3 197.1 224.2 255.6 284.6 254.5 327.5 370.5 424.4 486.7 520.2 627.0 42.5 38.3 53.1 62.2 66.9 70.8 63.5 73.6 77.6 82.6 79.5 89.8 95.7 98.9 107.5 115.3 115.2 123.1 143.7 151.5 180.0 196.3 190.7 198.6 227.6 259.7 296.6 298.7 335.9 377.5 442.3 500.0 542.4 640.2 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 .. 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 . . . 1982 0.4 -0.1 -1.4 0. -0.3 -0.4 -0.6 -1.6 -1.0 -0.7 -2.5 -1.7 0.2 -0.8 0.1 0.1 0.9 1.0 0.4 -1.2 0.2 0. 3.5 0.4 5.7 16.7 9.5 1.7 10.1 23.7 31.6 32.3 29.1 31.3 0.2 -0.8 -1.7 -0.6 -0.6 1.0 -1.0 -1.6 -0.9 -1.3 -2.4 -1.6 0.2 -0.1 0.5 0.5 0.6 0.4 0.9 -2.3 0.2 0.4 3.1 2.4 16.6 14.5 7.8 5.7 13.8 26.1 34.0 26.8 23.3 32.9 0. -0.8 -0.8 -0.8 0.4 0.2 -1.4 -0.9 -0.7 -1.4 -2.9 0.7 0. 0.1 0.6 0.6 1.3 -0.8 1.1 -0.7 0. 2.0 1.0 3.3 9.9 11.5 5.7 7.7 17.4 32.0 25.7 30.9 27.1 33.5 0.1 -1.1 -0.9 -0.3 0.4 -0.1 -1.3 -0.9 -0.9 -2.0 -1.7 0.9 -0.1 -0.7 0.7 0.6 1.2 -0.7 -0.4 0. -0.1 3.6 -0.2 4.2 21.8 ll'.O 4.2 6.8 25.0 30.4 29.8 31.6 .33.0 29.1 STATE AND LOCAL GOVERNMENT EXPENDITURES, NIPA (ANNUAL RATE, BILLIONS OF DOLLARS) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 . . 1965 1966 1967 1968 1969. . . . 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 16.5 18.9 21.8 23.2 24.8 26.8 29.0 32.2 34.7 38.5 42.6 46.7 48.1 53.2 57.0 60.9 66.4 71.6 80.6 91.3 102.1 114.5 126.6 145.0 160.6 175.2 193.6 222.3 247.8 261.0 285 . 1 308.7 345.3 378.6 17.2 19.8 22.7 23.7 25.7 26.8 29.7 32.8 35.5 39.4 43.7 47.0 49.5 53.4 57.5 61.7 68.2 73.8 82.9 93.3 105.8 117.6 130.6 149.2 162.0 179.1 201.8 228.0 249.9 267.8 295.1 317.5 353.3 382.2 18.0 20.7 22.6 24.2 25.4 27.5 30.7 33.1 36.2 40.2 44.9 47.0 50.5 54.4 58.3 63.5 69.2 76.7 85.2 95.4 108.9 120.2 136.4 151.9 166.0 183.3 208.5 235.9 252.1 272,0 302.1 325.4 362.2 386.9 Annual AVERAGE 42.3 37.4 57.7 66.2 69.9 65.6 65.7 75.5 80.5 79.6 83.0 90.4 94.6 102.2 108.8 116.6 117.0 127.1 145.9 155.9 185.4 197.2 189.8 203.7 235.3 267.2 295.3 307.9 343.6 388.7 462.8 510.1 574.6 625.7 STATE AND LOCAL GOVERNMENT SURPLUS OR DEFICIT, NIPA (ANNUAL RATE, BILLIONS OF DOLLARS) 512. AVERAGE II Q 501. FEDERAL GOVERNMENT RECEIPTS, NIPA (ANNUAL RATE, BILLIONS OF DOLLARS) 510. 36. 42. 36. 61. 74. 76.6 68.7 68.9 72.4 79.8 91.6 91.5 94.2 102.8 110.7 114.1 117.6 126.1 146.9 165.1 182.6 189.8 205.7 222.3 238.1 262.3 305.0 365.3 387.4 429.6 465.6 518.0 615.4 698.2 18.0 19.9 21.8 23.4 25.8 27.7 29.3 32.2 35.5 38.8 42.0 47.7 50.5 54.5 58.9 64.1 70.5 75.9 86.3 94.7 108.9 122.2 137.5 155.2 175.8 194.8 214.2 243.7 269.5 304.0 327.8 356.3 389.3 420.3 8.3 -2.6 9.2 6.5 -3.7 -7.1 -6.0 4.4 6.1 2.3 -10.3 -1.1 3.0 -3.9 -4.2 0.3 -3.3 0.5 -1.8 -13.2 -6.0 8.4 -12.4 -22.0 -16.8 -5.6 -11.5 -69.3 -53.1 -45.9 -29.5 -16.1 -61.4 -60.0 AVERAGE STATE AND LOCAL GOVERNMENT RECEIPTS, NIPA (ANNUAL RATE, BILLIONS OF DOLLARS) 16.9 18.8 20.5 23.1 24.5 26.3 28.4 30.5 33.7 37.7 40.1 45.0 48.3 52.5 57.1 61.0 67.2 72.6 81.0 90.1' 102.3 114.5 130.1 145.4 166.3 191.9 203.1 224.0 258.0 284.7 316.7 341.0 374.5 410.0 Year AVERAGE 3.3 -4.1 17.3 -1.7 -3.7 -11.8 -1.9 6.5 6.3 -1.3 -10.0 -1.5 -1.1 -2.2 -4.0 -0.2 -1.0 -3.4 -5.9 -13.0 0.3 4.3 -20.4 -22.2 -24.1 -4.0 -22.4 -66.1 -56.3 -51.8 -19.6 -29.6 -65.2 -101.7 502. FEDERAL GOVERNMENT EXPENDITURES, NIPA (ANNUAL RATE, BILLIONS OF DOLLARS) 1948 1949 1950 1951 1952 1953 1954 1955 .. 1956 . . 1957 1958 1959 I960 1961 1962 1963 1964 1965 . 1966 . . 1967 . . 1968 . . 1969 1970 1971 1972 1973 1974. . . . 1975 1976 1977 1978 1979. . . . 1980 1981 1982 Annual 18.3 21.1 22.9 24.4 26.0 28.0 31.1 33.6 37.0 41.3 46.0 46.9 51.2 56.4 59.3 65.0 70.3 78.4 88.6 98.7 112.0 122.4 140.5 155.7 170.8 188.8 214.3 242.6 255.0 278.1 307.1 334.7 370.3 392.4 43.2 38.7 50.0 64.3 67.3 70.0 63.7 72.6 78.0 81.9 78.7 89.8 96.1 98.1 106.2 114.4 114.9 124.3 141.8 150.5 174.4 196.9 191.9 198.6 227.5 258.6 287.8 287.3 331.8 375.2 431.6 493.6 540.7 628.2 AVERAGE 0.1 -0.7 -1.2 -0.4 0. 0. -1. -1. -0. -1. -2. -0. 0. -0. 0.5 0.5 1.0 0. 0.5 -1.1 0.1 1.5 1.9 2.6 13.5 13.4 6.8 5.5 16.6 28.0 30.3 30.4 28.2 31.7 AVERAGE 17.6 20.2 22.5 23.9 25.5 27.3 30.2 33.0 35.9 39.8 44.3 46.9 49.8 54.4 58.0 62.8 68.5 75.1 84.3 94.7 107.2 118.7 133.5 150.4 164.8 181.6 204.6 232.2 251.2 269.7 297.3 321.5 357.8 385.0 (SEPTEMBER 1982) G. Experimental Data and Analyses (Dec.) (Nov.) Year and quarter Implicit price deflator, gross nonfarm business product1 (Index: 1977=100) Unit labor cost, all persons, nonfarm business sector1 (Nov.) 123.6 127.2 129.9 132.7 127.8 132.5 134.7 136.8 136.5 138.9 142.3 145.5 139.0 141.9 145.1 149.0 (Mar.) (Jan ) (July) P T NT TTf TTTTM 1 1 l:l:g{;?;H M I N I IN IN IN HST TTI Components of BCD series 26— ill (Index: 1977=100) 1980 I Q.... II Q... Ill Q.. IV Q... i Implicit price deflator, gross nonfarm business product, Q (index: 1977 = 100) 1982 I Q.... II Q... Ill Q.. IV Q... 146.6 p!48.2 110 100 160 150 140 130 1981 I Q.... II Q... Ill Q.. IV Q... Ratio scale 160 150 140 130 120 Unit labor cost, all persons, nonfarm business sector, Q (index: 1977 = 100) 120 110 100 90 151.6 P153.7 80 70 11 Inventory-sales ratios in 1972 dollars (ratio)Inventory-sales ratios in 1972 dollars 2 Year and month Manufacturing (Ratio) Merchant wholesalers (Ratio) Manufacturing Retail trade Arithmetic scale 2.2 (Ratio) 2.1 1981 Jan. Feb. Mar. Apr. May. June 1.98 1.97 1.98 1.97 1.99 1.95 1.34 1.34 1.36 1.37 1.39 1.42 1.36 1.37 1.36 1.38 1.40 1.41 July Aug. Sept Oct. Nov. Dec. 1.98 2.01 2.04 2.12 2.15 2.14 1.39 1.43 1.41 1.44 1.43 1.46 1.43 1.42 1.44 1.48 1.48 1.47 2.0 1.9 1.8 1.6 1.5 1.4 1982 Jan. Feb. Mar. Apr. May. June 2.19 2.14 2.13 2.16 r2.09 r2.08 1.49 1.42 1.40 1.45 1.37 rl.42 1.48 1.44 1.45 1.45 1.40 1.47 July Aug. Sept Oct. Nov. Dec. p2.08 (NA) pi. 45 (NA) pi. 47 (NA) 1.3 1.6 1.5 1.4 1.3 1969 1970 1971 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available. 1 Source: U.S. Department of Labor, Bureau of Labor Statistics. 2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. 105 G. Experimental Data and Analyses—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T (Jan ) (July) P T NTTN irrirr ni m iiT rir ill ill ill TIT in HI m m in in I M W I I I m m m \\\m\ m in Arithmetic scale 160 Changes in sensitive credit— O 140 120 100 Month-to-month differences (ann. rate, bil. dol.; moving avg.—4-term 80 60 40 20 0 Month-to-month percent changes (ann. rate, percent; moving avg.—4-term1) -20 20 10 m I u 1 1 1 1 t i t 1 1 1 i 1 1 1 mil n 11 n 1 1 1 1 1 n 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1 h n 1 1 1 1 1 1 1 1 1 1 1 1 J M i n 1 1 1 1 1 1 1 1 1 1 1 1 n 1 n 1 1 1 1 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 Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 104.6 44.1 94.0 42.8 89.4 76.7 94.5 54.6 Month-to-month differences in sensitive credit--monthly data (annual rate, billions of dollars) 198019811982- 151.2 84.3 88.2 122.9 74.1 86.0 82.9 50.5 44.6 8.9 121.1 74.5 -43.2 132.4 73.3 22.9 101.7 r21.3 0.9 115.6 r-23.6 73.9 108.7 pl.l 94.1 110.6 84.9 43.0 Month-to-month differences in sensitive credit--smoothed data1 (annual rate, billions of dollars) 198019811982- 95.3 94.4 50.8 112.1 89.2 65.4 120.8 76.9 72.6 95.3 75.8 70.7 43.9 91.6 66.2 6.2 109.9 r60.2 -5.1 117.5 r40.0 13.0 112.6 pll.6 44.4 110.2 70.3 99.5 Month-to-month percent changes in sensitive credi t--rnonthly data (annual rate, percent) 198019811982- 14.2 7.5 7.3 11.4 6.5 7.0 7.6 4.4 3.6 0.8 10.6 6.0 -4.0 11.4 5.9 2.1 8.7 rl.7 0.1 9.8 r-1.9 6.8 9.2 pO.l 8.6 9.3 7.7 3.6 9.4 3.7 8.4 3.5 6.4 8.4 8.1 6.4 8.5 4.6 Month-to-month percent changes in sensitive credit—smoothed data1 (annual rate, percent) 198019811982- 9.1 8.5 4.2 10.6 8.0 5.4 11.3 6.8 6.0 6.6 5.8 4.0 8.0 5.3 0.6 9.5 r4.9 -0.5 10.1 r3.2 1.2 9.6 pO.9 4.1 9.3 NOTE: See "New Features and Changes for This Issue" on page iii of the August 1982 issue. SOURCE: These series are compiled by the Bureau of Economic Analysis from data supplied by the Board of Governors of the Federal Reserve System and the Federal Home Loan Bank Board. series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 106 G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Basic data Series title (and u n i t of measure) LEADING INDICATORS 1. Average workweek, production workers, manufacturing (hours) . . . . 5. Average weekly i n i t i a l claims, State unemployment insurance 1 (thousands) 8. New orders for consumer goods and materials in 1972 dollars ( b i l l i o n d o l l a r s ) 32. Vendor performance, companies receiving slower deliveries (percent) . . . . *12. Net business formation ( i n d e x - 1967=100) 20. Contracts and orders for plant and equipment in 1972 dollars ( b i l l i o n d o l l a r s ) 29. New b u i l d i n g permits, private housing units (index- 1967=100) . . 36. Change in inventories2 on hand and on order in 1972 d o l . , smoothed ( a n n . rate, b i l . dol . ) . 92. Change in sensitive crude materials prices, smoothed 2 (percent) 19. Stock prices, 500 common stocks (index: 1941-43=10) 104. Change in total l i q u i d assets, smoothed 2 (percent) 106. Money supply (M2) in 1972 dollars (billion dollars) 910. Composite index of 12 leading indicators 3 (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on n o n a g r i c u l t u r a l payrolls (thousands) 51. Personal income less transfers in 1972 dollars (annual rate, b i l l i o n d o l l a r s ) . . . . 47. Industrial production, total ( i n d e x - 1967=100) 57. Manufacturing and trade sales in 1972 dollars ( m i l l i o n d o l l a r s ) 920. Composite index of 4 roughly coincident indicators 3 (index: 1967=100) LAGGING INDICATORS 91. Average duration of unemployment 1 (weeks) . . 70. Manufacturing and trade inventories, total, i n 1972 dollars ( b i l l i o n d o l l a r s ) . . . 62. Labor cost per u n i t of output, manufacturing (index: 1967=100) 109. Average prime rate charged by banks (percent) . . . . 72. Commercial and industrial loans outstanding (million dollars) 95. Ratio, consumer installment credit to personal income (percent) 930. Composite index of 6 lagging indicators 3 (index: 1967=100) . . May 1982 Net contribution to index May to June 1982 Aug. 1982 July 1982 June 1982 June to July 1982 July to Aug. 1982 39.1 39.2 39.3 p39.0 0.09 0.09 -0.31 585 551 515 597 0.19 0.21 -0.51 r30.56 r30.06 r30.69 p28.68 -0.09 0.12 -0.42 30 38 37 40 0.31 -0.04 0.13 NA NA NA NA NA NA NA 11.39 11.24 rlO.79 plO.85 -0.03 -0.10 0.02 76.3 75.0 85.8 71.7 -0.05 0.43 -0.63 r-14.28 r-14.40 p-12.93 NA -0.01 0.10 NA rO.96 0.86 0.52 0.34 -0.05 -0.02 0.02 r-0.92 0.22 116.35 109.70 109.38 109.65 -0.39 rO.98 reo.98 re 0 . 94 el. 03 0.00 -0.14 0.35 829.3 825.2 r827.1 p834.6 -0.21 0.10 0.42 127.7 r!28.3 129.8 p!28.6 0.47 1.17 -0.92 90,166 r89,839 r89,662 p89,451 -0.29 -0.16 -0.24 rl,077.4 rl,070.3 3:1,069.5 pi, 069.0 -0.32 -0.04 -0.03 139.2 r!38.5 r!38.7 p!38.0 -0.14 0.04 -0.18 r!54 f 914 rl52,371 p!52,342 NA -0.36 -0.00 NA 134.9 r!33.2 r!32.8 p!32.0 -1.26 -0.30 -0.60 14.6 16.5 15.6 16.2 -0.76 0.35 -0.35 r264.54 r265.18 p265.57 NA 0.11 0.07 NA r230.7 r231.5 r231.0 p231.2 0.11 -0.07 0.04 16.50 16.50 16.26 14.39 0.00 -0.47 -5.45 210,300 r213,709 r214,499 p214,909 0.35 0.08 0.06 r!2.96 r!2.96 p!2.85 NA 0.00 -0.38 NA 184.2 r!83.6 r!82.5 p!72.1 -0.33 -0.60 -5.70 NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated. x This 2 This 3 series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement. series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170. *See "New Features and Changes for This Issue," on page iv of the July 1982 issue. 107 G. Experimental Data and Analyses—Continued Recession Comparisons: Current and Selected Historical Patterns 45. Average weekly insured unemployment rate(inverted) Deviations from reference peaks Actual data for current cycle MONTHS DEVIFROM ATIONS CURRENT MONTH AND FROM ACTUAL REF. 7/81 DATA YEAR PEAK SERIES 45 PERCENT 1 Actual -0.5 0.0 + 0.5 + 1.0 2 3 4 0.1 0.2 0.4 0.8 3.2 3.3 3.5 3.9 8/81 9/81 10/81 11/81 5 6 7 8 1.0 0.9 0.9 1.2 4.1 4.0 4.0 4.3 12/81 1/82 2/82 3/82 9 10 11 12 1.5 1.5 1.6 1.4 4.6 4.6 4.7 4.5 4/82 5/82 6/82 7/82 • 3.5 13 1.5 4.6 8/82 • 4.0 • 5.0 + 2.0 • 5.5 + 2.5 1 2 3 4 5 6 7 8 -4.4 -6.9 -4.4 -4.1 151360 147362 151304 151814 12/81 1/82 2/82 3/82 • 6.0 9 10 11 12 -4.9 -2.1 -3.7 -3.7 150549 154914 152371 152342 4/82 5/82 6/82 7/82 + 3.5 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK 7/81 DATA YEAR + 4.0 48. Employee hours in nonagricultural establishments Percent 1 2 3 4 SERIES 48 ANN. RATE BIL. HOURS -0.0 170.96 8/81 -2.2 167.34 9/81 -0.8 169.73 10/81 -1.3 168.76 11/81 5 6 7 8 -1.4 -3.1 -1.2 -1.8 168.66 165.66 168.93 167.92 12/81 1/82 2/82 3/82 9 10 11 12 -2.2 -1.8 -2.6 -2.6 167.23 167.99 166.52 166.54 4/82 5/82 6/82 7/82 13 -2.9 166.12 8/82 +1 • 172 • 170 -3 0 +6 +12 +18 +24 • 166 1 2 3 4 SERIES 77 RATIO 0.03 1.71 0.04 1.72 0.09 1.77 0.10 1.78 8/81 9/81 10/81 11/81 5 6 7 8 0.10 0.14 0.08 0.07 1.78 1.82 1.76 1.75 12/81 1/82 2/82 3/82 9 10 11 12 0.09 0.03 0.06 0.06 1.77 1.71 1.74 1.74 4/82 5/82 6/82 7/82 For an explanation of these charts, see "How to Read Charts" on p. 107 of the August 1982 issue. 108 •160,000 • 155,000 -3 • 150,000 -6 H45.000 • 140,000 -12 77. Ratio, deflated inventories to sales, mfg. and trade Actual D +.25 • 1.90 +.20 + .15 • 1.8 + .10 • 1.75 + .05 • 1.70 •00 Months from reference peaks NOTE: +3 • 168 • 164 -6 • 165,000 MONTHS DEVIFROM ATIONS CURRENT MONTH AND REF. FROM ACTUAL 7/81 DATA YEAR PEAK -1 -2 +6 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK 7/81 DATA YEAR SERIES 57 MIL. DOL. -1.0 156707 8/81 9/81 -1.0 156711 -3.6 152649 10/81 -3.6 152494 11/81 Actual data for current cycle Percent • 3.0 • 4.5 + 3-0 Deviations from reference peaks 57. Manufacturing and trade sales, 1972 dollars • 1.65 -.05 < -.10 0 +6 +12 +18 Months from reference peaks +24 G. Experimental Data and Analyses—Continued Recession Comparisons: Current and Selected Historical Patterns—Continued Deviations from reference peaks 1 106. Money supply (M2), 1972 dollars , Actual data for current cycle .• |L,L,l| D 1 2 3 4 5 6 1 Percent 8 —i+8 ••"^^i """ •'•** •' \ • \ ^V. ^M \p*A MONTHS DEVIFROM ATIONS CURRENT MONTH REF AND FROM ACTUAL DATA YEAR 7/81 PEAK Median • 8PO 11 12 " • . , + 4 198 W: j J 9 10 - + 2 084Q 54U * 13 MONTHS FROM REF. PEAK • 800 0.7 1.4 1.5 2.8 808.1 814.1 815.0 824.9 12/81 1/82 2/82 3/82 3.4 3.3 2.8 3.0 829.7 829.3 825.2 827.1 4/82 5/82 6/82 7/82 834.6 8/82 4.0 2 3 4 0.12 -0.05 -0.29 >730 7 8 • 760 9 10 11 12 -1.69 4/82 -0.92 5/82 0.22 6/82 0.96 7/82 -4 0.86 SERIES 108 RATIO 1.388 1.394 1.390 1.381 8/81 9/81 10/81 11/81 • 1.42 5 6 7 8 -0.019 -0.032 -0.029 -0.039 1.370 1.357 1.360 1.350 12/81 1/82 2/82 3/82 • 1.40 9 10 11 12 13 -0.041 -0.042 - 0.044 -0.041 -0.053 1.348 1.347 1.345 1.348 1.336 4/82 5/82 6/82 7/82 8/82 + .04 +.02 • 1.38 -.02 • 1.36 -.04 • 1.34 -•06 +6 +12 +18 +24 +3 +2 +1 0 1973 914. Composite index of capital investment commitments |r 1 -0.001 2 0.005 3 0.001 4 -0.008 Actual +4 8/82 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND PEAK 7/81 DATA YEAR 108. Ratio, personal income to money supply (M2) +5 9/81 10/81 11/81 -0.38 12/81 -0.49 1/82 -0.76 2/82 -1.42 3/82 -2 D CURRENT MONTH AND ACTUAL DATA YEAR 1 Actual data 92. Change in sensitive prices, smoothed 1 SERIES 106 BIL. DOL 804.9 8/81 0.3 798.9 9/81 -0.5 800.5 10/81 -0.3 805.6 11/81 0.3 SERIES 9 2 * PERCENT 0.50 *820 I II F I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I • no +5 MONTHS DEVIFROM ATIONS CURRENT MONTH AND FROM ACTUAL REF. 7/81 DATA YEAR PEAK 1 2 3 4 SERIES 914 967=100 -0.1 102.4 8/81 -1.0 101.5 9/81 -3.4 99.0 10/81 -2.7 9 9 . 7 11/81 5 6 7 8 -3.1 -3.4 -4.4 -3.0 9 10 11 12 -2.1 -3.0 -3.2 -2.2 • 100 • 95 99.3 12/81 99.0 1/82 98.0 2/82 99.4 3/82 • 90 -15 100.3 99.4 99.2 4/82 5/82 6/82 7/82 8/82 Mill I I I II II I I I I II I I I I II I I I I II I -6 Months from reference peaks 0 +6 +12 +18 +24 Months from reference peaks NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the August 1982 issue. ^his series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 109 ALPHABETICAL INDEX-SERIES FINDING GUIDE Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Historical Series data descriptions (issue date) (*) Tables A Accession rate manufacturing 2 Agricultural products, exports 604 Anticipations and intentions Business expenditures, new plant and equipment 61 Business expenditures, new plant and equipment, Dl . . 970 Consumer sentiment, index ... 58 Employees, manufacturing and trade, Dl 974 Inventories, manufacturing and trade, Dl 975 New orders, manufacturing, Dl 971 Prices selling manufacturing, Dl 976 Prices selling retail trade Dl 978 Prices selling wholesale trade Dl 977 Profits, net, manufacturing and trade, Dl 972 Sales, net, manufacturing and trade, Dl 973 Automobiles Expenditures, personal consumption 55 Imports of automobiles and parts 616 16 56 61 92 8/81 12/81 18 64 24 38 22 38 38 38 38 38 38 38 38 67 76 65 76 76 76 76 76 76 76 76 6/82 6/82 1/82 1/82 1/82 1/82 1/82 1/82 1/82 1/82 1/82 34 34 31 48 48 48 48 49 48 48 48 22 56 65 92 9/82 12/81 50 64 B Balance of payments-See International transactions. Bank loans to businesses, net change Bank rates-See Interest rates. Bank reserves Free reserves Member bank borrowing from Federal Reserve Bonds- See Interest rates. Borrowing-See Credit. Budget-See Government. Building-See Construction. Business equipment, industrial production Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl Business inventories-See Inventories. Business loans-See Bank loans. Business saving 72 112 15,35 32 73 72 3/82 3/82 43 43 93 94 33 33 72 72 1/82 1/82 45 45 29 76 61 970 14 12 13 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 6/82 7/81 6/82 6/82 12/81 12/81 3/82 35 24 34 34 44 32 32 295 46 82 5/81 37 C Canada-See International comparisons. Capacity utilization Manufacturing (BEA) 83 Manufacturing (FRB) 82 Materials 84 Capital appropriations, manufacturing Backlog 97 11 Newly approved Newly approved Dl 965 Capital investment-See Investment, capital. Capital investment commitments Cl 914 Cash flow, corporate, constant dollars .35 Cash flow corporate current dollars 34 Civilian labor force-See also Employment. Employment 442 Employment as percent of population 90 Total 441 Unemployed 37 Coincident indicators, four Composite index 920 Composite index, rate of change 920c Diffusion index . . . . 951 Ratio to lagging indicators, composite index 940 Commercial and industrial buildings, contracts awarded . . 9 Commercial and industrial loans outstanding 72 Commercial and industrial loans outstanding, net change . 112 CompensationCompensation, average hourly, all employees, nonfarm business sector 345 Compensation, average hourly, all employees, 345c nonfarm business sector, percent changes Compensation of employees . 280 Compensation of employees, percent of national income . . 64 Compensation, real average hourly, all employees, 346 nonfarm business sector Compensation, real average hourly, all employees, 346c nonfarm business sector, percent changes Earnings, average hourly, production workers, private nonfarm economy 340 Earnings, average hourly, production workers, 340c private nonfarm economy percent changes Earnings, real average hourly, production 341 workers, private nonfarm economy Earnings, real average hourly, production 341 c workers, private nonfarm economy, percent changes . 348 Wage and 'benefit decisions, first year Wage and benefit decisions, life of contract 349 Wages and salaries, mining, manufacturing, and construction 53 20 20 20 64 64 64 8/81 8/81 8/81 25 25 25 24 24 37 66 66 75 10/81 10/81 10/81 33 33 33 11 29 29 60 70 70 11/81 8/82 8/82 i 15 37 37 4/82 • 3/82 4/82 3/82 20 20 20 20 11/81! 11/81 ; 2/82 ' 11/81 3/82 3/82 3/82 15 87 1/82 56 87 82 1/82 5/81 56 56 30,47 70,83 4/81 56 49 88 1/82 56 51 18 51 18,51 89 62 89 62,89 10 39 36 11 23 15,35 32 60 74" 60 66 73 72 49 50 45 ' ' 15*" 15 32 43 43 50 88 1/82 56 49 87 6/82 15 50 87 6/82 15 49 87 7/82 15 50 50 50 87 88 88 7/82 8/81 8/81 15 62 62 19 63 9/82 22 Series titles (See complete titles in "Titles and Sources of Series," following this index) Composite indexes Coincident indicators Four coinciders . Four coinciders rate of change Ratio to lagging indicator index Lagging indicators Six laggers Six laggers, rate of change Leading indicators Capital investment commitments Inventory investment and purchasing . . . Marginal employment adjustments Money and financial flows Profitability Twelve leaders Twelve leaders, rate of change Construction Building permits, new private housing Contracts awarded, commercial and industrial bldgs. . . Expenditures, plus machinery and equipment sales Gross private domestic fixed investment Nonresidential, as percent of GNP Nonresidential structures, constant dollars Nonresidential total constant dollars Residential as percent of GNP Residential total constant dollars Housing starts Consumer finished goods -See Wholesale prices. Consumer goods and materials, new orders Consumer goods, industrial production Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans, delinquency rate Consumer prices-See also International comparisons. All items percent changes Food, index Food, percent changes Consumer sentiment, index Consumption expenditures-See Personal consumption expenditures. Contracts and orders, plant and equipment, constant dol. . Contracts and orders, plant and equipment, current dol. . . Corporate bond yields Corporate profits-See Profits. Costs-See Labor costs and Price indexes. Credit Bank loans to businesses, net change Borrowing, total private Commercial and industrial loans outstanding Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans delinquency rate Mortgage debt net change Crude materials-See Wholesale prices. Current issue (page numbers) Series number Charts 920 920c 940 10 39 n 60" 930 930c 10 39 60 11/81 11/81 15 914 915 913 917 916 910 910c 11 11 11 11 11 10 39 60 60 60 60 60 60 11/81 11/81 11/81 11/81 11/81 11/81 11/81 15 15 15 15 15 15 29 9 69 13,25 23 24 67 66 67 6/82 3/82 9/82 35 32 28 248 87 86 249 89 28 47 25 25 47 25 25 83 67 67 83 67 67 4/81 9/82 9/82 4/81 9/82 3/82 51 51 51 51 51 35 8 75 12,21 22 64 65 8/82 ; 7/81 26 24 66 113 95 39 35 32 15,35 33 73 72 73 72 5/82 5/82 5/82 2/82 43 43 43 45 320 320c 322 322c 58 49 49,59 49 49 22 84,95 84,95 84 84 65 5/82 5/82 5/82 5/82 1/82 59 59 59 59 31 20 10 116 12,23 23 34 66 66 73 8/82 \ 2/82 8/82 : 32 32 46 112 110 72 32 32 15,35 72 72 73 3/82 1/82 3/82 43 44 43 66 113 95 39 33 35 32 15,35 33 32 73 72 73 72 71 5/82 5/82 5/82 2/82 3/82 43 v 43 43 45 42 525 564 548 517 53 55 53 53 90 91 90 90 4/82 5/81 10/81 7/82 64 53 26 39 32 33 12,21 72 64 2/82 2/82 45 28 970 965 951 974 963 967 38 37 36 38 36 37 6/82 10/81 2/82 1/82 7/82 , 1/82 34 33 15 48 15 36 966 37" 962 975 952 950 964 36 38 36 36 37 971 968 976 978 977 960 972 973 961 38" 37 38 38 38 37 38 38 36 76 75 74 76 74 75 79 75 78 74 76 74 74 75 77 76 75 76 76 76 75 76 76 74 77 110 60 15 11/81 11/81 11/81 15" ! D Debt-See Credit. Defense Military prime contract awards National defense purchases New orders defense products Obligations incurred Deficit-See Government. Deflators-See Price indexes. Delinquency rate, consumer installment loans Deliveries vendor performance . Diffusion indexes Business expenditures, new plant and equipment Capital appropriations, manufacturing Coincident indicators Employees, manufacturing and trade Employees on private nonagricultural payrolls Industrial materials prices Industrial materials prices components Industrial production Industrial production components Initial claims, State unemployment insurance : Inventories, manufacturing and trade Lagging indicators Leading indicators New orders durable goods industries . . . New orders, durable goods industries, components New orders manufacturing Prices, 500 common stocks Prices selling manufacturing Prices, selling, retail trade Prices selling, wholesale trade . Profits, manufacturing Profits, net manufacturing and trade . . Sales net manufacturing and trade Workweek mfg production workers Workweek, mfg. production workers, components .... Disposable personal income-See Income. NOTE: CI, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts. *The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977). Tables Historical Series descriptions data (issue date) (*) 7/82 24" l'/82 1/82 2/82 2/82 8/82 48 15 15 26 1/82 2/82 1/82 1/82 1/82 8/81 1/82 1/82 7/82 is" 48" 36 48 49 48 4s" 48 15 . ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Historical Series descriptions data (issue date) (*) E Earnings— See Compensation. Employment and unemployment Accession rate, manufacturing Civilian labor force, total Employee hours in nonagricultural establishments Employee hours in nonagricultural establishments, rate of change Employees in mining, mfg. and construction Employees manufacturing and trade Dl Employees on nonagricultural payrolls Employees on private nonag payrolls, Dl Employment ratio to population Employment, total civilian Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Initial claims, State unemployment insurance Initial claims, State unemployment insurance, Dl Layoff rate, manufacturing Marginal employment adjustments, Cl Overtime hours, mfg. production workers Participation rate, both sexes, 16-1 9 years old Participation rate, females 20 years and over Participation rate, males 20 years and over Part-time workers for economic reasons Persons engaged in nonagricultural activities Quit rate, manufacturing Unemployed, both sexes, 16-19 years old Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment, average duration Unemployment rate, 1 5 weeks and over Unemployment rate, insured, average weekly . Unemployment rate total Unemployment total civilian Workweek mfg production workers Workweek, mfg. production workers, components Workweek, mfg. production workers, Dl Equipment-See Investment, capital. Exports-See Foreign trade and International transactions. 2 441 16 51 61 89 8/81 4/82 18 20 48 17 61 7/82 15 48c 40 974 41 963 90 442 46 60 5 962 3 913 21 453 452 451 448 42 4 446 445 447 444 91 44 45 43 37 1 39 17 38 14,17 36 18 51 17 17 12,16 36 16 11 16 51 51 51 51 17 16 51 51 51 51 15,18 18 18 18 18,51 12,16 961 36" 7/82 7/82 1/82 7/82 7/82 3/82 4/82 7/82 . 3/82 2/82 1/82 8/81 11/81 ; 7/82 :i 4/82 4/82 4/82 4/82 3/82 8/81 4/82 4/82 4/82 4/82 ' 3/82 3/82 3/82 3/82 3/82 7/82 62" 76 62 74 62 89 61 61 61 74 61 60 61 89 89 89 89 62 61 89 89 89 89 62 62 62 62 62,89 61 77 74 7/82 IB*" 48 15 15 20 20 19 19 18 18 18 15 15 20 20 20 20 20 18 20 20 20 20 ;20 20 18 20 20 15 is" F Federal funds rate Federal Government-See Government. Federal Reserve, member bank borrowing from Final sales in constant dollars Financial flows, and money, Cl Fixed investment-See Investment, capital. Fixed weighted price index, NIPA Fixed weighted price index, percent changes, NIPA Food-See Consumer prices. Foreign trade-See also International transactions. Balance on goods and services Balance on merchandise trade Exports, merchandise, adjusted, exc. military Exports, merchandise, total exc. military aid Exports of agricultural products ... ... Exports of goods and services, constant dol., NIPA Exports of goods and services, current dol., NIPA ..... Exports of goods and services, exc. military Exports of nonelectrical machinery Imports, merchandise, adjusted, exc. military Imports, merchandise, total Imports of automobiles and parts Imports of goods and services, constant dol., NIPA Imports of goods and services, current dol., NIPA Imports of goods and services, total Imports of petroleum and products Net exports, goods and services, constant dol., NIPA Net exports, goods and services, current dol., NIPA ... Net exports, goods and services, percent of GNP, NIPA France-See International comparisons. Free reserves 119 34 2/82 72 46 94 213 917 33 40 11 72 80 60 1/82 5/81 11/81 45 49 15 311 311c 48 48 84 84 5/81 5/81 58 59 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 255 250 251 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 44 44 47 93 93 93 92 92 82 82 93 92 93 92 92 82 82 93 92 82 82 83 8/82 8/82 8/82 5/82 12/81 5/81 4/81 8/82 12/81 8/82 5/82 12/81 5/81 5/81 8/82 12/81 5/81 4/81 4/81 65 65 65 64 64 54 54 65 64 65 64 64 54 54 65 64 54 54 54 93 33 72 1/82 45 49 20 ' G Goods output in constant dollars Government budget, NIPA Federal expenditures Federal receipts Federal surplus or deficit State a n d local expenditures . . . State and local receipts State and local surplus or deficit Surplus or deficit, total Government purchases of goods and services Federal, constant dollars Federal current dollars Federal, percent of GNP National defense State and local constant dollars State and local, current dollars State and local percent of GNP Total constant dollars Total current dollars 63 8/82 25 502 501 500 . . . . 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/82 9/82 9/82 9/82 9/82 9/82 5/81 62 62 62 62 62 62 58 263 262 265 564 267 266 268 261 260 43 43 47 55 43 43 .47 43 43 81 81 83 91 81 81 83 81 81 5/81 5/81 5/81 5/81 5/81 5/81 5/81 5/81 5/81 53 53 53 53 53 53 53 53 53 Series titles (See complete titles in "Titles and Sources of Series," following this index) Gross business product Fixed weighted price index Fixed weighted price index, percent changes Gross domestic product labor cost per unit Gross national product 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 Goods output in constant dollars Implicit price deflator Implicit price deflator percent changes Per capita GNP constant dollars Gross private domestic invest.-See Investment, capital. Current issue (page numbers) Series number Tables Charts 311 3!1c 68 Series Historical descriptions data (issue date] (*) 48 48 30 84 84 70 5/81 5/81 9/82 58 59 39 19,40 8/82 8/82 8/82 8/82 8/82 8/82 8/82 8/82 5/81 5/81 8/81 49 49 49 49 49 49 40 25 49 49 49 50 50b 50c 200 200b 200c 107 49 310 310c 217 31 " 20 48 48 40 63,80 80 80 80 80 80 71 63 84 84 80 46 60 17 17 61 61 21 1 16 12,16 961 36 61 61 77 74 , 7/82 28 29 89 249 25 13,25 25 47 67 67 67 83 3/82 6/82 9/82 4/81 35 35 51 51 310 310c 48 48 84 84 5/81 5/81 49 49 345 49 87 1/82 56 345c 280 64 50 45 30,47 87 82 70,83 1/82 ! 5/81 i 4/81 56 56 56 39" 40 : H Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Hours of production workers, manufacturing Average weekly overtime Average workweek Average workweek, components Average workweek Dl Housing Housing starts ........... Housing units authorized by local bldg permits Residential GPDI constant dollars Residential GPDI percent of GNP 1 7/82 3/82 19 19 7/82 7/82 15 15 15" 1 Implicit price deflator GNP Implicit price deflator GNP percent changes Imports-See Foreign trade and International transactions. Income Compensation, average hourly, all employees, nonfarm business sector Compensation, average hourly, all employees, nonfarm business sector percent changes Compensation of employees Compensation of employees, pet. of nat'l. income Compensation, real average hourly, all employees, nonfarm business sector Compensation, real average hourly, all employees, nonfarm business sector, percent changes Consumer installment debt, ratio to personal income .. Corporate profits with IVAand CCA Corp. profits with IVA and CCA, pet. of nat'l. income '. Disposable personal income, constant dollars Disposable personal income, current dollars Disposable personal income, per capita, constant dol. . . Earnings, average hourly, production workers, private nonfarm economy Earnings, average hourly, production workers, private nonfarm economy, percent changes Earnings, real average hourly, production workers, private nonfarm economy Earnings, real average hourly, production workers, private nonfarm economy, percent changes . Income on foreign investment in the US Interest net Interest net percent of national income National income Personal income constant dollars Personal income, current dollars Personal income, less transfers, constant dollars ...... Personal income, less transfers, constant dols. rate of chg. Personal income, ratio to money supply Proprietors' income with IVA and CCA Proprietors' income with. IVA and CCA, percent of national income ... Rental income of persons with CCA Rental income of persons with CCA, pet. of nat'l. income Wage and benefit decisions, first year .............. Wage and benefit decisions, life of contract Wages and salaries, mining, mfg., and construction .... Incorporations new businesses Industrial materials prices Dl Industrial production - See also International comparisons. Consumer goods Durable manufactures Nondurable manufactures Total Total components Total Dl 346 49 88 1/82 ' 56 346c 95 286 287 225 224 227 50 15,35 45 47 40 40 40 88 73 82 83 80 80 80 1/82 5/82 5/81 5/81 4/81 4/81 8/81 56 43 37 37 22 22 22 340 49 87 6/82 15 340c 50 87 6/82 ! 15 341 49 87 7/82 15 7/82 8/82 8/82 5/81 5/81 4/81 9/82 9/82 9/82 ' 9/82 8/82 . 5/81 ' 15 65 65 57 57 55 22 22 22 : 341 c 652 651 288 289 220 52 223 51 51c 108 282 50 57 57 45 47 45 19 40 14,19 39 31 45 87 93 93 82 83 82 63 63 63 283 284 285 348 349 53 13 23 47 45 47 50 50 19 23 28 5/81 56 5/81 57 5/81 57 8/81 , 62 8/81 ' 62 9/82 ,' 22 3/82 32 1/82 36 967 37 83 82 83 88 88 63 65 69 79 75 i/82 36" 67 65 63 63 63,94 78 75 7/81 7/81 7/81 7/81 7/81 24 24 24 24 24 76 75 73 74 47 966 ..... 47c Installment debt-See Credit. Insured unemployment 5 Avg. weekly initial claims, unemploy. insurance ...... Avg. weekly initial claims, unemploy. insurance, Dl . . . 962 45 71 " 82 24 22 20 20 14,20,58 37 39 12,16 36 18 1 I 61 74 62 7/82 7/81 2/82 1/82 • 3/82 ' 40 " 56 24" 18 18 18 NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts. *The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977). 111 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) 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-See Wholesale prices. International comparisons Consumer prices Canada, index Canada, percent changes France, index France percent changes Italy index Italy percent changes Japan index Japan, percent changes United Kingdom, index United Kingdom, percent changes United States, index United States, percent changes West Germany index West Germany percent changes . Industrial production Canada France Italy Japan OECD, European countries United Kingdom United States . . West Germany Stock prices Canada .... France Italy . . Japan United Kingdom United States West Germany International transactions-See also Foreign trade. Balance on goods and services Balance on merchandise trade Exports, merchandise, adjusted, exc. military Exports, merchandise, total exc. military aid Exports of agricultural products Exports of goods and services exc military Exports of nonelectrical machinery Imports, merchandise, adjusted, exc. military Imports merchandise total Imports of automobiles and parts Imports of goods and services total Imports of petroleum and products Income oh foreign investments in U S Income on U S investments abroad Inventories Business inventories, change, constant dollars Business inventories change current dollars Business inventories, change, percent of GNP Finished goods, manufacturers' Inventories on hand and on order, net change ........ Inventories to sales ratio, mfg. and trade (deflated) .... Inventory investment and purchasing Cl Manufacturing and trade constant dollars Manufacturing and trade current dollars Manufacturing and trade, current dollars, change Manufacturing and trade Dl Materials and supplies on hand and on order, mfg Materials and supplies on hand and on order, mfg., change Investment, capital Capital appropriations, manufacturing, backlog Capital appropriations, manufacturing, new Capital appropriations, manufacturing, new, Dl Capital investment commitments, Cl . . Construction contracts, commercial and industrial Construction expenditures, business and machinery and equipment sales . . . . . Gross private domestic investment Fixed investment, constant dollars . . ... Fixed investment, current dollars ... . . . Inventories, business, change in-See Inventories. Nonresidential, total constant dollars Nonresidential, total, percent of GNP Producers' durable equip., nonresid., constant dol. . . Residential total constant dollars Residential, total, percent of GNP Structures, nonresidential, constant dollars Total, constant dollars Total, current dollars New orders, capita! goods, nondefense, constant dollars New orders, capital goods, nondefense, current dollars . .. ..... Current issue (page numbers) Series number Charts Historical Series data descriptions lissue date) (*) Tables 288 289 45 47 82 83 5/81 5/81 57 57 67 116 119 118 117 109 114 115 35 34 34 34 34 35 34 34 73 73 72 73 73 73 72 73 8/81 2/82 2/82 2/82 2/82 2/82 2/82 2/82 46 46 46 46 46 46 46 46 Series titles (See complete titles in "Titles and Sources of Series," following this index) Plant and equipment Business expenditures new Business expenditures new Dl Contracts and orders constant dollars Contracts and orders current dollars Investment, foreign Income on foreign investments in U.S. ............. Income on U S. investments abroad Italy-See International comparisons. Current issue (page numbers) Series Charts Tables 61 970 20 10 24 38 12,23 23 67 76 66 66 6/82 6/82 8/82 8/82 652 651 57 57 93 93 8/82 8/82 65 65 68 62 63 26 30 15,30 30 29 70 70 70 70 9/82 9/82 1/82 12/81 39 39 39 930 930c 952 3 10 39 36 16 60 11/81 11/81 2/82 8/81 15 910 910c 950 14 104 10 39 36 33 13,31 60 74*' 72 71 11/81 11/81 2/82 12/81 5/82 44 40 913 78 11 27 60 68 11/81 9/82 15 28 38 26 68 9/82 28 8 84 12,21 20 64 64 8/82 ! 8/81 26 25 917 11 60 104 105 85 106 102 107 108 33 118 117 73,31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 5/82 5/82 5/82 5/82 5/82 8/82 8/82 3/82 2/82 2/82 National defense-See Defense. National Government-See Government. National income-See Income. New orders, manufacturers' 27 Capital goods industries, nondefense, constant dol 24 Capital goods industries nondefense current dol Consumer goods and materials constant dollars 8 Contracts and orders, plant and equip., constant dol. . . 20 Contracts and orders, plant and equip., current dol. . . . 10 Defense products . . . 548 7 Durable goods industries constant dollars Durable goods industries current dollars .... 6 23 23 12,21 12,23 23 53 21 21 66 66 64 66 66 90 64 8/82 8/82 8/82 8/82 8/82 10/81 8/82 , 8/82 , 34 34 32 32 J Japan-See International comparisons. 59" 96 96 95 95 96 96 95 95 95 95 84,95 84,95 95 95 4/82 4/82 4/82 4/82 4/82 . 4/82 4/82 4/82 4/82 4/82 5/82 5/82 4/82 4/82 68 68 68 68 69 69 69 69 68 68 59 59 68 68 723 726 727 728 721 722 47 725 58 58 58 58 58 58 14,20,58 58 94 94 94 94 94 94 63,94 94 12/81 12/81 12/81 12/81 12/81 12/81 7/81 12/81 66 66 66 66 66 66 24 66 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 7/81 7/81 7/81 7/81 7/81 6/79 7/81 70 70 70 70 70 36 70 667 622 618 602 604 668 606 620 612 616 669 614 652 651 57 57 57 56 56 57 56 57 56 56 57 56 57 57 93 93 93 92 92 93 92 93 92 92 93 92 93 93 8/82 8/82 8/82 5/82 12/81 8/82 12/81 8/82 5/82 12/81 8/82 12/81 8/82 8/82 65 65 65 64 64 65 64 65 64 64 65 64 65 65 30 245 247 65 36 77 915 70 71 31 975 78 26,42 42 47 27 13,26 27 11 15,27 27 26 38 27 68,81 81 83 68 68 68 60 68 68 68 76 68 4/81 4/81 4/81 9/82 8/82 10/81 11/81 9/82 9/82 9/82 1/82 .' 9/82 51 51 51 28 28 28 15 28 28 28 48 28 733 733c 736 736c 737 737c 738 738c 732 732c 320 320c 735 735c 59" 59" 59" 59" 59 49 49,59 . L Labor cost per unit of gross domestic product ......... Labor cost per unit of output manufacturing . . . . Labor cost per unit of output, private business sector .... Labor cost price per unit of nonfarm business Labor force-See Employment and unemployment. Lagging indicators, six Composite index . . . . . . . . . . . . . . . . . . . . . . . . . . . Composite index rate of change . .............. Diffusion index .. . .. . . ............. Layoff rate manufacturing . . . . . . ........ Leading indicators, twelve Composite index . . . ......... Composite index rate of change .................. Diffusion index Liabilities of business failures Liouid assets change in total Loans-See Credit. 74" 61 is" 18 15 is" M Man-hours-See Employment and unemployment. Marginal employment adjustments Cl Materials and supplies on hand and on order, mfg. ...... Materials and supplies on hand and on order, mfg. change .. . . . . . . Materials, crude and intermediate-See Wholesale prices. Materials, industrial-See Price indexes. Materials new orders for consumer goods and Materials, rate of capacity utilization Merchandise trade-See Foreign trade. Military-See Defense. Money and financial flows Cl Money supply Liquid assets change in total . Money supply M1 Money supply Ml percent changes Money supply M2 Money supply M2 percent changes Ratio GNP to money supply M1 Ratio persona! income to money supply M2 Mortgage debt net change Mortage yields secondary market Municipal bond yields ; H/81 15 40 40 40 40 40 40 40 . 42 46 46 N 38 26 68 9/82 28 97 11 965 914 9 24 24 37 11 23 66 66 75 60 66 10/81 10/81 10/81 11/81 3/82 33 33 33 15 32 69 *24 67 9/82 28 243 242 42 42 81 81 4/81 4/81 51 51 86 248 88 89 249 87 241 240 25 47 25 25 47 25 42 42 67 83 67 67 83 67 81 81 9/82 4/81 9/82 9/82 4/81 9/82 4/81 4/81 51 51 51 51 51 51 51 51 27 23 66 8/82 26 24 23 66 8/82 26 Diffusion index . . . . New orders manufacturing Dl ...... Nonresidential fixed investment, GPDI Producers' durable equipment constant dollars Structures constant dollars Total constant dollars Total percent of GNP 964 971 37 38 88 87 86 248 8 75 26 26 26 32 32 26 26 26 76 8/82 1/82 26" 48 25 25 25 47 67 67 67 83 9/82 9/82 9/82 4/81 51 51 51 51 517 721 53 58 90 94 7/82 12/81 66*' 49 62 358 370 370c 83 82 84 21 20 15,30 50 50 50 20 20 20 16 63 70 88 88 88 64 64 64 61 25 8/82 9/82 • 39 10/81 61 12/81 61 12/81 61 8/81 25 8/81 25 8/81 25 7/82 15 0 Obligations incurred Defense Department OECD European countries industrial production Orders-See New orders and Unfilled orders. Output-See also Gross national product and Industrial production. Goods output constant dollars Labor cost per unit of ... Per hour nonfarm business sector Per hour private business sector Per hour, private business sector, percent changes Ratio to capacity, manufacturing (BEA) Ratio to capacity, manufacturing (FRB) Ratio to capacity materials Overtime hours, production workers, manufacturing .... NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts. *The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977). 112 Series Historical escriptions data (issue date) (*) ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) (*) P Participation rates, civilian labor force Both sexes, 1 6-1 9 years of age Females 20 years and over Males 20 years and over Personal consumption expenditures Automobiles Durable goods, constant dollars Durable goods, current dollars Nondurable goods, constant dollars Nondurable goods, current dollars Services, constant dollars Services current dollars Total, constant dollars Total current dollars Total percent of GNP Personal income-See Income. Personal saving Personal saving rate Petroleum and products imports Plant and equipment-See also Investment, capital. Business expenditures for ... . Business expenditues for Dl p . , , ' trill P i t ' ' T 1 ' t t f Price indexes Consumer prices-See also International comparisons. All items index All items percent changes Food index Food percent changes Deflators NIPA Fixed weighted, gross business product, index Fixed weighted, gross business product, pet. changes Implicit price deflator GNP index Implicit price deflator, GNP, percent changes Industrial materials Industrial materials components Industrial materials Dl Labor cost price per unit of Sensitive prices change in Stock prices-See also International comparisons. 500 common stocks 500 common stocks Dl Wholesale prices All commodities index All commodities, percent change .... .......... Consumer finished goods index Consumer finished goods percent changes . ..... Crude materials index . . . Crude materials percent changes Intermediate materials percent changes Producer finished goods index p_. ... f h ' Prices, selling Manufacturing Dl Retail trade Dl Who lesale trade Dl . . . . . ....... Prime contracts military Prime rate charged by banks Producer finished goods-See Wholesale prices. Producers' durable equipment, nonresid., GPDI Production-See Industrial production and GNP. Productivity Output per hour nonfarm business sector Output per hour private business sector Output per hour, private business sector, pet. changes . Profitability, Cl Profits Corporate after taxes constant dollars . . . Corporate after taxes current dollars Corporate, after taxes, with 1 VA and CCA, constant dollar Corporate, after taxes, with 1 VA and CCA, cur. dot Corporate, with 1 VA and CCA Corporate, with 1 VA and CCA, pet. of nat'l. income . . . Manufacturing and trade, Dl ..... Manufacturing Dl Per dollar of sales manufacturing Profitability, Cl Ratio, profits to corporate domestic income Ratio, profits with 1 VA and CCA to corporate domestic income Proprietors' income with IVAand CCA Proprietors' income with 1 VA and CCA, pet. of nat'l. inc. . 453 452 451 51 51 51 89 89 89 4/82 4/82 4/82 20 •20 20 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 65 80 80 81 81 81 81 80 80 83 9/82 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 4/81 50 50 50 50 50 50 50 50 50 50 292 293 614 46 46 56 82 83 92 5/81 5/81 12/81 58 58 64 61 970 20 10 90 24 38 12,23 23 18 67 76 66 66 62 6/82 6/82 8/82 8/82 3/82 34 34 32 32 20 320 320c 322 322c 49 49,59 49 49 84,95 84,95 84 84 5/82 5/82 5/82 5/82 59 59 59 59 311 311c 310 310c 23 48 48 48 48 28 5/81 5/81 5/81 5/81 1/82 58 59 49 49 36 967 26 92 37 29 13,28 84 84 84 84 69 79 75 70 69 1/82 12/81 i 3/82 36" 60" 19 968 13,28 37 69 75 7/82 2/82 36 36 330 330c 334 334c 331 331 c 332 332c 333 333c 26 48 48 48 48 48 48 48 48 48 48 29 85 85 86 86 85 85 86 86 86 86 70 5/82 5/82 6/82 6/82 5/82 5/82 6/82 6/82 6/82 6/82 12/81 59 59 60 60 60 60 60 60 60 60 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 1/82 1/82 . 1/82 4/82 • 2/82 48 49 48 64 46 88 25 67 9/82 51 358 370 370c 916 50 50 50 11 88 88 88 60 10/81 12/81 12/81 11/81 61 61 61 15 18 16 28 28 69 69 9/82 9/82 37 37 80 79 286 287 972 960 15 916 22 28 28 45 47 38 37 29 11 29 69 69 82 83 76 75 70 60 69 9/82 9/82 5/81 5/81 1/82 8/81 6/82 11/81 9/82 37 37 37 37 48 81 282 283 29 45 47 70 82 83 9/82 5/81 5/81 37 56 56 4 16 61 8/81 18 38" 15 37 Q R Rental income of persons, with CCA . . . . . Rental income of persons, with CCA, percent of national income . . . . 284 45 82 5/81 57 285 47 83 5/81 57 Series titles (See complete titles in "Titles and Sources of Series," following this index) Reserves free . Residential fixed investment, constant dollars, GPDI Residential fixed investment, percent of GNP . Residential structures-See Housing. Retail sales constant dollars Retail sales, current dollars Current issue (page numbers) Series Charts Historical Series data descriptions (issue date) (*) Tables 93 89 249 33 25 47 72 67 83 1/82 9/82 4/81 45 51 51 59 54 22 22 65 65 6/82 6/82 31 31 40 80 5/81 49 24 14,22 22 38 27 22 22 67 65 65 76 68 65 65 9/82 10/81 10/81 1/82 10/81 , 6/82 6/82 28 28 28 48 28 31 31 46 46 46 46 46 82 83 82 82 83 5/81 5/81 5/81 5/81 5/81 37 58 58 58 58 13,28 69 3/82 60 13,28 37 27 69 75 68 7/82 2/82 9/82 36 36 28 26 68 9/82 28 114 115 34 34 72 73 2/82 2/82 46 46 91 60 5 962 3 15,18 17 12,16 36 16 62 61 61 74 61 3/82 3/82 2/82 1/82 8/81 20 19 18 18 18 446 445 447 444 37 4 51 51 51 51 18,51 16 89 89 89 89 62,89 61 4/82 4/82 4/82 4/82 3/82 8/81 20 20 20 20 20 18 44 45 43 18 18 18 62 62 62 3/82 3/82 3/82 20 18 20 96 25 21 21 64 64 10/81 9/82 26 26 107 108 32 31 31 12,21 71 71 64 8/82 8/82 2/82 40 40 28 330 330c 334 334c 331 331 c 332 332c 333 333c 92 1 48 48 48 48 48 48 48 48 48 48 13,28 12,16 85 85 86 86 85 85 86 86 86 86 69 61 5/82 5/82 6/82 6/82 5/82 5/82 6/82 6/82 6/82 6/82 3/82 7/82 59 59 60 60 60 60 60 60 60 60 60 15 961 36 77 74 7/82 15" S Salaries-See Compensation. Sales Final sales constant dollars ... 213 Machinery and equipment sales and business construction expenditures 69 Manufacturing and trade sales, constant dollars 57 Manufacturing and trade sales current dollars 56 Manufacturing and trade sales, Dl 973 77 Ratio, inventories to sales, mfg. and trade Retail sales, constant dollars 59 54 Retail sales current dollars Saving Business saving . 295 298 Government surplus or deficit 290 G ross savi ng pr i vate a nd go ver n ment 292 Personal saving 293 Personal saving rate Selling prices-See Prices, selling. Sensitive prices, change in 92 State and local government-See Government. Stock prices-See also International comparisons. 500 common stocks 19 968 500 common stocks, Dl Stocks of materials and supplies on hand and on order . . . 78 Stocks of materials and supplies on hand and on order, 38 change Surplus-See Government. T Treasury bill rate Treasury bond yields U Unemployment Duration of unemployment, average Help-wanted advertising to unemployment, ratio Initial claims, avg. weekly, unemploy. insurance Initial claims, avg. weekly, unemploy. insurance, Dl . . . Layoff rate, manufacturing Number unemployed, civilian labor force Both sexes, 16-19 years of age Females, 20 years and over Full-time workers Males, 20 years and over Total unemployed Quit rate, manufacturing Unemployment rates 1 5 weeks and over Insured, average weekly Total . . Unfilled orders, manufacturers' Durable goods industries Durable goods industries change in United Kingdom— See International comparisons. V Velocity of money GNP to money supply Ml, ratio Personal income to money supply M2, ratio Vendor performance 1 W Wages and salaries-See Compensation. West Germany-See International comparisons. Wholesale prices All commodities index All commodities percent changes Consumer finished goods, index Consumer finished goods, percent changes Crude materials index Crude materials percent changes Intermediate materials index Intermediate materials percent changes . .... Producer finished goods, index Producer finished goods percent changes Sensitive prices change in Workweek of production workers, manufacturing Workweek of production workers, manufacturing, components Workweek of production workers, manufacturing, Dl NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts. *The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977). 113 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. "M" following a series title indicates monthly data; "Q" indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter). To save space, the commonly used sources listed below are reiijrred to by number: Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department of Labor, Bureau of Labor Statistics; Source 4-Board of Governors of the Federal Reserve System. Bureau of Economic Analysis (Used by permission. This series may not be reproduced without written permission from the source.) (23,66) 10. Contracts and orders for plant and equipment in current dollars (M).—Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis (23,66) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference Board (24,66) 12. Index of net business formation (M).—Source 1; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (12,23,65) 33. Net change in mortgage debt held by financial institutions and life insurance companies (M).— American Council of Life Insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S. Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis (32,71) 34. Net cash flow, corporate, in current dollars (Q).— Source 1 (29,70) 35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1 (29,70) 36. Net change in inventories on hand and on order in 1972 dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68) Following the source for each series is an indication of the pages on which that series appears. The "Series Finding Guide" also lists chart and table page numbers for each series. 13. Number of new business incorporations (M).—Dun & Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (23,65) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) I-A. Composite Indexes 14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (33,72) 910. Composite index of twelve leading indicators (includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) (M).-Source 1 (10,39,60) 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis (29,70) 39. Percent of consumer installment loans delinquent 30 days and over (EOM).—American Bankers Association (33,72) 913. Composite index of marginal employment adjustments (includes series 1, 2, 3, 5) (M).-Source 1 (11,60) 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M).-Source 1 (11,60) 16. Corporate profits after taxes in current dollars (Q).— Source 1 (28,69) 915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 92) (M).-Source 1 (11,60) 916. Composite index of profitability (includes series 19, 26, 18. Corporate profits after taxes in 1972 dollars (Q).Source 1 (28,69) 38. Change in stocks of materials and supplies on hand and on order, manufacturing (M).—Source 2 (26,68) 40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and construction (M).-Source 3 (17,62) 41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source 3 (14,17,62) 42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (17,62) 43. Unemployment rate, total (M).-Sources 2 and 3(18,62) 19. Index of stock prices, 500 common stocks (M).— Standard & Poor's Corporation (13,28,59,69,96) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Sources 2 and 3 (18,62) 917. Composite index of money and financial flows (includes series 104, 106, 110) (M).-Source 1 (11,60) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (12,23,66) 45. Average weekly insured unemployment rate, State programs (M).-U.S. Department of Labor, Employment and Training Administration (18,62) 920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source 1 (10,39,60) 21. Average weekly overtime hours of production workers, manufacturing (M).-Source 3 (16,61) 46. index of help-wanted advertising in newspapers (M).— The Conference Board (17,61) 930. Composite index of six lagging indicators (includes series 62, 70, 72, 91, 95, 109) (M).-Source 1 (10,39,60) 22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1 (29,69) 47. Index of industrial production, total (M).-Source 4 (14,20,39,58,63,78,94) 23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau, Inc. (Used by permission. Beginning with June 1981, this series may not be reproduced without written permission from Commodity Research Bureau, Inc.) (28,69,79) 24. Value of manufacturer's new orders, capital goods industries, nondefense, in current dollars (M).-Source 2 (23,66) 48. Employee-hours in (M).-Source 3 80) (M).-Source 1 (11,60) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) 1-B. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (12,16,61,77) 2. Accession rate, manufacturing (M).—Source 3 (16,61) 3. Layoff rate, manufacturing (M).-Source 3 (16,61) 4. Quit rate, manufacturing (M).-Source 3 (16,61) 5. Average weekly initial claims for unemployment insurance, State programs (M).-U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (12,16,61) 6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).-Source 2(21,64,77) 7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).-Sources 1, 2, and 3 (21,64) 8. Value of manufacturers' new orders for consumer goods and materials in 1972 dollars (M).-Sources 1, 2, and 3 (12,21,64) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M).—McGraw-Hill Information Systems Company; seasonal adjustment by 114 25. Change in manufacturers' unfilled orders, durable goods industries (M).-Source 2 (21,64) 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector (Q).-Sources 1 and 3 (29,70) 27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).—Sources 1, 2, and 3 (23,66) 28. New private housing units started, total (M).-Source 2 (25,67) 29. Index of new private housing units authorized by local building permits (M).-Source 2 (13,25,67) 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).-Source 1 (26,42,68,81) 31. Change in book value of manufacturing and trade inventories, total (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) nonagricultural establishments (17,39,61) 49. Value of goods output in 1972 dollars (Q).—Source 1 (20,63) 50. Gross national product in 1972 dollars (Q).—Source 1 (19,39,40,63,80) 51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1 (14,19,39,63) 52. Personal income, total, in 1972 dollars (M).-Source 1 (19,63) 53. Wage and salary income in mining, manufacturing, and construction in 1972 dollars (M).—Sources 1 and 3 (19,63) 54. Sales of retail stores in current dollars (M).-Source 2 (22,65) 55. Personal consumption expenditures, automobiles (Q).— Source 1 (22,65) 56. Manufacturing and trade sales in current dollars (M).Sources 1 and 2 (22,65) 57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3 (14,22,65) 58. Index of consumer sentiment (Q,M).-University of Michigan, Survey Research Center (22,65) 59. Sales of retail stores in 1972 dollars (M).-Sources 1 2, and 3 (22,65) TITLES AND SOURCES OF SERIES- Continued 60. Ratio, help-wanted advertising in newspapers (series 46) to number of persons unemployed (series 37) (M).-Sources 1, 2, 3, and The Conference Board (17,61) 84. Rate of capacity utilization, materials (Q).—Source 4 (20,64) 61. Business expenditures for new plant and equipment, total (Q).-Source 1 (24,67) 86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1(25,67) 62. Index of labor cost per unit of output, total manufacturing—•atio, index of compensation of employees in manufacturing (sum of wages, salaries, and supplements to wages and salaries) to index of industrial production, manufacturing (M).-Sources 1 and 4 (15,30,70) 87. Gross private domestic fixed investment, nonresidential structures, in 1972 dollars (Q).-Source 1 (25,67) 63. Index of unit labor cost, private business sector (Q).Source 3 (30,70) 89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1 (25,67) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 90. Ratio, civilian employment to total population of working age (M).-Sources 1, 2, and 3 (18,62) 65. Manufacturers' inventories of finished goods, book value, all manufacturing industries (EOM).-Source 2 (27,68) 91. Average (mean) duration of unemployment in weeks (M).-Sources 2 and 3 (15,18,62) 66. Consumer installment credit (EOM).-Source 4; FRB seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current figure (35,73) (31,71) 88. Gross private domestic fixed investment, nonresidential producers' durable equipment, in 1972 dollars (Q).— Source 1 (25,67) 92. Change in sensitive crude materials prices (PPI of crude materials less ajricultural products) (smoothed) (M).Sources 1 and 3 (13,28,69) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (33,72) 94. Member bank borrowings from the Federal Reserve (M).-Source 4 (33,72) 68. Labor cost (current dollars) per unit of gross domestic product (1972 dollars), nonfinancial corporations—ratio of current-dollar compensation of employees to real gross corporate product (Q).—Source 1 (30,70) 95. Ratio, consumer installment credit to personal income (EOM).-Sources 1 and 4 (15,35,73) 70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1, 2, and 3 (15,27,68) 71. Manufacturing and trade inventories, total book value, in current dollars (EOM).-Sources 1 and 2 (27,68) 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (M).—Source 4; seasonal adjustment by Bureau of Economic Analysis (15,35,73) 73. Index of industrial production, durable manufactures (M).-Source 4 (20,63) 74. Index of industrial production, manufactures (M).-Source 4 nondurable (20,63) 75. Index of industrial production, consumer goods (M).— Source 4 (22,65) 76. Index of industrial production, business equipment (M).-Source 4 (24,67) 77. Ratio, constant-dollar inventories (series 70) to sales (series 57), manufacturing and trade, total (EOM).— Sources 1, 2, and 3 (27,68) 78. Stocks of materials and supplies on hand and on order, manufacturing (EOM).-Source 2 (27,68) 79. Corporate profits after taxes with inventory valuation and capital consumption adjustments in current dollars 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2 (21,64) 97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).-The Conference Board (24,66) 102. Change in money supply M2 (M).-Source 4 (31,71) 104. Change in total liquid assets (smoothed) (M).-Sources 1 and 4 (13,31,71) 82. Rate of capacity utilization, manufacturing (Q).—Source 4 (20,64) 83. Rate of capacity utilization, manufacturing (EOQ).— Source 1 (20,64) 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 workweek of production workers, manufacturing—20 industries (M).—Sources 1 and 3 (36,74,77) 962. Diffusion index of initial claims for unemployment insurance, State programs—51 areas (M).—Source 1 and U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (36,74) 963. Diffusion index of number of employees on private nonagricultural payrolls—172-186 industries (M).— Source 3 (36,74) 964. Diffusion index of value of manufacturers' new orders, durable goods industries— 34-35 industries (M).— Sources 1 and 2 (37,75,77) 965. Diffusion index of newly approved capital appropriations, deflated—17 manufacturing industries (Q).-The Conference Board (37,75) 966. Diffusion index of industrial production—24 industries (M).-Sources 1 and 4 (37,75,78) 967. Diffusion index of spot market prices, raw industrials— 13 industrial materials (M).—Sources 1, 3, and Commodity Research Bureau, Inc. (35,75,79) 970. Diffusion index of business expenditures for new plant and equipment, total— 22 industries (Q).—Source 1 (38,76) 107. Ratio, gross national product to money supply Ml fm —Snnrrps 1 and and 4 A. (31,71) (Q).-Sources 108. Ratio, personal income to money supply M2 (M).— Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 (32,72) 112. Net change in bank loans to businesses (M).—Source 4; seasonal adjustment by Bureau of Economic Analysis (32,72) 113. Net change in consumer installment credit (M).-Source 4 (32,72) 115. Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury (34,73) (28,69) 952. Diffusion index of six lagging indicator components (M).-Source 1 (36,74) 106. Money supply M2 in 1972 dollars (M).-Sources 1, 3, and 4 (13,31,71) 80. Corporate profits after taxes with inventory valuation and capital consumption adjustments in 1972 dollars (Q).-Source 1 951. Diffusion index of four roughly coincident indicator components (M).—Source 1 (36,74) 968. Diffusion index of stock prices, 500 common stocks— 52-82 industries ( M ) . - S t a n d a r d & P o o r ' s Corporation (37,75) (28,69) 81. Ratio of profits (after taxes) with inventory valuation and capital consumption adjustments to total corporate domestic income (Q).-Source 1 (29,70) 950. Diffusion index of twelve leading indicator components (M).-Source 1 (36,74) 105. Money supply Ml in 1972 dollars (M).-Sources 1,3, and 4 (31,71) 114. Discount rate on new issues of 91-day Treasury bills (M).-Source 4 (34,72) (Q).-Source 1 (34,72) 1-C. Diffusion Indexes 85. Change in money supply Ml (M).-Source 4 67. Bank rates on short-term business loans (Q).—Source 4 (35,73) 69. Manufacturers' machinery and equipment sales and business construction expenditures (industrial and commercial construction put in place) (M).—Source 2 (24,67) 119. Federal funds rate (M).-Source 4 116. Yield on new issues of high-grade corporate bonds (M).-Citibank and U.S. Department of the Treasury (34,73) 117. Yield on municipal bonds, 20-bond average (M).-The Bond Buyer (34,73) 118. Secondary market yields on FHA mortgages (M).—U.S. Department of Housing and Urban Development, Federal Housing Administration (34,73) 971. Diffusion index of new orders, manufacturing—about 600 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 972. Diffusion index of net profits, manufacturing and trade—about 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 973. Diffusion index of net sales, manufacturing and tradeabout 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 976. Diffusion index of selling prices, manufacturing—about 600 businessmen reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 115 TITLES AND SOURCES OF SERIES- Continued 977. Diffusion index of selling prices, wholesale trade-about 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 978. Diffusion index of selling prices, retail trade-about 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).-Source 1 (26, 42, 68, 81) 50. Gross national product in 1972 dollars (Q).-Source 1 (19,39,40,63,80) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 200. Gross national product in current dollars (Q).—Source 1 (40,80) 213. Final sales (series 50 minus series 30) in 1972 dollars (Q).-Source 1 (40,80) 217. Per capita gross national product in 1972 dollars (Q).— Sources 1 and 2 (40,80) income 223. Personal income 1 in current in current dollars dollars 248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).—Source 1 (47,83) 249. Gross private domestic fixed investment, residential, as a percent of gross national product (Q).—Source 1 (47,83) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) II-A. National Income and Product 220. National 1 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (47,83) (Q).—Source (45,82) (M).—Source (40,63) 224. Disposable personal income in current dollars (Q).— Source 1 (40,80) 225. Disposable personal income in 1972 dollars (Q).— Source 1 (40,80) 227. Per capita disposable personal income in 1972 dollars (Q).-Sources 1 and 2 (40,80) 230. Personal consumption expenditures, total, in current dollars (Q).-Source 1 (41,80) 231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1 (41,80) 232. Personal consumption expenditures, durable goods, in current dollars (Q).-Source 1 (41,80) 233. Personal consumption expenditures, durable goods, in 1972 dollars (Q).-Source 1 (41,80) 235. Personal consumption expenditures, total, as a percent of gross national product (Q).—Source 1 (47,83) 236. Personal consumption expenditures, nondurable goods, in current dollars (Q).-Source 1 (41,81) 251. Net exports of goods and services as a percent of gross national product (Q).-Source 1 (47,83) 252. Exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 253. Imports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 255. Net exports of goods and services in 1972 dollars; national income and product accounts (Q).—Source 1 (44,82) 256. Exports of goods and services in 1972 dollars; national income and product accounts (Q).—Source 1 (44,82) 257. Imports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 260. Government purchases of goods and services, total, in current dollars (Q).-Source 1 (43,81) 261. Government purchases of goods and services, total, in 1972 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 265. Federal Government purchases of goods and services as a percent of gross national product (Q).—Source 1 (47,83) 266. State and local government purchases of goods and services in current dollars (Q).—Source 1 (43,81) 116 311. Fixed-weighted price index, gross business product (Q).-Source 1 (48,84) 320. Index of consumer prices, all items (M).-Source 3 (49,59,84,95) 322. Index of consumer prices, food (M).-Source 3(49,84) 330. Index of producer prices, all commodities (M).-Source 3 (48,85) 331. Index of producer prices, crude materials for further processing (M).-Source 3 (48,85) 332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3 (48,86) 333. Index of producer prices, capital equipment (M).Source 3 (48,86) 334. Index of producer prices, finished consumer goods (M).-Source 3 (48,86) 335. Index of producer prices, industrial commodities (M).— Source 3 (48,85) 340. Index of average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonally (M).-Source 3 (49,87) 341. Index of real average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonally (M).—Source 3 (49,87) 280. Compensation of employees (Q).—Source 1 348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3 (50,88) (45,82) 282. Proprietors' income with inventory valuation and capital consumption adjustments (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) 310. Implicit price deflator, gross national product (Q).Source 1 (48,84) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (Q).Source 1 (42,81) II-B. Prices, Wages, and Productivity 268. State and local government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q),-Source 1 (42,81) 298. Government surplus or deficit, total (Q).-Source 1 (46,83) 345. 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (41,81) 242. Gross private domestic fixed investment, total, in current dollars (Q).-Source 1 (42,81) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).—Source 1 (46,82) 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1 (42,81) (46,82) 293. Personal saving rate-personal saving as a percent of disposable personal income (Q).-Source 1 (46,83) 263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 (42,81) 292. Personal saving (Q).-Source 1 286. Corporate profits with inventory valuation and capital consumption adjustments (Q).—Source 1 (47,82) 287. Corporate profits with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).— Source 3 (50,88) 358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3 (49,88) 370. Index of output per hour, all persons, private business sector (Q).-Source 3 (49,88) II-C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) (45,82) 441. Total civilian labor force, labor force survey (M).— Sources 2 and 3 (51,89) 289. Net interest as a percent of national income (Q).Source 1 (47,83) 442. Total civilian employment, labor force survey (M).— Sources 2 and 3 (51,89) 290. Gross saving—private saving plus government surplus or deficit (Q).-Source 1 (46,82) 444. Number unemployed, males 20 years and over, labor force survey (M).-Sources 2 and 3 (51,89) 288. Net interest (Q).-Source 1 U. S. GOVERNMENT PRINTING OFFICE : 1982 360-993/106 TITLES AND SOURCES OF SERIES- Continued 445. Number unemployed, females 20 years and over, labor force survey (M).-Sources 2 and 3 (51,89) 565. National defense purchases as a percent of gross national product (Q).-Source 1 (55,91) 47. United States, index of industrial production, total (M).-Source 4 (14,20,39,58,63,78,94) 446. Number unemployed, both sexes 16-19 years of age, labor force survey (M).-Sources 2 and 3 (51,89) 570. Employment in defense products industries (M).— Source 3; seasonal adjustment by Bureau of Economic Analysis (55,91) 320. United States, index of consumer prices, all items (M).-Source 3 (48,59,84,95) 447. Number unemployed, full-time workers, labor force survey (M).-Sources 2 and 3 (51,89) 448. Number employed, part-time workers for economic reasons, labor force survey (M).—Sources 2 and 3 (51,89) 451. Civilian labor force participation rate, males 20 years and over (M).-Sources 2 and 3 (51,89) 577. Defense Department personnel, military, active duty (EOM).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services (55,91) 578. Defense Department personnel, civilian, direct hire employment (EOM).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services(55,91) 453. Civilian labor force participation rate, both sexes 16-19 years of age (M).-Sources 2 and 3 (51,89) 580. Defense Department net outlays, military functions and military assistance (M).—U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,91) II-D. Government Activities 588. Value of manufacturers' shipments, defense products (M).-Source 2 (54,91) 500. Federal Government surplus or deficit; national income and product accounts (Q).-Source 1 (52,90) II-E. U.S. International Transactions 501. Federal Government receipts; national income and product accounts (Q).-Source 1 (52,90) 602. Exports, excluding military aid shipments, total (M).— Source 2 (56,92) 502. Federal Government expenditures; national income and product accounts (Q).-Source 1 (52,90) 604. Exports of agricultural products (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 452. Civilian labor force participation rate, females 20 years and over (M).-Sources 2 and 3 (51,89) 510. State and local government surplus or deficit; national income and product accounts (Q).—Source 1 (52,90) 511. State and local government receipts; national income and product accounts (Q).-Source 1 (52,90) 512. State and local government expenditures; national income and product accounts (Q).—Source 1 (52,90) 517. Defense Department gross obligations incurred (M).— U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 525. Defense Department military prime contract awards for work performed in the United States (M).-U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services; seasonal adjustment by Bureau of Economic Analysis (53,90) 543. Defense Department gross unpaid obligations outstanding (EOM).-U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 548. Value of manufacturers' new orders, defense products (M).- Source 2 (53,90) 557. Output of defense and space equipment (M).— Source (56,92) 614. Imports of petroleum and petroleum products (M).— Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 616. Imports of automobiles and parts (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military grants (Q).-Source 1 (57,93) 620. Merchandise imports, adjusted, excluding military (Q).-Source 1 (57,93) 622. Balance on merchandise trade (Q).—Source 1 (57,93) 651. Income on U.S. investments abroad (Q).—Source 1 (57,93) 652. Income on foreign investments in the United States (Q)-Source 1 (57,93) 667. Balance on goods and services (Q).-Source 1(57,93) (54,91) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 669. Imports of goods and services, total (Q).—Source 1 (57,93) 4 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) 722. United Kingdom, index of industrial production (M).— Central Statistical Office (London) (58,94) 723. Canada, index of industrial production (M).—Statistics Canada (Ottawa) (58,94) 725. West Germany, index of industrial production (M).— Deutsche Bundesbank (Frankfurt) (58,94) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (58,94) 727. Italy, index of industrial production (M).-Institute Centrale di Statistica (Rome) (58,94) 606. Exports of nonelectrical machinery (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 612. General imports, total (M).-Source 2 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) II-F. International Comparisons 19. United States, index of stock prices, 500 common stocks (M).-Standard & Poor's Corporation (13,28,59,69,96) 728. Japan, index of industrial production (M).—Ministry of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M).— Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 733. Canada, index of consumer prices (M).—Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 735. West Germany, index of consumer prices (M).— Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 736. France, index of consumer prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 737. Italy, index of consumer prices (M).—Institute Centrale di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 738. Japan, index of consumer prices (M).—Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 742. United Kingdom, index of stock prices (M).—The Financial Times (London) (59,96) 743. Canada, index of stock prices (M).—Statistics Canada (Ottawa) (59,96) 745. West Germany, index of stock prices (M).—Statistisches Bundesamt (Wiesbaden) (59,96) 746. France, index of stock prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (59,96) 747. Italy, index of stock prices (M).—Institute Centrale di Statistica (Rome) (59,96) 748. Japan, index of stock prices (M).—Tokyo Stock Exchange (Tokyo) (59,96) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USDC WASHINGTON, D.C. PERMIT No. G-56